Earnings GrowthEarnings growth supported by network expansion and SG60 voucher boost, driving both revenue and margins over the next 2–3 years.
Gross Margin ExpansionGross margin expansion outpacing rising operating costs, reflecting good cost control and improved procurement efficiencies.
Investor PreferenceTP raised to SGD2.30 on re-rating due to margin superiority and growing investor preference for high quality, defensive names.