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CGS INTERNATIONAL |
CGS INTERNATIONAL |
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City Developments Making the right moves
■ CIT’s 2H/FY25 EPS of 59.8/69.4 Scts, is below our estimates, at 70.2%/81.6% of our FY25F forecast. ■ CIT committed to a dividend payout policy of at least 35% of reported PATMI. ■ We maintain our Add rating with a higher TP of S$12.11.
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UMS Integration Ltd Management bullish on FY26-28F outlook
■ FY25 revenue (S$2251m, +4% yoy) was in line with our/Bloomberg consensus’ full-year forecasts. ■ FY25 net profit (S$42m, +2% yoy) was in line with our expectations, but 10% below Bloomberg consensus’. ■ Reiterate Add, with a higher S$1.88 TP, as the semicon industry recovers and business with both semicon customer grows into FY26-28F.
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CGS INTERNATIONAL |
UOB KAYHIAN |
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Riverstone Holdings Hold for yield
■ RSTON’s FY25 revenue (RM995m) and net profit (RM208m) were in line with our full-year expectations. FY25 DPS at RM 0.17, a 120% payout. ■ Stronger yoy cleanroom sales expected in FY26-28F on robust demand from AI infrastructure and new customers, offset by strengthening ringgit vs. US$. ■ FY26-28F DPS of RM0.16-0.18 (100% payout) implies attractive 5.6-6.6% yields. Downgrade to Hold, with a lower TP of S$0.78 due to forex impact.
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Centurion Corporation (CENT SP) 2025: Resilient Earnings With Medium-Term Revenue Visibility
Highlights • Core business profit rose 26% yoy supported by strong earnings from Singapore PBWA, and UK PBSA occupancies near full capacity. • CAREIT listing strengthened the balance sheet, reducing gearing and enabling accelerated bed expansion pipeline, supporting recurring earnings growth. • Maintain BUY with a target price of S$1.90, implying a 25.8% upside.
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| PHILLIP SECURITIES | CGS INTERNATIONAL |
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CNMC Goldmine Holdings Rising volumes meet soaring prices
• FY25 PATMI exceeded our forecast at 123% of our full year estimates. This was due to a 65.4% increase in fine gold production in 2H25 alongside a 22.5% rise in average selling price. A 7.8% YoY decline in all-in costs for 2H25 was due to fixed costs spread across a larger volume of gold. Provision for US$7.3mn in potential tax liabilities has also been made.
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Nam Cheong Limited Rising confidence in order wins
■ Key highlight of our post-results NDR was NCL management’s confidence in securing further newbuild orders given active enquiries from charterers. ■ We expect fleet utilisation to improve to 69% (+4% pts yoy) in FY26F on the start of all long-term charters and potential new charters for two idle vessels. ■ We raise our FY27F EPS estimate by 3%, incorporating stronger order wins and fleet utilisation assumptions. Reiterate Add with a higher TP of S$1.92.
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