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PHILLIP SECURITIES |
PHILLIP SECURITIES |
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Reorganising for future growth
▪ FY24 profits exceeded our expectations: revenue and adj. PATMI were 97% and 113%, respectively, of our FY24e forecast. There was a turnaround in profitability of EM2AI and Aoxin and lower operating expenses. Adj. PATMI rose 20% YoY to S$10.8mn. The second interim dividend was raised 32% to 0.70 cents, and a 50mn share buyback was announced.
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Stoneweg European REIT No refinancing requirements until 4Q26
▪ 2H24/FY24 DPU of 7.056/14.106 €cents was in line with our estimates, forming 50%/99% of our FY24e forecast. It was 10.7%/10.1% lower YoY due to asset sales, higher finance costs, and higher current tax expense from the absence of a one-off tax credit.
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UOB KAYHIAN |
UOB KAYHIAN |
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Construction – Singapore 2024 Results In Line; Promising Sector Outlook On Robust Construction Activities
2024 results are within expectations, with all companies within our coverage universe posting double-digit yoy growth. The sector outlook in 2025 is promising, backed by the rollout of major projects (such as Changi T5 and MBS integrated resort expansion) and continued BTO supply ramp-up.
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Banking – Malaysia Finely Balanced – Focus On Laggards
We expect sector earnings growth to ease to 7% in 2025 (from 9% in 2024) due to slower non-interest income growth. While earnings resilience and attractive dividends support the investment case, valuations at +0.5SD above mean and foreign shareholding that is near a five-year high may limit upside.
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| UOB KAYHIAN | UOB KAYHIAN |
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Automobile – China Weekly: PV Sales Decline wow Due To Seasonal Factors
China auto sales declined wow in the 10th week of 2025, with a 55.7% share of the PEV market. BYD successfully raised HK$43.4b (US$5.6b) in an H-share placement. ASEAN investors are becoming increasingly positive on China’s auto sector, with BYD and Geely leading in AI/ADAS and overseas expansion, while risks like margins, US tariffs, and chip restrictions remain manageable. Maintain MARKET WEIGHT. Top BUYs: Geely, Fuyao, CATL and Desay SV.
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Ping An Healthcare and Technology Company (1833 HK) 2024: Satisfactory Results; Expect Double-digit Revenue Growth And Steady Earnings Improvement In 2025
PAGD recorded satisfactory 2024 results with revenue up by 2.9% yoy and adjusted net profit of Rmb159m. It targets double-digit revenue growth and steady earnings improvement for 2025, driven by strong strategic business expansion and continuous AI empowerment.
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