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CGS INTERNATIONAL |
CGS INTERNATIONAL |
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ISDN Holdings Ltd 2H26F outlook remains promising
■ 1H26 core net profit was above expectation at 66% of full-year forecast, driven by a 32% yoy increase in its Industrial Automation (IA) business. ■ Management guided that the IA business is still seeing broad-based demand and its two new hydropower plants are on track for completion by end FY26F. ■ Reiterate Add, with a higher S$1.05 TP as IA demand remain strong.
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Soilbuild Construction Group Supportive 2H26F wins and yields
■ FY26F order wins unchanged at S$450m despite S$180m win-YTD; two tenders in advanced stage (Tuas tower and a warehouse project). ■ Strong execution lifted 1H26 margins, but we expect gradual normalisation as newer projects ramp up. S$5m adjudication claim has been fully provided. ■ FY26-28F payout of 35% imply attractive c.6% FY26F-27F yields. Maintain Add, with a lower SOP-based TP of S$1 (from SS$1.1).
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| CGS INTERNATIONAL | UOB KAYHIAN |
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ComfortDelGro Yield cushions against the bumps
■ 1H26 core net profit was below expectations, mainly due to weaker Taxi and PHV earnings from Australia and softer UK premium B2B demand. ■ Taxi and PHV segment earnings likely reached a trough in 2Q26, with sequential stabilisation entering 3Q26F and Addison Lee volumes recovering. ■ Reiterate Add with a lower TP of S$1.60, supported by resilient public transport earnings and an attractive 6–7% dividend yield for FY26–28F.
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ComfortDelGro Corporation (CD SP) 1H26: Maintain HOLD On Challenging Taxi/P2P Segment
Highlights • 1H26 core OP (-18% yoy) and PATMI (-14% yoy) missed our expectations, forming 41% and 43% of our and consensus’ 2026 forecasts. • The miss was mainly due to the taxi/P2P segment, where 1H26 OP collapsed 47% yoy to S$35.35m, particularly in the B2C market. • Maintain HOLD with an 8% lower target price of S$1.41 as we see limited near-term catalysts. For yield investors, CD offers a decent 5.3% for 2026.
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| MAYBANK SECURITIES | LIM & TAN |
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CapitaLand Investment Ltd (CLI SP) Strong operating profit growth
Sharpening portfolio focus, maintain BUY CLI reported 1H operating PATMI of SGD293m, +13% YoY and, coupled with higher portfolio gains, PATMI grew 14% YoY to SGD327m, ahead of MIBG FYE. Growth was underpinned by higher income from fund management and lower interest cost. CLI plans to unlock value, strengthen its balance sheet and enhance shareholder value. We roll forward our SOTP model to end FY27, leading to slight lift in our TP to SGD3.35. Retain BUY on attractive valuation and potential upside from value unlocking.
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China Aviation Oil / CAO ($1.56, down 1 ct), the largest physical jet fuel buyer in the Asia Pacific region, announced today a revenue to US$7.81 billion and a net profit of US$41.39 million for the period ended 30 June 2026 (“1H2026”). At CAO’s last traded price of $1.56, the stock is capitalized at $1.3bln and trades at an annualized P/E of 12x and P/B of 1x. Dividend yield is 3.2%. CAO’s numbers were affected by increased costs in securing jet fuel supply due to the Middle East conflicts as well as severe oil price volatility. The bright spot was SPIA, which benefited from higher refuelling volumes and oil prices. Consensus TP of $2.56 represents a 64% potential upside. Taking into account its solid and robust balance sheet, coupled with undemanding valuations, we maintain “Accumulate” on CAO, especially on some price weakness. |
