Top Stories
Company Results | iFAST Corp (IFAST SP/BUY/S$9.03/Target: S$12.18)
iFast’s 1H26 revenue of S$316.5m (+39% yoy) and PATMI of S$57.9m (+41% yoy) formed 51%/53% of our full-year forecasts respectively. AUA hit a record S$36.1b (+33% yoy) with broad-based growth across all markets. Management raised 2026 dividend guidance to 12.00 S cents/share or higher, while declaring a second interim dividend. Maintain BUY with a target price of S$12.18, backed by earnings momentum.
Company Results | Raffles Medical Group (RFMD SP/HOLD/S$0.91/Target: S$0.94)
RMG’s 1H26 net profit of S$29.0m (-9.6% yoy) missed expectations, driven by lower occupancy of its Singapore TCF. Excluding the TCF, RMG’s other business lines recorded yoy stable/improving performances in 1H26. 1H26 earnings are likely to have set a new baseline run rate moving forward. The turnaround of the China hospital portfolio remains on track. Downgrade to HOLD with a lower target price of S$0.94, now based on 27.2x 2027F PE (0.5SD below historical mean PE of 29.6x).
Company Update | CSE Global (CSE SP/BUY/S$1.22/Target: S$1.79)
We visited W-Industries’ Americas headquarters and facilities in Houston and came back with a more positive view. Operations across all three sites are intact. Beyond Amazon, we opine that the copper shortage is a near-term constraint, and we expect this to ease by 1H27. Maintain BUY with an unchanged target price of S$1.79.
Market Spotlight
- US stocks were mixed on Monday, with the Dow Jones and S&P 500 rising while the Nasdaq fell as the consumer staples, communication services and financials sectors rose. There were more advancers than decliners on the NYSE.
- The FSSTI rose 31.90pt to 5,620.24, supported by strength in Singtel, Seatrium and DBS, with mid-cap indices rising while small-cap indices fell with a broad market advance on S$1.90b turnover.
Technical Analysis
Civmec | CVL SP
Trading buy range: S$1.54-1.55
Singapore Post | SPOST SP
Trading buy range: S$0.345-0.350
Top Stories
Company Results | iFAST Corp (IFAST SP/BUY/S$9.03/Target: S$12.18)
iFast’s 1H26 revenue of S$316.5m (+39% yoy) and PATMI of S$57.9m (+41% yoy) formed 51%/53% of our full-year forecasts respectively. AUA hit a record S$36.1b (+33% yoy) with broad-based growth across all markets. Management raised 2026 dividend guidance to 12.00 S cents/share or higher, while declaring a second interim dividend. Maintain BUY with a target price of S$12.18, backed by earnings momentum.
Company Results | Raffles Medical Group (RFMD SP/HOLD/S$0.91/Target: S$0.94)
RMG’s 1H26 net profit of S$29.0m (-9.6% yoy) missed expectations, driven by lower occupancy of its Singapore TCF. Excluding the TCF, RMG’s other business lines recorded yoy stable/improving performances in 1H26. 1H26 earnings are likely to have set a new baseline run rate moving forward. The turnaround of the China hospital portfolio remains on track. Downgrade to HOLD with a lower target price of S$0.94, now based on 27.2x 2027F PE (0.5SD below historical mean PE of 29.6x).
Company Update | CSE Global (CSE SP/BUY/S$1.22/Target: S$1.79)
We visited W-Industries’ Americas headquarters and facilities in Houston and came back with a more positive view. Operations across all three sites are intact. Beyond Amazon, we opine that the copper shortage is a near-term constraint, and we expect this to ease by 1H27. Maintain BUY with an unchanged target price of S$1.79.
Market Spotlight
- US stocks were mixed on Monday, with the Dow Jones and S&P 500 rising while the Nasdaq fell as the consumer staples, communication services and financials sectors rose. There were more advancers than decliners on the NYSE.
- The FSSTI rose 31.90pt to 5,620.24, supported by strength in Singtel, Seatrium and DBS, with mid-cap indices rising while small-cap indices fell with a broad market advance on S$1.90b turnover.
Technical Analysis
Civmec | CVL SP
Trading buy range: S$1.54-1.55
Singapore Post | SPOST SP
Trading buy range: S$0.345-0.350
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