|
PHILLIP SECURITIES |
UOB KAYHIAN |
|
Elite UK REIT Regearing leases, rebalancing risk
• Partial lease regearing outcome for c. 95.7% of leases expiring in 2028 is expected in 1Q26. Lindsay House’s first phase of repositioning to PBSA is underway, with stabilisation expected before September 2027 in line with the beginning of the academic year. Potential acquisition plans are under review, with sponsor assets being the most visible option.
|
PropNex (PROP SP) Singapore’s Solid Property Market To Underpin Earnings
Highlights • PROP’s 2026 net profit will be underpinned by new launches in 1H26, steady transaction volumes and higher selling prices. • Forecasting an over 80% profit growth in 2025; potential for a special dividend. • Maintain BUY with a higher target price of S$2.51, implying a 28% upside.
|
|
UOB KAYHIAN |
DBS GROUP RESEARCH |
|
Hong Kong Exchanges and Clearing (388 HK) New Year, New Vibrancy
Highlights • We expect HKEX’s net profit growth to normalise to 4% yoy in 4Q25, due to the sequential headline ADT moderation and sharp decline in NII. • However, the Hong Kong stock market kicked off 2026 with a decent performance and the strong IPO momentum has also carried into 2026. • Thus, we remain constructive on the ADT outlook and see further re-rating potential for HKEX from its current undemanding valuation (30x). Maintain BUY with an unchanged target price of HK$550.00, implying 38x forward PE
|
Singapore Consumer
Defensive is the best offensive • Non-discretionary spend has grown by 4% y/y to SGD9.8bn as of 10M25 shaped by SG60 vouchers and changing consumption pattern, with resilient growth for nondiscretionary to persist into 2026 • Softer commodity prices to support margin expansion for packaged food companies, with the degree of uplift varying by market position and competitive dynamics
|
| LIM & TAN | LIM & TAN |
|
CapitaLand Investment Limited / CLI ($2.78, up 0.02) announced two initiatives as part of its broader strategy to deepen logistics expertise and accelerate platform growth across Asia Pacific (APAC). Reflecting its confidence in the long-term fundamentals of the logistics sector, CLI is strengthening its operational capabilities through a minority investment in Ally Logistic Property (ALP), a pioneer in modern smart logistics infrastructure based in Asia, and an existing capital partner in the CapitaLand Southeast Asia Logistics Fund (CSLF).
We continue to see CLI as a key beneficiary of the lower interest rate environment as it is the mothership of the Capitaland suite of REITs in Singapore. With the lower interest rate environment its stable of REITs would have cheaper funding options which provides them the ability to make accretive acquisitions. We also like CLI’s expansion into the fast-growing logistics sector in Asia. With Bloomberg consensus 1 year target price standing at $3.39 and potential for more dividend surprises going forward, we maintain an Accumulate rating on CLI.
|
Coliwoo’s market cap stands at S$266.8mln and currently trades at 10x FY26 PE with a dividend yield of 3.6% (2 cents dividend payment). We have an Accumulate call on Coliwoo given its unique asset class and that it is Singapore’s largest co-living operator, which continues to show steady growth into FY26.
Looking ahead, the outlook for Singapore’s rental and co-living |
