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CGS INTERNATIONAL |
CGS INTERNATIONAL |
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Capitaland Investment Investor Day to sharpen focus on CLI’s plans
■ 1H26 core net profit of S$413m exceeded expectations at 61% of our S$673m forecast, mainly on lower-than-expected taxes and minority interest. ■ Reiterate Add with TP of S$4.19, 10% discount to RNAV of S$4.65.
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Frencken Group Ltd On track for a stronger 2H26F
■ 1H26 results were in line with ours and Bloomberg consensus' FY26F estimates as Frencken had earlier guided for a stronger 2H26F. ■ Frencken guided for 2H26F revenue to be higher yoy and hoh and FY26F revenue and net profit to be higher yoy. ■ Reiterate Add with a TP of S$3.25. We see strong semiconductor demand mitigating any potential drag from Frencken's ongoing alignment initiative.
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| CGS INTERNATIONAL | UOB KAYHIAN |
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Nanofilm Technologies Int'l Ltd 1H26 performance confirms recovery
■ 1H26 net profit grew 165.6% yoy to S$4.3m, driven by a 6.1% yoy increase in revenue to S$113.7m. ■ Higher productivity and better cost control helped gross margin recover to 38.6% in 1H26 (from 32.6% in 1H25). ■ Reiterate Add, given the in-line results and on-track FY26-28F earnings recovery. Interim DPS was 0.60 Scts (92% payout ratio).
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CSE Global (CSE SP) 1H26: Earnings Impacted by One-Offs; 2H26 Earnings To Be Stronger
Highlights • 1H26 adjusted net profit fell 12.4% yoy to S$13.9m, making up 34% of our forecast, largely due to one-offs, and remains in line with our expectations. • CSE’s operating momentum remains intact, with revenue up 27% yoy, order intake rising 28% yoy to S$470m, and a robust orderbook of S$620m. • Maintain BUY with an unchanged target price of S$1.79. We expect 2H26 earnings to ramp up as its new facility reaches steady-state.
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| UOB KAYHIAN | MAYBANK SECURITIES |
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UMS Integration (UMSH SP) 1H26: Earnings Above Expectation; Optimistic About Continued Robust Growth
Highlights • 1H26 earnings of S$33m (+66% yoy) exceeded our expectation at 58% of our full-year estimate. 2Q26 earnings reported strong traction, surging 89% yoy and 39% qoq to S$19m. • 2Q26 revenue rose 29% yoy and 26% qoq to S$87m. Revenue from the semiconductor segment increased 28% to S$76m. • UMS maintains a positive outlook as it expects strong demand from its key customers. Maintain BUY with an 18% lower target price of S$3.27.
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Olam Group (OLG SP) Soft 1H and capital returns raise 2H bar
1H26 falls short; OGH weakness weighs on delivery 1H26 continuing-operations performance was below our expectations, with EBIT of SGD455m and operational PATMI of SGD64m, versus our FY26 forecasts of SGD1.28b and SGD352m, respectively. ofi remained relatively resilient, with EBIT down 4.9% despite an 18.3% reduction in invested capital, but OGH slipped to a SGD55m EBIT loss. Importantly, the headline YoY OGH deterioration is overstated by SGD187m of non-recurring FX gains in 1H25; adjusting for this, underlying OGH EBIT weakened by c.SGD24m, reflecting softer OPG/ORG & Rusmolco contributions.
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