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CGS INTERNATIONAL |
CGS INTERNATIONAL |
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OCBC Wealth franchise to drive non-II growth
■ 3Q25 PATMI of S$1.98bn (+1.7% yoy/+5.0% qoq) beat expectations at 109.4%/110.3% of our/Bloomberg consensus 3Q25F estimates. ■ OCBC streamlined its FY25F guidance, while communicating flexibility for the execution of its S$2.5bn capital return exercise for FY25F-26F. ■ Upgrade to Add, with a higher GGM-based TP (LTG: 2.0%, ROE: 12.5%) of S$19.50 as we roll over our valuation to FY26F.
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Frasers Logistics & Commercial Trust Building a sustainable DPU foundation
■ 2H/FY9/25 DPU of 2.95/5.95 Scts was slightly above, at 52%/104% of our FY25F forecast. ■ FLCT enjoyed positive reversions in 4QFY25 amid high portfolio occupancy. ■ Reiterate Add rating with a lower DDM-based TP of S$1.10.
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PHILLIP SECURITIES |
PHILLIP SECURITIES |
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CapitaLand Investment Limited Increasing fundraising momentum
▪ 9M25 revenue came in at S$1.57bn (-25% YoY), slightly below expectations (70% of FY25e forecast). The decline was mainly due to CLAS deconsolidation. Excluding this, total revenue rose 2% YoY. Real Estate Investment Business (REIB) revenue fell 12% YoY (exCLAS) due to asset divestments, while the Fee Income-related Business (FRB) revenue grew 7% YoY, supported by higher event-driven fees from listed funds management and contributions from SC Capital Partners (SCCP).
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Oversea-Chinese Banking Corp Ltd Earnings steady, future capital return unclear
▪ 3Q25 earnings of S$1.98bn were slightly above our estimates as a surge in WM fees provided a boost to fee income. 9M25 PATMI was 77% of our FY25e forecast. OCBC has reiterated its S$2.5bn capital return which will end in FY25 (special dividend equivalent to 10% dividend payout ratio and ~S$1bn share buyback). It did not provide guidance if it will continue in FY26 and beyond.
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| PHILLIP SECURITIES | PHILLIP SECURITIES |
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Stoneweg Europe Stapled Trust No refinancing requirements until 2030
▪ 3Q25/9M25 DI of €20.9mn/€57.6mn (+0.6%/-4.6% YoY) was in line with our estimates, representing 28%/76% of our FY25e forecast. The stronger 3Q25 performance was driven by higher rents, contributions from completed redevelopments, and a one-off income of €2mn comprising service charge reconciliation and other items, partially offset by higher interest expenses. Excluding divestments and redevelopments, 3Q25 NPI increased 5.9% YoY, supported by a 6.5% increase in NPI in the logistics/light industrial sector.
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DBS Group Holdings Ltd Capital return dividends until FY27
▪ DBS’ 3Q25 earnings of S$3bn were slightly above our estimates, with 9M25 earnings at 77% of our FY25e forecast. 3Q25 DPS raised 39% YoY to 75 cents (comprising 60 cents ordinary dividend and 15 cents capital return dividend).
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