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CSG CIMB |
PHILLIP SECURITIES |
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Keppel REIT Singapore assets remain outperformers
■ 1H25 DPU of 2.72 Scts was in line at 50.2% of our FY25F forecast. ■ 1H25 rental reversion was at +12.3%; management maintained its objective to achieve double-digit positive rental reversions in FY25F. ■ Reiterate an Add rating, with an unchanged DDM-based TP of S$1.08.
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Far East Hospitality Trust DPU upside from lower finance cost
• 1H25 DPU declined 9.2% YoY to 1.78 cents, in line with our expectations and forming 47% of FY25e estimates. The drop was mainly due to lower contributions from the hospitality segment, in the absence of large-scale events.
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PHILLIP SECURITIES |
UOB KAYHIAN |
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Raffles Medical Group Ltd Returning capital while waiting for China
▪ 1H25 revenue and PATMI were within our expectations at 48%/45% of our FY25e estimates respectively. Revenue growth was softer, largely driven by insurance services. ▪ We believe patient volumes were weak but supported by higher revenue intensity, especially in oncology and orthopaedics. Turnover in China contracted 2% YoY in 1H25 to S$29.9mn, in part due to a 2.3% weaker renminbi. The turnaround in China is progressing. Collaboration with public hospitals will help raise the number of visiting specialists to Raffles Hospital in China.
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Oiltek International (OTEK SP) 1H25: Record-high Earnings And Outlook Remains Positive; Maintain BUY
Oiltek’s 1H25 earnings are in line with our expectations, forming 41% of our full-year forecast. Core PATMI beat expectations on strong margin expansion driven by its refinery segment. A higher interim dividend and robust RM332m orderbook reinforce its earnings visibility. Oiltek is well-positioned to benefit from strong demand in the global oil and fats market, as well as rising investments in biodiesels and SAF. Maintain BUY with a 22% higher target price of S$1.05.
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| MAYBANK KIM ENG | CGS CIMB |
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Mapletree Pan Asia Comm. Trust(MPACT SP) Overseas headwinds
Lower distribution on weaker top line MPACT reported 1QDPU of SGD2.01c, -3.8% YoY. Lower overseas contribution and loss of income from divestment more than offset stable performance of Singapore assets and lower borrowing expenses. Marginally positive rent reversion was anchored by VivoCity, while occupancy inched lower due to vacancies in overseas assets. Gearing was stable while cost of debt was lower. Proposed small divestment in Japan will further optimise the portfolio. We lower FY26-27E DPU by 1.0%/2.7%, factoring in lower contribution from China, and Japan divestment. But we raise our DDM-based TP to SGD1.35 on lower cost of equity. Retain BUY on reasonable valuation (6% yield, 0.7x PB).
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CIMB Group Holdings (CIMB MK) Niaga’s 2Q25 results marginally below our expectations
CIMB Group’s forecasts maintained CIMB Niaga’s (BUY; CP: IDR1,725, TP: IDR2,400) 2Q25 results were marginally below our expectations but in line with consensus. We have trimmed its FY25E net profit by 2.8%, for which the impact to CIMB Group’s net profit would be <1%. We maintain CIMB Group’s forecasts – its results are scheduled to be released on 29th Aug. We maintain our HOLD call on CIMB Group with an unchanged TP of MYR7.60 (FY25E P/BV: 1.1x, COE: 10.1%, g: 4%, ROE: 10.9%).
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