External broker reports(aggregated public sources), KGI Securities Singapore

KGI Securities

External broker reports(aggregated public sources)

KGI Securities Singapore

We are a pioneer Securities & Derivatives, Trading and Clearing Member of Singapore Exchange as well as a pioneer member of ICE Futures Singapore & ICE Clear Singapore. We offer our valued clients round the clock (24 hour) single-touch point for multi-asset clients and 24 hour high-touch desk for global products. 

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Equity Bottom-Up

Elite Commercial REIT (“Elite REIT”) is a Singapore real estate investment trust established with the investment strategy of principally investing, directly or indirectly, in commercial real-estate related assets in the United Kingdom (“UK”). Elite REIT is the only UK REIT listed in Pound sterling on the Singapore Exchange.

Elite REIT’s portfolio (“Portfolio”) comprises predominantly freehold properties strategically located mainly in town centres, and near amenities and transportation nodes. The Portfolio offers a stable government-backed income stream with over 99% of the gross rental income derived from the UK Government, backed by AA-rated sovereign credit strength. The leases are on triple net basis(1) and Elite REIT is one of the largest provider of critical social infrastructure to the Department for Work & Pensions (“DWP”) and other UK Government departments. The DWP is the UK’s largest public service department that is responsible for welfare, pensions and child maintenance, serving over 20 million claimants. The Portfolio is part of the crucial social infrastructure through which the DWP provides services to local communities.

Note:
1.	Known as a full repairing and insuring lease, the responsibility for the repair of the external and internal parts as well as the structure of the property is placed with the tenant for occupied assets.

<ul><li>Occupancy rate growth. In the face of evolving market dynamics, Elite UK REIT’s occupancy rate has risen to 93.9%, bolstered by the strategic divestment of Sidlaw House in Dundee for £1.3mn.</li><li>This improvement reflects growing investor demand for well-located properties in the UK.</li><li>In addition, the REIT has successfully completed a lease renewal for Theatre Buildings in Billingham, achieving a positive rent reversion of 5.3%. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Occupancy rate growth. In the face of evolving market dynamics, Elite UK REIT’s occupancy rate has risen to 93.9%, bolstered by the strategic divestment of Sidlaw House in Dundee for £1.3mn.This improvement reflects growing investor demand for well-located properties in the UK.In addition, the REIT has successfully completed a lease renewal for Theatre Buildings in Billingham, achieving a positive rent reversion of 5.3%. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Elite UK REIT (ELITE SP/MXNU.SI): High Yielding with Government-Backed Cashflow.

SIA Engineering Co Ltd provides airframe and component overhaul services, line maintenance and technical ground handling services. The Company also manufactures aircraft cabin equipment, refurbishes aircraft galleys, repairs and overhauls hydromechanical aircraft equipment.

<ul><li>SIAEC saw total flights handled by the company’s line maintenance business reaching 95% of pre-COVID level as of September 2024.</li><li>The increased flight activities contributed to an increased demand for aircraft maintenance, repair, and overhaul (MRO) services.</li><li>This recovery trend is expected to continue as more airlines ramp up flight schedules, alongside the arrival of the year-end peak travelling season, alongside more visa-free travel agreements between countries.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

SIAEC saw total flights handled by the company’s line maintenance business reaching 95% of pre-COVID level as of September 2024.The increased flight activities contributed to an increased demand for aircraft maintenance, repair, and overhaul (MRO) services.This recovery trend is expected to continue as more airlines ramp up flight schedules, alongside the arrival of the year-end peak travelling season, alongside more visa-free travel agreements between countries.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

SIA Engineering Co. Ltd. (SIE SP/ S59.SI): Maintain Strength Amidst Flight Recovery.

Fortress Minerals Limited mines, processes, and distributes iron ore. The Company focuses on exploration, mining, production, and distribution of iron ore concentrates. Fortress Minerals serves customers in Singapore and Malaysia.

<ul><li>Fortress Mineral reported a better gross profit margin of 68.8% in 1H25, despite a drop in revenue YoY.</li><li>Net profit margin also improved to 27.1% in 1H25, compared to 23.2% in 1H24.</li><li>The increase in margins showcased the company’s efforts to improve the operational efficiency of its business. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Fortress Mineral reported a better gross profit margin of 68.8% in 1H25, despite a drop in revenue YoY.Net profit margin also improved to 27.1% in 1H25, compared to 23.2% in 1H24.The increase in margins showcased the company’s efforts to improve the operational efficiency of its business. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Fortress Minerals Ltd. (FMIL SP/ OAJ.SI): China Stimuli to Support Iron Ore Prices.

<ul><li>Stable margins.Fortress Mineral reported a better gross profit margin of 68.8% in 1H25, despite a drop in revenue YoY.</li><li>Net profit margin also improved to 27.1% in 1H25, compared to 23.2% in 1H24.</li><li>The increase in margins showcased the company’s efforts to improve the operational efficiency of its business.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Stable margins.Fortress Mineral reported a better gross profit margin of 68.8% in 1H25, despite a drop in revenue YoY.Net profit margin also improved to 27.1% in 1H25, compared to 23.2% in 1H24.The increase in margins showcased the company’s efforts to improve the operational efficiency of its business.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Fortress Minerals Ltd. - China Stimuli to Support Iron Ore Prices

Golden Energy & Resources / Equity Bottom-Up

Golden Energy and Resources Ltd. engages in the exploration, mining, marketing and trading of thermal coal. The Company 's coal mining concession areas cover South and Cental Kalimantan, as well as Jambi, Indonesia.

<ul><li>Dividend policy holds firm despite market challenges .</li><li>Geo Energy reported a 14% YoY decline in net profit to US$24.2 mn for 1H24, primarily due to a reduction in coal prices.</li><li>Despite this, the company maintained its commitment to shareholders by declaring an interim dividend of S$0.002 per share, representing a payout ratio of 11.4%.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Dividend policy holds firm despite market challenges .Geo Energy reported a 14% YoY decline in net profit to US$24.2 mn for 1H24, primarily due to a reduction in coal prices.Despite this, the company maintained its commitment to shareholders by declaring an interim dividend of S$0.002 per share, representing a payout ratio of 11.4%.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Geo Energy Resources Ltd - Navigating Challenges with Strategic Investments

KGI Securities Singapore
External broker reports(aggregated public sources)

Elite UK REIT (ELITE SP/MXNU.SI): High Yielding with Government-Backed Cashflow.

Occupancy rate growth. In the face of evolving market dynamics, Elite UK REIT’s occupancy rate has risen to 93.9%, bolstered by the strategic...

KGI Securities

SIA Engineering Co. Ltd. (SIE SP/ S59.SI): Maintain Strength Amidst Flight Recovery.

SIAEC saw total flights handled by the company’s line maintenance business reaching 95% of pre-COVID level as of September 2024.

KGI Securities

Fortress Minerals Ltd. (FMIL SP/ OAJ.SI): China Stimuli to Support Iron Ore Prices.

Fortress Mineral reported a better gross profit margin of 68.8% in 1H25, despite a drop in revenue YoY. Net profit margin also improved to 27.1% in...

KGI Securities

Fortress Minerals Ltd. - China Stimuli to Support Iron Ore Prices

Fortress Mineral reported a better gross profit margin of 68.8% in 1H25, despite a drop in revenue YoY. Net profit margin also improved to 27.1% in...

KGI Securities

Geo Energy Resources Ltd - Navigating Challenges with Strategic Investments

Dividend policy holds firm despite market challenges . Geo Energy reported a 14% YoY decline in net profit to US$24.2 mn for 1H24, primarily due to...

KGI Securities