Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul><li>OCBC raises ST Engineering target price to $10.90 due to strong outlook.</li><li>Lim &amp; Tan raises CNMC Goldmine's TP to $1.53, calling it a great time for gold.</li><li>Loh of UOB Kay Hian raises CDL's target price to $11.50, wishing a pleasant NY.</li></ul>

OCBC raises ST Engineering target price to $10.90 due to strong outlook.Lim &amp; Tan raises CNMC Goldmine's TP to $1.53, calling it a great time for gold.Loh of UOB Kay Hian raises CDL's target price to $11.50, wishing a pleasant NY.

Singapore Market Roundup (21-Jan-2026): OCBC raises ST Engineering target to $10.90 on strong

<ul>
<li>UOBKH raises Pan-United target price to $1.33 due to Terminal 5 contract and demand.</li>
<li>OCBC raises Nanofilm's fair value to 79 cents, but outlook is uncertain.</li>
<li>Maybank and DBS boost Sea Limited's target prices due to Shopee and gaming growth.</li>
</ul>


UOBKH raises Pan-United target price to $1.33 due to Terminal 5 contract and demand.
OCBC raises Nanofilm's fair value to 79 cents, but outlook is uncertain.
Maybank and DBS boost Sea Limited's target prices due to Shopee and gaming growth.


Singapore Market Roundup (12-Sep-2025): UOBKH lifts Pan-United target to $1.33 on Terminal 5 deal.

<ul>
<li>OCBC's Lim raises Nanofilm's fair value to 79 cents, citing uncertain outlook.</li>
<li>Brokers’ Digest: Suntec REIT, BRC Asia, YZJ Financial, CNMC Goldmine, Prime US REIT.</li>
<li>Maybank and DBS lift Sea Limited target prices due to higher Shopee take-rates.</li>
</ul>


OCBC's Lim raises Nanofilm's fair value to 79 cents, citing uncertain outlook.
Brokers’ Digest: Suntec REIT, BRC Asia, YZJ Financial, CNMC Goldmine, Prime US REIT.
Maybank and DBS lift Sea Limited target prices due to higher Shopee take-rates.


Singapore Market Roundup (11-Sep-2025): OCBC's Lim Ups Nanofilm's Fair Value to 79 Cents

Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

Equity, Bottom-up Analyst

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity Bottom-up Research

Equity Bottom-Up

<ul>
<li>
 High-margin leverage to gold: FY25 revenue rose 37% to US$7.05bn while production cost per ounce rose 12%, lifting cash margin to US$2,285/oz.</li>
<li>
 Organic pipeline extends the profile: Phase X, Curlew and Redbird 2 start in 2028; Great Bear (late 2029) and Lobo-Marte add ~850koz/yr of high-grade ounces to the existing 2 Moz.</li>
<li>
Valuation: 9.4x FY26E P/E and 5.1x EV/EBITDA with FY25 ROCE 29.8%; US$1.9bn net cash</li>
</ul>



 High-margin leverage to gold: FY25 revenue rose 37% to US$7.05bn while production cost per ounce rose 12%, lifting cash margin to US$2,285/oz.

 Organic pipeline extends the profile: Phase X, Curlew and Redbird 2 start in 2028; Great Bear (late 2029) and Lobo-Marte add ~850koz/yr of high-grade ounces to the existing 2 Moz.

Valuation: 9.4x FY26E P/E and 5.1x EV/EBITDA with FY25 ROCE 29.8%; US$1.9bn net cash


Kinross Gold Corporation (TSX: K; NYSE: KGC): Record Margins Fund Buybacks and a Grade-Led Pipeline

<ul>
<li>Mount Milligan to 2045, and Öksüt to fund Goldfield, Kemess, and Thompson Creek internally, with $451m cash, zero debt, and $1bn liquidity.</li>
<li>Q2 2026 lifted gold guidance to 260 to 290koz; Türkiye halves Öksüt's tax rate from 2027, and $200m of buybacks have been authorized.</li>
<li>At 0.53x P/NAV versus peers at 0.7x, FY26E EV/EBITDA of 6.0x, P/B of 1.95x and derived ROCE of 23.5%.</li>
</ul>


Mount Milligan to 2045, and Öksüt to fund Goldfield, Kemess, and Thompson Creek internally, with $451m cash, zero debt, and $1bn liquidity.
Q2 2026 lifted gold guidance to 260 to 290koz; Türkiye halves Öksüt's tax rate from 2027, and $200m of buybacks have been authorized.
At 0.53x P/NAV versus peers at 0.7x, FY26E EV/EBITDA of 6.0x, P/B of 1.95x and derived ROCE of 23.5%.


Centerra Gold Inc. (CG CN): Two Funded Mines Pay for a Four-Project North American Pipeline

Singapore

CNMC Goldmine Holdings Limited is a Singapore-based company primarily engaged in the exploration, mining, and processing of gold ore into gold doré bars. The company also explores for silver, lead, and zinc deposits, with its flagship project being the Sokor Gold Field in Kelantan, Malaysia. CNMC Goldmine was founded in 2006 and is headquartered in Singapore.

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CNMC Goldmine (CNMC SP)

Singapore Market Roundup (21-Jan-2026): OCBC raises ST Engineering target to $10.90 on strong

OCBC raises ST Engineering's target price to $10.90; Lim & Tan raises CNMC Goldmine's to $1.53; UOB Kay Hian raises CDL's to $11.50.

Singapore Market Roundup

Singapore Market Roundup (12-Sep-2025): UOBKH lifts Pan-United target to $1.33 on Terminal 5 deal.

UOBKH raises Pan-United's target price to $1.33, while OCBC increases Nanofilm's fair value to 79 cents amid an uncertain outlook.

Singapore Market Roundup

Singapore Market Roundup (11-Sep-2025): OCBC's Lim Ups Nanofilm's Fair Value to 79 Cents

OCBC's Lim raises Nanofilm's fair value to 79 cents amid uncertainty. Maybank and DBS increase Sea Limited target prices due to higher Shopee take...

Singapore Market Roundup

Kinross Gold Corporation (TSX: K; NYSE: KGC): Record Margins Fund Buybacks and a Grade-Led Pipeline

Low-cost 2.0 Moz/yr gold producer with US$1.9 bn net cash and 30% ROCE, self-funding a grade-led US and Chile pipeline at 5.1x FY26E EV/EBITDA.

Sameer Taneja

Centerra Gold Inc. (CG CN): Two Funded Mines Pay for a Four-Project North American Pipeline

Debt-free mid-tier gold producer on 0.53x P/NAV, funding four North American growth projects from Mount Milligan and Öksüt cash flow, with Thompson...

Sameer Taneja

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