Broker: Maybank Research Pte Ltd
Date of Report: 1 October 2025
Excerpt from Maybank Research Pte Ltd report.
- Singtel: Recent Optus emergency call outages had limited impact; near-term risks include minor subscriber churn and costs, but Singtel’s diversified business and ongoing buyback support valuation.
- Sanli Environmental: Management remains bullish; strong tender book and potential project wins could double orderbook, with specialised expertise positioning it well for upcoming large-scale projects like Long Island.
- Lendlease Global Commercial REIT: Signed a new US tech tenant in Milan, raising occupancy from 31% to 49% after lobby refurbishment.
- Thakral: Completed Osaka property divestment, unlocking SGD6.4m cash and SGD2m gain, to be redeployed for future growth.
- Mandarin Oriental: In talks on possible sale of office space at One Causeway Bay, but no deal confirmed yet.
- Far East Orchard: Increased stake in UK student accommodation provider HFS to 84%, making it a subsidiary, with full acquisition planned by 2030.
- Geo Energy: Secured USD275m loan from Bank Mandiri for refinancing and expansion, leading to lower interest rates and supporting operational and acquisition plans.
Report Summary
- Maybank Research highlights limited financial impact from Singtel’s recent network issues and growing prospects for Sanli Environmental, alongside updates on Lendlease, Thakral, Mandarin Oriental, Far East Orchard, and Geo Energy, focusing on strategic moves, new tenants, and improved financing.
- Overall, the report underscores resilient fundamentals and growth opportunities among featured companies despite near-term risks and market changes.
Above is an excerpt from a report by Maybank Research Pte Ltd. Clients of Maybank Research Pte Ltd can be the first to access the full report from the Maybank Research website: https://www.maybank.com
