Market Journal
Brief Overview StarHub Limited reported disappointing first-half results, with 1H26 revenue and EBITDA representing just 41% and 43% respectively of Phillip Securities Research’s full-year forecasts. Revenue deterioration affected not only mobile services but all business divisions, with mobile service revenue declining 10.5% year-on-year to S$245 million. The analyst has lowered FY26e EBITDA estimates by 10%…Read More
Brief Overview Thakral Corporation reported 1H26 revenue growth of 18% year-on-year to S$189.4 million, falling slightly below expectations at 40% of the full-year forecast, primarily due to a S$22.3 million unrealised loss on quoted investments. Adjusted PATMI (excluding quoted investments) rose 47% year-on-year to S$7.6 million, also at 40% of the full-year forecast, weighed down…Read More
Brief Overview Wee Hur Holdings delivered 1H26 revenue within expectations at 55% of FY26 forecasts, though adjusted PATMI fell short at 44% of forecasts. Revenue surged 39% year-on-year to S$163.6 million, driven by strong building construction performance and improving worker dormitory occupancy. The company maintains its BUY rating with an unchanged target price of S$1.08….Read More
Brief Overview Phillip Securities Research maintains an ACCUMULATE recommendation on Phillip SING Income ETF (SINGINC) with an increased target price of S$1.82, up from the previous S$1.59. The ETF has experienced portfolio rebalancing with increased banking sector concentration, while DBS Group and Singapore Exchange remain key holdings alongside new top holding Oversea-Chinese Banking Corporation. The…Read More
Brief Overview Phillip Securities Research highlights that Singapore interest rates climbed for the third consecutive month in July, with loan growth surpassing 9% year-on-year for the first time since COVID. The firm’s second quarter 2026 bank earnings analysis shows performance exceeded expectations, driven by record fee and trading income, despite continued net interest income (NII)…Read More
Brief Overview Soilbuild Construction Group Ltd delivered mixed 1H26 results with revenue and profit below expectations, primarily due to significant delays in precast project recognition. However, the company demonstrated resilience with 25.8% year-on-year profit growth driven by strong construction segment performance and margin expansion, whilst maintaining its dividend appeal through increased payout ratios. Investment Positives…Read More
Brief Overview Zydus Lifesciences announced on 4 Aug 26 that it had secured 180-day Competitive Generic Therapy exclusivity from the FDA for a generic ICG dye, introducing the first credible competitor to UltraGreen.ai’s US franchise. UltraGreen.ai’s share price dropped 30.7% yesterday following this news. Despite this development, Phillip Securities Research believes the FDA approval for…Read More
Phillip Securities Research has maintained its BUY recommendation on CNMC whilst cutting its target price to S$2.03 from S$2.34, as higher gold prices help offset declining production volumes from the company’s mining operations. Company Overview CNMC operates gold mining activities with fine gold comprising approximately 76% of its total revenue. The company is currently undertaking…Read More
Strong Half-Year Performance Underpins Income Visibility United Hampshire US REIT (UHREIT), a defensive real estate investment trust focused on grocery, necessity retail, and self-storage properties in the United States, has delivered a solid first-half performance that reinforces its position as an income-focused investment. The REIT reported net property income of US$25.5 million for 1H26, representing…Read More
Centurion Corporation Ltd (CCL), a leading provider of purpose-built worker accommodation (PBWA) and student accommodation across Singapore, Malaysia, Australia, and the UK, has demonstrated robust growth momentum in its 1H26 results. The company operates a diversified portfolio of accommodation assets serving both migrant workers and students across multiple markets. Strong Revenue Growth Driven by Strategic…Read More

