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PHILLIP SECURITIES |
PHILLIP SECURITIES |
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Nordic Group Multi-year project upcycle intact
SINGAPORE|CONSTRUCTION|1Q26 UPDATE • 1Q26 PATMI met 23% of FY26e forecast. PATMI grew 11.1% YoY to S$5mn in 1Q26 driven by margin expansion due to lower finance costs alongside favourable exchange rate effects. With a healthy orderbook of S$213.5mn (+8% YoY), there is strong earnings visibility, with potential pipeline conversion from the defence, semiconductor and marine segments.
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SATS Ltd Strong cargo volumes, new contract wins drive growth
• 4Q26/FY26 PATMI was 18%/100% of FY26e forecast. 4Q26 Revenue/PATMI grew 9.8%/31.0% YoY to S$1.6bn/S$50.7mn. This was driven by the gateway services segment (cargo and ground handling), which saw revenue grow 11.5% YoY to S$1.3bn in 4Q26. However, the food solutions segment EBITDA margin dipped 2.1 ppts to 10.2%, due to higher ingredient and packaging costs.
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| UOB KAYHIAN | CGS INTERNATIONAL |
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Valuetronics (VALUE SP) FY26: Positive Capital Management; Raise Target Price By 83%
Highlights • VALUE reported earnings of HK$111m due to one-off impairment. Adjusted earnings of HK$160m (-4% yoy) represent 91% of our forecasts. • VALUE raised its dividend payout ratio and stepped up its capital management plan to return HK$300m via buyback and special dividend over two years. • Maintain BUY with an 83% higher target price of S$1.88 (S$1.03 previously). Re-rating catalysts include increasing shareholders’ return from its HK$1.2b net cash, equivalent to around 50% of market cap and more customer wins.
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Malayan Banking Bhd Expecting qoq net profit recovery in 2Q26F
■ Maybank’s 1Q26 net profit was below our expectation (22% of our full-year forecast) due to weaker-than-expected non-interest income. ■ 1Q26 net profit declined by 4.2% yoy, dampened by: 1) mark-to-market losses, and 2) top-up of RM100m in management overlay. ■ Reiterate Add, premised on an uptrend in net interest margin and strong fee income growth, with an unchanged DDM-based TP of RM15.
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| DBS RESEARCH | LIM & TAN |
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XIAOMI |
KSH Holdings ($0.355, down 1ct) achieved a turnaround in FY2026 with a net profit attributable to Owners of the Company of S$6.8 million, compared to a loss of S$5.9 million a year earlier. KSH’s market capitalization stands at $202mln with a P/B of 0.7x and dividend yield of 4.2%. 2HFY26 core performance continues to see an improvement vs the first half, driven by an increase in revenue on a h-o-h basis. Excluding the $7.3mln fair value loss on Tianxing Riverfront Square, FY26 core earnings of $12mln represents a turnaround from losses last year. Order book has doubled since the start of the year to $1bln, and the company is working on several tenders to further increase its order book. FY27 is likely to be a better year as KSH works on its backlog of construction projects. Maintain “Accumulate” on KSH Holdings. |
