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CGS CIMB |
CGS CIMB |
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CapitaLand Ascott Trust 1Q25 in line; positive RevPAU growth
■ CLAS’s 1Q25 gross profit +4% yoy on acquisitions; 7% higher than 1QFY19. ■ Portfolio RevPAU +4% yoy; management expects mid-single digit RevPAU growth to maintain in FY25. ■ Reiterate Add with an unchanged TP of S$1.13.
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OUE REIT Improved outlook
■ 1Q25 revenue/NPI of S$66.0m/S$53.2m was largely in line, at 23.7%/23.5% of our FY25F forecast. ■ Management remains positive on office and retail rental reversions in FY25F. ■ Upgrade to Add rating on FY25F DPU yield of 7.3% and P/BV ratio of 0.47x, with a new DDM-based TP of S$0.33.
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UOB KAYHIAN |
LIM & TAN |
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iFAST Corporation (IFAST SP) 1Q25: Solid Growth In AUA And iGB Profit; Upgrade To BUY
iFAST’s 1Q25 earnings of S$19m (+31% yoy) slightly missed expectations, forming 19% of our full-year forecast. Revenue rose 24% yoy, driven by growth in its core wealth management platform business and iGB’s profit turnaround. AUA continues to break its record, reaching S$25.7b (+3% qoq). iFAST lowered its 2025 PBT guidance for its Hong Kong operations by 24% due to resource ramp-up. A higher interim DPS of 1.6 S cents was proposed. Upgrade to BUY with a reduced target price of S$7.28.
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Singapore Technologies Engineering Ltd / ST Engineering ($7.35, up 12 cents) announced that the Group secured about $4.4bln worth of new contracts in the fi rst quarter of 2025. These comprised $1.3bln from Commercial Aerospace segment, $2.7bln from Defence & Public Security segment and $0.5bln from Urban SoluƟ ons & Satcom segment. Stable Uptake of Commercial Aerospace Off erings Commercial Aerospace secured about $1.3bln in new contracts across its Maintenance, Repair & Overhaul (MRO) and Aerostructures & Systems (A&S) sub-segments. At $7.35, ST Engineering is capitalized at $22.9bln and trades at 27x PE against 25-30% growth. With conƟ nued strength in order wins across its businesses and heightened defence and AI/Tech spending benefi ƫ ng the company, we maintain an “Accumulate” raƟ ng with a target price of around $8. We see “scarcity premium” for ST Engineering due to its dominant defence exposure amidst increased global government spending on their defence budgets. |
| LIM & TAN | MAYBANK KIM ENG |
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Frasers Centrepoint / FCT ($2.25, unchanged) reported a DPU of 6.054 cents for the six-month period from 1 October 2024 to 31 March 2025 (“1H25”). The 1H25 DPU of 6.054 cents will be paid on 30 May 2025. Mr Richard Ng, Chief Executive Officer of FCAM, said: “FCT’s portfolio has delivered robust results for 1H25 with strong performance on both operational and financial fronts. Our operating indicators are healthy with good momentum on rental reversions achieved, encouraging tenants’ sales and stable occupancy across all our malls. On 25 March 2025, we announced the proposed acquisition of a 100% interest in Northpoint City South Wing. The $1.17 billion proposed acquisition is a strategic progress for FCT as it strengthens FCT’s position as Singapore’s leading prime suburban retail space owner and further enhances the quality of FCT’s retail porƞ olio. Through a successful private placement and preferential offering, we raised about $421.3 million. This will fuel our next phase of growth. FCT’s market cap stands at S$4.5bln and currently trades at 1x PB, with a annualized dividend yield of 5.4%. Consensus target price stands at S$2.49, representing 11% upside from current share price. With a strong resilient retail market and potenƟ ally lower interest rates moving forward, we recommend an ACCUMULATE rating on FCT.
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Suntec REIT (SUN SP) Fairly valued
Improved operations, lower financing cost SUN reported 1Q DPU of SGD1.563c, +3.4% YoY. Growth was underpinned by broad-based operational improvement and lower financing costs. Occupancy was stable, barring minor slippages in retail and UK office. Office and retail rent reversions were positive but moderating. Debt metrics remain stable with debt cost easing on a lower refinancing rate. Retain HOLD and SGD1.15 TP on fair valuation (5.5% yield, 0.6x book).
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