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CGS CIMB |
CGS CIMB |
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Frencken Group Ltd Lowers 1H25F growth outlook
■ 1Q25 results in line with expectations, with revenue at 26%/25% of our/ Bloomberg consensus FY25F forecasts, and net profit at 24%. ■ Frencken lowered its 1H25F revenue guidance to moderate growth against 2H24 from higher growth previously (in its FY24 results release). ■ Retain Add with a higher TP of S$1.27. As some of the tariff-induced uncertainties are reflected in the share price, we lift our target P/E to 12.2x.
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SIA Engineering New SIA contract likely very positive for SIE
■ SIE announced that its new 2+1 year contract with SIA and Scoot took effect on 1 Apr 2025, with a 55% increase in the chargeable labour revenue. ■ We think that SIE’s FY26F core EPS can be enhanced by 35% gross, but set-up costs for SIE’s new ventures may limit the net enhancement to 15%. ■ We reiterate Add and raise our TP by 15% to S$3.10, still based on CY26F P/E of 19.5x (mean since 2006) against the proforma enhanced earnings.
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CGS CIMB |
PHILLIP SECURITIES |
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Delfi Ltd Bracing for macroeconomic headwinds
■ 1Q25 revenue of US$149.8m (-0.6% yoy/+20.6% qoq) was largely in line at 28.6%/29.3% of our/Bloomberg consensus FY25F estimates. ■ EBITDA declined 27.0% yoy/9.1% qoq to US$17.0m in 1Q25, suggesting an increase in operating expenses that resulted in poorer operating leverage. ■ We think weaker consumer sentiment, coupled with elevated cocoa prices and a weaker Rp against US$, could pressure profitability in the near term. ■ We cut our FY25F-27F EPS by 15.5-17.4% and downgrade to Hold with a lower TP of S$0.71, pegged at 11x FY26F P/E (0.5 s.d. below 5-year mean).
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Centurion Corporation Limited Robust asset pipeline by year end
▪ Centurion released a 1Q25 update, which included revenue and some key figures. 1Q25 revenue was within our expectations, at 25% of our FY25e forecast. Revenue growth of 13% YoY was driven by higher rental revisions of Singapore purpose-built worker accommodations (PBWA). Total assets and interest coverage ratio increased 35% and 4% YoY, respectively.
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| UOB KAYHIAN | UOB KAYHIAN |
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Frencken Group (FRKN SP) 1Q25: Results In Line; Moderate Revenue Growth Outshines Peers
Frencken’s 1Q25 earnings of S$10m (+12% yoy) are in line with our expectations. Revenue grew 12% yoy as the semiconductor and medical segments reported growth, analytical life sciences was stable, while the industrial automation segment was weaker. Frencken maintains its expectation of moderate revenue growth in 1H25 vs 2H24, driven by the semiconductor and medical segments. This is an outperformance vs the industry. Maintain BUY with a 20% higher target price of S$1.40.
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Delfi (DELFI SP) 1Q25: In Line; Promotions And Cocoa Prices Weigh On Profitability
Delfi’s 1Q25 revenue of US$150m (-0.5% yoy) and EBITDA of US$17m (-27% yoy) were in line with expectations, both forming 29% of our full-year forecasts amid festive demand. Revenue dipped on currency depreciation, while margins narrowed on lower operating leverage and higher promotions. Despite high cocoa prices, management remains confident in navigating near-term pressures, backed by a healthy net cash position of US$52m and strong cash flow. Maintain HOLD with a target price of S$0.82.
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