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PHILLIP SECURITIES |
PHILLIP SECURITIES |
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Thai Beverage PLC A slow start
▪ Results were within expectations. 1Q25 revenue/EBITDA were 25/30% of our forecasts. Due to poor performance in spirits, we expect PATMI to be below estimates. ▪ Spirits is 48% of EBITDA and a much larger 75% of PATMI due to the high minority stake and interest expense of the beer business. Spirits volume declined 6.2% YoY in 1Q25, the weakest in 8 quarters. We believe this is in part due to overstocking in the prior quarter
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Singapore REITs Monthly Modest rate cut trajectory pressure
▪ S-REITs Index was lacklustre in January 2025, gaining 0.2% after falling 11.8% in 2024. The top performer for the month was Keppel Pacific Oak US REIT (KORE SP, non-rated), gaining 17.1%, while the worst performer was IREIT Global (IREIT SP, non-rated), falling 5.3%. The overseas commercial sub-sector was the top performer in January, gaining 4%, while the worst-performing sub-sector was overseas industrial, falling 3.8%.
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UOB KAYHIAN |
UOB KAYHIAN |
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Civmec (CIVMEC SP) 1HFY25: Results Below Expectations; Soft Outlook In The Near Term
But Positive In The Medium Term Civmec’s 1HFY25 earnings of A$27m (-17% yoy) missed our expectation, making up 40% of our full-year estimate. This was due to a weaker-than-expected net margin, from startup costs for its equipment manufacturing business and lower operating leverage. Civmec expects softness in the near term as project approvals have slowed down ahead of the Australian election. However, tendering activities remain strong and medium-term indications are positive. Downgrade to HOLD with a 30% lower target price of S$0.98.
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Parkway Life REIT (PREIT SP)\ 2H24: Oasis Of Calm Sheltered From Threats Of Tariffs
PREIT clocked the 17th year of uninterrupted DPU growth in 2024 despite dilution from its recent EFR in Nov 24. The acquisition of 11 nursing homes in France was completed on 20 Dec 24 and contributed for only 12 days. Growth catalysts in Singapore include the potential acquisition of MENH and AEI for Gleneagles Hospital. PREIT provides a bastion of defensive strength supported by its healthcare orientation, long WALE of 15.3 years and low aggregate leverage of 34.8%. Maintain BUY. Target price: S$4.85.
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| UOB KAYHIAN | UOB KAYHIAN |
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SIA Engineering (SIE SP) 3QFY25: Results In Line; Maintaining A Moderate Pace Of Earnings Improvement
SIAEC’s 3QFY25 reported net profit of S$38.2m (+7.4% qoq, +42.0% yoy) was in line with our expectations, with 9MFY25 earnings at 74.4% of our full-year forecasts. The company has managed a moderate pace of earnings improvement amid continued supply chain challenges, with its line maintenance business volume at Changi Airport having reached almost 100% of pre-pandemic levels. SIAEC offers decent FY25/26F yields of 4.5%/4.9%. Maintain BUY and target price of S$2.70.
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Thai Beverage (THBEV SP) 1QFY25: Results In Line As Beer And NAB Outperform; Spirits Underperform
THBEV released its 1QFY25 business update whereby overall revenue grew 2.4% yoy, driven by the beer and NAB segments. However, 1QFY25 EBITDA decreased slightly by 0.8% yoy, dragged by the spirits segment on lower sales volumes and rising costs. Both the beer and NAB segments posted robust results on strong growth in key markets and ongoing cost efficiencies. In our view, THVBEV is trading at an attractive -1.5SD to its mean PE. Maintain BUY with the same SOTP-based target price of S$0.56.
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