Broker Name: Maybank Research Pte Ltd
Date of Report: 13 November 2025
Excerpt from Maybank Research Pte Ltd report.
- OCBC Bank: Strong 9M25 core earnings beat expectations, driven by group synergies and resilient credit growth. Dividend momentum is expected to remain strong into 2026, with an upgraded target price and recommendation to BUY.
- CSE Global: Amazon granted warrants, validating CSE as a key data centre partner and potentially driving significant order growth. Earnings forecasts and target price raised on increased business prospects.
- ComfortDelgro: 3Q25 net profit surged 22% YoY, aided by asset sales and fare hikes. CityCab acquisition and new contracts offsetting loss of Tampines package; compelling yield retained.
- ST Engineering: Writing off SGD667m in its satellite business due to industry headwinds and poor performance. Special dividend proposed, funded by earlier divestments.
- Wilmar: Acquiring 13% stake in AWL Agri Business for SGD860m, recognizing a gain on disposal and negative NTA. Lence’s stake in AWL will rise to nearly 57% post-acquisition.
- Rex: October production reached 9,286 boepd despite field shut-ins, with more downtime at the Brage Field impacting output.
Report Summary:
- Maybank’s report highlights strong earnings and strategic moves among top Singapore-listed companies, including upgrades, acquisitions, and restructuring activities.
- Key recommendations include BUY for OCBC, CSE Global, and ComfortDelgro, while ST Engineering and Wilmar see neutral outlooks due to operational challenges and restructuring.
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 website : https://www.maybank.com
