Our Top Picks Today: Stocks | 9 March 2026

BUY

Sasseur REIT (SASSR SP)

RE-ITERATE BUY

Geo Energy Resources Ltd (GEO SP)

• China consumption beta with downside cushion. Outlet retail has held up better than broader discretionary in a choppy China consumer tape. Sasseur’s EMA structure captures variable upside when tenant sales improve but retains a fixed base that stabilises distributions. The FY2025 print reinforces that stability with DPU still edging higher despite FX headwinds.

• Cost of debt is easing, which supports carry into FY2026. Finance costs have become less of a headwind as refinancing initiatives take effect. The 3Q25 update flagged a weighted average cost of debt around 4.6% and management expected it to fall below 4.5% by 4Q25, supporting distributable income even if RMB stays soft.

• KGI have also assumed coverage on Sasseur REIT which can be found here.

• Coal prices have stabilised off the trough while Indonesia supply policy tightens the backdrop. Geo’s 3Q25 update flagged ICI4 recovering from the US$40–41/t area in Jul-25 to around the high-US$40s to ~US$50/t into Dec-25, with 2026 expected to be more rangebound rather than collapsing further. The same note also highlighted Indonesia’s planned production curtailment stance from 2026 and a proposed coal export tax, which improves supply discipline and supports low-cost producers. This is the key macro setup for RE4.

• Execution visibility is improving on production, dividends, and FY25 close. Geo’s 3Q25 business update showed 9M25 production at 9.6Mt, tracking ahead of the company’s FY25 target of 10.5–11.5Mt, and the company declared a 0.10 SG cent interim dividend for 3Q25, bringing YTD interim dividends to 0.45 SG cent. SGX also shows the FY25 full-year results were released on 27 Feb 2026, keeping the stock in an event-driven window.

• KGI have also assumed coverage on Geo Energy Group which can be found here.

BUY

Zhaojin Mining Industry Co., Ltd. (1818 HK)

RE-ITERATE BUY

China Overseas Land & Investment Ltd. (688 HK)

• Flows are back, China is buying. Gold’s 2025 demand backdrop was strong, total demand including OTC exceeded 5,000t for the first time, while global gold ETF holdings rose 801t, one of the strongest years on record. China flows remain supportive into 2026, the PBoC reported additional purchases, taking holdings to 2,308t with gold at 9.6% of reserve assets. This is the clean macro setup for high beta producers like Zhaojin.

• Cost curve and reinvestment optionality. Zhaojin is leaning into reinvestment. In 1H25 it added RMB1,016.9M of PPE and RMB282.9M of intangible assets, which signals continued capacity and resource work rather than a harvest phase. In a regime where flows can reprice quickly, operators with visible reinvestment and scale typically see faster earnings revision and multiple expansion.

• China property stabilisation is turning more forceful, which favours stronger SOEs. China’s property policy tone has become more supportive again, with Reuters reporting authorities have reportedly dropped the “three red lines” borrowing policy that had constrained developers for years. This matters because policy easing typically channels liquidity and buyer confidence first toward stronger, state-backed names. COLI remains one of the clearest liquid beneficiaries of that relative-quality trade in Hong Kong.

• Vanke debt restructuring headlines reinforce consolidation logic and relative rerating for COLI. Vanke has moved deeper into liability management mode, with Reuters reporting creditor-approved repayment deferrals, interest-payment deferrals, and growing market expectations of broader restructuring. This is exactly the kind of sector stress that tends to redirect capital, land opportunities, and buyer trust toward stronger SOEs. For COLI, the thesis is less about direct Vanke exposure and more about relative positioning as one of the few scaled names with funding access and execution capacity during consolidation.

BUY

RTX Corp. (RTX US)

RE-ITERATE BUY

Northrop Grumman Corp. (NOC US)

• Accelerating U.S. weapons production supports missile demand. RTX is positioned to benefit from the U.S. government’s push to accelerate weapons manufacturing as the Trump administration convenes major defence contractors to address munitions shortages following conflicts in Ukraine, Gaza and recent strikes on Iran. With billions of dollars’ worth of missiles, artillery and anti-tank weapons drawn from U.S. inventories, the Pentagon is preparing a supplemental defence budget of roughly US$50bn to replenish stockpiles. As Raytheon is a key supplier of missile and air-defence systems, including Tomahawk cruise missiles, RTX stands to benefit from higher procurement and sustained demand for precision strike capabilities.

• Global air and missile defence demand expands growth runway. Beyond U.S. replenishment programs, rising geopolitical tensions and military modernization across Europe, the Middle East and Asia are driving demand for missile defence systems and integrated air defence networks. A recent US$183.7mn contract with the UAE for the Patriot system underscores RTX’s ability to capture rising international spending as nations move to secure critical infrastructure and military assets.

• Defence stockpile replenishment and production push support procurement growth. Northrop Grumman stands to benefit from the Pentagon’s effort to accelerate weapons production as the U.S. works to rebuild military inventories depleted by recent conflicts. The Trump administration’s meeting with major defence contractors to increase manufacturing capacity, combined with a potential US$50bn supplemental defence budget, highlights the urgency to replenish critical defence capabilities. As a key supplier of advanced aerospace, missile defence and command systems, Northrop is well positioned to participate in this production ramp as governments prioritize readiness and strategic deterrence.

• ISR and Command Systems demand strengthens strategic defence position. Rising geopolitical tensions and modern warfare’s increasing reliance on intelligence, surveillance and reconnaissance (ISR) capabilities are supporting long-term demand for Northrop’s advanced defence technologies. The recently secured US$255mn E-130J airborne command and control training system contract with the U.S. Department of War reflect growing investment in integrated battle management, mission readiness and real-time operational intelligence, reinforcing Northrop’s role as a critical provider of defence systems for the U.S. military and allied forces.