Top Stories
Company Results | Keppel (KEP SP/BUY/S$11.48/Target: S$13.26)
Keppel’s 1H26 core earnings of S$401m (+16.6% yoy) were broadly in line with expectations, at 42% of our full-year forecast. We forecast stronger 2H26 core earnings for Keppel, at S$545m (+22.2% yoy), driven by the full half-year contribution from the KSC power plant. Fundamentals remain positive, as Keppel continues to divest its non-core assets, while scaling its fund management business towards its 2030 goals. Maintain BUY with a slightly higher target price of S$13.26.
Company Results | Mapletree Pan Asia Commercial Trust (MPACT SP/BUY/S$1.36/Target: S$1.75)
Festival Walk recorded the second consecutive quarter of healthy tenant sales growth at 4% yoy with sustained spending on luxury goods. Strong demand within central Tokyo has spilled over to the Makuhari sub-market. MPACT has initiated discussions with several potential new tenants. Maintain BUY with a target price of S$1.75 due to resiliency from Singapore and an attractive FY27 DPU yield of 5.9%.
Company Results | Sheng Siong Group (SSG SP/BUY/S$3.34/Target: S$3.71)
SSG reported 1H26 revenue of S$855m and earnings of S$80m, meeting our 2026 forecasts at 50.7% and 51.3% respectively. SSG also opened four new stores in 1H26, with three more expected in 3Q26. This comes above the company’s annual target of 3-5 new stores. Maintain BUY with a higher target price of S$3.71 on a higher 32x 2027F PE.
Market Spotlight
- US stocks were higher on Thursday, with all indices rising as the information technology, consumer discretionary and industrials sectors rose. There were more advancers than decliners on both the NYSE and NASDAQ.
- The FSSTI fell 39.61pt to 5,673.58, due to weaknesses in Singtel, Seatrium and DBS, with both mid- and small-cap indices falling with a broad market decline on S$2.31b turnover.
Technical Analysis
DFI Retail Group Holdings | DFI SP
Trading buy range: US$3.68-3.69
Delfi | DELFI SP
Trading buy range: S$0.880-0.885
Top Stories
Company Results | Keppel (KEP SP/BUY/S$11.48/Target: S$13.26)
Keppel’s 1H26 core earnings of S$401m (+16.6% yoy) were broadly in line with expectations, at 42% of our full-year forecast. We forecast stronger 2H26 core earnings for Keppel, at S$545m (+22.2% yoy), driven by the full half-year contribution from the KSC power plant. Fundamentals remain positive, as Keppel continues to divest its non-core assets, while scaling its fund management business towards its 2030 goals. Maintain BUY with a slightly higher target price of S$13.26.
Company Results | Mapletree Pan Asia Commercial Trust (MPACT SP/BUY/S$1.36/Target: S$1.75)
Festival Walk recorded the second consecutive quarter of healthy tenant sales growth at 4% yoy with sustained spending on luxury goods. Strong demand within central Tokyo has spilled over to the Makuhari sub-market. MPACT has initiated discussions with several potential new tenants. Maintain BUY with a target price of S$1.75 due to resiliency from Singapore and an attractive FY27 DPU yield of 5.9%.
Company Results | Sheng Siong Group (SSG SP/BUY/S$3.34/Target: S$3.71)
SSG reported 1H26 revenue of S$855m and earnings of S$80m, meeting our 2026 forecasts at 50.7% and 51.3% respectively. SSG also opened four new stores in 1H26, with three more expected in 3Q26. This comes above the company’s annual target of 3-5 new stores. Maintain BUY with a higher target price of S$3.71 on a higher 32x 2027F PE.
Market Spotlight
- US stocks were higher on Thursday, with all indices rising as the information technology, consumer discretionary and industrials sectors rose. There were more advancers than decliners on both the NYSE and NASDAQ.
- The FSSTI fell 39.61pt to 5,673.58, due to weaknesses in Singtel, Seatrium and DBS, with both mid- and small-cap indices falling with a broad market decline on S$2.31b turnover.
Technical Analysis
DFI Retail Group Holdings | DFI SP
Trading buy range: US$3.68-3.69
Delfi | DELFI SP
Trading buy range: S$0.880-0.885
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