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CGS INTERNATIONAL |
PHILLIP SECURITIES |
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Suntec REIT Singapore continues to outperform
■ 2H/FY25 DPU of 3.88/7.035 Scts was above expectations at 61.9%/112.2% of our FY25F forecast. ■ FY26F DPU growth will be driven by positive rental reversions for Singapore office and retail and moderated debt cost, in our view. ■ Upgrade to an Add rating with a higher DDM-based TP of S$1.58.
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Singapore REITs Monthly Cheaper funding cost to drive DPU recovery
▪ The S-REITs Index rose 0.7% in December 2025, reversing a 0.8% decline in November, and bringing 2025 price returnsto 11.3%. Including dividends, total returns for 2025 would have been 16.1%. Stoneweg Europe Stapled Trust (SERT SP, BUY, TP €1.86) was the top performer for the month, rising 6.5%, supported by continued share buybacks. Keppel REIT (KREIT SP, non-rated) was the worst performer, falling 7.8% following the announcement of a dilutive acquisition of an additional one-third interest in MBFC Tower 3. Among the sub-sectors, overseas industrial led gains, rising 2.9%, while overseas commercial was the weakest, down 1.9%, dragged by MUST.
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LIM & TAN |
LIM & TAN |
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Sing Holdings ($0.62, up 5.5 cents) is a Singapore-listed property developer with a long operating track record across residential, commercial and mixed-use developments in Singapore and overseas. The group’s current development portfolio is anchored by North Gaia, an EC project in Yishun, and the large-scale Chuan Grove residential development in District 19.
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We had highlighted Infinity Development as a company that is interesti ng about 1 month ago since the release of its full year results given its attractive 8-9% dividend yield, low PE ratio of 5-6x and decent growth rate of 15%. The stock has done well having risen about 10% since we had highlighted its attractive investment merits. We also understand that the company had organized an investor visit to their plant in Vietnam last week with investors having a positive feedback and vibes from management especially as despite the company’s attractive valuations, management is still expecti ng decent growth rates of 10-20% going forward, bringing its forward valuations to even more attractive levels. With its attractive valuations, reasonable growth going forward and potential for maiden research coverage in Singapore after the plant visits last week, we believe investors should continue to put Infinity Development on their “watch-list”. |
| MAYBANK KIM ENG | DBS GROUP RESEARCH |
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Marco Polo Marine (MPM SP) Validation by industry veteran Investor with strong track record buys MPM stake
Halom Investments, controlled by Singapore billionaire Michael Kum, a veteran of the marine industry, acquired 150m MPM shares 4% stake) from existing shareholder Apricot Capital at SGD0.13/share on 22 Jan. Kum has a good investment track record in the marine sector with successful divestment of Miclyn Express Offshore and also Atlantic’s navigation’s fleet. We believe this is a strong validation by an industry veteran of MPM’s potential. Maintain BUY at SGD0.20 TP as we believe MPM is entering a rapid growth phase from FY26E to FY30E.
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Ultragreen.ai
Global ICG colossus with structural growth and high margins • Global leader in indocyanine green (ICG) with >60% market share, enhancing surgical precision and patient outcomes • Strong defensible moat, supported by stringent regulatory requirements, with 5-6 years of preparation for market entry • Earnings CAGR of 23% over FY24-27F on rising adoption of fluorescence guided surgery (FGS) and international expansion • Initiate with BUY call and TP USD2.05 based on P/E valuation
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