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PHILLIP SECURITIES |
PHILLIP SECURITIES |
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Ever Glory United Holdings Ltd A new beginning
▪ We expect Ever Glory (EGU) to grow its orderbook from the increased number of private tenders in Singapore, such as schools, private condominiums, hotels, and mixed-use developments. The trailing 12-month (T12M) contracts awarded in Singapore from the private sector increased 68% YoY in May 2025.
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Keppel Ltd Ring ring, come collect your cash
▪ Keppel will dispose of its 83.9% effective stake in M1’s consumer business for S$985mn cash to mobile operator Simba Telecom. Keppel will retain M1’s information and communication technology (ICT) business that can support the growth in data centre and subsea operations.
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CGS |
CGS |
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APAC Realty Ltd Riding on strong market activity
■ 1H25 EPS of 3.14Scts is above expectations, at 96.2% of our FY25 forecast ■ New home sales revenue surged on volume recovery while resale commissions ticked up slightly yoy in 1H25 ■ We maintain our Add rating with a higher TP of S$0.81
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Info-Tech Systems Set to win headcounts and accounts
■ We initiate coverage on Info-Tech (ITL), Singapore’s only publicly-listed SaaS-based HRMS provider, with an Add call and a TP of S$1.10. ■ Following its IPO in Jul 2025, we estimate ITL has c.S$60m cash, which it can deploy for aggressive expansion in growth markets Malaysia and India. ■ In our view, ITL’s asset-light model could drive more than 80% ROE in FY25F and 14% core net profit CAGR over FY24-27F.
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| UOB KAYHIAN | MAYBANK KIM ENG |
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Plantation – Malaysia Inventory Continues To Build Up Due To Higher Output
MPOB’s Jul 25 data showed a continued build-up in end-stocks, driven by higher production and higher exports. Exports were higher mom but fell yoy. We maintain our MARKET WEIGHT call given limited sector catalysts, with CPO prices expected to trade range-bound in the near term. Our sole BUY remains HAPL.
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Singapore Telcos Simba to acquire M1: marriages are made in heaven
Simba to acquire M1 at an EV of SGD1.43b Simba’s announcement to acquire M1 (at an EV/EBITDA of 7.3x M1 ex-ICT EBITDA) is a positive step towards rational competition as operators in Singapore have competed intensely for the past several years. M1 and Simba combined will lead to equitable market share among telcos (ST: ~55%, STH: ~24%, M1+Simba: ~22%). While Simba entered Singapore as an aggressive #4 mobile operator’ in 2020, the real reason for the competition was the incumbents’ response by offering cheaper packages through digital brands as well as through MVNOs (mobile virtual network operators). As MVNO contracts are typically 3-5 years with limited sales channel reach, we see potential for competition to start subsiding over the coming years with consolidation.
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