|
PHILLIP SECURITIES |
PHILLIP SECURITIES |
|
Geo Energy Resources Ltd Going for the trifecta win
▪ FY25 revenue exceeded expectations, but earnings were below expectations due to a significant change in tax rate. FY25 revenue and PATMI were 113%/70% of our FY25e forecast. Effective tax rate spiked to 63% (vs estimate 22%) due to a new taxable income computation on local coal price indexation rather than realised coal prices.
|
Wee Hur Holdings Ltd Construction and worker dorm anchor growth
▪ 2H25 revenue/adj. PATMI exceeded our expectations, at 114%/138% of our FY25 forecasts. 2H25 adj. PATMI spiked 81% YoY to S$50mn, driven by higher contributions from an additional 20% bed capacity in worker dormitory, higher recognition of external construction projects and revenue recognition from Bartley Vue property.
|
|
UOB KAYHIAN |
CGS INTERNATIONAL |
|
Digital Core REIT (DCREIT SP) Switching To Expansion Mode
• DCREIT has switched to growth mode. It plans to recycle assets by divesting one asset in North America and redeploying the capital to acquire data centres in Asia Pacific, especially Singapore and Japan.
|
Oiltek International Ltd Order wins trickling back
■ FY25 revenue (RM211m, -8% yoy) was 25% below both our and Bloomberg consensus forecasts. ■ FY25 net profit (RM32m, -8% yoy) was 21% below our forecast and 4% below Bloomberg consensus’.
|
| CGS INTERNATIONAL | MAYBANK SECURITIES |
|
Q&M Dental Group M&A-driven re-rating
■ We reiterate Add on QNM as we believe the potential completion of outstanding M&As could lead to EPS upside of c.126.7% for FY27F. ■ This comes on the back of 5-8 years of profit guarantee from the acquirees, offsetting potential dilution of new share issuance and higher finance costs. ■ Our TP is raised to S$0.68, based on a premium over 20x FY27F P/E (0.5 s.d. below 5-year mean given execution risks, Fig 6).
|
SATS (SATS SP) Resilience amidst travel chaos; initiate at BUY
Backed by structural tailwind; initiate at BUY We initiate coverage of SATS with a BUY and a DCF-based TP of SGD4.52, implying FY26E P/E of 23.5x and EV/EBITDA of 9.1x. We like SATS for its global presence and dominant position in both gateway services and food catering. We expect FY26E PATMI growth of 12.9% YoY, driven by improved operating scalability and operational leverage which translate into DPS of SGD6c (dividend yield of 1.6%). Downside risks to our call include weaker cargo demand and a sharp rise in operating expenses. Upside risks include stronger-than-expected re-routing demand and faster-than-expected ramp-up at the Tianjin and Bangkok Central Kitchen.
|
