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CGS INTERNATIONAL |
CGS INTERNATIONAL |
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iFAST Corporation Ltd Deferred not derailed
■ 2Q26 net profit of S$29.8m was in line with our c.S$30m expectation; 1H26 net profit formed 44.1%/43.9% of our/Bbg consensus’ FY26F estimates. ■ We trim our FY26F EPS by 2.7% on delayed ORSO roll-out and FY27F/28F EPS by 2.2%/1.9% on higher staff cost expectations. ■ Reiterate Add as the high operating leverage on IFAST’s AUA growth supports FY25-28F EPS CAGR of c.21.2%. Our SOP-based TP is S$13.00.
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Frasers Centrepoint Trust FCT taps development for growth
■ For 3QFY26, FCT reported stronger shopper traffic (+2.4% yoy) and marginally higher tenant sales (+0.2% yoy), affected by tenancy churn. ■ We believe AEIs will remain the near-term DPU growth lever while Bayshore could become a contributor over the longer term. ■ Maintain Add with unchanged DDM-based TP of S$2.86.
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| CGS INTERNATIONAL | CGS INTERNATIONAL |
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Raffles Medical Group Lacking near-term growth catalysts
■ 1H26 net profit of S$29.0m missed expectations at 39.6%/39.9% of our/Bbg consensus’ FY26F estimates, driven by lower healthcare services revenue. ■ Insurance services revenue declined 6.7% yoy but loss before tax narrowed yoy from S$3.1m to S$1.1m in 1H26 due to repricing of insurance premiums. ■ Downgrade to Hold with a lower TP of S$0.95 after reducing FY26F-28F EPS by 13.7-14.1% due to limited earnings catalysts.
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Keppel Ltd Six rigs down, four to go
■ We think KEP is on track to meeting its S$2bn-3bn target for non-core asset monetisation in FY26F with the recent six rigs monetised at S$1.2bn. ■ We estimate realised divestments could amount to c.S$1bn YTD (rigs: S$611m) and likely result in special DPS of S$0.05-0.08 on 10-15% payout.
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| UOB KAYHIAN | |
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CSE Global (CSE SP) Houston Site Visit: Operations Intact And Growing Customer Breadth
Highlights • We visited W-Industries’ headquarters and facilities in Houston, Texas and came back with a positive view on CSE’s long-term strategy. • Champions facility is operating at around 75% utilisation, constrained by copper supply rather than demand, which we expect to ease by 1H27. • Maintain BUY with a target price of S$1.79, pegged to 19.4x 2027F PE.
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