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CGS CIMB |
CGS CIMB |
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Offshore & Marine Structural tailwinds are intact
■ We reiterate our sector Overweight call on offshore & marine given structural factors and attractive valuations. ■ Tight vessel supply and financing landscape are keeping charter rates resilient, while utilisaton also remains high. ■ We see long-term growth for Marco Polo and Pacific Radiance on the back of their fleet expansion plans for both oil & gas and offshore wind. ■ We think the sector is bound for further re-rating and raise our TPs for MPM and PACRA to S$0.10 and S$0.14 respectively, both based on 10x fwd P/E.
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Grab Holdings Financial services: a turnaround story
■ Grab’s Financial services segment is on a turnaround path, with losses expected to narrow sharply and achieve breakeven by end-2026F, it said. ■ We expect adjusted EBITDA to grow 14% qoq to US$124m in 3Q25F, with higher on-demand GMV, coupled with stable margins. ■ We upgrade Grab to Add, with a higher TP of US$7.00, reflecting FY27F valuation and higher DFS segment value on improving profitability.
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PHILLIP SECURITIES |
UOB KAYHIAN |
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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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Tai Sin Electric (TSE SP) Powering Singapore’s Landmarks And Beyond Highlights
• TSE is a market-leading supplier of electrical cables and wires in Singapore. • It is a key beneficiary of the upbeat infrastructure demand in the region. • TSE trades at a benign 10.2x FY25 PE, offering a consistent over 4% yield.
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| LIM & TAN | LIM & TAN |
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Stoneweg EREIT (€1.52, up 2 cents) announced that Fitch Ratings has upgraded Singapore-listed Stoneweg European Real Estate Investment Trust’s (“SEREIT”) LongTerm Issuer Default Rating (IDR) to ‘BBB’, from ‘BBB-’, and assigned a Stable Outlook. The agency has also upgraded the trust’s €500 million unsecured and unsubordinated six-year notes due January 2031 and the €1.5 billion medium term note programme to ‘BBB’ from ‘BBB-’.The notes are issued by Stoneweg EREIT Lux Finco S.à r.l., a wholly owned subsidiary of the trust, and are unconditionally and irrevocably guaranteed by Perpetual (Asia) Limited in its capacity as trustee of SEREIT and by Stoneweg EREIT Lux 2 S.à r.l. Stoneweg EREIT’s market cap stands at €852mln and currently trades at 0.8x PB, with a dividend yield of 8.6%. Consensus target price stands at €1.88, representing 23.7% upside. Given the relatively high upside potential, decent yield and valuations, improvement in the REIT’s portfolio coupled with a lower dovish environment ahead , we recommend an Accumulate rating on Stoneweg EREIT.
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The Business Times: Hotels are shifting into high gear as Singapore races into the Formula 1 (F1) Grand Prix weekend, with occupancy and takings both trending up from last year. The healthy demand for hotels during the F1 weekend will likely provide a boost for hospitality REITs in Singapore such as Far East Hospitality Trust (S$0.61, unchanged). FEHT owns a mix of hotels and serviced residences with a majority exposure to Singapore and 1 hotel in Japan. 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%. In a declining interest rate environment, FEHT is expected to benefit from lower financing costs with 40% of its borrowings on floating rates. Bloomberg consensus 1 year target price of $0.66 implies an 8.2% upside potential. We have an “Accumulate” recommendation on FEHT. |
