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PHILLIP SECURITIES |
PHILLIP SECURITIES |
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Sheng Siong Group Ltd More optionality in store openings
▪ FY25 results were within expectations. Revenue/adj. PATMI was 99/98% of our FY25e forecast. 4Q25 PATMI rose 17% YoY to S$33.4mn. Earnings growth came from 11% rise in revenue, together with record gross margins.
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Soilbuild Construction Group Ltd Tailwind from government
▪ 2H25 revenue/PATMI exceeded our expectations. FY25 revenue/PATMI were at 112%/118% of our FY25 forecasts. 2H25 PATMI surged 84% YoY to a record S$35.3mn, driven by most notably the S$648mn contract for PSA Supply Chain Hub at Tuas Port.
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CGS INTERNATIONAL |
CGS INTERNATIONAL |
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SATS Ltd Unfazed in the face of uncertainty
■ We hosted SATS’s management for a luncheon with investors on 3 Mar 26. ■ Management highlighted near-term uncertainty from disruptions to trade routes in and out of the Middle East from the closure at the Strait of Hormuz. ■ We remain constructive despite short-term cost concerns from the Iran conflict, as we believe SATS is positioned for growth in the longer-term. ■ Reiterate Add on SATS, with a DCF-based (WACC: 10.6%, terminal growth: 1.0%) TP of S$4.53.
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Aztech Global Ltd FY25 aided by optimised footprint
■ FY25 revenue was 20%/10% above our/Bloomberg consensus forecast, but was down 30% yoy to S$433m. ■ Excluding a S$3.5m disposal gain, FY25 net profit would have been 7% above our expectation but 1% below Bloomberg consensus expectation. ■ Final DPS of 3.0Scts was topped up with a special DPS of 8.0 Scts. Together with the interim DPS of 1.0Scts, FY25 DPS was 12.0 Scts (above).
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| UOB KAYHIAN | UOB KAYHIAN |
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SEA (SE US) 2025: A Strong Finish With Confident Outlook; Maintain Conviction BUY
Highlights • 2025 revenue of US$22.9b (+36% yoy) beat our forecast by 5%, while net profit of US$1.6b (+260% yoy) was in line with our forecast but missed consensus estimate by 11%. • Shopee delivered strong 4Q25 GMV growth of 29% yoy (+14% qoq) with continued take-rate expansion, while Monee’s loan book surged 80% yoy. • Maintain BUY with a 10% lower target price of US$181.18 (from US$200.18).
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UltraGreen.ai (UGAI SP) 2025: Results In Line; Expecting Healthy Growth For 2026
Highlights • 2025 results were slightly better than expected, with adjusted revenue US$142m and adjusted PATMI of US$64m forming 101% and 106% of our forecasts, respectively. • UltraGreen’s net cash position of US$173m is expected to drive further growth and market penetration. Management guided for revenue of US$170m-190m, in line with our forecast of US$173m. • Maintain BUY with a slightly lower target price of US$1.95
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