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PHILLIP SECURITIES |
PHILLIP SECURITIES |
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ComfortDelGro Corp Ltd Acquisitions delivering extra growth
▪ 1Q25 results were within expectations. Revenue/PATMI was 24%/20% of our FY25e forecast. 1Q is typically a seasonally lower due to lower contributions from Scotland coach services and CMAC.
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Geo Energy Resources Ltd Production jumps 113% YoY
▪ 1Q25 results were above expectations. Revenue and PATMI were both 31% of our FY25e forecast. Net profit increased 63% YoY to US$14.1mn. Coal sales and production rose 94% and 113% YoY, respectively, in 1Q25. Production jumped due to better weather conditions, advanced overburden, and improving infrastructure.
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PHILLIP SECURITIES |
PHILLIP SECURITIES |
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LHN Limited Realising more value
▪ 1H25 results were within expectations. 1H25 revenue and PATMI were 53% and 40% of our FY25e forecasts, respectively. Growth was driven by a jump in co-living and the sale of food factory units. Coliwoo keys increased 20% YoY to 2,593 units. The interim dividend was unchanged at 1 cent.
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NetLink NBN Trust More leverage needed
▪ 2H25 results were within expectations. Both revenue and EBITDA were 99% of our FY25e forecast. FY25 DPU of 5.36 cents, up 1% YoY, met our expectations. ▪ The ramp in capital expenditure has required NetLink to tap more on borrowings to fund distributions in the near term. An additional S$91mn of borrowings was drawn to distribute the FY25 S$208mn payout.
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| UOB KAYHIAN | CGS CIMB |
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Singapore Airlines (SIA SP) FY25: Headline Earnings In Line But Core Missed Earnings To Moderate In FY26
4QFY25’s headline net profit of S$410m (-29% yoy) was in line with our guidance of S$400m. However, stripping out one-off items, including a sizeable reversal of tax overprovision, FY25 core net profit missed our projection. The final DPS of 30 S cents was a positive surprise, but this level of dividend is likely unsustainable. Despite support from benign fuel prices, FY26 net profit is likely to be dragged by full-year negative contributions from associate Air India. Maintain HOLD. Target: S$6.63.
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CSE Global Expect stronger 2H25F, 50% payout
■ During CSE’s results briefing, management guided that contract momentum and potential project recognition could be 2H25F weighted. ■ 1Q25 order wins declined 11% yoy to S$155m as customers delayed awards on the back of uncertainty caused by trade tariffs.
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