|
PHILLIP SECURITIES |
PHILLIP SECURITIES |
|
Raffles Medical Group Ltd Sluggish growth
▪ FY25 revenue and PATMI were within expectations at 96%/97% of our FY25e estimates, respectively. 2H25 adjusted PATMI grew 4% YoY to S$36.4mn. Revenue in China and healthcare services contracted in 2H25. FY25 dividends rose 20% to 3 cents (84% payout).
|
SIA Engineering Co. Ltd Engines drive earnings
• 3Q26/9M26 PATMI rose 9.7%/17.0% YoY to S$41.9mn/S$125.2mn, forming 23%/70% of our FY26e estimates. This was driven by stronger associates and JV income. The balance sheet remains robust, with net cash position of c. S$490mn. However, gestation costs from new subsidiaries and IT implementation costs weighed on operating expenses, which rose 8.4%/19.1% YoY to S$ 347.1mn/S$1063.1mn in 3Q26/9M26, respectively.
|
|
UOB KAYHIAN |
UOB KAYHIAN |
|
Centurion Accommodation REIT (CAREIT SP) 2025: Better Than Forecasts, With Growth In 2026 And 2027
Highlights • CAREIT’s net property income and DPU for 2025 were above IPO forecasts. • Its bright outlook is undimmed, with demand and supply dynamics for both of its PBWA and PBSA segments remaining bullish in the near to medium term alongside capacity additions ramping up in 2026. • CAREIT trades at an attractive 2027F distribution yield of 6.9%. Maintain BUY with a higher target price of S$1.55.
|
Genting Singapore (GENS SP) 4Q25: Combination Of Operational Challenges
Highlights • 4Q25 results were below expectations, mainly due to a lower VIP win rate, elevated opex, lower interest income, and higher doubtful debt provisions. • Earnings growth momentum may be gradual as operating costs and capex from RWS 2.0 transformation take time to be digested. • We are neutral on GENS’ short- to medium-term outlook, but expect support from a commendable dividend yield (5.3%). Downgrade to HOLD with a lower target price of S$0.84 (from S$0.89) following downward earnings revision.
|
| MAYBANK SECURITIES | MAYBANK SECURITIES |
|
ISOTeam (ISO SP) More orders incoming
Maintain BUY and TP of SGD0.12 ISOTeam acquired a dormitory for SGD5.7m. The property has 200 beds and was converted from a factory. ISOTeam plans to expand it to 400 beds. This will result in significant cost savings of ~SGD1.3-2.5m pa. We also expect more contract wins of ~SGD20-30m in the near term. Its first drone pilot private project should start by Mar’26, followed by HDB work in 2Q26. Maintain BUY and TP of SGD0.12, based on 11x blended FY26/27E P/E.
|
Soon Hock Enterprise (SHOCK SP) Strong FY25; more to come in FY26
FY25 results ahead of expectations Soon Hock announced FY25 net profit of SGD37.9m, ahead of MIBG expectations, driven by strong topline growth in its property development segment. We expect this upwards trajectory to continue in FY26E with its upcoming Skye@Tuas development slated for partial temporary occupation permit (TOP) in Dec 2026, enabling revenue recognition. Maintain BUY and TP of SGD0.75, given the group’s clear execution plan for its development properties
|
