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CGS INTERNATIONAL |
UOB KAYHIAN |
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Thai Beverage Spotlight on Vietnam
■ Following THBEV’s AIM, we see potential for it to increase exposure to Vinamilk and expand into Vietnam’s non-alcoholic beverage market. ■ THBEV is prioritising margin improvement for spirits amid subdued volumes and securing favourable prices for its next round of inventory replenishment. ■ While its BeerCo IPO ambition remains, the timeline may be delayed further. We maintain Add for THBEV’s margin-driven growth story and c.6% yields.
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Keppel (KEP SP) Lining Up The Growth Plans
Highlights • With its fourth Bifrost fibre pair sold, the focus will now increasingly turn to its recurring O&M income; 30% project IRR highlights KEP’s asset-light infrastructure model. • Recent commissioning of the Sakra plant and the Korean data centre expansion reinforce earnings visibility and growth optionality. • Maintain BUY with an unchanged target price of S$13.23.
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| UOB KAYHIAN | LIM & TAN |
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Sunny Optical (2382 HK) Takeaways From 2026 Investor Day
Highlights • Small-scale mass production of AI optics components to begin in 2027 with target customers covering both domestic and overseas AI players. • Sunny aims to expand its dollar content in AI optics and eventually cover all key precision components and full-module integration through both internal development and external M&As. • Maintain BUY with a target price of HK$125.80. Continued re-valuation is expected, on the back of resilient core business and emerging growth drivers, such as AI optics, XR, physical AI.
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OUE REIT’s market cap stands at S$2.0bln, and trades at 0.63x P/B with a dividend yield of 6.3%. OUE REIT delivered a robust 1Q26 and remains a benefi ciary of declining fi nance costs and a recovering hospitality segment. Besides moneti zing CPCA for $500mln, it has recently also redeployed the proceeds from divesti ng Lippo Plaza Shanghai to acquire a 20% stake in Salesforce Tower, a commercial property located in Sydney, Australia. And a potenti al sale of the sizable One Raffl es Place may also allow the REIT to redeploy proceeds from lower yielding assets to higher yielding opportuniti es. Consensus TP of $0.44 represents a potenti al 22% upside. We maintain an Accumulate rati ng on OUE REIT in view of its value-unlocking eff orts, low P/B and backed by a decent yield. |
| LIM & TAN | DBS GROUP RESEARCH |
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Netlink Trust’s market cap stands at S$3.8bn and currently trades at 1.7x PB, with an annualised dividend yield of 5.5%. Consensus target price stands at S$1.02, representi ng 3.0% upside from current share price. We conti nue to like Netlink Trust for its steady, defensive and easy to understand business that operates in an increasingly dovish environment. However, given the low upside potenti al, we recommend an Accumulate on weakness recommendati on on Netlink Trust.
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Singapore Exchange Ltd EQDP: Early innings, more to come
Investment Overview Only stock exchange in Singapore; multi-asset strategy takes lead. As Singapore’s sole exchange operator, SGX offers diversified exposure across equities, fixed income, foreign exchange and commodities, providing investors with a diversified revenue base and multiple growth levers. Beyond its core exchange franchise, SGX has strategically expanded its ecosystem and invested in various platforms over the years to enhance its value chain offerings.
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