|
KGI SECURITIES |
UOB KAYHIAN |
|
OKP Holdings Limited On track for a record year on solid contract wins and widening margins
Investment Highlights ▪ Projects secured in the past three years underpin margins ▪ FY26 is poised to be a record year ▪ Government programmes support order replenishment ▪ Cash is being recycled into operating capacity
Valuation & Action. We reiterate our OUTPERFORM rating with a lower 12-month DCF-based target price of S$1.22, using a 12.0% WACC and 2.0% terminal growth rate. This implies 100.3% upside. The record order book supports earnings visibility, while our forecasts incorporate the operational property purchase without assuming dormitory cost savings.
|
CapitaLand Integrated Commercial Trust (CICT SP) 3Q26: Uptick For Office Occupancy; Firmer Reversion For Retail
Highlights • Office occupancy rose 1.0ppt qoq to 95.4% with broad-based improvements in Singapore, Germany and Australia. We estimated rental reversion for retail portfolio improved from +3.5% in 2Q26 to +6.6% for 3Q26. • Management targets mid-single-digit reversions for both office and retail in 2026. Paragon, balance 55% of CapitaSpring and Gallileo’s progressive handover to ECB would contribute fully for six months in 2H26. • Maintain BUY. Target price: S$3.11.
|
| UOB KAYHIAN | UOB KAYHIAN |
|
Nanofilm Technologies International (NANO SP) 3Q26: Margin Expansion Cushions Softer AMBU Revenue
• 3Q26 revenue grew 2% yoy to S$74m, bringing 9M26 revenue to S$187m (+4% yoy), or 68% of our full-year forecast, which we deem in line given a delayed production ramp-up which will see fulfilment in 4Q26. • Gross and EBITDA margins each rose 5ppt yoy to 45% and 32% respectively. Strong NFBU and IEBU growth offset weaker AMBU sales. • The flagship coating programme is now at full capacity, supporting 4Q26. Maintain BUY with a 27% lower target price of S$1.09 (24x 2027F EPS).
|
Keppel (KEP SP) Decent Headline Earnings Growth But Slower-than-expected Core Earnings Growth In 3Q26
Highlights • 3Q26 headline net profit of new Keppel rose 15% yoy; however, 9M26 core earnings growth of over 10% yoy came in behind our 20% full-year growth projection, due to weaker-than-expected integrated power contribution. • Asset management fees rose 18% yoy in 9M26, driven by expanding FUM, having surpassed S$100b. • We lower our core earnings forecast for Keppel by 4-6%, as we fine-tune our estimates for the integrated power business. • Keppel continues to ride favourable secular trends of rising power demand and AI-driven digital infrastructure investments, while scaling up its fund management business towards its 2030 goals. • Maintain BUY, with a lower target price of S$11.90, which values Keppel at 17x 2027F core earnings, adjusted for assets for divestments and net debt.
|
| MAYBANK SECURITIES | |
|
CDL Hospitality Trusts (CDREIT SP) Overseas growth offsets softer Singapore and Maldives performance
Results in line; overseas markets drive NPI growth CDLHT’s 3Q26 results were in line with our expectations, with 9M26 NPI at SGD96.4m (+3.8% YoY). Stronger contributions from New Zealand, Australia and the UK were partially offset by weaker performance in Singapore, Japan and the Maldives. The cost of debt and gearing remained stable. Maintain BUY and with a lower TP of SGD0.90.
|
