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CGS CIMB |
UOB KAYHIAN |
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ISDN Holdings Ltd Hurt by unrealised foreign exchange loss
■ 1H25 revenue grew by 22% yoy to S$212.9m, above expectations at 55.4% of our full-year forecast due to construction revenue being recognised. ■ 1H25 net profit fell 66% yoy to S$1.3m (10.6% of FY25F) due to unrealised foreign exchange losses of S$3.2m from its mini-hydropower business. ■ Excluding the foreign exchange loss, net profit would have grown by 35.1% yoy to S$4.5m, still below our expectations at 36.6% of our full-year forecast.
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STRATEGY – SINGAPORE Results Roundup A Resilient Earnings Season With Banks Carrying The Load, REITs Upping Rents
Singapore’s 1H25 results season was resilient, with 75% of companies meeting or beating expectations despite tariff uncertainty and strength of the Singapore dollar. Banks delivered stable earnings and attractive yields, underpinning the STI. Consumer names like DFI and SSG stood out, while REITs showed positive rental reversions. Capital recycling drove upgrades for CIT and VMS. We raise our end-25 STI target to 4,602, reflecting 8% upside and attractive valuations versus history and peers.
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UOB KAYHIAN |
PHILLIP SECURITIES |
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REITs – Singapore Jackson Hole Symposium Provides Turnaround Momentum
The Jackson Hole Symposium highlights US monetary policy at an inflexion point, potentially switching towards easing to support the job market, which has slowed considerably for three consecutive months in May, June and July. Maintain OVERWEIGHT. S-REITs benefit from recovery in liquidity triggered by upcoming rate cuts. BUY blue chip S-REITs: CLAR (Target: S$4.02), CLAS (Target: S$1.56), KDCREIT (Target: S$2.69), KREIT (Target: S$1.18) and LREIT (Target: S$0.79).
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Thakral Corporation Ltd Unlocking value from GemLife IPO
▪ 1H25 PATMI surged 912% YoY, far exceeding our expectations and reaching 350% of our FY25e forecast, driven by the unrealised valuation gain of S$102.4mn from the IPO of GemLife. Excluding this, 1H25 PATMI was in line with estimates. The lifestyle segment continued to deliver growth, with revenue/income rising 26%/11%
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| PHILLIP SECURITIES | PHILLIP SECURITIES |
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Wee Hur Holdings Ltd Firing from multiple cylinders
▪ 1H25 revenue/adj. PATMI exceeded our expectations, at 70%/58% of our FY25e forecasts. This was driven by a 158% YoY increase in property development sales, as Wee Hur’s 115-unit Bartley Vue condominium sold its remaining units in 2Q25. Gross profit was up 89% YoY in 1H25, driven by a ~S$36.5mn gain on disposal of its PBSA Fund I in April 2025.
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BRC Asia Ltd Volume expansion drives growth
▪ BRC Asia provided 3Q25 update with limited financials. 9M25 revenue/PATMI were within expectations, at 70%/71% of our FY25e forecasts. 3Q25 revenue/adj PATMI increased 7%/24% YoY, driven by an estimated 22% YoY increase in steel volume delivered in 3Q25.
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