Broker Name: CGS International

Date of Report: April 7, 2026

Excerpt from CGS International report

Report Summary

• Actionable Stock Ideas:
  • Supermarket operator SSG is highlighted as a key beneficiary of increased government support for households, with an estimated ~1% uplift to net profit forecasts driven by stronger same-store sales. The report sees scope for further re-rating of SSG, supported by resilient demand in a high cost-of-living environment.
  • Suburban retail landlords FCT and CICT may also benefit from sustained tenant sales due to earlier cash handouts to households.
  • Developers such as UOL and CIT could see their residential selling prices supported by elevated construction costs, which is positive for their RNAVs.
• Call to Action:
  • Focus on SSG for potential upside, given government measures and consumer behavior trends.
  • FCT and CICT could be considered for exposure to retail landlord benefits.
  • UOL and CIT may be supported by higher construction costs influencing property prices.
• Sector/Market Implications:
  • Government is rolling out S\$1bn in additional support including cash relief, energy efficiency grants, and cost-sharing for diesel/bitumen in public sector projects.
  • These measures are expected to offset inflation risks stemming from Middle East tensions and rising oil prices.
• Target Price:
  • Not specified in the report excerpt.

above is an excerpt from a report by CGS International. Clients of CGS International can be the first to access the full report from the CGS International website : https://www.cgs-cimb.com