POEMS StocksBNB

StocksBNB Oiltek International Ltd – Pricing a delay, but underlying trend intact * 1H26 revenue/PATMI were below expectations at 32%/27% of our FY26e forecast. The strategic focus has been to secure recurrent income and new renewable energy projects, namely sustainable aviation fuel (SAF). This has led to weakness in EPCC order flows. 1H26 adj. PATMI declined 27% YoY to RM12.5mn. * The US$350mn SAF project in Sabah by BioSeaga Industries is still proceeding with planned milestones, including land acquisition. The Global SAF and Energy Fund (managed by Bank of China) has acquired a 2.8% stake in Oiltek. We believe the fund can be an important partner for Oiltek in financing future SAF projects. The fund mentioned that it is currently looking into investing in Sarawak for SAF development. * We lower our FY26e/FY27e PATMI by 34% and 24%, respectively. We removed our assumed revenue recognition of the Sabah SAF in FY26e. Our FY27e forecast applies a 30% discount to planned SAF billing. Our target price is lowered to S$2.00 (prev. S$2.72). We peg Oiltek to 24x PE FY27e, a 10% premium to listed peers in Malaysia trading at 21x PE. The premium reflects the growth, high ROE, and an RM95mn net cash balance sheet. We believe the underlying build-out of SAF plants in the region is underway to meet mandatory blending mandates. Malaysia has the advantage of a more abundant feedstock from palm oil mill effluent. https://www.stocksbnb.com/wp-content/uploads/2026/09/Capture-1.png The Positive + Building the foundation to pivot. Oiltek is building strategic partnerships to target SAF projects in the region. It includes technology licensing from Europe and financing collaboration with the Global SAF and Energy Fund. Apart from SAF, other renewable opportunities are BioCNG and animal feed. The Negative – Drop in margins and order book. Gross margins contracted by 6 percentage points YoY due to project timing. Order book also declined by 22% YoY to RM258mn. Any definitive agreement on SAF projects will be lumpy and transformative if recurrent income through equity stakes is built into the project The post Oiltek International Ltd – Pricing a delay, but underlying trend intact appeared first on StocksBNB.

Curated Headlines for 4 September 2026 South China Morning Post About 4 in 5 young, affluent investors in mainland China turn to offshore assets: study https://www.scmp.com/business/china-business/article/3366245/about-4-5-young-affluent-investors-mainland-china-turn-offshore-assets-study?module=top_story&pgtype=subsection China’s tech push fuels fastest profit growth in 4 years amid signs of economic divide https://www.scmp.com/business/china-business/article/3365975/chinas-tech-push-fuels-fastest-profit-growth-4-years-amid-signs-economic-divide?module=top_story&pgtype=subsection The Business Times Oil prices mixed as investors weigh Middle East escalation, chance of Ukraine peace deal Both oil contracts hit six-week highs during the session https://www.businesstimes.com.sg/companies-markets/energy-commodities/oil-prices-mixed-investors-weigh-middle-east-escalation-chance-ukraine-peace-deal US Fed’s Waller says safety premium for Treasuries is gone, pushing neutral rate higher Waller‘s comments helped push Treasury yields lower on Thursday https://www.businesstimes.com.sg/companies-markets/banking-finance/us-feds-waller-says-safety-premium-treasuries-gone-pushing-neutral-rate-higher The Wall Street Journal Tesla Cybercabs Hit Austin Streets in Expansion of Robotaxi Service Driverless rides reflect Elon Musk’s push to turn the EV maker into an autonomous-vehicle giant https://www.wsj.com/business/autos/tesla-cybercabs-hit-austin-streets-in-expansion-of-robotaxi-service-e9845a55?mod=hp_lead_pos6 Nvidia Agrees to Buy AI Platform Hugging Face for $13 Billion Deal ramps up Nvidia’s efforts to promote open-weight AI models that pose competitive threat to OpenAI and Anthropic https://www.wsj.com/tech/ai/nvidia-agrees-to-buy-hugging-face-for-13-billion-11929060?mod=hp_lead_pos11

StocksBNB Technical Analysis: ICBP, TLKM, and BBCA Indofood CBP Sukses Makmur Tbk (ICBP) https://www.stocksbnb.com/wp-content/uploads/2026/09/Capture.png ICBP has completed an inverse head and shoulders pattern, confirmed by a decisive breakout above the neckline. This bullish reversal is reinforced by price action holding consistently above all key EMAs (21, 34, and 90 day), signaling a structural shift in trend from bearish to bullish. The recent breakout, coinciding with the neckline breach, adds further confirmation to the emerging uptrend. Based on this technical setup, we see potential for continued upside, with an initial target of 8,300 (closing the price gap), and a further extension target of 8,725 should momentum persist. This bullish view remains valid as long as price holds above the 7,225 support level. A break below this level would invalidate the pattern and warrant a reassessment of the outlook. The post Technical Analysis: ICBP, TLKM, and BBCA appeared first on StocksBNB.

StocksBNB Bangkok Dusit Medical – Recovery signs become clear in 2HFY26 Investment merits Signs of recovery are becoming clear for BDMS, driven by Jul revenue from Thai and international patients, which surged 9% y-y and 6% y-y, respectively. In addition, bookings from international patients surged 33% over four months, while revenue from insured patients accelerated 11% y-y, pointing to stronger revenue momentum in 2HFY26. Meanwhile, bed expansions at Bangkok Hospital Surat and Bangkok Hospital Hua Hin reflect stronger demand, and carry lower risks than opening new hospitals. The non-hospital business, currently accounting for 3-4% of total revenue, is expected to grow in the long run. We maintain our ‘BUY’ call on BDMS, with a target price of Bt25.00 per share. Clear revenue growth signals In Jul 2026, BDMS’s revenue from Thai patients grew 9% y-y, while revenue from international patients increased 6% y-y. Excluding Cambodian and Middle Eastern patients, international patient revenue would have grown 14% y-y, indicating that underlying demand from non-Thai patients remains stronger than the headline figure suggests. By nationality, revenue from Myanmar, US and European patients posted strong growth of 21% y-y, 19% y-y and 16% y-y, respectively. Meanwhile, revenue from CLMV and Middle Eastern patients declined 3% y-y and 10% y-y, respectively, although the pace of contraction in both groups has begun to ease. International bookings rise 33% in 4 months International patient bookings increased from over 30,000 to more than 40,000 within four months (Apr-Aug, 2026), representing growth of around 33%. This reflects robust demand from international patients across CLMV, Europe and the Middle East, which could support revenue in 2HFY26, as most bookings can be converted into revenue within two to three months. Meanwhile, revenue from insured patients grew 11% y-y in Jul 2026, accelerating from 2% y-y growth in 1H26. We believe these trends should provide greater revenue momentum in 2H26 and help offset pressure from slowing patient demand in certain markets. Demand-driven bed expansion BDMS is expanding capacity at Bangkok Hospital Surat (+44 beds) and Bangkok Hospital Hua Hin (+50 beds) in response to existing demand in these areas, particularly from expatriates residing in Thailand. At the same time, the company is expanding specialized medical services, including heart centers, to accommodate patients requiring treatment for more complex conditions. We believe demand-driven bed expansion carries lower investment risk than opening new hospitals, as it leverages existing infrastructure. Meanwhile, the addition of specialized medical services should support higher revenue per bed over the long term. The expat patient segment also helps diversify BDMS’s exposure and reduce its reliance on patients from any single nationality. Non-hospital business set to grow in long run BDMS’s non-hospital segment consists of three main businesses—1) A.N.B. Laboratories, 2) Medical Pharma and 3) Save Drug Center—which together account for 3-4% of total operating revenue. We believe these businesses could become increasingly important over the longer term by strengthening BDMS’s integrated value chain from production through distribution, while also creating opportunities to generate revenue from customers outside its hospital network. However, given their relatively small contribution, their impact on overall revenue should remain limited in the near term. The post Bangkok Dusit Medical – Recovery signs become clear in 2HFY26 appeared first on StocksBNB.

StocksBNB PTTEP – Oil price volatility remains Brent crude rose 2% to above US$90 per barrel as Middle East tensions escalated following a US strike on Iran in the Strait of Hormuz. Oil prices are expected to remain volatile and elevated, although the medium- to long-term outlook could face pressure from increased Venezuelan supply following US involvement in the country’s oil operations. We maintain our ‘NEUTRAL’ recommendation on PTTEP, supported by its 4-6% dividend yield. In the short run, PTTEP offers trading opportunities in line with oil price movements. https://s.w.org/images/core/emoji/17.0.2/72x72/25aa.png Oil prices remain volatile: Brent crude has rebounded by around 2% from late last week, returning to above US$90 per barrel. The key driver is renewed escalation in the Middle East after the US struck Iranian rocket launch sites in the Strait of Hormuz, marking its first publicly acknowledged attack since late Jul. Iran retaliated by attacking two US air bases in Jordan. In the near term, we expect oil prices to become more volatile and remain elevated for the rest of the year. However, the medium- to long-term outlook faces some downside pressure from increased Venezuelan oil supply following US involvement in the country’s oil operations, which could result in more supply entering the market. Venezuela holds the world’s largest oil reserves of more than 300bn barrels and currently produces around 1mn barrels per day, equivalent to 1% of global output. https://s.w.org/images/core/emoji/17.0.2/72x72/25aa.png Short-term trading opportunity: From a long-term investment perspective, we maintain our ‘NEUTRAL’ recommendation on PTTEP, supported by its attractive dividend yield of around 4-6% and continued production capacity expansion. Most recently, PTTEP signed a production-sharing contract for Block A-18-01 in the Malaysia-Thailand Joint Development Area, with production capacity of 300-400mn cubic feet per day, which should provide continued support to future earnings. In the near term, the stock also offers trading opportunities as oil prices remain volatile and elevated amid geopolitical uncertainty. The post PTTEP – Oil price volatility remains appeared first on StocksBNB.

StocksBNB Keppel DC REIT – Deepening Japan presence * KDCREIT and Keppel have entered into agreements to jointly acquire a 90% effective interest in Tokyo Data Centre 4 and Tokyo Data Centre 5, two freehold, hyperscale fully fitted colocation data centres in Inzai City, Greater Tokyo, from unrelated third-party sellers. The aggregate purchase consideration is JPY190bn (S$1,549mn, 100% basis), representing a c.2.1% discount to the properties’ valuation of JPY194bn (S$1,581mn). KDCREIT will pay JPY168.4bn (S$1,372mn) for an 88.62% effective interest, while Keppel will hold a 1.38% effective interest. The existing third-party operator will retain a 10% interest in each data centre. The properties have a blended NPI yield of 4.5%-5.0%. * The acquisition is expected to be 2.6% accretive based on FY25 pro-forma DPU. It has a contractual rent escalation of 2.8% per annum and is under-rented by at least 30%. It will be funded through a private placement to raise no less than S$600mn (43%) and JPY debt (57%). * We maintain ACCUMULATE with an unchanged TP of S$2.46. We have yet to update our financials for the acquisition and private placement. However, the new units from the private placement are expected to increase the unit base by c.12%. We are positive on the deal as it provides exposure to high-quality, fully occupied hyperscale data centres in a key Tokyo data centre market, with strong embedded rental upside and contractual rent escalations. The acquisition is also expected to be 2.6% DPU-accretive despite the equity fund-raising. Transaction Highlights The acquisition combines immediate DPU accretion with multiple avenues for long-term income growth. Tokyo Data Centre 4 and 5 are freehold colocation data centres that are 100% occupied by four investment-grade clients, with a blended WALE of 8.3 years. Contracted average annual rent escalation is approximately 2.8%, while in-place rents are under-rented by at least 30%, with more than 5% of rents due for renewal by 2029. WALE is approximately 4.5 years for Tokyo Data Centre 4 and 10.6 years for Tokyo Data Centre 5, providing a balance between reversion opportunities and long-term income visibility. Located in Inzai City, one of Japan’s most established hyperscale data centre clusters, the acquisition will strengthen Keppel DC REIT’s presence in one of Asia Pacific’s most attractive data centre markets. Japan’s contribution to portfolio rental income is expected to increase from c.9% as at 30 June 2026 to c.23% post-acquisition, while portfolio AUM is expected to grow to S$7.6bn from S$6.3bn. Singapore will remain the largest contributor, accounting for c.60% of the portfolio’s rental income. Japan’s favourable demand-supply dynamics should support long-term growth, underpinned by rising cloud adoption, AI-related deployments and digital transformation. Structural supply constraints, including power constraints, construction bottlenecks and land scarcity, should further support the market’s growth prospects. Following the acquisition, contracted power capacity is expected to increase from 95% to 96%. NAV is expected to rise to S$1.75 from S$1.71, while aggregate leverage is expected to increase from 34% to 38%. The acquisition is expected to complete in 4Q26. Method of financing The acquisition will be funded by ~43% equity through a private placement (at a price between S$2.096 and S$2.142) to raise at least S$600mn, with the remaining ~57% funded by JPY-denominated debt. The JPY debt is expected to be fully hedged, with an average interest cost of 2.9% (1H26: 2.7%). The post Keppel DC REIT – Deepening Japan presence appeared first on StocksBNB.

Curated Headlines for 2 September 2026 South China Morning Post Shein shares recover after 10% drop on Hong Kong debut https://www.scmp.com/business/banking-finance/article/3365886/shein-shares-plunge-28-grey-market-ahead-hong-kong-debut?module=top_story&pgtype=subsection China tells carmakers, suppliers to avoid price wars abroad to pave way for healthy growth https://www.scmp.com/business/china-business/article/3365999/china-tells-carmakers-suppliers-avoid-price-wars-abroad-pave-way-healthy-growth?module=top_story&pgtype=subsection The Wall Street Journal Bond Yields Around the World Soar in Challenge to Government Borrowing The runup in interest rates has profound consequences for the global economy, heaping pressure on everyone from home buyers to credit-card holders https://www.wsj.com/finance/investing/bond-yields-around-the-world-soar-in-challenge-to-government-borrowing-c519c53f?mod=hp_lead_pos2 U.S. and Iran Trade Strikes in Latest Fight for Control of Hormuz Trump says U.S. attacks were in response to Iran’s attempts to lay sea mines and for firing at U.S. servicemembers in Middle East https://www.wsj.com/world/middle-east/iran-strikes-us-1d263f3f?mod=hp_lead_pos1 The Business Times Oil prices settle up more than US$4 a barrel on renewed US-Iran fighting Oil prices have already risen since the two countries exchanged direct attacks in July https://www.businesstimes.com.sg/companies-markets/energy-commodities/oil-prices-settle-more-us4-barrel-renewed-us-iran-fighting Bessent’s bond gains erased as US 30-year yield jumps, global yields hit multi-year highs Pressure also extended to long-dated bonds around the world https://www.businesstimes.com.sg/international/global/bessents-bond-gains-erased-us-30-year-yield-jumps-global-yields-hit-multi-year-highs

Curated Headlines for 1 September 2026 South China Morning Post China’s Z.ai revenue jumps 400% as total losses narrow on explosive cloud gains https://www.scmp.com/tech/big-tech/article/3365870/chinas-zai-revenue-jumps-400-total-losses-narrow-explosive-cloud-gains?module=top_story&pgtype=section PetroChina’s first-half profit jumps 22% as higher oil prices offset Iran war supply hit https://www.scmp.com/business/china-business/article/3365866/petrochinas-first-half-profit-jumps-22-higher-oil-prices-offset-iran-war-supply-hit?module=top_story&pgtype=section The Business Times Shein set for lacklustre debut after setbacks cause huge drop in valuation The offering values Shein at around US$26.5 billion, far below its 2022 peak of nearly US$100 billion https://www.businesstimes.com.sg/companies-markets/consumer-healthcare/shein-set-lacklustre-debut-after-setbacks-cause-huge-drop-valuation Oil settles up by more than 2.5% as US and Iran resume military attacks https://www.businesstimes.com.sg/international/global/oil-settles-more-2-5-us-and-iran-resume-military-attacks The Wall Street Journal Anthropic Signs $35 Billion Cloud Deal Backed by Nvidia Nvidia will supply chips to Texas data center and hold the lease, another example of the company using its financial might to boost a customer https://www.wsj.com/tech/ai/anthropic-signs-35-billion-cloud-deal-backed-by-nvidia-f12622f1?mod=hp_lead_pos2 Trump’s Venezuelan Oil Company Plans Massive Drilling Push Company led by Alejandro Betancourt plans to dispatch more than 50 drilling rigs to turbocharge the country’s anemic crude production https://www.wsj.com/business/energy-oil/trumps-venezuelan-oil-company-plans-massive-drilling-push-db439e19?mod=hp_lead_pos4

StocksBNB Salesforce Inc – The end of the SaaSpocalypse * 2Q27 revenue met our expectation, while PATMI lagged. 1H27 revenue and PATMI were 49% and 42% of our FY27e forecast respectively. The lower-than-expected earnings were mainly driven by higher R&D and sales & marketing spending. * Salesforce is positioning itself as the enterprise AI data layer through Headless and Claudeforce, extending CRM data and agents into Claude, Slack and Teams. Management expects 2H27 growth to be driven by premium AI products (Agentforce, Slackbot and Claudeforce), usage-based monetization and customer upgrades, with significant runway as only 5% of users are on higher-tier editions. * We maintain a NEUTRAL recommendation with a higher DCF target price of US$243 (prev. US$166). We lowered our FY27e PATMI estimate from increasing R&D, marketing, and sales expense estimates. We raised back our terminal growth rate from 3% to 5.5%, following the re-rating of the company shares which was driven by Anthropic’s Claudeforce partnership, improving confidence in its core CRM business (strong bookings, low attrition and customer expansion), and stronger software sector sentiment as enterprise AI monetization gains traction. https://www.stocksbnb.com/wp-content/uploads/2026/08/Capture-57.png The Positives + Sales and Service Cloud remain the anchor. Revenue rose 11% YoY to US$11.3bn (2Q26: +10%). Sales is less disrupted by AI, as monetization is largely an upsell from the core Salesforce offerings. Attrition remained near record lows, while Sales, Service and Slack delivered seat growth, with adoption evident in top deal wins. Existing customers are upgrading through premium bundles for AI feature 1) Agentforce 1 Edition (premium Sales and Service Cloud) and Agentforce for applications bookings more than doubled QoQ; 2) premium Slack upgrades tripled since Slackbot launched in Mar 26. While frontier AI models provide reasoning, Salesforce owns the customer data, workflows, permissions and governance layer, supporting data quality. + Agentic AI momentum continues building. Agentforce ARR i.e. AI agentic revenue exceeded US$1.5bn (~3.3% of FY27e revenue guidance midpoint), up more than 240% YoY. Consumption-based model encourages rapid adoption. Agentforce bookings more than doubled QoQ, with 50% coming from existing customers purchasing incremental credits after initial deployment. Growth products, including Agentforce, Headless and Data 360, reached nearly US$3.9bn ARR. Customers increasingly prefer AI embedded within existing software rather than building and managing AI system internally themselves, which requires significant time, talent and operational complexity. The post Salesforce Inc – The end of the SaaSpocalypse appeared first on StocksBNB.

StocksBNB NVIDIA Corporation – ACIE overtakes hyperscale growth * 2Q27 revenue/PATMI were within our expectations. 1H27 revenue and PATMI were at 46%/48% of our FY27e forecasts. 2Q27 data centre revenue surged 117% YoY to US$89bn, the fastest growth since 2Q25. Growth was driven by hyperscalers’ sustained AI spending on Blackwell Ultra, and acceleration of ACIE revenue as sovereign AI revenue more than tripled YoY. In June 2026, NAVER and NVIDIA announced collaboration to build AI factories to scale South Korea’s sovereign intelligence infrastructure starting from 55MW, with plans to move to gigawatt scale. * NVIDIA guides FY28e revenue to grow about 70% YoY (FY27e: +98% YoY), constrained by supply factors such as land, power, shell, and cooling. Without such constraints, demand could grow more than 100% in FY28e. We raised our FY28e revenue growth assumptions to +53% YoY (prev. 43% YoY), with room to adjust upwards based on Vera Rubin’s supply ramp progress. Global semiconductor spending surged 108% YoY in 1H2026 to US$675bn, driven by hyperscaler, enterprise, and sovereign nations’ AI buildout. * We maintain BUY with a higher TP of US$300 (prev. US$285). We raised our FY27e revenue and PATMI by 11%, due to stronger growth expected from ACIE segment from a surge in sovereign demand, and rapid Vera Rubin ramp in 2H27e. We raised our WACC to 8.4% from 7.9% by raising our equity risk premium, as rising memory costs are a headwind to NVIDIA’s margins. NVIDIA trades at a FY27e P/E of 24x, a 32% discount to peers’ average of 35x. https://www.stocksbnb.com/wp-content/uploads/2026/08/Capture-56.png The Positives + Hyperscale revenue accelerates. 2Q27 hyperscale revenue accelerated 102% YoY to US$48.7bn (1Q27: +93% YoY). Hyperscalers increased capex spending on GPU capacity, especially for Blackwell Ultra. The top four hyperscalers (GOOG, AMZN, MSFT, META) increased their 2026e capex guidance by 5% this quarter to US$748bn (+97% YoY). NVIDIA expects their total capex to reach US$1.3tn (or +74% YoY) in 2027e. AMZN is deploying additional 2mn of NVIDIA’s GPUs till 2Q29e. MSFT mentioned it would modernise its infrastructure with NVIDIA’s Vera Rubin, which commenced shipments in August. + AI Clouds, Industrial & Enterprise (ACIE) records fastest growth. 2Q27 ACIE revenue spiked 138% YoY, overtaking hyperscale growth. AI startups Reflection and Cohere have signed multi year contracts worth US$1bn or more with Nebius, with the associated AI workloads running on NVIDIA-powered infrastructure. Sovereign AI revenue more than tripled YoY. NVIDIA announced partnership with Noetra, Japan’s national AI company, to deploy 13,750 Vera CPUs and 27,500 Rubin GPUs to deliver 140MW of AI compute powering physical AI. South Korea will invest at least US$3bn for NVIDIA and Hyundai to deploy 50,000 Blackwell GPUs for AI model training and deployment. The post NVIDIA Corporation – ACIE overtakes hyperscale growth appeared first on StocksBNB.

StocksBNB Thomson Medical Group Ltd – Turnaround is underway * FY26 revenue/EBITDA met expectations at 97%/98% respectively of our forecast. Net losses were narrower than expected from lower finance costs. EBITDA expanded 21% YoY in 2H26 to S$43.6mn. All countries- Singapore, Malaysia, Vietnam- experienced a recovery in earnings. There was a S$15.2mn goodwill impairment due to a higher discount rate assumed. * Growing revenue intensity has been the major driver of earnings. Singapore is adding more orthopaedics, ENT and general surgery.  Malaysia is building up oncology, supported by the return of some insurers. Vietnam has higher volumes, including robotic surgery, and more capacity. Currency was a headwind to the results. * We maintained our FY27e earnings. Our recommendation is upgraded to BUY due to recent share price performance. The SOTP target price is unchanged at S$0.071. We roll over our valuation to FY27e earnings but reduce our Johor GDV estimates. The company is turning around operational performance by pivoting Singapore from its reliance on O&G cases. Malaysia is onboarding back insurers, with foreign patients and oncology leading the increased revenue intensity.  Finance costs are weighing on earnings. Any sale of the Johor land bank could reverse the earnings profile. https://www.stocksbnb.com/wp-content/uploads/2026/08/Capture-55.png The Positive + Growth in average bill size. Average bill size rose across all three countries in FY26. The largest increase was in Singapore. It was a combination of complexity and a higher product mix, as cases were moved to outpatient day surgery. Malaysia benefits from oncology and gastroenterology cases. The Negative – Volumes under pressure. Group inpatient volume declined 7.8% YoY in FY26 to 39k. Singapore declined 9% due to lower deliveries, i.e. obstetrics cases. In addition, there were more day cases. We believe the lower volumes in Malaysia were due to the absence of insurance payers. The post Thomson Medical Group Ltd – Turnaround is underway appeared first on StocksBNB.

StocksBNB Geo Energy Resources Ltd – De-risked, ready to rumble * 1H26 results were within our expectations. Revenue/PATMI were 36%/37% of our FY26e forecast. Production in 1H26 declined 42% YoY to 3.8mn. Production will be shifting to the newly completed infrastructure. An older mine was also undergoing a pit expansion. Sales target for FY26e of 11.5-12.5mn MT is unchanged (FY25: 12.5mn MT). * The 92km US$190mn integrated infrastructure (hauling road and jetty) or MBJ is completed and running since July. It has a capacity of 25mn MT. We expect Geo to transport 4mn MT of coal produced utilising MBJ in 2H26. Our estimate for FY27e is 11mn MT. The extra capacity of the infrastructure will generate toll and jetty fees. * We maintain our FY26e earnings and BUY recommendation. Our DCF target price of S$0.75 is unchanged. With the infrastructure completed, earnings visibility for Geo has been de-risked. FY27e will be a milestone. We forecast production to hit 17mn MT (+40%) and cash costs to decline. An additional driver to earnings will be infrastructure fees supported by multi-year contracts. Coal prices are also on an upward trajectory, up 53% YoY in 3Q26 so far. https://www.stocksbnb.com/wp-content/uploads/2026/08/Capture-54.png The Positive + Integrated infrastructure is operational. Geo announced on 16 July that the road and jetty (held by its 69.9% subsidiary, Marga Bara Jaya, or MBJ) have gone live operationally. Production will ramp as the 2x70MT trucks arrive in September to replace the current 40MT trucks. The Negative – Production dropped 42% YoY in 1H26. Geo has delayed any ramp-up in TRA production to shift coal transportation from the existing Atlas road to its own MBJ. The TBR pit boundary was expanding due to the pushback of a high wall. The post Geo Energy Resources Ltd – De-risked, ready to rumble appeared first on StocksBNB.

StocksBNB iX Biopharma Ltd – Galloping closer with partners * FY26 results were below expectations. Revenue/Net Loss were 72%/170% of our FY26e forecast. The transfer of a machine from Australia to the US resulted in lower medicinal cannabis sales (~S$3mn).  Additional expenses, such as professional fees (~S$1mn) and the performance share plan (~S$2mn), were not modelled. * The US$40.9mn Wafermine Programme (funding the Phase 3 and EUA development of Wafermine) from the US Department of Defense has started, with S$1.2mn recognised as development services. We believe the EUA submission and preparation for the Phase 3 study for Wafermine are advancing according to schedule. * We are incorporating higher upfront costs from the US wholesale compounding pharmacy operations and an increase in performance shares. The expected tripling of revenue in FY27e will be driven by compounding pharmacy (with partner Orion Speciality), Wafermine sales, and development services. Our DCF SOTP target price of S$1.00 and BUY recommendation are unchanged. The major milestones for iX Biopharma will be the Wafermine EUA submission (4Q26), EUA approval (1Q27), EUA production (2Q27) and Phase 3 trials approval (2Q27). We also expect the US production line to commence in 1Q27, with another three in 2Q27. https://www.stocksbnb.com/wp-content/uploads/2026/08/Capture-53.png The Positive + Wafermine development just beginning. Since the award by the Department of Defense (DoD) in February, we have seen around four months of development work. We expect the revenue to climb as more development work for EUA and Phase 3 is undertaken. The Negative – Higher operating expenses. Expenses were higher than expected due to the S$2.08mn share performance plan (non-cash) and S$1mn one-off professional fees related to securing the DoD funding contract. Excluding these expenses, operating expenses were largely stable. The post iX Biopharma Ltd – Galloping closer with partners appeared first on StocksBNB.

Curated Headlines for 31 August 2026 Barron’s Stock Futures Drift Lower, Oil Rises Ahead of Jobs Data, Tech Earnings https://www.barrons.com/articles/futures-stock-sunday-trading-52f040e8?mod=hp_minor_pos22&_gl=1 Jobs, Broadcom, Dell, Hewlett, Planet Labs, and More to Watch This Week https://www.barrons.com/articles/jobs-broadcom-dell-hewlett-planet-labs-3211f95e?mod=hp_minor_pos23&_gl=1   South China Morning Post BYD posts US$1.2 billion profit in second quarter on surging global demand https://www.scmp.com/business/china-evs/article/3365652/byd-posts-us12-billion-profit-second-quarter-surging-global-demand?module=top_story&pgtype=section China’s CXMT posts massive 870% revenue surge as ‘aggressive expansion’ pays off China’s leading DRAM chipmaker outperforms its own forecasts in its first financial results since a blockbuster Shanghai listing https://www.scmp.com/tech/big-tech/article/3365623/chinas-cxmt-posts-massive-870-revenue-surge-aggressive-expansion-pays?module=top_story&pgtype=section The Business Times Vessels crossing Strait of Hormuz drop to 5 per day over weekend Companies are treading cautiously amid continued attacks on ships https://www.businesstimes.com.sg/international/vessels-crossing-strait-hormuz-drop-5-day-over-weekend Oil jumps at week’s open as US military hits Iranian launchers Prices are buffeted by stop-start efforts to end fighting https://www.businesstimes.com.sg/companies-markets/energy-commodities/oil-jumps-weeks-open-us-military-hits-iranian-launchers The Wall Street Journal Aon Nears Roughly $17 Billion Deal for Insurance Brokerage USI Private-equity giant KKR has owned USI since 2017 https://www.wsj.com/finance/aon-nears-roughly-17-billion-deal-for-insurance-brokerage-usi-fcc9fba9?mod=hp_lead_pos3   Inside Trump’s Plan to Give the Pentagon a Stake in Venezuela’s Oil Riches The deal caps months of secretive negotiations to give the U.S. rights to the some of the world’s largest proven oil reserves https://www.wsj.com/business/energy-oil/inside-trumps-plan-to-give-the-pentagon-a-stake-in-venezuelas-oil-riches-f054cdc2?mod=hp_lead_pos2

Curated Headlines for 28 August 2026 South China Morning Post Hong Kong gold imports fall 18% in July as mainland giants rush to build vaults https://www.scmp.com/business/commodities/article/3365422/hong-kong-gold-imports-fall-18-july-mainland-giants-rush-build-vaults?module=top_story&pgtype=subsection China’s robotics IPO wave gains steam as 2 more firms eye Hong Kong listings https://www.scmp.com/business/china-business/article/3365363/chinas-robotics-ipo-wave-gains-steam-2-more-firms-eye-hong-kong-listings?module=top_story&pgtype=subsection The Business Times Hormuz oil flows rising as Gulf giants’ ramp up gathers pace The increase is keeping global crude oil prices in check https://www.businesstimes.com.sg/international/hormuz-oil-flows-rising-gulf-giants-ramp-gathers-pace Nvidia adds US$442 billion after robust forecast sparks second-biggest stock surge ever Nvidia said that revenue will expand about 70 per cent next fiscal year https://www.businesstimes.com.sg/international/global/nvidia-adds-us442-billion-after-robust-forecast-sparks-second-biggest-stock-surge-ever The Wall Street Journal Bessent’s Moves Test Boundaries Between Treasury and Fed Treasury secretary’s plan to buy back long-dated debt is latest in string of moves raising questions about his ambitions https://www.wsj.com/economy/central-banking/bessents-moves-test-boundaries-between-treasury-and-fed-8db4af4a?mod=hp_lead_pos5 Iran Talks Sputter as Trump Spurns a Return to His June Deal The president is willing to wait and see if squeezing Tehran economically bears fruit https://www.wsj.com/world/middle-east/iran-talks-sputter-as-trump-spurns-a-return-to-his-june-deal-f4c2eab7?mod=hp_lead_pos6

StocksBNB Singapore REITs Monthly – Strong DPU growth in 1H26 * The S-REITs Index gained 3% in July, extending its 0.4% increase in June. Acrophyte Hospitality Trust (ARAUS SP, non-rated) was the best performer, rising 37.1% (-1.9% YTD), amid optimism about a potential transaction involving its stapled securities as part of its ongoing strategic review. IREIT Global (IREIT SP, non-rated) was the worst performer, declining 10.2% (-36.6% YTD) amid concerns about higher financing costs and vacancy risks. The Singapore diversified REIT sub-sector was the best performer, gaining 4.1%, while overseas commercial REITs were the weakest, declining 4.3%. * 1H26 results were strong, with S-REITs under our coverage delivering c.6% average DPU growth YoY, excluding Prime US REIT’s 316% growth due to its higher 65% payout ratio versus 10% in 1H25. Growth was driven by (i) lower financing costs, which declined by c.20bps YoY on average, (ii) resilient operating performance supported by higher rents, and (iii) contributions from completed AEIs and accretive acquisitions. * We maintain OVERWEIGHT on S-REITs, although we remain selective given the uncertain interest rate outlook. We favour REITs with robust balance sheets, defensive earnings profiles and a high proportion of fixed-rate debt, which should provide greater resilience against interest rate volatility. Within the sector, we continue to favour retail S-REITs, supported by healthy tenant sales, near-full occupancy and limited new supply, which should underpin mid- to high-single-digit rental reversions in FY26e. Our top picks are high-yielding REITs with resilient portfolios: Stoneweg Europe Stapled Trust (SERT SP, BUY, TP: €1.89), Elite UK REIT (ELITE SP, BUY, TP: £0.41), and United Hampshire US REIT (UHU SP, BUY, TP: US$0.69). Sector round-up 1H26 delivered strong results, with Suntec REIT and OUE REIT recording the strongest DPU growth at 24.8% and 28.6%, respectively, driven by lower financing costs and resilient performance across their Singapore assets. Prime US REIT saw DPU surge 316%, largely due to its higher 65% payout ratio in 1H26 versus 10% in 1H25, with 11.7% of committed leases yet to commence cash contribution. We expect this momentum to continue into 2H26 and forecast c.4% average DPU growth for the S-REITs under our coverage, supported by organic rental growth, accretive acquisitions, and lower financing costs. The 3-month SORA has stabilised at around 1.15%, still c.70bps lower YoY, providing continued support to S-REITs with SGD-denominated loans through lower borrowing costs. YTD, transaction activity has remained robust, with over S$8bn of acquisitions and more than S$5bn of divestments. The largest transactions were CICT’s S$3.9bn acquisition of Paragon Mall and S$2.5bn divestment of Asia Square Tower 2. Following the strong transaction activity in 1H26, we expect momentum to continue into 2H26, albeit at a slower pace, as the macroeconomic backdrop remains volatile amid the possibility of a Fed rate hike. Retail 1H26 retail S-REITs maintained healthy operating performance, with occupancy remaining close to full and rental reversions ranging from mid-single digits to low teens, supported by 1 7% growth in tenant sales, steady footfall, and limited new supply. The supply outlook remains favourable, with forecast average annual gross new supply of ~0.5m sq ft from 2026 to 2029, below historical averages, supporting favourable demand-supply dynamics. We expect FY26e rental reversions to remain in the mid- to high-single-digit range, underpinned by resilient tenant demand across F&B, experiential lifestyle, and essential services. AEIs and tenant remixing should provide further support to occupancy, income stability, and incremental rental upside. The post Singapore REITs Monthly – Strong DPU growth in 1H26 appeared first on StocksBNB.

StocksBNB Ever Glory United Holdings Ltd – Order book surges past S$1bn * 1H26 revenue/adj. PATMI exceeded our expectations, at 84%/94% of our FY26e forecasts. Guthrie’s results were consolidated for the full 1H26, driving revenue and PATMI outperformance. Adj. PATMI accelerated 208% YoY to S$14.1mn, driven by progress of the combined M&E projects, including maintenance of street lighting and bus depot facilities upgrades. * Order book surged 220% YoY to more than S$1bn. Ever Glory secured more than S$400mn new contracts in 2026, including S$168mn combined value for an offshore defence infrastructure project and M&E contracts in commercial mixed developments. We believe Ever Glory can secure additional high-value M&E contracts going forward. Potential awards include Integrated General Hospital (>S$200mn per M&E project), Changi T5 buildings and runway lighting (S$1bn or more for M&E), and LTA MRT tunnel lighting projects. * We maintain BUY with a higher TP of S$1.20 (prev. S$1.05). We raised FY26e revenue/PATMI by 57% and 62% respectively, due to the consolidation of Guthrie’s results. We estimate about 13% share dilution since 2025. The bulk came from the September 2025 placement (57%), half of whose net proceeds funded the Guthrie purchase, and from the conversion of the S$5mn convertible bond (32%). The enlarged share base is justified. Ever since the acquisition of Guthrie in 2H25, Ever Glory’s order book increased by more than 3x to more than S$1bn. 1H26 adj. PATMI accelerated 208% YoY to S$14.1mn from the consolidation of Guthrie’s results, far offsetting the effects of share dilution. https://www.stocksbnb.com/wp-content/uploads/2026/08/Capture-52.png The Positives https://s.w.org/images/core/emoji/16.0.1/72x72/25aa.png Growth driven by Guthrie’s consolidation. 1H26 adj PATMI accelerated 208% YoY (2H25: 98% YoY) to S$14.1mn, driven by the consolidation and recognition of Guthrie’s M&E works. Progress of the consolidated M&E projects, including maintenance of street lighting and bus depot facility upgrades, drove PATMI growth. https://s.w.org/images/core/emoji/16.0.1/72x72/25aa.png Order book surged more than 220% YoY to more than S$1bn. Ever Glory secured more than S$400mn new contracts in 2026, including S$168mn combined value for an offshore defence infrastructure project and M&E contracts in commercial mixed developments. The S$1bn order book is expected to support growth till 2029e. https://s.w.org/images/core/emoji/16.0.1/72x72/25aa.png Higher dividend payout supported by stronger balance sheet. Ever Glory recommended 0.75 cents per share of interim dividends (1H25: nil), representing a payout ratio of 29%. This is supported by an 86% YoY reduction in net debt to S$716,000, driven by a S$19mn YoY increase in operating cash flow. The post Ever Glory United Holdings Ltd – Order book surges past S$1bn appeared first on StocksBNB.

Curated Headlines for 26 August 2026 South China Morning Post WuXi Biologics posts 4.3% rise in first-half profit, defying biotech headwinds https://www.scmp.com/business/china-business/article/3365237/wuxi-biologics-posts-43-rise-first-half-profit-defying-biotech-headwinds?module=top_story&pgtype=subsection How full equity buyouts could help China’s cooling bubble tea sector turn a new leaf https://www.scmp.com/business/china-business/article/3364392/how-full-equity-buyouts-could-help-chinas-cooling-bubble-tea-sector-turn-new-leaf?module=top_story&pgtype=subsection The Business Times US rates need to rise soon absent evidence of ongoing drop in inflation: Fed’s Collins The current policy rate, in the 3.5% to 3.75% range, has been on hold since December https://www.businesstimes.com.sg/companies-markets/banking-finance/us-rates-need-rise-soon-absent-evidence-ongoing-drop-inflation-feds-collins Oil settles down more than 3%; investors shrug off US sanctions on Iran Iran has vowed to retaliate, expresses confidence partners would resist US pressure campaign https://www.businesstimes.com.sg/companies-markets/energy-commodities/oil-settles-down-more-3-investors-shrug-us-sanctions-iran The Wall Street Journal Anthropic Expected to Tell Investors It Sees Over $30 Trillion in Potential Revenue The AI startup is likely to top SpaceX’s eye-popping potential revenue estimate https://www.wsj.com/tech/ai/anthropic-expected-to-tell-investors-it-sees-over-30-trillion-in-potential-revenue-a611efea?mod=hp_listb_pos4   Canada Hits Back at U.S. With Tariffs Targeting Midterm Hot Spots The new levies affect $20 billion of U.S. imports, often from states where President Trump’s Republican allies are vulnerable in congressional elections https://www.wsj.com/world/americas/canada-targets-u-s-metals-foods-motorcycles-in-retaliatory-tariff-package-f677222b?mod=hp_lead_pos1

StocksBNB Thakral Corporation Ltd: Credit profile remains supported by the asset pool * Earnings improved. Revenue rose 18% YoY to S$189.4mn in 1H26 (1H25: S$160.5mn), while adjusted PATMI excluding quoted-investment movements, increased 47% to S$7.6mn (1H25: S$5.2mn). Lifestyle remained the main earnings contributor, with revenue up 34% YoY to S$209.2mn and segment profit rising 47% to S$10.7mn, supported by continued demand for fragrance, DJI and Nespresso products across the region. * TIL acquisition expanded the Group’s investment asset base, with the Gurugram land consolidated as investment property following the acquisition of an additional 81.64% stake, bringing its total ownership to 95.28%. This has strengthened asset backing for creditors. * Interest and asset coverage softened following higher borrowings. Adjusted EBITDA/finance costs declined to 2.8x (1H25: 3.4x), while investment assets/net debt fell to 5.1x (1H25: 6.2x), as debt increased to fund the TIL acquisition and working-capital needs. Nonetheless, stronger earnings momentum and sizeable asset backing keep the credit profile manageable. https://www.stocksbnb.com/wp-content/uploads/2026/08/image-8-e1787638558627.png https://www.stocksbnb.com/wp-content/uploads/2026/08/image-9.png The post Thakral Corporation Ltd: Credit profile remains supported by the asset pool appeared first on StocksBNB.