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UOB KAYHIAN |
UOB KAYHIAN |
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ComfortDelGro Corporation (CD SP) 1Q25 Earnings Preview: Expect Strong yoy Growth
Despite escalating trade tensions and the US’ unprecedented tariffs, we do not expect any significant impact to CD’s earnings, given the defensive nature of its businesses. We also expect increased overseas contributions in 2025 from recent acquisitions, new bus contracts and ongoing contract renewals. In spite of the recent weakness in share price, we continue to like CD, underpinned by strong earnings growth and a decent 2025 dividend yield of 6.1%. We maintain BUY with the same target price of S$1.76.
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Zijin Mining (2899 HK) 1Q25: In Line; Poised To Capitalise On Gold Price Surge With Robust Production Growth
Zijin reported 1Q25 earnings of Rmb10,166.8m (+62.4% yoy), in line with expectations. Mining entities’ gross margin expanded to 59.9% (+5.4ppt yoy), supported by a gold price rally. The contribution from gold/copper to gross profit became more balanced at 36%/42%, enhancing earnings resilience amid elevated market uncertainties. 1Q25 gold output rose to a record 19.1 tonnes (+13.4% yoy), on track to achieve its 2025 growth target of 17%. Maintain BUY. Target price: HK$24.00.
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PHILLIP SECURITIES |
CGS CIMB |
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Soilbuild Construction Group Ltd Visibility from order book
SINGAPORE | CONSTRUCTION | INITIATION ▪ Soilbuild clinched a S$647.5mn PSA Tuas Port construction contract in FY24, which brought the Group’s latest order book to S$1.26bn in Dec 2024 (~3.2x FY24 revenue). The order book is expected to last till 2Q27e, providing visibility for revenue and profit growth over the next two years. We expect revenue/net profits to increase 20%/28% YoY in FY25e driven by progress payments in Soilbuild’s construction projects.
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CATL-A Positive on Europe; limited US tariff impact
■ We believe US tariffs will have a limited impact on CATL in light of supply shortages of ESS battery in US markets. ■ We reiterate our positive view on European demand given CATL’s continued market share gains. ■ We retain Add but cut our TP to Rmb301 due to US tariff disruptions.
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| MAYBANK KIM ENG | LIM & TAN |
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Gas Malaysia (GMB MK) A yield play
Dividends still attractive despite tapering earnings GMB’s >6% dividend yield remains attractive and should provide some degree of downside support to share price in our view amid tapering earnings. We expect lower domestic gas prices in 2025 in tandem with lower crude oil prices, while the recent gas supply disruption is unlikely to materially impact GMB’s FY25E earnings (we estimate <4% impact). Maintain HOLD with an unchanged MYR4.00 (DCF-based) TP. GMB remains our preferred pick among the gas utilities.
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At 36 cents, Innotek is capitalized at $83mln and trades at a forward PE of 9.3x and P/B of 0.47x. Dividend yield based on 2 S cts/share stands at 5.6%. Innotek is backed by net cash of S$65mln, representing 78% of market cap. We believe that FY25 will be another growth year for Innotek as they continue to scale up the GPU server, gaming, semiconductor and EV value chains to greater heights. The pause in tariffs by President Trump could result in front-loading of orders ahead of their 90 day pause. We maintain “Accumulate” rating on Innotek especially on weakness as the price comes closer to its net cash per share backing. |
