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PHILLIP SECURITIES |
MAYBANK KIM ENG |
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SATS LTD Creating a global platform cushions volatility
• SATS operations continues to be resilient due to capacity redeployment to routes with higher demand amid trade volatility, and new contract wins due to business development efforts. FY26e PATMI forecast has been raised by 5.5% to S$249mn. Earnings resilience will be underpinned by the c. 20+ contract wins and renewals in FY25 & FY26, with phased revenue recognition across long contract tenures providing stability.
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Sunway Construction Group (SCGB MK) Another gift before Christmas
Maintain HOLD call and MYR5.63 TP Fresh after SCGB secured its first major job win of MYR570m after a dry spell of almost 7 months, it secured another major job win of MYR386m. YTD job wins stand at MYR4.9b or 98% of our FY estimate and orderbook stands at MYR6.4b. SCGB hopes to bag 1 more data centre job and 1 more internal job before FY25E is through. We maintain our earnings estimates, HOLD call and MYR5.63 TP on 24x FY26E P/E pending more job wins.
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MAYBANK KIM ENG |
LIM & TAN |
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Mynews Holdings (MNHB MK) 4QFY25 missed expectations
Maintain BUY with a lower TP of MYR0.80 MNHB’s 4QFY25 results missed expectations on higher-than-expected interest expense. Into FY26, we believe that MNHB’s outlook remains positive as sustained profitability at its FPC and CU stores greatly improve group operating leverage. Nevertheless, our FY26E-FY27E earnings estimates are reduced by 3-5% after adjusting for current operating run rates, and introduce FY28E. Maintain BUY with a lower TP of MYR0.80, based on an unchanged 26x CY26 PER (mean).
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Seatrium Limited (S$2.07, unchanged) refers to its announcements dated (a) 10 October 2025, regarding the notice of termination dated 9 October 2025 received by Seatrium Energy (International) Pte Ltd (“SEI”), (b) 22 October 2025, regarding the notice of arbitration which SEI received from Maersk Offshore Wind’s affiliate Phoenix II A/S, and (c) 29 November 2025, regarding SEI’s commencement of arbitration against the Buyer, in connection with the contract between SEI and the Buyer for the construction of a Wind Turbine Installation Vessel. Seatrium’s market cap stands at S$7.0bln and currently trades at 22.3x forward PE and 1.1x PB, with a dividend yield of 0.7%. Consensus target price stands at S$2.81, representing 35.7% upside from current share price. We continue to maintain our “Accumulate on Weakness” recommendation on Seatrium. |
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