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CGS INTERNATIONAL |
CGS INTERNATIONAL |
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Centurion Accommodation REIT Capacity-led growth thesis playing out
■ 1H26 DPU of 3.499 Scts was 9.6% above its IPO forecast and formed 49%/54% of our/Bloomberg consensus FY26 forecasts. ■ PBWA capacity increased by 4,360 beds in 1H26. 2QFY26 revenue/NPI rose 7.6%/8.9% qoq as the additional capacity turned operational and ramped up. ■ We expect improving committed occupancy at Westlite Mandai to support a stronger 2H26F. ■ Reiterate Add with unchanged TP of S$1.39 (COE: 7.65%).
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Venture Corporation On track for a recovery
■ 1H26 net profit (S$119m, +5.6% yoy) was in line with our/Bloomberg consensus full-year expectations. 1H26 revenue grew 7.4% yoy to S$1.35bn. ■ Venture declared an interim DPS of S$0.30 (1H25: interim S$0.25 DPS + special S$0.05 DPS). Net cash as at end-Jun 26 was S$1.1bn. ■ Reiterate Add with an unchanged S$21.78 TP as we see Venture resuming its earnings growth over FY26-28F.
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| CGS INTERNATIONAL | UOB KAYHIAN |
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DBS Group S$1tr wealth AUM ambition by FY30F
■ During its analyst briefing on 6 Aug 2026, DBS shared that its targeted S$1tr wealth AUM by end-FY30F is ‘optimistic, but not unrealistic’. ■ Potential regulatory changes pose headwinds for China offshore flows, but DBS’s direct onshore exposure across six core markets should mitigate risks. ■ We downgrade to Hold with an unchanged GGM-based TP of S$77.10 due to its YTD share price outperformance. FY27F yield of c.5.9% is attractive.
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Singapore Exchange (SGX SP) FY26: Core Earnings Slightly Above Expectations; Outlook Remains Positive But Reflected By Rich Valuation
Highlights • SGX’s FY26 core net profit of S$759.5m (+24.6% yoy) came in slightly above our expectations, driven by tight cost control and lower associate losses. SGX saw upbeat trading activities across all business segments. • Upbeat FY27 outlook: The cash equity business is expected to be bolstered by various initiatives such as the EQDP, and the derivative business would be driven by risk management demand amid macro/geopolitical uncertainties. • However, positives are likely priced in. Maintain HOLD; target price: S$23.40.
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| CGS INTERNATIONAL | MAYBANK SECURITIES |
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Yangzijiang Shipbuilding Strong set of results: GM hits new highs
■ 1H26 core net profit of c.Rmb5.1bn was in line with our estimate, but above Bloomberg consensus forecast of c.Rmb4.8bn. ■ Key positive: new-high 37% shipbuilding GM, backed by progressive recognition of higher-value 2023-24 orders and deliveries of large vessels. ■ YTD order wins were c.US$2bn. We think further US$700m-800m orders for Seaspan could be in the pipeline. Reiterate Add and unchanged S$5.10 TP.
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Sing Investments & Finance (SIF SP) Quality financier
Good set of results.TP unchanged at SGD2.11; BUY SIF's 1H26 net profit came in ahead of MIBG expectations, rising +16% YoY to a record high of SGD25.2m. This was driven by strong net interest income growth to a record SGD41.6m, underpinned by NIM expansion and robust loan growth. We expect this momentum to sustain through FY26- 27E, with NIMs holding at resilient levels given upside to the interest rate environment alongside prudent cost management. Maintain BUY with our TP unchanged at SGD2.11.
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