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CGS CIMB |
UOB KAYHIAN |
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ComfortDelGro Acquisition of the remaining CityCab stake
■ CDG now owns 100% of CityCab after the acquisition, streamlining operations and fleet integration. ■ We view the acquisition positively with earnings accretion, while providing operational synergies allow CDG to strengthen its taxi business. ■ Reiterate Add with a TP of S$1.70, with decent 5-6% dividend yields and solid expansions.
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Tiong Woon Corporation Holding (TWC SP) FY25: Heavy Lift, Heavy Capex; Downgrade To HOLD
TWC reported FY25 PATMI of S$19m (+6% yoy), in line with expectations, as revenue rose 14% yoy to S$164m on stronger heavy lift and installation activity. Margins narrowed from cross-hiring and a less favourable mix. A higher final dividend of 1.75 S cents/share was declared, lifting the payout ratio to 21%. We downgrade to HOLD with a higher target price of S$0.73, as the high capex cycle weighs on near-term cash flow and gearing. Fleet deployment and margin recovery remain potential re-rating catalysts.
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LIM & TAN |
CGS CIMB |
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Oxley Holdings Limited ($0.106, up 0.4 cents) a home-grown property developer with business presence in 6 geographical markets, announced its financial results for the financial year ended 30 June 2025 (“FY2025”) Conclusions and Recommendations: Oxley has finally turned the corner after the previous year’s huge losses and with its strategic focus back to its core development business in markets where it has historically done well, we think that management has a good chance of showing results again, especially as the interest rate environment turns favorable for developers again. However, we think that Oxley’s gross gearing of 1.35x is still high and needs to be actively lowered going forward even though most of their debt are secured with their assets. Part of Oxley’s good performance have likely been priced into the stock with the stock having surged 48% this year versus the market’s overall 13-14% increase. At its last traded price of 10.6 cents, Oxley is capitalized at $447mln and trades at a historical PE ratio of 124x and price to book ratio of 0.5x. There is no dividend payment, hence no dividend yield and no current active analyst coverage. We believe a HOLD recommendation is appropriate for Oxley
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BYD Electronic Strong premium orders from Apple in FY26F
■ We expect BYDE’s revenue from Apple to grow 18% yoy in FY26F (57% of total revenue) due to supply of midframes for Apple’s foldable model. ■ The company guided for 35-40% auto products revenue growth in FY25F, benefiting from BYD’s accelerated adoption of intelligent driving systems. ■ Reiterate Add with a higher TP of HK$54.3, now based on 18x FY26F P/E.
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| UOB KAYHIAN | CGS CIMB |
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CIMB Group (CIMB MK) 2Q25: Recovery Underway
CIMB’s 2Q25 results were in line, supported by cost discipline and strong trading gains, with PPOP up 5% qoq on sustained NOII momentum. Maintain BUY and target price of RM8.25 (1.14x 2026F P/B, ROE: 11.2%). The stock remains a laggard (-8% ytd vs KLFIN - 4%), compressing valuations to an attractive 1.0x 2026 P/B, below the sector average of 1.1x, despite stronger ROE (11% vs sector’s 10%).
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Lum Chang Creations Riding the conservation tailwinds
■ LUCC reported FY6/25 PATMI of S$12.91m, at c.108%/110% of our/Bloomberg consensus forecasts of S$12m/S$11.8m. ■ Order book as at 30 Jun 2025 stood at S$112.8m, providing solid revenue visibility for FY26F. ■ Reiterate Add, with an unchanged TP of S$0.81, based on 12x P/E multiple.
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