Broker Name: Lim & Tan Securities
Date of Report: 6 March 2026
Excerpt from Lim & Tan Securities report.
- The FSSTI Index closed at 4,846.6, rising 0.7% in the previous session, with year-to-date gains of 4.3%. However, global markets were weaker, with US indices falling and volatility up sharply.
- Hongkong Land (HKL) reported weaker FY2025 operating results due to a strategic shift away from property development and softer market conditions in Hong Kong and China. Revenue declined 28% year-on-year, with underlying profit down 8% but reported net profit rebounded on fair value gains. Net debt was reduced by 30% year-on-year. The stock trades at 14x forward PE and 0.6x PB with a 3.1% dividend yield; an “Accumulate on Weakness” stance is recommended.
- UI Boustead REIT launched its IPO, raising S\$1.2 billion and targeting a 7.8% distribution yield in FY2027. The portfolio is focused on Singapore and Japan, with occupancy expected to rise from 89% to 98% by March 2027, providing stable income and growth potential.
- Sectoral fund flows show institutional investors were net sellers for the week, particularly in financials, while retail investors were also net sellers but bought into financial services and selected industrials.
- Market news highlights include expectations of a near-term pullback in gold prices due to potential ETF outflows, challenges for Chinese aluminium producers due to overcapacity and weak property demand, and ongoing sector consolidation.
- Recent corporate actions include notable share buybacks by HK Land, Jardine Matheson, and others, as well as several dividend announcements across major Singapore stocks.
Report Summary
- Hongkong Land faces earnings pressure from a strategic pivot and weak markets, but recorded a strong accounting-driven net profit and improved its balance sheet.
- UI Boustead REIT IPO offers high yield and stable growth profile, focusing on Singapore and Japan logistics/industrial assets.
- Sector flows show caution in financials and persistent volatility; gold and metals face near-term risks while dividends and buybacks continue to provide yield for investors.
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
