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PHILLIP SECURITIES |
PHILLIP SECURITIES |
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ComfortDelGro Corp Ltd UK the shining light
▪ FY24 results beat expectations. Revenue/PATMI was 104%/112% of our FY24e forecast. UK operating profit spiked 4-fold to S$18mn from the renewal of higher margin bus contracts and acquisition of CMAC and Addison Lee
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Pan-United Corporation Ltd Still optimistic despite slower project take-off
▪ 2H24 revenue and PATMI were below expectations due to slower-than-expected project take-off. FY24 revenue/PATMI were at 94%/97% of our FY24e forecast. Gross profit/EBITDA were within expectations at 101%/101%. Final dividends jumped 28% YoY to 2.3 cents, bringing total FY24 DPS to 3.0 cents (FY23: 2.3 cents).
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PHILLIP SECURITIES |
PHILLIP SECURITIES |
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Sheng Siong Group Ltd Rising market share
▪ FY24 results were below expectations. Revenue/adj.PATMI were 98%/97%, respectively, of our FY24e forecast. Staff costs jumped 14% YoY to S$56.6mn in 4Q24. The progressive wage model is causing wage levels across roles in the store to continue climbing
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ST Engineering Ltd Firing and flying on all cylinders
▪ FY24 revenue and adj. PATMI were within expectations at 101% of our FY24e forecast. Excluding exceptionals, 2H24 adj. PATMI jumped 32% YoY to S$386mn. Commercial aerospace (CA) earnings rebounded on more substantial margins due to project timing, operating leverage and product mix. Orderbook healthy at S$28.5bn (2023: S$27.7bn). Final quarterly dividend raised 25% YoY to 5 cents
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| UOB KAYHIAN | UOB KAYHIAN |
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CapitaLand Investment (CLI SP)
2024: Weaker-than-expected Results; Outlook Remains Robust CLI reported weaker-than-expected core PATMI for 2024, largely due to the absence of contribution from divested assets. However, its outlook appears reasonably bright given its strong growth in FUM and considerable headroom to invest in its growth segments. CLI’s guidance for higher dividend payout ratio of 50% signals strong belief in its cash generation. Maintain BUY. Target price slightly lowered to S$3.95.
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Frencken Group (FRKN SP) 2024: Results In Line; Cautiously Optimistic Amid Uncertain Times
Frencken’s 2024 earnings of S$37m (+14% yoy) were in line with our expectations. Revenue grew 7% yoy as the semiconductor, analytical & life sciences and medical segments reported growth, offsetting decline in the industrial automation segment. Frencken is cautiously optimistic amid uncertain times and expects the semiconductor segment to drive revenue growth in 1H25, with the other segments remaining stable. Maintain BUY with an 11% lower target price of S$1.16.
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