Key Indices
Top Stories
Company Results | CSE Global (CSE SP/BUY/S$1.24/Target: S$1.79)
- 1H26 adjusted net profit of S$13.9m (-12.4% yoy) came in at 34% of our 2026 forecast. This is largely due to oneoffs, and remains in line with expectations. Revenue rose 27% yoy, in line with expectations, and order intake increased 28% yoy. Orderbook remains robust at S$620m. Maintain BUY on CSE with an unchanged target price of S$1.79, with higher earnings expected in 2H26.
Company Results | First Resources (FR SP/BUY/S$3.95/Target: S$4.57)
- FR delivered 1H26 core net profit of US$216.2m (+42.2% yoy), above expectations at 56%/55% of our/consensus previous full-year forecasts respectively. 2Q26 core net profit of US$119.6m was up 23.8% qoq on higher palm product prices and 38.9% yoy on a higher sales volume. We lift 2026-28 net profit forecasts by 7-13%. Maintain BUY with a higher target price of S$4.57 (from S$3.65), based on 14x 2027F PE.
Company Results | Frencken Group (FRKN SP/BUY/S$2.63/Target: S$3.30)
- 1H26 earnings of S$19m (-2% yoy) is in line with expectation at 43% of our 2026 estimate. 2Q26 earnings of S$11m grew 14% yoy/41% qoq. 1H26 revenue fell 1% to S$427m mainly due to weaker semiconductor and analytical life sciences segments. Frencken expects 2H26 revenue to improve yoy and hoh. Maintain BUY and target price of S$3.30.
Company Results | UMS Integration (UMSH SP/BUY/S$2.72/Target: S$3.27)
- 1H26 earnings of S$33m (+66% yoy) exceeded our expectation at 58% of our full-year estimate. 2Q26 earnings reported strong traction as revenue from the semiconductor segment increased 28% to S$76m. UMS maintains a positive outlook as it expects strong demand from its key customers. Maintain BUY with an 18% lower target price of S$3.27.
Market Spotlight
- US stocks were lower on Friday, with all indices falling as healthcare, information technology and consumer discretionary sectors slid. There were more advancers than decliners on both the NYSE and NASDAQ
- The FSSTI rose 23.54 points to 5,743.59, supported by strength in Singtel and OCBC Bank. Mid-cap indices rose while small-cap indices fell, with a broad market advance on S$2.67b turnover.
What’s Inside
Company Results | Bumitama Agri (BAL SP/BUY/S$1.86/Target: S$2.15)
- Bumitama’s 1H26 results exceeded expectations, driven by a higher-than-expected CPO sales volume. While the group has revised up its FFB production growth for 2026, management remains wary on production outlook heading into 2027 with the onset of a strong El Nino. Nonetheless, we remain positive on Bumitama’s improving operational performance and raise our 2026-27 earnings estimates by 17%/18% respectively. Maintain BUY with a higher target price of S$2.15 (previously S$2.01).
Company Results | Nanofilm Technologies International (NANO SP/BUY/S$1.05/Target: S$1.68)
- 1H26 earnings of S$4.3m (+166% yoy) is in line with our expectation. Revenue grew 6% yoy, driven by 10% yoy growth in the AMBU segment supported by programme expansion and the ramp-up of new customer projects. The outlook for 2H26 is positive as core businesses are expected to sustain positive momentum. Maintain BUY with a 12% lower target price of S$1.68.
Technical Analysis
DFI Retail Group (DFI SP)
- Trading Buy Range: S$3.80-3.81
Sembcorp Industries (SCI SP)
- Trading Buy Range: S$5.73-5.74
Top Stories
Company Results | CSE Global (CSE SP/BUY/S$1.24/Target: S$1.79)
- 1H26 adjusted net profit of S$13.9m (-12.4% yoy) came in at 34% of our 2026 forecast. This is largely due to oneoffs, and remains in line with expectations. Revenue rose 27% yoy, in line with expectations, and order intake increased 28% yoy. Orderbook remains robust at S$620m. Maintain BUY on CSE with an unchanged target price of S$1.79, with higher earnings expected in 2H26.
Company Results | First Resources (FR SP/BUY/S$3.95/Target: S$4.57)
- FR delivered 1H26 core net profit of US$216.2m (+42.2% yoy), above expectations at 56%/55% of our/consensus previous full-year forecasts respectively. 2Q26 core net profit of US$119.6m was up 23.8% qoq on higher palm product prices and 38.9% yoy on a higher sales volume. We lift 2026-28 net profit forecasts by 7-13%. Maintain BUY with a higher target price of S$4.57 (from S$3.65), based on 14x 2027F PE.
Company Results | Frencken Group (FRKN SP/BUY/S$2.63/Target: S$3.30)
- 1H26 earnings of S$19m (-2% yoy) is in line with expectation at 43% of our 2026 estimate. 2Q26 earnings of S$11m grew 14% yoy/41% qoq. 1H26 revenue fell 1% to S$427m mainly due to weaker semiconductor and analytical life sciences segments. Frencken expects 2H26 revenue to improve yoy and hoh. Maintain BUY and target price of S$3.30.
Company Results | UMS Integration (UMSH SP/BUY/S$2.72/Target: S$3.27)
- 1H26 earnings of S$33m (+66% yoy) exceeded our expectation at 58% of our full-year estimate. 2Q26 earnings reported strong traction as revenue from the semiconductor segment increased 28% to S$76m. UMS maintains a positive outlook as it expects strong demand from its key customers. Maintain BUY with an 18% lower target price of S$3.27.
Market Spotlight
- US stocks were lower on Friday, with all indices falling as healthcare, information technology and consumer discretionary sectors slid. There were more advancers than decliners on both the NYSE and NASDAQ
- The FSSTI rose 23.54 points to 5,743.59, supported by strength in Singtel and OCBC Bank. Mid-cap indices rose while small-cap indices fell, with a broad market advance on S$2.67b turnover.
What’s Inside
Company Results | Bumitama Agri (BAL SP/BUY/S$1.86/Target: S$2.15)
- Bumitama’s 1H26 results exceeded expectations, driven by a higher-than-expected CPO sales volume. While the group has revised up its FFB production growth for 2026, management remains wary on production outlook heading into 2027 with the onset of a strong El Nino. Nonetheless, we remain positive on Bumitama’s improving operational performance and raise our 2026-27 earnings estimates by 17%/18% respectively. Maintain BUY with a higher target price of S$2.15 (previously S$2.01).
Company Results | Nanofilm Technologies International (NANO SP/BUY/S$1.05/Target: S$1.68)
- 1H26 earnings of S$4.3m (+166% yoy) is in line with our expectation. Revenue grew 6% yoy, driven by 10% yoy growth in the AMBU segment supported by programme expansion and the ramp-up of new customer projects. The outlook for 2H26 is positive as core businesses are expected to sustain positive momentum. Maintain BUY with a 12% lower target price of S$1.68.
Technical Analysis
DFI Retail Group (DFI SP)
- Trading Buy Range: S$3.80-3.81
Sembcorp Industries (SCI SP)
- Trading Buy Range: S$5.73-5.74
Key Indices
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