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| 15-May-2026 11:15 |
SingPost
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SingPost
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SingPost&rsquo s FY2026 earnings down 75.2% to $60.9 mil group to keep SingPost Centre Singapore Post Limited (SingPost) has reported earnings of $60.9 million for the FY2026 ended March 31, 75.2% lower y-o-y, as revenue and operating profit fell. Full-year revenue was down by 23.1% y-o-y to $376.1 million largely due to lower International revenue on the back of a volatile global macroeconomic environment and a continued decline in letter mail volumes. Reveue for SingPost&rsquo s logistics & letters segment fell by 28.3% y-o-y to $303.5 million as domestic and international revenue declined from lower volumes. Revenue from the post office network also fell by 11.3% y-o-y to $11.2 million due to lower revenue from agency services and partly mitigated by higher rental income from the group&rsquo s post office properties. The number of post offices as at end-March fell to 40, down from 43 a year ago. Revenue for property assets was the only bright spot, with a 2% y-o-y increase to $80.7 million, due to positive rental reversions. Operating profit fell by 68.9% y-o-y mainly from the lower International volumes. The group&rsquo s bottom line, however, was boosted by $19.2 million in exceptional items and the $38.1 million derecognition of aged trade payables. The exceptional items were mainly from large fair value gains on investment properties of $15.5 million, gain on disposal of subsidiaries of $4.6 million but offset by others such as the loss on disposal of property, plant and equipment and related expenses from mergers and acquisitions. The derecognition was due to international settlements to overseas postal administrators for international deliveries. According to SingPost, trade aged payables exceeding a seven-year threshold &mdash which is based on a six-year statutory limitation plus a one-year trade cycle &mdash are derecognised following an annual formal notification process to overseas postal administrators. As such, aged trade payables made before Jan 1, 2019, were derecognised in FY2025/FY2026. In its strategy update, the group says it will now keep SingPost Centre &mdash previously identified as a non-core asset and once considered for sale &mdash as it is a &ldquo crucial&rdquo part of the group&rsquo s portfolio and a &ldquo strategic asset&rdquo that generates steady income and cashflow with high occupancy. The group has identified other opportunities including diversifying beyond e-commerce to unlock new revenue streams under its logistics & letters segment. &ldquo Our results for the year reflect a consolidated baseline from which we will now strengthen and scale our business. Our strategy outlines our roadmap to navigate evolving market dynamics and drive long-term shareholder value,&rdquo say Mark Chong, CEO of SingPost. &ldquo By investing in technology and automation focusing on asset enhancement in our property portfolio and working towards financial sustainability in our business, we are fortifying the core of SingPost while expanding purposefully into new logistics services&rdquo . The group has recommended a final dividend of 0.06 cents per share for the year, along with a supplemental dividend of 0.41 cents per share from the derecognition of aged trade payables. As at March 31, cash and cash equivalents stood at $534.4 million. SingPost' s shares opened 0.5 cents lower or 1.33% down at 37 cents on May 14. |
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| 15-May-2026 11:14 |
SingPost
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SingPost
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SingPost ends 5.3% down after H2 earnings dive Counter finishes at S$0.355 as more than 26.1 million shares change hands [SINGAPORE] Shares of Singapore Post (SingPost) fell on Thursday (May 14) after the national postal service provider reported a sharp drop in net profit for its second half. The stock declined 4 per cent or S$0.015 to S$0.36 as at 9.54 am, with around 10.1 million shares changing hands. This was 43.3 per cent lower than its closing price of S$0.635 one year ago. It recovered somewhat to S$0.365 as at 10.05 am, still down by 2.7 per cent or S$0.01, with some 10.3 million shares transacted. The counter finished at S$0.355, down S$0.02 or 5.3 per cent, after more than 26.1 million shares changed hands. This follows SingPost&rsquo s H2 earnings results, released before the market opened, where net profit fell 81.5 per cent to S$41.2 million from S$222.5 million in the year-ago period. The decline came &ldquo as the operating environment for the logistics and letters business, particularly in international e-commerce delivery, remained challenging&rdquo , said the group. The post office network segment also logged declines but its property assets revenue remained &ldquo relatively steady&rdquo during the period, it added. Earnings per share (EPS) stood at S$0.0183, down from an EPS of S$0.0989 in the previous corresponding period. Revenue for the six months fell 18.2 per cent on the year to S$187.6 million from S$229.5 million. SingPost on Thursday also outlined a three-pillar reset strategy for sustainable growth that includes plans to retain its flagship SingPost Centre to tap the building&rsquo s upside potential. |
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| 15-May-2026 11:13 |
Genting Sing
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genting sing
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Genting Singapore: Analysts lower targets, downgrade ratings as Q1 profit misses expectations DBS Group Research suggests a &lsquo comprehensive rethink&rsquo of the company&rsquo s operational strategy [SINGAPORE] DBS Group Research downgraded Genting Singapore : G13 0% to &ldquo hold&rdquo on Wednesday (May 13) and decreased its target price on the stock to S$0.67, in the wake of the company&rsquo s &ldquo disappointing&rdquo first-quarter results. Despite introducing new attractions at Resorts World Sentosa (RWS) &ndash which it owns and operates &ndash the group on Tuesday posted a Q1 performance that was notably below market expectations. Nomura analysts said the earnings &ldquo (disappointed) again due to low VIP market share and higher costs&rdquo . They described Genting Singapore&rsquo s earnings before interest, taxes, depreciation and amortisation for the period as &ldquo a significant miss, accounting for 18 per cent and 19 per cent of our previous and Bloomberg consensus estimates&rdquo , respectively, for the 2026 financial year. They lowered their rating on the stock to &ldquo reduce&rdquo from &ldquo buy&rdquo , and cut the target price to S$0.63 from S$0.95. Genting Singapore&rsquo s results suggest the need for a &ldquo comprehensive rethink of its operational strategy and asset enhancement initiatives... to restore the company to its historical profitability levels&rdquo , DBS said. The research house also highlighted the &ldquo significant competitive pressure&rdquo from rival Marina Bay Sands (MBS), which posted record profits for Q1. Meanwhile, CGS International (CGSI) Securities Singapore maintained &ldquo hold&rdquo on the stock, citing underwhelming gaming volumes and the pressure of elevated operating costs. It lowered its target price to S$0.67 from S$0.69. Gaming loss, competitive pressure Nomura attributed the results miss to the &ldquo unexpected&rdquo 24 per cent quarter-on-quarter decline in VIP rolling chip volume to S$5.6 billion. It said this was contrary to seasonal trends, where Q1 is typically the peak quarter for gaming. The brokerage also noted that while MBS&rsquo VIP rolling chip volume jumped 34 per cent on the quarter, RWS' VIP gaming market share declined to a record low of 20 per cent. CGSI believes MBS&rsquo city centre location provides a superior captive environment for international tourists. &ldquo We believe it could be a &lsquo winner-takes-most&rsquo situation for Singapore integrated resorts, in favour of MBS.&rdquo Similarly, DBS analysts said that RWS&rsquo &ldquo positioning on Sentosa island, which is relatively less accessible, presents a locational disadvantage&hellip As such, significant activation efforts are required to drive higher visitation&rdquo . They also noted that Genting Singapore &ldquo has been tightening credit extension, which may have contributed to lower VIP visitations&rdquo . Still, with overall industry growth remaining robust in Q1, the analysts think the &ldquo activations and renovations at RWS have yet to resonate sufficiently with its customer base to offset its locational disadvantage&rdquo . Staying under pressure Genting Singapore&rsquo s operating leverage is also expected to remain under pressure throughout the rest of FY2026. &ldquo We expect the remainder of the year to remain challenging, particularly amid headwinds from softer tourist inflows due to rapidly rising airfares,&rdquo DBS analysts said. &ldquo With VIP volumes likely to remain weak and operating costs elevated, we expect a meaningful loss of operating leverage.&rdquo CGSI also foresees the company&rsquo s operating expenses staying elevated as a result of new lifestyle and dining concepts introduced in April. It expects profitability to be &ldquo dented persistently&rdquo , with an &ldquo arduous journey&rdquo to improvement ahead. But despite downgrading its earnings outlook for Genting Singapore, CGSI said the company&rsquo s balance sheet anchors support for the stock. The group maintained a net cash position exceeding S$3.2 billion, allowing management to reiterate its commitment to an absolute dividend of S$0.04 a share. This translates to a forward dividend yield of around 5.8 per cent, which both DBS and CGSI believe will act as a floor for the share price amid operational challenges. Shares of Genting Singapore closed Wednesday at S$0.62, S$0.07 or 10.1 per cent lower. |
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| 15-May-2026 11:10 |
Keppel DC Reit
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Keppel DC Reit
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Keppel DC REIT' s DPU could rise by as much as 5% from AEI of SGP1 says JP Morgan During Keppel DC REIT&rsquo s 1QFY2026 results announcement, the manager articulated that it is considering a " transformational" AEI for KDC SPG 1, a data centre with just 53% occupancy by net lettable area (NLA). In a report dated May 11, JP Morgan says that KDC SGP 1 is the only asset owned by Keppel DC REIT in Singapore that is without a full Green Mark certification suggesting that its PUE of 1.25 or power usage effectiveness has failed to meet the minimum standard for certification. &ldquo The potential transformational AEI at SGP 1 would be best realised through redevelopment into a new data centre. Redevelopment targeting a PUE of 1.25, in line with DC-CFA2 requirements, would yield efficiency gains of 36-52%, assuming an existing PUE of 1.7-1.9,&rdquo JP Morgan says in its report. Data Centre &ndash Call for Application (DC-CFA) is a Singapore government initiative (led by EDB and IMDA) to facilitate new, sustainable data centre capacity. DC-CFA2 (announced Dec 2025, closing March 31), requires a data centre to have 50% green energy and " best-in-class" energy efficiency with a PUE of at least 1.3. &ldquo Additional upside could come from Singapore&rsquo s Green Data Centre Roadmap capacity expansion and income/valuation uplift, while addressing potential mandatory PUE requirements under the proposed Digital Infrastructure Act,&rdquo JP Morgan suggests. An AEI that delivers higher PUE would add between 2.9% to 5% more to distributions per unit (DPU) by FY2028, JP Morgan estimates, underpinned by a 114%-173% uplift in net property income (NPI) on redevelopment costs of $251 million to $320 million, based on 11-14MW of capacity and an ROI of 6.8%-8.1%. &ldquo If KDCREIT secures 15% additional power, the accretion will rise to 4.1% to 6.5%,&rdquo JP Morgan further estimates. During the interim, JP Morgan believes that the income loss from SGP 1 which contributed $16.5 million in gross rental income (GRI) in FY2025 compared to total GRI of $441.36 could be offset by raising the amount of management fees in units to 55% from 27%. KDC SGP 1&rsquo s performance has lagged the REIT' s other Singapore assets. &ldquo We believe KDC SGP 1&rsquo s redevelopment will help close the gap. The proposed redevelopment is comfortably within KDCREIT' s 10% development limit relative to its $6.3 billion portfolio. While management may consider divesting a stake to de-risk execution, we believe KDCREIT should pursue the redevelopment on its own balance sheet, given tight occupancies and elevated Singapore data centre demand,&rdquo JP Morgan says. The US bank has an overweight rating for Keppel DC REIT it has raised its end-June 2027 target to $2.60 from $2.55 previously and has also raised DPU for 2026 and 2027 by 5.8% and 5% respectively due to lower interest costs and higher Singapore income from reversions and acquisitions. |
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| 15-May-2026 11:10 |
Keppel DC Reit
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Keppel DC Reit
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Keppel DC REIT' s DPU could rise by as much as 5% from AEI of SGP1 says JP Morgan During Keppel DC REIT&rsquo s 1QFY2026 results announcement, the manager articulated that it is considering a " transformational" AEI for KDC SPG 1, a data centre with just 53% occupancy by net lettable area (NLA). In a report dated May 11, JP Morgan says that KDC SGP 1 is the only asset owned by Keppel DC REIT in Singapore that is without a full Green Mark certification suggesting that its PUE of 1.25 or power usage effectiveness has failed to meet the minimum standard for certification. &ldquo The potential transformational AEI at SGP 1 would be best realised through redevelopment into a new data centre. Redevelopment targeting a PUE of 1.25, in line with DC-CFA2 requirements, would yield efficiency gains of 36-52%, assuming an existing PUE of 1.7-1.9,&rdquo JP Morgan says in its report. Data Centre &ndash Call for Application (DC-CFA) is a Singapore government initiative (led by EDB and IMDA) to facilitate new, sustainable data centre capacity. DC-CFA2 (announced Dec 2025, closing March 31), requires a data centre to have 50% green energy and " best-in-class" energy efficiency with a PUE of at least 1.3. &ldquo Additional upside could come from Singapore&rsquo s Green Data Centre Roadmap capacity expansion and income/valuation uplift, while addressing potential mandatory PUE requirements under the proposed Digital Infrastructure Act,&rdquo JP Morgan suggests. An AEI that delivers higher PUE would add between 2.9% to 5% more to distributions per unit (DPU) by FY2028, JP Morgan estimates, underpinned by a 114%-173% uplift in net property income (NPI) on redevelopment costs of $251 million to $320 million, based on 11-14MW of capacity and an ROI of 6.8%-8.1%. &ldquo If KDCREIT secures 15% additional power, the accretion will rise to 4.1% to 6.5%,&rdquo JP Morgan further estimates. During the interim, JP Morgan believes that the income loss from SGP 1 which contributed $16.5 million in gross rental income (GRI) in FY2025 compared to total GRI of $441.36 could be offset by raising the amount of management fees in units to 55% from 27%. KDC SGP 1&rsquo s performance has lagged the REIT' s other Singapore assets. &ldquo We believe KDC SGP 1&rsquo s redevelopment will help close the gap. The proposed redevelopment is comfortably within KDCREIT' s 10% development limit relative to its $6.3 billion portfolio. While management may consider divesting a stake to de-risk execution, we believe KDCREIT should pursue the redevelopment on its own balance sheet, given tight occupancies and elevated Singapore data centre demand,&rdquo JP Morgan says. The US bank has an overweight rating for Keppel DC REIT it has raised its end-June 2027 target to $2.60 from $2.55 previously and has also raised DPU for 2026 and 2027 by 5.8% and 5% respectively due to lower interest costs and higher Singapore income from reversions and acquisitions. |
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| 15-May-2026 11:07 |
AEM SGD
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AEM (+Venture, UMS) the most AI-relevant SGX stock
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Shares of AEM up 13% after Q1 net profit jumps over four times to S$14.3 million The company is also raising FY2026 revenue guidance by 20% [SINGAPORE] Semiconductor test solutions provider AEM Holdings : AWX +14.85%jumped by over 13 per cent on Thursday (May 14) morning on the back of a sizeable year-on-year surge in net profit for Q1. As at 9.04 am, the counter was trading 13.2 per cent or S$1.10 higher at S$9.45. It eased slightly to S$9.43 by 9.09 am, still up 12.9 per cent after three million securities changed hands. By 9.57 am, AEM shares were trading 11.9 per cent up at S$9.34. The company on Wednesday posted a S$14.3 million in net profit for the first quarter ended Mar 31, more than quadruple the S$3.3 million in the year-ago period. In a business update, the company raised its FY2026 revenue guidance by 20 per cent to between S$550 million and S$600 million. Near an &ldquo inflection point&rdquo DBS Group Research analyst Amanda Tan kept a &ldquo buy&rdquo rating on the stock, and raised its target price to S$11.80 from S$8.90. Year to date, the chip testing company has soared over four times. In her report on Thursday, she increased DBS&rsquo revenue forecast for AEM by 15 per cent and earnings forecast by 25 per cent for FY2026, to reflect stronger demand from the fabless AI/high-performance computing customer, improving order momentum from the PC/foundry customer, and margin expansion. She also noted that there is scope for consensus earnings upgrades, to drive a positive share price reaction. Jefferies analysts Joanna Cheah and Ang Wei Han have also reiterated their &ldquo buy&rdquo call on AEM, with the company&rsquo s Q1 net profit forming 33 per cent of their consenus estimates. Sales guidance was also revised up from between S$460 million and S$510 million, to S$550 million and S$600 million for FY2026, they added. This was is almost entirely driven by their fabless customers. Ang and Cheah added that such guidance is higher than the consensus estimate by 10 to 20 per cent. DBS&rsquo Tan believes that AEM is a pioneer in providing system level test (SLT) solutions and is currently around one generation ahead of its competitors. &ldquo Given its technological superiority, we believe AEM is well positioned to ride on the growing SLT market that has benefited from increased complexity of chips and increased test coverage requirements, alongside the need for advanced heterogeneous packaging,&rdquo she added. The analyst said the company is near an &ldquo inflection point,&rdquo and foresees its customer diversification strategy yielding more significant returns in the years ahead, with the first deployment of its solutions to the outsourced semiconductor assembly and test customer expected in late-2026. |
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| 15-May-2026 11:05 |
CapitaLandInvest
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CapitaLand Investment (SGX: 9CI)
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CapitaLand Investment expects more big mandates after S$2.4 billion Income Insurance win Under new mandate, CLI to oversee Income Insurance&rsquo s portfolio and refresh assets through deals [SINGAPORE] CapitaLand Investment ( CLI : 9CI -0.38%) expects to win more large institutional mandates after securing a S$2.4 billion real estate portfolio from Income Insurance last month, a senior executive said. Patricia Goh, CapitaLand Investment&rsquo s CEO for South-east Asia and global head of logistics and self-storage, told Reuters earlier this month that large private capital commitments typically follow years of engagement. &ldquo When private capital partners commit S$500 million to S$1 billion in equity, it&rsquo s actually after years of engagement,&rdquo Goh said. &ldquo The expectation is that we will be able to convert more investors who we have been trying to get to understand us over the past few years.&rdquo Goh said CapitaLand Investment won the Income mandate due to its local presence, tenant relationships and track record in buying, managing and selling assets across sectors. Under the mandate, CapitaLand Investment will manage Income Insurance&rsquo s portfolio and pursue new investments and refresh the assets through divestments and acquisitions, she said. It can separately generate portfolio management, divestment and acquisition fees for CapitaLand Investment, she said. Some investors are considering shifting more capital from the US and Europe to Asia-Pacific, Goh said, adding that Singapore remains attractive as property transactions have continued through high interest rates, geopolitical conflict and market stress. CapitaLand Investment will look for opportunities where it has an edge, including logistics, retail, offices, mixed-use projects and self-storage, Goh said. Its self-storage platform with APG owns about 110 facilities across six markets and is valued at about S$700 million. Goh said it could grow to more than S$1 billion hopefully by next year. |
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| 15-May-2026 11:05 |
Bumitama Agri
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bumitama
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RHB upgrades Bumitama Agri to ' neutral' after 15% share price retreat RHB Bank Singapore has upgraded Bumitama Agri from " sell" to " neutral" with an unchanged target price of $1.70, implying a downside of 6.6% to its share price of $1.82 as at its report dated May 13. Shares in the agri company had retreated 15% over the past two weeks. The bank' s FY2026 dividend yield estimate of 5.6% is seen providing support at current levels, says the Singapore research team. On May 12, Bumitama reported a core profit of IDR755 billion ($54.9 billion) for the 1QFY2026 ended March 31, down 26% q-o-q but 42.4% up y-o-y, making up 21%&ndash 24% of RHB' s and consensus full-year estimates and broadly within RHB&rsquo s expectations. The quarter is typically the weakest in terms of seasonal output, notes the RHB team. Nucleus fresh fruit bunches (FFB) output rose 8.2% y-o-y in 1QFY2026, above both RHB' s 3% projection and management' s own full-year guidance of 0%&ndash 5%. The report notes that while Bumitama expects FFB growth to pick up in the second quarter and peak in the third, management is keeping its full-year guidance unchanged (at 0%&ndash 5%) given an anticipated moderation in 4QFY2026. Crude palm oil (CPO) sales volume jumped 25% y-o-y on inventory drawdowns. RHB maintains its 2%&ndash 4% FFB growth forecast for FY2026&ndash FY2027. On costs, the report points out that management now guides for unit costs to rise approximately 10% y-o-y in FY2026, up from its previous guidance of 5%&ndash 10%, &ldquo on the back of higher fertiliser and logistics costs&rdquo . Bumitama has already tendered for almost 100% of its FY2026 fertiliser requirements at prices 6%&ndash 7% higher y-o-y. RHB thus makes no changes to its own cost assumptions, having already pencilled in a 10% rise. Bumitama also raised its dividend payout range to 60%&ndash 75% from 40%&ndash 60%, in line with its 75% payout in FY2025. RHB has lifted its payout assumption to 65%&ndash 70% from 60%&ndash 65% accordingly. At 12 times its FY2026 P/E, which is the highest end of its peer range of 7 times &ndash 12 times and well above its historical average of 6 times, the report considers &ldquo valuations are fairer now&rdquo following the recent correction. The target price is based on 12 times Bumitama&rsquo s FY2026 P/E with a 10% ESG discount. Shares in Bumitama Agri closed 5 cents higher or 2.67% up at $1.95 on May 14. |
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| 15-May-2026 11:02 |
SIA
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SIA revived
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Singapore Airlines&rsquo FY2026&rsquo s net profit declines by 57.4% to $1.18 billion despite record revenue Singapore Airlines&rsquo net profit fell by 57.4% to $1,184 million despite recording a record revenue of $20,522 million for FY2026, for the 12 months to March 31, up 5% y-o-y or $982 million. The decline was due to the absence of the $1,098 million non-cash accounting gain recognised in November 2024 upon the completion of the Air India-Vistara merger. The swing from a share of profits of associated companies last year to a loss this year (-$846 million) was due to the group accounting for its share of Air India&rsquo s full year losses, versus only four months the previous year. SIA has proposed a final dividend of 22 cents and the second tranche of special dividend of 7 cents. Interim dividend was five cents while interim special dividend was 3 cents, translating into a total dividend of 37 cents. Group expenditure rose $317 million (+1.8%) to $18,148 million, as the higher non-fuel expenditure (+$677 million +5.4%) was partially offset by lower net fuel cost (-$361 million -6.7%). Non-fuel expenditure increased mainly due to the overall capacity expansion and higher costs that were driven by inflationary pressures. Net fuel cost decreased due to the 5.6% contraction in full-year average fuel prices (-$310 million) and higher fuel hedging gains (-$88 million), partially offset by increased volumes uplifted (+$221 million). As a result of higher revenue growth, and lower expenditure growth, operating profit rose by 39% or $665 million y-o-y for the 12 months to Mar 31. Debt-to-equity ratio fell to 0.62 times as at Mar 31 compared with 0.82 times a year ago due to lower debt and higher shareholders equity. Cash and bank balances declined by $0.3 billion to $7.9 billion, mainly due to capital expenditure (-$2.6 billion), dividend payments (-$1.2 billion), repayment of borrowings (-$1.3 billion), and lease payments (-$0.6 billion). These were partially offset by $5.1 billion of net cash generated by operations and the issuance of bonds (+$0.5 billion). The Group also held $1.7 billion in fixed deposits with tenors longer than 12 months, classified under other assets. The Group has access to $3.3 billion in committed lines of credit, all of which remain undrawn. Operationally, SIA and Scoot carried a record 42.4 million passengers in FY2026, up 7.7% y-o-y as air travel remained firm. Group passenger load factor (PLF) rose 1.1 percentage points to 87.7%, as traffic growth of 4.7% outpaced capacity expansion of 3.4%. Passenger yields rose 1.0% to 10.4 cents per revenue passenger-kilometre. SIA says it is committed to its 25.1% investment in the Air India Group. SIA is working closely with its partner Tata Sons to support Air India&rsquo s multi-year transformation programme. However, Air India faces headwinds such as industry-wide supply chain constraints, air space restrictions, constraints on operations to its key Middle East markets, and elevated jet fuel prices. |
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| 15-May-2026 11:02 |
CNMC Goldmine
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Goldminer
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CNMC aims to transfer listing from Catalist to Mainboard CNMC Goldmine Holdings has applied for a transfer its listing from Catalist to the Mainboard, to help enhance long-term value for its shareholders. The company says that by doing so, it can " heighten" its image both locally and overseas, as " public investors tend to place a premium" on those listed on the Mainboard, and enjoy better visibility and liquidity. CNMC believes it can also secure a wider platform and greater opportunities for fund raising, including from investors whose mandates restrict their commitment to only Mainboard companies. " The directors believe that this would result in a market valuation that better reflects the underlying value of the group," says CNMC. The company notes that Mainboard listed companies enjoy more analysts' coverage as well. CNMC notes that in the last three financial years, earnings improve from US$4.1 million in FY2023 to US$42.0 million in FY2025. " Throughout this period, the Group has maintained sound profit margins and generated steady operating cash flows, demonstrating the resilience of its core gold mining and processing operations and its ability to operate effectively across varying market conditions," says CNMC. The proposed transfer is subject to conditions including approval from shareholders. CNMC shares closed at $1.35 on May 14, down 4.93%. The day earlier, the company announced that local authorities are asking for higher royalties. |
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| 15-May-2026 11:01 |
CSE Global
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CSE Global
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Data centre demand boosts CSE Global&rsquo s Q1 revenue by 29.1% to S$265.2 million The company&rsquo s Q1 order intake also up 74.6% at S$271.2 million [SINGAPORE] Systems integration specialist CSE Global posted a 29.1 per cent rise in revenue to S$265.2 million for the three months ended Mar 31, boosted by fresh demand from the data centre industry. Q1 revenue from CSE&rsquo s electrification segment rose 50.1 per cent to S$146.3 million, mainly due to &ldquo major&rdquo contracts in the data centre market in the Americas region, the company announced in a business update after trading hours on Thursday (May 14). CSE&rsquo s communications segment logged an 18.5 per cent revenue growth to S$68.6 million, due to contributions from Australia and New Zealand operations, as well as a recently acquired subsidiary. The automation segment&rsquo s revenue remained largely flat at S$50.3 million. Along with the overall top-line growth, CSE&rsquo s Q1 order intake also rose 74.6 per cent to S$271.2 million. Of this, S$177.8 million in order intake came from the electrification segment, quadrupling from the year-ago period. &ldquo The strong order momentum was largely supported by continued demand from the data centre market, in line with the group&rsquo s strategic focus on expanding its presence in the sector,&rdquo CSE said. Order intake in the communications segment rose 20.8 per cent to S$76.9 million. This was driven by acquisitions that expanded the segment&rsquo s presence in the US, as well as stronger order flows in Asia Pacific. The automation segment however saw a 70.4 per cent fall in Q1 order intake, to S$16.4 million. CSE ended Thursday at S$1.69, up by S$0.05 or 3.1 per cent. |
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| 15-May-2026 11:00 |
ThaiBev
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ThaiBev
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Thai Beverage' s 1HFY2026 earnings lower on impairment Thai Beverage has reported earnings of 14.25 billion baht for its 1HFY2026 ended March, down 3.2% from the year earlier' s 14.7 billion baht, as the company booked an impairment loss from discontinued operations. Net profit from normal business operations, meanwhile, was up 7.8% to 19.2 billion baht, driven by stronger sales of spirits, and also lower raw material costs. Revenue in the same period was down 2.5% yo 173.2 billion baht, attributed to softer beer sales. The company plans to maintain its interim dividend at 0.15 baht per share. Thai Beverage notes that its domestic economy enjoyed overall expansion thanks to higher levels of private investments and stronger domestic consumption. " However, the impact of the conflict between Thailand and Cambodia, which affected border trade, tourism, and investment, along with persistently high household debt, remained significant challenges to Thailand&rsquo s overall economic recovery," the company warns. Elsewhere, the economies of Vietnam, Malaysia, and Singapore - Thai Beverage' s key international markets - continued to grow during the period. " However, all three countries continued to face external risks, including geopolitical uncertainties, US trade policies, and the impacts of climate change," the company says. Thai Beverage believes that the alcoholic and non-alcoholic beverage industries in Thailand continue to face challenges, with growth expected to moderate in line with the partial recovery of the economy and tourism sector. Meanwhile, in Vietnam, the alcoholic beverage industry continues to face intense competition, alongside regulatory requirements. Thai Beverage shares closed at 42 cents on May 14, unchanged for the day but down more than 10% year to date. |
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| 15-May-2026 10:59 |
NetLink NBN Tr
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NetLink NBN Trust
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NetLink NBN Trust posts 1.1% rise in H2 DPU to S$0.0271 Company expects its business to &lsquo remain resilient&rsquo despite uncertainties from Middle East conflict [SINGAPORE] Fibre network operator NetLink NBN Trust posted a 1.1 per cent rise in distribution per unit (DPU) to S$0.0271 for the half-year ended Mar 31, as more government project completions drove top-line growth. H2 revenue was up 2.1 per cent to S$206.3 million, thanks to higher revenue from the ancillary project, co-location and central office segments, the company announced after trading hours on Thursday (May 14). Ancillary project revenue was driven by more government project completions, while central office revenue was driven by the recovery of higher maintenance-related costs incurred in these offices. The H2 revenue increase was partially offset by lower revenue from installations and other areas. This was due to lower orders for non-residential terminal point installations and fewer point-to-point installations, amid slower project activity. Despite the top-line growth, H2 profit after tax fell 15.1 per cent to S$39.8 million. This came amid an 8.5 per cent increase in expenses for the half-year to S$174.6 million, partly due to maintenance requirements of its new Seletar Central Office, as well as higher staff costs. For the full year, NetLink&rsquo s DPU rose 1.1 per cent to S$0.0542 cents, on the back of a 1.6 per cent revenue increase to S$413.4 million. The company noted that the Middle East conflict has introduced &ldquo renewed uncertainty, particularly from energy price volatility and supply-side pressures&rdquo . It also expects higher operating costs and depreciation from the Seletar Central Office and ongoing investments into systems and fibre network infrastructure. This is set to erode profit after tax. Nevertheless, these capital investments are &ldquo eligible for regulatory recovery in future periods&rdquo , NetLink noted. The company expects its business to &ldquo remain resilient, supported by the essential nature of its services and its regulated business model&rdquo , and for FY2027 DPU to &ldquo remain stable&rdquo relative to the latest financial year. NetLink ended Thursday flat at S$1.02. |
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| 15-May-2026 10:58 |
Tai Sin Electric
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tai sin on bullish breakout
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From Tai Sin Electric to Toku: Industrials, tech stocks rule in RHB&rsquo s refreshed list of small-cap &lsquo jewels&rsquo Those listed have, for example, compelling valuations, strong balance sheets and growth potential [SINGAPORE] Industrial and technology counters make up more than half of RHB&rsquo s latest list of preferred small-cap stocks under S$1.5 billion in market capitalisation, as the research house bets on themes tied to artificial intelligence, semiconductors and data centres. Published on Wednesday (May 13), the 16th edition of RHB&rsquo s Singapore Small-Cap Jewels report features 20 Singapore-listed companies that the brokerage believes have a &ldquo great probability of generating good returns for investors&rdquo . About 60 per cent of the companies featured in this year&rsquo s edition were excluded in the previous two editions, reflecting what RHB described as a &ldquo deliberate refresh&rdquo of its stock selection. The picks were derived from top-down thematic ideas and bottom-up fundamental analysis. RHB said three broad pillars underpin this year&rsquo s list: international and regional growth, the technology value chain, and domestic structural trends. The report&rsquo s picks also provide exposure to the property, construction, oil and gas, and healthcare sectors. RHB said that every stock featured in the report exhibits at least one key fundamental characteristic, including compelling valuations, strong balance sheets, cash-generation capabilities, growth potential or event-driven catalysts. The following are some of RHB&rsquo s top small-cap picks: Industrials Civmec : P9D +0.71%: The engineering company&rsquo s order book for H1 FY2026 stood at A$1.4 billion (S$1.2 billion), up 8 per cent year on year from about A$1.3 billion, after it won more tenders in the first half of this year. RHB analysts noted that Civmec is also &ldquo well-positioned&rdquo to win large-scale defence and naval shipbuilding contracts under the Henderson Defence Precinct project, a proposed multi-billion dollar investment project by the Australian government in Perth, Australia. Tai Sin Electric : 500 0%: The electrical manufacturing and solutions group is likely to benefit from domestic construction demand in Singapore. More structural shifts in the data-centre landscape also offer &ldquo significant earnings uplift potential&rdquo for the group, said the analysts. The group is also diversifying its revenue streams by acquiring new energy businesses, such as solar equipment distributor BayWare Solar System. Skylink Holdings : XZB -1.85%: The commercial vehicle leasing company stands to grow from Singapore&rsquo s push for greater EV adoption. The company can bolster its EV fleet through government grants, and reap better rental margins and returns on its assets. Amid high oil prices, Skylink has transitioned 16 of its existing customers to EVs. It also deployed 43 new EV units in Q4 of 2025. Tech selections Frencken Group : E28 +1.49%: The integrated technology solutions firm is expected to benefit from the global surge in semiconductor sales. The analysts said: &ldquo We expect customer inventory to clear up by H1 this year, followed by a restocking of orders that will see earnings accelerate into H2.&rdquo The group also continues to support key customers in Europe, and customers which have moved their production to Asia. Valuetronics : BN2 -0.98%: RHB noted that the company&rsquo s earnings are recovering to their pre-Covid-19 levels, backed by a strong net cash balance sheet. Valuetronics&rsquo growth is led by new customers, higher-margin businesses and increased manufacturing capacity, said the analysts. For example, its Vietnam factory can cater to customers that are diversifying their production away from China. RHB also expects Valuetronics to post better margins as it phases out its low-margin businesses, such as legacy consumer electronic products. CSE Global : 544 +4.73%: The global systems integrator is expected to benefit from data-centre deployment in Singapore and the US. RHB believes CSE has a strong earnings outlook, backed by Amazon&rsquo s US$1.5 billion in project orders. The company is also expanding its market presence and strengthening its engineering and technology capabilities through acquisitions. SGX debutantes Toku : TKU -1.92%: The customer-experience software company, which listed on the Catalist board in January, offers exposure to growth in the global contact solutions market, said RHB. Toku also plans to grow beyond the Asia-Pacific it entered Latin America and the Middle East markets in 2025, and four European countries in early 2026. Coliwoo Holdings : W8W 0%: The company, which listed on the SGX in November 2025, is likely to benefit from the Middle East conflict. The potential influx of expatriates and students into Singapore as a result of the conflict could push up rental demand. Coliwoo&rsquo s core net profit for H1 FY2026 stood at S$8.6 million, up 14 per cent year on year. RHB is positive on the group&rsquo s recent plan to divest its mature assets and engage in strategic acquisitions. Info-Tech Systems : ITS -4.41%: The group&rsquo s key strength lies in its ability to build and maintain a locally compliant, integrated payroll engine in four markets &ndash Singapore, Malaysia, Hong Kong and India, said the RHB analysts. It is expected to outperform, delivering a higher revenue compound annual growth rate of 10.5 per cent, driven by scalable platform architecture and attractive pricing. |
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| 15-May-2026 10:57 |
UnionSteel
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UnionSteel
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Union Steel increase Stake at 0.9 cents per share in Eneco Energy
Key Transaction Highlights
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| 14-May-2026 11:09 |
Genting Sing
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genting sing
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Genting Singapore Q1 net profit drops 55% to S$65.2 million on lower gaming revenue Ongoing conflict in the Middle East and current geopolitical developments have raised cost pressures [SINGAPORE] Genting Singapore : G13 -10.87%, which operates Resorts World Sentosa (RWS), on Tuesday (May 12) posted a net profit of S$65.2 million for its first quarter ended Mar 31, down 55 per cent from S$145 million in the year-ago period. Group revenue fell 3 per cent on the year to S$607.6 million from S$626.2 million, driven by lower gaming revenue which dropped 8 per cent to S$403.4 million from S$437.5 million. The group said that &ldquo steady operational progress&rdquo was made in the quarter, noting that gaming revenue showed &ldquo improving momentum towards the end of the period&rdquo . Meanwhile, non-gaming revenue rose 8 per cent on the year to S$204.1 million from S$188.5 million, supported by higher visitation to key attractions including Universal Studios Singapore and the Singapore Oceanarium at RWS. Adjusted earnings before interest, taxes, depreciation and amortisation fell 24 per cent to S$179 million from S$235.8 million in the previous corresponding period. Genting Singapore said that the ongoing conflict in the Middle East and current geopolitical developments have increased cost pressures across supply chains. This has led to higher energy, freight and logistics expenses, while elevated airfares also weighed on travel demand and dampened consumer sentiments. The group noted that it will address these challenges while seeking to capture opportunities through targeted programming and market-focused initiatives. It will also focus on asset optimisation to enhance guest experience and broaden revenue streams. This includes delivering seasonal events and promotions to improve resort vibrancy and guest engagement, alongside refreshed lifestyle and dining concepts. Recent openings in April include premium day spa Bodhi Spa at luxury hotel The Laurus, alongside Quan Hotpot restaurant and the addition of new tenants such as People People Brewing Co. The group has also launched attraction season passes to drive repeat visitation. The integrated resort operator&rsquo s Q1 profit is in contrast with that of Marina Bay Sands, which on Apr 22 reported a new high for the first quarter. Its earnings climbed 30.2 per cent to US$788 million &ndash or S$1 billion &ndash for the three months ended Mar 31. In its previous earnings in February, Genting Singapore&rsquo s net profit for the second half of its financial year declined 30 per cent year on year to S$155.6 million, from S$222 million, although revenue rose 5 per cent to S$1.24 billion, from S$1.17 billion previously, as newly refreshed offerings lifted resort activity. The group said then that ongoing capital expenditure for its RWS 2.0 transformation had affected its cash flow and balance sheet. It added that the refreshment of existing assets and construction progress led to significant cash outflows. The counter ended 1.5 per cent or S$0.01 higher at S$0.69 before the news. |
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| 14-May-2026 11:08 |
Valuetronics
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Valuetronic
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Valuetronics shares drop 18.2% after warning of &lsquo significant&rsquo earnings slide The dip stems primarily from issues with Hong Kong-based Trio AI, in which the company holds a 26.6% stake [SINGAPORE] Mainboard-listed electronics manufacturer Valuetronics Holdings on Tuesday (May 12) said it expects to report a &ldquo significant&rdquo drop in net profit for its 2026 financial year. It cited non-cash impairments linked to Trio AI, a Hong Kong-based joint venture in which Valuetronics holds a 26.6 per cent equity stake. Though listed in Singapore, Valuetronics is headquartered in Hong Kong with manufacturing operations in China. Shares of Valuetronics fell as much as 20.8 per cent to S$0.935 as at 10 am on Wednesday. They pared some losses and were 18.2 per cent down as at 3.35 pm. The company expects to recognise provisions against the carrying amount of its investment cost, advances made to the venture and outstanding receivables. Additionally, Valuetronics will take a hit on graphics processing units (GPUs) and ancillary hardware deployed to Trio AI under an equipment leasing arrangement, as well as undeployed assets held by the broader group. The impairments follow Trio AI&rsquo s failure to achieve sufficient commercial traction, despite the admission of a new joint venture partner in September 2025 that was intended to bolster its capital base and commercialisation efforts. The injection of additional working capital did not yield an improvement in business performance. Compounding the financial drag, Trio AI has missed contractual due dates for certain rental payments owed to Valuetronics for the leased equipment. Valuetronics established Trio AI to provide GPU and artificial intelligence-related cloud services in Hong Kong, acquiring the necessary hardware through its wholly owned subsidiary, Computing Assets. The company cited &ldquo uncertainties relating to Trio AI&rsquo s business outlook, funding requirements and commercialisation progress&rdquo as the basis for the expected provisions. Valuetronics is currently finalising its unaudited financial statements for FY2026 and is expected to release its full results before market open on May 28. |
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| 14-May-2026 11:07 |
ComfortDelGro
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COMFORT DELGRO - MOVING FORWARD
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ComfortDelGro posts 16.1% drop in 1QFY2026 patmi to $40.5 mil amid &lsquo challenging start&rsquo ComfortDelGro has reported patmi of $40.5 million for the 1QFY2026 ended March 31, 16.14% lower y-o-y, amid a &ldquo challenging start&rdquo to 2026. Revenue, however, was up by 5.13% y-o-y to $1.23 billion driven by long-term contracts from the group&rsquo s public transport segment, offset by &ldquo challenges&rdquo from its taxi/private-hire vehicle (PHV) arm. Revenue from the group&rsquo s overseas markets made up 52.6% of the total sum. During the quarter, CDG&rsquo s public transport business reported revenue of $814.5 million, 7.2% higher y-o-y. Operating profit rose by 2.7% y-o-y to $37.7 million thanks to fare incrases and higher rail ridership in Singapore, the renewal of the UK Metroline London public bus contracts at improved margins, as well as reimbursements from Metroline Manchester in 1QFY2025. The group&rsquo s Australia performance was &ldquo broadly stable&rdquo . Revenue for the taxi/PHV segment fell by 7.13% y-o-y to $239.7 million as CDG&rsquo s taxi fleet size fell, in tandem with the overall fleet size in Singapore. The group&rsquo s Australian network also contracted from competition and cautious consumer spending while its UK trip volumes were impacted by fewer airport transfers due to the Middle East conflict. Operating profit for this segment plunged 46.73% y-o-y to $17.1 million. Other private transport, which includes private bus, non-emergency patient transport (NEPT) and corporate vehicle leasing, saw revenue increase by 15.18% y-o-y to $108.5 million. However, the segment reported an operating loss of $0.9 million from an operating profit of $0.7 million, due to lower disruption job volumes for CMAC in the UK and the European Union (EU), as well as inflationary cost pressures in non-emergency patient transport (NEPT) in Australia. Inspection & testing services reported revenue of $36.7 million, 11.89% higher y-o-y, while operating profit was up by 34.44% y-o-y to $12.1 million thanks to on-board unit (OBU) installations for the second iteration of the Electronic Road Pricing (ERP) system. Other segments, which includes CDG&rsquo s driving centre, bus station, insurance, media, logistics, electric vehicle (EV) charging and corporate overheads, reported revenue of $28.4 million, 15.92% higher y-o-y, while operating profit fell by 83.33% y-o-y to $0.5 million. The figures factor in business development costs for overseas rail tenders, as well as the bus advertising concession fees introduced as part of the new single operator contract to manage advertising spaces across Singapore&rsquo s public bus network. In its update, the group says it is looking to shift from a taxi-led operator to a &ldquo hybrid fleet-and-platform model&rdquo , building autonomous vehicle (AV) capabilities. Among its initiatives, the group is looking to strengthen its fleet operations, enhance its platform capabilities and scale enterprise mobility. It is also seeking to rebalance its customer segment mix into four key areas: the business-to-business (B2B)/premium segment, specialised transport, business-to-consumer (B2C) mass market and global corporate & airport transfers. CDG is also seeking to build and scale AV ecosystems globally by integrating AV technologies across real-world transport networks. As at end-March, the group says its &ldquo healthy balance sheet and strong operating cashflows&rdquo makes it &ldquo well positioned&rdquo for building future capabilities. Cash and cash equivalents stood at $929.2 million at the same date. Shares in CDG closed 2 cents lower or 1.39% down at $1.42 on May 13. |
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| 14-May-2026 11:06 |
AEM SGD
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AEM Bull run
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AEM' s 1QFY2026 earnings surge 329.4% y-o-y Chip tester AEM Holdings has reported earnings of $14.35 million for its 1QFY2026, a 329.4% y-o-y jump, on the back of a 35% increase in revenue to $116.9 million, as it fulfilled more orders from its key customers. In anticipation of a better year, AEM has raised its GY2026 revenue guidance by around a fifth to $550 million to $600 million. The company is eyeing a US$3 billion serviceable available market across its various customer categories and this amount is seen to swell to US$4.5 billion in 2028. AEM CEO Samer Kabbani calls 1Q2026 the start of a multi-year earnings upcycle for the company - one that is " grounded in structural industry change rather than cyclical recovery." AEM shares closed at $8.35 on May 13, up 10.74%. |
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| 14-May-2026 11:05 |
Daiwa Hse Log Tr
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DHLT
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Daiwa House Logistics Trust posts 12.4% fall in Q1 NPI on weaker foreign currencies Also cited for the decline is a lower contribution from its Japan portfolio [SINGAPORE] Daiwa House Logistics Trust : DHLU 0% (DHLT) reported a 12.4 per cent year-on-year decline in its net property income (NPI) for its first quarter ended Mar 31, to S$9.7 million from S$11.1 million a year earlier. In a business update on Wednesday (May 13), the trust&rsquo s manager attributed the decline to the weakening of foreign currencies &ndash specifically the Japanese yen and Vietnamese dong &ndash against the Singapore dollar, as well as lower contributions from the trust&rsquo s Japan portfolio due to vacancies. The Japan portfolio&rsquo s NPI fell by 4.9 per cent to 1.1 billion yen (S$8.9 million) due to higher vacancies. Vietnam&rsquo s remained stable at 11.7 billion dong (S$565,063). However, the trust&rsquo s property in the country, D Project Tan Duc 2, improved its NPI on a cash basis by 2.7 per cent in dong terms, driven by built-in rent increases, the manager said. The update did not include figures on revenue. The manager said that portfolio occupancy remained stable at 87.8 per cent as at Mar 31. Of the 19 properties in the group&rsquo s portfolio, 16 were at full occupancy. &ldquo Of the three leases expiring in the second quarter of FY2026, one lease has been renewed, with another expected to be renewed, both at higher rent, while discussions with a potential tenant are ongoing for the space to be vacated,&rdquo the manager added. The trust maintained a &ldquo healthy&rdquo capital management profile with an aggregate leverage of 40.6 per cent and an interest coverage ratio of 5.1 times. The manager observed that the &ldquo demand and supply dynamics of logistics space in Japan are rebalancing&rdquo . It added that it expects demand for logistics facilities in Japan to &ldquo remain firm, supported by the continued growth of e-commerce and third-party logistics sectors" . &ldquo Following years of substantial supply to the logistics sector in Japan, new supply is expected to moderate going forward as rising construction costs impact future facility developments.&rdquo The manager also expects the long-term prospects of Vietnam&rsquo s logistics sector to be &ldquo healthy, supported by a resilient economy, e-commerce expansion (and) government support&rdquo . Jun Yamamura, CEO of the manager, noted that the conflict in the Middle East has &ldquo added further uncertainties to global economies&rdquo . &ldquo While no immediate direct impact on DHLT&rsquo s portfolio was observed, we remain cognisant that it may weigh on the wider economy of the markets that DHLT operates in, the interest rate environment, as well as foreign exchanges.&rdquo Units of DHLT closed flat at S$0.49 on Wednesday, after the release of the business update. |
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