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CGS INTERNATIONAL |
CGS INTERNATIONAL |
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Info-Tech Systems Building momentum into 2H26F
■ After decent 1H26 core net profit of S$8.7m (+21% yoy), we expect a better 2H26F on sustained HRMS momentum and stronger Academy sign-ups. ■ HRMS remains under-penetrated in Malaysia, giving ITSL room to expand market share, while growth in Singapore hinges on product cross-selling. ■ Reiterate Add and unchanged TP of S$1.35.
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UOL Group Marina Square redevelopment very close
■ 1H26 core net profit was ahead of expectations, at 52% of our full-year forecast, due to fair value gains on investment properties. ■ Reiterate Add, with an unchanged TP of S$12.83, based on a 25% discount to RNAV (1 s.d. above mean since 2011).
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| UOB KAYHIAN | UOB KAYHIAN |
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CapitaLand Integrated Commercial Trust (CICT SP) 1H26: Benefitting From Multiple Earnings Drivers
Highlights • Rental reversion for the office portfolio was +6.5% in 1H26 and is expected to stay positive as its average rent of S$11.03psf/month is below prevailing Core CBD Grade A rent at S$12.50psf/month. • CICT benefits from various earnings drivers, including full-year contribution from additional 55% stake in CapitaSpring, income ramp-up from Gallileo, and contribution from Paragon commencing Jul 26. • CICT is undertaking AEIs for Tampines Mall (3Q26), Capital Tower (3Q26- 4Q27) and Plaza Singapura (3Q26-4Q28) with a phased approach to minimise operational and income disruptions. • Maintain BUY. Target price: S$3.06.
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Food Empire Holdings (FEH SP) 1H26: Solid Growth In Key Markets; Surprise Dividend Hike Of 60% yoy
Highlights • FEH delivered another record 1H26 revenue of US$315.1m (+15% yoy), while net profit grew to US$35.3m (+12% yoy). Results are in line. • FEH delivered growth across all key markets, led by Central Asia (+33.9%) and Russia (+24.6%), driven by higher volumes across FEH’s key markets. • There was a positive surprise from a 60% yoy increase in interim dividend after adjusting for bonus issue. Maintain BUY with an unchanged target price of S$3.49.
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| UOB KAYHIAN | LIM & TAN |
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Riverstone Holdings (RSTON SP) 2Q26: Strong Earnings Beat; Expect Continued Strength
Highlights • Riverstone reported a strong set of earnings for 2Q26 that was 40% above our expectations, where earnings of RM66m grew 45% yoy and 60% qoq. • We expect the cleanroom segment to continue benefitting from AI-driven demand from the data centre and memory storage sectors. • Maintain BUY with a 9% higher target price of S$1.21, pegged to 24x 2027F PE. Riverstone currently trades at around 30% discount to peers.
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Centurion Corp (S$1.70, unchanged) has announced its results for the first half ended 30 June 2026 (“1H 2026”). The Group delivered strong operating performance in 1H 2026, with revenue rising 31% year-on-year to S$184.9 million. Growth was driven mainly by the consolidation of Westlite Mandai, new operational beds in Singapore, the Harum Megah portfolio in Malaysia, and the addition of EPIISOD Macquarie Park in Australia, which became operational in January 2026. Gross profit rose 34% to S$146.0 million, with gross profit margin improving 1.8 percentage points to 79.0%. At S$1.70, Centurion is capitalized at S$1.4bln and trades at 15.3x forward P/E and 1.2x P/B with a dividend yield of 2.4%. Centurion’s 1HFY26 numbers were in line with expectations, with continued growth in top-line driven by the consolidation of assets and new operational beds. Net profit to shareholders saw a drop due to reduced stake in CAREIT. Centurion provided a revenue guidance of S$190mln for 2HFY26, a healthy 22% increase yoy. Looking ahead, growth drivers include strategic acquisitions and developments in core PBWA and PBSA segments, as well as new Living Sector segments. Consensus TP of S$1.82 represents a 7.1% potential upside. Given the small upside potential and good share price performance recently, we would “Accumulate” Centurion on some price weakness. |
