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CGS INTERNATIONAL |
CGS INTERNATIONAL |
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CSE Global Margin pressure flagged; stronger 2H26F
■ Management guided for a weaker 1H26F, with margins potentially dampened by unallocated costs as CSE ramps up new facility for AWS orders. ■ We believe stronger 2H26F execution and utilisation ramp-up at the new Champion facility could partially offset near-term margin pressures. ■ The ongoing strategic review is aimed at evaluating long-term growth and value-creation opportunities, including potential partnerships, M&A and JVs.
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First Resources Ltd Milling more from higher yields
■ Reiterate Add with a higher TP of S$4.39 amid better-than-expected operational efficiencies following the ANTJ acquisition. ■ We expect stronger production, improving oil yields and higher CPO ASP to support earnings and offset rising cost pressures. ■ FR could see further upside from B50 biodiesel allocation, despite already running at 85–90% utilisation.
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CGS INTERNATIONAL |
PHILLIP SECURITIES |
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Marco Polo Marine Yard gets its own stage
■ MPM plans to inject its Batam yard into a listed entity via a S$139m reverse takeover, implying a 2.2x P/BV valuation. ■ Strategic upside could come from capital market optionality to raise funds to scale yard capabilities or enhance fleet, despite initial earnings dilution. ■ We believe the improved access to new capital could segue into potentially stronger earnings growth from FY27-28F. Reiterate Add with higher TP.
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Centurion Corporation Ltd Entry into key worker accommodation
▪ Centurion Corporation Limited (CCL) released 1Q26 update with limited financials. 1Q26 revenue is within our expectations, at 24% of our FY26e forecast. 1Q26 revenue spiked up 30% YoY to S$89.4mn, driven by revenue growth across all PBWA and PBSA segments. 1Q26 revenue included an additional 55% stake of 8000-bed Westlite Mandai, and additional 5,460 new beds (+16% capacity) from AEI expansion, driving Singapore revenue up 29% YoY to S$62.6mn.
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| PHILLIP SECURITIES | PHILLIP SECURITIES |
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NetLink NBN Trust Fixed cost creeping up but cash stable
▪ FY26 revenue met our expectation, but EBITDA was below at 100%/96% respectively, of our forecast. 2H26 DPU improved 1.1% YoY to 2.71 cents. FY26 DPU was 1.1% higher at 5.42 cents. 2H26 EBITDA declined 5% YoY to S$143.5mn. The higher contribution of non-RAB revenue and staff costs pressured margins.
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Sea Ltd. 2026 an investment year
• Both 1Q26 revenue was in line with expectations, while PATMI underperformed slightly due to sharply increased growth investments in Shopee. (Sales & Marketing expense +52% YoY). 1Q26 revenue/PATMI was at 24%/22% of our FY26e estimates. • Revenue delivered strong growth of 47% YoY, supported by strong Shopee growth (+44% YoY), rapid loan-book expansion at Monee (+41% YoY), and continued strength at Garena (bookings +20% YoY).
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