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PHILLIP SECURITIES |
CGS CIMB |
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Yoma Strategic Holdings Ltd Sold > US$400mn residential properties in Myanmar
▪ 2H25 revenue was up 0.7% YoY to US$110mn despite the 36% depreciation of the Myanmar kyat (MMK). In local currency terms, revenue climbed 37% YoY. Largest contributor to revenue was property development with a 33% YoY rise to US$61mn.
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CapitaLand Ascendas REIT CLAR proposes S$700m SG acquisition
■ The proposed acquisition of 9TS and 5SPD should expand CLAR’s Singapore exposure to 67% of the enlarged AUM of S$17.6bn. ■ CLAR estimates proforma DPU accretion at +1.4%, with potential upside from positive rental reversions upon lease expires. ■ Maintain Add rating, with an unchanged DDM-based TP of S$3.10.
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CGS CIMB |
UOB KAYHIAN |
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CATL-H Global expansion on track; initiate with Add
■ CATL raised HK$40.6bn from its HK listing, with 90% of net proceeds to be used to grow its Hungarian plant’s power battery and ESS battery capacities. ■ We think CATL’s global expansion plans are on track, and its continued share gains in overseas markets will boost its margin profile, in our view. ■ We initiate coverage on CATL-H with an Add call and HK$391 TP, a 5% discount to our TP for its A-share (12.8x FY26F EV/EBITDA)
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Telecommunications – Singapore 1Q25 Earnings Recap: Muted Results In Line; Expect Similar Growth In 2Q25
For 1Q25, the sector’s muted 1.7% yoy earnings growth was within expectations, underpinned by strong contributions from Singtel’s regional associates and better overall cost discipline. Moving into 2Q25, we expect similar sector earnings growth, largely driven by Singtel and NetLink. We like Singtel for its regional exposure, Starhub as the main beneficiary of market consolidation and NetLink for its defensive earnings, supported by the sector’s attractive dividend yields. Maintain OVERWEIGHT.
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| LIM & TAN | LIM & TAN |
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Seatrium ($2.06, up 1 cent) reported 1Q25 operational performance and reported that it maintained its focus on operational excellence and cost optimisation amidst an uncertain operating environment. As a leading solutions provider of choice in the offshore and marine industry, the Group continues to secure repeat order wins and breakthroughs in new markets to build a diversified and resilient business. Seatrium’s net order book stood at S$21.3 billion as of 31 March 2025, comprising 26 projects with deliveries extending to 2031. Projects relating to renewables and green/cleaner solutions amounted to S$7.1 billion of net order book. Seatrium’s market cap stands at S$7.0bln and currently trades at 18.6x forward PE and 1.1x PB, with a dividend yield of 0.7%. Consensus target price stands at S$2.72, representing 32% upside from current share price. With increased deliveries, we think Seatrium can maintain it’s route to profitability and we think the worst is over for Seatrium. As the oil & gas sector continues to recover, we believe Seatrium can leverage on it’s huge fixed cost structure moving forward. Given Seatrium has declined a 17.2% since our last SELL call, coupled with improving fundamentals and consensus upside of 32%, we hereby upgrade Seatrium to a ACCUMULATE ON WEAKNESS rating
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Valuetronics Holdings Limited ($0.695, down 1/2ct) has achieved a 4.3% year-on-year (“yoy”) increase in net profit to HK$166.5 million for the 12 months ended 31 March 2025 (“FY2025”). This was on the back of revenue growth of 3.5% to HK$1,729.1 million during the financial year under review. The improved performance translated to earnings per share of 41.6 Hong Kong cents per share in FY2025 as compared to 38.7 Hong Kong cents per share in the preceding year (“FY2024”). In FY2025, the Group’s CE segment saw encouraging revenue contributions from a new entertainment focused customer (the “entertainment-focused CE customer”) supplying electronic products to a leading global entertainment conglomerate. At its last traded price of 69.5 cents, Valuetronics is capitalized at $282mln and trades at 10x PE, 1x book and 6.3% dividend yield. Bloomberg consensus 1 year target price is 78 cents, representing 11-12% upside, together with its attractive 6.3% dividend yield and continued share buy-back program, we maintain an “Accumulate on Weakness” rating on Valuetronics |
