Broker Name: Maybank Research Pte Ltd

Date of Report: 2 January 2026

Excerpt from Maybank Research Pte Ltd report.

• Report Summary
• Maybank highlights rapid growth for Marco Polo Marine, lifting earnings forecasts and target price following a major vessel contract and expansion plans.
• Singapore’s market outlook is seen as more certain due to AI adoption, policy reforms, and rational competition, with specific winning stocks identified.
• Key news includes CSE Global securing a large US data centre contract, CapitaLand Ascott Trust extending a hotel management agreement (with higher renovation costs), and Sembcorp Industries’ updates on solar and industrial park projects.
• CapitaLand Ascendas REIT completed new property acquisitions in Singapore and divested a US property at a premium, maintaining a diverse portfolio.

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 IBG website: https://www.maybank.com