|
CGS CIMB |
CGS CIMB |
|
Mapletree Industrial Trust Robust reversions but interest cost bites
■ 2Q/1HFY3/26 DPU of 3.18/6.45 Scts is in line, at 24.5%/49.8% of our FY26F forecasts. ■ In 2QFY26, MINT enjoyed positive reversions in Singapore and the US; lower gearing provides debt headroom to tap potential acquisition opportunities. ■ Reiterate Add with an unchanged DDM-based TP of S$2.54.
|
Far East Hospitality Trust Interest savings key to distribution
■ 3Q25 revenue/NPI of S$30.4m/S$25.9m were in line at 27%/28% of our FY25F forecasts. ■ We expect the mild recovery traction at its SG hotels to continue in 4Q25F; outlook and interest savings to support distribution post top-up roll-off. ■ Reiterate Add on 6.1% FY25F DPU yield with an unchanged DDM-based TP of S$0.76 (COE: 7.3%).
|
|
CGS CIMB |
UOB KAYHIAN |
|
DFI Retail Group Well-stocked for growth in 2H25F
■ We raise DFI’s FY25F core PATMI estimate by c.5% to US$278m as we see a stronger 4Q25F following 3Q25’s underlying profit growth of 48% yoy. ■ Profitability improved across segments on the back of cost optimisation and a shift towards higher-margin products. ■ We lift our target price to US$4.00 to reflect higher EPS estimates for FY25- 27F. DFI’s inorganic growth strategy is likely to be key focus of Investor Day
|
Keppel (KEP SP) 3Q25 Update: Well Placed For A Great Year
Highlights • KEP provided a very positive 3Q25 business update with earnings growth unabated . • We anticipate higher year-end DPS as well as a high likelihood of special dividends given the strong pace of capital recycling this year. • Target price raised 8% to S$11.70 (previously S$10.85). Maintain BUY.
|
| UOB KAYHIAN | UOB KAYHIAN |
|
Wilmar International (WIL SP) Operating Performance Sustains Positive Momentum
Highlights • 9M25 core net profit of US$941m made up 62%/72% of ours and consensus estimates. • 3Q25 core earnings rose 72% yoy to US$357m with stronger operational performance registered across all key segments. • Maintain BUY with a higher target price of S$3.50 (from RM3.45).
|
Keppel REIT (KREIT SP) 9M25: To Remain Singapore-Centric And Office-Focused
Highlights • KREIT targets double-digit positive rental reversion in both 2025 and 2026. • KREIT intends to remain Singapore-centric and office-focused. It will cap the exposure to retail assets at 20% of portfolio valuation • Maintain BUY. Target price: S$1.20.
|
