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CGS INTERNATIONAL |
CGS INTERNATIONAL |
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Capitaland Investment Fee income underpinned 1Q26 revenue
■ 1Q26 revenue of S$487m accounts for 19% of our FY26F forecast ■ 1Q26 fee-related revenue rose 10.3% yoy to S$310m, led by the listed funds, private funds and commercial management segments. ■ Maintain Add, with an unchanged TP of S$4.19 (10% discount to RNAV).
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Mapletree Industrial Trust Singapore portfolio remains robust
■ 4Q/FY26 DPU of 3.09/12.71 Scts was broadly in line, at 23.8%/98.1% of our FY3/26F forecast. ■ Singapore properties outperformed due to improved occupancy and positive rental reversions. ■ Maintain Add rating, with a lower DDM-based TP of S$2.22
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UOB KAYHIAN |
PHILLIP SECURITIES |
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Mapletree Pan Asia Commercial Trust (MPACT SP) 4QFY26: Singapore Powered By Indomitable VivoCity
Highlights • NPI from VivoCity grew 6.3% yoy in 4QFY26, supported by positive rental reversion of 14.1% and high occupancy of 99.7%. Occupancy at MBC improved 2.9ppt qoq to 96.4% after securing a new IT tenant. • Excluding a one-off tax charge of S$8.3m for the completion of the Festival Walk Tower divestment, DPU would be 4.6% higher yoy at 2.04 S cents. • Maintain BUY with a target price of S$1.75 due to growth from Singapore and an attractive FY27 DPU yield of 6.1%.
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Stoneweg Europe Stapled Trust Rental indexation to drive organic growth
▪ 1Q26 indicative DPU of 3.423 €cents rose 1.5% YoY, in line with our estimates and forming 25.6% of our FY26e forecast. 1Q26 NPI declined 1.3% YoY due to asset divestments ahead of capital recycling into investments completed end-March 2026. On a like-for-like basis, NPI increased 2.3%, driven by a 3.7% growth in logistics/light industrial. Distributable income edged up 0.4% YoY, while DPU outpaced at 1.5% on the back of security buybacks (2.1mn securities repurchased YTD).
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| LIM & TAN | LIM & TAN |
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DBS’ (56.56, down 0.10) net profit for first-quarter 2026 rose 1% from a year ago to SGD 2.93 billion. Total income reached a record of SGD 5.95 billion, led by robust wealth management performance, which drove fee income and treasury customer sales to new highs. Deposit growth momentum was strong, while markets trading income rose. These more than offset the impact of lower interest rates and a stronger Singapore dollar. The cost-income ratio was 39%. Asset quality was resilient, with the NPL ratio stable at 1.0% and specific allowances at 14 basis points of loans. Return on equity was 17.0%, while return on tangible equity was 18.7%. DBS outperformed expectations with profit up 1% yoy and 24% qoq to $2.93bln. With its attractive yield of 5.7%, 13-14x PE and consensus target price of $60, we maintain Accumulate on DBS shares. As interest rate cut expectations moderate due to inflationary pressures, DBS’ net interest income could surprise positively
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Sheng Siong ($2.99, down 2 cents) reported 1Q26 results with revenue increasing by 12.4% yoy to S$452.8 million, up from S$403.0 million in the same period last year. The increase was mainly driven by contributions from 12 new store openings in FY2025, as well as festive sales during Lunar New Year in February and Hari Raya Puasa in March. Gross profit grew by 15.0% yoy to S$140.3 million in 1Q FY2026, while gross profit margin improved by 0.7 percentage points yoy to 31.0%, supported by continued enhancements in our sales mix, which helped offset higher operating costs. Sheng Siong’s market cap stands at S$4.5bln and currently trades at 27x forward PE and 7.7x PB, with a dividend yield of 2.3%. Consensus target price stands at S$3, representing no upside to current share price. Despite stellar results helped by more store openings, Sheng Siong’s valuations remain rich and we look to Accumulate on weakness on Sheng Siong. |
