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CGS INTERNATIONAL |
PHILLIP SECURITIES |
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Q&M Dental Group M&A-driven re-rating
■ We reiterate Add on QNM as we believe the potential completion of outstanding M&As could lead to EPS upside of c.126.7% for FY27F. ■ This comes on the back of 5-8 years of profit guarantee from the acquirees, offsetting potential dilution of new share issuance and higher finance costs. ■ Our TP is raised to S$0.68, based on a premium over 20x FY27F P/E (0.5 s.d. below 5-year mean given execution risks, Fig 6).
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Oiltek International Ltd Becoming an oil price proxy
▪ FY25 adj.PATMI was within our expectations at 101% of our FY25e forecast. Revenue was below expectations at 83% of our FY25e. Gross margins rose on project completions and procurement savings. FY25 dividend per share jumped 33% to 1.2 cents. ▪ New orders secured in FY25 were softer at RM152mn (FY24: RM207mn). We believe the change in palm oil policies in Indonesia and the pivot towards recurrent income projects were key drivers of the lower order book. Our expectations are for a significant rebound in orders in FY26e, led by both refining and renewables projects.
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PHILLIP SECURITIES |
UOB KAYHIAN |
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TeleChoice International Ltd Growth intact
▪ FY25 results were within expectations. Revenue/PATMI were 105%/103% 80% of our forecast. Revenue expanded 27% YoY to S$276mn, supported by U-Mobile 4PL services. Adj. PATMI grew at a slower 20% YoY to S$4.4mn due to lumpy inventory provisioning. FY25 dividends more than tripled to 0.45 cents.
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RH Petrogas (RHP SP) 2025: Delivers Profit Despite Exploration Write-offs
Highlights • 2025 profit fell 81% yoy to US$3.5m on oil price weakness and exploration write-offs. • A strong balance sheet and cash of US$31m provide flexibility for future exploration and development. • Maintain BUY with a higher target price of S$0.263 (previously S$0.245).
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| DBS GROUP RESEARCH | DBS GROUP RESEARCH |
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Grab Holdings Ltd
Key Takeaways from Group Call Grab sees limited risk from agentic AI, citing its strong driver and merchant supply network, and control over platform APIs and sees AI as an efficiency driver. Fintech breakeven is targeted for 2H26, with long-term EBITDA margins potentially reaching 30–40%, supported by lending scale and operating leverage. Autonomous vehicle deployment in early-stage, with 11 AVs in Singapore. Unlike the US, most drivers are locals in Singapore so ride-hailers need to manage job-transition We maintain BUY with an unchanged TP of USD5.93. Grab has seen a compression in valuation multiple with on-demand business trading at 13x EV/adj EBITDA, same as Uber despite Grab’s far superior growth prospects.
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UltraGreen.ai Limited Secures regulatory approvals for IC-Flow Imaging System V2 across several markets in APAC
Regulatory footprint for its IC-Flow imaging system has expanded to India, Thailand, Philippines, and Bangladesh Imaging system approvals lay the groundwork for broader APAC expansion and support future ICG adoption Earnings uplift expected to build progressively as dye approvals come through and APAC scales from a small base Maintain BUY with TP USD2.00
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