Lim & Tan Securities, 28 January 2026
Excerpt from Lim & Tan Securities report.
- The FSSTI Index rose to a 52-week high, with Singapore and most major markets showing YTD gains, though US stocks closed mixed.
- Grand Banks Yachts (GBY) is highlighted as a niche, premium yacht maker with significant expansion plans, including new facilities and leadership appointments expected to boost capacity and global reach.
- Recent strategic investor activity in Ferretti, a global peer, provides a valuation benchmark showing higher multiples for premium yacht businesses, suggesting GBY is undervalued relative to peers.
- GBY currently trades at a discount to Ferretti’s offer multiples, implying potential upside if similar valuations are applied; a BUY recommendation is maintained for GBY.
- Mapletree Logistics Trust (MLT) reported stable DPU and high occupancy despite macro uncertainty, but limited upside to target price warrants a HOLD recommendation.
- Private credit is increasingly used by Hong Kong developers as banks remain cautious amid China’s property debt crisis.
- Global PMI data indicate steady but unspectacular growth, with commodities performing well despite subdued global growth.
- Institutional investors were net buyers in the Singapore market during the week, while retail investors were net sellers.
- Upcoming dividend distributions and results dates for major Singapore-listed companies are provided.
Above is an excerpt from a report by Lim & Tan Securities. Clients of Lim & Tan Securities can be the first to access the full report from the Lim & Tan Securities website: https://www.limtan.com.sg
