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CGS INTERNATIONAL |
CGS INTERNATIONAL |
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Genting Singapore Signs of earnings inflection
■ 3Q25 adj. EBITDA of S$222.7m (+35.9% yoy/+18.5% qoq) was in-line, with 9M25 adj. EBITDA at 75.4%/69.7% of our/Bloomberg FY25F estimates. ■ Key driver was the 6.7% yoy/37.4% qoq growth in non-gaming revenue which benefitted from opening of new attractions in Resorts World Sentosa (RWS). ■ Reiterate Add with TP unchanged at S$0.785 as we believe GENS will see sustained growth in profitability with stronger non-gaming revenue ahead.
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Capitaland Investment Decent performance in 3Q25
■ CLI’s 9M25 revenue of S$1,568m was broadly in line at 72.2% of our FY25F forecast. ■ 9M25 fee-related revenue grew 18% yoy, due to a robust 3Q25 performance, lifted by listed funds and increased event-driven fee income. ■ Reiterate an Add rating with an unchanged TP of S$4.30.
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CGS INTERNATIONAL |
PHILLIP SECURITIES |
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DBS Group Beneficiary of broad-based growth
■ We come away from DBS’s analyst briefing more positive on the bank’s growth prospects across its different business divisions. ■ We adjust our FY25F/26F/27F EPS by +1.3%/-0.8%/+2.8% for strong non-II growth and reduced credit costs, offsetting pressure from lower NIMs on NII. ■ We roll forward our valuation to FY26F and lift our GGM-based TP to S$60.50. Reiterate Add given DBS’s attractive FY26F yield of 5.9%.
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Phillip Singapore Monthly – Nov25 No pin for a bubble
• Singapore equities rose 3.0% in October, marking the 6 th consecutive month of gains. Banks registered gains of 3.6%. The best performing sector was utilities, led by Keppel Ltd and Sembcorp Industries. News of a major 700MW data centre in Jurong raised optimism over power demand. Company-specific events dragged down the weakest performers. We expect the upcoming deployment of more EQDP funds to drive up small mid-cap valuations.
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| LIM & TAN | MAYBANK KIM ENG |
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OCBC ($17.19, up 13 cents) reported a net profit of S$1.98 billion for the third quarter of 2025 (“3Q25”), up 9% from S$1.82 billion in the previous quarter (“2Q25”) and unchanged from the same period a year ago (“3Q24”). Net profit for the nine months of 2025 (“9M25”) was S$5.68 billion, 4% lower compared to a year ago (“9M24”). OCBC’s market cap stands at S$77.6bln and currently trades at 10.8x forward PE and 1.3x PB, with a dividend yield of 6.2%. Consensus target price stands at S$17.66, representing 2.7% upside from current share price. Although OCBC guided lower NIM by mid to high single digit % with NIM around 1.9%, it has also met expectations and guided 60% total dividend payout alongside share buybacks. Given limited upside from target price, we maintain an Accumulate on weakness rating on OCBC.
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Singapore Telecommunications (ST SP) Associates deliver: strong and advancing in right direction
Strong increase of associates, led by Airtel & AIS We estimate Singtel’s key associate post-tax contribution to rise 22% YoY and 7% QoQ in 2QFY26 - outpacing our FY26 forecast of +7% YoY despite absence of Intouch contribution and a lower Airtel stake. Normalising for Intouch, associate PAT grew 31% YoY. Growth drivers were Airtel: +69% YoY/+14% QoQ; AIS +41% YoY/+10% QoQ (in LC). Telkomsel’s performance stabilised (vs declining trend previously). Globe is yet to report, but we estimate a -5% YoY decline in core earnings. While Optus outages weigh on the core, strong associate tailwinds far outweigh the impact. BUY.
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