SG Property Intelligence: Seatrium - assume coverage at UW; MLT resilient 1Q27 DPU

研报英文原文证据摘录

SG Property Intelligence: Seatrium - assume coverage at UW; MLT resilient 1Q27 DPU

J P M O R G A N Asia Pacific Equity Research

29 July 2026

SG Property Intelligence

Seatrium - assume coverage at UW; MLT resilient 1Q27

DPU

Seatrium - Orderbook burn outruns the margin turn; we assume coverage at Singapore/ASEAN Property and

UW. We assume coverage of Seatrium (STM SP) with an Underweight rating and REITs

Dec-27 PT of S$1.60, implying 32% downside from the current price of S$2.36 on Terence M Khi AC

28 July 2026. We believe the market underestimates orderbook replacement risk. (65) 6882-1518

Petrobras FPSOs accounted for 58% of 2022-25 contract wins and 66% of 1Q26 terence.ml.khi@jpmorgan.com

gross orderbook, but Petrobras (covered by Milene Carvalho, link) is shifting Mervin Song, CFA AC

toward BOT structures that increases competition and dilutes STM’s scope (65) 6882-7829

capture. Despite assuming S$7bn/S$6bn/S$5bn of contract wins in FY26/27/28 mervin.song@jpmorgan.com

J.P. Morgan Securities Singapore Private Limited/

and margin improvement, we forecast core PATMI of S$474m in FY26E to decline J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

to S$414m in FY28E. STM is up 14.2% over the past five days, ahead of STI’s 1.2% Morgan Broking (Hong Kong) Limited

rise, following the largely expected 1H26 positive profit alert for results on 31 July.

We would look to trim into results as we would remain cautious until annual order

wins recover towards S$9bn, sufficient to support a S$10bn medium-term revenue

run-rate. Link (Source: J.P. Morgan)

Mapletree Logistics Trust - First Take: Resilient 1Q27 DPU. 1Q27 DPU of

1.816 Scts (+0.2% YoY) was broadly in line with our and Street expectations,

supported by higher contributions from India, a full-quarter contribution from