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UOB KAYHIAN |
UOB KAYHIAN |
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KORE US REIT (KORE SP) Gradually Restoring Payout Ratio
Highlights KORE has resumed distribution with DPU at 0.25 US cents in 2H25 after fully refinancing all 2025 and 2026 debt maturities. KORE will focus on backfilling vacancies and known vacates. It will enhance leasing appeal through spec suite conversions and targeted upgrades. Portfolio occupancy is expected to recover above mid-80% by end-26. KORE provides a DPU yield of 3.7% for 2026 and 7.4% for 2027. P/NAV looks depressingly low at 0.28x. Maintain BUY. Target price: US$0.26.
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Tencent Holdings (700 HK) 4Q25: In-line results; AI Empowers All Business Lines And Lifts Efficiency
Highlights Tencent’s 4Q25 earnings came in within expectations. Revenue grew 13% yoy to Rmb194b, in line with our and consensus estimates. Gross margin expanded 3.1ppt yoy to 55.7%, in line with consensus forecasts. Non-IFRS operating profit grew 17% yoy to Rmb65.1b, while non-IFRS operating margin expanded 1.3ppt yoy to 35.8% on a positive shift in revenue mix. Non-IFRS diluted EPS ramped up 17% yoy, in line with consensus. Maintain BUY with a lower target price of HK$757.00.
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UOB KAYHIAN |
MAYBANK SECURITIES |
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Top Glove (TOPG MK) 2QFY26: Propelling Forward Despite Challenges Ahead
Highlights TOPG charted resilient revenue and sales volume growth in 2QFY26, but results were below expectations as net profit and margin contracted due to lower blended ASP and weakening forex. Management raised ASPs as much as US$7/’000 pieces in April, mainly to offset the spiking raw material prices due to the Middle East tensions.
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Marco Polo Marine (MPM SP) SGD118m long-term contract
Clear and bright outlook MPM subsidiary, PKRO Offshore, on 17 March announced a 15-year emergency towage and salvage services charter contract with Taiwan’s Marine Port Bureau worth SGD118m. The award meaningfully expands MPM’s fleet portfolio beyond its established CTV and CSOV operations into the emergency response and salvage segment. On 5 March 2026, marine industry legend Michael Kum increased his stake in MPM to 5.77% at SGD0.13/share, further validating the positive outlook we see for MPM. Maintain BUY and TP of SGD0.20, as we believe MPM is entering a rapid growth phase from FY26E to FY30E. Our TP is based on a valuation of 20x FY26E P/E and the offers 31% upside from the current share price.
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| LIM & TAN | LIM & TAN |
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Bloomberg reported that Federal Reserve Chair Jerome Powell made it clear the US central bank won’t cut interest rates again until inflation resumes cooling. And that’s before it even starts considering the possible impact of the war in the Middle East. Powell, in a press conference Wednesday, underscored that it was still too soon to gauge the effects of a surge in oil prices on the US economy, even as financial markets have raced to price in higher expected inflation over the year ahead. With interest rates unlikely to go much lower from here, Banks could be beneficiaries while REITs could be at the losing end of the equation. We had recently upgraded Singapore banks (DBS,OCBC, UOB) to Accumulate following the sector’s sell-down as we see opportunities to position ahead of the ex-div entitlement and the sector has since strengthened. Given that geo-political/macro uncertainties are still the “clear and present danger” We would prefer to “accumulate on some price weakness now”.
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Geo Energy Resources Ltd ($0.525, up 2.5cts) wishes to announce various key corporate updates related to its business activities. The Group’s Integrated Infrastructure project under PT Marga Bara Jaya (“MBJ”), comprising a 92km hauling road and jetty in South Sumatera, has achieved the 80% construction milestone and is on track for completion in June/July 2026. Geo Energy’s market cap stands at S$915mln and currently trades at 8x forward P/E and 1.3x P/B, with a dividend yield of 1%. The ICI4 coal price has increased by 24% since the start of the year to almost US$60 per tonne, driven by surging demand for coal as an alternative energy source following spikes in oil prices, which were triggered by military conflicts in the Middle East. 2025 was a weak year for the company due to low coal prices and increased tax expenses which were derived from the higher of actual selling prices and HPB prices. 2026 is expected to be a better year going forward, driven by 1) sharp rise in coal prices in recent months, 2) completion of MBJ infrastructure by July 2026, 3) a stable coal production which will be supported by the incremental ramp-up of MBJ’s recurring toll-based revenue stream, and 4) a narrowing gap between the HPB coal benchmark vs the selling price based on the ICI4 index. |
