|
CGS INTERNATIONAL |
CGS INTERNATIONAL |
|
Keppel Ltd Potential to beat our asset recycling target
■ With the latest divestment of a 40% stake in Empire City for US$270m (S$343m), Keppel could have realised c.S$1.5bn of non-core assets YTD. ■ We believe KEP could close FY26F with realised assets monetisation at the upper end of our S$1.5bn-2bn target. ■ Total announced assets monetised amounted to S$2.1bn, ahead of its S$2bn-3bn target in FY26F. ■ We also estimate the above to generate c.US$100m of divestment gain or c.10-12% to our FY26F EPS. Maintain Add and TP of S$13.52.
|
CapitaLand Ascendas REIT Acquisitions delivered; leasing next
■ 1H26 DPU of 7.482 Scts was in line at c.49% of our FY26F forecast. Higher distributable income (+8.6% yoy) offset the enlarged unit base following EFR. ■ Management raised FY26F reversion guidance to high single-digits and targets S$300m-500m of potential divestments to fund future growth. ■ Reiterate Add with an unchanged DDM-based TP of S$3.12.
|
| CGS INTERNATIONAL | PHILLIP SECURITIES |
|
Luckin Coffee 2Q26 extends 1Q26’s robust performance
■ Luckin's 2Q26 store expansion beat expectations and outpaced peers’, while resilient store-level OPM highlighted strong operational execution. ■ Management expects high-base subsidy pressures to persist in 3Q26F, but we believe this is fully priced in after the 14% share price decline in 2Q26. ■ We reiterate Add with a higher target price of US$54.
|
Lendlease REIT Retail strength continues, AEI upside next
• 2H26/FY26 DPU met 50%/98% of our expectations (up 2.7% YoY). 2H26 GRI/NPI rose 6.8%/6.6% YoY to S$110.0mn/S$78.7mn, forming 57%/55% of our FY26e forecast. This was supported by i) full-half contribution following the acquisition of PLQ mall, ii) strong rental reversion of 11.7% and portfolio occupancy of 98.5% across the Singapore retail portfolio.
|
| PHILLIP SECURITIES | UOB KAYHIAN |
|
A-Sonic Aerospace Ltd Scaling up for significant earnings growth
▪ A-Sonic Aerospace will acquire 60% of JGL Group for cash of S$15.216mn, of which S$6mn are new shares and S$9.2mn are vendor shares. JGL is a multi-modal freight forwarding across ocean, air and land. In addition, the company is involved in paper trading and is developing a depot for Isotank cleaning, repair, and maintenance in South Vietnam.
|
Strategy Monthly Market Radar Highlights
• The STI surged 8.9% mom to 5,628.50, reaching a new all-time high of 5,713.19 on 29 July, supported by record-high bank shares and continued demand for Singapore’s defensive, high-yielding equities. • Key events: Renewed US-Iran hostilities disrupted Strait of Hormuz oil flows and lifted Brent crude, Fed held rates despite three policymakers favouring a hike, MAS tightened policy, Keppel’s offshore fund transaction. • Key upcoming events: MSCI Review (12 August), National Day rally (23 August), Jackson Hole Economic Symposium (27-29 August), 1H26 results (ongoing).
|
