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PHILLIP SECURITIES |
MAYBANK KIM ENG |
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17LIVE Group Limited Growth from cash cow businesses
• We visited 17LIVE’s Tokyo headquarters from 29 Sept to 1 Oct, where we met with senior management and gained first-hand experience at one of its signature offline events - Fist of the North Star. PATMI catalysts are expected to stem from offline events within its core streaming business, as 17LIVE partners with top streamers across various platforms. Additional upside is from new revenue streams, including its total-solution live-commerce platform and upcoming short drama segment. We maintain our FY25e financial forecasts and reiterate our BUY recommendation with a higher TP of S$1.45 (prev: S$1.28) after lower WACC by 2.4ppts to 10.9%, reflecting continued growth in the core streaming business and incremental contributions from new segments. 17LIVE remains committed to enhancing shareholder returns, declared an interim dividend of 1.5 Singapore cents for 1H25. The group holds US$82.2mn in cash, accounting for c.60% of its market capitalization, and trades at a FY25e P/E of 20x with a dividend yield of c.3%.
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Sheng Siong Group (SSG SP) On the right side of Singapore’s growth story
Reiterate BUY; A supportive growth environment SSG remains well-positioned amid a favourable macro backdrop—driven by Singapore’s multi-year construction boom, a growing foreign workforce, and government support measures (SG60 & CDC vouchers) that continue to fuel resilient consumption. Supermarket sales rose 9.2% YoY in Jul– Aug’25, well ahead of 1H25’s 1.7% growth. With 10 new stores added yearto-date, exceeding its target of 8, SSG is outpacing peers as competitors like Giant and CS scale back. The new distribution centre enhances operational efficiency and sets the stage for multi-year growth, though it may dilute FY27–28 NPAT by ~5% on higher D&A, excluding potential upside from improved scale and productivity. Trading at 20x PE, in line with peers, SSG offers a superior growth and margin profile. Reiterate BUY.
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UOB KAYHIAN |
UOB KAYHIAN |
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REITs Stay Defensive With S-REITs
Highlights • The sudden U-turn in trade negotiation between the US and China has caught the market by surprise. Risk from a protracted US government shutdown also adds to greater uncertainties. • The most defensive sectors are suburban retail (CICT and LREIT), healthcare (PREIT) and data centres (KDCREIT and NTTDCR), which are less affected by trade conflict and reciprocal tariffs. • Maintain OVERWEIGHT. BUY CICT (Target: S$2.79), KDCREIT (Target: S$2.69), PREIT (Target: S$5.34), LREIT (Target: S$0.79) and NTTDCR.
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Internet Cost Efficiency As Performance Cornerstone And Robotaxi Reshape The Future Highlights
• The growing robotaxi ecosystem is drawing in an increasing number of new entrants, including autonomous service providers and ride-hailing platforms. • We expect improving technological maturity, stronger policy support, and better fleet economics to drive a major expansion wave for the robotaxi industry into 2H25/2026, with China’s robotaxi fleet size expected to grow tenfold during this period. We see material development and monetisation progress from the potential beneficiaries, sparking renewed investor interest. • Key companies riding on the mobility tailwinds are Didi, Baidu, PonyAI, YMM. Maintain OVERWEIGHT on the Internet sector.
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| KGI SECURITIES | OCBC INVESTMENT RESEARCH |
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Sembcorp Industries Ltd (SCI SP): Boosting renewable portfolio RE-ITERATE BUY Entry – 6.45 Target – 7.15 Stop Loss – 6.15Read more... |
🏦 DBS Group Holdings Ltd (DBS SP)Rating: HOLD (downgraded from BUY) 📈 Key Highlights
💡 Investment Thesis
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