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CGS CIMB |
CGS CIMB |
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UOL Group Multi-pronged growth in FY25F
■ 2H/FY24 EPS of 26.96/42.4 Scts slightly below, at 46%/84% our FY24F. ■ We anticipate its residential, rental and hotel segments to deliver growth in FY25F, underpinned by new launches and completion of AEIs. ■ Maintain Add, with unchanged TP of S$8.20.
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Sheng Siong Group Healthy store pipeline in FY25F
■ 4Q24 net profit of S$29m (-15% yoy) was a slight miss as higher SG&A (+16% yoy) offset gross margin expansion (+10bp yoy). ■ SSG has opened 2 stores YTD 2025; store tender pipeline remains healthy with results for 8 tenders yet to be announced. ■ We trim our FY25F-26F net profit estimates by c.3% each as we factor in higher staff costs amid tight staff supply. ■ Reiterate Add as we like SSG for its strong track record in operational execution and expect net profit growth from store expansion.
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CGS CIMB |
CGS CIMB |
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Frencken Group Ltd Positive on semicon outlook
■ We deem FY24 revenue of S$794.3m (+6.9% yoy) as in line, at 103% of our our/Bloomberg consensus' forecasts. ■ FY24 net profit of S$37.1m was in line at 98% of our forecast but below Bloomberg consensus' forecast at 91%. ■ Reiterate Add, with a slightly higher TP of S$1.40, as we roll over to FY26F.
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Pacific Radiance Multiple growth drivers ahead
■ FY24 core net profit of US$3.7m exceeded our expectations, driven by opex discipline and higher share of associate/JV profits. ■ We expect bottomline improvement over FY25F-27F to come from easing reactivation costs, prudent cost controls and better fleet utilisation. ■ Reiterate Add; dividend proposal a sign of confidence in profits, in our view.
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| CGS CIMB | UOB KAYHIAN |
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SEA Ltd Solid 4Q performance, robust guidance
■ 4Q24 revenue and adj. EBITDA beat expectations. Outperformance came mainly from Shopee, backed by strong GMV (+24% yoy) and margin growth. ■ Robust 2025F guidance indicates another year of strong growth ahead, underpinning our FY25F adj. EBITDA growth estimate of c.50% yoy. ■ Reiterate Add with a higher TP of US$155 as we raise growth assumptions for Shopee and Garena following the strong 4Q print and FY25F guidance.
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RH Petrogas (RHP SP) 2024: Cost Control The Highlight With Two Wells To Watch In July
Although RHP’s production declined on a yoy basis, as did oil prices, its strong cost control (-16% yoy) resulted in the company reporting a more than fourfold increase in PATMI to US$14.6m and above our expectation. Come Jul 25, the company will drill two exploration wells at its Basin block with potential for 39mmboe of recoverable reserves. Maintain BUY. Target price raised to S$0.254.
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