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PHILLIP SECURITIES |
PHILLIP SECURITIES |
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SATS LTD Volume and prices drive earnings
• 1H25 revenue climbed 14.8% YoY to S$2.8bn which was in line with our estimates at 51% of our FY25e forecast. Revenue growth was driven by, air cargo volume increasing by 17.5%YoY, meals served rising 26.1% YoY in 1H25 and a series of contract repricings, including with key margin customer SIA.
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Venture Corporation Limited Paid to gaze at the horizon
▪ 9M24 results were below expectations. Revenue and PATMI were 69%/68%, respectively, of our FY24e forecasts. 3Q24 net profit declined 3.8% YoY to S$60.6mn as revenue declined 2% YoY. Earnings are expected to contract to 7-year lows in FY24e.
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PHILLIP SECURITIES |
PHILLIP SECURITIES |
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Sasseur REIT Sales disrupted by natural disasters
• Total rental income for 9M24 was down by 1.5% YoY to S$91.5mn, representing 73% of our FY24e estimates, which is in line with our expectations. Despite the variable component in RMB terms decreasing by 6.8% YoY, EMA rental income was supported by the 3% annual escalation. Distributable income was not disclosed.
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United Overseas Bank Limited Other non-interest income boost earnings
▪ 3Q24 adjusted earnings of S$1,639mn were slightly above our estimates from a jump in trading and investment income, and higher fee income. 9M24 adjusted PATMI was 76% of our FY24e forecast.
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PHILLIP SECURITIES |
MAYBANK KIM ENG |
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Oversea-Chinese Banking Corp Ltd Trading income hits new high
▪ 3Q24 earnings of S$1.97bn were above our estimates owing to a surge in trading income and higher fees and commission income. 9M24 PATMI was 81% of our FY24e forecast.
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CSE Global (CSE SP) Beneficiary of Trump 2.0
All stars set to align With Trump advocating for lower energy prices and boosting production in the US, this may be hugely beneficial for CSE. While CSE has switched its focus more towards electrification projects, revival of activities in the O&G space may mean all 3 of CSE’s segments are firing, which could potentially propel CSE’s orderbook and profitability further. As of 9M24, orders from the energy sector declined 3.7% YoY to SGD237m, but this could drastically rebound during the Trump administration. We remain optimistic about CSE’s prospects and maintain BUY and TP of SGD0.60.
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