Centurion Accommodation REIT (SGX: 8C8U)
Tickrs Financial Singapore (TFS): BUY | TP S$1.20 (raised from S$1.05) — Maiden FP2025 results beat IPO forecasts across all key metrics; upgraded FY2027E DPU to c.7.9 cents (from 7.14 cents) on Macquarie Park master-lease income, phased new-bed contributions and lower financing costs, supporting a further c.13% total return (c.7.1% price + c.5.8% yield) over 12 months.
Key Catalysts:
Continued DPU outperformance versus IPO and consensus expectations in FY2026–27
Successful ramp-up and re-letting of Epiisod Macquarie Park (c.732 beds, Sydney) post master-lease expiry (Dec 2027)
FEDA licence approvals and bed ramp-up at Westlite Toh Guan (c.1,764 beds) and Westlite Mandai (c.3,696 beds)
Commencement and completion of Westlite Ubi c.540-bed capacity expansion (construction expected 2Q 2026)
Accretive acquisitions from sponsor’s ROFR pipeline within current gearing headroom
Index inclusion and expanded sell-side coverage improving liquidity and broadening investor base
Key Risks:
Regulatory and policy changes to dormitory standards, pricing framework or licensing in Singapore; visa/immigration policy shifts impacting UK/Australia student flows
CMP sector cyclicality or construction deferrals reducing dorm bed demand; income concentration in a few large PBWA tenants
GBP and AUD weakness versus SGD reducing reported DPU and asset values
Sustained high interest rates compressing distributable income; refinancing risk post-2028
Operational execution risk on AEIs, asset integration or service standards
DBS Group (DBS SP)
CGS: HOLD | TP S$60.00 — Expects flat earnings yoy in FY26F as DBS digests lower NIMs, but ongoing capital return initiatives (share buybacks and special dividends) support an attractive FY26F–27F dividend yield of 5.7–6.2%. 1Q26F PATMI estimated at S$2.8bn (-4% yoy, +24% qoq), with NIM declining 3bp qoq to 1.90% on lower SORA and HIBOR, partially offset by stronger deposits inflow and record wealth fees estimated at ~S$800m (+10.5% yoy). Existing management overlay of ~S$2.5bn as of end-FY25 provides buffer against elevated provisioning from Middle East conflict.
Catalysts: Stronger capital inflows and loans growth supporting NII; wealth AUM growth driving future fee income.
Risks: Pre-emptive provisioning, persistently low SORA, weaker-than-expected markets trading income.
Grab Holdings (GRAB US)
Maybank: BUY | TP USD 6.48 — 1Q26 tracking ahead of Street estimates with GMV/revenue/adj. EBITDA growth of +20%/+18%/+44% YoY, approximately 6% ahead of consensus. Thesis supported by rational competition, limited AI disintermediation risk, fintech AI upside, and autonomous vehicle optionality. Trading at less than 10x 2027E EV/EBITDA, a 20% discount to Uber despite nearly 2x EBITDA CAGR; 26% YTD correction seen as overdone. Key risk: fuel inflation in 2Q26.
Maybank: BUY | TP USD 6.48 — Solid 1Q26 expected with GMV +20% YoY, revenue +18% YoY, and adjusted EBITDA +44% YoY to USD153m, ~6% ahead of consensus; 26% YTD correction seen as a buying opportunity with valuation at a 20% discount to Uber despite near-double the adj. EBITDA CAGR (42% vs ~22%).
Catalysts: 1Q26 results due 4 May; financial services loan book growth (+115% YoY); operating leverage driving segment EBITDA margin expansion to 27%; potential beneficiary of EV adoption and AI opportunities in fintech.
Risks: Fuel price inflation in ASEAN markets could weigh on demand and driver supply — bear case sensitivity shows a sustained 15% fuel price increase with Grab absorbing 50% could reduce adj. EBITDA by ~17%; competitive pressure from better-capitalised Gojek and Green SM (backed by VinFast) entering multiple markets; elevated Softbank stake divestment creating excess stock liquidity.
GuocoLand Ltd
DBS: BUY | TP SGD 3.30 — Tengah Garden Residences preview drew strong footfall (~1,300 groups over the weekend), underpinned by competitive pricing, direct MRT connectivity (Hong Kah station, Jurong Region Line), and first-mover advantage as the first private condo in Tengah new town. Estimated RNAV uplift of 6 Scts (~2%) upon successful launch. TP pegged at 35% discount to RNAV.
Catalysts: Official launch on 25 April; healthy take-up rate expected; active landbank replenishment anticipated in 2026 given one remaining Lentor site.
Risks: Limited competing supply risk from nearby ECs (largely absorbed); broader market demand uncertainty.
DBS: BUY | TP SGD 3.30 — Encouraging preview turnout at Tengah Garden Residences underpinned by competitive pricing, direct MRT connectivity and first-mover advantage in Tengah township. Catalyst: 25 April launch with healthy take-up rate expected; estimated 6 Scts (2%) uplift to RNAV. TP pegged to 35% discount to RNAV. Group expected to replenish landbank actively this year.
DBS: BUY | TP SGD 3.30 — Encouraging preview turnout at Tengah Garden Residences underpinned by competitive pricing, direct MRT connectivity and first-mover advantage in a new township. Estimated RNAV uplift of 6 Scts (2%) expected from the 25 April launch. TP pegged to 35% discount to RNAV. Catalyst: Active landbank replenishment expected this year following one remaining site in Lentor.
Oiltek International Ltd (OTEK SP)
CGS: ADD | TP S$3.38 (raised from S$0.94) — FY27F EPS could grow ~300% yoy if the RM1.4bn HOA for a Sustainable Aviation Fuel (SAF) facility in Sabah, Malaysia is converted into a definitive order, potentially lifting Oiltek’s order book to a record RM1.75bn. FY27–28F revenues revised up 220–244%; FY27–28F EPS raised 243–263%. Valuation based on 27x FY27F P/E (2 s.d. above FY23–26F average).
Catalysts: Conversion of HOA into definitive contract; further order wins; accretive M&A; potential equity participation in SAF projects creating recurring revenue stream.
Risks: Order cancellations or delays; weaker USD vs. MYR; disruptions in raw material supply affecting project completion.
Parkway Life REIT
DBS: BUY | TP SGD 4.75 — MAS raising inflation forecast to 1.5–2.5% (from 1–2%) is a direct tailwind, with ~65% of income pegged to inflation +1% formula. Potential 0.4%–1.6% lift to FY27 estimates not yet priced in. Additional upside if underlying hospitals improve operationally.
DBS: BUY | TP SGD 4.75 — Close to 65% of income pegged to inflation +1% formula positions PLife REIT as a direct beneficiary of MAS raising its inflation forecast to 1.5–2.5% (from 1–2%). Potential 0.4%–1.6% lift to FY27 estimates not yet priced in. Catalyst: Operational improvement at underlying hospitals providing additional upside beyond the inflation-linked formula.
Sembcorp Industries (SCI SP)
UOBKH: BUY | TP S$8.10 — Alinta acquisition (S$5.6b, fully debt-funded, no equity dilution) is immediately EPS-accretive, lifting 2026–28E earnings by 16–25% and raising OECD exposure to 64% of net profit; Loy Yang B coal plant, previously seen as a liability, now viewed as a strategic dispatchable baseload asset amid Hormuz Strait disruptions.
Catalysts: Completion of Alinta acquisition by end-1H26; capital recycling programme for renewable assets in India; higher dividend payout; disclosure of higher contracted prices for short-term PPAs due for re-contracting in 2026.
Risks: Front-loading of costs in integrated urban solutions segment (recurring income from ready-built factories only commencing late 2027); weaker margins from curtailment in China; increased debt load and interest expense post-acquisition.
Sing Investments & Finance (SIF SP)
Maybank: BUY (Initiation) | TP SGD 2.11 (0.95x FY26E P/B) — Initiating coverage on licensed finance company with upside driven by resilient net interest margins, a stable deposit-funded model, and a niche SME lending franchise. Healthy asset quality supports current undervaluation. Key risks: concentrated Singapore credit exposure, potential interest rate declines impacting benchmark rates, and general liquidity or funding risks.
TeleChoice International
Lim & Tan: Monitor — FY2025 revenue rose 36.2% YoY to S$518.0 million; net profit grew 58.0% to S$6.6 million. Trades at forward PE of 12x and prospective PE of 10x, yielding 2%. Consensus 1-year TP of S$0.28 implies 27% upside from S$0.22. Management restarted share buyback at S$0.21 (350,000 shares), signalling confidence in undervaluation. Catalysts: data centre project proposal in Malaysia, digital infrastructure expansion, continued PCS and NES division growth. Risks: execution uncertainty on data centre project, competitive pressures in ICT segment. Will monitor fundamental progress before making a formal recommendation.
YZJ Maritime (Yangzijiang Maritime)
Lim & Tan: Monitor | TP S$0.78 — Secured leasing agreements for 13 vessels worth US$89.8 million aggregate, enhancing earnings visibility and recurring income. Fleet stands at 85 vessels; net cash position of US$400.4 million supports balance sheet strength. Trades at 13.8x forward PE and 1.1x PB with consensus TP implying 18.2% upside. Catalysts: further vessel leasing deals, fleet expansion, favourable tonnage-mile dynamics from geopolitical trade route shifts. Risks: shipping rate volatility, geopolitical disruptions.
DBS: Secured lease agreements covering 13 vessels (12 tankers and 1 AHTS) for periods of 1–8 years, with total contract value of USD 89.8mn. Agreements strengthen income visibility across its 85-vessel maritime asset portfolio including new-build orders. Lease agreements expected to contribute positively to the Group’s financials.
DBS: Positive — Secured lease agreements covering 13 vessels (12 tankers and 1 AHTS) for periods of 1–8 years with a total contract value of USD 89.8mn. Agreements strengthen income visibility across its maritime asset portfolio of 85 vessels including new-build orders. Catalyst: Lease agreements expected to contribute positively to the Group’s financial performance.
South Korea Equities
FSM Research: Positive | — Robust demand for high-bandwidth memory (HBM) chips and increased defence spending support long-term growth. KOSPI rebounded ~10% on 5 March following KRW100 trillion market stabilisation fund announcement. Recent sell-off creates attractive entry point. Recommended funds: JPMorgan Funds – Korea Equity A (acc) USD, LionGlobal Korea Fund SGD, Franklin FTSE South Korea ETF (NYSE: FLKR). Catalyst: Defence spending uplift, HBM chip demand growth. Risk: Prolonged energy supply disruption, oil-driven inflation squeezing margins.
Taiwan Equities
FSM Research: Positive | — Taiwan’s correction has been milder than South Korea’s, underpinned by TSMC’s near-monopoly in advanced (2nm) chip manufacturing and diversified energy mix. Recent pullback presents a tactical accumulation opportunity. Recommended funds: LionGlobal Taiwan SGD, Franklin FTSE Taiwan ETF (NYSE: FLTW). Catalyst: TSMC pricing power and structural semiconductor demand. Risk: Broader geopolitical escalation impacting tech valuations.
China / Hong Kong Technology Equities
FSM Research: Positive | — China’s strategic petroleum reserves and policy flexibility cushion energy shock impact. Ongoing “Two Sessions” pro-growth measures support innovation and private-sector development. Broad-based tech sell-off creates opportunity to accumulate high-quality franchises at attractive valuations. Recommended: Fidelity China Focus A-SGD, BlackRock Systematic China A-Share Opportunities A2 USD, iShares Hang Seng TECH ETF (HKEX: 3067). Catalyst: Policy support, domestic liquidity, innovation funding. Risk: Sustained oil price spike, elevated growth stock valuations.
Singapore Equities
FSM Research: Positive | — Straits Times Index supported by dividend-paying banks, strong corporate balance sheets, and safe-haven financial hub status. Equity Market Development Programme (EQDP) provides incremental support to small- and mid-cap valuations. Recommended: Amova Singapore Dividend Equity SGD, Amova Singapore STI ETF (SGX: G3B), LionGlobal Singapore Trust Acc SGD. Catalyst: Improving small/mid-cap liquidity, EQDP initiatives. Risk: Regional contagion from Middle East conflict, rising imported inflation.
Japan Equities
FSM Research: Positive | — Long-term investment case intact and independent of Middle East geopolitics. Corporate reform momentum, rising profitability, improving governance, and domestic stimulus under the Takaichi era remain supportive. Bank of Japan in cautious wait-and-see mode reduces near-term rate hike risk. Recommended: Eastspring Investments – Japan Dynamic AS SGD, which targets undervalued domestic small- and mid-cap names with valuation discipline. Catalyst: Continued corporate governance improvements, earnings upgrades. Risk: Oil shock reigniting inflation, delaying BoJ normalisation or complicating policy path.
Asia Pacific Broad Equities
FSM Research: Positive | — Structural growth drivers in Asia remain intact despite near-term geopolitical volatility. Market pullbacks viewed as valuation resets rather than fundamental breakdowns. Recommended: Fidelity Asia Pacific Dividend A-USD, for its dividend-focused, quality-driven approach with demonstrated resilience during market volatility. Catalyst: Geopolitical de-escalation, resilient US economic data supporting global growth absorption of oil shock. Risk: Prolonged Strait of Hormuz disruption, sticky inflation delaying central bank easing.
The decline in oil prices—Brent at around $94.79 and WTI near $88.94—has supported positive market sentiment. Major Asian indices such as the Nikkei, Hang Seng, and ASX 200 are showing stronger futures, potential gains. Meanwhile, U.S. markets posted solid rallies, with the S&P 500 rising 1.18%, the Nasdaq climbing 1.96% (marking a 10-day winning streak), and the Dow gaining 0.66%, all nearing record highs. This optimism is largely driven by easing geopolitical tensions and softer inflation data, while investors also look ahead to upcoming earnings reports from major companies and key economic indicators for further direction.
EDIS ceased to be substantial shareholder of Addvalue Technologies
Yangzijiang Maritime secures leasing agreements for 13 vessels with total contract value of US$89.9 mil
LREIT issues $120 mil worth of perpetual securities with 4.28% rate
Cohen & Steers bought more Digital Core REIT units two days after it sold; bought back units worth US$3.9 mil
Union Steel’s executive chairman in married deal with Soup Holdings’ Mok Yip Peng with 25 mil shares changing hand
Privatisation offer for Sen Yue closes with 97.73% valid acceptances
Kin Global plans to raise S$10.1 million through an IPO on the SGX Catalist board, implying a market valuation of about S$44.9 million, with shares priced at S$0.23 offered via a mix of public and placement shares, including strong participation from cornerstone investors. The company expects to generate net proceeds of around S$7.4 million, which will be primarily used to fund mergers and acquisitions, partnerships, and its expansion into the growing events tourism sector. This strategy aligns with opportunities in Singapore’s tourism industry, projected to reach US$28.6 billion by 2029. Founded in 2017, Kin has completed over 500 projects and holds approximately 17.3% of the local sports events market. It is now expanding beyond sports into broader segments such as MICE and entertainment to drive tourism, supported by strong financial performance with significant growth in revenue and profit in 2025.
Hang Seng Index rising 0.8% alongside gains in related indices and strong market turnover. In China, economic data was mixed, as imports exceeded expectations while exports and the trade surplus disappointed. Sector performance was varied: software and some AI-related stocks posted strong gains, while others declined, and major Chinese tech firms saw mostly modest movements. Logistics and consumer stocks were active, with notable gains in companies like JD Logistics and Pop Mart, reflecting selective strength across sectors despite broader macro uncertainties.
Muhibbah Engineering secured a RM120m subcontract for the Penang LRT project, covering noise barriers and enclosures.
Wentel Engineering expects strong growth, supported by demand and a new Johor plant opening in 2H.
Empire Premium Food reported RM14.6m profit on RM81m revenue ahead of its listing.
NWE Resources plans an ACE Market IPO to fund expansion and R&D.
TDM’s unit signed a RM72m deal to build and lease a new hospital block in Sabah.
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