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CGS CIMB |
CGS CIMB |
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Nanofilm Technologies Int'l Ltd 1H25F likely weak still; re-look in 2H25F
■ FY24 revenue of S$204.3m (+15.4% yoy) was 6% above our forecast, in line with Bloomberg consensus’ forecast. AMBU drove the revenue growth. ■ FY24 net profit (S$7.7m, +147% yoy) was 37.0% above our forecast but 26.3% below Bloomberg consensus’. ■ While the outlook statement is cautiously optimistic, the seasonally stronger 2H trend remains intact: hence 1H25F could potentially remain weak still.
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Delfi Ltd Bitter times in FY25F
■ 2H24 net profit of US$14.4m was in line with expectations, bringing FY24 net profit to 98.9%/96.4% of our/Bloomberg consensus FY24F estimates. ■ Profitability was weighed down by elevated cocoa prices and the strengthening of US$ against Rp, with no signs of abatement. ■ Reiterate Add on depressed valuations; we lower our TP to S$0.88, pegged at 11x FY26F P/E (0.5 s.d. below 5-year mean).
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UOB KAYHIAN |
UOB KAYHIAN |
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CSE Global (CSE SP) 2024: Strong Earnings Beat; Gearing Up For Expansion
CSE's 2024 earnings of S$26m (+17% yoy) beat our expectation by 18%, due to betterthan-expected margins. Excluding the one-off settlement, 2024 core profit surged 63% yoy on the back of strong revenue growth. Final dividend was 23% lower on management’s efforts to reinvest in long-term growth. The orderbook remains healthy at S$673m (+6% qoq), backed by a healthy order win momentum. Maintain BUY with a 3% higher target price of S$0.61 (S$0.59 previously).
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City Developments (CIT SP) 2024: “Succession” Singapore Style; Downgrade To HOLD
CDL’s 2024 results missed our and consensus estimates. However, this was overshadowed by news of a very public leadership tussle that has caused us to downgrade the stock to a HOLD. While the company has extremely valuable assets in Singapore and globally, we believe the stock will likely find it difficult to perform given this overhang. We lower the target price to S$4.60.
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| UOB KAYHIAN | UOB KAYHIAN |
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Food Empire Holdings (FEH SP) 2024: Results Above Expectations; Healthy Pass-through Of Higher Coffee Costs
FEH’s 2024 core profit of US$50m (-11% yoy) beat our expectations by 8%. Revenue hit a record high (+12% yoy) due to strong double-digit growth in the SEA, South Asia, Ukraine, Kazakhstan and CIS segments. A final dividend and special dividend totalling 8 S cents/share has been declared. FEH is reaping the benefits of its diversification strategy and growing emphasis on Asia. We also note the healthy pass-through of the higher coffee bean costs. Upgrade to BUY with a 9% higher target price of S$1.20.
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Oversea-Chinese Banking Corp (OCBC SP) 4Q24: Payout Ratio Raised To 60% For 2024 And 2025
OCBC delivered net profit of S$1,687m in 4Q24 (+4% yoy), supported by double-digit growth in fee income. The Board has announced a comprehensive package to return S$2.5b of excess capital to shareholders over two years: a) special dividends amounting to 10% of net profit for 2024 and 2025 (S$1.5b), and b) share buybacks over two years in 2025 and 2026 (S$1.0b). OCBC provides an attractive dividend yield of 5.8% for 2025. Maintain BUY. Target price: S$21.10.
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