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| 29-Apr-2026 11:40 |
Mapletree Ind Tr
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MAPLETREE Industrial Trust (MIT)
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Mapletree Industrial Trust Q4 DPU falls 8%
Distribution per unit for FY2026 totals S$0.1271, down from S$0.1357 a year earlier
[SINGAPORE] Mapletree Industrial Trust ( MIT : ME8U +0.49%) posted a distribution per unit (DPU) of S$0.0309 for its fourth quarter ended Mar 31. This was 8 per cent lower than the DPU of S$0.0336 in the same period last year. In a bourse filing on Tuesday (Apr 28), MIT&rsquo s manager reported that revenue fell 7.9 per cent to S$163.8 million, from S$177.8 million a year earlier. The manager primarily attributed the revenue dip to an &ldquo absence of income&rdquo following divestments in its Singapore portfolio in August 2025, the non-renewal of leases in its North American portfolio, as well as the depreciation of the US dollar and Japanese yen against the Singapore dollar. These were partially offset by higher revenue from new leases and renewals in the Singapore portfolio and the completion of final fitting-out works at the Osaka Data Centre in May 2025. Net property income (NPI) for the quarter decreased 8.6 per cent to S$119.9 million. The manager noted that this occurred alongside a 5.8 per cent reduction in property operating expenses to S$43.9 million, after the Singapore divestments. Borrowing costs declined 27.4 per cent to S$18.7 million in Q4 FY2026 from a year earlier. The manager attributed this to the repayment of loans using proceeds from the Singapore divestments and lower interest on unhedged floating-rate loans. Distributable income for unitholders fell 7.9 per cent year on year to S$88.2 million in Q4 FY2026. The distribution will be paid out on Jun 12, after the record date on May 7. On a full-year basis, MIT&rsquo s DPU totalled S$0.1271, compared with S$0.1357 for the previous financial year. Revenue declined 5.5 per cent to S$673 million in FY2026, while NPI retreated 5.9 per cent to S$500.4 million. The trust&rsquo s aggregate leverage ratio fell to 34 per cent as at Mar 31, from 40.1 per cent a year earlier. The manager highlighted several upcoming headwinds, including the &ldquo confirmed non-renewal of leases&rdquo in its North American portfolio in FY2027, and &ldquo higher borrowing costs from the repricing of maturing interest rate swaps&rdquo . Geopolitical tensions and inflationary pressures on operating costs also remain key concerns, it added. The manager said it intends to pursue &ldquo selective divestments&rdquo of S$500 million to S$600 million in North America to &ldquo enhance MIT&rsquo s financial flexibility and redeploy capital into markets and assets that can provide sustainable growth&rdquo . Units of MIT closed 0.5 per cent or S$0.01 higher at S$2.06 on Tuesday, before the results. |
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| 29-Apr-2026 11:39 |
YZJ Maritime
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YZJ Maritime
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DBS (YZJ Maritime Maritime alpha generator) Reiterate BUY TP SGD0.88 stock offers decent 3% dividend yield
- Secures 10 eco-compliant newbuilds across tankers and bulk carriers, deliveries through 2027&ndash 2029
- Expands fleet to 105 vessels, with 53 newbuildings under construction
- Funded via equity co-investment and debt, accelerating capital deployment and return enhancement
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| 29-Apr-2026 11:38 |
GDS Global
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small ipo..can fly ? or fry?
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GDS Expands Island-Wide Maintenance Portfolio with New Town Council Contract
GDS Global Limited (&ldquo GDS&rdquo or the &ldquo Company&rdquo , and together with its subsidiaries, the &ldquo Group&rdquo ), a leading specialist provider of commercial and industrial door and shutter solutions in Singapore and the South East Asia region, is pleased to announce that its wholly-owned subsidiary, Gilderol Doors (S) Pte. Ltd., has been recently awarded a new 2-year maintenance contract for door and shutter systems from a town council in the central region of Singapore, further strengthening its foothold in the public and municipal infrastructure segment.
Reflecting the continued demand for reliable servicing and upkeep of door and shutter systems across essential infrastructure in Singapore, the latest contract builds on the Group&rsquo s growing base of town council maintenance contracts.
Leveraging on more than 40 years of engineering expertise in this niche field, the Group&rsquo s in-house technical team provides a full suite of maintenance solutions designed to ensure life-safety and asset protection.
The Group currently maintains thousands of doors and shutter systems across a wide range of sectors, including public infrastructure, commercial and industrial buildings, logistics facilities, healthcare institutions, education and data centres island-wide, among others.
The contract is not expected to have a material financial impact for the financial year ending 30 September 2026.
Mr Tang Hee Sung, Non-Executive Non-Independent Chairman, commented: &ldquo This new contract reflects our established strengths and track record in maintenance and servicing capabilities, backed by over 40 years of engineering expertise in the niche field of door and shutter systems that play a critical role in safeguarding assets, enabling secure and efficient access.
In addition to expanding our recurring service portfolio and revenue base, this new contract also strengthens our position as a full lifecycle solutions provider, positioning the Group to capture follow-on opportunities in system upgrades, replacements, and compliance-driven enhancements with our premium shutter solutions.&rdquo
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| 28-Apr-2026 11:35 |
Keppel
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Keppel Corp
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Keppel begins arbitration against partners in Vietnam JV hit by 6.9 trillion dong bill While investment is expected to be profitable, earnings may decline if fees are not fully borne by partners, says group [SINGAPORE] Keppel : BN4 -4.76% has commenced arbitration proceedings against three entities it entered into an investment with in 2016, concerning a residential and mixed-use development project in Vietnam. Its wholly owned subsidiary Corredance is seeking declarations that the three entities are fully liable for some 6.9 trillion dong (S$330 million) of additional land use fees that the authorities have imposed on Empire City, a joint venture (JV) established for the project that is 40 per cent owned by Corredance. The subsidiary is also seeking an indemnity for any losses that it may incur with respect to the fees, Keppel said on Monday (Apr 27). The unit has filed a notice of arbitration with the Singapore International Arbitration Centre against Denver Power, Tien Phuoc Real Estate Joint Stock Company and Tran Thai Lands Company. Keppel said the unit &ldquo has commenced the arbitration against the respondents to protect its interests, and will pursue its claims vigorously&rdquo . &ldquo Corredance maintains the view that (it) is not responsible for the (additional land use fees), and such costs should be borne by the respondents.&rdquo The investment in Empire City is &ldquo currently expected to remain profitable for Corredance&rdquo , based on the current carrying cost of the land plots used in the project, added Keppel. However, the investment&rsquo s overall profitability would be reduced if the additional land use fees were not fully borne by the respondents, it said. In March 2016, Corredance entered the investment agreement with the three entities and Empire City. The JV was established for the construction, development and operation of residential and mixed-use developments in the south of the core of Thu Thiem New Area in Ho Chi Minh City, Vietnam. Around end-2025, Empire City was informed that the relevant authorities had imposed around 6.9 trillion dong worth of additional land use fees on it for the use of the land plots in the area, Keppel said. Empire City has lodged formal requests with the relevant authorities to amend the decisions and quantum of the additional land use fees, which remain pending. Under the arbitration, Corredance&rsquo s claims relate to the three parties&rsquo liability in connection with warranties and representations they had provided to the unit in the investment agreement, said Keppel. These warranties and representations concern approvals received by Empire City for the use of the land plots and associated fees. The company said it will provide further updates on material developments. Keppel shares closed on Friday at S$11.55, 0.6 per cent or S$0.07 lower. |
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| 28-Apr-2026 11:34 |
Centurion
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Centurion Corp
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Centurion acquires second key worker accommodation asset in Western Australia for A$28.6 million The freehold property comprises 77 apartments across six storeys [SINGAPORE] Living-accommodation provider Centurion : OU8 -1.82% on Monday (Apr 27) announced that it signed an agreement to buy an operational key worker accommodation in South Hedland, Western Australia, for about A$28.6 million (S$26.1 million). The freehold property comprises 77 apartments across six storeys. It consists of 35 one-bedroom, 36 two-bedroom and six three-bedroom apartments. It sits on a 5,378 square metre site. This will be the second acquisition of such an asset in Western Australia of the group, following its acquisition of Velocity Village and Velocity Motel and Bistro in Karratha earlier this month. The asset commands &ldquo recurring demand&rdquo from workers in the mining and resources sector, alongside essential services workers in government and healthcare sectors requiring quality accommodation and amenities, said the group. It is expected to be earnings accretive upon completion of the acquisition, a statement on Monday noted. Kong Chee Min, chief executive officer of Centurion, said: &ldquo We are moving with intent to scale this new segment, alongside our established worker and student accommodation businesses. We will continue to pursue further opportunities in this segment.&rdquo Shares of Centurion closed flat at S$1.65, prior to the announcement. |
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| 28-Apr-2026 11:33 |
CapLand Ascendas RE
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Ascendasreit
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CapitaLand Ascendas Reit&rsquo s portfolio occupancy dips to 90.5% in Q1 rental reversion slows Occupancy in Australia falls 1.4 percentage points quarter or quarter in Singapore, it slips by 0.6 percentage points [SINGAPORE] CapitaLand Ascendas Reit&rsquo s (Clar) : A17U -0.39%portfolio occupancy fell to 90.5 per cent from 90.9 per cent in the preceding quarter, said its manager in a business update on Monday (Apr 27). Changes in occupancy were mixed across the real estate investment trust&rsquo s (Reit) portfolio. Australia saw the biggest decrease, falling 1.4 percentage points from the previous quarter to 93 per cent. Clar&rsquo s manager attributed this primarily to a lease expiry for a logistics property in Melbourne. Singapore&rsquo s portfolio occupancy dipped 0.6 percentage points quarter on quarter to 90.6 per cent. This came as occupancy within multi-tenant buildings fell 0.8 percentage points to 88.2 per cent, from 89 per cent in the quarter before, noted the manager. Clar&rsquo s United Kingdom and Europe portfolio was a bright spot, with occupancy inching up 1.1 percentage points from the preceding quarter to 93.1 per cent. This was driven by the acquisition of six fully-occupied Grade-A logistics properties in Spain, said the manager. In the US, occupancy climbed 0.2 percentage points quarter on quarter to 85.7 per cent. In terms of rental performance, Clar&rsquo s average portfolio rental reversion for renewed leases fell to 10.6 per cent in Q1, from 19.6 per cent in the previous quarter. The US recorded the highest reversion at 15.1 per cent, followed by Singapore at 10.5 per cent and Australia at 3.5 per cent. The manager noted that no renewals were signed during the period in its United Kingdom and Europe portfolio. For the full 2026 financial year, Clar&rsquo s manager forecasts rental reversion to be &ldquo mid single-digit&rdquo . The business space and industrial Reit&rsquo s portfolio weighted average lease expiry remained stable at 3.8 years. Meanwhile, aggregate leverage stood at 42 per cent as at Mar 31, 2026, up from 39 per cent as at Dec 31, 2025. The manager noted that aggregate leverage is expected to improve to around 37.3 per cent in April 2026, following an equity fund raising of S$903.5 million. This is under the assumption that net proceeds are fully used to repay debt facilities and before the completion of the acquisitions of a 49 per cent interest in a data centre in Japan and a 100 per cent interest in 25 Loyang Crescent in Singapore. Weighted average all-in debt cost remained steady quarter on quarter at 3.5 per cent. More broadly, downside risks amid the Middle East conflict dominate the macroeconomic outlook. Nevertheless, the Reit&rsquo s manager said: &ldquo With a strong balance sheet and healthy liquidity, Clar is well-positioned to leverage growth opportunities to deliver sustainable returns.&rdquo Units of Clar closed 0.4 per cent or S$0.01 lower at S$2.54 on Monday. |
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| 28-Apr-2026 11:32 |
CapLand Ascott T
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Trust in its recovery
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CapitaLand Ascott Trust Q1 distribution income &lsquo relatively stable&rsquo RevPAU up 1% at S$137 in corporate strategy, capital management and IR. The listing rule changes SGX RegCo unveiled last week would ensure that issuers actually make use of these skills to deliver shareholder value. This also seems to be an opportune moment to push issuers to adopt a more shareholder friendly stance. Through the Equity Market Development Programme, a total of S$6.5 billion is in the process of being allocated to fund management firms with a strong focus on Singapore stocks. SGX has also announced moves to drive price discovery and reduce trading friction &ndash for example, through the reduction in the board lot size of higher priced stocks. The result has been a strong market rally and heightened trading volumes. Since the beginning of 2025, the Straits Times Index has advanced nearly 30 per cent while the iEdge Singapore Next 50 Index has climbed 33.9 per cent. In March, securities market turnover increased 78 per cent year on year to S$52.8 billion. Securities daily average value for the month was S$2.4 billion, up 62 per cent year on year. Against this backdrop, companies that take steps to unlock value, or that simply have the potential to do so, are likely to see their shares re-rated by the market. Despite the concerns some market watchers have raised about smaller companies lacking the wherewithal to cope with the additional compliance burden, it seems unlikely to me that many corporate boards will resist SGX RegCo&rsquo s push for better disclosures in the current climate. Not prescriptive enough? Judging from the examples SGX RegCo provided in its consultation paper, the enhanced disclosures do not even seem all that onerous. One suggested dividend policy description reads: &ldquo In balancing the need for a satisfactory return to shareholders against the company&rsquo s investment requirements to ensure sustainable growth, the company&rsquo s dividend policy does not adopt any quantified dividend targets or fixed payout ratios. &ldquo The board will declare or recommend dividends where it considers that doing so is appropriate, having regard to the availability of distributable profits, reserves and cash, working capital requirements, projected capital expenditure, and investment requirements.&rdquo In my view, this could serve as a handy motherhood statement for companies that do not have a dividend policy. The big question is whether the enhanced disclosures have the intended effect of unleashing the disciplining power of the market. If a company with an underperforming share price were to publish such an uninformative dividend policy in its annual report, its shareholders may begin asking tough questions about its capital expenditure needs, and whether its balance sheet could be better managed. Indeed, SGX RegCo is seeking feedback through its public consultation on whether the proposed requirement for issuers to maintain and describe their dividend policy should be broadened to cover other aspects of their capital management framework. My sense is that SGX RegCo should just go ahead and ask that boards provide more transparency on their thinking around the issue of capital management. Investors are not just entitled to their share of a company&rsquo s dividend payouts they are also collective owners of its retained earnings, and will naturally be interested in how those funds are used. Yet, many institutional investors may simply not engage with companies that are not already expressing a strong narrative on shareholder value &ndash especially the small and mid-cap companies that are not part of a key market index. Hence, a more prescriptive approach seems warranted here. In my view, SGX RegCo should ask companies to describe how they prioritise organic growth, acquisitions, debt management and returning capital to shareholders. Companies should also be asked under what circumstances they would pursue share buybacks instead of paying dividends. |
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| 28-Apr-2026 11:31 |
CapLand Ascott T
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Trust in its recovery
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OCBC' s Lim maintains ' buy' on CLAS but lowers fair value to 95 cents Ada Lim of OCBC Group Research has maintained her " buy" call but reduced her fair value for CapitaLand Ascott Trust (CLAS) from $1.01 to 95 cents, after factoring in higher risk premium from the geopolitical tensions in the Middle East. In its first quarter business update, gross profit for the quarter was lower because of the closure of various properties. On the other hand, the REIT managed stronger same-store operating performance. Operationally, portfolio revenue per available unit (RevPAU) grew 1% y-o-y to $137 on a same-store basis, driven by average daily rates (ADR) while occupancy was flat at 77%. Distribution income for the quarter remained relatively stable due to top-ups from past divestment gains and lower interest costs. In her April 27 note, Lim says that CLAS is not directly impacted by the Iran war as it does not have properties located in the Gulf Area. As a source market, the Middle East makes up around 2% of total guests at its Ascott-managed properties. However, second-order effects will likely take time to emerge and are challenging to quantify, and that the conflict, if prolonged will lead to higher airfares as jet fuel scarcity may weigh on long-haul travel demand, partially offset by stronger domestic and regional demand. Meanwhile, CLAS has to manage lofty energy prices which will lead to higher operating costs. In FY2025, electricity made up around 4% of the REIT' s operating costs. According to Lim, utility costs for master leases and living sector assets are largely borne by the master lessees and tenants, respectively. For management contracts and management contracts with minimum guaranteed income, CLAS has secured fixed rates with energy brokers until the end of 2026 in most instances. As such, CLAS is looking to defer non-critical capex, and AEI schedules may be adjusted in view of potentially higher renovation costs. " We think CLAS&rsquo s performance should remain resilient given its exposure to stable income sources," says Lim, referring to how 67% of CLAS' s 1QFY2026 gross profit are as such. Lim has kept her dividend per share forecast but has trimmed that of the coming FY2027' s by 0.2%. She has also increased her cost of equity assumption to 7.7% on higher equity risk premium to account for uncertainties from the war. CLAS, which last traded at 91 cents, is down 6.25% year to date. |
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| 28-Apr-2026 11:29 |
Addvalue Tech
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Addvalue Tech
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Addvalue Tech proposes Nasdaq spin-off listing of wholly owned unit Addvalue Solutions deals with the group&rsquo s activities involving the Inter-Satellite Data Relay System [SINGAPORE] Addvalue Technologies on Monday (Apr 27) said that it submitted an application to the Singapore Exchange proposing a spin-off listing of its wholly owned subsidiary, Addvalue Solutions (AVS), on the Nasdaq stock exchange. A bourse filing noted that a new entity incorporated as a holding company of AVS will undertake an initial public offering of its shares. AVS is the unit of Addvalue Tech which deals with the group&rsquo s business and commercial activities involving the Inter-Satellite Data Relay System (IDRS). It serves to establish connection between network operators and their space assets. The group said that it may undertake an &ldquo internal restructuring exercise&rdquo , where AVS and any other entities engaged in the IDRS business would be transferred or grouped under a newly incorporated investment holding company. &ldquo As at this juncture, it is the intention of the company to hold no less than 51 per cent of the issued and paid-up share capital of the holding company after completion of the IPO,&rdquo noted Addvalue Tech. The proposed spin-off listing is subject to shareholders&rsquo approval. Shares of Addvalue Tech : A31 +29.66% closed flat at S$0.118 on Friday. |
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| 28-Apr-2026 11:28 |
CapLand IntCom T
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CICT - New Directions Together
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Paragon&rsquo s value lies in the opportunity for CICT to transform an ageing gem The trust has the means and expertise to add value to the trophy Orchard Road asset [SINGAPORE] Astute real estate investment trust (Reit) managers rejig Reit portfolios to boost returns to unitholders. The manager of market leader CapitaLand Integrated Commercial Trust : C38U -2.42% (CICT) is doing just that with the trust&rsquo s proposed purchase of a 100 per cent interest in Paragon and sale of all of Asia Square Tower 2. Grade A office space and ancillary retail space at Asia Square Tower 2 in the Marina Bay precinct is being sold at an agreed property value of S$2.476 billion &ndash 9.9 per cent above the independent valuation of S$2.252 billion as at end-2025. Paragon, located along Orchard Road, is being purchased at an agreed property value of S$3.9 billion. The property has a total net lettable area of around 714,900 square feet (sq ft), comprising about 491,800 sq ft of retail space and 223,100 sq ft of medical suites and offices. CICT&rsquo s net entry yield for Paragon is 3.9 per cent per annum while its exit yield for Asia Square Tower 2 is 3 per cent per annum. And the manager expects CICT to enjoy an uplift in distribution per unit (DPU). Still, over the long term, what is truly exciting is that Paragon is high-quality real estate that has potential for transformation. King of Orchard Road One, snaring Paragon will give CICT a commanding presence in Singapore&rsquo s premier Orchard Road shopping belt. The trust&rsquo s portfolio includes Orchard Road area assets &ndash Ion Orchard, Plaza Singapura and The Atrium@Orchard. The street&rsquo s position as a leading retail destination is being challenged at home and abroad. At home, The Shoppes at Marina Bay Sands is capturing luxury retail shoppers, while numerous large suburban and city-fringe malls satisfy a wide range of the needs of residents. Abroad, mega malls have sprouted up across many major Asian cities. Nonetheless, do not discount Orchard Road&rsquo s prospects as a retail and lifestyle destination. Orchard Road has plenty of retail space &ndash scale will help the street stand out at home and be competitive internationally. Its retail and lifestyle spaces can benefit greatly from Singapore drawing wealthy migrants and high-spending international visitors. As a beacon of stability in a chaotic world, Singapore is well-positioned to grow as a wealth management and business hub, thereby drawing more wealthy individuals and top talent to become permanent residents and citizens. As a safe and efficient destination, the Republic, which is investing heavily to improve its tourism offering, can attract more international visitors. In short, major trends support Orchard Road&rsquo s development as a retail and lifestyle destination. As the street&rsquo s leading retail landlord, CICT will enjoy a significant competitive edge. It can be the partner of choice for major retailers seeking space in the Orchard Road area. Also, the trust can position its various Orchard Road assets to complement one another and reap synergies from its malls in the area, sharing knowledge with one another and collaborating on marketing efforts, among others. Transformation potential Two, Paragon offers a tremendous value-add opportunity for CICT. Whereas CICT owns 50 per cent of Ion Orchard, the trust is looking to buy 100 per cent of Paragon. Paragon was opened in 1986 and its latest significant asset enhancement initiative was in 2009. This ageing asset has size and occupies a great location. No party is probably better able to do a major asset enhancement or redevelopment of Paragon than CICT. The trust has scale &ndash its enlarged portfolio value after buying Paragon and selling Asia Square Tower 2 will be around S$28.7 billion. It is a leading and experienced mall owner in Singapore. By having full ownership of Paragon, the trust is well-placed to bring the asset to its full potential. Given its scale, CICT can fund major upgrading works at Paragon, possibly by working with partners, and cope with any adverse impact to DPU while carrying out upgrading works. Importantly, the trust can leverage CapitaLand Group&rsquo s property development expertise, which includes integrated developments and malls. CICT&rsquo s manager is owned by CapitaLand Group&rsquo s investment management arm, CapitaLand Investment : 9CI -1.05%. The Urban Redevelopment Authority&rsquo s Strategic Development Incentive Scheme encourages the rejuvenation of older buildings in strategic areas into new, bold and innovative developments that will positively transform the surrounding urban environment. Properties that qualify for the scheme may enjoy additional gross floor area, more flexibility in land use and greater development intensity among others. Perhaps, redeveloping Paragon as a single site can be sufficiently transformative to qualify for incentives under the scheme. Freehold status Three, while many Singapore properties held by Reits are not freehold, CICT is buying the freehold interest in Paragon. The trust could potentially have paid less and made an even more DPU-accretive deal by acquiring a leasehold interest in Paragon. Nevertheless, there is value in owning a prized chunky freehold property in Orchard Road. An owner of a freehold property is under less time pressure when working on major asset upgrading or redevelopment plans. Crucially, major freehold Orchard Road commercial properties command a scarcity premium. CapitaLand Mall Trust, which was renamed CICT in November 2020, completed the acquisition of freehold Plaza Singapura at a purchase price of S$710 million in August 2004. As at end-2025, Plaza Singapura&rsquo s valuation was S$1.443 billion &ndash more than double the purchase price and representing steady growth at a compound annual growth rate of close to 3.5 per cent. As major freehold Orchard Road commercial properties are scarce, such assets may draw irresistible bullish offers in future should investors place a growing safe-haven premium to Singapore assets in a tumultuous world. Paragon&rsquo s medical space is an added attraction. Supply of medical space is relatively tight while demand for such space is driven by an ageing population and rising medical tourism. Paragon is located close to the well-established Mount Elizabeth Hospital. CICT is betting big on commercial property in the Orchard Road belt. Might it try to get a stake in the possible redevelopment of Hotel Properties Ltd&rsquo s : H15 -0.63% Orchard Road area trio of Forum The Shopping Mall, voco Orchard Singapore and HPL House should such an opportunity arise? While it is paying a rich price to buy Paragon, CICT is getting a sizeable asset which has full occupancy at a decent yield. It will also secure an asset with enormous scope for transformation. Ultimately, adding Paragon to its portfolio while exiting Asia Square Tower 2 enhances CICT&rsquo s yield and growth trajectory, thereby strengthening its investment case. |
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| 28-Apr-2026 11:27 |
CityDev
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CityDev
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Citi names top developer picks as mass-market property launches see solid take-up Strong sales momentum in primary residential market &lsquo bodes well&rsquo for CDL and UOL, says brokerage [SINGAPORE] City Developments Ltd (CDL) : C09 -0.47% and UOL Group : U14 -0.94% are the top picks in the real estate sector for Citi Research, as robust weekend sales at two major mass-market launches signal continued strength in the primary residential market. In a research note on Monday (Apr 27), Citi analyst Brandon Lee maintained a &ldquo buy&rdquo rating on both developers, citing a strong year-to-date sales momentum. Across the island, eight projects have had an average initial take-up of around 77 per cent during the period. For CDL, Citi has set a target price of S$11.53, representing a 17 per cent discount to its revalued net asset value (RNAV) of S$13.89 per share. The brokerage&rsquo s key assumptions for CDL through to the 2028 fiscal year include a 1 to 3 per cent annual rise in Singapore residential prices, office capitalisation rates of 3.5 to 4 per cent, and Singapore Grade A rent growth of 4 per cent in 2026, 2 per cent in 2027, and a 3 per cent decline in 2028. For CDL&rsquo s hospitality segment, Citi assumes cap rates of 4.5 to 5.5 per cent and a consistent 3 per cent annual rise in revenue per available room (RevPAR) in the three years. Meanwhile, retail cap rates are estimated at 4.5 to 5 per cent with rent increases of 0.5 to 2 per cent per year. Downside risks that could impede CDL from reaching its target price include a weak take-up at its residential launches, the introduction of additional cooling measures, a sharp economic slowdown, over-expansion in overseas markets, and execution issues in turning around the hospitality platform. UOL Group has a target price of S$12.90, set at a 27 per cent discount to its RNAV of S$17.67 per share. Citi identified several factors that could narrow UOL&rsquo s RNAV discount. These were: a better-than-expected take-up at the upcoming launch at the former Thomson View condominium site in the fourth quarter of 2026, more details regarding the property group&rsquo s redevelopment of Marina Square, and potential asset divestments. For UOL&rsquo s 50.4 per cent stake in Singapore Land Group, Citi estimates RNAV per share based on a similar set of assumptions as for UOL. Key downside risks for UOL include cap-rate expansion as interest rates rise, a sharp economic slowdown leading to weaker office and retail absorption, a fall in tourist arrivals having an impact on RevPAR, and a prolonged period of the existing cooling measures. Strong weekend performance The positive outlook follows a weekend of high activity, where two 99-year leasehold projects saw significant buyer interest. Tengah Garden Residences, an 863-unit development by Hong Leong Holdings, GuocoLand, and CSC Land Group, moved 853 units &ndash roughly 99 per cent of its total inventory. The project achieved an average price of S$2,120 per square foot (psf), which Citi estimates translates to an 18 per cent profit-before-tax margin. Meanwhile, Vela Bay in Bayshore Road, developed by SingHaiyi and Chuan Capital, sold 371 of its 515 units (72 per cent). The average price recorded was S$2,886 psf, reflecting about a 13 per cent profit margin on an estimated break-even of S$2,390 psf. Singaporeans continue to drive the market they accounted for 90 per cent of the purchases over the weekend, noted Citi. &ldquo We attribute the solid take-up to the proximity to MRT stations (Hong Kah and Bayshore, respectively), pent-up demand within the precinct, and soft mortgage rates,&rdquo it added. Citi expects this primary sales momentum to persist, which &ldquo bodes well for our top developer picks&rdquo &ndash CDL and UOL, it said. |
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| 28-Apr-2026 11:26 |
Suntec Reit
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Suntec REIT
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JP Morgan, DBS and RHB remain positive on Suntec REIT but Morgan Stanley a $1.10 target Suntec REIT&rsquo s 1Q2026 distributions per unit (DPU) which rose 23.9% y-o-y but fell 7.9% q-o-q to 1.936 cents. Nonetheless, DPU was better than Bloomberg&rsquo s consensus. It was also ahead of JP Morgan&rsquo s estimates. The outperformance was underpinned by strong Singapore office and retail performance, and lower financing costs which offset weaker contributions from The Minster Building and Suntec City Convention Centre. On the office front, Singapore office occupancy rose 10 bps q-o-q to 98.8%, led by improvements in One Raffles Quay (ORQ, +1.7 ppts) and Marina Bay Financial Center (MBFC, +2.7 ppts). Rental reversions remained healthy at +9.5% for Singapore office supported by +13.2% for ORQ and MBFC. This coupled with lower interest expense buoyed joint-venture income which rose 9% y-o-y to $27.8 million during the first quarter. The REIT&rsquo s retail rent reversion was +14.3% in 1Q2026. Suntec City Mall&rsquo s tenant sales rose 6% y-o-y in 1Q2026 (better than the +5% in 4Q2025). However, net property income (NPI) from Suntec Convention fell by 44.4% y-o-y in 1Q2026 due to absence of large scale conferences. Elsewhere, The Minster Building in London remains impacted by vacancies following the lease expiry of a tenant in mid-June 2025, with occupancy at 85.4% (unchanged q-o-q). UK portfolio NPI fell 15.6% y-o-y in 1Q2026, with higher non-recoverable costs from vacancies. All-in financing cost fell 15 bps q-o-q to 3.56% in 1Q2026 (FY25: 3.71%). But, with a hawkish RBA, management has guided cost of debt of around 3.6% for the year. The key message during the briefing was the strategic review has not started as the board is still onboarding new members which have to be approved by the Monetary Authority of Singapore. Chong Kee Hiong, CEO of Suntec REIT&rsquo s manager, when questioned indicated that the strategic review is likely to address and identify ways at narrowing the P/NAV discount. Suntec REIT&rsquo s NAV as at Dec 31, 2025 was $2.03. &ldquo The review will assess the existing portfolio on a mid-term basis, evaluating which assets should remain and considering potential asset classes and geographies. The objective is to narrow the NAV discount and improve yield for unitholders,&rdquo JP Morgan describes in an update on April 24. Chong says Hongkong Land has not requested a board seat and does not meet the interested party transaction (IPT) threshold of 15%. Market watchers expect Suntec REIT to acquire 9 Penang Road at some point. In a previous breifing, Chong had suggested that divestment proceeds would be used for any acquisition. Suntec REIT&rsquo s divestment strategy continues to focus on Australian offices and Suntec strata offices. Chong says he sees increased buyer interest in Australia since last year. &ldquo We see more entities interested in Australia, despite interest rates going up. We have more people expressing interest than last year. Of course, they&rsquo ve expressed interest in our best assets,&rdquo he says, adding, &ldquo we won' t do a dilutive acquisition. At this moment we are trading below book, and the cost of equity is around 5% so it&rsquo s difficult to acquire with debt plus equity. It will be a combination of cash from our divestment proceeds taking into consideration we don&rsquo t want our gearing to exceed 45%. So our hands are tied in terms of timing,&rdquo Chong says. When asked whether Suntec REIT would consider divesting its one-third stake in ORQ or MBFC, Chong points out that it isn&rsquo t easy to sell a one-third stake. At any rate the stakes have to be offered to Keppel REIT and Hongkong Land&rsquo s Singapore Central Private equity fund (SCPREF) first. &ldquo We expect Suntec REIT to benefit from organic growth drivers and interest savings, which will underpin a 5.7% 3-year DPU Cagr, with catalysts from the outcome of the strategic review, potential asset recycling to acquire 9 Penang Road and alignment with new shareholder Hongkong Land,&rdquo says the JP Morgan report dated Apr 24. It has maintained its overweight rating with an end-June 2027 price target of $1.60. DBS Group Research has also maintained its target price of $1.60, adding that the strategic review and value unlocking strategies are catalysts. RHB Research maintains its buy rating with a higher price target of $1.72 from an earlier target of $1.67. &ldquo HongKong Land&rsquo s recent entry as a substantial shareholder adds a value-unlocking angle along with ongoing strategic review. We believe these catalysts will continue to narrow Suntec REIT&rsquo s significant 30% trading discount to book value,&rdquo RHB says. On the other hand, Morgan Stanley has an underweight rating on Suntec REIT with a price target of $1.10. |
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| 28-Apr-2026 11:26 |
Keppel
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Keppel Corp
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JP Morgan keeps neutral rating on Keppel with unchanged June 2027 price target In an update on Apr 23, JP Morgan retained its neutral rating on Keppel and its June 2027 price target of $12. JP Morgan had downgraded Keppel on March 26 due to the ongoing Iran War. Keppel&rsquo s 1Q2026 on Apr 23 briefing had updates on the power business, divestment targets, Rigco which owns the legacy rigs, progress on funds under management (FUM) and the M1 divestment. JP Morgan points out Keppel guided that power spreads fell by around $10 before the Iran War but rose to $30 for shorter-term contracts, after the war started. At end-2025, 52% and 15% of power capacity were on 3-10 year and more than 10 year contracts, respectively. 28% of power contracts are on 1-3 year contracts, with just 5% on sub-1-year contracts. As at March 31, 30% of power contracts are 3-10 year terms with 15% on more than 10-year contracts, 47% on 1-3 years and 8% on less than 1 year. The majority of gas supplies is sourced from Malaysia. Keppel Sakra Cogen Plant has completed high-load commissioning and is on track for generation readiness in 1H2026, with electricity supply to customers expected mid-2026. On the FUM front, Keppel raised $400 million in the first quarter. Flagship funds continue to gain traction with LPs, including Middle East investors, supported by a $36 billion deal flow pipeline for deployment and future fee generation, Keppel had indicated. Asset management fees rose 13% y-o-y during the quarter to $108 million. The divestment target for 2026 stands at $2 billion to $3 billion, potentially including Keppel South Central and residential projects. More recently the divestment of i12 Katong - for a small loss -was announced. Keppel is also looking to complete the sale of two subsea cables and has since completed the disposal of its Seatrium shares. The concern, if any, was over the delayed sale of M1 because of regulatory approval. &ldquo We expect Keppel&rsquo s share price to remain range-bound near-term, as many investors in our discussions are concerned that the M1 sale may fall through or that disposal terms may need to be amended to address regulatory concerns. The revised long-stop date for the M1 transaction is 21 May 2026,&rdquo the JP Morgan report says. On a positive note, Rigco which holds the legacy rigs is likely to do well. Day rates have risen 10-15%, with Keppel receiving more enquiries due to the oil price hike. Keppel is preparing to complete the development of its seven uncompleted rigs for charter, with associated capex below the $400 million cash held in Rigco. &ldquo No force majeure has been declared for the five rigs in Saudi Arabia. Keppel is hopeful remains hopeful that charters for these rigs will be extended at higher rates,&rdquo notes the JP Morgan report. |
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| 28-Apr-2026 11:25 |
Serial Achieva
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RTO relisitng
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Serial Achieva wins contract to supply switches deal worth up to US$18.8 mil Electronics parts distributor Serial Achieva has won a deal worth up to US$18.8 million to supply switches for networking infrastructure. The switches, which form part of next-generation networking infrastructure, are designed to support AI-optimised infrastructure hardware. Under this agreement with the customer, who was not named, Serial Achieva will first supply a batch of switches worth some US$4.7 million and subject to further evaluation, the customer will buy another US$14.4 million worth. " This contract marks a significant strategic win and strongly validates our strategy to position the Group within the rapidly expanding AI and high-performance computing value chain," says CEO Victoria Goh. " By leveraging Serial Achieva&rsquo s established distribution capabilities, strong industry partnerships and regional market reach, we are able to support customers deploying advanced infrastructure solutions across the region," she adds. |
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| 28-Apr-2026 11:23 |
MoneyMax Fin
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Moneymax Financial Services
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53 mil new MoneyMax shares snapped up by three EQDP fund managers
Financial services provider MoneyMax has raised $44.3 million from the issuance of 53 million new ordinary shares. Issued at 83.5 cents per share, all shares were taken up by Fullerton Fund Management, Lion Global Investors and Eastspring Investments, who are three of nine asset managers appointed by the Monetary Authority of Singapore to manage $5 billion of investment capital under the equity market development programme (EQDP). The placement price of 83.5 cents represented a discount of approximately 3.1% to the volume weighted average price of 86.2 cents for trades done on the Singapore stock exchange on April 15, being the last full market day on which the company&rsquo s shares were traded prior to a trading halt on April 16. MoneyMax will use the net proceeds of $43.4 million for general working capital purposes, particularly to support the growth of its pawnbroking portfolio and purchases of retail inventory. Lim Yong Guan, executive chairman and CEO of MoneyMax, says: &ldquo We are pleased to welcome a strong group of new strategic shareholders comprising these long-only EQDP institutional fund managers, whose participation reflects confidence in MoneyMax&rsquo s growth prospects and long-term strategy.&rdquo Following the completion of the new shares placement, the company&rsquo s issued shares has increased to 937,499,998, with approximately 16.9% of the total issued shares held in the hands of the public. The placement thus paves the way for the company to transfer from Catalist-board to the Mainboard of the stock exchange by allowing MoneyMax to comply with the minimum public shareholding spread requirement under the listing manual of the SGX-ST. Lim says: &ldquo The placement has strengthened our public shareholding base as we progress towards a Main Board listing, while enhancing our financial flexibility to support the continued expansion of our pawnbroking and retail businesses. &ldquo This marks an important milestone in MoneyMax&rsquo s corporate journey. Going forward, the group remains focused on delivering sustainable growth while strengthening its market position within the financial services ecosystem.&rdquo The Edge Singapore understands that MoneyMax intends to complete the listing transfer by the first week of May. CGS International Securities, DBS Bank and OCBC are the joint bookrunners of MoneyMax' s share placement. As at 10.15am on April 27, the counter is trading at 88 cents, up two cents or 2.5% from the previous trading day. Shares in MoneyMax have risen by more than 90% since the start of the year on the back of strong growth in gold price. |
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| 28-Apr-2026 11:23 |
ST Engineering
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ST Engg
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ST Engineering bags S$4.8 billion in Q1 contracts on Middle East defence, aerospace demand The first-quarter haul is up about S$400 million year-on-year [SINGAPORE] ST Engineering has secured S$4.8 billion in new contracts in the first quarter of 2026, buoyed by a surge in global defence spending and resilient aerospace demand. The technology and defence conglomerate said on Monday (Apr 27) that half the new orders, or S$2.4 billion, came from its defence and public-security segment. The commercial aerospace division brought in S$1.7 billion, and the urban solutions and satellite-communications (satcom) segment, the remaining S$700 million. The first-quarter haul &ndash up about S$400 million from the year-ago period &ndash comes as global defence procurement ramps up amid escalating geopolitical frictions, such as the ongoing US-Israel-Iran war. These contract wins will likely propel ST Engineering&rsquo s total outstanding order book to near-record highs, providing robust revenue visibility for the next two to three years. Expanding Middle East footprint The performance of the defence and public-security segment was driven by the group&rsquo s deepening foothold in the Middle East. Key wins included a breakthrough into the Qatar defence market through a maintenance, repair, and overhaul (MRO) contract valued at about S$470 million. The company also secured a six-year, S$600 million sub-contract from Abu Dhabi Ship Building to design and supply platform systems for the Kuwait Naval Force. Amid the Middle East conflict, the land-systems business recorded a surge in new orders for 40 mm and 155 mm ammunition from various international customers. Domestically, the digital-systems business won several Singapore-based contracts to provide artificial intelligence-enabled, mission-critical command and control systems, high-performance graphics processing unit infrastructure and advanced training simulation suites. The cyber division also secured mandates for advanced cybersecurity systems and secure data transfer products. MRO renewals MRO wins for the quarter included a renewal agreement to support an American airline with airframe heavy maintenance and cabin modifications for its Airbus fleet, as well as a heavy maintenance agreement for an unnamed global air freight operator&rsquo s Boeing fleet. Engine MRO contracts included an agreement with China&rsquo s Xiamen Airlines to support its CFM LEAP-1A engines, which are used on the Airbus A320neo family. Component MRO deals included pacts with Japan&rsquo s Skymark Airlines for its Boeing 737 Max and 737NG aircraft. Demand for engine nacelles and composite floor panels within the aero structures business &ldquo held up well&rdquo , the company noted. Meanwhile, the freighter conversion unit secured contracts for two Airbus A330-300 passenger-to-cargo conversions from aircraft lessors Hengqin Winglet Aircraft Technology and Asia Pacific Aviation Leasing Group. Shooting for the moon Continued demand for smart-city infrastructure drove contract wins for rail electronics solutions for MRT lines in Singapore, a passenger information system for Taiwan&rsquo s Kaohsiung MRT Yellow Line, and smart road projects in the Middle East. The segment&rsquo s tolling business secured back-office and maintenance contracts in the US, while its smart-utilities arm won mandates for a PUB building management system, integrated security solutions in Singapore, and doctor-on-call healthcare platforms in Hong Kong. The satcom business won ground-segment infrastructure contracts from government integrators in Asia and Europe, as well as from satellite operators expanding their networks. This came amid heightened space-sector interest, following the inaugural Space Summit at the Singapore Airshow in February, the establishment of the National Space Agency of Singapore in April and NASA&rsquo s Artemis II moon mission the same month. ST Engineering noted that these Q1 contracts are not expected to have a material impact on its consolidated net tangible assets or earnings per share for the current financial year. The company&rsquo s shares fell 2.5 per cent to close S$0.27 lower at S$10.75 on Monday, prior to the announcement. |
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| 28-Apr-2026 11:22 |
Olam Group
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Olaim Group Financial Results
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Olam Group completes 44.58% stake sale in Olam Agri to SALIC for US$1.88 bil In a bourse filing on April 27, Olam Group says that it has completed the sale of a 44.58% stake in Olam Agri to the Saudi Agriculture & Livestock Investment Company (SALIC) which will now own 80.01% of Olam Agri. SALIC is paying around US$1.88 ($2.4) billion for the stake, valuing Olam Agri at US$4 billion. Olam Group retains a put option to sell its remaining 19.99% stake in Olam Agri to SALIC on the third anniversary of the completion of the current transaction at the base consideration of approximately US$799.6 million and additional option consideration plus a 6% IRR, providing certainty complete divestment of Olam Agri. SALIC also retains a call option to acquire the remaining 19.99% stake on or before the third anniversary at the same consideration. Olam Group deputy chairman Yap Chee Keong says that the deal is a &ldquo major step forward&rdquo in delivering the company&rsquo s reorganisation plan. &ldquo It realises significant value and will enable right-sizing of the capital structure of the Group,&rdquo says Yap. &ldquo We will continue to focus on the responsible divestment and monetisation of the businesses in OGH [Olam Group Holdco, previously known as Rest of Olam Group], and execute growth initiatives to enable ofi [Olam Food Ingredients] to realise its full potential value.&rdquo Sunny Verghese, co-founder and CEO of Olam Agri, says, &ldquo The completion of SALIC&rsquo s acquisition of Olam Agri is a transformative step forward to accelerate Olam Agri&rsquo s growth and strengthen our position as a leading global agri-business and integrated food security leader. &ldquo With SALIC as a strategically aligned, committed long-term partner and food security leader, we can build on our historical track record of strong performance to further accelerate and scale our ambitions for profitable growth and value creation.&rdquo |
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| 28-Apr-2026 11:20 |
Mooreast
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Mooreast
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Mooreast to divest 51 Shipyard Road for $29.7 mil Mooreast Holdings has agreed to divest 51 Shipyard Road for a cash consideration of $29.7 million. On April 27, the group announced that it had granted an option to purchase to HLMG-Nuform System for the sale of the leasehold 30,691 sqm (323,000 sq ft) property. The land &mdash comprising Lots 192V, 193P and 288L of Mukim 7 &mdash is held under a 30-year lease from Jurong Town Corporation (JTC) from July 1, 2013. The group will receive net proceeds of $19.2 million, which it will use for expansion, capital expenditure and operational build-out purposes at its newly-acquired facility at 60 Shipyard Crescent. Mooreast acquired the facility from Seatrium New Energy in March for $12.5 million as part of its strategic pivot towards the offshore renewable energy market. The new facility, which measures 98,919 sqm or around 1.1 million sq ft, will be used to fabricate high-value subsea foundations. It will also serve as a logistics hub to hold, stage and assemble equipment and blocks. The group says having its activities in one location will enable it to &ldquo improve efficiency and reduce project congestion&rdquo . Mooreast acquired 51 Shipyard Road for $18.5 million in September 2021. The sale price exceeds the property&rsquo s independent open market valuation of $28 million as at April 8. The price also represents a &ldquo significant premium&rdquo over the book value of the property and plant and machinery of approximately $15.4 million as at Dec 31, 2025. On the pro forma basis, if the disposal was completed as at end-December 2025, the group&rsquo s net tangible assets (NTA) per share would have increased to 14.6 cents from 8.7 cents. The group&rsquo s earnings per share (EPS) would have increased to 7.26 cents from 1.41 cents originally. Mooreast has received an option fee of $297,000. The option remains valid till 4pm on July 13. It has not been exercised by HLMG-Nuform. The proposed disposal is conditional upon the approvals of JTC and Mooreast&rsquo s shareholders, among other things. &ldquo The proposed disposal allows us to unlock value from an asset that has served us well &ndash and to redeploy that capital at a pivotal moment in our growth journey. With our new facility at 60 Shipyard Crescent now in hand, this transaction sharpens our focus and frees up resources that we can direct squarely towards our transformation to serve the emerging floating offshore wind market,&rdquo says Sim Koon Lam, founder, executive director and deputy chairman of Mooreast. &ldquo The proceeds will accelerate our build-out at 60 Shipyard Crescent, which quadruples our production capacity and positions Mooreast to take on projects of a scale that were simply not possible before,&rdquo adds Eirik Ellingsen, Mooreast&rsquo s CEO. |
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| 28-Apr-2026 11:19 |
Eneco Energy
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New Strategic Shareholder, Another Multi-bagger?
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Eneco Energy Limited Announces Proposed Acquisition of Fastweld Engineering Construction Pte. Ltd.
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| 28-Apr-2026 11:18 |
YZJ Maritime
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YZJ Maritime
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Yangzijiang Maritime Expands Fleet Portfolio with 10 Additional Newbuilds to Strengthen Future Prospects
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