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CGS INTERNATIONAL |
CGS INTERNATIONAL |
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Coliwoo Holdings Limited Scaling up, earnings to follow
■ 1HFY9/26 reported PATMI boosted by non-core fair value gains (S$5.7m), while core PATMI of S$8.6m (+14% yoy) was in line at 40% of FY26F. ■ Total operational keys rose to 2,547 in 2Q26F (+9% qoq); we expect stronger 2H26F core net profit driven by Midtown and Resort Chalet ramp-up. ■ Reiterate Add, with an unchanged TP of S$0.74, as we continue to expect FY26-28F core PATMI CAGR of c.25% underpinned by committed pipeline.
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LHN Ltd Limited near-term growth
■ Cost discipline drove a sharp improvement in margins and 1HFY26 earnings. ■ We see limited near-term growth drivers outside of Coliwoo, with most new initiatives unlikely to contribute meaningfully until FY27F onwards. ■ Downgrade to Hold, with a lower TP of S$0.67, based on 8x FY27F P/E.
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PHILLIP SECURITIES |
PHILLIP SECURITIES |
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City Developments Limited Strong start to the year
▪ No financial information was provided in this operational update. The ultra-luxury freehold Newport Residences, launched in January 2026, is 78% sold to date (57% sold on launch weekend), while other projects, including The Orie, The Myst, Zyon Grand, and Norwood Grand, continue to see strong sales momentum.
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Singapore Telecommunications Ltd Middle East conflict speed bump
▪ FY26 results were within expectations. Revenue/EBITDA was 98% of our FY26e forecast. PATMI exceeded estimates at 107% of FY26e due to lower-than-modelled depreciation. Underlying PATMI grew 14% YoY to S$1.4bn in 2H26. The rise in inflation and energy costs is prompting Singtel to guide to more cautious low- to mid-single-digit FY27e EBIT guidance (FY26 +10%). FY26 dividends improved 9% to 18.5 cents.
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| UOB KAYHHIAN | LIM & TAN |
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CapitaLand Ascendas REIT (CLAR SP) Untapped Potential At 25 Loyang Crescent; Maiden Entry Into Japan
Highlights • DPU accretion for the acquisition 25 Loyang Crescent, Ascent and Osaka data centre is estimated at 2.1% on a pro forma basis for 2025. 25 Loyang Crescent has untapped plot ratio of 0.48, which represents redevelopment potential to add 1.6m sf of logistics space. • The Osaka data centre is fully leased to an investment grade hyperscaler with WALE of 14.2 years and built-in annual rent escalation of 1%. Its IT capacity could be expanded by 5.4MW or 13% to 45.9MW. • Maintain BUY. Target price: S$3.78.
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Geo Energy ($0.50, up 3.5 cents) wishes to provide a statement in relation to recent media reports regarding Indonesia’s proposed plan to centralise control of commodity exports. The Directors note that the Indonesian Government’s proposed centralisation of commodity export controls reflects a broader policy direction aimed at strengthening state oversight and improving coordination across key resource sectors in Indonesia.
Geo Energy’s market cap stands at $890mln and currently trades at 10x forward PE and 1.1x PB, with a dividend yield of 0.8%. Consensus target price stands at S$0.93, representing 86% upside from current share price. Given the sharp decline in Geo Energy’s share price despite its stillstrong fundamentals, we believe the stock is materially undervalued. Geo continues to benefit from elevated coal prices, while the MBJ bridge is expected to come online in 2H, which should further enhance logistics efficiency and production economics. Notably, the benchmark valuation for the MBJ infrastructure alone stands at approximately US$1.5bn, which already exceeds Geo Energy’s current market capitalisation and does not even account for the value of its coal mining assets. As such, we believe the market is significantly undervaluing the Group’s underlying assets and earnings potential, and we therefore maintain a BUY recommendation on Geo Energy Resources. |
