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CGS INTERNATIONAL |
CGS INTERNATIONAL |
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AEM Holdings Ltd ASE ups hope for higher earnings scenario
■ On 21 Mar 2026, AEM announced a placement of 3.35m new shares to ASE at S$3.59 each. Warrants with revenue conditions were also granted to ASE. ■ In our view, the investment by ASE validates AEM’s capabilities in the backend testing space and offers participation in the Taiwan semicon space. ■ Reiterate Add. Higher S$4.86 TP as a new earnings cycle emerges for AEM.
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China Aviation Oil Cautiously optimistic for FY26F
■ We expect volume headwinds from flight cancellations to be offset by ASP gains amid elevated oil prices, keeping FY26F topline growth largely flat. ■ We forecast modest FY26F net profit growth of 4%, driven by slight margin expansion and stronger associate contributions amid higher oil prices. ■ Maintain Add, with a higher SOP-based TP of S$2.68.
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UOB KAYHIAN |
UOB KAYHIAN |
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AEM Holdings (AEM SP) Strategic Partnership With ASE Technology; Maintain BUY
Highlights • AEM announced placement to ASE to strengthen its strategic collaboration with ASE, a leading provider of semiconductor assembly, testing and materials services. This is positive for AEM to gain foothold in the Taiwan market. • The placement and two tranches of warrants, if fully exercised will make ASE a 9.1% shareholder of AEM. The entire proceeds will be used to support AEM’s continued expansion in Taiwan and the integration of its test technologies. • Maintain BUY with a 77% higher target price of S$4.70 (S$2.65 previously), after raising 2027 EPS forecasts.
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Zijin Mining Group (2899 HK) 2025: In Line; Gold Tailwinds With A Robust Multi-Metal Growth Pipeline
Highlights • Zijin reported 2025 earnings of Rmb51.777.3m (+61.5% yoy), in line with its profit alert, with earnings growth driven by strong gold price tailwinds. • Group gross margin improved to 27.73% (+7.4ppt yoy), with gold/copper accounting for 40.9%/34.5% of group gross profit respectively. • Production growth will be supported by copper expansions at Julong and Serbia, optimisation of acquired gold assets, and a rapid lithium ramp-up. • Maintain BUY. Target price: HK$51.60.
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| LIM & TAN | LIM & TAN |
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CapitaLand Ascendas REIT / CLAR ($2.50, down 0.07) is acquiring a 100% interest in 25 Loyang Crescent, a cluster of ramp-up logistics and industrial buildings for a purchase consideration of S$504.2 million, and a 50% interest in Ascent, a premium business space property at 2 Science Park Drive for a purchase consideration of S$245.0 million in Singapore. The increase in data centre exposure would position CLAR nicely to benefit from the ramp up in AI demand. With CLAR’s 6% div yield, 1x book and 29% upside to consensus target of $3.22, we maintain an “Accumulate” rating on CLAR, especially on further price weakness.
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We highlight the key points from Genting Singapore’s ($0.67, down 1 cent) FY25 annual report:
Genting Singapore’s market cap stands at S$8.1bln and currently trades at 16x forward PE, with a dividend yield of 6%. Consensus target price stands at S$0.85, representing 27% upside from current share price. Genting is currently ramping up it’s 2.0 expansion and hence 2025 results were negatively impacted by their capex and some gestation costs. These should gradually normalize from 2026 onwards as the new capacity comes onstream. With an attractive upside of 27% to consensus target price and dividend yield of 6%, we see opportunities to “Accumulate” Genting Singapore especially on further price weakness.
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