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CGS CIMB |
CGS CIMB |
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AEM Holdings Ltd Still waiting for meaningful earnings recovery
■ We resume coverage on AEM with a Hold call (previously Reduce). ■ AEM reported its 1H25 results on 13 Aug 2025. 1H25 revenue grew 9.6% yoy to S$190.3m, while net profit rose 283.9% yoy to S$3.2m. ■ We expect its earnings outlook to improve in FY26-27F as the demand from new customers gather momentum.
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Hyphens Pharma International In the midst of product portfolio review
■ 1H25 core PATMI of S$5.8m (-7.4% yoy/+ 6.7% hoh) was in line, at 52.3% of our FY25F estimates, with record GP of S$35.3m (+1.5% yoy/+1.7% hoh). ■ GP margin expanded 4.5% pts yoy to 39.4% in 1H25; we believe HYP shed low-margin products, which resulted in a revenue decline of 10.1% yoy. ■ Reiterate Add, with a higher DCF-based TP of S$0.43 (WACC: 13.8%).
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CGS CIMB |
PHILLIP SECURITIES |
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Marco Polo Marine Fleet expansion on the line
■ At its analyst briefing, Marco Polo said its CSOV is contributing well, with minimal setup issues. A second CSOV could be announced soon, we think. ■ We believe an easing bank financing landscape for OSV players could drive further fleet additions for MPM. ■ Management noted a pickup in yard enquiries for repairs. However, we think revenue contribution could be subdued due to lack of newbuild order visibility. ■ Reiterate Add with a higher TP of S$0.08 on the industry’s upward re-rating
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StarHub Limited Munch popcorn, just watch the fight
▪ Results were within expectations. 1H25 revenue and EBITDA were 48% and 46%, respectively, of our FY25e forecast. Headline PATMI was down 63% YoY to S$16.1mn in 2Q25, due to a S$14.1mn spectrum right forfeiture fee. Excluding the fee, PATMI decline would be 29% YoY.
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| PHILLIP SECURITIES | PHILLIP SECURITIES |
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Frencken Group Ltd Expect a stable 2H25e PATMI
▪ 1H25 revenue/PATMI were within our expectations, at 49%/48% of our FY25e forecasts. 1H25 revenue/PATMI increase of 20%/9% YoY was driven by strength in the semiconductor segment, due to stable sales growth to a key European customer and a rebound in Asia sales. Frencken’s outlook for its semiconductor segment is more muted due to potential order volatility from its customers. Nonetheless, we remain optimistic about the demand for advanced chip equipment components over the next two years, driven by Hyperscalers’ strong demand for AI chips and rising sovereign AI investments.
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Q & M Dental Group Ltd More growth after the reorg
▪ 1H25 results were within expectations. Revenue and adj. PATMI were 47% and 40%, respectively, of our FY25e forecast. Adj. PATMI expanded 4.7% YoY to S$8.3mn. Q&M has been reorganising its clinics with closures of loss-making locations in Singapore and raising its stake in Aoxin China. 2H is seasonally stronger in China and Singapore.
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