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GuocoLand (SGX:F17)'s 1HFY26 operating profit of S$182mil (-16% y-o-y) and net profit of S$85mil (+14% y-o-y) accounted for 55% and 64% of our full-year estimates, with the outperformance largely driven by lower-than-expected finance costs.
1HFY26 results ahead of our expectations.
- - Read this at SGinvestors.io -
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Meanwhile, revenue from property investment business increased 5% y-o-y to S$143mil, supported by high committed occupancy and positive rental reversions.
Outperformance largely driven by lower-than-expected finance costs
- - Read this at SGinvestors.io -
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Retail spaces at Guoco Tower, Guoco Midtown, Guoco Midtown II were fully occupied, while Lentor Modern mall, which opened in January 2026, has achieved 90% commitment rate.
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Finance costs declined materially to S$83mil (-29% y-o-y) in 1HFY26, mainly due to lower borrowings and a more favourable interest rate environment. Net asset value remained broadly stable at S$3.93 as of Dec-25.
Valuation of 0.5x P/RNAV remains attractive, despite ~23% share price rally year-to-date.
- Read more at SGinvestors.io.
Above is an excerpt from a report by DBS Group Research.
Clients of DBS may access the full PDF report @ https://www.dbs.com/insightsdirect/.
Tabitha Foo DBS Group Research | https://www.dbs.com/insightsdirect/ 2026-01-30
Read also DBS's most recent report:
2026-02-23 GuocoLand - Meaningful RNAV Uplift From A High-Conviction Launch.
Price targets by other brokers at GuocoLand Target Prices.
Listing of research reports at GuocoLand Analyst Reports.
Relevant links:
GuocoLand Share Price History,
GuocoLand Announcements,
GuocoLand Dividend Payout Dates & Corporate Actions,
GuocoLand News
