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UOB KAYHIAN |
UOB KAYHIAN |
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Keppel REIT (KREIT SP) 1Q25: Completes AEI For Pinnacle Office Park And 255 George Street
Distributable income of S$53.4m for 1Q25 (-3.2% yoy) was in line with our expectation. KREIT has already backfilled 70% of the space vacated by BNP Paribas at OFC with positive rental reversion at more than 30%. KREIT has reinstated NLA of about 43,000sf at Building D of Pinnacle Office Park and completed four fitted suites at 255 George Street. KREIT provides 2025 distribution yield of 6.8% (CICT: 5.1%, Suntec: 5.0%) and P/NAV is at 0.68x. Maintain BUY. Target price: S$1.06.
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Renewable Energy – Malaysia Bright Prospects For EPCC Solar Players Amid Government‘s Green Plans
Malaysia’s aggressive ramp up to achieve its net zero target will see multi-year robust demand for RE generation, with solar PV installation playing a vital role in Peninsular Malaysia. We expect total solar PV capacity to exceed 6.5GW over 2025-26 as the government calls for tenders for large scale solar (i.e. LSS5, LSS5+ and LSS6). This suggests EPCC replenishment opportunities of RM13-16b in the near term. Maintain OVERWEIGHT. Top pick is Pekat Group.
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CGS CIMB |
CGS CIMB |
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Keppel REIT Positive rental reversion continues
■ 1Q25 distribution income of S$53.4m was broadly in line, at 24% of our FY25F forecast. ■ 1Q25 rental reversion was at +10.6%; management maintained its guidance for rental reversions to remain positive in FY25F. ■ Reiterate Add rating, with a slightly lower DDM-based TP of S$1.08.
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OCBC FY25F earnings growth on shaky ground
■ We expect OCBC to report 1Q25F net profit of S$1.83bn (-7.6% yoy/+8.5% qoq) on lower NII (-3.7% yoy/-4.4% qoq) and normalised CIR of c.41%. ■ We had expected OCBC to surpass its conservative FY25F guidance but now cut FY25F-27F EPS by 4.9-5.2% given a dampened economic outlook. ■ Downgrade to Hold with lower GGM TP of S$17.20; our new FY25F earnings translate to a 2.3% yoy earnings decline from 3.1% yoy growth previously.
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| CGS CIMB | MAYBANK KIM ENG |
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Nanofilm Technologies Int'l Ltd 1Q25 revenue increased 12% yoy
■ Nanofilm’s revenue increased 12% yoy to S$44m in 1Q25, in line with our and Bloomberg consensus full-year forecasts. ■ Management is closely monitoring the trade tariff situation. The potential impact is indirect as Nanofilm has limited direct exports into the US. ■ The key negative in 1Q25 was the still weak gross margin (over 27% vs. 33% in 1Q24). ■ Given the 90-day tariff pause, we think that Nanofilm could see some pull-in in demand from 3Q25F into 2Q25F. ■ However, the overall net profit outlook remains dependent on the evolution of the tariff situation. Reiterate Reduce with a lower TP of S$0.49.
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Raffles Medical Group (RFMD SP) Strong immunity
Strategic collaboration in Shanghai; raise TP RFMD recently signed an agreement with an affiliate of Shanghai Jiao Tong University School of Medicine to work on a new model of collaboration between public hospitals and international medical groups. Despite macroeconomic uncertainty, we leave our FY25-27E forecasts intact due to its largely non-discretionary and domestic demand resilience.
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