ANALYSTS SAY: Buy, Sell, Hold (18 June)

UOB KAYHIAN

CSE Global (CSE SP)
Board-refresh Transition; Operations Intact

Highlights
• CSE’s response to SGX RegCo's queries presents a board-refresh transition and immaterial differences in view, not an operational problem.
• CSE’s operating momentum remains intact, with revenue +29% yoy, order intake +75% yoy to S$271m and a robust orderbook at S$716m.
• Maintain BUY with a target price of S$1.79. Expect a weaker 1H26 on new facility start-up costs; investors can look to accumulate on weakness.

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CENTURION CORP

At S$1.51, Centurion is capitalized at S$1.3bln and trades at 13.5x
forward P/E and 1.0x P/B with a dividend yield of 2.6%. The development
of a PBSA in Perth will further enlarge Centurion’s PBSA portfolio in
Australia which includes Melbourne, Sydney and Adelaide. This also
supports the Group’s continued expansion in major student markets
and forms part of its capital recycling strategy. Consensus TP of S$1.81
represents a 20% potential upside. We maintain “Accumulate” on Centurion.

Bumitama Agri (BAL SP)
Domestic CPO price normalised
Tactical upgrade to BUY (from HOLD)

Our channel checks suggest the uncertainty surrounding Indonesia’s earlier proposed export policy is now blown over. Indonesia’s domestic CPO price has normalised, which at one point was asking for hefty discounts. We like BAL for its strong management, capital management strategy and 5.5% net DY, backed by its near net cash position. Following earlier share price correction, we now tactically upgrade BAL to BUY (from HOLD) on unchanged TP of SGD1.87 on 14x FY26 P/E, its +1SD 10Y mean.

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Centurion Corporation: EPIISOD growth continues in Perth

• Acquired a 25% equity interest in a c.182-bed PBSA development at Fairway, Perth, adjacent to the University of Western Australia, for a cash outlay of AUD 250,000 (SGD 225,475)

•  Currently under development with completion targeted for 2Q 2027 and will be managed by the Group under its EPIISOD student accommodation brand upon completion

•  Capital-light, strategically aligned move supporting Centurion’s capital recycling strategy, with capital redeployed into new developments for future growth

•  Reiterate BUY with unchanged TP of SGD1.86

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SATS 
Formula for growth

■ We hosted SATS’s management in KL for an NDR on 15-16 Jun 26, who shared that SATS remains on track to achieve its FY3/29F financial targets.

■ Sustained market share gains for its air cargo business and better utilisation of its food production facilities support stronger margins from FY28F.

■ Reiterate Add with a higher DCF-based (WACC: 10.2%) TP of S$5.20.

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