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PHILLIP SECURITIES |
PHILLIP SECURITIES |
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SATS LTD Minimal FY25e financial impact from De Minimis removal
• 3Q25/9M25 revenue surged by 12.5%/14%YoY to S$1.5/ 4.3bn which was in line with our estimates at 26%/77% of our FY25e forecast. The strong growth was underpinned by air cargo volume improving by 16.6%YoY, meals served rising 24% YoY in 9M25.
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Singapore Airlines Better than expected 3Q25 performance
• 9M25/3Q25 revenue met our expectations, inching up 3.3%/2.7%YoY to S$14.7/5.2bn, forming 76%/26% of the FY25e estimates. The growth was underpinned by a record passenger carried of 10.2mn, which increased 7.2%YoY.
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PHILLIP SECURITIES |
PHILLIP SECURITIES |
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StarHub Limited Mobile competition clouds outlook
▪ Revenue was within expectations at 102% of our FY24 forecast. But EBITDA was below at 96%. Mobile continues to face intense competition, with 4Q24 ARPU declining 12.1% YoY. The final dividend per share was down 24% YoY to 3.2 cents.
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Venture Corporation Limited Policy headwinds
▪ FY24 results were below expectations. Revenue and PATMI were 96% of expectations. 4Q24 net profit declined 9.2% YoY to S$61.2mn as revenue contracted 10.1% YoY. Earnings are at 8-year lows. DPS of 75 cents was maintained at a record payout ratio of 89% (FY23: 81%).
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| CGS CIMB | CGS CIMB |
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Seatrium Ltd FY25F margin starting to normalise
■ STM’s cost optimisation efforts and lower financing costs are bearing fruit, resulting in an underlying 2H24 profit of S$85m, in line with our forecast. ■ 2H24 revenue of S$5.2bn was a beat, but this was offset by weaker-thanexpected reported GM of 2.7%, with more projects at engineering stage. ■ We keep our GM forecast at c.8%, assuming US projects get delivered with minimal onerous provisions and projects move past engineering phase. ■ Order book at S$23.2bn, with order wins of S$15.2bn. We keep FY25F order win target of S$6bn. Reiterate Add, lower TP to S$2.80 (1.5x FY25F P/BV).
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Singapore Strategy Value up Singapore with S$5bn MAS fund
■ The launch of the S$5bn MAS Equity Market Development Fund to invest in SG equities could excite investors the most, in our view. ■ Other measures, including tax exemptions for fund managers investing substantially in SG equities, could help and sustain longevity. ■ Expansion of research with an enhancement of the development grant to focus on small-mid cap companies is an add-on to existing initiatives. ■ See Fig 1-3 for cheap stocks in SG. Liquidity is key, and SGX is a beneficiary of stronger market volumes. We highlight UOL, Singpost and YZJFH.
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