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CGS CIMB |
CGS CIMB |
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Xiaomi Corporation EV business on track to turn profit in FY26F
■ Xiaomi's rapid increase in production capacity and clarification of the car accident provide a good opportunity to accumulate, in our view. ■ We believe Xiaomi should deliver c.380k units in FY25F and 500k in FY26F. ■ Reiterate Add with an unchanged TP of HK$77.0, based on 35x FY26F P/E.
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iFAST Corporation Ltd A value compounder
■ We believe iFAST’s wealth management business is underappreciated and hope to shed light on its respective businesses with our new SOP valuation. ■ We estimate iFAST’s core wealth management business grew by 38% yoy in FY24 and will grow at a strong 33% CAGR over FY25F-27F. ■ Reiterate Add with a higher TP of S$11.70 and bull/bear case scenario TPs of S$15.20 (54% upside) and S$8.20 (16.4% downside).
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UOB KAYHIAN |
MAYBANK KIM ENG |
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Centurion Accommodation REIT (CAREIT SP) Accommodating Income- And Growth-Minded Investors
Highlights • CAR is Singapore's first pure-play purpose-built living REIT, with 14 highoccupancy PBWAs in Singapore and s in the UK and Australia. • It has a strong sponsor in CCL and a robust ROFR pipeline, and benefits from resilient, supply-constrained markets, long leases, and a highly experienced management team. • We initiate coverage with BUY and a target price of S$1.23
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Frasers Centrepoint Trust (FCT SP) Distribution inches up
Steady finish, maintain BUY 2HFY25 DPU was SGD6.059c, up 0.6% YoY, with FY25 DPU at SGD12.113c, also up 0.6% YoY. Distribution growth was led by acquisitions and resilient operations. Occupancy remained high despite minor downtime and the anticipated exit of a cinema tenant. Positive rental reversions stayed in the high single digits. Capitalization rates were stable, but NAV dipped due to one-off accounting losses. Gearing held steady, with lower debt costs and expectations for further reductions. Reflecting a lower cost of equity, we raise FY26 DPU by 0.5%, increase the TP to SGD2.60, and maintain BUY
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| LIM & TAN | LIM & TAN |
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We believe KSH Holdings ($0.415, up 0.5cts) remains an under-looked beneficiary of the construction recovery in Singapore over the next few years. The company’s construction business has been impacted by deteriorating and negative margins since the pandemic, in part due to escalating costs amid legacy projects. Upon completion of these projects, KSH has since reverted back to positive construction gross margins in FY25 and is expected to further improve moving forward, helping boost earnings to between $17-21mln over the next 2 years, putting its Forward and Prospective PE at 13x and 11x respectively. Supported by a strong net cash position of $66mln (28% of market cap) and dividend yield of 4.0%, KSH trades at an undemanding 0.8x P/B with strong turnaround expected this year. We initiate an “Accumulate” on KSH Holdings with a SOTP-based target price of S$0.51 (23% potential upside). Our TP implies a P/B of 0.99x which we think is a fairer valuation given its quality tangible assets, backed by net-cash and a likely beneficiary of the construction recovery
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The Business Times reported that chemical and energy solutions firm Aster has established a new unit, Aster Power, which has secured an agreement with Sembcorp Solar Singapore, Sembcorp Industries / SCI ($6.57, up 11 cents) to deploy about 16 megawatt-peak (MWp) of solar capacity across Aster’s facilities on Bukom and Jurong Islands by end-2026. Once operational, the projects are expected to cut 169,000 tonnes of carbon emissions over their lifetime — equivalent to removing nearly 17,000 cars from the road for a year. SCI’s market cap stands at S$11.8bln market cap and trades at 11x forward PE and 2.2x PB, with a dividend yield of 4%. Consensus target price stands at S$7.50, representing 14.2% upside to consensus share price. Given the recent pullback and good fundamentals, we recommend an Accumulate rating on SCI. |
