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UOB KAYHIAN |
UOB KAYHIAN |
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Banking Banks Sparkle In The Goldilocks Economy
Highlights • We envisage a Goldilocks economy with steady growth accompanied by low inflation, the ideal balance for sustainable and lengthy economic expansion, supported by the Trump Administration’s new focus on affordability.
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Zijin Mining Group (2899 HK) Copper Breaks US$13,000/tonne; Solid 2025 Delivery And Clear 2026 Visibility
Highlights • Copper moved above US$13,000/tonne, as tight inventories and renewed US tariff concerns pushed the market into a more acute deficit-driven pricing regime.
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CGS INTERNATIONAL |
LIM & TAN |
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Lum Chang Creations Order wins intact; revenue back-loaded
■ LUCC’s added c.S$63.4m order wins made up 45% of our FY26F new order win assumption of S$140m. We maintain FY26-27F order win assumptions. ■ The contract wins as of Nov 25 raised its orderbook to approximately S$160.0m from S$112.8m as at Jun 2025. ■ Reiterate Add with a lower TP of S$0.72 as we believe there could be backend loaded revenue recognition.
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At the DBS Global Financial Markets Regional Property Conference 2026, CapitaLand Integrated Commercial Trust (S$2.39, up 1 cent) presented a comprehensive investor deck outlining its portf olio profi le, strategic priorities, financial performance, capital management, and outlook for CICT positions itself as the proxy for Singapore’s commercial real estate market, with a S$18.2 billion market capitalisation and approximately S$27.0 billion in portfolio property value as of 31 December 2025, spanning Singapore (95%), Germany (2%) and Australia (3%) across retail, office and integrated development assets (retail 35%, offi ce 40%, integrated 25%). The portfolio encompasses core assets such as ION Orchard (50% interest), Bedok Mall, Bugis+, Bugis Junction and key CICT’s market cap stands at S$18.2bln and currently trades at 21.2x forward PE and 1.2x PB, with a dividend yield of 5.8%. Consensus target price stands at S$2.54, representi ng 6.3% upside from current share price. Given the relatively high yield of CICT, backed by strong fundamentals and continued lower interest rates moving forward, we 3000 continue to maintain an Accumulate rating on CICT. |
| LIM & TAN | |
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We summarize some key points from CapitaLand Investment Limited / CLI’s ($2.76, up 0.03) presentati on slides for the DBS Global Financial Markets – Regional Property Conference: Total revenue of S$1,568M for YTD Sep 2025. Fee-related revenue grows to S$882M driven by higher event-driven fees from listed funds and contributions from new funds. Real estate investment revenue lower at S$753M due to deconsolidation of CLAS and divested assets. We continue to see CLI as a key beneficiary of the lower interest rate environment as it is the mothership of the Capitaland suite of REITs in Singapore. With the lower interest rate environment its stable of REITs would have cheaper funding options which provides them the ability to make accreti ve acquisitions. With Bloomberg consensus 1 year target price standing at $3.39, we maintain an Accumulate rating on CLI.
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