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CSG CIMB |
LIM & TAN |
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KSH Holdings Ltd Focusing on Singapore opportunities
■ KSH is a construction and property group that has been listed on the SGX-ST since 8 Feb 2007. ■ Management guided that KSH has benefitted from the higher construction demand in Singapore (order book of S$315m as at 22 Aug 2025). ■ Management also guided that the group will be focusing on business opportunities in Singapore.
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YZJ Financial Holding ($1.18, down 2 cents) is pleased to announce that via its wholly owned subsidiary, Jiangsu New Yangzi Commerce & Trading Co., Ltd (“New Yangzi C&T”), together with its strategic investors, Xiamen TCL Industrial Investment Co., Ltd, and China Orient Asset Management Co., Ltd (collectively, the “Consortium”) entered into a Reorganisation Investment Agreement (the “Agreement”) on 30 September 2025 to obtain a 23.36% effective voting rights in Ningbo Shanshan Co. Ltd. (“Shanshan Co.”) (Stock Code: 600884.SS) to lead the Shanshan Co.’s restructuring exercise. YZJFH’s market cap stands at S$4.1bln and currently trades at 16.6x forward PE and 1.1x PB, with a dividend yield of 2.9%. Consensus target price stands at S$1.25, representing 5.9% upside from current share price. Since being placed on our alpha pick list in Nov’2024 when it was trading near 40 cents level YZJFH has rallied massively having outperformed both its peers as well as Singapore’s STI index, hence upside seems limited from here and we believe investors can look for better yielding stocks elsewhere. We thus maintain our HOLD recommendaƟ on on YZJFH. |
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DBS RESEARCH |
MAYBANK KIM ENG |
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Singapore Market Focus Sweet spot ahead of a year end rally
• Small-mid-cap stocks poised for an eventful 4Q • Focus shifts to value plays ahead of “Value Unlock” package • Revisiting technology and industrial stocks
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Nestle (Malaysia) (NESZ MK)
Dominant staple offering Maintain BUY; TP lifted to MYR107.00 In our view, NESZ is well positioned to benefit from the rollout of Government cash assistant programs given the stapled-nature of its product range. With expectations for waning consumer boycotts and NESZ’s existing market leadership within its core brands, the one-off MYR100 SARA cash aid may lead to a faster pace improvement in group sales in 2H25. We make no change to our earnings forecasts, but roll forward our valuation base, our DCF-TP is raised to MYR107.00 (WACC: 6.3%, LT growth: 2.5%).
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| DBS RESEARCH | |
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EHang Holdings
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