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PHILLIP SECURITIES |
CGS CIMB |
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Singapore Airlines Recurring losses from Air India
• 1Q26 PATMI (ex-associates)/with associates declined by 31.9% YoY / 58.8% YoY to S$308mn / S$186mn, underperforming our expectations and forming 12% / 21% of fullyear estimates. The decline was mainly due to lower interest income (–S$61mn) and a S$122mn share of losses from associated companies (Air India).
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Mapletree Industrial Trust Occupancy dip but reversions remain solid
■ 1QFY3/26 DPU of 3.27 Scts, was in line, at 24.8% of our FY26F forecast. ■ MINT enjoyed robust +8.2% rental reversions in 1Q while occupancy dipped slightly to 91.4%. ■ We tweak down our FY26-28F estimates on income vacuum from asset sale. Reiterate Add rating with a lower DDM-based TP of S$2.49.
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CGS CIMB |
UOB KAYHIAN |
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Suntec REIT Singapore performance continues to shine
■ 1H25 DPU of 3.155 Scts was in line at 50.3% of our FY25F forecast. ■ SG office and retail segments continue to underpin operating performance. ■ Reiterate Hold with an unchanged TP of S$1.26 as near-term catalysts could be limited due to the challenging overseas operating environment.
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Keppel Pacific Oak US REIT (KORE SP) 1H25: Gradually Restoring Payout Ratio
KORE achieved a positive rental reversion of 3.3% in 2Q25. Encouragingly, expansion accounted for 17.1% of leases signed in 1H25 driven by technology companies. KORE guided portfolio occupancy at mid-to-high 80% by end-25. Management envisages a phased approach with gradual step-ups in payout ratio. We assume a payout ratio of 30% in 2026, increasing by 15ppt to 45% in 2027. KORE trades at a distribution yield of 5.3% for 2026 and 7.8% for 2027. Maintain BUY. Target price: US$0.24.
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| UOB KAYHIAN | LIM & TAN |
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Bursa Malaysia (BURSA MK) 2Q25: ADV Remains Muted Amid Cautious Sentiment
Bursa’s 2Q25 results were broadly in line with expectations, with both yoy and qoq earnings impacted by softer ADV. While current trading volumes remain subdued, they are in line with our projections. We maintain our HOLD rating with a higher target price of RM7.87 (from RM7.29) as we roll forward our valuation to 2026, factoring in a modest ADV recovery supported by the anticipated resumption of Fed rate cuts and a gradual return of risk appetite.
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Far East Hospitality Trust / FEHT ($0.61, down 0.5 cts) reported gross revenue of S$51.6 million for the half-year ended 30 June 2025 (“1H 2025”), a 4.2% decline year-on-year (“YoY”), mainly due to softer performance from the Singapore Hotels and Serviced Residences. This was partially mitigated by higher revenue from the Commercial Premises and the maiden contribution from Four Points by Sheraton Nagoya (“FPN”) of S$1.6 million, the Trust’s first overseas acquisition and a step toward income diversification. FEHT’s market cap stands at S$1.2bln and currently trades at 0.7x P/B, with a forward dividend yield of 6.2%. 1H25 DPU has seen a 9.2% drop yoy to 1.78 cts, due to softer performance of its Singapore hotels from a high-base last year (large-scale concerts and major events), as well as an increase in hotel supply. As FEHT continues to await a broader tourism recovery in Singapore, it will benefit from lower financing costs with 40% of its borrowings on floating rates. Bloomberg consensus 1 year target price of $0.64 implies a 5% upside potential. We have an “Accumulate on Weakness” on FEHT given its decent yield of 6.2% and undemanding P/B of 0.7x. |
