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Related Insights
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- DBS Stock Pulse: Global Semiconductors – What’s next after Nvidia’s upbeat 1QFY26 results?29 May 2025
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Singapore Equity Picks
We make modest changes to 2 of our picks to capitalise on recent share price movement and act on fluid tariff-related news.
ComfortDelgro: Raise exposure by 2,000 @ SGD1.42
CD’s 10% price pullback that started in late April from SGD1.55 down to SGDSGD1.40 looks to have found support. While the pullback may be due to an uneventful 1Q that is seasonally softer, observation of past year seasonal behavior suggests the pullback should come to a halt and base-build between now to mid-June. We saw signs of near-term selling exhaustion last Friday, technical support at SGD1.39-1.40 suggest limited downside. CD shares currently offer 6.2% and 6.8% yield for FY25F/26F respectively. With the increase, there are 18,000 CD shares in equity picks
HPH Trust: Reduce by 20,000 shares @ USD0.159
We further reduce HPHT exposure, while keeping the stock in equity picks, as we observe possible trade frictions re-emerging between US-China after the US accused China of breaching elements of the existing trade pact. The US also announced double tariffs on steel and aluminum to 50%. With the reduction, there remains 83,000 HPHT shares in equity picks.
Stocks to Watch
IHH Healthcare
Key takeaways from 1Q25 earnings call – sequential improvement expected in 2H25
- 1Q25 bore the full seasonal impact of Ramadan, but underlying demand drivers and volume resilience remain intact
- 2H25 should deliver sequential improvement, led by Mount Elizabeth Orchard’s reopening and payer progress in Malaysia
- IHH looks well positioned to sustain its growth momentum while navigating ongoing cost and payer pressures with strong cash flows and strategic investments across core and emerging markets
- Maintain BUY with SOP-based TP of MYR8.20 / SGD2.48
DFI Retail
Farewell RRHI, hello to ROCE and TSR
- RRHI announced the acquisition of DFI’s entire 22.2% stake as part of its share repurchase programme at PHP50 per share, a 36% premium to the last closing price and 14% above DFI’s carrying value
- While the divestment was largely anticipated, the valuation premium surprised and reflects strong negotiation and execution by management
- Core earnings impact expected to be minimal, RRHI’s contribution will largely be similar to FY24, with potential upside from interest income
- Transaction enhances management’s credibility in executing value-accretive deals, supporting confidence that future M&A will align with its long-term ROCE and TSR objectives; Maintain BUY and TP of USD3.00
Dell Technologies
Raises full-year profit guidance by 1% from on AI server demand, despite EPS miss
- Adjusted EPS missed expectations by c.8%, but revenue of USD 23.4 bn surpassed forecasts on AI server strength
- FY26 EPS guidance raised by 1% to USD 9.40 from USD9.3, ahead of consensus, supported by USD 14.4 bn backlog that provides strong visibility
- Maintain BUY on continued AI-driven demand across segments and margin improvements
Grand Venture Technology
Pauses proposed secondary listing on Bursa in light of possible transaction with third party
- GVT announced that it is in discussions with a third party regarding a potential transaction, which may involve a share offer depending on how the talks progress
- The suspension of its planned secondary listing on Bursa Malaysia also suggests that the potential transaction could be significant in scale
- Nonetheless, we note that discussions remain ongoing and there is no certainty that they will lead to any definitive outcome
- We have a BUY call with TP SGD1.12
Legend
| (+) | (-) |
Earnings | Positive earnings revision | Negative earnings revision |
Recommendation | Upgrade | Downgrade |
TP | Increase | Decrease |
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Related Insights
- DBS Stock Pulse: (1) Too early to pop the champagne on US Court’s tariff ruling (2) Equity Picks – Reduce SATS30 May 2025
- DBS Stock Pulse: Global Semiconductors – What’s next after Nvidia’s upbeat 1QFY26 results?29 May 2025
- Equities Weekly: Europe Defense - Valuations Stretched But Still A Structural Winner28 May 2025
Related Insights
- DBS Stock Pulse: (1) Too early to pop the champagne on US Court’s tariff ruling (2) Equity Picks – Reduce SATS30 May 2025
- DBS Stock Pulse: Global Semiconductors – What’s next after Nvidia’s upbeat 1QFY26 results?29 May 2025
- Equities Weekly: Europe Defense - Valuations Stretched But Still A Structural Winner28 May 2025