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CGS INTERNATIONAL |
PHILLIP SECURITIES |
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CapitaLand Ascendas REIT CLAR to buy 3 assets including Japan DC
■ CLAR has proposed to acquire three properties in Singapore and Japan. ■ We expect the acquisitions to improve income visibility and boost DPU. ■ Maintain Add rating with an unchanged TP of S$3.21.
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Q & M Dental Group Ltd Establishing an Asia-Pacific dental franchise
▪ Q & M Dental can double its earnings upon completion of the acquisition of more than 70 dental clinics in Australia, Singapore and Thailand. The estimated value of the acquisitions is S$272mn, backed by five to eight-year profit guarantees totalling S$200mn.
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UOB KAYHIAN |
UOB KAYHIAN |
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Food Empire Holdings (FEH SP) Remain Positive On Market Leader With Strong Track Record
Highlights • The Taipei Conference in Mar 26 received strong client interest. A strong market leadership position which translates into consistent earnings delivery and high growth profile underpins strength in FEH’s business model. • Targeted growth and reinvestment strategy in key markets coupled with geographic diversification remain key investment highlights for FEH. • Maintain BUY with an unchanged target price of S$4.21. FEH trades at only 19x 2026F PE, a deep 20% discount to regional peers’ average of 23.4x.
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Xiaomi Corp (1810 HK) 4Q25: Core Operating Profit Misses, Memory Headwinds To Intensify From 2Q26
Highlights • Xiaomi’s 4Q25 earnings were above our/market estimates on non-operating items. Core operating profit was 20% below our forecast. • The smartphone business is seeing more headwinds but the resilient IoT business and rapid EV sales growth may sustain solid bottom line growth. • Maintain to HOLD; cut target price to HK$34.70.
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| MAYBANK SECURITIES | |
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SATS (SATS SP) Limited direct exposure to Middle East
Resilient to oil price surge; SGD4.52 TP unchanged We view SATS as relatively resilient despite ongoing Middle East tensions, supported by its diversified global network and limited direct exposure to the region. The key risk lies less in direct exposure and more in secondorder effects, particularly through reduced airline capacity, flight rerouting and uncertainty over jet fuel availability, which could affect schedules and cargo throughput. DCF-based TP of SGD4.52 is unchanged.
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