ANALYSTS SAY: Buy, Sell, Hold (3 Oct)

CGS CIMB

UOB KAYHIAN

Keppel Ltd

Bifrost going live

■ We expect positive share price reaction as KEP’s subsea cable Bifrost achieved Ready for Service status, with commercial traffic to go live soon.

■ The landmark achievement enhances KEP and Singapore’s positioning as a regional digital hub, in our view.

■ We have factored in c.S$21m of gains for the sale of first two fiber pairs for FY25F, with O&M of c.S$5m starting FY26F.

■ We believe Keppel is still actively marketing the remaining fiber pairs and expect some contracts by FY26F. Maintain Add and TP of S$10.23.

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Strategy Alpha Picks:

Staying Ahead And Capturing EQDP Opportunities

Highlights

• Our Sep 25 Alpha Picks outperformed the STI, delivering a 4.2% return on an equal-weighted basis vs the benchmark index’s 0.7%.

• For Oct 25, we add LREIT, RSTON and SCI, and remove BRC and YZJ.

• Oct 25 Alpha Picks: CLAR, CSSC, CSE, DFI, FEH, FRKN, HLA, MPM, OCBC, UMS, RSTON, SCI, VALUE and YZJSGD.

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UOB KAYHIAN

MAYBANK KIM ENG

Automobile Weekly:

EV Sales Up 25% WOW Last Week, But YOY Growth Slows To 10.5%

Highlights

• China’s EV sales grew 25% wow in the 39th week of 2025, but yoy growth slowed to 10.5%, due to the high base (60% EV market share) and antiinvolution campaign.

• Geely and XPeng led, while BYD and Li Auto lagged with yoy sales declines.

• Maintain MARKET WEIGHT. Top BUYs: CATL and Geely. Top SELLs: BYD and Li Auto. Downgrade Ganfeng Lithium from BUY to HOLD, as the stock price has hit our target.

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Malaysia Strategy

Sep 2025: Equity Fund Flows

The return of net foreign inflow, though marginal

September 2025 saw a return to net foreign inflow for the second time of the year, with a marginal foreign net buy. Foreign participation came off slightly in Sep 25 at 40.7% (Aug: 42.2%). Foreign investors remained net buyers of Maybank, SDG and Westports, while also maintaining their net sell position in CIMB and Public Bank. All sectors saw positive returns in Sep 25, with Utilities being the best performer, followed by Industrials.

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Westgold Resources Ltd (WGX) -- BUY

WGX’s 3-Year Outlook (3YO) is the first disclosed multi-year view of the group’s business. It presents a high confidence, internally funded, executable plan that sees production ramping up from 326koz in FY25 to 470koz in FY28. We believe the disclosed production, AISC and capex guidance for the next three years gives the market increased confidence in the group’s strong organic growth path. Importantly, WGX indicates that the 3YO is conservative by design with upside potential via mill optimisation and mine productivity improvements.

A Top 5 ASX gold producer, unhedged, with only A$50m in senior debt, WGX trades at an attractive 13% FCF yield on our FY26F-FY28F average FCF of A608m (at spot, FCF A$760m, yield 16%). BUY, TP revised to A$5.98/sh (prev. A$4.86/sh) on changes to our forecast prod./cost/capex & Au price profile. Spot TP A$8.21/sh.

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CNMC Goldmine Holdings

Marco tailwind continues to support PATMI

• Gold prices have rallied c.45% YTD, surpassing USD3,800/oz, supported by sustained central bank purchases, expectations of monetary easing, heightened geopolitical risks, and demand for inflation hedges. We forecast average gold prices of USD 3,500/oz in FY25e (+42% YoY) and USD 3,600/oz in FY26e (+16.6% vs. the previous forecast).

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