|
CGS INTERNATIONAL |
CGS INTERNATIONAL |
|
Food Empire Holdings Ltd Galloping on the right track
■ Food Empire Holdings’s (FEH) FY25 revenue (US$577m, +21% yoy) was 2% above our forecast and 3% above Bloomberg consensus. ■ Core net profit (excluding non-cash REN-related valuation loss in 1H25) was US$68.6m, in line with our forecast but 19% above Bloomberg consensus. ■ Reiterate Add as FEH is on the right track to grow its earnings base over FY26-28F. A potential bonus issue in FY26F would also support share price.
|
UOL Group Growing from strength to strength
■ 2H/FY25 EPS of 32.7/57 Scts was above our expectations, at 82%/143% of our FY25F forecasts. ■ UOL’s robust residential launch pipeline extends its development income visibility, while its asset redevelopment activities should boost NAV creation. ■ Maintain Add rating, with a higher TP of S$12.83.
|
|
CGS INTERNATIONAL |
PHILLIP SECURITIES |
|
ST Engineering Raising the defence bar
■ A structural shift towards self-sufficiency among nations is likely to expand STE’s identified global TAM of above US$11bn for international defence. ■ Strong revenue and earnings visibility supported by S$33.2bn order backlog. FY25 S$18.7bn order wins set a new bar for STE to keep up. ■ Reiterate Add and lift TP to S$11.05, now based on 30x FY27F P/E. Sizeable order wins and new defence order outreach are key catalysts.
|
Sembcorp Industries Ltd Pending acquisition to drown out softness
▪ FY25 revenue and adj. PATMI were within expectations at 94% and 95%. 2H25 adj. PATMI declined 2.5% YoY to S$512mn. Earnings faced multiple pressure points, including lower electricity spreads, imported power losses, a drop in gas trading margins, and widening curtailment in China. The acquisition of 20% stake in Senoko in June offset some of the weakness. FY25 dividend per share raised 9% to 23 cents.
|
| PHILLIP SECURITIES | UOB KAYHIAN |
|
Singapore Airlines Passengers soar, cargo tumbles, Air India lingers
• 3Q26/9M26 adj. PATMI (ex-associates & divestment gain) / with associates & divestment gain increased 25.8%/0.9% YoY to S$683mn/S$1,296mn, forming 67%/127% of our adj. FY26e estimates. Passenger yield increased 1.9% due to high passenger traffic demand, which outpaced capacity additions of 2.9%. This was offset by a weakening cargo segment, with revenues falling 5.4%. Associate losses deepened as a full quarter of Air India’s losses were recognised, compounded by increased provisions made due to labour law changes in India.
|
ComfortDelGro Corporation (CD SP) 2025: Earnings Beat On UK And ERP 2.0 Uplift
Highlights • CD posted a record-high 2025 revenue of S$5.06b (+13% yoy) and core PATMI of S$214m (+4% yoy), beating our forecast by 4% on stronger UK margins. • The public transport and inspection segments drove earnings growth, offsetting P2P margin compression amid competitive pressures. • Maintain BUY with a higher target price of S$1.82 (S$1.76 previously). CD offers a decent 5.7% yield for 2026.
|
