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GRAB HOLDINGS
What can trigger share price recovery?
• If Uber does not divest its Grab’s stake (~USD1.6bn vs carrying value of ~USD2.5bn), Uber-Foodpanda deal may not get regulatory approval. Share price to recover once Uber-Foodpanda deal is off
• Our bear-case target price is USD2.73 based on 13x FY27F high-stress non-GAAP EPS assuming FY26-28F non-GAAP EPS CAGR of 16% vs 24% in the base case.
• Our revised TP of USD5.00 is based on 20x FY27F non-GAAP PE, equivalent to a PEG of 0.8x. To reflect regulatory pressures, we use a PEG <1x.
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Mapletree Logistics Trust: Unlocking Harbourfront’s gem
- Exploring redevelopment options for the Prima asset with the existing lease extended to January 2028
- Short nine-month extension appears to be a bridging arrangement ahead of an eventual divestment to Sponsor; potential rezoning from the current B1 industrial use to residential and/or commercial could unlock value from current value at SGD 51.2mn (SGD 81.5 psf)
- Meaningful medium-term NAV catalyst, with an EGM and independent valuations with new development parameters remains safeguards for minority unitholders
- Further China divestments reinforce MLT’s asset-recycling strategy; maintain BUY and SGD1.55 TP
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City Developments (CIT SP)
Focus On Portfolio Revamp
• CIT to announce strategic review outcome on 28 Sep 26. We expect the review to deliver clarity on asset monetisation, redevelopment or valueunlocking opportunities. A more optimal capital and long-term value creation discipline should enhance ROE and catalyse share price performance.
• Rolling out Lucerne Grand in Sep/Oct 26. CIT’s Lucerne Grand opened for public preview on 18 September and will be launched in the first week of October. With starting prices from just under S$1.5m/unit, we anticipate the launch to be well received.
• We raise our RNAV to S$16.92 as we factor in the latest residential land acquisitions and review our assumptions. Accordingly, our target price is lifted to S$11.85, based on a 30% discount to RNAV.
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IT Hardware Takeaways From 2026 Huawei Connect
Highlights
• Huawei hosted its flagship annual Huawei Connect 2026 conference in Shanghai from 17-19 September under the theme Advancing the Agentic World. It outlined a core strategy focused on building AI infrastructure to support long-horizon agentic workloads and massive foundation models.
• Huawei brought forward the release of its flagship Ascend 960 AI accelerators ahead of schedule to 1Q27 (960DT) and 3Q27 (960PR), while unveiling supporting next-generation ICT hardware, including the liquidcooled Atlas 960E SuperPod, liquid cooled TaiShan 950, NPO-enabled CloudEngine switches, and OceanStor M900 context memory storage.
• Its strategy remains centred on maximising token-per-watt efficiency by addressing interconnect and memory bottlenecks through NPO-enabled high-speed clustering, UnifiedBus scale-up protocols, and 4-level 3D AI data centre designs.
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Seatrium had delivered net profit of S$373 million for the first six
months ended 30 June 2026 (“1H2026”), compared to S$144 million for
1H2025. Excluding divestment gains, net profi t grew 54% year-on-year
to S$212 million, reflecting the Group’s strengthening earnings quality
and improving operational leverage.
Management remains optimistic about 2H’26 prospects given its robust orderbooks of $13.3bln. With close to 100% growth expected, forward PE is undemanding at 12-13x, while price to book is around 1x, yield 2% while consensus 1 year target price of $2.50 implies a potential upside of 20%. We maintain an Accumulate rating on Seatrium.
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Bumitama Agri Ltd (BAL SP) - Tip top
• Elevated energy prices provide support for biofuel blending
programmes and palm oil demand, while weather-related
risks will likely weigh on production in 2027
• Increase fair value (FV) estimate from SGD2.35 to SGD2.40,
but downgrade from BUY to HOLD on valuation grounds
• We remain positive on the company’s fundamentals and
view it as a key beneficiary of the constructive long-term
outlook for palm oil. |
