Report Summary

• Sea Ltd upgraded to BUY after a major correction, with Shopee investments strengthening its ASEAN moat, and monetisation opportunities ahead. Garena risk is capped; TP USD156.
• Singapore equities benefited from certainty in ROEs, AI deployment, and policy reforms in 2025, with rational competition improving margins. Top stock picks include CICT, CD, CSE, GRAB, MLT, OCBC, SGX, SSG, ST.
• Coliwoo, a leading co-living provider, is expanding its Singapore portfolio and is exploring asset-light strategies to boost ROE; coverage initiated with BUY rating, TP SGD0.74.
• China Aviation Oil’s corporate restructuring is underway but will not materially impact operations.
• CapitaLand Investment is deepening logistics expertise in Asia Pacific through minority investment in Ally Logistic Property and new automated logistics development in Singapore.
• OUE REIT is in exclusive talks for a partial stake in Salesforce Tower, Sydney; negotiations are ongoing.
• Comprehensive disclaimers and disclosures are provided, with no analyst conflicts of interest with companies covered in this report.
• Maybank IBG’s ratings define BUY as expecting returns above 10% in the next 12 months, HOLD as 0%-10%, and SELL as below 0%.