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UOB KAYHIAN |
UOB KAYHIAN |
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Aztech Global (AZTECH SP) 3Q26: Earnings In Line; Competition Remains Intense
Highlights • 9M26 net profit of S$15.9m forms 79.6% of our full-year forecast, in line with expectations after allowing for quarterly seasonality. • Revenue of S$231.8m forms 73.4% of our July forecast, slightly below expectations. Competition continues to weigh on existing customer orders. • Maintain HOLD with a lower target price of S$0.44 (previously S$0.73), pegged to 13.6x 2027F PE (+1.5SD above historical mean).
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Mapletree Industrial Trust (MINT SP) 2QFY27: Revamp Underway
Highlights • Singapore occupancy was broadly stable at 94.2% in 2QFY27. Average rental reversion strengthened to 6.9%, comprising 7.1% for general industrial buildings and 3.7% for hi-tech buildings & business space. • North American occupancy declined 3.4ppt qoq to 79.1%, reflecting the fullquarter impact of the non-renewal at 7337 Trade Street, San Diego. After quarter-end, MINT secured new 15.5-year and 5.3-year leases for data centres at Alpharetta and San Jose commencing in Oct 26. • Upgrade to HOLD as MINT’s unit price has dropped 9.8% since our downgrade on 10 Sep 26. Target price: S$1.72.
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| UOB KAYHIAN | UOB KAYHIAN |
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UI Boustead REIT (UIBREIT SP) 1HFY27: Steady Progress On Leasing And Co-development
Highlights • UIBREIT delivered a maiden DPU of 3.71 S cents, which is 0.8% above the forecast contained in its IPO prospectus. Share of JV results was 31.6% above the forecast, driven by Razer SEA HQ and 6 Tampines Industrial Avenue 5 due to cost savings from lower electricity tariffs. • Occupancy for logistics properties in Singapore dipped 2ppt qoq to 98% due to downsizing of 40,000sf by a tenant at 12 Changi North Way. Logistics properties in Singapore provided strong reversion of +9.2% in 2QFY27. • UIBREIT provides attractive DPU yields of 9.0% for FY27 and 8.8% for FY28. Maintain BUY. Target price: S$1.16.
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EGP Energy Corporation (EGX SP) Investor Call Takeaways And Grid Expansion Opportunities
Highlights • We had a virtual call with EGP’s management, joined by 19 investor clients on 26 Oct 26 to discuss tenders, Malaysia expansion, margins and maintenance. • Management reiterated its 2026 earnings guidance of S$11m-12m and 2027’s S$15m-17m, backed by an indicative S$300m Singapore orderbook. • Maintain BUY with a target price of S$0.92, pegged to 13.8x 2027F PE, in line with the Southeast Asia EPCC peer average.
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| MAYBANK SECURITIES | MAYBANK SECURITIES |
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Frencken Group Ltd (FRKN SP) The ramp-up is likely here
3Q26E likely to be the start of the ramp-up We believe 3Q26E will show much stronger growth as its key European semicon customer has resumed orders at a much faster pace and its other key semicon client continues to ramp up orders. We expect a much stronger 2H26E than 1H26. With a SGD100m war chest raised, we also expect potential acquisitions in 2027. Maintain BUY and TP of SGD3.32, based on 25x FY27E P/E.
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Aoxin Q&M Dental (AOXIN SP) At inflection point
Site visit to Aoxin Q&M in Shenyang in late Oct Aoxin Q&M is a 54%-owned SGX-listed subsidiary of Q & M Dental (QNM SP; CP SGD0.49; HOLD; TP SGD0.64) that provides private dental services in Liaoning Province, Northern China. The group currently operates a network of dental hospitals and dental polyclinics across seven cities in Liaoning province, namely Shenyang, Huludao, Panjin, Gaizhou, Zhuanghe, Jinzhou and Dalian. During 18-20 Oct, we visited its two hospitals, as well as its warehouse and distribution center in Shenyang.
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