|
UOB KAYHIAN |
LIM & TAN |
|
Property New-home Sales Improve In September
Highlights • Home sales rose yoy and mom in Sep 26. While new launch activity remained slow in the month of September, new-home sales improved yoy and mom as buyers continued to pick up units from existing projects. Excluding executive condominiums (EC), primary home sales rose 16% yoy and 93% mom to 296 units in Sep 26, according to URA data. The top selling developments during the month were Terra Hill, Lentor Garden Residences and Union Square Residences. Amberwood at Holland, which was launched during the month, saw a modest take-up rate of 34%, with 24 of the 70 units launched sold. This was likely due to its larger-format units (three bedrooms and above) and higher absolute price quantum of S$2.5m and above per unit.
|
The Business Times reported that UOL ($7.61, down 5 cents) and Capitaland Development are set to unveil Thomson Reserve, one of the most keenly watched condominium launches this year, with prices starting at S$2,608 per square foot (psf). UOL’s market cap stands at S$6.5bln and trades at 12x PE, 0.5x PB and 2.4% yield. Consensus target price stands at S$12.14, representing 59.5% upside to current share price. We view the launch of Thomson Reserve positively for both UOL and CapitaLand Development, supported by its attractive locati on, strong connectivity and proximity to established amenities and schools. The strong take-up at their recent residential launches, including Skye at Holland and Parktown Residence, provides confi dence in underlying demand. While the project’s large scale of 1,268 units may result in a more gradual sales absorpti on, healthy take-up at the upcoming launch should provide greater earnings visibility for both developers, with UOL potentially benefiting more given its larger effecti ve stake in the project. Although UOL trades at undemanding valuations, it is still in the midst of increasing its recurring income streams vs having more lumpy development assets. As such, we maintain an accumulate on weakness rating. |
| LIM & TAN | PHILLIP SECURITIES |
|
The Business Times reported that developers in Singapore sold 296 new private homes in September, nearly double the 153 units sold in August and 16.1 per cent higher than the 255 units moved in the same month a year earlier, data released by the Urban Redevelopment Authority showed on Thursday (Oct 15).
|
Nanofilm Technologies International Limited Deep Tech to Money Tech
▪ We believe Nanofilm’s functional hinge coatings could experience higher demand from its largest customer (“Z”) foldable phone launch in 4Q26e. Z’s new premium-tier smartwatch housings also switched from aluminium to titanium, expanding Nanofilm’s decorative coating product range.
|
| PHILLIP SECURITIES | |
|
Raffles Education Ltd Back to school and growth
• Returning to net cash through asset monetisations, Raffles Education (RE) will focus on growing its K-12 presence in ASEAN. The increasing regionalisation of higher education within ASEAN, driven by easing immigration policies within Asia and restrictive immigration policies in the UK and US, will support RE’s expansion.
|
|
