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PHILLIP SECURITIES |
PHILLIP SECURITIES |
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BRC Asia Ltd Project offtake drives revenue and PATMI expansion
• 1H26 revenue/adj. PATMI were within expectations, at 50%/46% of our FY26e forecasts. 1H26 revenue spiked up 30% YoY, the highest YoY increase since 2H22, while 1H26 adj. PATMI surged 32% YoY to S$54.9mn. This was driven by an estimated 45% YoY higher delivery volumes from higher project offtake.
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Prime US REIT Steady growth in occupancy
▪ 1Q26 NPI and DI declined 2.8% and 22.6% YoY to US$17.2mn and US$6.4mn, respectively, in line with expectations and forming 24% and 23% of our FY26e forecasts. The decline was due to lease expiries and rent-free periods associated with newly signed leases.
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CGS INTERNATIONAL |
CGS INTERNATIONAL |
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Bumitama Agri Stepping up shareholder returns
■ Maintain Add, with a higher TP of S$2.30, pegged to 12x FY2027F P/E. ■ We factored in a higher dividend payout of 75% (from 70%) after its dividend policy revision; dividend yield remains attractive at 6-7% for FY26F-28F. ■ We expect 2H26F earnings to improve yoy on higher CPO prices, supported by weather risks, slower supply growth, Indonesia’s biodiesel rollout.
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ComfortDelGro Defensive yield story remains intact
■ 1Q26 results came below market expectations, due to weaker margins in the taxi/PHV segment on softer consumer demand. ■ Public transport earnings remained resilient in 2026F, although taxi/PHV demand may be soft (especially B2C). ■ We maintain our Add call as ComfortDelGro continues to offer defensive earnings visibility and attractive dividend yields of c.6-7% for FY26-28F.
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| UOB KAYHIAN | UOB KAYHIAN |
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NTT DC REIT (NTTDCR SP) FY26: Inching Closer To Kicking Off Maiden Acquisition
Highlights • NTTDCR achieved positive rental reversion of 13.7% in FY26 if we include the renewed lease with NTT Singapore at SG1. Portfolio occupancy is expected to increase 3ppt to 98% in 1QFY27 after new leases commence. • Portfolio valuation increased US$170m or 11.3% driven by an uplift of 25% for VA2 and 20% for SG1. NAV per unit increased 20% to US$1.14. • Maintain BUY due to attractive DPU yield of 7.7% for FY27 and 8.0% for FY28, the highest among data centre REITs. Target price: US$1.43.
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Food Empire Holdings (FEH SP) 1Q26: Record Quarter; Asia Surpasses Traditional Markets
Highlights • FEH delivered another record 1Q26 revenue of US$159.7m (+16.9% yoy), coming in slightly above our expectations. • Asia revenue surpassed traditional markets for the first time, marking an inflection in FEH’s geographic mix and payoff of its diversification strategy. • Maintain BUY with an unchanged target price of S$4.21. FEH trades at only 18x 2026F PE or a 25% discount to the regional peer average of 24x.
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