Broker: Maybank Research Pte Ltd
Date of Report: 16 April 2026
Excerpt from Maybank Research Pte Ltd report
Report Summary
- Grab Holdings – BUY call maintained. Target price USD6.48. 1Q26 results ahead of consensus (GMV/revenue/adj. EBITDA +20%/+18%/+44% YoY). Key risk is fuel inflation in 2Q, but thesis remains intact due to rational competition, limited AI disintermediation risk, fintech AI upside, and AV optionality. The 26% YTD correction is viewed as overdone.
- Sing Investments & Finance (SIF) – Initiate BUY. Target price SGD2.11 (0.95x FY26E P/B). Upside driven by resilient NIMs, stable deposit-funded model, and niche SME lending franchise. Asset quality supports current undervaluation. Key risks: concentrated Singapore credit exposure and interest rate decline.
- Aspial Lifestyle – Strong 1QFY2026 profit before tax, up 140% YoY to SGD40m, revenue up 48% to SGD247m. Exploring fund-raising options due to continued demand.
- Keppel DC REIT – 1Q26 gross revenue up 18.4% YoY, net property income up 19.4%, DPU annualized yield at 4.86%. Growth driven by Tokyo Data Centre 3 acquisition.
- Sanli Environmental – Secured two new contracts worth SGD14m, order book at SGD795.5m, focusing on margin improvement and operational standards.
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