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30-May-2026 13:41	ParkwayLife Reit / PLife REIT Go to Message
x 0 x 0	Revenue-sharing to &lsquo structurally accelerate&rsquo DPU growth for Parkway Life REIT: DBS Parkway Life REIT is known among investors for its unblemished track record of delivering annual distribution per unit (DPU) growth since its 2007 listing. Parkway Life REIT holds an overseas portfolio of nursing homes in France and Japan, but is better known for its much more valuable ownership of three private hospitals in Singapore, operated by its sponsor, IHH Healthcare. The Singapore-based assets have a long-standing arrangement to peg adjustments to the rental rates to the Consumer Price Index (CPI) plus 1%, which ensures sustainable growth in rental income. &ldquo Parkway Life REIT stands out as the only S-REIT with income visibility through to 2042, offering a rare combination of earnings certainty, growth and upside potential. The recent share price weakness, amid the higher-for-longer interest rate concerns weighing on sentiment across the S-REIT sector, presents a compelling entry point,&rdquo says DBS Group Research&rsquo s Derek Tan, who has kept his &ldquo buy&rdquo call and $4.75 target price. Upgrading Mount Elizabeth Even so, Tan is suggesting ways to generate further upside: the recent completion of &ldquo Project Renaissance&rdquo , an extensive $350 million refurbishment of Mount Elizabeth Hospital, the REIT&rsquo s flagship hospital, presents an opportunity to adopt a revenue-sharing formula instead of the existing one tied to the CPI. According to Tan&rsquo s scenario analysis, this switch could &ldquo structurally accelerate&rdquo DPU growth by 5% to 10% in FY2027 &mdash an upside markets have yet to price in. To recap, Mount Elizabeth Hospital, which contributes around 40% of the REIT&rsquo s revenue in FY2025, recently completed an extensive three-year-long refurbishment. The $350 million cost is split between IHH Healthcare, which pays $200 million, and Parkway Life REIT, which pays the remaining $150 million. The refurbishments have resulted in more efficient workflows. In addition, the hospital has been reconfigured such that the proportion of single-bed rooms has been increased by 50% to meet &ldquo changing patient references and premiumisation trends&rdquo and set the hospital up for &ldquo stronger revenue intensity over time&rdquo , says Tan. As such, he suggests changing the current inflation-linked rental structure to a revenue-sharing model, which Tan calls a &ldquo credible upside scenario&rdquo . In May, Mount Elizabeth&rsquo s blended occupancy has already reached 63%, which, according to management, is likely an underestimation of actual utilisation due to faster patient turnover and a growing proportion of outpatient and ambulatory services not captured in traditional inpatient metrics. Meanwhile, so-called higher-acuity assets, such as intensive care unit and high-dependency unit beds, are already operating at around 70% occupancy, suggesting stronger demand for more complex and higher-yield procedures. Tan figures a potential DPU upside of 5% to 10% for FY2027, assuming average bed occupancy of 50% to 70% for the full year. According to Tan, as it is, given the nature of the master lease, Parkway Life REIT effectively compounds off a progressively larger revenue base each year. &ldquo Under the current structure, each year&rsquo s higher rental base becomes the foundation for the following year&rsquo s growth. Over time, this creates a compounding effect where incremental rental increases are earned on an already enlarged income base, supporting highly visible and resilient DPU growth,&rdquo he reasons. &ldquo Importantly, this compounding profile could strengthen further following the completion of Project Renaissance, particularly if the revenue-sharing rental formula is adopted, which will structurally lift Parkway Life REIT&rsquo s long-term DPU growth trajectory,&rdquo he adds. With the asset enhancement initiative at Mount Elizabeth Hospital, IHH Healthcare will likely look at two other hospitals it operates, Gleneagles and Parkway East, which are also part of the REIT&rsquo s portfolio, for potential refurbishments too. &ldquo Given the mature age profile of these assets, discussions are either ongoing or expected over time, with a focus on refreshing the facilities and improving operational efficiency. Over the medium to long term, such initiatives could serve as potential catalysts for further DPU growth,&rdquo says Tan. Inflation as tailwind Meanwhile, rising inflation is a &ldquo clear tailwind&rdquo for the REIT, as official estimates have been revised for the second time to 1.5%&ndash 2% this year due to higher energy prices and supply disruptions linked to the Middle East conflict. Tan notes that every 1% increase in CPI will lift DPU by around 0.14 cent or 0.7%. The higher 2026 inflation outlook is expected to support stronger FY2027 rental growth, implying potential DPU upside of 0.4% to 1.6%. Tan believes the market has yet to fully price in the close to 20% uplift in DPU for FY2026, driven by the renewal of the master leases for the Singapore hospitals. &ldquo Parkway Life REIT remains one of our preferred picks in the sector and is becoming increasingly attractive at current valuations.&rdquo
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30-May-2026 13:40	Thakral / Proposed Share Consolidation 20:1 Go to Message
x 0 x 0	Thakral completes acquisition of additional 81.6% stake in Gurugram mixed-use healthcare-led development Mainboard-listed Thakral Corporation has completed the acquisition of an additional 81.6% stake in a 21-acre mixed-use healthcare-led development in Gurugram, located just southwest of New Delhi in northern India, for $93.9 million. Thakral announced in January that it had entered into agreements to raise its stake in TIL Investments, the entity that owns the Gurugram land, from 13.6% to 95.3%. The acquisition follows shareholders&rsquo approval at an extraordinary general meeting held on April 30. According to a May 28 announcement, the consideration of $93.9 million was settled through $50.0 million cash and the issuance of 24,217,108 new ordinary shares of Thakral at $1.8128 each, with the remaining 4.7% interest in TIL held by Platinum Healthcare. Following the share issuance, Thakral&rsquo s issued share capital expands to 152.1 million shares. The issue price of $1.8128 represents a 10% premium to the volume-weighted average price of Thakral shares for the 20 market days preceding the signing of the sale and purchase agreements on Jan 23. Thakral first acquired its 13.64% stake in the site in 2024. The increased ownership gives Thakral full strategic control over a 21-acre site with development potential of over 2.5 million sq ft in New Gurugram. Gurugram is the primary office hub within Delhi National Capital Region (NCR), accounting for 62% of total office leasing in the region. According to CBRE Research, Gurugram is India&rsquo s fastest-growing high-end luxury residential market, notching $3.36 billion in residential transactions in 2025. The site will be developed in phases, beginning with a hospital and wellness centre. The hospital is planned to be operated by an experienced healthcare partner, with Thakral participating as landowner and rental income to be based on a share of revenue. Thakral will not be responsible for running clinical operations. The residential component will be delivered with a third-party developer responsible for execution and sales, again on a revenue-sharing basis. The model limits the group&rsquo s exposure to development and operational risk while retaining its share of revenue from the underlying land. With the hospital as the anchor, a wellness centre is designed to complement the hospital and serve residents and working professionals in the wider Gurugram catchment, says Thakral. &ldquo Together, the hospital and wellness centre will anchor the site, with subsequent residential and commercial phases drawing on the catchment built around them,&rdquo reads the announcement. Inderbethal Singh Thakral, CEO and executive director of Thakral, says: &ldquo We are excited to play a meaningful role in Gurugram&rsquo s next phase of development, with a deliberate, multi-pronged approach across hospitals, wellness, residential and commercial uses on a single 21-acre site. India will become a strong growth engine in addition to our lifestyle business, Japan properties and existing investment portfolio, positioning Thakral for multi-year growth.&rdquo Inderbethal spoke to City & Country earlier this year on Thakral&rsquo s plans for the development. Thakral expects the hospital to range from 600 to 900 beds. Inderbethal also suggests the facility could take years to fully ramp up, which is one reason the group sees this as a long-duration project rather than a near-term earnings event.
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30-May-2026 13:39	Seatrium Ltd / Seatrium - Sea of Hopes & Atrium of Surprises (II) Go to Message
x 0 x 0	Seatrium continues &lsquo steady&rsquo project execution In its business update for 1HFY2026 ended March 31, Mainboard-listed Seatrium reported &ldquo steady&rdquo project execution with a net order book of $15.5 billion across 24 projects with deliveries through 2033. For reference, Seatrium&rsquo s order book was $17.8 billion as at Dec 31, 2025, implying that more than $2 billion in revenue was recognised during the quarter. During the period, the offshore and marine player delivered two legacy projects &mdash the Frederick Paup, the largest Jones Act compliant trailing suction hopper dredger to Manson Construction and Maersk Viridis, a next generation wind turbine installation vessel to Maersk Offshore Wind. Other projects were reported to be proceeding in line with expectations. &ldquo More than 95% of our net order book today are series build projects [and] this gives us confidence with this improving mix of projects that will progressively contribute to further margin improvements, as well as lower execution risk,&rdquo says Seatrium CEO Chris Ong at a briefing. &ldquo Our diversified business and track record across traditional transition and clean energy affords us the ability to pursue a wide breadth of opportunities.&rdquo On potential contracts, Seatrium shares that pipeline opportunities across oil and gas, offshore wind and vessel conversions segments, remain robust at more than $28 billion &mdash q-o-q down from $32 billion &mdash over the next 24 months. The decrease was attributed to Petrobras awarding the SEAP 1 project to SBM Offshore. Ong explains that key opportunities last disclosed remain mostly intact, comprising South America for oil and gas projects that includes Brazil and Guyana, HVDC (high voltage direct current) opportunities in Europe and HVAC (high voltage alternating current) opportunities in Asia, emerging FLNG (floating liquified natural gas) opportunities in Africa, and fixed platforms in the Middle East. He adds that Seatrium could potentially provide some solutions to SBM for SEAP. &ldquo Our diversified business and track record across traditional transition and clean energy affords us the ability to pursue a wide breadth of opportunities,&rdquo adds Ong. &ldquo While FID [final investment decision] timing is not within our control, we believe that we are well positioned to capture these pipeline opportunities, leveraging our strong competitive position, track record, and global scale.&rdquo On new contract wins during the quarter, the company secured its eighth floating, storage and regasification unit (FSRU) conversion project, LNGT Karadeniz, from Karpowership. This marks the first of three FSRU conversion projects from an earlier letter of intent (LOI), which also comprised the integration of up to six new-generation Powerships. &ldquo Beyond Karpower LOI, we see growing demand for FSRU and FLNG conversion projects driven by a confluence of factors, including energy security, capital efficiency, transition dynamics, and speed of deployment,&rdquo adds Ong. The company points out that gross margin continues to improve due to several reasons including: improved project mix lower overheads partly contributed by the completed divestments and lower general and administrative expenses resulting from &ldquo rigorous risk management, productivity gains and cost control initiatives&rdquo . Margins also reflected &ldquo stringent contract selectivity&rdquo with a preference for series build projects with progressive milestone payments, pricing discipline and project governance. CFO Stephen Lu shares that the company has completed all non-core asset divestments including the AmFELS Yard, Crescent Yard, Karimun Yard, as well as other assets such as the completion of the tugboat fleet divestment in April 2026. &ldquo These are non-core assets and do not impact our capability nor ability to take on new projects [and] together with prior transactions, we are on track to unlock more than $50 million in annualised operational cost savings, and more than $330 million in cash proceeds post-completion,&rdquo says Lu. &ldquo We remain on track to achieve our FY2028 steady state targets.&rdquo On the balance sheet, Lu says that the company is bringing down its average cost of debt while also lengthening debt maturity with the issuance of $400 million 2.95% fixed rate notes due in 2031 under its $3 billion multi-currency debt issuance programme. &ldquo I think importantly, we' re also looking to de-leverage over time as we' re able to do so [and] that' s the most effective way to guard against the rising interest costs,&rdquo says Lu. Seatrium will provide financial details in its 1HFY2026 update, presumably in around three months. At around 10.40am on May 29, shares in Seatrium are down five cents, or 2.3%, at $2.12.
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30-May-2026 13:38	HongkongLand USD / Hongkong Land USD Go to Message
x 0 x 0	Hongkong Land turns asset-lighter in growth push Hongkong Land (HKL), with investment properties last valued at US$34.6 billion ($44.2 billion) and a market cap of US$16.7 billion, is the largest listed developer on the Singapore Exchange. Within its portfolio, 53% of assets are in Hong Kong office, 13.5% in Hong Kong retail, 11.2% in Mainland China & Macau, 11.2% in property development, 9.2% in Singapore office and the rest in other assets. Since 2024, it has been headed by a Singaporean, Michael Smith, who was appointed CEO in April that same year. After HKL introduced a new strategy in October 2024, its share price has narrowed the discount to net asset value (NAV) by more than doubling to $8 as of May 25 from $3.89 as at Oct 29, 2024. In the same period, the price-to-NAV (P/NAV) has risen from 0.28 times on Oct 29, 2024 to 0.56 times as of May 25. Initially, the strategy involved divesting non-core assets, such as MCL Land, and other property development assets at or near book value, and using 20% of the proceeds to buy back shares at a discount to book value. The strategy also set new targets, including recycling up to US$10 billion of capital by 2035, with US$4 billion by the end of 2027, and doubling its profit before interest and tax (pbit) and dividends per share by 2035. In FY2023, pbit was US$844.6 million and dividend per share was 22 cents. To date, HKL has recycled further US$3.6 billion, or around 90% of the targeted US$4 billion by the end of 2027. On the asset management front, HKL set a target of US$100 billion in assets under management (AUM) by 2035, up from US$40 billion, to increase third-party capital to expand AUM and fee income. In February, HKL set up the Singapore Central Private Real Estate Fund (SCPREF) with AUM of $8 billion and Qatar Investment Agency and APG Asset Management as capital partners. Growing total shareholder returns Group CFO Craig Beattie has been with the Jardine Group for around 20 years, including two years at HKL. In a recent interview with The Edge Singapore, Beattie reveals that the targets in HKL&rsquo s new strategy were announced following what he describes as substantial research into which real estate companies had long-term market-leading returns and how they were achieved. &ldquo I had already been CFO for a couple of years at that point and I had a very strong sense as to what we needed to do to create value for shareholders. Michael kicked off a strategic review project, which I worked on closely with him and others,&rdquo Beattie recalls. The doubling of earnings and dividends was worked out mathematically. &ldquo As CFO, my role was to be able to articulate the types of TSR (total shareholder return) performance we needed. It was to model out the pathway to achieve that in terms of business growth,&rdquo he says. As with all good storytelling, investors need something easy to remember and simple to understand, given the complexity of any business strategy. &ldquo We spent a lot of time trying to understand and analyse what &lsquo good&rsquo looks like. We worked very hard to distil the stories. When you see the four targets, the doubling of pbit and dividends, the growth of the AUM and the recycling of capital, they were very deliberate they were not accidental targets,&rdquo Beattie explains. As he tells it, he and the HKL team analysed shareholder return performance to determine the TSR they wanted to achieve, then worked backwards from there. &ldquo This is where the role of the CFO comes in, because we had to model out if we want to hit these share price targets in the future,&rdquo Beattie adds. In 2021, HKL announced a US$500 million share buyback because Covid had negatively impacted the share price. &ldquo The board felt we were trading at a value way below our NAV per share. Tactically, we felt that investing US$500 million would create value over the longer term,&rdquo Beattie remembers. In a share buyback, the shares repurchased are cancelled, reducing the number of shares outstanding, thereby boosting earnings per share (EPS) and dividends per share (DPS). This time round, the strategy is different. Funding for share buybacks comes from 20% of capital recycling proceeds. The remaining 80% is earmarked for growth. &ldquo The number one driver of shareholder returns is earnings growth. The 80:20 allocation, between 80% to growth acquisitions and 20% to buybacks, was quite deliberate. The second driver is dividend growth, as most investors prefer dividends. The third driver is share buyback, but it tends to be more tactical and it&rsquo s also linked to what our share price is because we&rsquo re trying to close the gap between the value of our assets and the share price,&rdquo Beattie elaborates. Why now? In 2019, Ben Keswick took over as executive chairman of Jardine Matheson. By then, the landscape for investing in Asia across 30 years had changed in the aftermath of Covid. &ldquo Businesses, including family-controlled companies, needed to demonstrate the value that they add,&rdquo Beattie says. Ben and his cousin Adam were keen to demonstrate long-term value creation for investors, which includes the family. The value-creation campaign set off a chain reaction across the major parts of Jardines, with new executives appointed for HKL, Mandarin Oriental, DFI Retail and Jardine Matheson. Not solely asset-light According to Beattie, HKL&rsquo s strategy is not to be solely asset-light. &ldquo We want to continue to be an investor in real estate, we want to continue to be a developer, but we want to be an asset manager too. It&rsquo s more a natural evolution,&rdquo he adds. For instance, HKL has no plans to invest in logistics or data centres. &ldquo If we can replicate what we&rsquo ve achieved in Hong Kong and Singapore and take that to Shanghai or Sydney or Seoul, then I think that&rsquo s a competitive advantage,&rdquo Beattie points out. HKL&rsquo s choicest investment properties are in Marina Bay here and the Central District in Hong Kong. In December 2025, HKL divested Marina Bay Financial Centre (MBFC) Tower 3 to Keppel REIT for US$1.1 billion, or approximately $1.5 billion, at a 2% premium to its valuation as at June 30, 2025. Following the divestment, HKL launched SCREF on Feb 3, using its one-third stake in MBFC Towers 1 and 2 and One Raffles Quay, and 100% of One Raffles Link, as seed capital. A fourth property, Asia Square Tower 1, which QIA owned, was also placed in SCPREF, along with QIA and APG as capital partners. The initial fund size is $8.2 billion, with plans to grow it to $15 billion in the next five years. &ldquo The fund has a very particular focus. It&rsquo s Singapore-only and the assets must be located in Marina Bay or on Orchard Road. The fund is focused on prime commercial, office, retail or hospitality assets. It&rsquo s quite a particular narrow focus, which we deliberately want because that is what HKL knows best and we think there&rsquo s demand for a fund vehicle of this type,&rdquo Beattie emphasises. &ldquo Our focus is on the best assets. We&rsquo ve got the benefit of time to build a position. We&rsquo re not looking to do it all within the next six months. The growth ambition is over the next five years.&rdquo Landmark makeover HKL&rsquo s ultra-premium positioning is unique. For instance, in 2024, when Hong Kong&rsquo s retail sector was in a challenging period, HKL announced a US$1 billion makeover of Landmark, with US$400 million from HKL and US$600 million from its luxury tenant base. The leading luxury brands co-invested to create flagship stores, with some of them doubling in size with an eye to Hong Kong&rsquo s pool of ultra-high-net-worth individuals as customers. According to Beattie, 85% of Landmark&rsquo s sales are to local Hong Kong people. In its 1QFY2026 business update, HKL said Landmark&rsquo s retail portfolio&rsquo s rental contributions increased slightly compared with 1QFY2025 despite over 30% of lettable space under renovation as part of the ongoing Tomorrow&rsquo s Central transformation. &ldquo This performance underscores the resilience of ultra-high-net-worth spending and Landmark&rsquo s position as Asia&rsquo s premier luxury retail destination. Tenant sales and top-tier customer spend were both higher compared with the same period last year. Average effective rents were higher than in the first quarter of 2025 as new leases recently commenced for several flagship Maison stores,&rdquo the report added. Based on HKL&rsquo s business updates, the results of Landmark&rsquo s makeover are tracking ahead of expectations. &ldquo It&rsquo s a complex project which will take three years to complete. We&rsquo re doing it in phases. Sales, despite all the temporary disruption from the renovation works, are up. We are expecting sales in the Landmark mall to increase by well over 25% upon completion,&rdquo Beattie emphasises, adding: &ldquo We have demonstrated time and time again that we can execute on these ultra premium, integrated commercial properties.&rdquo Most of HKL&rsquo s Central portfolio is on 999-year leases and effectively freehold. &ldquo We have a competitive advantage by having such long tenure in our buildings. All of our buildings are in Central. We continue to believe that there&rsquo s a real benefit from being in the best real estate in any market, particularly given the flight quality trends that are prevalent around the world at the moment,&rdquo he adds. The Hong Kong office market has been in quite a difficult position over the past five years, but it appears to be turning the corner amid capital market activity. Property consultants are expecting rents to grow by 5%&ndash 10% this year. Shanghai assets In terms of gross floor area and net lettable area, China is by far HKL&rsquo s largest market. In Shanghai, HKL is building a mixed-use project spanning 18 million sq ft on the Huangpu River, called Westbund Central. Hong Kong Central is 4.6 million sq ft in comparison. The capital value of Westbund Central when completed is likely to be around US$8.5 billion. &ldquo In terms of potential, China is the number one growth market for Hongkong Land, because a lot of new projects are about to open, which will generate additional income,&rdquo Beattie notes. However, he acknowledges that the company&rsquo s The Ring series in cities such as Chengdu and Chongqing does not fit the description of ultra-high-premium investment properties. &ldquo It is the intention, over time, to recycle capital out of those projects,&rdquo Beattie says. Another investment that appears out of character is the purchase of a 10.8% stake in Suntec REIT for $541 million. &ldquo The Suntec block from ESR was a unique opportunity to acquire immediate, additional exposure to Singapore office assets through the REIT and we felt that the shares were undervalued relative to the underlying assets. We were aware that the manager was changing, with Gordon Tang coming in,&rdquo Beattie says. A strategic review of Suntec REIT&rsquo s portfolio is underway. HKL is not a sponsor of any REIT, but Beattie acknowledges that it may create a China REIT at some point. On geographical expansion, HKL has hired representatives in Sydney and Seoul who have been working with the group for more than six months, Beattie reveals. &ldquo We are working on market entry strategies, which is something that we are discussing with the HKL board. One of the appeals of entering these new markets is that asset yields are higher. The main takeaway is that HKL wants scale in these markets, so buying a single building by itself is not particularly appealing,&rdquo Beattie says. In a May 20 report, UBS points out that HKL&rsquo s 1QFY2026 operational update reported earnings rose 5% y-o-y, as lower net finance costs offset the loss of rental income following the disposal of MBFC Tower 3 and the formation of SCPREF. HKL also announced an upward revision to its FY2026 earnings guidance, reflecting improving sentiment in Hong Kong office leasing and proactive cost management. UBS calculates that HKL still has US$278 million of unutilised buyback capacity until mid-2027. It forecasts a 12-month target of US$10.96, based on a 15% discount to HKL&rsquo s estimated NAV per share. JPMorgan says the next catalysts for HKL are: further improvement in the Hong Kong office market capital recycling and more clarity on the investment in Suntec REIT, as well as leasing updates from Westbund Central. Share buybacks may also support the share price, the report adds. JPMorgan has a 12-month target of US$10.70, based on a 20% discount to its NAV estimate. Smith, Beattie and the new team at HKL have a long-term perspective compared to the shorter-term outlooks of analysts. &ldquo Hongkong Land has been in business for 137 years. By having a 10-year strategy and a 10-year goal was quite deliberate, because fundamentally, we are looking to create value over the long term,&rdquo Beattie concludes.
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30-May-2026 13:38	Valuetronics / Valuetronic Go to Message
x 1 x 0	UOBKH raises target price for Valuetronics to $1.88 on earnings and capital returns visibility Valuetronics Holdings has reported lower earnings for its FY2026 because of an impairment of an underperforming associate. However, John Cheong and Heidi Mo of UOB Kay Hian have nearly doubled their target price from $1.03 to $1.88, with an eye on the manufacturer' s better earnings visibility, shift towards higher margin products, plus a clear capital return plan. For the year ended March, Valuetronics recorded revenue of HK$1.65 billion, down 4%, in line with what they were expecting. The company reported earnings of HK$111 million, down 33.1%, weighed down by a HK$48.4 million impairment made for Trio AI. If excluded, the bottom line would have been HK$160 million, down 4%. The impairment of Trio AI was made because of weaker-than-expected demand. Valuetronics is weighing options such as recovering value from the GPUs by redeploying the hardware, or sell to other companies and potentially recoup around HK$130 million by end of 2026, according to Cheong and Mo. That aside, the analysts believe that with a more favourable product mix, Valuetronics can expect its gross margin, which was at 18.8% in FY2026, to remain at a " healthy" level going forward. From their perspective, what is also interesting about the company is its capital management. Even with the lower earnings, the company plans to pay final and special dividends that will bring its full-year total to 38 HK cents, up from 27 KHK cents in the preceding year. Backed by its strong cash position of HK$1.2 billion, the company has launched a plan to return HK$300 million to shareholders over two years. For one, it will improve its dividend payout policy from 30 to 50%, to 50 to 70%. In the current FY2027, it is allocating around HK$66 million in special dividends and not less than HK$80 million in share buybacks. The remaining HK$154 million will be used for the following FY2028. Meanwhile, Cheong and Mo, citing improving earnings visibility and a positive shift to higher margin products, have applied a higher valuation multiple of 19x ex-cash FY2028 earnings, up from 13x previously, leading to a higher target price of $1.88, up from $1.03 previously. The analysts note that Valuetronics is now trading at just 10x FY2028 ex-cash earnings and offers an attractive FY2028 dividend yield of about 6%. " We believe valuations remain undemanding, given Valuetronics&rsquo s defensive earnings profile and strong cash generation," state Cheong and Mo. Valuetronics shares, as at 2.33 pm, changed hands at $1.14.
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30-May-2026 13:37	OCBC Bank / OCBC Go to Message
x 0 x 0	OCBC stays &lsquo buy&rsquo on CLAS after &lsquo opportunistic divestment&rsquo of 336-key Clarke Quay hotel OCBC Group Research analyst Ada Lim is staying &ldquo buy&rdquo on CapitaLand Ascott Trust (CLAS) with an unchanged fair value estimate of 95 cents after its &ldquo opportunistic divestment&rdquo of The Robertson House by The Crest Collection in Singapore for $360 million, announced on May 29. The sale price of the proposed divestment to an unrelated third party is a 4.0% premium to an independent valuation of $346 million as at end-2025, according to CLAS. CLAS has declined to reveal the identity of the buyer. The sale price of the 336-unit hotel translates to an exit Ebitda yield of 2.3%, and CLAS will recognise a net gain of some $38.1 million from net proceeds of $341.7 million. The transaction is expected to be completed in 3Q2026. On a pro forma basis, had the divestment been completed on Jan 1, 2025, FY2025 distribution per stapled security (DPS) would have been 3.1% lower at 5.91 cents, while net asset value (NAV) per stapled security would remain unchanged at 1.17 Singapore cents. CLAS says net proceeds from the divestment may be deployed for investment in higher-yielding assets, to fund asset enhancement initiatives (AEIs), to repay higher-interest debt, and/or for general corporate purposes. &ldquo The divestment of The Robertson House by The Crest Collection at an attractive price of close to $1.1 million per key underscores CLAS&rsquo s disciplined approach to portfolio reconstitution,&rdquo says Serena Teo, CEO of the managers. Formerly the Riverside Hotel Robertson Quay, the hotel was rebranded as The Robertson House by The Crest Collection in October 2023 after a seven-month refurbishment. The hotel&rsquo s all-day dining restaurant Entrepô t is the first project by chef Nixon Low, who joined Ascott as its culinary and beverage operations director in May 2023 from the Tung Lok Group. Post-divestment, CLAS will have four lodging properties in Singapore. Three properties &mdash Ascott Orchard Singapore, lyf one-north Singapore and lyf Funan Singapore &mdash are operational. The fourth property, Somerset Clarke Quay Singapore, is currently under redevelopment. Formerly Somerset Liang Court Singapore, the 192-unit serviced residence with a hotel licence is on track to complete around end-2026 and is expected to begin contributing income progressively from early 2027, according to CLAS. Somerset Clarke Quay Singapore will form part of the CanningHill Piers integrated development, alongside the 475-key Moxy Singapore Clarke Quay (owned by CDL Hospitality Trusts) and the 696-unit joint residential development by CapitaLand Development and City Developments. In addition to the redevelopment of Somerset Clarke Quay Singapore, CLAS has four properties undergoing AEIs in 2026 and 2027. These properties are Citadines Place d&rsquo Italie Paris in France, The Cavendish London in the UK, Sotetsu Grand Fresa Osaka-Namba in Japan, and Sheraton Tribeca New York Hotel in the US. CLAS says the AEIs will enhance the assets&rsquo positioning to better capture lodging demand and uplift their value. CLAS is Asia-Pacific&rsquo s largest lodging trust, with 106 hotels, serviced residences, rental housing and student accommodation across 45 cities in 16 countries as at March 31. Singapore remains a key market for CLAS, says OCBC&rsquo s Lim in her May 29 report. &ldquo Barring a significant deterioration in the macroeconomic outlook, in part due to the Middle East conflict, we remain constructive on the Singapore hospitality sector, which we think will be supported by growing international arrivals and tourist receipts.&rdquo Accounting for the divestment, Lim trims her FY2026 and FY2027 DPS projections by 0.1% each. Lim likes CLAS&rsquo s exposure to the living sector &mdash including student accommodation in the US and rental housing in Japan &mdash where demand is &ldquo less likely to be affected by any weakening in the global macroeconomic outlook&rdquo . &ldquo We also see CLAS&rsquo s ongoing portfolio rejuvenation as a positive for long-term growth and sustainability.&rdquo CLAS offers a total returns potential of 13%, according to Lim, based on its May 28 close price of 89.5 cents. CLAS stapled securities closed flat at 90 cents on May 29 following the announcement, but are down some 6.8% year to date.
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30-May-2026 13:36	SATS / Sats Go to Message
x 0 x 0	Can Sats sustain growth amid global supply chain disruption? Looking at Sats&rsquo s latest results, the company appears to tick all the boxes financially. For the year ended March 31, revenue was at a record high of $6.3 billion, which represents a growth of 9% y-o-y, while its ebitda margin improved 0.3 percentage points to 18.1%. Patmi rose 17% y-o-y to $285.2 million, while total dividend per share increased 40% to 7 cents. The company&rsquo s shares also climbed 19 cents, or 5.64%, to close at $3.56 on May 26. At the results briefing, Sats president and CEO Kerry Mok says the company was not directly affected in the early stages of the Middle East conflict, as it only has a presence in Saudi Arabia and Oman. &ldquo Due to the chaos, our Middle East operations were affected as the Gulf airline carriers cancelled their flights, which affected us because we are also their cargo handlers in Europe and the United States as well. Hence, if they are not flying, imports will be reduced, and therefore volumes are affected.&rdquo Despite the flight cancellations, Mok says Sats&rsquo s network was able to capture rerouting opportunities, owing to a major investment the company made even as the pandemic&rsquo s effects were still being felt. &ldquo We are proud to state that the platform we created, which was the combination of Sats and WFS, has proven its resiliency in how we navigate any tensions across the global network. From the Ukraine War to the recent Middle East conflict, we were able to withstand some of these shocks and find new paths to grow and find ways to work with our customers and manage the global supply chain.&rdquo Sats has witnessed growth in cargo volume due to the re-routing. For FY2026, total cargo processed grew 7% y-o-y to 9.65 million tonnes, with the majority of the growth coming from Europe, the Middle East, Africa and Asia (EMEAA), which saw 15.3% y-o-y growth to 4.07 million tonnes. Mok believes that Sats is in a privileged position where the company is now talking to customers on a global basis and sharing its network, expertise and ways it can work with them to help manage their businesses. Even so, as the conflict drags on, rising oil prices have pushed up Sats&rsquo s input costs, particularly in utilities and energy. Mok says that food costs remain a significant expense driver, especially for the company&rsquo s food solutions business. &ldquo Those costs will start to come in as our contracts with our partners are expiring, and once we negotiate the new contracts, you will start to see those costs coming through.&rdquo Sats CFO Timothy Tang adds that Sats will have to manage these rising cost inputs for as long as the Middle East conflict continues. &ldquo Longer term, this will normalise, and that is where the growth in our network will offset that cost increase. Right now, we need to ensure that we can manage this shock for the short and medium term and use our internal efficiencies to offset the rising cost.&rdquo Meanwhile, Mok believes that there will be a lagging impact from the higher price resulting from the new negotiated contracts, and the company will have to think about how to pass it on to customers. He adds: &ldquo While there is growth in our top line, we cannot allow costs to run ahead too much, and therefore improving productivity and efficiency within our operations will help to offset some of these cost increases.&rdquo Following a results briefing marked by both opportunities and challenges, the key question is whether Sats can sustain its growth trajectory in the coming years amid the ongoing conflict. But for now, Mok is confident that Sats is still on track in achieving its FY2029 targets of more than $8 billion in revenue, 20% or more ebitda margin and above 15% ROE.
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30-May-2026 13:35	MM2 Asia / MM2 Asia [1B0.si] Go to Message
x 0 x 0	mm2 Asia H2 net loss widens to S$166.6 million amid fair-value losses FY2026 revenue plunges 95.9% on the year, amid a 99% decline in sales by its content business [SINGAPORE] Former Cathay Cineplexes operator mm2 Asia posted a net loss of S$166.6 million for its second half ended Mar 31, widening from a net loss of S$101.3 million in the year-ago period. In tandem, its basic loss per share (LPS) from continuing operations stood at S$0.0215 for the six months, from a basic LPS of S$0.0194 in the previous corresponding period. For H2 FY2026, it reported negative revenue of S$1.7 million, down from a revenue of S$46.4 million in the year-ago period it attributed this to fair-value losses from its film and entertainment investments. For the half-year, it recorded a S$10.3 million loss on fair-value changes in its investments in its films and entertainment events. This, with an H2 revenue of S$8.7 million excluding fair-value losses, resulted in the negative revenue of S$1.7 million at the time that revenue was recognised. The group did not declare a dividend for the period. For the FY2026, mm2 Asia&rsquo s net loss widened to S$206.3 million, from S$105.2 million in the previous financial year. Its full-year basic LPS was S$0.0275, up from S$0.0164 in FY2025. Full-year revenue down 95.9% Revenue for FY2026 plunged 95.9 per cent year on year (yoy) to S$4.7 million, from S$112.5 million. This was driven by lower contributions from the content business, which posted a 99 per cent yoy drop in sales to S$1.1 million, from S$109.8 million in FY2025. The declines came as the content business logged lower production revenue, from completing fewer projects than in the previous year. The business also logged lower distribution income and management fees revenue, along with increased fair-value losses on investments in films and entertainment events. For FY2026, cost of sales rose by around 52.5 per cent to S$138.5 million, from S$90.8 million in FY2025. This was attributed to the cost charge out by the content business, in relation to projects that were no longer commercially viable. Mm2 Asia said that material uncertainties remain in relation to the outcome and timing of its restructuring exercises, funding initiatives and overall recovery plans. The company intends to focus on prudent cash flow management, cost optimisation and operational discipline, while it evaluates opportunities to strengthen its financial position and support its remaining core businesses. The group also plans to continue leveraging its experience and capabilities in content development and production, while maintaining a &ldquo disciplined and cautious approach amid the evolving industry landscape&rdquo . Shares of mm2 Asia closed flat at S$0.003 on Friday, before the news.
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30-May-2026 13:31	Geo Energy Res / Black Gold Industry Discussion Go to Message
x 1 x 0	Geo Energy takes the high road to recurring income Previously shunned by the ESG crowd, Charles Antonny Melati is pushing ahead to grow its coal-mining business For decades, the coal industry was seen to be in decline as governments and companies looked to pivot to cleaner energy sources. Yet, if the series of unforeseen (and frankly, unfortunate) events in the past few years is anything to go by, demand for coal does not seem to be subsiding anytime soon. If anything, coal &mdash typically seen as a more affordable source of energy &mdash may be sought after again after the closure of the Strait of Hormuz led to oil price surges. About 20% of the world&rsquo s oil and liquefied natural gas (LNG) transits through the Strait of Hormuz. According to the International Energy Agency (IEA), global coal demand is likely to remain &ldquo broadly unchanged&rdquo between 2025 and 2027. However, that estimate was given in December last year, before the Hormuz crisis. Given the ongoing circumstances, industry players believe that average coal prices &mdash based on the Indonesian Coal Index Price for 4200 GAR (ICI4) at above US$50 ($63.95) will hold for at least one to two years. Indeed, the coal business is very much alive for Geo Energy Resources (SGX:RE4) . On May 18, the company announced an offtake agreement with commodities trader Trafigura, under which Trafigura will purchase the entire production volume of Geo Energy&rsquo s Harfa mine, amounting to approximately 1.5 million tonnes per year. Under the terms of the agreement, Trafigura will provide between US$50 million and US$100 million in prepayment to help ramp up the production. Also, Geo Energy will spend an initial capex of US$60 million to hire a mining contractor for 15 years to extract coal at the same Harfa mine, estimated to have reserves of between 15 million and 20 million tonnes. The contractor, East Wonders Indonesia, is backed by China&rsquo s Shanxi Yulong Group. For Charles Antonny Melati, executive chairman and CEO of Geo Energy, coal is definitely not a sunset industry, but quite the reverse. &ldquo With the global uncertainties [and the] market economy not [doing well], for emerging countries, coal is still being adopted because it is the cheapest and most accessible energy,&rdquo he tells The Edge Singapore. Less infrastructure is required to mine coal than to build power plants for other sources, for example, Melati explains. Evidently, some investors are willing to back Melati. On April 15, the company announced it had raised gross proceeds of $18.4 million by placing new shares to a group of investors at 52.5 cents each. The investors include Asdew Acquisitions, Ascend Open Master Fund, Icham Master Fund and Han Seng Juan, one of the two controlling shareholders of Centurion Corp. The growing interest from investors marks a stark contrast to a few years ago, when the company was shunned, along with the rest of the coal sector, over ESG concerns. For years, the company traded at a fraction of its book value and at a low single-digit P/E, even though it was being cheered along by Jim Rogers, a notable commodities bull, as both a shareholder and a director. Macroeconomic factors aside, Geo Energy is set to enjoy stronger top and bottom lines with its upcoming integrated infrastructure project, which is tipped to be completed by 3Q2026. In a March 17 announcement, the group said the project, a 92km hauling road and jetty in South Sumatra, Indonesia, was 80% completed. The road cuts through two provinces, South Sumatra and Jambi. For context, that is roughly the distance from Singapore to Yong Peng in Johor, about an hour&rsquo s drive up the North-South Expressway. It all began when Geo Energy first acquired a 33% stake in PT Marga Bara Jaya (MBJ) on Oct 18, 2023. According to the group&rsquo s website, the latter came with several features, including a ready-for-development 92km-long all-weather hauling road with key permits and licences, as well as land and a 50ha riverbank. The road and coal terminal port at the river has a targeted capacity of up to 50 million tonnes per year. Of this, 25 million tonnes of coal is reserved from the TRA mine per year, while the remaining 25 million tonnes will be leased to the surrounding mines. On Aug 1, 2024, the group increased its stake in MBJ to 58.7% after exercising the option to buy an additional 257 shares, representing a 25.7% stake, for US$150 per share. It has since increased its effective interest to 71.3%. To construct the road, the group awarded an engineering, procurement and construction (EPC) contract worth US$150 million to a consortium comprising Chinese state-owned enterprises (SOEs), CCCC First Harbor Consultants Co and Norinco International Cooperation. A groundbreaking ceremony was held on Nov 20, 2024. The road, which connects Geo Energy&rsquo s Triaryani (TRA) coal mine &mdash as well as the neighbouring mining concessions &mdash to the jetty, is expected to generate recurring income for the group. The new route is not only shorter than the current 137 km-long, non-all-weather road it will also save 30% on logistics costs. An investment that paid off Even before the infrastructure is completed, Geo Energy has already attracted investor interest. On May 11, the group announced that Swiss-based private commodities investment group Resource Invest AG (ResInvest) will invest in MBJ at a valuation of US$1.5 billion. Both parties signed a term sheet, with the amount, percentage holding and other details to be finalised in the definitive agreement. ResInvest is not new to Geo Energy. Its subsidiary, ResInvest Commodities (formerly EPR Asia), is already the offtaker for TRA&rsquo s coal. The investment will comprise an initial one in 3Q2026 and the remainder in 1Q2027. The amount brought up in the discussions is deemed to be &ldquo substantial&rdquo , said Geo Energy. The valuation, says Melati, was calculated based on the road&rsquo s capacity. Assuming a load capacity of 50 million tonnes at a net profit of US$5 per tonne, the group will make US$250 million per year. At a P/E multiple of eight times, which is &ldquo normal&rdquo for infrastructure, Melati says the group arrived at a valuation of US$1.5 billion ($1.9 billion). The May 11 announcement added that the infrastructure is targeted to generate an additional US$300 million in ebitda per annum for the group &ldquo within a few years&rdquo , well above the group&rsquo s highest recorded earnings of US$179.1 million in FY2021. Beyond the toll fees, the group will also charge for loading and unloading of goods at the jetty, though the toll will make up a bulk of the margin. A third party will undertake haulage. On March 17, Geo Energy announced that it signed two binding term sheets with third-party coal producers for an aggregate haulage volume of about 9 million tonnes per annum. Including the 25 million tonnes of annual haulage allocated to the group&rsquo s TRA mine, the group has secured up to 34 million tonnes per annum of throughput for the infrastructure. While the fees have not been formally announced, Melati expects them to be linked to prevailing coal prices. &ldquo We may explore the same business model for the road users &mdash toll fees in tandem with the coal prices. If coal prices drop, we may lower [our fees]. If coal prices are high, we may get an upside, together.&rdquo Even without third-party fees and purely on a 30% cost reduction for TRA&rsquo s own coal, the group estimates it&rsquo ll take about three to four years to break even, based on a production target of up to 25 million tonnes a year from the mine. While the &ldquo good thing&rdquo about the mine is its reserves of over 300 million tonnes, Melati acknowledges that the group&rsquo s real purpose was to buy the road. &ldquo The opportunity to own the road infrastructure was a key reason to acquire the TRA mine.&rdquo Even if the TRA mine is mined out after 20 years and beyond, the road will remain, providing toll revenue, he adds. Once completed and operational, the group will think of ways to unlock value from the road. Still, the road is already bringing value to the local community. &ldquo This road has a multiplier impact on the community. Imagine we run this road 24 hours, it would create jobs.&rdquo The road and the TRA mine together are expected to create between 4,000 and 5,000 jobs. Asked why its neighbouring mines had not attempted something similar, Melati notes the project&rsquo s complexity and cost. &ldquo First thing, of course, is the capital. Second thing, it&rsquo s not easy to acquire 92km of land. That will take a very long time.&rdquo He adds that the pre-approved licence Geo Energy inherited with the MBJ acquisition compressed what might otherwise have been years of groundwork. As of the group&rsquo s annual general meeting (AGM) on April 29, Melati estimates that the road would be almost 90% complete, with monthly progress improving to 5%&ndash 6% from 2%&ndash 3% as construction enters its final phase. The group is careful to ensure its foundations are stable, as it intends to use the road for the next 20 to 30 years. Expanding the transport network While MBJ is the group&rsquo s focus at the moment, Geo Energy has other growth plans. In January, the group completed the acquisition of 51% stakes in two Indonesian shipping companies, PT Trans Maritim Pratama and PT Bahari Segara Maritim. This move lets the group &ldquo secure key logistics capacity and maintain control over the entire logistic transportation process&rdquo . The acquisition will also allow the group to reduce reliance on third-party transporters, improve operational reliability and increase its operational margins in its shipping business. Then there is coking coal. On April 1, Geo Energy signed a binding term sheet to acquire a majority stake in PT Harfa Taruna Mandiri, a hard coking coal concession in Central Kalimantan. Coking coal, which is used in modern steelmaking, consistently commands a &ldquo significant price premium&rdquo over ordinary thermal coal. In its announcement, Melati said that the proposed acquisition is structured to be &ldquo value-accretive with minimal upfront commitment and strong long-term upside&rdquo . Despite the diversity of these acquisitions, Melati frames them as extensions of the same business rather than departures. &ldquo We have been in the coal business since 2008 till now and coal is still our core. These acquisitions are all downstream from our coal.&rdquo FY2026 expected to be a good year For now, Melati believes 2026 will be a good year for the group, especially given higher coal prices. The group has targeted a production volume of 11.5&ndash 12.5 million tonnes. Assuming these volumes at current prices, the group expects to generate US$170 million to US$200 million in ebitda from coal sales alone. For 1QFY2026, the group reported a net profit of US$4 million, down from US$14.1 million in the same quarter a year earlier. Despite the drop, the group is optimistic it will do well, given the current strength in coal prices and the ramp-up of TRA production in the second half of this year. 1QFY2026 revenue also fell by 42% y-o-y to US$95.8 million, mainly due to the lower coal sales volumes in the coal mining segment. While the average selling price rose to US$48.56 during the quarter, up from 1QFY2025&rsquo s US$46.98 per tonne, the group&rsquo s first-quarter results had not fully reflected the higher ICI4 prices, given that the spike occurred around March. The group&rsquo s cash profit per tonne was US$10.66, down from US$11.16 a year earlier based on current coal prices, it expects this figure to increase. Geo Energy, which pays dividends quarterly, has maintained its 1QFY2026 payout ratio at around 30%&ndash 34%. When asked whether the group was considering raising dividends, he noted that its dividends are paid more frequently than expected and that it still intends to expand its business over the next few years. &ldquo I try to give value to our shareholders. It&rsquo s not only for them, but also for myself,&rdquo laughs Melati, who is the company&rsquo s single-largest shareholder with a stake of nearly 30%. The group is also still on the lookout for acquisitions. &ldquo We are exploring a few mines also in this area in Sumatra, near our infrastructure project,&rdquo says Melati. Regarding the factors he looks for, Melati says the acquisitions must be &ldquo economical,&rdquo and the reserves must be &ldquo sufficient&rdquo for the group to mine. The most important thing, he says, is to ensure that they&rsquo re buying the land, too. &ldquo In Indonesia, you can only buy the mine, not the land. You can apply for the licence and only get the licence, but the land still does not belong to you,&rdquo he says. &ldquo Any potential mine that we consider buying has to have good logistic connectivity.&rdquo On valuation, Geo Energy&rsquo s market cap crossed $1 billion on April 13, some 14 years after its listing. That said, Melati believes the group is still being undervalued given its US$1.5 billion investment in MBJ alone. Analyst Paul Chew of PhillipCapital, who has a &ldquo buy&rdquo call on Geo Energy, believes the group is benefitting from a &ldquo trifecta of tailwinds&rdquo . &ldquo Coal prices are rebounding strongly, and the new US$190 million infrastructure is expected to double coal production and provide recurrent toll and freight fees for the company,&rdquo he says. As at his March 16 report, Chew has a target price of 75 cents &mdash up from 59 cents previously &mdash and an FY2026 revenue and net profit estimate of US$573 million and US$56.8 million, respectively. KGI Research&rsquo s Alyssa Tee has maintained her &ldquo outperform&rdquo call in a May 18 update, raising the target price to $1.27 from $1.02. Tee&rsquo s new target price factors in the removal of MBJ from the discounted cash flow (DCF) framework and is based on the ResInvest deal, including the addition of the group&rsquo s marine logistics arm to the DCF at the group&rsquo s 51% economic interest. Given the group&rsquo s 71.3% interest in MBJ, the latter alone is attributable at US$1.07 billion, exceeding Geo Energy&rsquo s market cap, she points out. In FY2026, Tee estimates that Geo Energy will bring in US$606.6 million in revenue and US$56.9 million in net profit. Regulatory issues Given volatility in the energy market, the Indonesian coal miners may be able to move ahead despite criticisms from the ESG crowd. However, as recent developments have shown, they need to brace for external influences of another kind: regulatory challenges. On May 20, Indonesia announced plans to centralise control of commodity exports, including palm oil and coal. The announcement sent the share prices of various Singapore-listed Indonesia-based commodity stocks down. Geo Energy&rsquo s share price, for one, was down from 56 cents on May 19 to 47 cents on May 26. In response to this development, Geo Energy views the announcement as part of a broader effort to strengthen state oversight and improve coordination across key resource sectors. &ldquo While the initiative may enhance regulatory efficiency and support national revenue objectives over the longer term, further clarity is expected regarding the implementation framework, administrative processes and documentation requirements,&rdquo says Geo Energy in a statement on May 25. Geo Energy adds that, given the involvement of multiple agencies and industry players, this &ldquo transition period may take time to fully evolve and be implemented&rdquo . As of May 25, Geo Energy says it has not received any official communication or directive regarding the matter and will continue to closely monitor developments while engaging with the relevant authorities and stakeholders as appropriate. In the meantime, Geo Energy says its fundamentals remain strong. &ldquo Our current production, logistics, customer relationships, and export activities continue as normal&rdquo and that it is making &ldquo steady progress&rdquo on the construction of the road and related infrastructure. &ldquo The group will continue to execute its growth strategy and operational plans in a disciplined manner while remaining agile and responsive to evolving regulatory and policy developments,&rdquo says Geo Energy.
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30-May-2026 13:30	Lincotrade / Fabchem Go to Message
x 0 x 0	Lincotrade Secures New Projects with an Aggregate Contract Value of S$16.8 Million in 3Q2026 Order Book Strengthens to S$107.0 Million Secured 7 new commercial projects in Singapore with an aggregate contract value of S$16.8 million (including a public sector project with a contract value of S$8.2 million) during the period from 1 January 2026 to 31 March 2026. Outstanding order book strengthened to S$107.0 million as at 31 March 2026, providing healthy revenue visibility over the next two years. New Tuas Facility is expected to enhance operational efficiency with dormitory operations creating additional recurring income opportunities. See Full Release here: https://www.lincotrade.com.sg/view& id=999
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29-May-2026 10:52	Genting Sing / genting sing Go to Message
x 0 x 0	Not beyond compare: Genting Singapore&rsquo s weak hand is getting harder to hide It&rsquo s hard not to compare RWS with its high-flying rival MBS, even though they target different market segments [SINGAPORE] Every gambler should know when to hold &lsquo em, when to fold &lsquo em, when to walk away, and when to run, according to Kenny Rogers&rsquo classic song. This sagely advice could not be more appropriate for Genting Singapore shareholders right now. The integrated resort (IR) and casino operator &ndash one of only two in a tightly controlled space in Singapore &ndash is bleeding chips. And the market is quickly losing its patience. While the benchmark Straits Times Index (STI) has romped to a 29.9 per cent increase in value over the past year, Genting Singapore : G13 +0.85% is firmly in the cellar. The counter is the worst-performing STI constituent stock, with its share price falling 15.7 per cent over the same period. It currently trades at a 13 per cent discount to its book value. But investors looking to buy into a blue-chip stock on the cheap should probably look the other way. Since its latest first-quarter business update on May 12, analysts from at least four research houses &ndash JP Morgan, DBS, UBS and Hong Leong Investment &ndash have downgraded their recommendations on the counter as the long-awaited recovery story fails to take shape. To make matters worse, the regulatory picture brings little comfort. The Gambling Regulatory Authority (GRA) recently disclosed that it issued a letter of censure to the Resorts World Sentosa (RWS) operating entity, citing a &ldquo failure to implement a specified internal control&rdquo approved under the Casino Control Regulations. This makes RWS the only gaming operator to face the regulator&rsquo s disciplinary action for the financial year ended Mar 31, 2026 &ndash a distinction the company could certainly do without. Imperfect comparison At its recent annual general meeting, Genting Singapore executive chairman and acting CEO Lim Kok Thay &ndash one of Malaysia&rsquo s richest men &ndash urged shareholders to stop comparing RWS with its rival across the bay, Marina Bay Sands (MBS). He made a fair point. Singapore had intended for the two IRs to serve very different purposes from the start. RWS is a family-oriented island destination with a larger emphasis on non-gaming offerings such as theme parks and attractions, which draw in tourism spending. MBS is a business-focused powerhouse, focusing on the meetings, incentives, conventions and exhibitions space, sitting comfortably in the central business district. Comparing a sprawling island resort to a downtown convention hub is imperfect it makes sense to judge Genting Singapore on its own historical merits. Yet, when you look at the company&rsquo s full-year results for 2025, you quickly understand why management wants to manage expectations. Overall revenue for FY2025 dipped 3 per cent to S$2.45 billion, which management blamed on a lower win rate on the casino floor. But the real pain was felt at the bottom line, as net profit plunged 33 per cent to S$390.3 million. The group&rsquo s adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda) fell 15 per cent to S$815.8 million. The severe drop in profits stemmed from the massive expenses required to keep an ageing IR relevant. The group bears the heavy burden of ramp-up costs for new launches, expenses from temporary closures, and ongoing infrastructure upgrades for the massive S$6.8 billion RWS 2.0 revamp. Perhaps, 2025 was just an unlucky transition year. However, the latest first-quarter results for 2026 suggest that the bleeding has continued. Q1 net profit plunged 55 per cent to S$65.2 million, while adjusted Ebitda fell 24 per cent to S$179 million. The management pointed to the ongoing Middle East conflict and elevated airfares, arguing that these macro factors softened tourist receipts. But that explanation rings hollow when you consider the broader landscape. Las Vegas Sands executives recently declared that MBS delivered &ldquo simply the greatest quarter in the history of casino hotels&rdquo at the end of 2025. It is now seen by industry analysts as one of the most profitable casino properties in the world. Indeed, the iconic downtown property draws from largely the same pool of tourists and faces the same global headwinds as RWS, yet it continues to post massive growth. Expensive effort Genting Singapore often points to its non-gaming business as a bright spot. Keeping visitors entertained is crucial, and refreshing attractions such as Minion Land at Universal Studios Singapore and the new Singapore Oceanarium did lift non-gaming revenue. However, running lifestyle attractions is an expensive effort. The cost of marketing, staffing and maintaining these massive assets eats into profit margins, and cannot easily plug the financial hole left by missing casino high-rollers. Looking ahead, transformation-related expenses will likely remain painfully high. This leaves shareholders in a very uncomfortable spot. RWS is stranded on an island the company must spend heavily just to drive foot traffic across the bridge. Once visitors arrive, the costs of keeping them fed and entertained are high, while the highly profitable gaming floor remains worryingly quiet. Investors are left waiting for the RWS 2.0 revamp to be fully completed by 2030. They must fund an expensive transition and endure prolonged construction noise, hoping it will eventually translate into a real earnings recovery. In downtown Singapore, MBS too will be looking to fund its own multibillion-dollar expansion, including a fourth tower and an entertainment arena. But as it rakes in record profits, investors are more likely to be drawn to its merits. Genting Singapore is right to point out the structural differences between the two IRs. We should probably stop expecting RWS to match the world&rsquo s most profitable casino dollar for dollar. But even judged entirely on its own historical merits, the house in Sentosa is playing a very weak hand. And investors should consider whether it&rsquo s time to fold and walk away &ndash at least for now.
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29-May-2026 10:51	Valuetronics / Valuetronic Go to Message
x 0 x 0	Valuetronics reports lower FY2026 on impairment plans special dividend as part of HK$300 mil capital return move Hong Kong based but Singapore-listed manufacturer Valuetronics Holdings has reported FY2026 revenue of HK$1.66 billion, down 4% over the preceding year. However, because of an impairment, earnings for the same year to March 31 was down 33.1% to HK$111.4 million. Specifically, the impairment is related to the company' s investments in GPUs and related ancillary hardware assets under equipment leasing arrangements to an associate company, Trio AI, in which it holds 26.6%. As Trio AI failed to gain sufficient commercial traction, Valuetronics will reassess this business and explore options to recover value investments made. Despite the lower bottom line, the company is soothing shareholders with a final dividend of 14 HK cents, plus a special dividend of 16 HK cents, as part of the HK$300 million capital return programme. This will bring its total FY2026 payout to 38 HK cents, equivalent to a payout ratio of 132%. For the preceding FY2025, the company paid 27 HK cents. Valuetronics, as at March 31, has no debt and maintains a cash and equivalent of HK$1.2 billion, an improvement from HK$1.09 billion as at March 31 2025. The company has launched a HK$300 million capital return programme to return surplus cash. As part of this, Valuetronics has revised its dividend policy from 30% to 50% of the earnings to 50% to 70%. Ricky Tse Chong Hing, the company' s chairman and managing director, calls this capital return a reflection of Valuetronics' commitment to delivering sustainable shareholder value through a disciplined and balanced capital management approach. Going forward, Valuetronics warns that the operating environment remains fluid and uncertain, with tariffs and ongoing tensions in the Middle East. At the same time, strong demand for components used in AI infrastructure has continued to absorb semiconductor manufacturing capacity, which may affect the cost and lead time of conventional component supplies. Valuetronics expects to remain profitable in FY2027. Valuetronics shares closed at $1.01 on May 26, down 0.98% for the day, and is up 17.44% year to date.
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29-May-2026 10:50	Koh Bros / Koh Brothers Go to Message
x 0 x 0	Koh Brothers Eco Engineering shares up 32% on proposed transfer to mainboard Its board expects the move will enhance the company&rsquo s credibility and visibility [SINGAPORE] Shares of Koh Brothers Eco Engineering : 5HV +27.27% were up 32 per cent or S$0.042 at S$0.174 as at 9.40 am on Thursday (May 28), after it announced that it had submitted an application for a transfer to the mainboard on the Singapore Exchange (SGX). By that time, around 49.6 million shares had changed hands. The company is a subsidiary of construction and property group Koh Brothers : K75 +8.75%. The latter holds a 54.8 per cent stake in the unit. Shares of parent company Koh Brothers were up 10 per cent or S$0.04 at S$0.44 as at 9.46 am. The board of Koh Brothers Eco Engineering said listing on the mainboard will enhance the long-term value for the company&rsquo s shareholders. The company has been listed on the Catalist board of SGX since Feb 27, 2006. The transfer &ldquo would better reflect the company&rsquo s current stage of development and future growth trajectory&rdquo , the board said. The board expects the proposed transfer to enhance the company&rsquo s credibility and visibility with key stakeholders, including customers, suppliers, lenders and prospective strategic partners. Having a mainboard status also provides &ldquo improved peer comparability&rdquo within the larger-capitalisation segment and reinforces the group&rsquo s corporate profile, it added. Earlier this year, shares of Koh Brothers Eco Engineering also jumped when its majority-owned unit Oiltek : HQU +1.48% crossed S$1 billion in market capitalisation. The company owns 68.1 per cent of Oiltek, but is valued at just about S$372 million. The subsidiary is valued at around S$871 million as at Thursday. Oiltek&rsquo s recent gains, which were likely propelled by rising oil prices due to the conflict in the Middle East, led it to become the first and only Catalist-origin stock with a market cap exceeding S$1 billion. It moved to the mainboard in June 2025.
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29-May-2026 10:48	Wilmar Intl / Wilmar Go to Message
x 0 x 0	Wilmar shares tumble 10.5% in early trade amid Indonesia probe It is under investigation for suspected under-invoicing and transfer-pricing practices [SINGAPORE] Shares of Wilmar International : F34 -2.84% fell as much as 10.5 per cent in early trading, down S$0.37 at S$3.15 as at 9 am on Thursday (May 28). By 9.21 am, the counter had recovered to S$3.43, down S$0.09 or 2.6 per cent, after around 4.7 million shares changed hands. The Business Times reported on Tuesday that the company is among 10 crude palm oil (CPO) exporters under investigation for suspected under-invoicing and transfer-pricing practices. Under-invoicing is the practice of declaring a lower export value in order to shift profits to lower-tax jurisdictions and or pay lower export taxes. Indonesia&rsquo s Finance Minister Purbaya Yudhi Sadewa said that the companies shipped or sold CPO to trading firms in Singapore, which then resold the cargo to the US after price mark-ups of as much as 50 per cent, raising concerns that a portion of export value may have been moved offshore. He said that while domestic export documents in Indonesia appeared accurate, inconsistencies emerged in transit records and destination pricing, suggesting the use of offshore trading hubs to book higher margins outside the country. Singapore-based Musim Mas is also under probe. The investigation is part of Jakarta&rsquo s broader effort to tighten control over strategic commodity flows.
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29-May-2026 10:47	Wilmar Intl / Wilmar Go to Message
x 0 x 0	Wilmar says it has not received official notice of Indonesia probe into suspected export under-invoicing The company&rsquo s shares are down 4% as at midday, after falling 10.5% in early trading on Thursday [SINGAPORE] Wilmar International said in a bourse filing on Thursday (May 28) that it has not received official notification of being under investigation by the Indonesian authorities for suspected under-invoicing and transfer-pricing of exports. The agribusiness giant added that it is &ldquo working with the relevant authorities to understand their concerns&rdquo . &ldquo If and when we receive official notification... we will update the market accordingly,&rdquo said the company. The Business Times reported on Tuesday that the company is among 10 crude palm oil (CPO) exporters under investigation for suspected under-invoicing and transfer-pricing practices. Singapore-based Musim Mas is also under probe. Under-invoicing is the practice of declaring a lower export value in order to shift profits to lower-tax jurisdictions and/or pay lower export taxes. Indonesia&rsquo s Finance Minister Purbaya Yudhi Sadewa said that the companies shipped or sold CPO to trading firms in Singapore, which then resold the cargo to the US after price mark-ups of as much as 50 per cent, raising concerns that a portion of export value may have been moved offshore. He noted that while domestic export documents in Indonesia appeared accurate, inconsistencies emerged in transit records and destination pricing, suggesting the use of offshore trading hubs to book higher margins outside the country. The investigation is part of Jakarta&rsquo s broader effort to tighten control over strategic commodity flows. Wilmar : F34 -3.98% declined as much as 10.5 per cent or S$0.37 to S$3.15 in early trading on Thursday. As at the midday trading break, its shares were down S$0.140 or 4 per cent at S$3.38.
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29-May-2026 10:46	SingTel / singtel Go to Message
x 0 x 0	DBS upgrades Singtel to &lsquo buy&rsquo as Bharti Airtel gets valuation boost with upcoming industry tailwind The brokerage also raises its price target to S$5.46 from S$5.36 [SINGAPORE] Singtel : Z74 -2.68% has been upgraded from &ldquo hold&rdquo to a &ldquo buy&rdquo rating by DBS Research, following a higher valuation of the group&rsquo s India-listed Bharti Airtel, in which Singtel holds a 27.5 per cent stake. In a report on Tuesday (May 26), DBS also raised its 12-month target price for the telco by about 1.9 per cent to S$5.46 from S$5.36, offering significant upside from the S$4.35 being traded on Thursday afternoon. The upgrade is mostly driven by fair valuations of Singtel&rsquo s regional associates, primarily a revision in Bharti Airtel&rsquo s fair value to 2,300 rupees per share from 2,000 rupees. Bharti Airtel accounts for about 64 per cent of Singtel&rsquo s sum-of-the-parts valuation for its regional associate segment, and 49 per cent of the group&rsquo s total valuation. DBS expects a major near-term catalyst, with Singtel competitor Reliance Jio anticipated to file its initial public offering this year, potentially paving the way for industry-wide tariff hikes in India. In addition, a recent share price correction caused Singtel&rsquo s holding company discount to widen to 17 per cent, from 7 per cent in March. DBS projects the telco&rsquo s operating company (OpCo) Ebit (earnings before interest and taxes) &ndash a key share price driver &ndash to grow 5 per cent in FY2027, before accelerating to 10 per cent in FY2028. Optus Its Australian subsidiary Optus, as well as Singtel&rsquo s data centre business and growth engine NCS, are expected to continue driving OpCo Ebit growth. Looking ahead, DBS analyst Sachin Mittal expects Optus to stage a &ldquo strong recovery&rdquo , which could support mid-single-digit group Ebit growth in FY2027. However, FY2027 OpCo Ebit growth is likely to be weighed down by weakness in Singapore&rsquo s consumer business amid uncertainty surrounding industry consolidation. The projected acceleration to 10 per cent growth in FY2028 is expected to be supported by the ramp up of its GPU-as-a-service offerings, as well as a potential recovery in Singapore&rsquo s consumer business. Re-entry opportunity? This widening valuation discount of Singtel shares aligns with views from RHB analysts, who noted on May 22 that recent price volatility presents a potential &ldquo re-entry opportunity&rdquo into the counter. They also pointed to &ldquo early success&rdquo in Singtel&rsquo s artificial intelligence and cloud initiatives, which generated S$25 million in revenue from the initial phase of its data centre and AI deployment, alongside a return on invested capital of 11.1 per cent and a record FY2026 dividend. That said, DBS&rsquo Mittal highlighted key risks, including a decline in regional currencies such as INR, THB and IDR, as well as &ldquo irrational competition&rdquo in Australia, which could hinder recovery. Optus may also face headwinds from intense competition, although the base case assumes a gradual recovery in its operating profit. The company has previously faced pressure, including accumulated losses since FY2021 and operational disruptions such as a major outage in February that affected about 200,000 customers. Singtel&rsquo s results The brokerage noted that analysts&rsquo and market consensus forecasts for the group&rsquo s earnings have been trimmed by about 7 per cent for FY2027 and FY2028, respectively, following Singtel&rsquo s second-half FY2026 results, bringing estimates closer in line with DBS&rsquo revised projections. On Thursday, the telecommunications giant reported fourth-quarter FY2026 core net profit of S$672 million, down 10 per cent quarter on quarter but up 11.8 per cent year on year, bringing full-year core net profit to S$2.8 billion. As a result, several brokerages said the results were &ldquo slightly below expectations&rdquo . Citi analysts noted that Singtel&rsquo s underlying profit slightly missed expectations, citing a weaker fourth quarter in which recurring profit fell about 10 per cent sequentially on softer Singapore operations. DBS&rsquo Mittal shared a similar view, saying core net profit was about 6 per cent below consensus forecasts, citing &ldquo lower-than-expected&rdquo contributions from Singapore and Australia, which weighed on operating company earnings.
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29-May-2026 10:44	UOL / UOL Go to Message
x 0 x 0	UOL, Pan Pacific Hotels ink three-year MOU with National Arts Council to bring arts experiences into properties UOL Group and its hospitality subsidiary Pan Pacific Hotels Group (PPHG) have signed a three-year memorandum of understanding (MOU) with the National Arts Council (NAC) to introduce &ldquo arts experiences&rdquo across the group&rsquo s commercial and hospitality properties. Signed on May 19, the MOU covers three areas: supporting key national arts platforms, creating new opportunities for local artists including artists with disabilities, and embedding arts programming across UOL and PPHG properties. Under the partnership, UOL and PPHG will provide venue access and hospitality support for Singapore Art Week, the Singapore International Festival of the Arts and Singapore Writers Festival, giving local artists new platforms through exhibitions, live performances and literary showcases across the group' s properties. PPHG concierge teams will also receive training to better connect guests with arts experiences across Singapore, helping visitors discover the city through its arts offerings. UOL&rsquo s upcoming 173-room luxury hotel NoMad Singapore, slated to open in 4Q2026 along Orchard Road, will feature bespoke works by local artists, including artists with disabilities. The hotel will also make use of Faber Hall &mdash a public space connected via Faber Gallery to the former Singapore Chinese Girls&rsquo School campus &mdash as a venue for performances, community programmes and inclusive arts activities. &ldquo We believe that the arts have an important role to play in shaping inclusive communities and enlivening everyday spaces in Singapore,&rdquo says Liam Wee Sin, group CEO at UOL. &ldquo With our partnership with NAC, we can create new pathways to integrate the arts more deeply across our spaces, making arts experiences more accessible and immersive.&rdquo Wee Wei Ling, executive director of sustainability partnerships, lifestyle and asset at PPHG, says the partnership &ldquo builds on our collaboration with NAC over the past years, reflecting our continued commitment to supporting local artists and inclusive arts.&rdquo The MOU was signed in conjunction with the International Society of Performing Arts (ISPA) 2026 Singapore Congress, held from May 19 to 22, which brought together over 400 global performing arts leaders. PPHG is the official hospitality partner for ISPA 2026.
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29-May-2026 10:43	EliteUKREIT GBP / Elite REIT - the only GBP-denominated REIT today. Go to Message
x 0 x 0	PhillipCapital and RHB reaffirms &lsquo buy&rsquo recommendation on Elite UK REIT following recent site visit PhillipCapital and RHB Bank Singapore analysts have kept their respective &ldquo buy&rdquo calls on Elite UK REIT following a recent site visit of the REIT' s assets in London, Kent and Cardiff. The REIT owns a portfolio of 148 properties across the United Kingdom (UK) are predominantly rented to the Department for Work and Pensions (DWP), which operates Jobcentre Plus, a government-funded employment agency and social security office, which aims to help people of working age find employment in the UK. At the same time, DWP also administers claims for benefits such as income support, incapacity benefit, universal credit, jobseeker&rsquo s allowance, and employment support allowance. Jobcentre Plus provides training opportunities and resources to enable job-searchers to find work, through Jobpoints, which is a touch-screen computer terminal at the office that can be used to apply for jobs using either telephones or website. &ldquo Our site visit across London, Kent, and Cardiff confirmed our views that the visited jobcentres are operationally critical to DWP&rsquo s daily service delivery, financial support claimant volumes at the jobcentres are at record highs and rising and select assets offer repositioning optionality,&rdquo says PhillipCapital' s Hashim Osman in his May 25 note. The REIT continues to achieve portfolio stability as it recently signed new leases with DWP in February, which secured CPI-linked rents which are floored at 1% and capped at 5% per annum and will commence in April 2028, says Hashim, who is keeping his &ldquo buy&rdquo call with unchanged DDM-based target price of £ 0.41. The recent site visit reinforced the critical nature of Elite UK REIT&rsquo s UK Government social infrastructure portfolio, says RHB Bank Singapore&rsquo s Vijay Natarajan in his May 28 note. &ldquo Although some of the assets could be consolidated in future, Elite UK REIT&rsquo s pivot into the living sector offers repurposing ability to extract upside potential from housing supply shortage in the UK,&rdquo says Natarajan. Some of his takeaways were that DWP' s physical offices remain critical with rising unemployment and transforming job market and asset utilisation from tenants and end users have improved. &ldquo Furthermore, prime asset location and standalone facilities with freehold land title provide good alternate usage such as living sector opportunities in the medium-term, while the shortage of quality living sector assets due to permit and construction delays, against the backdrop of a strong demand,&rdquo Natarajan adds. At the same time, despite the rising concerns over inflationary impact from the Middle East conflict, Natarajan shares that Elite UK REIT&rsquo s portfolio is partially mitigated from triple-net leases and strong government tenant credit profile. As such, Natarajan is keeping a &ldquo buy&rdquo call on Elite UK REIT and a target price of £ 0.41. This translates to a potential 21% upside and 9% distribution yield. &ldquo While the REIT is not fully immune to macroeconomic headwinds in the UK, its stable cash flow profile from the sovereign tenant offers value at 9% distribution yield,&rdquo the analyst concludes. As of 1.58pm, Units in Elite UK REIT are trading flat at £ 0.34.
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29-May-2026 10:41	Nordic / Nordic Group - Multibagger GEM? Go to Message
x 0 x 0	PhillipCapital' s Hashim raises target price for Nordic Group to 68 cents with more orders in the book Hashim Osman of PhilliPCapital has raised his target price for Nordic Group after the company' s 1QFY2026 earnings which was up by 11% y-o-y to $5 million, with further growth ahead due to a bigger order book. In the quarter, net profit margin increased by 120 basis points to 12%. The ongoing shift towards higher-complexity FPSO, semiconductor, and defence projects supports further margin accretion. Also, the company is set to enjoy some tailwinds from more favourable forex movements, says Hashim. The company has been growing its order book, lifting earnings visibility down the road. Year to date, Nordic won total orders worth $54.5 million with nearly half, or 48% from semiconductor and marine, which account for 15%. There is also a " medium-sized" defence contract of between $6 to 20 million that is expected to be awarded, says Hashim. The latest confirmed orders has grown Nordic' s orderbook by 8% y-o-y to $213.5 million. The company is eyeing a well-diversified pipeline of orders with S$135 million in defence, $142 million in semiconductor and $61 million in the marine sector. The analyst expects Nordic' s revenue to ramp up from 2Q26 onwards, particularly from the Thailand precision engineering battery storage contracts. As of end of 1QFY2026, the company has also built up a stronger net cash position of $10.2 million, an increase of 149%. Nordic had earlier indicated plans to allocate between $3.6 and 3.8 million for capex in its manufacturing operations in Thailand. The company also has plans to make acquisitions, as it had done so numerous times previously. " We believe a special dividend is possible if cash continues to build, with deployment needs taken into account," says Hashim, who has raised his target price for Nordic, which is now trading at just 8.4x FY2026 earnings, from 63 cents to 68 cents. Nordic Group shares, as at 4.06pm, was down 0.87% to trade at 57 cents. It is up 26.67% year to date.
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29-May-2026 10:40	IHH / medical stock that worth look upon Go to Message
x 0 x 0	DBS maintains ' buy' on IHH Healthcare with slightly raised target price of $3.39 Amanda Tan of DBS Group Research has maintained her " buy" call on IHH Healthcare following its 1QFY2026 results, which showed " steady" core earnings growth, although somewhat blemished by unfavourable forex. For the three months to March, IHH reported earnings of RM545 million, an increase of 5% y-o-y, in line with expectations. Revenue in the same period was up 3% y-o-y to RM6.5 billion. In Malaysia, the company recorded a 16% improvement in its ebitda, with revenue up 7%. Even though inpatient admissions dropped 3% supposedly due to a longer holiday season, ebitda margin was held at 26% and IHH is guiding for this metric to maintain at the mid-20s. IHH was able to generate a 12% increase in inpatient revenue per admission, supported by higher-acuity cases, growing foreign patient demand and continued double-digit daycare growth. Foreign patients contributed 15% of Malaysia revenue in 1Q26. India did well with ebidta up 26% and revenue up 18%, due to more inpatient admissions and more revenue on average. IHH' s two hospital brands in India, Gleneagles and Fortis are seeing better integration which suggests further upside from procurement, IT and management synergies. Turkey & Europe recorded strong growth with revenue and ebitda up 45% and 73% respectively in constant currency. Hong Kong was more muted with revenue up 2% and ebitda down 8%. In Singapore, the numbers were affected by what Tan calls a " structural shift" towards public healthcare, softer medical tourism numbers because of more expensive airfares and a weaker rupiah. Revenue was down 7% and ebitda down 13%. Even so, with the refurbishment of Mount Elizabeth completed and occupancy set to improve, IHH' s Singapore operations are seen to bottom out and recover in the second half of the year. IHH' s management reaffirmed overall FY2026 revenue growth guidance of 10&ndash 12% and ebitda margin of between 22&ndash 24%, underpinned by recovering volumes, tighter cost control and better use of existing assets. Cost inflation is also being monitored closely, particularly for drugs, consumables, shipping and insurance, though one-to-two-year rate contracts, group procurement and longer-term energy contracts provide some near-term protection. Forex remains more of a reporting headwind, as earnings translation is unhedged, says Tan. All in, Tan has adjusted her target price slightly from $3.26 to $3.39. IHH Healthcare' s Singapore quoted shares closed at $2.85, down 2.06%, while its Bursa quoted shares were up 0.11% to RM8.99.
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