ANALYSTS SAY: Buy, Sell, Hold (25 Sept)

UOB KAYHIAN

Wilmar International (WIL SP)

Integrated Business Model To Navigate The Challenging Operating Environment

Highlights

• Wilmar remains cautiously optimistic despite a challenging environment. While commodity price volatility is putting pressure on margins, resilient consumer demand and healthy crushing volumes should support earnings.

• The earnings outlook is gradually improving through recovery in China’s operation and the absence of regulatory fines. We believe the higher dividend reflects management’s confidence in a more stable earnings trajectory.

• Maintain HOLD with a higher target price of S$3.80.

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CSE Global

Deepening ties beyond AWS

■ On 24 Sep 26, CSE announced two US electrification order wins worth US$150m (S$191m), spanning LNG and data centre power infrastructure.

■ The wins deepen CSE's ties with notable customers, at margins we estimate to be better than its hyperscaler book, with room for further order win upside.

■ Reiterate Add, with an unchanged TP of S$1.95, based on 24x FY27F P/E.

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Capitaland Investment ($2.60, down 0.2 cents) announced that Ally Logistic Property (ALP), an integrated logisti cs infrastructure company, and leading global real asset manager CapitaLand Investment Limited (CLI) today broke ground on OMEGA 1 Singapore, a S$260 million development designed to support Singapore’s next generation of smart logistics infrastructure

CLI’s market cap stands at S$13bln and currently trades at 21x
PE and 1.04x PB, with a dividend yield of 4.6%. Consensus target price stands at S$3.47, representing 33.5% upside from current share price. We view OMEGA 1 Singapore as another step in CLI’s strategy to deepen its logistics capabilities and grow its private funds platform, while increasing its exposure to structural demand for automation, e-commerce and technology-enabled logistics infrastructure across Asia. We continue to maintain an Accumulate rating on CLI.

ALL-LINK AIR & SEA LIMITED

Investment Highlights
▪ Regional expansion is translating into a broader operating base.

▪ Freight forwarding remains the core, with complementary services gaining traction.

▪ Post-IPO expansion provides the next set of catalysts.

▪ Peak-season demand supports the near-term outlook.

Valuation & Action.
We maintain our OUTPERFORM rating on All-Link Air & Sea Limited with an unchanged 12-month target price of S$0.82, based on our DCF valuation using a 15.0% WACC and 2.0% terminal growth rate. The growing regional contribution and expected stronger second-half activity support our investment case, while margin pressure, working-capital requirements and
expansion execution risks keep our valuation assumptions unchanged.