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CGS INTERNATIONAL |
CGS INTERNATIONAL |
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BRC Asia Ltd Riding higher volumes & still seeking growth
■ Peak construction volumes in FY26F-27F should yield operational and financial leverage, delivering 6.2%/6.4% NPMs in FY26F/27F, in our view. ■ BRC has ambitions to expand products/services locally and abroad. ■ Reiterate Add. We believe BRC will benefit from the Singapore construction upcycle and Singapore’s Equity Market Development Programme (EQDP).
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Marco Polo Marine Strong execution in FY25
■ FY9/25 core PATMI was ahead of expectations on strong gross margin (GM) uplift in 2H and tighter opex controls. FY25 revenue was in line. ■ Full contribution from 1 st CSOV and new drydock 4 will drive growth in FY26F, in our view. ■ New projects (2nd CSOV, largest-ever newbuild order) provide visibility into FY28F. We forecast net profit CAGR of 23% over FY25-28F. ■ Key catalysts to re-rate the stock beyond its current 11x P/E include charter contract win for 2nd CSOV, IPO of Taiwan unit and delivery of newbuilds.
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PHILLIP SECURITIES |
PHILLIP SECURITIES |
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BRC Asia Ltd Adj PATMI spiked 36% YoY in 2H25
▪ FY25 revenue/adj. PATMI were within expectations, at 96%/101% of our FY25e forecasts. Excluding the S$16.5mn disposal gains on associate in 2H24 and other oneoffs, 2H25 adj. PATMI spiked by 36% YoY. This was driven by an estimated 34% YoY increase in steel rebar delivery volumes, the highest increase since 2H23, on the back of stronger construction project offtake.
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Thai Beverage PLC
External shocks worsened demand
▪ Results were below expectations. FY25 revenue/PATMI were 92%/86% of our forecasts. 2H25 spirits PATMI dropped 3% YoY. Volumes contracted sharply by almost 11% YoY in 4Q25. The border dispute with Cambodia resulted in the huge migrant worker population leaving Thailand and caution in the supply chains.
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| UOB KAYHIAN | LIM & TAN |
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REITs S-REITs Monthly Update (Nov 25)
Highlights • Safe haven liquidity continues flowing to Singapore, pushing down SORA on an overnight basis to a low of 1.27%. Three-month compounded SORA eased 8bp to 1.25% in Nov 25. The Fed has cut the Fed Funds Rate by another 25bp to 3.75% during the FOMC meeting on 29 Oct 25. • Maintain OVERWEIGHT. BUY blue-chip S-REITs with specific catalysts: CLAR (Target: S$4.02), CLAS (Target: S$1.56), KDCREIT (Target: S$2.65), KREIT (Target: S$1.20) and LREIT (Target: S$0.81).
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LHN Limited (S$0.67, up 0.5 cts) achieved adjusted profit before taxation of approximately S$45.7 million for the financial year ended 30 September 2025 (“FY2025”), a 33.4% year-on-year (“y-o-y”) increase from S$34.3 million for the financial year ended 30 September 2024 (“FY2024”), primarily due to contributions from the Space Optimisation, Property Development and Facilities Management businesses. The Group delivered a solid performance in FY2025, achieving total revenue of S$131.5 million, compared to S$121.0 million in the previous financial year. This growth was primarily driven by new revenue streams from the Property Development Business and steady growth in the Facilities Management Business. LHN’s market cap stands at $286mln and currently trades at 7x forward PE and 1.1x PB, with a dividend yield of 6.0%. LHN has paid out higher special dividends of 2 cts, versus 1 ct last year. FY25 performance remains strong across the Coliwoo co-living segment, as well as maiden contributions from its property development business. Consensus target price stands at S$1.15, representing 71.6% upside from current share price. We maintain an “Accumulate” rating on LHN due to its still robust prospects ahead and unlocking of value for shareholders. |
