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CGS INTERNATIONAL |
CGS INTERNATIONAL |
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Sembcorp Industries Weathering renewable headwinds
■ Lower solar plant load factors in India and higher RE curtailment in China may have weighed on SCI’s 1H26F earnings, in our view. ■ Taking a more cautious outlook for RE, we trim our FY26F/27F net profit estimates by c.7% which reduces our TP to S$7.15. ■ Despite short-term weakness going into 1H26F results, we reiterate our Add call on potential catalysts from India RE IPO and new PPAs.
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Pop Mart Online GMV growth slowed; faster product iterations
■ Pop Mart’s China online GMV growth slowed in May, dragged down by softer demand for THE MONSTERS series and a high base effect from the same period last year. ■ The newly launched THE MONSTERS series saw softer-than-expected demand. ■ We expect accelerating new product iterations and the scaling of Crybaby and Twinkle Twinkle to partially cushion the weaking demand of THE MONSTERS series. ■ We reiterate our Add rating with a lower target price of HK$180.5.
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| UOB KAYHIAN | UOB KAYHIAN |
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REITs Gradually Reaping The Peace Dividend
Highlights • War is inherently inflationary. Conversely, peace leads to an easing in inflation. Fortunately, conflicts in the Middle East are already winding down. Russia suffers from enlarged fiscal deficits, which are exacerbated by lower energy prices; this could eventually force President Putin to the negotiation table. • Maintain OVERWEIGHT. The threat from higher inflation has moderated, which reduces the probability and intensity of US rate hikes. Our top picks are CICT (Target: S$3.06), FLT (Target: S$1.30), NTTDCR (Target: US$1.43) and UIBREIT (Target: S$1.17). We also like CLAS (Target: S$1.42) and MPACT (Target: S$1.75).
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Oversea-Chinese Banking Corp (OCBC SP) Two Strikers – Wealth Management And Insurance
Highlights • Wealth management is poised for continued growth due to OCBC’s expanded base of RMs, influx of net new money into Singapore and Hong Kong, and its new digital wealth platform WoW. • Leadership renewal at Great Eastern has catalysed a shift in product mix towards long duration product lines and HNW clients. • OCBC has embarked on the next frontier to accelerate growth. Maintain BUY. Target price: S$29.70.
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| LIM & TAN | |
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Boustead Singapore Limited ($2.09, up 0.05), is pleased to announce that Boustead Medical Care Holdings Pte Ltd (“BMCH”) has today, acquired a 60 per cent stake in UroMedTech Pte Ltd (“UroMedTech”) through a S$6 million equity injecti on. UroMedTech is a Singapore-based medical technology company pioneering integrated robotic solutions for prostate cancer diagnosis through its UroMaster system, with a research and development roadmap to integrate focal therapy treatment within UroMaster. The long-term potenti al looks very promising if UroMaster is able to reach commercialisati on. At $2.09, Boustead Singapore is capitalized at $1bln and trades at 8x forward PE, 3% yield and consensus 1 year target price of $2.70 implies 3000 a potenti al upside of 30%. Maintain “Accumulate”.
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