Broker: Maybank Research Pte Ltd
Date of Report: 19 May 2026
Excerpt from Maybank Research Pte Ltd report.
Report Summary
- Thai Beverage PCL – Action: Upgrade to BUY. Target Price: SGD0.48 (previously SGD0.43). Key Idea: Demand is rebounding with hedged key input costs through CY26, providing earnings resilience. Earnings estimates for FY26-28E raised by 8-10%.
- Marco Polo Marine – Action: Maintain BUY. Target Price: SGD0.24 (raised, previously SGD0.20). Key Idea: Announced shipyard RTO and strong 1H26 earnings. Entering a rapid growth phase with positive long-term outlook.
- Geo Energy – Action: Positive. Key Idea: Signed offtake agreement with Trafigura for entire Harfa mine output (~1.5m tonnes/year), with USD50-100m prepayment and USD60m capex committed for a 15-year mining contract.
- Ever Glory – Action: Positive. Key Idea: Secured SGD230m in new contracts, boosting its order book above SGD900m with deliveries through 2027. New wins from major customers highlight competitive capability and robust pipeline.
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 website : https://www.maybank.com/investment-banking/
