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PHILLIP SECURITIES |
PHILLIP SECURITIES |
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Next phase of growth
▪ FY24 PATMI of S$479mn (+165% YoY) was below our expectations, forming 64% of our FY24e forecast. The YoY gain was mainly due to lower revaluation losses of S$261mn (-57% YoY).
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City Developments Limited Road to recovery
▪ FY24 PATMI of S$201mn (-36.6% YoY) was below our expectations, forming 70% of our FY24e forecast. This was due to the timing of profit recognition under the property development segment and a 21% rise in interest expenses.
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PHILLIP SECURITIES |
CGS CIMB |
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Pacific Radiance Ltd The revival is on track
▪ FY24 adj. PATMI was below our expectations at 65% due to upfront expenses on the accommodation barge. Revenue met our expectations. The turnaround was evident with 2H24 adj. PATMI of S$3mn (2H23:-S$0.9mn).
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Sembcorp Industries More than enough gas
■ We see minimal impact from the termination of gas imports (c.0.6mtpa) that was previously scheduled to begin in 2026. ■ We estimate that SCI has a total of c.2.8mtpa of PNG and LNG combined to power more than 22GWh of power generation on a 55% load factor. ■ Newsflow on Vietnam’s tariff reshuffling could have been overblown. ■ Maintain Add, TP up slightly to S$7.81, as we roll forward our TP to FY26F, now based on 11.7x P/E (previously 12.5x), in line with regional peers.
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| MAYBANK KIM ENG | LIM & TAN |
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Singapore Post Ltd (SPOST SP) Hidden Value In SPC
Maintain BUY with unchanged TP of SGD0.77 SingPost shareholders approved the sale of Freight Management Holdings (FMH) to Australia’s Pacific Equity Partners for SGD867m in enterprise value and with all conditions met, we expect completion by end-March. Also the sale of Famous Holdings could be sealed and special dividends declared ahead of SingPost’s full-year results in May.
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Geo Energy Resources Limited / Geo Energy ($0.31, down ½ ct) is pleased to announce the entry into three key milestones relating to its Integrated Infrastructure project, which is being developed by PT Marga Bara Jaya (“MBJ”, a subsidiary of the Company), at its official business launch event in Jakarta on 13 March 2025. The MBJ business launch event was attended by distinguished guests of MBJ’s key partners – China Export & Credit Insurance Corporation (“SINOSURE”), CCCC First Harbor Consultants Co. Ltd (“CCCC-FHC”) and Norinco International Cooperation Ltd (“NORINCO”); the Group’s business partner/substantial shareholder – Mr. Tomáš Novotný, the Chairman of EP Resources and Founder of ResInvest; as well as the Group’s existing coal offtakers – Macquarie Bank, Trafigura Asia and EP Resources AG; and potential investors, among others. MBJ’s implied valuation of in excess of US$1.5billion way exceeds Geo Energy’s current market cap of only S$439mln. Geo Energy is trading at 7-8x PE, just under 4% dividend yield, 0.7x book and Bloomberg consensus 1 year target price is 68cts, implying upside potential of 54%. We are putting Geo Energy on our “Radar” for more “In-depth” research analysis. |
