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CGS CIMB |
PHILLIP SECURITIES |
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Wilmar International Heightened regulatory risk from Indonesia
■ We downgrade to Reduce given the heightening uncertainties in Indonesia amid ongoing land confiscations and investigations on alleged cases. ■ We expect 2Q25F net profit to be lower qoq and yoy due to lower soybean crushing and palm refining margins, coupled with overall soft consumption. ■ We are neutral on its stake increase in India-based associate AWL, priced at a premium (29x FY25 P/E); we still see positive long-term growth in India.
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Singapore REITs Monthly Tailwinds from lower interest rates ahead
▪ The S-REITs Index gained 4.1% in June 2025, reversing the 1.9% decline in the previous month. The top performer for the month was Prime US REIT (PRIME SP, BUY, TP US$0.20), which rose 18.4%, while the worst performer was Acrophyte Hospitality Trust (ARAUS SP, non-rated), which fell 8.6%. Among sub-sectors, overseas diversified was the best performer, rising 6%, while overseas retail was the weakest, gaining 0.5%.
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PHILLIP SECURITIES |
CGS CIMB |
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Centurion Corporation Limited A New EPIISOD
▪ Centurion (CCL) announced on 14 July that its spin-off REIT, Centurion Accommodation REIT, will include 14 assets: 5 Singapore purpose-built worker accommodation (PBWA), 8 UK purpose-built student accommodation (PBSA), and 1 Australia PBSA. CCL will receive S$1,184mn as proceeds, where S$497mn is in cash while S$687mn is in Sponsor Units.
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Prudential PLC Unappreciation outside India
■ We estimate 29% of Pru’s market capitalisation relates to India, based on its listed and soon-to-be-listed Indian associates as at 17 Jul 2025. ■ This is despite Pru’s Indian life business only comprising 3% of FY24 new business profits, and the Indian AMC comprising 6% of FY24’s net profits. ■ This indicates a significant underappreciation for its non-Indian operations, in our view, even though Pru’s share price is up 58% in 2025 YTD. ■ Reiterate an Add rating; Pru is our top sector pick. Unchanged TP of HK$142.
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| UOB KAYHIAN | DBS RESEARCH |
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INITIATE COVERAGE Lum Chang Creations (LUCC SP) Market Leader In Co-living Space; Upside From More Value Unlocking
LCC is one of the leading urban revitalisation specialists in Singapore. Backed by a robust orderbook of S$123m, its EPS is expected to grow remarkably at 144%/12% in FY25/26, driven by higher demand from conservation and interior fit-out works from the government’s increasing commitment to protecting local heritage.
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Wee Hur Holdings Locked and loaded
• Backed by a strong investment war chest following the divestment of the PBSA portfolio at a substantial gain • Growth will be driven by completion of a new 10,500-bed dormitory in Singapore, representing a 67% increase in bed count, and a robust construction outlook • Core business revenues to deliver c.20% CAGR in the coming years • Fair value estimated at SGD 0.80, based on our SOTP valuation of SGD 0.89
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