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CGS INTERNATIONAL |
CGS INTERNATIONAL |
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Keppel REIT Seoul asset sale may fund share buybacks
■ 1H26 DPU of 2.61 Scts made up 52% of our 5.04 Scts full-year forecast, due to better-than-expected contribution from associates and JVs. ■ We reiterate our Add call with a DDM-based TP of S$1.09 (Ke: 7%).
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Aztech Global Ltd Aztech expects softer 2H26F
■ 1H26 revenue (S$151.4m, -18.4% yoy) and net profit (S$9.4m, -41.7% yoy) were both below our and Bloomberg consensus FY26F estimates. ■ Aztech projects softer customer demand for 2H26F and will focus on cost management while working on its New Product Introduction (NPI) pipeline. ■ Although we retain our EQDP-driven 19x FY27F P/E (3 s.d. above its 5-year average), our earnings cuts lower the TP to S$0.57. Downgrade to Reduce.
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| CGS INTERNATIONAL | CGS INTERNATIONAL |
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Keppel Infrastructure Trust Resilient results; growth assets to contribute
■ 1H26 DPU of 1.99 Scts (+1.0% yoy) formed 50.5% of our FY26F estimate, in line with expectations, maintaining its track record of +1.0% DPS growth yoy. ■ City Energy’s fuel cost under-recovery was offset by stronger renewables. 2H26F/FY27F should see contributions from KMC, GMG, Ventura. ■ Reiterate Add with a higher blended TP of S$0.61 (DDM and P/FFO).
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Sheng Siong Group Growth compounds, margins follow
■ The key highlight of 1H26 was the robust 100bp yoy gross margin expansion to 31.8%. 1H26 revenues rose 12% yoy to S$855m, in line with expectations. ■ Enhanced government support via the new S$300 CDC voucher announced on 29 Jul 2026 bodes positively for SSG's same-store sales growth. ■ We raise our FY26F-28F estimates by 3-4% on stronger sales and gross margins, which lifts our TP to S$3.60. Reiterate Add.
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| PHILLIP SECURITIES | UOB KAYHIAN |
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Raffles Medical Group Ltd Squeezed by lower-priced alternatives
▪ 1H26 revenue and adjusted PATMI were below expectations at 44%/40% of our FY26e estimates, respectively. 1H26 adjusted PATMI declined 18% YoY to S$29mn. Revenue fell 7% YoY to S$353mn, dragged down by weakness in transitional care facility (TCF).
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Mapletree Logistics Trust (MLT SP) 1QFY27: Gradually Trimming Exposure To Greater China
Highlights • Positive rental reversion eased to 2.3% in 1QFY27 (4QFY26: 4.2%), excluding China. Negative rental reversion in China moderated to 1.8%.
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