|
CGS INTERNATIONAL |
UOB KAYHIAN |
|
Property Devt & Invt A lull in Feb 2026 home sales
■ Feb 2026 ex-EC private home sales fell 84.4% yoy and 47% mom. ■ We expect 2026F home sales to be stable yoy, with prices up 0-3% yoy. ■ Retain sector Overweight. Our sector picks are UOL, CIT, CLI.
|
Centurion Accommodation REIT (CAREIT SP) Positive Takeaways From Taiwan
Conference Highlights • Singapore’s structural shortage of PBWAs should continue to support earnings, with regulation, zoning and standards restricting supply and reinforcing CAREIT’s pricing power. • Regulation continues to be a compelling competitive moat for CAREIT. • CAREIT trades at an attractive 2027F distribution yield of 7.3%. Maintain BUY and target price of S$1.55.
|
|
UOB KAYHIAN |
UOB KAYHIAN |
|
Link REIT (823 HK) 9MFY26 Largely In Line; Sharper Focus On HK Retail & Car Parks; Advance Non-Core Divestments
Highlights • 9MFY26 operational updates are in line with our expectations, with the Hong Kong retail portfolio seeing a slight deepening in negative rental reversion and early signs of recovery of tenant sales.
|
Banking Seizing Opportunity Amid Uncertainty
Highlights • The sector continues to offer attractive dividend yields in excess of 5%, with further capital management upside remaining intact. • Even with a severe case scenario of a 50bp OPR cut, we estimate sector earnings would decline by only ~6%, with dividend yields still holding at an attractive ~5.2%,
|
| LIM & TAN | LIM & TAN |
|
Bloomberg reported that Nvidia Corp. Chief Executive Officer Jensen Huang, addressing crowds at the company’s biggest annual event, unveiled a variety of new products while predicting that its flagship AI processors would help generate $1 trillion in sales through 2027. During a 2 1/2-hour keynote address, Huang announced plans to push deeper into central processing units — Intel Corp.’s home turf — and introduced semiconductors made with technology acquired from startup Groq. Innotek Ltd ($0.625, down 0.01) counts Nvidia as a new customer and is expected to see a 4-5 fold rise in profits in FY26 to $8-10mln. Notwithstanding the strong growth, valuations at 16x PE is rather fair. After falling about 30+% from its recent high of above 90 cents, a technical rebound could happen. We have a Fundamental “HOLD”, but there could be “speculative appeal” for Innotek’s shares given its recent sharp falls and have a Technical BUY recommendation given the positive news and updates from its key customer in the AI space (Nvidia).
|
Stacked Homes: The luxury Newport Residences on Anson Road is the best-selling new project for the second month this year, taking the lead again last month after it topped the list of developer sales in January. The freehold project on Anson Road in the Central Business District moved 32 units and set a median price of $3,059 psf. PropNex is capitalized at $1.2bln and trades at 16x forward P/E, 10.7x P/B with a 5.7% dividend yield. Consensus TP of S$2.31 represents a 38% upside. APAC Realty is capitalized at $241mln and trades at 13.2x forward P/E, 1.5x P/B with a 6.6% forward yield. Consensus TP of S$0.71 represents a 27% upside. We maintain Accumulate on APAC Realty given its attractive yield, cheaper valuations and net-cash position. |
