Broker Name: Maybank Research Pte Ltd
Date of Report: 1 April 2026
Excerpt from Maybank Research Pte Ltd report.
Report Summary
- Seatrium: Initiated coverage with BUY. Target Price (TP): SGD3.10. Seatrium is favoured for its exposure to the offshore energy upcycle, with a project pipeline exceeding SGD32b and expected annual order wins of SGD10–11b through 2026–28. Gross margins are forecasted to improve from 3.1% in FY24 to 7.4% in FY25, and toward mid-teens by FY28. The company has de-risked its balance sheet and generates strong free cash flow (~SGD800m). Earnings CAGR projected at 27% for FY25–28.
- Yangzijiang Shipbuilding: Initiated coverage with HOLD. Target Price (TP): SGD4.15. Yangzijiang’s orderbook is robust (USD22.4b), but shipbuilding is moving past peak with order wins at a 5-year low and margins likely to normalise from 34%.
- Marco Polo Marine: Favoured alongside Seatrium for offshore and renewables exposure. (No TP specified.)
- Yangzijiang Shipbuilding: Secured 22 new contracts worth USD0.98b in Q1 FY26, reflecting strong order momentum but no material impact on FY26 EPS or net tangible assets.
- Manulife US REIT: Positive update on divestment of Figueroa property for USD92.5m, proceeds to repay loans and improve financial ratios.
- Choo Chiang Holdings & Aspial Lifestyle: Received approval-in-principle to upgrade their listing to the SGX Mainboard, enhancing shareholder value.
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 Pte Ltd website : https://www.maybank.com
