Key Indices
Top Stories
Company Results | Aztech Global (AZTECH SP/HOLD/S$0.405/Target: S$0.44)
- Aztech’s 9M26 net profit of S$15.9m formed 79.6% of our full-year forecast, in line with expectations after accounting for quarterly seasonality. Revenue of S$231.8m came in slightly below expectations at 73.4%, as competition weighed on existing customer orders. With order visibility weak, we maintain HOLD with a lower target price of S$0.44 (from S$0.73), pegged to 13.6x 2027F PE.
Company Results | Mapletree Industrial Trust (MINT SP/HOLD/S$1.74/Target: S$1.72)
- North American occupancy declined 3.4ppt qoq to 79.1%, reflecting the full-quarter impact of the non-renewal at 7337 Trade Street, San Diego. After quarter-end, MINT secured new 15.5-year and 5.3-year leases for data centres at Alpharetta and San Jose commencing in Oct 26. Upgrade to HOLD as MINT’s unit price has dropped 9.8% since our downgrade on 10 Sep 26. Target price: S$1.72.
Company Results | UI Boustead REIT (UIBREIT SP/BUY/S$0.785/Target: S$1.16)
- UIBREIT delivered a maiden DPU of 3.71 S cents, which is 0.8% above the forecast contained in its IPO prospectus. The share of JV results was 31.6% above the forecast, driven by Razer SEA HQ and 6 Tampines Industrial Avenue 5 due to cost savings from lower electricity tariffs. Maintain BUY. Target price: S$1.16.
Company Update | EGP Energy Corporation (EGX SP/BUY/S$0.66/Target: S$0.92)
- We had a virtual call with EGP’s management, joined by 19 investor clients, discussing tenders, Malaysia expansion, margins and maintenance income. Management reiterated its positive outlook, supported by an indicative S$300m Singapore orderbook. Singapore’s energy plan includes seven new transmission substations by 2031, creating potential opportunities for EGP. Maintain BUY with a target price of S$0.92, based on 13.8x 2027F PE.
Market Spotlight
- US stocks were higher on Wednesday. All indices rose as the information technology, energy and financials sectors gained. There were more advancers than decliners on NYSE and NASDAQ.
- The FSSTI rose 0.88 points to 5,397.91, on the back of strength in DBS, OCBC Bank and SATS, with mid-cap indices falling while small-cap indices rising with a broad market advance on a S$1.40b turnover.
What’s Inside
Company Results | Wilmar International (WIL SP/HOLD/S$3.27/Target: S$3.60)
- Wilmar’s 3Q26 results came in below expectations, as higher raw material costs and weaker soybean crushing margins weighed on profitability despite robust revenue growth. We cut our 2026/27F earnings forecasts by 14%/16%, respectively, to reflect persistent margin pressures amid elevated commodity prices and limited pricing power. Maintain HOLD with a lower target price of S$3.60 (from S$3.80).
Technical Analysis
Propnex | PROP SP
Trading Sell Range: S$1.66-1.67
Keppel DC REIT | KDCREIT SP
Trading Sell Range: S$2.09-2.10
Top Stories
Company Results | Aztech Global (AZTECH SP/HOLD/S$0.405/Target: S$0.44)
- Aztech’s 9M26 net profit of S$15.9m formed 79.6% of our full-year forecast, in line with expectations after accounting for quarterly seasonality. Revenue of S$231.8m came in slightly below expectations at 73.4%, as competition weighed on existing customer orders. With order visibility weak, we maintain HOLD with a lower target price of S$0.44 (from S$0.73), pegged to 13.6x 2027F PE.
Company Results | Mapletree Industrial Trust (MINT SP/HOLD/S$1.74/Target: S$1.72)
- North American occupancy declined 3.4ppt qoq to 79.1%, reflecting the full-quarter impact of the non-renewal at 7337 Trade Street, San Diego. After quarter-end, MINT secured new 15.5-year and 5.3-year leases for data centres at Alpharetta and San Jose commencing in Oct 26. Upgrade to HOLD as MINT’s unit price has dropped 9.8% since our downgrade on 10 Sep 26. Target price: S$1.72.
Company Results | UI Boustead REIT (UIBREIT SP/BUY/S$0.785/Target: S$1.16)
- UIBREIT delivered a maiden DPU of 3.71 S cents, which is 0.8% above the forecast contained in its IPO prospectus. The share of JV results was 31.6% above the forecast, driven by Razer SEA HQ and 6 Tampines Industrial Avenue 5 due to cost savings from lower electricity tariffs. Maintain BUY. Target price: S$1.16.
Company Update | EGP Energy Corporation (EGX SP/BUY/S$0.66/Target: S$0.92)
- We had a virtual call with EGP’s management, joined by 19 investor clients, discussing tenders, Malaysia expansion, margins and maintenance income. Management reiterated its positive outlook, supported by an indicative S$300m Singapore orderbook. Singapore’s energy plan includes seven new transmission substations by 2031, creating potential opportunities for EGP. Maintain BUY with a target price of S$0.92, based on 13.8x 2027F PE.
Market Spotlight
- US stocks were higher on Wednesday. All indices rose as the information technology, energy and financials sectors gained. There were more advancers than decliners on NYSE and NASDAQ.
- The FSSTI rose 0.88 points to 5,397.91, on the back of strength in DBS, OCBC Bank and SATS, with mid-cap indices falling while small-cap indices rising with a broad market advance on a S$1.40b turnover.
What’s Inside
Company Results | Wilmar International (WIL SP/HOLD/S$3.27/Target: S$3.60)
- Wilmar’s 3Q26 results came in below expectations, as higher raw material costs and weaker soybean crushing margins weighed on profitability despite robust revenue growth. We cut our 2026/27F earnings forecasts by 14%/16%, respectively, to reflect persistent margin pressures amid elevated commodity prices and limited pricing power. Maintain HOLD with a lower target price of S$3.60 (from S$3.80).
Technical Analysis
Propnex | PROP SP
Trading Sell Range: S$1.66-1.67
Keppel DC REIT | KDCREIT SP
Trading Sell Range: S$2.09-2.10
Key Indices
IMPORTANT NOTICE - DISCLOSURES AND DISCLAIMERS
This report is provided subject to, and must be read together with, the full Disclosures / Disclaimers available at this link, which are incorporated by reference into this report. In particular, this report is intended for general circulation and informational purposes only and does not constitute personal investment advice or a recommendation to buy or sell any investment product or security. You should independently evaluate the information and, where necessary, seek advice from a qualified financial adviser regarding the suitability of any investment. Analyst certifications required under applicable regulations, including SEC Regulation AC (where relevant), are included in this report. By accessing, receiving or using this report, you acknowledge that you have read, understood and agreed to be bound by the Disclosures / Disclaimers, as may be amended, supplemented or updated from time to time.
