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CGS INTERNATIONAL |
CGS INTERNATIONAL |
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Tai Sin Electric Ltd Powering up ASEAN
■ TSE benefits when M&E works move into execution stage, positioning it as a late-cycle beneficiary of Singapore’s construction boom. ■ The acquisition of Integra R.E. expands TSE’s renewables distribution footprint in Thailand and Philippines, with c. 2-3% FY26-28F EPS accretion. ■ Initiate coverage with an Add and TP of S$0.74, pegged to 10x FY27F P/E, based on its 10-year historical average 12-month forward P/E.
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Xiaomi Corporation Seeking more secure share price catalysts
■ 4Q25 results show the negative impact of surging memory prices on its smartphone business and the decrease in government subsidies on its IoT business. ■ We believe its current share price has already factored in the negatives. ■ Potential share price catalysts include the launch of new EV models, aggressive IoT expansion overseas, and strong performance of its self-developed LLM and AI agent. ■ Reiterate Add with a lower TP of HK$44.70.
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UOB KAYHIAN |
UOB KAYHIAN |
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CSE Global (CSE SP) Positive On Record-High Data Centre-Led Orders; Strong Growth Trajectory
Highlights • The Mar 26 Taipei Conference saw strong client interest. Solid 2025 execution and sustained electrification momentum, driven by hyperscale data centre and LNG demand, underpins strength in CSE’s business model. • Record high of S$1b in orders reinforces CSE’s positioning within high-growth data centre and electrification markets, supporting healthy earnings growth outlook. • Maintain BUY with an unchanged target price of S$1.43.
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Oriental Kopi Holdings (KOPI MK) Grounded Valuations, Brewing Upside
Highlights • On the cusp of regional expansion, unlocking FMCG export potential. • Malaysia’s tourism exposure to conflict-affected regions remains limited, implying manageable impact. • Upgrade to BUY as value has emerged following overplayed fears. Unchanged target price of RM1.40.
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| MAYBANK SECURITIES | LIM & TAN |
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Petronas Chemicals (PCHEM MK) “Event-driven” petrochemical supercycle
TP raised to MYR5.62, HOLD maintained We update our PCHEM assumptions with the current situation in the Middle East coupled with the persistent disruption in the Strait of Hormuz (SoH). We now forecast a CNP of MYR2,999m and MYR985m for FY26-27E (from losses) after incorporating higher ASPs and margins across major products and assuming supply disruption remains till year end. With this, we revert our valuation methodology to PER with our TP is raised to MYR5.27 pegged to 15x FY26E EPS, a tad lower than 10Y mean of 17x (from MYR3.56; 0.8x FY26E BVPS). While our HOLD rating is maintained, we flag an upside fair value of MYR8.22 if ASPs rise 20% above our base case and a bear case fair value of MYR3.32 should the disruptions ease by June 2026E.
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We highlight the key points from Keppel Ltd’s ($12.45, up 0.20) FY2025 just released annual report:
We continue to have an “Accumulate” rating on Keppel Ltd given its successful transformation progress supported by continued daily share buy back program and another 10-15% upside to consensus target prices around $14. While normalized yield is low at 3%, however, combined with specials, it becomes more alluring. While forward PE is high at 20x, |
