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PHILLIP SECURITIES |
CGS INTERNATIONAL |
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CNMC Goldmine Holdings Scale up, grade up, cash up
• The 60% CIL facility expansion has seen increased production of gold from 500 to 800 tonnes per day. Work on the additional Sokor underground gold mining facility is underway and is expected to be completed by 1H26. We believe management is keen to increase shareholder returns through dividends if earnings exceed expectations.
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DBS Group Holding out for the yield
■ We estimate DBS to report 4Q25F net profit of S$2.58bn (+2.1% yoy, -12.8% qoq) supported by structural growth yoy despite weaker seasonality qoq. ■ Despite the potential uptick in credit cost in 4Q25F, DBS has S$2.5bn in management overlay that could alleviate any credit cost concerns. ■ Downgrade to Hold with an unchanged TP of S$60.50. DBS provides an FY26F yield of c.5.6% that we expect to step up to c.6.1% in FY27F.
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CGS INTERNATIONAL |
CGS CIMB |
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Tiong Woon Corp An undervalued laggard play
■ TWC is trading at CY27F P/E of 6.7x, a 45% discount to regional peers despite its global ranking (#15 on IC100) and strong track record. ■ We view TWC as a beneficiary of construction-/infrastructure-focused nationbuilding plans implemented by many SEA and Middle East countries. ■ Initiate coverage with an Add call. Re-rating catalysts include securing larger market share in its various geographies and a higher dividend payout ratio.
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Grab Holdings Commission cap overhang
■ Indonesia is considering capping ride-hailing commissions at 10%. ■ We estimate c.5-10% FY26F EBITDA downside from this risk but we believe Grab can partially offset this through alternative monetisation levers. ■ 4Q25F preview: adj. EBITDA remained stable at US$487m on the back of higher on-demand GMV but margin likely declined due to higher incentives. ■ Maintain Add and US$7.20 TP. We believe Grab can deliver positive adj. EBITDA by FY27F as financial services losses continue to narrow.
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| UOB KAYHIAN | UOB KAYHIAN |
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DFI Retail Group (DFI SP) Bolder Targets And Greater Expectations Highlights
• For the first time since we initiated coverage, DFI has enunciated bolder sales and ROCE targets as well as operating margin expansion • With greater confidence in the execution of its revenue and profit improvement plans, we upgrade our estimates by 6-12% for 2025-27. • Maintain BUY with a higher target price of US$5.30, implying 35% upside.
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DFI Retail Group (DFI SP) Bolder Targets And Greater Expectations
Highlights • For the first time since we initiated coverage, DFI has enunciated bolder sales and ROCE targets as well as operating margin expansion • With greater confidence in the execution of its revenue and profit improvement plans, we upgrade our estimates by 6-12% for 2025-27. • Maintain BUY with a higher target price of US$5.30, implying 35% upside.
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