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CGS International |
CGS INTERNATIONAL |
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Mapletree Pan Asia Commercial Trust MPACT sells office portion of Festival Walk
■ MPACT sells office component of Festival Walk for S$328.1m. ■ The divestment is in line with its portfolio optimisation strategy and would lower Sep 2025 aggregate leverage to 36.5%. ■ Reiterate Add rating with an unchanged TP of S$1.52.
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Keppel REIT Deepening Singapore CBD exposure
■ KREIT increases its stake in MBFC3 from 33.3% to 66.7%. ■ While the deal is near-term DPU dilutive, longer-term merit comes from expanded exposure to the stable Singapore office market. ■ We retain our Add rating with an unchanged DDM-based TP of S$1.20.
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CGS INTERNATIONAL |
UOB KAYHIAN |
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Seatrium Ltd Another TenneT win in the bag
■ STM has secured its fourth HVDC contract from TenneT worth an estimated c.S$2bn. This brings STM’s YTD order wins to c.S$4bn. ■ Work is scheduled to start in Jan 2026F. We think delivery could happen in 2031F. Majority of fabrication will be at STM’s Singapore and Batam yards. ■ Reiterate Add with an unchanged TP of S$2.67. Key re-rating catalysts include order wins and resolution of arbitration with Maersk.
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Singapore Exchange (SGX SP)
Nov 25: Stock Market Activity Stays Robust; 5MFY26 Statistics Beat Our Expectations
Highlights
• SGX reported robust Nov 25 statistics: Securities daily average traded value and derivative average daily volume rose 23.7% and 4.3% yoy, respectively.
• 5MFY26 trading statistics beat our expectations, with total securities value and total derivative contract volume up 19.3% and 6.2% yoy, respectively.
• 2HFY26 outlook: We expect trading activities to sustain at high levels, but yoy growth is likely to slow down due to 2HFY25’s high base.
• Maintain HOLD on SGX, with a higher target price of S$17.30.
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| MAYBANK KIM ENG | LIM & TAN |
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Singapore Exchange Ltd (SGX SP) New phase of growth
Structural uplift to volumes driving EPS upside. BUY Strong November equity market data affirms our belief that SGX is structurally shifting to a higher ADV operating environment. With equity opex largely stable, this allows for significant upside earnings risks as operating leverage flows through. Market reforms promises to improve valuations and establish Singapore as a regional equities centre. SGX should be the first-degree beneficiary of these shifts, which could also drive upside dividend surprises in 2HFY26. Raise TP to SGD18.81. BUY.
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GE Vernova and Seatrium ($2.08, up 2 cts) today announced that their consortium has been awarded a contract by TenneT to deliver a major part of BalWin5, a new 2.2-gigawatt (GW) offshore high-voltage direct current (HVDC) grid connection designed to transmit electricity from offshore wind farms in the German North Sea to the onshore transmission network in Germany. Seatrium’s market cap stands at S$7.1bln and currently trades at 22.4x forward PE and 1.1x PB, with a dividend yield of 0.7%. Consensus target price stands at S$2.81, representing 35% upside from current share price. We continue to maintain our “Accumulate on Weakness” recommendation on Seatrium. |
