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PHILLIP SECURITIES |
UOB KAYHIAN |
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Valuetronics Holdings Ltd Back to growth after 6 years
▪ FY25 results were within expectations. Revenue and PATMI were 98%/100% respectively of our FY25e forecasts. 2H25 earnings were 6% points lower due to start-up losses in Hong Kong AI investment Trio. Ordinary dividends rose 15% to HKD0.15, excluding HKD0.12 special.
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Small-Mid Cap Retail Investors’ Webinar Highlights For Jun 25 – Top Picks: FEH, VALUE, FRKN
We summarise key takeaways from our latest monthly small/mid-cap webinar for retail investors for Jun 25, which focused on stock opportunities amid shifting macro conditions. With MAS’ upcoming S$5b deployment, we believe this is a timely moment for investors to revisit quality SGX-listed small/mid-cap names. In this note, we highlight three preferred names – Food Empire, Valuetronics and Frencken. Also, we have addressed investor concerns on US tariffs.
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LIM & TAN |
LIM & TAN |
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Oiltek ($0.605, up 5.5 cents) on last Friday debuted on the Mainboard of the Singapore Exchange Securities Trading Limited (“SGX-ST”) following a transfer of the listing of the Company from the Catalist Board of SGX-ST With share price closing at S$0.605, Oiltek’s market capitalisation now stands at S$259.55 million. Oiltek’s asset light business model to create renewable energy solutions such as helping countries/fi rms achieve biodiesel blend targets continue to help Oiltek achieve strong orderbook and continually good results performance. As a result, we have an Accumulate on weakness rating on Oiltek.
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CapitaLand Investment Limited / CLI ($2.56, up 0.02), a leading global real asset manager, has secured fresh capital commitments from new and exisƟ ng insƟ tuƟ onal investors for its value-add lodging private fund, CapitaLand AscoƩ Residence Asia Fund II (CLARA II). This refl ects the conƟ nued strong investor interest in the fund’s strategy to reposiƟ on underuƟ lised assets into high-performing living assets in key Asia Pacifi c gateway ciƟ es. CLI’s market cap stands at S$12.8bln and currently trades at 17.8x forward PE and 0.9x PB, with a dividend yield of 4.7%. We remain construcƟ ve on CLI given its on-going moneƟ zaƟ on eff orts to reduce matured assets and re-cycle capital into faster growing plaƞ orms to help generate recurring and higher ROE income streams. Consensus target price stands at S$3.34, represenƟ ng 30.5% upside from current share price. CLI remains one of our top picks in our TR/ Client event back in Apr’25 when the price was $2.60. We maintain an “Accumulate” raƟ ng on CLI. |
| CGS CIMB | UOB KAYHIAN |
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Yinson Holdings Bhd Potential privatisation of Yinson Holdings
■ Bloomberg reported that YNS’s Lim family is working together with a USbased fund to privatise the company at RM2.76, or up to RM3.11, per share. ■ Reiterate Add, with an SOP-based TP of RM3.20. ■ One scenario is for the Lim family to take a loan from Stonepeak Partners, with a view to repay in five years upon the IPO of Yinson Production.
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Telecommunications – Malaysia 1Q25 Results Largely In Line; Mobile Competition Remains Intense
1Q25 sector earnings rose 5% qoq but fell 3% yoy driven by stable postpaid revenue, robust enterprise revenue and good cost control. Prepaid earnings were adversely impacted by intense unlimited data offerings. Broadly, earnings came in within expectations except for Axiata. After the results, we trim sector earnings by 7%. Maintain MARKET WEIGHT; catalysts include Axiata’s monetisation of EDOTCO and CelcomDigi’s synergistic savings by 2027. Top picks: Axiata, CelcomDigi and TIME.
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