Core Viewpoint - In a rate-easing cycle, dividend stocks yielding above 5% are becoming more attractive for income investors, but high yield does not guarantee a good investment [1] Group 1: Mapletree Industrial Trust (MIT) - MIT is a REIT focusing on data centres and industrial properties, with a DPU of S$0.0327 for 1QFY25/26, reflecting a 4.7% YoY decline [2] - The current share price is S$2.16, resulting in a yield of 6.2% [2][3] - Occupancy rate is resilient at 91.4%, with a positive rental reversion rate of 8.2% across Singapore properties [3] - MIT has an aggregate leverage ratio of 40.1% and total borrowings of S$3.7 billion, with 79.7% of its debt fixed and hedged [3] - 54.8% of its AUM is tied to data centres, with a strategic shift towards DCs and logistics projects in Asia [4] Group 2: Singapore Airlines (SIA) - SIA has resumed paying dividends post-pandemic, with a cumulative dividend of S$1.26, representing 19% of its current share price of S$6.55 [6] - The latest dividend payment of S$0.40 per share for FY2024/2025 shows a 16.7% YoY decrease [6] - The trailing yield is 6.1% at a share price of S$6.57 [7] - The passenger load factor was 88.0% in August 2025, up from 85.7% YoY, but down from previous months [8] - Net profit decreased by nearly 59% YoY due to rising non-fuel costs, while net operating cash flow remains robust at S$4.71 billion [8][9] Group 3: Venture Corporation - Venture Corporation is a global electronics manufacturing services company with a strong dividend track record, paying S$0.75 per share annually since FY2020 [10] - The current share price is S$14.25, yielding 5.6% [11] - The company reported a net operating cash flow of S$149.8 million in 1H2025, reflecting an 11.9% margin [11] - The diverse manufacturing portfolio includes high-growth areas like life sciences and medical technology [12] Group 4: Comparative Analysis - MIT is characterized as a stable REIT with strong growth drivers in data centres and logistics [13] - SIA is identified as a cyclical business reliant on travel demand [13] - Venture Corporation is noted for its consistent dividend payments linked to global electronics cycles [13]

Financial Performance Highlights - Swire Pacific's underlying profit decreased by 2% to HK$5476 million in 1H2025, compared to HK$5576 million in 1H2024 [24, 34] - Recurring underlying profit decreased slightly by 1% to HK$4712 million in 1H2025 from HK$4762 million in 1H2024 [24, 34] - Ordinary dividend per 'A' share increased by 4% to HK$130 [24, 31, 34] - Revenue increased by 16% to HK$45774 million in 1H2025 from HK$39563 million in 1H2024 [34] Business Segment Performance - Property division's underlying profit increased by 15% to HK$4406 million [56] - Beverages division's attributable profit decreased by 9% to HK$803 million [89] - Aviation division (Cathay group) attributable profit increased by 1% to HK$1642 million [38, 98] - HAECO group recurring profit increased significantly by 40% to HK$561 million [30, 98, 118] Property Investment and Development - 67% committed in HK$100 billion investment plan [22, 58] - Completed the sale of interests in Brickell City Centre retail and parking spaces, as well as the adjacent sites, in Miami, USA [22] - Chinese Mainland portfolio contributed 42% attributable gross rental income in 1H2025 [71, 73] Beverages - Swire Coca-Cola - Revenue increased by 25% to HK$22188 million [89] - EBITDA margin remained almost flat at 128% [89, 91] - Inaugurated a new US$136 million flagship plant in Tay Ninh, Vietnam [78] Aviation - Cathay Pacific and HAECO - Cathay group reported a group profit of HK$43 billion [101] - HAECO group achieved a 40% growth in recurring profit [30, 98, 118]

Core Insights - ZTO Express is set to report its fourth-quarter 2024 results on March 18, with earnings per share (EPS) estimates remaining flat at 47 cents and revenue expectations at $1.66 billion, reflecting a year-over-year increase of 10.8% [1][2] Financial Performance Expectations - High operating expenses are anticipated to negatively impact the company's bottom line, although top-line growth is expected to be driven by strong parcel volumes, particularly in the express delivery services unit [3] - The company has revised its 2024 parcel volume guidance to a range of 33.7 billion to 33.9 billion, indicating a year-over-year increase of 11.6% to 12.3%, down from a previous estimate of 34.73 billion to 35.64 billion [4] Revenue Insights - Revenues from the freight forwarding services unit are expected to be adversely affected by weak freight demand, with an update on the ongoing trade tensions between the U.S. and China anticipated during the fourth-quarter conference call [5] Earnings Prediction Model - The current model does not predict an earnings beat for ZTO Express, as it has an Earnings ESP of 0.00% and a Zacks Rank of 3, indicating a hold position [6][7]