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CGS INTERNATIONAL |
CGS INTERNATIONAL |
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HRnetGroup Limited Strengthening payout
■ Non-core and one-off gains lifted reported FY25 PATMI to S$51m (+14% yoy), while operating profit of S$41m in FY25 stayed largely flat yoy. ■ FY25 final dividend increased 0.2 Scts to 2.2 Scts (up 10% yoy). ■ International momentum is building, with plans to accelerate growth through senior search and regional FS expansion in FY26F. ■ Maintain Hold with a higher TP of S$0.78 as we apply a 14.5x P/E multiple (vs. 13x previously, in line with FY17-25 historical average).
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AEM Holdings Ltd Re-rating on FY25 earnings inflexion point
■ FY25 revenue of S$399.3 (+5.0% yoy) was 5%/3% above our/Bloomberg consensus’ full-year forecasts. ■ FY25 net profit of S$17.0m (+48% yoy) was 78%/45% above our/Bloomberg consensus’ full-year forecasts, drive by better revenue mix. ■ Upgrade to Add as earnings growth resumes on the back of AEM’s FY26F revenue guidance of S$460m-510m.
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CGS INTERNATIONAL |
CGS INTRENATIONAL |
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Yangzijiang Shipbuilding Yard with yield
■ FY25 net profit (+30% yoy) was in line with our estimates, with 35% shipbuilding margin sustained and a surprise 50% dividend payout. ■ YZJSB set a US$4.5bn order win target for 2026F. Management notes enquires for smaller-sized containerships for delivery in 2029/2030. ■ Reiterate Add with a higher TP of S$4.95. Key re-rating catalyst: higher-thanexpected order wins.
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CSE Global FY25 beat, AWS anchors future growth
■ FY25 net profit of S$37.5m (+42% yoy) was above our/BBG consensus estimates at 110%/108% due to lower-than-expected admin and taxes. ■ CSE is poised for FY26F growth with AWS driving multi-year volume ramp-up while front-loaded costs should ease to support margin improvement. ■ Maintain Add with unchanged TP of S$1.50 as we expect CSE to deliver c.22% p.a. FY26-28F EPS growth despite a high FY25 base.
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| UOB KAYHIAN | MAYBANK KIM ENG |
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Banking 4Q25 Results Round-up: On Track For Continued Growth
Highlights • Banks’ 4Q25 results were characterised by stability in NIM and sustainable growth in wealth management. In terms of asset quality, OCBC proved to be more resilient, while DBS and UOB saw weaknesses from exposures to commercial real estate. Banks will consider returning capital to shareholders through special dividends if they cannot complete their share buyback programmes.
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Venture (VMS SP) Back to growth mode
Maintain BUY, raise TP to SGD18.1 from SGD16.6 FY25 NPAT dipped 7.4% YoY to USD227m, mainly due to a 7.4% drop in revenue. Net margin stayed at 9%. A higher dividend of SGD0.80/sh was declared for FY25, a 6.7% YoY rise. Venture intends to build a wide variety of products for the data centre space, including equipment for testing servers and connectivity hardware. We think 2025 was likely the bottom for VMS. Maintain BUY with a higher TP of SGD18.1 as we roll over to 22x FY26E P/E and raise our FY26/27E NPAT estimates by 4.8% and 4.7%.
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