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CGS INTERNATIONAL |
UOB KAYHIAN |
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Wee Hur Holdings Ltd Order win momentum continues
■ We estimate WHUR’s recent contract wins will add c.S$450m to its construction orderbook, bringing orderbook to c.S$950m by end-FY25F. ■ Consequently, we raise our orderbook forecast from S$1bn to S$1.3bn for FY26F, implying S$400m-500m more contract wins. ■ Reiterate Add. We believe WHUR is a beneficiary of Singapore’s construction upcycle as well as strong demand for PBWAs and PBSAs.
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Hong Leong Asia (HLA SP) Positioned For Construction Demand And Data Centre Growth
Highlights • Recent site visit reaffirms beneficial exposure to Singapore's construction upcycle. • Positive read-through for HLA from Weichai Power’s 3Q results with China policy tailwinds expected to continue. • Maintain BUY with a target price of S$2.82 implying a 32% upside.
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UOB KAYHIAN |
CGS INTERNATIONAL |
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Alibaba Group (9988 HK) 2QFY26: Solid CMR And Accelerating Cloud Revenue Growth; Increasing Synergies From Quick Commerce
Highlights • Alibaba reported solid 2QFY26 results. Revenue grew 5% yoy to Rmb247.8b (15% like-for-like basis), in line with the street’s estimate. Non-GAAP net profit was Rmb10.4b, down 72% yoy, missing our forecast, due to its investment in Taobao Instant Commerce. In 3QFY26, management expects: a) significant narrowing of quick commerce losses, b) moderated CMR growth due to the high base last year, and c) continued strong cloud revenue growth. • Maintain BUY with a higher target price of HK$206.00 (US$206.00).
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Xiaomi Corporation Xiaomi Super EV factory visit takeaway
■ Beyond the production bottleneck: Xiaomi's plans to launch three EV models in 2026, with a SU7 facelift, YU7 variant and a third EV model. ■ We believe its premium strategy shields Xiaomi from memory cost pressures. ■ Reiterate Add with a TP of HK$56.0, based on 20x FY27F P/E.
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| DBS RESEARCH | |
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<Results First Take!>
Thai Beverage (THBEV) FY25 Results: Washout year, positioning for recovery
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