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CGS INTERNATIONAL |
CGS INTERNATIONAL |
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Food Empire Holdings Ltd Higher interim DPS for 1H26
■ 1H26 revenue rose 15.0% yoy to US$315.1m, in line with our and Bloomberg consensus expectations. All regions reported yoy revenue growth. ■ 1H26 core net profit (excluding non-cash item) was US$35.3m, up 12.2% yoy and in line with our and Bloomberg consensus expectations. ■ Interim DPS was 4.0Scts, higher than the 3.0 Scts for 1H25. Reiterate Add as we expect its FY27-28F capacity expansion to drive earnings growth.
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Riverstone Holdings Cleanroom powers through
■ 2Q26 net profit of RM66m beat our forecast as CR/HC margins expanded sharply, despite weaker-than-expected HC volumes. ■ CR strength should persist into 3Q26F. HC margins to stay muted in 2H26F but easing labour constraints should lift utilisation and shipments, in our view. ■ Maintain Add and S$1.00 TP (based on 19x FY27F P/E); c.6% FY26-28F yield provides share price support, with further upside from special dividends.
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| CGS INTERNATIONAL | UOB KAYHIAN |
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SingTel 1QFY27 update: tracking ahead of guidance
■ SingTel’s 1QFY27 core net profit of S$831m (+21% yoy) came in at 25% of our FY27F estimates with EBIT growth of 10.5% tracking ahead of guidance. ■ Management noted that there has been limited impact from the Middle Eastern hostilities thus far but were holding its EBIT guidance for now. ■ We reiterate our Add call on SingTel with an adjusted RNAV-derived TP of S$5.16 (prev S$5.34) with asset monetisation efforts set to drive valuations.
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Hong Leong Asia (HLA SP) 1H26: Double-digit Growth Drives Better-than-expected Results
Highlights • 1H26 revenue of S$3,129m and PATMI of S$92m beat our forecasts at 52% and 65% respectively, driven by double-digit growth across both segments. • HLA declared an interim dividend of S$0.03/share for 1H26 (1H25: S$0.02), backed by a strong net cash position and following an enlarged share base. • Maintain BUY with a lower target price of S$4.70, due to an enlarged share base. Our target price also implies a 48% upside.
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| UOB KAYHIAN | PHILLIP SECURITIES |
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Singapore Technologies Engineering (STE SP) 1H26: Results In Line; Expect Strong Contract Wins In 2H26
Highlights • STE’s 1H26 results came in in line with our expectations, with net profit of S$512m (+27.1% yoy) forming 48.6% of our full-year forecast. • Orderbook hit a new record-high level of S$35.7b by end-1H26. The slower 2Q26 order win was only a timing issue, as demand remained strong. STE guides for 2026 total contract wins to be at least comparable to 2025 levels, implying strong order wins of S$11b or more in 2H26. • Maintain BUY; target price remains at S$11.75, based on 27.0x 2028F PE.
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Nordic Group Record orderbook, sizeable pipeline ahead
• 1H26 PATMI met 46% of FY26e forecast. PATMI grew 20.9% YoY to S$10mn in 1H26. This was driven by lower distribution costs, lower finance costs, and a smaller FX loss. • Orderbook grew 37.5% YoY to S$254.3mn. The majority of the current orderbook is made up of contracts in the semiconductor and marine & offshore industries (c. >55%). New contract wins amounted to S$71.5mn to be delivered in the next 3 years. The contract wins are primarily across segments in defence (27.6%), marine & offshore (27.3%), semiconductor (25.7%). The sales pipeline is larger, concentrated in defence (S$173mn), semiconductor (S$160mn), marine (S$89mn) and engineering services (S$48mn).
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