ANALYSTS SAY: Buy, Sell, Hold (20 Aug)

PHILLIP SECURITIES

CGS CIMB

HRnetGroup Limited

Pockets of growth

▪ Results were within our expectations. 1H25 revenue and adjusted PATMI were 51%/52% of our FY25e forecast. There was a pull forward of government grants in 1H25 of S$4.2mn compared to a year ago. Grants pushed adjusted PATMI up 24% YoY to S$25.7mn. Interim dividends rose 11% to 2 cents with a payout ratio of 67%

Read More ...

Pacific Radiance

Turnaround story coming through

■ With all vessels fully reactivated, PACRA posted strong revenue growth of 28% yoy to US$24m in 1H25, in line with our expectations.

■ We were pleasantly surprised by PACRA’s 49% GM in 1H25, thanks to the reactivation of accommodation work barge, likely to be sustainable in 2H25F.

■ Successful delivery of its self-constructed CTV highlights the yard’s newbuild capabilities, in our view.

■ Reiterate Add with a higher TP of S$0.09 (7x FY26F P/E). Vessel additions to its fleet could catalyse the stock, in our view. 

Read More ...

OCBC INVESTMENT RESEARCH

MAYBANK KIM ENG

China Aviation Oil

Rating BUY (as at 19 August 2025)
Last Close SGD 1.22
Fair Value SGD 1.50

Fly me to the moon
• 1H25 revenue and net income grew 13.6% and 18.4%
year-on-year (YoY) respectively, coming in ahead of our expectations
• Margin expansion was supported by increased sustainable aviation fuel (SAF) trading in Europe, despite onlyVcontributing to a low single-digit share of overall trading volume
• Increase fair value (FV) estimate to SGD1.50 and reiterate BUY; commitment to improving shareholder returns could drive further share price re-rating, in our view.

Investment thesis
China Aviation Oil (CAO) is the largest physical jet fuel trader in the Asia Pacific (APAC) region, with Shanghai Pudong International Airport Aviation Fuel Supply Company (SPIA) being its crown jewel. A key supplier of imported jet fuel in the civil aviation industry in the People’s Republic of China (PRC), CAO is a strong proxy to the growing Chinese aviation industry. Although CAO’s post-pandemic recovery has been gradual due to lacklustre Chinese outbound travel momentum, we think it is well positioned to capture long-term growth in
jet fuel demand, given: (i) its entrenched presence in China and status as a market leader in the region; and (ii) the increasing affluence of the APAC region and burgeoning middle class in China. Coupled with a strong net cash position to support the pursuit of inorganic growth opportunities, this makes CAO an attractive multi-year investment story.

SAM Eng & Equipment (SEQB MK)

Growth intact but FX tempered

Results meet our expectations; Maintain BUY

SAM’s 1QFY26 earnings were broadly in line with our projections but fell short of street estimates, attributable to an unfavourable product mix and forex headwinds from a weaker USD during the quarter. We maintain our earnings forecasts pending clarity from its results briefing scheduled for 21 August 2025. Maintain BUY with an unchanged target price of MYR4.63, pegged to 28x PER (close to 5-year mean) to CY26E EPS. 

Read More ...

UOL Group

Delivering big and gearing up for more

Investment Thesis:

Deep value developer with winning strategies. UOL Group is a leading developer and hospitality group in Singapore, with a diversified portfolio of prime commercial assets worth approx. SGD23bn. The group has a track record of timing the property market and replenishing land sites well through property cycles, delivering steady returns to its shareholders.

Read More ...