Edge Invest

RHB Bank Singapore has initiated coverage on CSE Global 544 with a “buy” call and target price of 58 cents, given its exposure to global growth and green energy across diversified segments.

RHB’s Alfie Yeo forecasts a compound annual growth rate (CAGR) of 16% for the group’s earnings between FY2023 to FY2026 earnings driven by its current strong orderbook, especially the electrification segment and acquisitions in the communications segment.

Among S-REITs, Suntec REIT will be the biggest beneficiary from the Monetary Authority of Singapore’s (MAS) rationalised leverage requirements, says OCBC Investment Research, which provide “more buffer and financial flexibility”. 

For the work-weary or stir-crazy in Singapore, a staycation marks an escape from those overly familiar walls of the office or house, even if just for a weekend. It’s a chance to tune out and regather one’s marbles before a return to the everyday humdrum.

So, in a time when hotels left and right seem to be trending towards familiarity and homely vibes, staycations can feel a little underwhelming (hands up if you’ve ever checked out asking yourself if you’d just paid to spend two nights in a room that quite really looks like yours).

ASL Marine Holdings has applied to the Singapore Exchange S68 Securities Trading Limited (SGX-ST) to exit from the watch-list on Nov 28.

The company was placed on the watch-list on Dec 4, 2019, after recording pre-tax losses for its three most recently completed financial years. At the time, ASL Marine also had an average daily market capitalisation of less than $40 million over the last 6 months.

City Developments
Price targets:
Phillip Securities ‘buy’ $6.87
Citi Research ‘buy’ $9.51

Strong sell-through rate proof of improvement

Early signs of improving property market conditions have emerged, with declining interest rates boosting buying sentiment and transaction activity while easing financial burdens. This has helped City Developments (CDL) post a strong sell-through rate for its new Singapore launches in 3QFY2024 ended Sept 30.

On Nov 21, Thai Beverage Y92 reported relatively flat FY2024 results ended Sept 30, but analysts have found reasons for cheer, buoyed by an optimistic outlook and improving margins.

For FY2024, Thai Bev reported earnings of THB27.21 billion ($1.05 billion), 0.8% lower y-o-y. Revenue, on the other hand, was up 2.2% y-o-y to THB340.29 billion, led by growth across both its beverages and food businesses.

Nam Cheong has secured multi-year offshore support vessel (OSV) charter contracts worth RM1.22 billion ($368.7 million). The contract includes options for extension from the regional and international oil majors. 

The charters are expected to begin in 2025 for a firm charter period of 3 years. 

Interra Resources has been granted another 12-month extension by Singapore Exchange S68 Securities Training (SGX-ST) to meet the criteria required to be removed from the SGX watch-list. 

The previous waiver granted by SGX-ST is set to expire on Dec 4. 

For its FY2023, Interra Resources recorded a consolidated pre-tax profit, which fulfilled one of the requirements under the exit criteria. 

SBS Transit, in partnership with French public transport operator RATP Dev, has secured the tender to operate and maintain the Jurong Region Line (JRL) for nine years, with an option to extend for another two years. The winning bid was $750 million, 8% lower than the competing bid put in by SMRT.

The award of the tender by the Land Transport Authority comes one year after SBS Transit’s parent company, ComfortDelGro C52, and RATP Dev, jointly won the contract to operate the South sector of Line 15 of the Grand Paris Express. 

IHH Healthcare has reported patmi of RM534 million ($161.5 million) for the 3QFY2024 ended September, remaining flat as compared to RM532.1 million in 3QFY2023. Ebitda fell by 9% y-o-y to RM1.3 billion within the same period. 

On a year-to-date (ytd) basis, the group also reported patmi of RM1.9 billion, down 13% y-o-y from the same period last year. 

For 3QFY2024, the group’s earnings excluding exceptional items (EI) saw a 43% y-o-y increase to RM528 million on stronger core operational growth.