|
PHILLIP SECURITIES |
PHILLIP SECURITIES |
|
BRC Asia Ltd Record order book
▪ 1Q25 revenue/PATMI were within expectations at 22%/22% of our FY25e forecast. Revenue declined by 12% YoY due to an estimated 9% YoY fall in steel prices and Safety Time-Out (STO) in November 2024. PATMI increased 14% YoY, which was impacted by major project delays.
|
Oiltek International Ltd Earnings up 58%, dividends up 68%
▪ FY24 Revenue and PATMI were ahead of expectations at 103%/115% of our FY24e forecast. 2H24 PATMI jumped 58% YoY to RM19.4mn, largely driven by expansion in gross margins. Geographical mix and project timing raised 2H24 gross margins by 7% points YoY to 27.4%.
|
|
UOB KAYHIAN |
UOB KAYHIAN |
|
Digital Core REIT (DCREIT SP) 2H24: Good Works That Withstood The Test Of Fire
DCREIT signed new and renewal leases representing >90% of its portfolio and generated a positive rental reversion of 4.3% in 2024. With many embedded renewal options exercised, management expects the positive rental reversion to improve to the double digits in 2025. It recognised a sizeable revaluation gain of US$251.6m. DCREIT provides an attractive 2025 distribution yield of 6.9% (KDCREIT: 4.9%, MINT: 6.6%, Digital Realty: 3.0%, Equinix: 2.0%). Maintain BUY. Target price: US$0.90.
|
iFAST Corporation (IFAST SP) 4Q24: Hong Kong Segment Results Ahead Of Guidance; Another Record AUA Set
iFAST delivered strong 4Q24 results, with 2024 PATMI of S$67m 6%/7% above our/consensus expectations. This is mainly due to a better-than-expected performance from its Hong Kong operations and another record AUA of S$25b (+26% yoy, +6% qoq). Management targets to reach S$100b in AUA by 2028-30. A 14% higher final DPS of 1.6 S cents was proposed. Maintain HOLD with a 2% higher target price of S$8.30 (S$8.17 previously) on richer valuations compared with its peers.
|
| CGS CIMB | CGS CIMB |
|
iFAST Corporation Ltd Pension projects in the pipeline
■ 4Q24 PATMI was above our expectations. Revenue growth was steady qoq; opex reduction pushed earnings ahead. US bank reached breakeven point. ■ ORSO and Macao pension projects present possible earnings upside, but disclosures are limited at this stage and scalability may take time, we think. ■ Reiterate Add; TP unchanged at S$9.50. Swifter onboarding is a catalyst.
|
Seatrium Ltd Double up on bp
■ STM announced an MOU with bp for a second FPU, Tiber, to be deployed in the US Gulf of Mexico. A formal contract is likely to be signed in 2H25F. ■ We estimate contract value to be US$750m-850m (S$1bn-1.2bn). Our FY25F order win expectations stand at S$6bn (FY24A: c.S$15bn). ■ Re-rating catalysts: consistent delivery of earnings with margin expansion, sizeable contract wins and resolution of MAS/CAD investigation. ■ Maintain Add and TP of S$2.90, based on 1.5x CY25F P/BV. STM remains a High Conviction pick in Singapore.
|
