|
CGS CIMB |
CGS CIMB |
|
Food Empire Holdings Ltd On track for a rerating
■ 1Q25 revenue grew by 3% qoq and 16% yoy to US$137m, above expectations at 27% of our/Bloomberg consensus’ FY25F forecasts. ■ In our view, FEH’s P/E valuation is likely to continue its upwards rerating momentum as its Asian business grows over the next 5 years. ■ Hence, we raise our target P/E multiple to 13.4x (+2 s.d. of its 5-year [2021- 2025] average), leading to a higher TP of S$1.95.
|
SEA Ltd Strong start to 2025F; growth could slow
■ 1Q25 adjusted EBITDA beat expectations, thanks to the resurgence of strong earnings for the digital entertainment segment. 2025F guidance maintained. ■ Digital entertainment segment made a strong comeback, and we expect the segment to continue to perform well in 2025F. ■ Downgrade to Hold with a higher US$160 TP as we expect slower operating metric growth in coming quarters after the strong growth registered in 1Q25.
|
|
CGS CIMB |
CGS CIMB |
|
Thai Beverage Steady progress amid demand volatility
■ 1HFY9/25 PATMI was in line with our expectations at THB14.7bn (-3.2% yoy) but revenue of THB177.6bn (+1.0% yoy) missed. ■ We trim our beer volumes forecasts on soft Vietnam demand; spirits could face challenges from weak economic outlook and high input costs in FY25F. ■ Interim dividend unchanged yoy at THB0.15, implying 5% FY25F dividend yield. Reiterate Add, TP lowered to S$0.56; valuation still cheap, in our view.
|
SIA Engineering Building capacity for long-term growth
■ FY3/25 core net profit of S$140.2m was 2.6% below our forecast, mainly due to unfavourable deviations in interest income and tax expense. ■ The underlying operating profit and share of profits from associates and JV for FY25 were in line or better than expected. ■ Reiterate Add with higher end-CY25F TP of S$2.70 as we roll forward valuations, still based on CY26F P/E of 19.5x (0.5 s.d. below 2010-19 mean).
|
| UOB KAYHIAN | UOB KAYHIAN |
|
UMS Integration (UMSH SP) 1Q25: Positive Outlook As New Customer Ramps Up Production
UMS’s 1Q25 earnings of S10m (flat yoy) is in line with expectations, at 20% of our fullyear estimate. 1Q25 revenue grew by 7% but earnings growth was offset by a forex loss of S$1m. UMS is encouraged by strong order flow of its new key customer which helped to triple its sales in Malaysia as the customer seeks to divert its US supply source to Asia. UMS expects to benefit from trade diversion from the ongoing trade war. Maintain BUY with a 9% higher target price of S$1.32.
|
Food Empire Holdings (FEH SP) 1Q25: A Strong Start And A More Optimistic Outlook; Raise Target Price By 65%
FEH’s 1Q25 revenue of US$137m (+16% yoy) is slightly above expectations, forming 27% of our full-year estimate. Revenue rose 16% yoy due to strong double-digit growth in the SEA, South Asia and Ukraine, Kazakhstan and CIS segments. The SEA segment took the top spot in revenue contribution for the first time. FEH maintains an optimistic outlook and is confident that its strong brand equity will provide resilience against the direct impact of the tariff wars. Maintain BUY with a 65% higher target price of S$1.98.
|
