Broker Name: Lim & Tan Securities
Date of Report: 27 July 2026

Excerpt from Lim & Tan Securities report.

Report Summary

1. Suntec REIT (T82U)
– Action: Accumulate
– Key Idea: Suntec REIT is considering the potential divestment of its one-third stake in One Raffles Quay, identified as its lowest-yielding asset due to tax inefficiencies. Funds from any divestment could be used for accretive acquisitions, such as the potential full acquisition of 9 Penang Road, which would give the REIT more control and streamline transactions. The REIT is also focused on selling mature Australian assets and strata units in Suntec City Office Towers. A strategic portfolio review is underway, expected to complete by year-end, with initiatives aimed at supporting higher distributions.
– Valuation: Price to book at 0.7x, dividend yield 5-6%. Book value per share at S\$2.03, market price \$1.52, with Hongkong Land having bought a 10% stake at \$1.70.
– Implication: Maintain “Accumulate” for robust fundamentals, steady yield, and potential corporate actions.

2. iFAST Corporation (AIY)
Action: Accumulate
Target Price: S$11.94 (28.7% upside)
Key Idea: iFAST delivered strong Q2 results, with assets under administration (AUA) rising 32.8% YoY to S$36.13 billion and broad-based growth across all key markets. Net profit jumped 35% YoY, with strong momentum in its UK banking business and Hong Kong ePension operations. Management is optimistic about continued healthy revenue and profit growth, targeting S$100 billion in AUA by 2030 (requiring 25.6% CAGR). AI adoption is expected to drive higher margins from 2027.
Dividend: Interim dividend raised to 3.0 cents, with FY2026 guidance of at least 12.0 cents (+43% YoY).
Valuation: Trades at 22x forward PE, 6.6x PB, dividend yield 1.3%.
Implication: Continue to recommend Accumulate for strong growth, digital platform scalability, and upgraded shareholder returns outlook.

Other Notable Actionable Insights:

• Highest consensus forward dividend yields in the FSSTI: Mapletree Industrial Trust (6.29%), Genting Singapore (6.22%), CapitaLand Ascendas REIT (6.10%), Frasers Logistics Trust (6.09%), Yangzijiang Shipbuilding (6.00%).
• Lowest consensus forward P/E: Genting Singapore (5.47x), DFI Retail Group (5.76x), Yangzijiang Shipbuilding (6.43x).
• Upcoming dividends: Suntec REIT (2c interim, ex-date 30 July), iFAST Corp (3c interim, ex-date 5 Aug), Mapletree Industrial Trust (3.11c interim, ex-date 30 July).

Above is an excerpt from a report by Lim & Tan Securities. Clients of Lim & Tan Securities can access the full research report from the broker’s website.
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