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CGS INTERNATIONAL |
CGS INTERNATIONAL |
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Grab Holdings A quarter with plenty to savour
■ Multiple positives from 2Q26: 1) FS-led adj. EBITDA beat, 2) resilient Mobility, 3) FY26F guidance raised, and 4) additional US$750m share buyback plan. ■ We believe the consolidation of Superbank (Jun 2026) and Stash (Jul 2026F) should accelerate FS’s path to break even in 2H26F with a mid-teen margin. ■ Maintain Add with higher target price of US$4.60. Approval of Foodpanda Taiwan acquisition and FS turnaround would provide further upside catalysts
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Lendlease Global Commercial REIT PLQ execution supports higher forecasts
■ FY26 DPU rose 3.0% yoy to 3.70 Scts, slightly above our FY26F forecast, as lower financing costs and perps distributions offset the enlarged unit base. ■ SG retail portfolio reversion was +11.7% in FY26. We expect PLQ occupancy to recover, with more visible rental uplift as the AEI is completed in 1HFY27. ■ Maintain an Add rating with a higher DDM-based TP of S$0.70 (COE: 7.0%, LTG: 1.5%), as we raise our FY27F/28F DPU forecasts by 3%/2.9%.
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| CGS INTERNATIONAL | UOB KAYHIAN |
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Parkway Life REIT Strategic review to commence in Sep 2026F
■ 1H26 DPU made up 51% of our full-year forecast, and the outperformance is likely even larger if the revenue-share formula contributes for the full year. ■ Reiterate Add, with an unchanged DDM-based TP of S$4.97 (Ke: 5.7%).
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Alibaba Group (9988 HK) AI Momentum Strengthens While Core Commerce Stabilises
Highlights • Alibaba’s outlook is increasingly supported by accelerating cloud growth, improving margins and stronger AI execution. Qwen3.8-Max strengthens Alibaba’s frontier-model competitiveness, while QwenWork broadens its enterprise AI offering and could support greater workplace adoption, API usage and cloud monetisation. • Apple’s adoption provides further external validation of Qwen’s capabilities. Core commerce also remains resilient, supported by better-than-expected CMR and EBITA, narrowing quick-commerce losses and early signs of consumption stabilisation. • Maintain BUY with a target price of HK$190.00 (US$194.00).
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| PHILLIP SECURITIES | LIM & TAN |
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Phillip Singapore Monthly – Aug26 Time for rotation
• Singapore equities rose 8.9% in July, registering another record high. Gains were supported by a stellar 13% rally in the banking sector. Banks' earnings are expected to bottom as loan and deposit growth drive up net interest income. Laggards were technology and defence. REITs reported modest gains of 3%.
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Sasseur REIT ($0.68, down 0.5 cts) is a unique, growth-oriented REIT. Unlike traditional REITs that rely on fixed rental income, its earnings are linked to tenant sales through the EMA structure, while retaining a fixed income component that provides stability. Despite macroeconomic headwinds, Sasseur REIT (via its 4 malls) has consistently demonstrated its ability to outperform. As China’s macro environment improves, the REIT is well positioned to deliver even stronger growth. Sasseur REIT’s market cap stands at S$866.3mln and currently trades at 0.9x PB and 9% yield. Consensus target price stands at S$0.91, representing 32.8% upside from current share price. We view the stock as a yield play on China’s gradual retail recovery, with potential rerating catalysts from the upcoming EMA renewal. |
