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PHILLIP SECURITIES |
UOB KAYHIAN |
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Zixin Group Holdings Record PATMI
• PATMI surged by 219.9% to RMB42.7mn in FY25, outperforming our expectations and accounting for 122% of our FY25e forecast. A 33% increase in revenue, a 2ppts improvement in gross profit margin, and a decline in other losses drove the strong growth. Sales of fresh sweet potatoes soared by 72% YoY to RMB99mn.
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STRATEGY – SINGAPORE Alpha Picks: Beat The STI In May 25; Add CD, CSSC, FRKN, FEH, IFAST; Remove SCI, MPM, OTEK, SIE
Driven by renewed positive investor sentiment, our Alpha Picks portfolio surpassed the STI in May 25, surging by 7.0% mom on an equal-weighted basis and beating the STI by 5.4ppt. On a market cap-weighted basis, our portfolio outperformed as well, up 1.9% mom and beating the STI by 0.3ppt. For Jun 25, we add CD, CSSC, FRKN, FEH and IFAST while removing SCI, MPM, OTEK and SIE.
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LIM & TAN |
LIM & TAN |
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Coliwoo, a co-living subsidiary brand under real estate management services group, LHN Limited (S$0.515, unchanged), has recently won the tender for tenancy of a state-owned property at 159 Jalan Loyang Besar, with plans to convert it into the Group’s first resort-style chalet under the Coliwoo brand.
LHN’s market cap stands at S$215mln and trades at a forward P/E of 6.8x and 0.8x P/B. Dividend yield is a decent 5.8%. LHN’s biggest contributor Coliwoo continues to see continued growth with a strong pipeline of co-living keys. The proposed spin-off of Coliwoo may also unlock value for shareholders and we do not rule out special dividends/dividend-inspecie. We maintain Accumulate on Weakness on LHN Limited with a target-price of 60 cts.
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Azeus Systems Holdings / ASH ($14.60, up $2.15) a leading provider of IT products and services, today announced record revenue and net profit attributable to equity holders for the full year ended 31 March 2025 (“FY2025”). The Group recorded a 96% increase in net profit attributable to equity holders to HK$166.9 million for FY2025, compared to HK$85.0 million in the previous corresponding year (“FY2024”). This was achieved on the back of a 44% increase in revenue to HK$474.8 million, up from HK$328.9 million over the same corresponding year, driven by strong growth mainly from Azeus Products. ASH’s market cap stands at S$438mln and currently trades at 16x PE and 12x PB, with a dividend yield of 6.1%. There are currently no analysts covering ASH. |
| MAYBANK KIM ENG | UOB KAYHIAN |
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CIMB Group Holdings (CIMB MK) 1Q25 results within expectations
HOLD maintained CIMB’s 1QFY25 earnings were within expectations. Our TP of MYR7.60 is maintained (FY25E PBV of 1.1x, COE: 10.1%, g: 4%, ROE: 10.9%), as is our HOLD call. With its ASEAN presence, CIMB is more exposed to volatility within the region as compared to its more domestic-centric peers, in our view.
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Strategy – China & Hong Kong Property, Hong Kong Landlord May 2025: Manageable Pressure In Mainland Property Market; Improved Tourism And Retail Sales Momentum In Hong Kong
In May 25, data from 28 cities and the top 100 developers’ sales point to a mom increase but yoy fall in new home sales. Secondary transactions in 12 cities continued to see a yoy hike. Homebuyers’ sentiments remain weak and divergent among cities, but better supply-demand dynamics lower the urge to introduce strong policies . For Hong Kong, the gentle yoy decline in retail sales and stronger tourist numbers growth are positive developments. Maintain sector ratings. Top picks: CR Land, SHKP and LINK REIT.
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