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PHILLIP SECURITIES |
CGS INTERNATIONAL |
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TeleChoice International Ltd Delivering growth with a potential bumper harvest
▪ 1Q26 results were within expectations. Revenue/PBT were 26%/20% of our FY26e forecast. 1Q is seasonally weaker. PBT jumped 78% YoY S$2.3mn, driven by PCS earnings surging by 87% YoY to $2mn. ▪ On 25 March 2026. Telechoice announced it was participating in a tender to design and build a data centre project in Malaysia. The company mentioned that the result of the tender will be disclosed within the next six months.
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Yangzijiang Shipbuilding Hopeful on order wins
■ Management's post-results Q&A confirms its US$4.5bn order target is intact, despite cyclical headwinds in the containership market. ■ Stronger enquiries for oil tankers and chemical tankers with the former contributing 15% of YTD order wins of US$1.03bn. ■ New win GM could see pressure but cost base is insulated from Iran/US war. We are comfortable with our 34% GM forecast for FY26F (FY25: 34%). ■ Reiterate Add and TP of S$4.95, still based on 11x FY27F P/E, a 30% discount to global peers.
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CGS INTERNATIONAL |
CGS INTERNATIONAL |
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ISDN Holdings Ltd Automation demand remains strong
■ 1Q26 revenue (S$113.7m, +24.2% yoy, -5.6% qoq ) was in line at 24.3% of our full-year forecast. ■ 1Q26 net profit (S$3.7m, + 31x yoy, +14.4% qoq) was also in line at 23.4% of our full-year forecast. ■ Reiterate Add, with an unchanged S$0.96 TP as industrial automation demand remains strong.
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JD.com Inc Takeaways from Tech Conference
■ JD’s management participated in our Tech Conference on 20 May 2026. ■ Management said losses from its food delivery business could narrow by 50% yoy in 2Q26F (better than it initially expected). ■ We expect revenue to fall 6% yoy in 2Q26F, and OPM to rise 1.6% pts yoy to 1.8%. ■ We reiterate Add, with an unchanged DCF-based TP of HK$140.0.
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| DBS GROUP RESEARCH | |
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UI Boustead REIT Scaled for growth, positioned for resilience
• Initiate with a BUY, TP of SGD1.05, offering a total return potential of over 30%, underpinned by visible earnings growth and embedded portfolio upside • Strong earnings visibility with over 70% of leases featuring built-in rental escalations, supporting c.5.7% distributable income growth in FY26/27F • Backed by a reputable Sponsor with a Pan-Asian logistics real estate platform, alongside a ROFR pipeline of over USD5.9bn in assets across Asia • Optimal capital structure with gearing at c.38% and a low cost of debt of c.2.5%, providing capacity for accretive acquisitions
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