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CGS INTERNATIONAL |
CGS INTERNATIONAL |
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Sheng Siong Group Premium for value amid volatility
■ We view government’s enhanced household support and higher inflation expectations as tailwinds to SSG’s value-for-money offerings. ■ Resilient industry sales growth YTD, along with SSG’s continued new store ramp-up, should sustain robust sales momentum into FY26F. ■ We maintain our GPM expansion forecasts of 50 bp p.a. for FY26F-27F as economies of scale could more than offset higher shipping costs. ■ Our TP is raised to S$3.40 on c.1% higher EPS estimates for FY26F-27F and a stronger 28x FY27F P/E reflecting SSG’s structurally better position.
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Gamuda Enough cost buffer to weather the storm
■ Managing cost pressures with enough buffer to sustain margins for now. ■ RM50bn orderbook target intact with minimal prospects of project deferment. ■ Reiterate Add. We cut FY26-28F EPS and lower our TP to RM5.78.
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DBS GROUP |
DBS GROUP |
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YANGZIJIANG MARITIME
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FRASERS PROPERTY Kallang Close Marks a Long-Awaited Win for Frasers Property
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| UOB KAYHIAN | UOB KAYHAIN |
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NTT DC REIT (NTTDCR SP) Inching Closer To Kicking Off Maiden Acquisition
Highlights • NTTDCR plans to acquire data centres in Frankfurt and Tokyo in FY27. Sponsor is willing to divest at attractive NPI yield of above 6% for the Frankfurt DC and above 5% for the Tokyo DC as it focuses on reinvesting at a higher yield on cost of 9-11% for new development projects. • NTTDCR has renewed its master services agreement for SG1 with NTT Singapore for three years with positive rental reversion of 23% and fixed annual rent escalations of 5%. • Maintain BUY due to attractive FY27 DPU yield of 8.7%, the highest among data centre REITs. Target price: US$1.42.
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Zixin Group (ZXGH SP) Planting the seeds of sustainable, multi-year growth
An integrated model driving sustainable growth We recently visited Zixin’s plantations and factories in Liancheng County, Fujian Province, China. Zixin operates a vertically integrated sweet potato ecosystem spanning seedling R&D, cultivation, warehousing, food processing, and agricultural waste recycling. The group has a clear multiyear growth plan, including capacity expansion across its business segments, margin improvement through product differentiation, and market development via expanding production beyond Liancheng and driving sales growth into overseas markets.
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