|
PHILLIP SECURITIES |
UOB KAYHIAN |
|
Singapore Telecommunications Ltd Earnings spike in India and Australia
▪ 3Q25 results were within expectation. 9MFY25 Revenue and EBITDA were 73%/75% of our FY25e forecast. PATMI exceeded estimates at 79% of FY25e due to stronger thanexpected performance from associate Bharti. Dividend guidance for FY25e was around 16.6 cents, higher than our initial estimate of 15.9 cents.
|
Marco Polo Marine (MPM SP) 1QFY25: Ready To Ride The Green Energy Wave In 2HFY25
MPM released its 1QFY25 business update, where revenue and gross profit declined yoy to form 19%/20% of our forecasts respectively, and are within our expectations. Gross margin continued to expand by 1.1ppt yoy due to higher average charter rates. We expect the performance to recover in 2HFY25, with its maiden CSOV (which we toured last week), three new CTVs deployed in Taiwan and fourth dry dock expected to contribute. Maintain BUY with an unchanged PE-based target price of S$0.072.
|
|
MAYBANK KIM ENG |
UOB KAYHIAN |
|
United Overseas Bank (UOB SP) ASEAN Connector
Regional positioning to drive growth, ROE. BUY UOB beat Street earnings expectations for FY24. Loans are recovering and fees were seasonally resilient. While margins should be under pressure, the Group’s integrated ASEAN strategy can catalyse fees and credit growth going forward. This could also help diversify the loan book towards growth sectors with better credit quality. A strong capital returns mandate is bolstering yields and EPS. We raise TP to SGD44.32. A structurally higher ROE should drive higher valuations, in our view. Maintain BUY.
|
Singapore Telecommunications (ST SP)9MFY25: Results In Line As Business Outlook ImprovesFor 9MFY25, Singtel reported a higher underlying net profit of S$1,870m (+11% yoy), driven by higher contributions from Optus and NCS, good cost discipline from the group’s cost-out programme and higher associate earnings (mainly from Airtel and AIS). The results are in line with expectations at 73% of our full-year forecasts. Singtel expects to pay 16.5 cents DPS for FY25 as the group has identified S$6b of capital recycling for sustainable shareholder returns. In view of a decent dividend yield of 5.2% and an improving outlook, we maintain BUY with the same target price of S$3.58.
|
| CGS CIMB | LIM & TAN |
|
Marco Polo Marine Resilient underlying performance
■ MPM’s 1Q charter rates and fleet utilisation held broadly firm yoy at 71%; higher repairs also drove gross margin expansion to 41% (FY24: 39.3%). ■ We think MPM earned net income of c.S$2m annually from chartering thirdparty vessels in Taiwan over FY23-24. ■ We expect MPM’s three new offshore support vessels to begin full operations in Taiwan from 2H25F. Our outlook for its shipyard for FY25F remains intact. ■ Reiterate Add, with unchanged TP of S$0.08, based on 9x CY26F P/E (c.1 s.d. above its 12M forward P/E average over 2020-25).
|
CSE Global ($0.465, unchanged) a global systems integrator providing electrification, communications and automation solutions, announced that it secured S$235.3 million of new orders in the fourth quarter ended 31 December 2024 (“4Q2024”) including a major Electrification contract of S$90.7 million. In 4Q2023, the Group secured a few major contracts worth S$178.3 million. Excluding the effect of these major contracts secured in 4Q2024 and 4Q2023, th CSE Global’s market cap stands at S$325mln and currently trades at 11.9x forward PE and 1.3x PB, with a dividend yield of 5.9%. Consensus target price stands at S$0.60, representing 27.7% upside from current share price. We maintain our BUY recommendation on CSE Global. |
