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PHILLIP SECURITIES |
PHILLIP SECURITIES |
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Prime US REIT Laying the groundwork for future growth
▪ 1Q25 NPI/DI were within expectations at 23%/25% of our FY25e forecast. DI declined 30% YoY due to lower portfolio occupancy (1Q25: 78.9% vs 1Q24: 80.9%), the divestment of One Town Center in July 24, and higher finance expenses.
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Venture Corporation Limited 2025 looks tough
▪ 1Q25 results were below expectations, with revenue and PATMI at 23% of our FY25e forecast. Net profit in 1Q25 declined 7.0% YoY to S$55mn. Quarterly revenue is the lowest in a decade or since 1Q15. Lower contribution from a key lifestyle consumer product impacted revenue.
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UOB KAYHIAN |
UOB KAYHIAN |
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AEM Holdings (AEM SP) 1Q25: Revenue In Line With Expectations But 2Q25 Outlook Remains Weak
AEM reported its 1Q25 earnings of S$3m (+43% yoy/-71% qoq) and revenue of S$86m (-9% yoy/-35% qoq), meeting 22% of our full year estimate. Net margin stays weak, at only 3.9%. AEM maintains its 1H25 revenue guidance of S$155-170m and remains confident in its long-term growth prospects but expects 2Q25 earnings to be muted and 2H25 outlook to remain uncertain. Maintain SELL and target price of S$1.09. Valuation appears rich at 18x 2025 PE.
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ComfortDelGro Corporation (CD SP) 1Q25: Mixed Results in Line, Expect Stronger Sequential Growth
CD posted a mixed 1Q25 whereby revenue (+16.4% yoy) grew in line with expectations but PATMI was lower than expected (+18.8% yoy), dragged by higher amortisation costs. The public transport segment benefitted from higher domestic fares and ridership coupled with better UK margins. The taxi segment saw a strong inorganic boost from its acquisitions but continues to suffer from stiff competition. Given a decent 5.8% yield, we maintain BUY but with a lower target price of S$1.71.
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| UOB KAYHIAN | UOB KAYHIAN |
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Genting Singapore (GENS SP) 1Q25: A Soft Start
GENS’ 1Q25 results reflect a softening operational matrix as tourism spending and foreign visitations are slowing down. Several headwinds such as weakening consumer sentiment from global trade uncertainties and intensifying competition from rival MBS are also emerging, prompting us to revise our earnings forecasts and valuation yardstick lower. Nevertheless, GENS’ bargain valuations and lush dividend yield still offer decent capital upside. Maintain BUY with a lower target price of S$0.90.
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Venture Corporation (VMS SP) 1Q25: Earnings Below Expectations; Tariffs Have Created More Uncertainties
VMS’ 1Q25 earnings of S$56m (-7% yoy) missed our expectations, forming only 22% of our full-year estimate. Revenue fell 8% yoy due to lower demand in the Lifestyle Consumer technology domain, where VMS improved the reliability for a customer’s key products. VMS sees consensus among its customers that the ongoing tariff situation has created significant uncertainty in the global economic environment, with no clear visibility. Maintain HOLD with a 10% lower target price of S$12.01.
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