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CGS CIMB |
CGS CIMB |
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Capitaland Investment Fee income revenue ticked up in 1H25
■ 1H25 EPS of 5.8 Scts was below expectations, at 35.3% of our FY25F forecast. ■ CLI maintains its S$200bn FUM target by 2028F, by investing in thematic products and strategic partnerships, and enhancing portfolio efficiency ■ Reiterate Add rating with an unchanged TP of S$4.30.
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ST Engineering Growth priced in
■ STE’s margin expanded across segments in 1H25 thanks to product mix and cost savings. In particular, CA’s EBIT margin rose 100bp yoy to 9.5%. ■ Orderbook grew 5% qoq to S$31.2bn with S$9.1bn order wins YTD. International business remains a bright spark, especially in Middle East. ■ We lift our TP to S$8.70 (from S$8.40), still +2.5 s.d. from mean, to account for higher CA margin and lower financing costs. Downgrade to Hold.
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PHILLIP SECURITIES |
PHILLIP SECURITIES |
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CNMC Goldmine Holdings Record profit with 1.1cents special dividend
• 1H25 PATMI was a strong beat, which formed 86% of our FY25e estimates. PATMI rose by 251%YoY to US$19.4mn driven by a 41% YoY increase in the average selling price (ASP) of gold and a 26% YoY increase in sales volume.
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Soilbuild Construction Group Ltd Stellar PATMI growth with huge order book
▪ Soilbuild’s 1H25 revenue/PATMI were at 58%/86% of our FY25e forecasts, exceeding our expectations. PATMI was driven by the completion of several key projects, notably DB Schenker logistics facility worth more than S$100mn. The large projects enabled Soilbuild to efficiently deploy resources and increase its net margins by 5.6ppt YoY.
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| UOB KAYHIAN | UOB KAYHIAN |
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Food Empire Holdings (FEH SP) 1H25: Brewing Momentum On A Strong Results Beat; Raise Target Price By 14%
FEH’s core 1H25 PATMI rose 32% yoy to US$31m, exceeding our expectations by 8%. Revenue rose 22% yoy to US$274m, driven by double-digit gains across all core markets, led by Vietnam’s 37% surge. A maiden interim dividend of 3.0 S cents/share was declared, reflecting confidence in its outlook. Strategic growth initiatives include a partnership with Capital A’s Santan to launch new products and capacity expansion in India. Maintain BUY with a 14% higher target price of S$2.73 (S$2.40 previously).
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Singapore Technologies Engineering (STE SP) 1H25: Net Profit In Line; Focus On Profit Growth Delivery
1H25 net profit of S$403m (+19.7% yoy) was in line with our expectations, at 49.5% of our full-year forecast. DPS operating profit outperformed our expectations, driven by better-than-expected margins, while USS missed, as Satcom continues to face near-term challenges. We expect STE to remain on an upbeat growth track, backed by a recordhigh level orderbook. While valuation does not appear cheap, we do not foresee any derating catalysts. Maintain HOLD. Target price: S$8.56 (rolled over).
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