|
PHILLIP SECURITIES |
PHILLIP SECURITIES |
|
Phillip Singapore Monthly – May25 Err…brace brace
SINGAPORE | STRATEGY 5 May 2025 • Singapore equities fell 3.5% in April after a five-month winning streak. Banks and commodities were the weakest. Outperformers were telcos and defence. Investors are flocking to more defensive and capital-returning companies.
|
CapitaLand Investment Limited Resilience anchored by recurring fees
▪ 1Q25 revenue of S$496mn (-24% YoY) was slightly below our estimates, forming 22% of our FY25e forecast. The YoY decline was due to the deconsolidation of CLAS. Excluding this, revenue was stable YoY. Due to the challenging transactions market, the 1Q25 fee incomerelated business (FRB) revenue grew by only 3%. Excluding the deconsolidation of CLAS, the real estate investment business (REIB) revenue fell 6% due to the absence of contributions from divested properties.
|
|
CGS CIMB |
CGS CIMB |
|
CDL Hospitality Trust Tempered DPS growth
■ 1Q25 NPI of S$30m is -14.2% yoy, below our FY25F forecast. NPI declined across most markets except for Japan and UK, driven by its new acquisitions. ■ Lower RevPAR for Singapore, New Zealand, Maldives, and Italy portfolio in 1Q25. FY25F RevPAR outlook guidance is for negative to flat for Singapore. ■ We lower FY25-27F DPS by c.4-12% and DDM-based TP to S$0.87.
|
Mapletree Industrial Trust Singapore underpins portfolio performance
■ 4Q/FY25 DPU of 3.36/13.57 Scts was in line at 24.4%/98.4% of our FY3/25F forecast. ■ MINT achieved positive reversions of 8.1% even as portfolio occupancy slipped to 91.6% in 4QFY3/25. ■ Reiterate an Add rating with a lower DDM-based TP of S$2.56.
|
| MAYBANK KIM ENG | UOB KAYHIAN |
|
Wilmar International (WIL SP) 1Q25: an inline start
1Q25 in line with consensus Wilmar’s 4Q24 core NPAT was up 4% YoY, helped by a 3% growth in revenue and higher contributions from its associates and JVs. 1Q NPAT is trending at 24% of street/MIBG FY25 forecast. Sales volumes were up YoY across its business segments except for sugar, which saw a sharp decline partly owing to frontloading of volumes in 4Q24. While tariffs create volatility and uncertainties, Wilmar expects its own business to remain satisfactory due to product diversification and vertical integration. Maintain BUY as the stock is trading at an undemanding 11x FY25E PE and 6-7% yield.
|
STRATEGY – SINGAPORE Alpha Picks: Adding SSG, CENT; Removing CSSC, CSE, YZJSGD
Despite significant market volatility, our Alpha Picks portfolio outperformed in Apr 25, falling slightly by 0.8% mom on an equal-weighted basis and beating the STI by 2.7ppt. Furthermore, on a market cap-weighted basis, our portfolio dropped by 2.1% mom but still beat the STI by a respectable 1.4ppt. For May 25, we add SSG and CENT and remove CSSC, CSE and YZJSGD.
|
