Investment Rating - The report maintains a cautious tone regarding the investment outlook for the company, First Pacific (FP), with a projected recurring profit growth of 9% year-on-year to $365 million for the second half of 2025, although this is lower than expected due to impacts from FPM Power and headquarters expenses [5][6]. Core Insights - First Pacific's growth in the second half of 2025 is primarily driven by contributions from Metro Pacific, Indofood, and Philex, while losses from FP Natural Resources have narrowed [5][6]. - The company announced a regular dividend of 1.79 cents per share (up 3% year-on-year) and a special dividend of 0.15 cents per share, leading to an estimated total dividend of 3.61 cents per share for the fiscal year 2025, reflecting a 10% year-on-year increase [6]. - The headquarters' interest coverage ratio remains healthy at 4.5 times, indicating strong financial stability [6]. Summary by Relevant Sections Financial Performance - Recurring profit for the second half of 2025 is expected to reach $365 million, a 9% increase year-on-year [5][6]. - Headquarters expenses exceeded expectations by $3 million, impacting overall profit growth [6]. - Total dividends for fiscal year 2025 are projected to grow by 10% to 3.61 cents per share, with a payout ratio of 20.4% [6]. Business Contributions - Indofood's profit contribution is expected to grow by 5% to $174 million in the second half of 2025 [6]. - Metro Pacific's core profit contribution is projected to increase by 22% to $120 million, driven by strong performance in power, water, and healthcare sectors [6]. - Philex's profit contribution is anticipated to surge by 393% to $7 million [6]. Debt and Financial Health - As of the end of 2025, net debt at headquarters is expected to slightly increase to $1.3 billion, primarily due to additional investments in FPM Power and subscriptions to Maynilad IPO shares [6]. - The interest coverage ratio is projected to remain stable at 4.5 times, indicating robust financial health [6].

Investment Rating - The report maintains a positive outlook on Keppel Corporation, indicating a favorable investment rating based on the alignment with the views of Citic Lyon Research [4]. Core Insights - Keppel Corporation is expected to face challenges in its performance for the second half of 2025 due to weak thermal power price differentials and delays in the sale of M1, which may impact capital returns. However, the mid-term leverage factors show significant improvement, and management is incentivized to achieve 2026 targets, supporting a positive view on the power/data center theme and shareholder-friendly positioning [4][5]. Summary by Sections Company Overview - Keppel Corporation is the largest integrated enterprise in Singapore, focusing on real estate, asset management, and data centers after restructuring by divesting its offshore and marine business. The company is positioned to provide end-to-end energy transition solutions and sustainable development capabilities, while also developing and operating high-efficiency data centers to meet the growing demand driven by big data and IoT [11]. Financial Performance - The infrastructure segment contributes 69.9% to the company's revenue, with the telecommunications business at 20.4% and real estate at 9.7%. The majority of revenue is generated in Asia, accounting for 99.3% [12]. Earnings Outlook - The average energy price for 2025 is projected to be SGD 117 per megawatt-hour, significantly lower than the range of SGD 163-294 per megawatt-hour from 2022 to 2024, indicating a continued oversupply in the market. However, with the completion of the 600 MW Sakra power plant and potential sales of additional fiber pairs, earnings visibility is expected to improve in the first half of 2026 [5]. Asset Management and Disclosure - The fund management platform of Keppel is expanding, but the modeling of this segment is limited by disclosure constraints. Enhanced disclosure regarding operating profits, expense breakdowns, and allocation of management fees could significantly improve growth narratives [7]. Catalysts for Growth - Key catalysts include the active sale of non-core assets, significant interest rate declines, and the execution of power and data center development pipelines [8].

Investment Rating - The report does not explicitly provide an investment rating for the company [2][3]. Core Insights - Micron has commenced the construction of a new wafer fab in Singapore, with an investment of $24 billion over the next decade, which is expected to significantly enhance its production capacity for NAND, meeting the growing demand from AI and data centers [5]. - The new facility will add 700,000 square feet of cleanroom capacity and aims to achieve wafer production by the second half of 2028 [5]. - The company, SCI, is positioned to benefit from its long-term strategic partnership with Micron, including a power supply agreement signed in 2023 and potential future agreements related to the new fab [6]. Company Overview - SCI is a leading provider of energy and urban solutions, with a projected net profit of SGD 1.133 billion for FY2024, driven primarily by its gas segment (71% of revenue), followed by renewable energy (17%) and integrated urban solutions (11%) [9]. - The company has a total energy capacity of 25.9 GW, with renewable energy capacity accounting for 16.5 GW [9]. - The geographical distribution of assets includes 28% in China, 32% in Singapore, 18% in India, and 11% in the Asia region [9]. Financial Metrics - As of January 27, 2026, the stock price is SGD 5.93, with a market capitalization of $8.41 billion [13]. - The average trading volume over the past three months is $20.33 million [13]. - The market consensus target price is SGD 7.13 [13].

Investment Rating - The report does not explicitly provide an investment rating for the company [2]. Core Insights - The report highlights that CK Hutchison Holdings is in discussions with Liberty Global to sell its Irish telecommunications business for €1.5 billion, which may indicate a strategic move to exit a challenging telecommunications sector [4]. - Key catalysts for the company include asset disposals, large-scale share buybacks, and increased dividends [5]. - The company operates in various sectors including telecommunications, retail, infrastructure, and ports, with a workforce of over 300,000 employees across approximately 50 countries [7]. Company Overview - CK Hutchison Holdings is a diversified global enterprise with operations in telecommunications, retail, infrastructure, ports, and related services [7]. - The company is currently negotiating the sale of its 3 Ireland business, which had 4.94 million active customers and generated total revenue of €630 million in 2024, contributing 0.6% to the group's underlying EBIT [8]. - The average revenue per user (ARPU) for 3 Ireland was €7.78 in 2024, reflecting a 10% year-over-year decline [8]. Financial Information - As of January 19, 2026, the stock price was HKD 60.2, with a market capitalization of USD 28.07 billion [9]. - The market consensus target price is HKD 61.02 [9]. - Major shareholder includes Li Ka-shing with a 30.43% stake [9].

Investment Rating - The report does not explicitly provide an investment rating for Jardine Matheson Holdings [4][5]. Core Insights - 2026 is expected to be a significant year for Jardine Matheson, with strategic updates from Astra and Jardine C&C, as well as share buybacks and insider purchases [4][5]. - The report expresses a positive outlook on the share buyback strategy, suggesting it will enhance per-share value and indirectly benefit shareholders [4][5]. - The potential for asset disposals remains, provided they align with financial or strategic rationality [6]. Summary by Sections Company Overview - Jardine Matheson is a Singapore-listed conglomerate with major holdings including 53% of Hongkong Land, 78% of DFI Retail, 85% of Mandarin Oriental, and 85% of Jardine C&C [9]. - The company operates with a philosophy of granting operational autonomy to subsidiaries, allowing the headquarters to focus on strategic planning and group structure optimization [9]. Financial Performance - Revenue breakdown shows Astra contributing 57.1%, DFI Retail 25.4%, Jardine Pacific 5.9%, and Hongkong Land 5.1% [10]. - Geographically, 96.6% of revenue comes from Asia, with minimal contributions from Europe (1.6%), the Middle East and Africa (0.3%), and the Americas (1.4%) [10]. Stock Information - As of January 13, 2026, the stock price is $73.43, with a market capitalization of $22.09 billion [12]. - The consensus target price from Refinitiv is $75.57 [12]. Catalysts - Key catalysts include large-scale share buybacks and dividend growth driven by core earnings from DFI Retail, Hongkong Land, Astra, and Mandarin Oriental [7]. - The potential sale of the Mandarin Oriental's East Hotel project to a third party is highlighted as another significant catalyst [7]. - A recovery in the Chinese real estate market is expected to boost Hongkong Land's profitability and trigger a revaluation [7].