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CGS INTERNATIONAL |
CGS INTERNATIONAL |
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Pan-United Corp Ltd Concrete position in specialised solutions
■ We believe PAN is a beneficiary of Singapore's ESG mandate & long-term pipeline of infrastructure/industrial builds requiring more specialised concrete. ■ PAN's specialised concrete provides multiple value propositions: delivering required material properties, improving build efficiency, meeting ESG goals. ■ Reiterate Add on its strong positioning as a leader in low carbon/specialised concrete solutions, which should help it capture construction tailwinds.
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CapitaLand Malaysia Trust Tripling industrial AUM by end-FY28F
■ Post our visit to CLMT’s Johor industrial asset, we are even more confident in its southern expansion, with its target to triple industrial AUM by end-FY28F. ■ We also project resilient 2H26F performance across its retail portfolio, supported by mid-teen reversion and AEI at The Mines. ■ Reiterate Add and DDM-based TP of RM0.78.
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| LIM & TAN | LIM & TAN |
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Reclaims Global (S$0.205, unchanged), an eco-friendly integrated service provider in Singapore’s construction sector, is pleased to announce a strong set of financial results for the six months ended 31 July 2026 (“1H2027”) as compared to the six months ended 31 July 2025 (“1H2026”).
Reclaims Global’s market cap stands at S$62mln and trades at a forward P/E of 8.7x, P/B of 1.3x with a dividend yield of 6.1%. Reclaims delivered a robust set of 1H27 results with strong top-line growth coming from its main revenue contributor excavation services, which includes demolition works, site clearance, reshaping and backfilling.
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All-Link Air & Sea Limited / All-Link ($0.52, up 0.03) a Singaporeheadquartered regional logistics solutions provider principally engaged in logistics and freight forwarding services, today announced its financial results for the six months ended 30 June 2026 (“1HFY26”). The Group achieved a 38.2% year-on-year (“YoY”) increase in 1HFY26 revenue to US$40.1 million, compared to US$29.0 million in 1HFY25. The top-line performance was driven by a combination of organic volume expansion across existing operations and the initial full six-month contribution from the Malaysia segment, following the acquisition of MF Logistics Sdn Bhd’s freight forwarding business in August 2025. At its last traded price of 52 cents, All-Link is down 1 cent from its IPO price of 53 cents and trades at 6-7x consensus FY27 PE and is capitalized at $79mln. Based on Bloomberg consensus 1 year forward target price of 82 cents, upside potential is about 58%. We do not currently have a rating on All-Link given that it is a recently new IPO company. But will put them on our watch-list for monitoring given the low forward PE and high consensus target price. |
| DBS VICKERS | UOB KAYHIAN |
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VENTURE CORP
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Strategy Brace For Higher Energy And Crude Oil Prices
Highlights • The situation in the Middle East has become precarious with potential disruptions to maritime traffic through both the Strait of Hormuz and the Bab el-Mandeb Strait. A further rise in crude oil prices is inevitable. • We cut our 12-month STI target by 9.3% from 6,682 to 6,061 based on an equity risk premium of 3.4% for 2027, which is 0.25SD below the long-term mean, and risk-free rate at 2.5%. The target represents a fair 2026F PE of 18.3x and muted upside of 6% for the STI.
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