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PHILLIP SECURITIES |
PHILLIP SECURITIES |
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17LIVE Group Limited Total dividend of 2.0 Singapore cents
• 2H25 earnings came in below our expectations, with revenue declining 13.4% YoY to US$77.6mn, mainly due to FX headwinds and flat growth in the live-streaming market. PATMI turnaround to US$3.7mn from a loss of US$5.2mn in 2H24, supported by ongoing cost-optimisation efforts. FY25 revenue met 91% of our forecast, while PATMI missed expectations with a net loss of US$0.9mn, compared with our US$5.48mn profit forecast.
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Ever Glory United Holdings Ltd Guthrie drives new growth trajectory
▪ 2H25 revenue/adj. PATMI exceeded our expectations. FY25 revenue/adj. PATMI were at 128%/122% of our FY25 forecasts. Ever Glory realised a S$5.5mn bargain purchase, the excess of net assets’ fair value over the acquisition amount, from the acquisition of Guthrie in 2H25. Excluding the bargain purchase amount, adjusted PATMI spiked 98% YoY, driven by the consolidation of Guthrie’s results.
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PHILLIP SECURITIES |
UOB KAYHIAN |
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Frencken Group Ltd Position for the rebound in semiconductor
▪ 2H25 revenue/PATMI were within our expectations, at 103%/99% of our FY25 forecasts. 2H25 PATMI was stable at +1% YoY to S$19.2mn, driven by a 76% spike in industrial automation revenue but offset by a 12% YoY decline in analytical life science revenue. Demand is sluggish amidst lower research funding in the US
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China Aviation Oil (CAO SP) 2025: Potential Beneficiary Of Oil Price volatility And Travel Recovery; Raise Target Price By 26%
Highlights • 2025 earnings were better than expected, with net profit of US$111m forming 132% of our forecasts, supported by margin expansion and increased contribution from associated companies. • Robust balance sheet position with net cash of US$687m (around 55% of market cap) positions CAO for further growth and shareholder returns. • Maintain BUY with a 26% higher target price of S$2.63.
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| LIM & TAN | LIM & TAN |
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Seatrium Limited ($2.33, up 0.01) is pleased to announce that it has been awarded a contract by Karpowership, for the conversion of a new Floating Storage Regasification Unit (“FSRU”). Karpowership is a longstanding customer for Seatrium, renowned for owning, operating and building the world’s largest Powership (floating power plant) fleet. This latest contract award signals a progression of an earlier letter of intent (“LOI”) signed between Seatrium and Karpowership announced in August 2025, and marks Seatrium’s eighth FSRU conversion project for Karpowership. Seatrium is capitalized at $7.9bln and trades at 15x forward PE with consensus 1 year target price of $2.70 implying a potential upside of 16%. We maintain an Accumulate rating on Seatrium given that it could potentially be a beneficiary of higher oil and gas prices due to the middle eastern unrest.
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We recommend a Subscribe to the UI Boustead REIT IPO at S$0.88 per unit. UI Boustead REIT represents a differentiated position in the Singapore industrial REIT landscape as it is the only S-REIT offering a combination of: (1) a 7.4–7.8% yield at NAV; (2) a 5.8-year WALE underpinned by Fortune 500 built-to-suit tenants; (3) freehold Japan logistics exposure in the structurally tight Greater Osaka market; (4) a US$5.9bn ROFR pipeline; and (5) a clean balance sheet with no perpetual securities overhang. These attributes are individually available in other REITs, but rarely in combination. Overall, for investors seeking exposure to a diversified industrial REIT with stable income visibility, disciplined leverage, and identifiable acquisition opportunities, UI Boustead REIT presents an attractive entry point at its IPO valuation. The combination of yield, lease duration, asset quality, and sponsor pipeline supports a Subscribe recommendation at S$0.88 per unit. |
