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CGS CIMB |
PHILLIP SECURITIES |
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CapitaLand Integrated Commercial In line 1H25; buying 55% of CapitaSpring
■ 1H25 DPU of 5.62 Scts was in line at 50.6% of our FY25F forecast. ■ CICT will buy balance 55% stake in CapitaSpring at an agreed value of S$1.045bn. ■ Maintain Add rating with an unchanged DDM-based TP of S$2.45.
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Lendlease Global Commercial REIT Long waited JEM divestment at valuation
• FY25 DPU declined by 6.9% YoY to 3.6 cents, in line with our estimates and meeting 100% of our FY25e forecast. The drop was mainly due to a 10% YoY decrease in NPI, driven by rental arrears from Cathay, and a higher Euribor rate. However, 2H25 DPU rose 1.8% YoY to 1.80 cents, supported by a 9.8% YoY decline in financing costs
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PHILLIP SECURITIES |
UOB KAYHIAN |
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Phillip Singapore Monthly – Aug25 Singapore’s Everything Rally
• Singapore equities rose 5.3% in August, the largest in 19 months. Consumer and property led the gainers, whilst REIT underperformed. Bank performance was mixed. • Singapore small-cap stocks surged 9.9% in July. The award of S$1.1bn from MAS’s planned S$5bn EQDP fund to be invested in Singapore equities buoyed investor enthusiasm. Several mid-cap companies under our coverage enjoyed massive rallies - Oiltek (+61%), Wee Hur (+36%), and Frencken (+34%).
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CapitaLand Integrated Commercial Trust (CICT SP) Gaining Full Ownership Of CapitaSpring
CICT will gain 100% ownership of CapitaSpring after acquiring the remaining 55% stake. The premium Grade A office tower at the heart of Raffles Place counts JPMorgan Chase, Millennium Capital and Sumitomo Mitsui Banking as anchor tenants. The acquisition is expected to provide DPU accretion of 1.1% despite its modest scale. CICT delivered DPU growth of 3.5% in 1H25 with continued NPI margin expansion. Maintain BUY. Target price: S$2.79.
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| UOB KAYHIAN | LIM & TAN |
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Tencent Holdings (700 HK) 2Q25 Results Preview: Strong Game Pipeline And AI-Powered AdTech As Key Catalysts
Tencent will release its 2Q25 results on 13 Aug 25. We forecast its 2Q25 revenue growing 11.5% yoy, driven by resilient game grossing and online ad revenue growth. We like Tencent as it is a key proxy for benefitting from the online games sector’s countercyclical resilience feature and the accelerating adoption of AI which has played a role in enhancing cost efficiency and boosting game development productivity. Maintain BUY with a target price of HK$650.00.
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Keppel Ltd (S$8.42, up 7 cents) refers to the announcement dated 30 September 2024 (“2024 Announcement”) on the divestment of its subsidiary, Jencity Limited’s (“Jencity”) 70% stake in Saigon Sports City Limited (“SSCL”). SSCL holds the right to develop an approximately 64 hectares township in Ho Chi Minh City, Vietnam (“Project”). Unless otherwise defined in this Announcement, capitalised terms that are not defined herein shall have the meanings set out in the 2024 Announcement. The Company and each of HTV Dai Phuoc Company Limited (“Dai Phuoc”) and Vinobly Investment Real Estate Joint Stock Company (“Vinobly”) have agreed today to amend the terms of the divestments referred to in the 2024 Announcement. In particular, the terms of the divestments have been amended such that: Keppel’s market cap stands at S$15.3bln and currently trades at 17 forward PE and 1.5x PB, with a dividend yield of 4.0%. Consensus target price stands at S$9.37, representing 11.3% upside from current share price. We continue to maintain an “Accumulate” rating on Keppel Ltd despite the slight share price run up due to Keppel’s monetization efforts, which could potentially result in special dividends once legacy assets are monetized. We also continue to like Keppel for its monetization efforts and transformation into a global asset manager and operator, with its platforms and divisions reinforcing one another to deliver stronger value propositions for Keppel’s shareholders. |
