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UOB KAYHIAN |
UOB KAYHIAN |
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Property August Home Sales Dragged By Lack Of New Launches
Highlights • Dearth of new launches resulted in muted August new home sales. A lack of new launches during the Hungry Ghost month led to monthly newhome sales declining to a ytd low of 171 units in Aug 26. Excluding executive condominiums (EC), primary home sales fell around 93% yoy and 79% mom, to 153 units. In Aug 26, only additional new units from Union Square Residences were launched, according to URA data. The top five selling developments during the month were Dunearn House, Lentor Garden Residences, The Sen, Union Square Residences and The Hudson Place Residences.
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Trip.com (9961 HK) 2Q26: In-line Results; 3Q26 Growth To Slow On Regulatory Pressure; Expect A Recovery In 2027
Highlights • Trip.com reported in-line 2Q26 results. Total net revenue rose 6% yoy to Rmb15.6b, in line with our expectation. Non-GAAP operating profit declined 6.5% but was above estimates. Non-GAAP net income fell 4.3% yoy to Rmb4.8b, but beat our and consensus estimates by 16-19%. Trip.com guided 3Q26 revenue growth of 1-6% yoy, reflecting weaker domestic travel demand and ongoing regulatory adjustments, with further pressure expected in 4Q26 from a full-quarter regulatory impact. • Maintain BUY with an unchanged target price of HK$508.00 (US$65.00).
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| LIM & TAN | MAYBANK SECURITIES |
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We highlight the summary from Keppel Reit’s ($0.84, down 0.5 cents)’s BofA Global Real Estate Conference 2026 presentation, where management highlighted resilient operating performance, strong leasing momentum, positive rental reversions and active capital recycling. The portfolio continues to benefit from its large exposure to Singapore prime office assets, while contributions from Australia and the additional stake in Marina Bay Financial Centre Tower 3 (MBFC T3) supported stronger income growth in 1H 2026. Keppel REIT’s market cap stands at S$4.2bln and currently trades at 22x PE and 0.7x PB, with a dividend yield of 5.7%. Consensus target price stands at S$0.97, representing 16% upside to target price. Despite the decent potential upside to consensus target price, with rising pressures on both long-term (bonds) and short-term (FOMC) interest rates, capital upside would likely be limited for Keppel REIT. We thus maintain a HOLD recommendation on Keppel REIT for its reasonable dividend yield and resilient fundamental operating metrics.
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Sasseur REIT (SASSR SP) Trading down, winning share
Site visit in Chongqing Sasseur REIT (SASSR) is Asia’s first outlet mall REIT listed on the Singapore Exchange. It owns 4 outlet malls with a combined portfolio value of c.RMB8,400m as of Dec-25. The REIT operates under an Entrusted Management Agreement (EMA) model, where earnings comprise a variable component pegged to each outlet’s sales and a fixed component with a 3% annual escalation.
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| DBS GROUP RESEARCH | |
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CATL (300750 CH/3750 HK):
Limited battery supply switching impact; consolidation beneficiary amid higher taxes
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