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UOB KAYHIAN |
UOB KAYHIAN |
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UMS Integration (UMSH SP) 3Q26: Earnings In Line; New Customer Ramp-up Drives Growth
Highlights • 3Q26 earnings rose 102% yoy and 9% qoq to S$21m. 9M26 earnings of S$54.5m (+78% yoy) were largely in line at 76% of our full-year forecast. • 3Q26 revenue grew 61% yoy and 9% qoq to S$95m, led by an 87% yoy rise in semiconductor component sales to S$56m. • Customer demand and outlook remain robust. Capacity expansion in Malaysia and Vietnam supports future growth. Maintain BUY with a 27% lower target price of S$2.40.
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Valuetronics (VALUE SP) 1HFY27: Dividend Up 75%; ICE Drives Growth Highlights
• 1HFY27 revenue of HK$897.3m (+7.3% yoy) and PATMI of HK$89.8m (- 3.5% yoy) are ahead of the run-rate, representing 53.8% and 56.1% of our FY27 forecasts respectively. • Interim dividends surged 75% yoy to 14 HK cents/share, while ICE revenue grew 18.6% yoy to HK$837.9m. Strong net cash of HK$1.15b supports the HK$300m capital return programme. • Maintain BUY with a 25% lower target price of S$1.40, pegged to 16x FY28F ex-cash PE (+1SD), down from 19x (+2SD) to reflect the broader tech sector de-rating.
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| UOB KAYHIAN | UOB KAYHIAN |
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City Developments (CIT SP) Resilient Operating Performance
Highlights • Business as usual. In its 3Q26 operational update, CIT reported stable residential sales value yoy while its investment property portfolio enjoyed higher occupancy amid positive rental reversion. Its hospitality segment saw an improved 6.4% growth in portfolio RevPAR. Gearing stayed stable qoq at 75% as at end-3Q26.
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Yangzijiang Shipbuilding (YZJSGD SP) Strong New Contract Wins Bring Orderbook To A New Record-high Level, Extending Earnings Visibility Through 2030
Highlights • YZJ made good progress in contract wins, having secured US$6.98b in new orders in 10M26, 55% above its US$4.5b 2026 target. Its orderbook reached a record US$26.3b as of end-Oct 26, extending revenue visibility into 2030.
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| DBS GROUP RESEARCH | DBS GROUP RESEARCH |
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NTT DC REIT A strong beat with more to come
Investment Overview Earnings underpinned by organic income growth. NTTDCR’s initial portfolio has a WALE of c.4.5 years, with c.80% of leases featuring built-in or CPI-linked rental escalations. Organic income growth will also be supported by the ramp-up of tenant utilisation across several properties. With about half of its leases comprising colocation contracts, NTTDCR is wellpositioned to capture the anticipated 7%–19% increase in pricing between FY24 and FY27.
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SATS Ltd 7% earnings beat as margins defy cost pressures; cargo outperformance continues
2QFY27 net profit rose 2.8% y/y to SGD81.1mn, beating our forecast by 7%, while EBIT of SGD145.4mn also exceeded expectations by 7% Food EBIT margin held steady q/q at 10.4%, surprisingly resilient despite elevated input costs, while Gateway margin improved 0.2ppt to 8.8% Earnings outlook remains promising, supported by improving margin resilience, easing cost pressures and sustained cargo market-share gains; weak free cash flow was the key blemish We currently have a BUY call and SGD5.0 TP; more updates to follow after the analyst briefing tomorrow
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