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CGS INTERNATIONAL |
UOB KAYHIAN |
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Keppel DC REIT Doubling down on Tokyo hyperscale DCs
■ KDCR deepens Tokyo hyperscale exposure with ¥168bn acquisition of two fully-let data centres; we expect portfolio entry cap-rate of c.4.5-5%. ■ 2.8% rental escalation, 30%+ below market rate rentals provide clear runway for organic growth as in-place leases reset toward market rates on renewal. ■ Reiterate Add with an unchanged DDM-based TP of S$2.68 (COE: 6.61%)
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ASL Marine (ASL SP) FY26: Strong Earnings Growth And Improving Outlook
Highlights • FY26 revenue and earnings dare in line, forming 95% and 103% of our forecasts respectively. • Ship chartering drove growth, with revenue up 10% yoy and gross margin improving to 20.1%, while ship repair remained resilient. • Maintain BUY with a target price of S$0.41, pegged to 12x FY27F PE. The lower target price reflects a dilution from ASL’s enlarged share base.
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| CGS INTERNATIONAL | UOB KAYHIAN |
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IHH Healthcare Bhd Delivering on expectations
■ 2Q26 core PATMI (ex. MFRS129) grew 30.3% yoy to RM675m, with inpatient volumes and revenue per inpatient higher yoy across 3 of its 4 key markets. ■ Management said its Singapore operations were bottoming out, with a gradual turnaround in net profit (-7.2% yoy, +12.5% qoq) in 2Q26. ■ Reiterate Add with an unchanged SOP-based TP of RM9.85 as we believe continued inpatient volume growth will drive better profitability in 2H26F.
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Strategy 2Q26 Results Wrap: Positive Earnings Breadth With Constructive Outlook, But Downside Risks Are Building
Highlights • The improvement in earnings breadth in 2Q26, reflected by a higher proportion of positive surprises and fewer disappointments, was partly due to more prudent cost assumptions incorporated during the previous reporting season amid the Middle East conflict.
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| LIM & TAN | |
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Tiong Woon Corporation Holding Ltd ($0.97, up 0.01) a leading onestop integrated heavy lift specialist and service provider, is pleased to announce its financial results for the 12 months ended 30 June 2026 (“FY2026”). Revenue was S$187.7 million in FY2026, up S$24.2 million or 15% from S$163.5 million in FY2025, largely due to the increase in contributions from all business segments, particularly the Heavy Lift and Haulage segment. GP was S$76.4 million in FY2026, rising S$15.0 million or 24% from S$61.4 million in FY2025, reflecting higher revenue from the Heavy Lift and Haulage segment. GP margin improved to 40.7% in FY2026 from 37.6% in FY2025, underpinned by higher margins from the Heavy Lift and Haulage segment. We maintain an Accumulate rating on Tiong Woon given its undemanding valuations of 8x PE (vs 20% growth), 0.66x book (vs more than 7% ROE) and 2.6% div yield (div up 43% yoy). Consensus 1 year target of $1.22 implies a potential upside of 26%.
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