|
CGS INTERNATIONAL |
CGS INTERNATIONAL |
|
Pan-United Corp Ltd High moat business riding industry upcycle
■ FY25 core PATMI rose 20% yoy to S$51m, in line at 99% of our FY25F but slightly above Bloomberg (BBG) consensus at 106%. ■ FY25 margins expanded yoy across the board, reaching a 12-year high. Balance sheet remained robust with net cash of S$89m. ■ Reiterate Add on PANU’s strong positioning to capture construction tailwinds.
|
Sembcorp Industries Can S$1bn profit be the new normal?
■ With close to S$1bn of recurring earnings base, SCI plans to lift its absolute dividend as well as payout, benchmarking to STI and global peers. ■ All segments other than RE are likely to see yoy profit declines for FY26F; hence, the completion of Alinta is key to sustaining its S$1bn profit levels. ■ Maintain Add with a lower TP of S$7.68, now based on 12x FY27F P/E (previously 13x) given the flattish near-term outlook.
|
|
UOB KAYHIAN |
UOB KAYHIAN |
|
Delfi (DELFI SP) 2025: The Worst Is Likely Over; Gradual Recovery Ahead
Highlights • 2025 core profit fell 20% yoy to US$25.8m despite a slight revenue miss (-0.5% yoy) as 4Q25 softened (-7% qoq/yoy), led by Indonesia. • Gross margin declined to 26.5%, but recovery visibility is improving with cocoa prices easing to around US$3,000/tonne. • Upgrade to BUY with a 37% higher target price of S$1.12.
|
Food Empire Holdings (FEH SP) 2025: Solid Execution Justifies Rerating; Raise Target Price By 40% To S$4.21
Highlights • FEH reported stronger-than-expected core PATMI of US$69m (+38% yoy), beating our forecast by 15%. • FEH continues to see momentum and double-digit growth across most of its key markets, with total revenue growing 21% yoy to US$577m. • Maintain BUY with a 40% higher target price of S$4.21. FEH trades at only 19x 2026F PE, a deep 30% discount to regional peers’ average of 27x.
|
| MAYBANK SECURITIES | MAYBANK KIM ENG |
|
OCBC Bank (OCBC SP) Wait and see
D/G HOLD on yield step-down, new strategy clarity FY25 core-earnings were behind MIBG expectations. Operationally, OCBC is well positioned to benefit from strong domestic and regional growth drivers. Its new ‘Next Frontier’ strategy positions the Group towards ASEAN growth yet lacks visibility on deliverable targets, while the probability of excess capital returns to shareholders is falling. This would lower medium-term yields vs. FY25. Raise our TP to SGD21.59, but D/G to HOLD from BUY while we await clarity on new strategy execution. We prefer DBS for strong yield visibility and scale-led momentum.
|
Singapore Airlines (SIA SP) Surprised take off; U/G to HOLD
3Q26 beat on improving pax yield 3Q26 core net profit was SGD505m (-4% YoY) after stripping out the oneoff accounting gain of SGD1.1b from the Air India-Vistara merger in Nov’24, bringing 9MFY26 net profit to SGD743m (88%/86% of MIBG/consensus fullyear forecasts). With pax yield stabilising and still well above pre-Covid levels, we are upgrading SIA to HOLD from SELL with a higher TP of SGD7.03, now based on 1.3x P/B (or 1 SD above 5-year mean of 1.1x), driven by robust operating profit growth.
|
