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PHILLIP SECURITIES |
UOB KAYHIAN |
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Thomson Medical Group Ltd Recovery underway with property windfall
▪ Results were below expectations. FY25 revenue was 93% of our forecast. Adjusted net loss of S$26.8mn was wider than our forecasted S$4.3mn net loss. Vietnam and Malaysia earnings were weaker than expected. 2H25 included S$75.1mn impairment loss on goodwill offset by S$54.7mn writeback in Johor land (development and investment property).
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STRATEGY – SINGAPORE Alpha Picks: Double Happiness Again In Aug 25; Add BRC and YZJSGD; Remove CD, CICT, PROP
Our Alpha Picks portfolio delivered another month of strong performance, rising 11.4% mom in Aug 25 to overwhelm the STI’s 2.3% gain. On a market cap-weighted basis, the portfolio gained 3.2% mom, also ahead of the benchmark by 0.9ppt. For Sep 25, we add BRC for its construction exposure and YZJSGD for its new order flow and inexpensive valuations, while locking in gains on CICT, CD and PROP.
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LIM & TAN |
LIM & TAN |
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Ever Glory United Holdings Limited ($0.74, up 0.5 cents), a Singaporebased mechanical and electrical (“M&E”) engineering service provider, is pleased to announce the successful completion of its placement of 31 million new ordinary shares in the capital of the Company (“Placement Shares”), at an issue price of S$0.55 per Placement Share (“Placement Price”), raising gross proceeds of approximately S$17.05 million. The Placement Price of S$0.55 represented a discount of approximately 7.72% to the volume weighted average price of S$0.596 based on trades done on the Singapore Exchange Securities Trading Limited (“SGX-ST”) on 22 August 2025, being the last full market day preceding the date the placement agreement for the Placement was signed. EGU’s market cap stands at S$259.6mln and currently trades at 33x PE and 11x PB, with a dividend yield of 0.7%. While valuations are demanding, the endorsement by the numerous big name institutional funds on EGU’s acquisition of Guthrie Engineering suggests that prospects are likely to be bright enough to bring forward valuations down to more attractive levels for the company and its new investors. We would put the company on our construction sector watchlist for more in-depth research. Bloomberg consensus target price is S$0.81, representing 9.4% upside from current share price.
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Centurion Corp (S$1.73, unchanged) has announced the acquisition of Harum Megah Resources Sdn. Bhd. (“Harum Megah”), a Johor-based dormitory operator. The Acquisition was undertaken by the Group’s wholly-owned subsidiary, Centurion Dormitories Sdn. Bhd., through the acquisition of all the issued shares in Harum Megah, for a total consideration of RM110.8 million (equivalent to approximately S$33.2 million). At S$1.73, Centurion is capitalized at S$1.5bln and trades at 12.9x forward P/E and 1.2x P/B with an annualized dividend yield of 2.3%. With most of Centurion’s dormitories in Malaysia already located in Johor, the acquisition of the Johor-based dormitory operator will increase its exposure in the JS-SEZ. |
| SAC CAPITAL | MAYBANK KIM ENG |
ISOTeam Ltd – Short-Term Miss, Long-Term MomentumDate: 1 Sep 2025 | Analyst: SAC Capital | Call: BUY (Maintained) | TP: S$0.096 (prev. S$0.091) FY2025 Results
Key Developments
Structural Tailwinds
Risks
Valuation & Outlook
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Singapore Telecommunications (ST SP) From strength to strength
Three pillars the market hasn’t fully captured Singtel (ST) has outperformed but we see more growth legs underpinned by: i) AU/Optus operating environment moving from strength to strength, ii) Consolidation in Singapore of which we see Singtel as the key winner, iii) AI/DC linked opportunities are immense and ST is positioned to benefit. We see a marked improvement in its Indonesia and Philippines associates, placing all associates in a strong position. Forex is a headwind but is far outweighed by opportunities. We raise our SoTP-based TP by 11% to SGD4.75 factoring in a lower WACC and earnings lift. Reiterate BUY.
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