Mapletree PanAsia Com Tr - 1st quarter results is out. Gross revenue is down 5.6 percent to 206m. NPI is down 6.8 percent to 154m. DPU is down 2.5% to 1.96 cents

Mapletree PanAsia Com Tr  - 1st quarter results is out. Gross revenue is down 5.6 percent to 206m. NPI is down 6.8 percent to 154m. DPU is down 2.5% to 1.96 cents.

The only consolation is that the Operating expenses is down 1.8% to 51m and Financial costs is down 18.4% to 40m. XD 6th August. 

 VivoCity’s Strength and Proactive Capital Management

Cushion Overseas Headwinds

• 1Q FY26/27 DPU of 1.96 Singapore cents

• Singapore gross revenue and NPI up 2.1% and 1.0% yoy

• Divestments completed in FY25/26 continue to deliver interest cost savings through 

reduced debt 

• Portfolio rental reversion healthy at 4.3%

• Singapore portfolio remains resilient; MBC backfilling progresses, with a key committed lease to commence later this year

• Proactive refinancing lowers borrowing costs and extends debt maturity

• VivoCity delivers 8.9% higher NPI, 13.5% rental reversion, near-full committed occupancy and 4.9% yoy tenant sales growth

• Festival Walk records 4.0% yoy tenant sales growth; 18,800 square feet reconfiguration completed and operational. 

SingTel - Nice closing yesterday at 4.61, likely to continue to trend higher towards 4.70 and above

 SingTel  - Nice closing yesterday at 4.61, likely to continue to trend higher towards 4.70 and above. Pls dyodd.  

Wow! She had managed to clear the resistance at 4.46 and is now trading at 4.50, awesome.  Likely to rise up to teat 4.55 than 5.00. 

9th July 2026:

Next week,  xD on 31 July, still hasn't reached 4.50. Today,  company bought back 4m share . The price seem stucked. 

Hopefully,  next week can clear the 1st resistance at 4.46 and rises higher to revisit 4.55.

 SingTel  - She is rising up to test 4.49. A nice breakout with ease we may see her continue to trend higher. 

Beyond 4.50, she may rise up to retest 4.63 and above. Pls dyodd. 

19 June 2026:

SingTel  - She is slowly climbing up looks rather interesting. XD 31 July 10.3 cents dividend,  do take note.

Paydate 19 August. 

 It has managed to bounce-off from 4.15. Hopefully,  she can rise up to test 4.44 than 4.48. Pls dyodd.

 SingTel  - She is trading near the support level of 4.15, looks like a rebound may likely happen. At 4.18, yield is about 4.425% which is pretty decent.  Pls dyodd. 

 SingTel  - I think price has more or less hitting the bottom price, likely to see a rebound happening anytime.  At, 4.34, yield is about 4.26 percent of which I think is quite decent.

Hopefully,  a nice rebound and bringher back to above 4.60. Pls dyodd. 

Oversold rebound! She may rise up to 4.50 to cover the Gapped and then rise higher towards 4.63 and above. Pls dyodd.

 SingTel - I think boat is back. Gd price to accumulate at 4.36, yield is about 4.24 percent better than CPF OA. Pls dyodd.

The company show hands! Bought back 6m share . 

 She is being sold down to 4.59, looks rather interesting! She may go down to test the recent low of 4.46. A rebound may likely happen. Pls dyodd. XD 31st July for 10.3 cents dividend. 

 SingTel  - Sold down upon releasing a good sets of financial numbers.  She is down 32 cent to 4.70. She may continue to drift lower towards 4.58 the recent low.

 FOR THE SECOND HALF YEAR ENDED 31 MARCH 2026

 Operating revenue, EBITDA and OpCo EBIT1 rose 2.7%, 1.1% and 4.7% 

respectively, driven mainly by NCS, Digital InfraCo and Optus.

 Associates’ post-tax profit contributions rose 11%. Excluding Intouch2 and 

in constant currency terms3, the associates’ post-tax contributions would 

have risen 26% due to strong performances from Airtel, AIS and Globe.

 Underlying net profit increased 11%.

 A net exceptional gain of S$787 million was recorded, primarily from the 

sale of a partial stake in Airtel.

 Net profit after net exceptional gain amounted to S$2.20 billion.

 Free cash flow was down 16% on lower operating cash, partially offset by 

lower capital expenditure. Excluding a special dividend from Intouch in the 

last corresponding period, free cash flow would have declined 2.4%. 

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2026

 Operating revenue remained stable, while EBITDA and OpCo EBIT1 were 

up 1.5% and 8.9% respectively, driven mainly by NCS and Optus.

 Associates’ post-tax profit contributions increased 10%. Excluding

Intouch2 and in constant currency terms3, the associates’ post-tax 

contributions would have risen 25%, led by Airtel and AIS. 

 Underlying net profit rose 12% to S$2.77 billion. 

 With a higher net exceptional gain, net profit increased 40% to S$5.61

billion. 

 Free cash flow declined 1.5%, mainly due to higher capital expenditure 

partially offset by higher operating cash. Excluding dividends received from 

Intouch in the last corresponding period, free cash flow would have grown 

CapLand Ascott - 1H 2026 Distribution per Stapled Security (DPS) remained stable YoY at 2.53. delivered an 11% year-on- year (YoY) increase in income available for distribution to S$107.1 million for the six months ended 30 June 2026 (1H 2026), due to higher non-periodic items 1. Total distribution was S$97.5 million, after retaining S$9.6 million in non-periodic items

 CapitaLand Ascott Trust (CLAS) delivered an 11% year-on-

year (YoY) increase in income available for distribution to S$107.1 million for the six 

months ended 30 June 2026 (1H 2026), due to higher non-periodic items 1.

Total distribution was S$97.5 million, after retaining S$9.6 million in non-periodic items, as 

CLAS continues to execute its portfolio reconstitution and growth strategy.

CLAS’ 1H 2026 Distribution per Stapled Security (DPS) remained stable YoY at 2.53 Singapore cents. XD 4th August. 

 The trailing 12-month DPS corresponds to a distribution yield of 6.9%.

The record date for the 1H 2026 DPS is on 5 August 2026, and CLAS’ Stapled 

Securityholders can expect to receive their distribution on 28 August 2026.

CLAS’ core distribution income3 was mainly impacted by transitional factors, including 

timing differences in acquisitions and divestments, the near-term impact of asset 

enhancement initiatives (AEIs) undertaken to enhance the quality and long-term resilience 

of the portfolio, foreign exchange impact and one-off tax adjustments. Core distribution 

income for 1H 2026 included a distribution top-up to mitigate the closures of The Cavendish London and Madison Hamburg 4 On a same-store basis 5, operating 

performance remained resilient, with revenue per available unit (REVPAU) increasing 1% YoY, despite macroeconomic uncertainties.

Mapletree Log Tr - 1st quarter results is out!Gross revenue and net property income (“NPI”) for 1Q FY26/27 increased by 0.8% and 2.0% year- on-year (“y-o-y”) to S$178.9 million and S$156.4 million respectively. The increase was largely driven by contribution from the recent acquisition in India and full-quarter contribution from the completed redevelopment project in Singapore.Dpu is up 0.2 percent to 1.816 vs 1.812 .

 

• Available DPU edged 0.2% higher year-on-year supported by resilient portfolio performance 

• Healthy operating metrics: 96.4% occupancy and 2.3% rental reversion outside China

• Active portfolio rejuvenation with proposed divestments of two properties in China and a property 

in Singapore for approximately S$155 million.

Financial Highlights

Gross revenue and net property income (“NPI”) for 1Q FY26/27 increased by 0.8% and 2.0% year-

on-year (“y-o-y”) to S$178.9 million and S$156.4 million respectively. The increase was largely driven

by contribution from the recent acquisition in India and full-quarter contribution from the completed 

redevelopment project in Singapore, partly offset by the absence of contribution from divested 

properties and weaker regional currencies.

Borrowing costs declined 2.7% y-o-y driven by proactive refinancing efforts and paying down of debt 

with proceeds from divestments. Accordingly, the amount distributable to Unitholders grew 1.1% 

y-o-y, while available distribution per unit (“DPU”) was 0.2% higher.

Compared with the preceding quarter 4Q FY25/26, gross revenue and NPI were 1.3% and 3.3% 

higher quarter-on-quarter (“q-o-q”) respectively mainly due to full-quarter contribution from the India 

acquisition and higher contribution from existing properties in Singapore and Hong Kong SAR.

Amount distributable to Unitholders  remained stable at S$93.0 million as improved operating 

performance was partly weighed down by higher borrowing costs, while DPU was marginally lower 

by 0.2% due to an enlarged unit base.

The portfolio achieved an average rental reversion of about 2.3% in 1Q FY26/27 excluding China, 

and 0.9% including China. Continuing its improving trend, China recorded negative rental reversion of -1.8% vs -2%. 

CapitaLand Investment - She is gaining momentum likely to rise up to test 2.63. Awesome

CapitaLand Investment  - She is gaining momentum likely to rise up to test 2.63. Awesome. Beyond 2.63, she may rise up further towards 2.70 - 2.75. Pls dyodd. 

21st July 2026:

  She is gaining strength,  likely to rise up to test 2.54 than 2.58-2.60. Pls dyodd. 

21st July 2026:

CapitaLand Investment  - She has retreated from 2.70 to 2.49, looks like boat is back. At 2.49, yield is about 4.82 percent of which I think is quite a gd yield level.

She will be releasing her 1st Half results on 13 Aug, do take note. 

Nibbled a bit at 2.47 on 24 July 2026. Huat ah. 

16 June 2026:

CapLand Investment  - She is gaining strength likely to rise up to test 2.62 than 2.69. A nice breakout of 2.70 smoothly plus high volume we may see her rising up further towards 2.80 and above.  Pls dyodd. 

10 June 2026:

  Today,  reit sector seem rising up a bit. May be interest rate may not increase.CLI is up 4 cents to 2.57. Likely to retest 2.62. Pls dyodd . 

 CapLand Investment (9CI.SI) - I think boat is back. At 2.54, yield is quite decent at 4.724 percent which is much higher than CPF OA and MA. Today, month end window dressing effect likely see a rebound soon. Nibbled small units at 2.58. Pls dyodd. 

CapLand Investment (9CI.SI) - I think gd price is back. At 2.78, yield is about 4.3 percent.  Assets light and earnings is based on management fees, interest loan fees seem sustainable.  With the recent Income 8 assets to let CapitaLand manage their properties,  management fees likely get boosted for Y2026.Yiled is pretty decent 4.3 percent. Pls dyodd. 

 Phillip Securities has a TP of 3.69.

1Q26 revenue of S$487mn (-2% YoY) was slightly below our estimates, forming 21% of our FY26e forecast. Fee-related revenue was the standout performer, rising 10% YoY, driven by strong growth in listed (+14%) and private funds (+58%) management, while REIB revenue declined 14% following the divestment of the Synergy platform

CapitaLand Investment's (SGX:9CI) fee-related revenue rose 10% year over year to SG$310 million during the first quarter of the year, according to a Wednesday filing with the Singapore Exchange.

The increase in fee-related revenue was driven by strong growth in listed funds, including the company's share of SC Capital Partners' fee revenue.

Meanwhile, the private funds segment surged 58% year over year to SG$41 million.

CapLand Investment  - Final dividend of 12 cents,  XD 4th May. Paydate 14 May, awesome! AGM is on 28 April 10AM. Do take note!

  Nibbled small units at 2.77. Looks like a strong support level!Yield is about 4.3%. Pls dyodd 

CapLand Investment  - I think price is back to interesting price level! At 2.84, yield is about 4.22 percent seem not bad!She may rise up to test 2.96 than 3.p2 and above. XD in May 2026 for 12 cents dividend. Pls dyodd 

 The price being corrected sharply to 2.78, looks like boat is back! Yield is about  4.31%, seem not bad! Pls dyodd. 

CapLand Investment  - A bullish green candlesticks appearing on the chart after the recent profit taking situation. The price may rise upbto test 3.09-3.12!

Beyond 3.12, shw may rise up to retest 3.17 and above. Pls dyodd. 

Is a great relief! Price rebounded from 2.90 to close at 3.09! Hopefully,  it can stay at this level before XD! Is never wrong to lock in some profit! Pls dyodd. 

Today, went for lunch at this place call Embun seafood restaurant! Somewhere near the Seletar Airport.  The food is quite nice! Is a quiet place tugging away surrounded by many trees and greenery! 

Had giant crab, satays, Fish, prawns, sotong,  veggies and dessert. 

(CLI) recorded stronger Operating PATMI of S$539 million for the Financial Year (FY) 2025, 

up 6% year-on-year (YoY) from S$510 million in FY 2024. At the same time, CLI continued to 

scale its platform, with FUM growing 7% to S$125 billion1 as at end-2025, supported by 

positive fundraising momentum as total equity raised almost doubled to S$6.5 billion.

The improved Operating PATMI of S$539 million in FY 2025 was driven by higher contributions

from the listed funds business, lower interest costs and reduced operating expenses. These 

were partially offset by growth-related expenses to scale the private funds and lodging 

management business, as well as lower contributions following asset divestments. 

Total PATMI for FY 2025 was S$145 million compared to S$479 million in FY 2024, mainly 

due to lower portfolio gains and higher revaluation losses on the Group’s China portfolio.

CLI declared a final dividend of 12 cents, unchanged y-o-y, reflecting a payout ratio of more than 100%.

reflecting continued market softness. Meanwhile, total revenue was stable3 at S$2,133 million

for FY 2025, with higher fee-related revenue earnings, offset by lower contributions from the 

real estate investment business (REIB) post-divestments.

Through disciplined and focused execution, CLI grew FUM to S$125 billion1 as at end-2025, 

up from S$117 billion a year earlier. FUM growth was driven by strong capital raising momentum,

supported by larger follow-on funds launched during the year, as well as positive organic and 

inorganic growth, including CLI’s strategic investments in Wingate and SC Capital Partners. 

Miguel Ko, Chairman of CLI, said: “Amid a challenging and uncertain macroeconomic 

backdrop in 2025, we made steady progress, reinforcing and scaling our platform for long-

term growth. Our strategic investments in Wingate and SC Capital Partners have deepened 

capabilities and broadened institutional reach for CLI. We will continue to build on this 

momentum and focus on long-term value creation, anchored by strategic partnerships and 

disciplined capital allocation.”

UIBREIT - 1st quarter results update is out. Committed portfolio occupancy of 98.1% as at 30 June 20261, up from 89.4% as at 30 September 20252. NPI was 4.3 percent lowered due to weaker Japanese yen and delay in lease commencement for a vacant unit at UIB Konan Phase 2

 Committed portfolio occupancy of 98.1% as at 30 June 20261, up from 89.4% as at 30 September 

20252

• Significant occupancy improvement from the Japan portfolio, which was 100.0% leased as at 30 

June 2026, compared to 76.7% as at 30 September 20252 

• Successful execution of investment strategy with two co-investments in development projects 

across Singapore and Japan within three months of listing; total investment cost of ~S$74.7 million

based on UI Boustead REIT’s respective interest in the development projects

• Commenced asset enhancement initiative works at 84 Boon Keng Road to reposition the property 

from single-tenant to multi-tenant at a cost of S$2.6 million.

The net property income (“NPI”) for the period from the

listing date of 12 March 2026 to 30 June 2026 (the “Period”) was S$29.2 million. This was

approximately 4.3% below the IPO forecast3 (“Forecast”) for the Period, mainly due to the weaker

Japanese yen against the Singapore dollar, as well as delay in lease commencement for a vacant unit

at UIB Konan Phase 2 (which has achieved 100% occupancy as at 30 June 2026). Share of results 

from joint ventures was S$3.3 million for the Period, 30.3% above the Forecast due to better 

performance at Razer SEA HQ and 6 Tampines Industrial Avenue 5.

Hopefully,  next quarter may see a better NPI and hopefully dpu payout is about the same as per the projected yield. 

The Gearing is very healthy at 36.4%. No refinancing required till FY 2029. Seem good.