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CGS INTERNATIONAL |
CGS INTERNATIONAL |
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Nam Cheong Limited Unlocking a new cycle
■ We initiate coverage on Nam Cheong with an Add call and TP of S$1.87 on 11x FY27F P/E, in line with peers. Stock trades at 35% discount to peers. ■ Fleet expansion, better utilisation and potential newbuild order wins underpin our estimated 12% core net profit CAGR over FY25F-27F. ■ Key re-rating catalysts: stronger-than expected newbuild orders, resumption of dividends and capital recycling to fund growth and debt repayment.
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Lum Chang Creations Guidance points to higher net profit
■ Our recent group discussions with management provided support for FY26F net profit expectations. ■ Management noted a steady pipeline of conservation projects from Urban Redevelopment Authority, and private conservation projects in Malaysia. ■ We raise TP to S$0.90, based on 12x FY27F P/E and higher net profit based on management’s upbeat guidance.
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UOB KAYHIAN |
UOB KAYHIAN |
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Strategy Monthly Market Radar
Highlights • Geopolitical tensions drove flight-to-safety flows into Singapore equities, lifting the STI 5.6% mom to new record highs. • Key corporate/market catalysts included REIT earnings, improving IPO sentiment in Catalist, and continued outperformance among gold-linked counters amid elevated precious metal prices. • Key things to look out for: Singapore Airshow 2026 (3-8 February), SIAS Corporate Connect for ESR-REIT (10 February), Budget 2026 (12 February).
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Parkway Life REIT (PREIT SP) 2H25: 18th Year Of Uninterrupted DPU Growth
Highlights • PREIT’s three Singapore hospitals provided fixed 3% annual step-up in rents in 2H25. The strategic acquisition of 11 nursing homes in France contributed 8.1% of group NPI. It has obtained tax exemption for all 11 nursing homes. • PREIT is evaluating AEI for GEH and PEH to improve workflow and operating efficiency. Work on one of the hospitals could commence in 2027. • Maintain BUY. Target price: S$5.45
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| CGS INTERNATIONAL | CGS INTERNATIONAL |
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Keppel Infrastructure Trust Concession concerns eased; better FY26F
■ KIT declared FY25 DPU of 3.94 Scts (+1.1% yoy), at 100% of our forecast. ■ Terms of concession extension at SingSpring beat expectations. We expect stronger performance for Ixom and City Energy in FY26F. ■ Reiterate Add, with a higher blended TP of S$0.60.
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Parkway Life REIT Solid growth
■ 2H/FY25 DPU of 7.64/15.29 Scts was in line at 49%/98.1% of our FY25F forecast. ■ Singapore to enjoy higher minimum rent with annual escalation from FY26F. ■ Maintain an Add rating with an unchanged DDM-based TP of S$4.97.
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