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CGS INTERNATIONAL |
CGS INTERNATIONAL |
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Far East Hospitality Trust Calendar catalysts ahead
■ 1H26 DPU of 1.63 Scts was largely in line at 46% of our FY26F forecast. ■ FEHT’s hotels portfolio prioritised occupancy over rates in 2Q26. We expect a stronger 2H26F, supported by Singapore’s robust events calendar. ■ Maintain Add with a lower DDM-based TP of S$0.70 (COE: 8.2%)
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DFI Retail Group What’s next for DFI?
■ We hosted DFI for a group investor meeting on 30 Jul, where management reaffirmed confidence in its 2028F targets and outlined near-term priorities. ■ These priorities include sustaining profit growth, monetising its retail media and loyalty programme, and extracting further value from associate Maxim’s. ■ Reiterate Add; Maxim’s could be the last piece of the puzzle to restructuring.
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| CGS INTERNATIONAL | CGS INTERNATIONAL |
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Keppel Ltd Cleaner growth path for New Keppel
■ 1H26 new Keppel profit of S$530m was in line, driven by operational power profit (S$339m), offset by lower MTM gains in real estate and connectivity. ■ The above supports the thesis of why we like KEP as an integrated asset manager with strong operating capabilities. Reiterate Add and TP of S$13.52. ■ Key catalysts for New Keppel: active capital recycling of assets with potential higher target to be set in 2027 providing capital for growth.
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Mapletree Pan Asia Commercial Trust Singapore strength anchors earnings
■ 1QFY27 DPU of 1.96 Scts (-2.5% yoy) was in line at 24.6% of our FY27F forecast. Lower finance expenses cushioned weaker property income. ■ VivoCity outperformed while progressive MBC backfilling should ease transitional vacancy in 2HFY27F. ■ Reiterate our Add rating with an unchanged TP of S$1.52.
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| UOB KAYHIAN | MAYBANK SECURITIES |
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Sheng Siong Group (SSG SP) 1H26: Strong Expansion Pipeline Supports Top-line Growth
Highlights • SSG reported 1H26 revenue of S$855m and earnings of S$81m, meeting our 2026F forecasts at 50.7% and 51.3% respectively. • SSG opened four new stores in 1H26, with three more expected in 3Q26. This comes above the company’s annual target of 3-5 new stores. • Maintain BUY with a 9% higher target price of S$3.71, pegged to 32x 2027F PE or +3SD above its long-term historical mean.
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AIMS APAC REIT (AAREIT SP) Singapore performance remains resilient
Occupancy rate overhang, but likely only temporary 1QFY27 DPU rose 2.5% YoY to 2.337 cents. We cut our FY27-28E DPU forecasts by 3.4%/0.7%, respectively, primarily to reflect the loss of income following Optus’ handover of Building A from Jul’26, which lowers pro-forma portfolio occupancy to 95.2%. The proposed Hazelmere acquisition and potential backfilling of Optus’ space should progressively mitigate the impact. We maintain BUY and DDM-based target price of SGD1.68.
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