Broker: Maybank Research Pte Ltd
Date of Report: 25 May 2026

Excerpt from Maybank Research Pte Ltd report.

Report Summary
Singtel: Maintain BUY. Target Price trimmed to SGD5.00 after FY26 results. The >6% share price correction is seen as overdone. Singtel is emerging as a rare ASEAN-listed AI infrastructure play, scaling GPUaaS, sovereign AI, data centers, and AI-enabled connectivity. Capital return framework remains well-funded with SGD3.2bn assets available for recycling.
Frencken Group Ltd: Maintain BUY. Target Price unchanged at SGD3.40. Despite a weak 1Q26, 2H26 is expected to ramp up and offset shortfall, supported by restocking and improved margin mix.
ST Engineering: Maintain BUY. Steady execution with robust 1Q revenue and expanding margins. Order book growth led by defense and SATCOM segments. Interim dividend maintained.
Marco Polo Marine: Maintain BUY. Target Price raised to SGD0.24. Entering rapid growth phase with a reverse takeover propelling shipyard business expansion.
Centurion Corp: Maintain BUY. Target Price raised to SGD1.69. 1Q26 topline beat expectations, capacity to grow 5% by 2027, expanding into Australian Key Worker Accommodation, earnings accretive.
Netlink NBN Trust: Maintain BUY. Target Price raised to SGD1.10. Stable DPU, resilient operating cash flows, long-term demand backed by Singapore’s housing pipeline.
Yangzijiang Shipbuilding: Maintain HOLD. Target Price SGD4.15. Cautious outlook on vessel cycle, margin risk due to FX, but dividend yield remains attractive at 5–6%. Room to sustain dividends even if cycle weakens.
Boustead Singapore and Metaoptics: TRADING BUY calls for both. Boustead rebounding from support, uptrend intact; Metaoptics forming higher lows, uptrend intact with key resistance at SGD0.945.

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