ANALYSTS SAY: Buy, Sell, Hold (3 June)

PHILLIP SECURITIES

Yoma Strategic Holdings Ltd

Recovery broadening for this conglomerate

▪ FY26 EBITDA grew 18% YoY to US$45.9mn despite the 5% depreciation in currency. Property development remained the core earnings driver, rising 22% to US$38mn. The motor and financial divisions have returned to growth. F&B continue its steady rise in earnings with strong 20% same-store sales growth and store expansion.

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Strategy Alpha Picks: Outperforming On Most Measures, Adding Two New Ideas

Highlights

• Our May 26 Alpha Picks outperformed the FSSTI by 0.8ppt/1.8ppt on price/market cap-weighted bases respectively, but underperformed by 0.6ppt on an equal-weighted basis.

• For Jun 26: Add RSTON and VMS; no removals.

• Jun 26 Alpha Picks: BKM, CAO, CIT, FEH, HLA, HUAGL, KEP, NTTDCR, OCBC, OTEK, RSTON, UGAI, VALUE and VMS.

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SATS ($3.95, up 10 cents) recently released their results and stated that i achieved 4Q FY26 revenue of S$1.62 billion, an increase of 9.8% compared to the same period last year with growth across all business segments. The Middle East conflict, which escalated in the final month of the quarter, weighed on revenue, costs, operating profit and associates and joint ventures’ earnings.

SATS market cap stands at $5.8bln and currently trades at 18.2x forward PE and 2.2x PB, with a dividend yield of 1.8%. Consensus target price stands at $4.42, representing 11.9% upside from current share price. Given the current Middle East conflict that would likely weigh on earnings moving forward and that share price has increased c.24% since our last recommendation, we post an “Accumulate on Weakness” rating on SATS.

The Board of Directors (the “Board”) of Oiltek International Limited ($1.85, down 0.09) refers to the Company’s announcement dated 6 April 2026 in relation to the Company’s wholly-owned subsidiary Oiltek Sdn. Bhd.’s (“Oiltek Malaysia”) entry into a heads of agreement (the
“HOA”) with BioSeaga Industries Sdn Bhd (“BioSeaga”, and together with Oiltek Malaysia, the “Parties”) for the provision of construction services for a Sustainable Aviation Fuel (“SAF”) production facility with a planned capacity of approximately 300 metric tonnes per day, to be located in Sabah, Malaysia (the “Project”).

In this instance, the Company undertook enhanced and iterative due diligence, taking into account the relatively larger scale of the proposed Project as well as counterparty interactions during the course of its preliminary review. The due diligence process is both risk-based and progressive in nature. As additional information became available and queries were raised, the Company expanded the scope of its checks, including undertaking further jurisdiction specific verification where appropriate. Accordingly, the Board is of the view that the due diligence conducted so far in respect of this Project is proportionate and consistent with market practice
for transactions of this nature at this preliminary and non-binding stage. The Board reiterates that the Company will only enter into a definitive agreement when the said conditions under the HOA have been satisfied, and when the Board is satisfied with the results of due diligence conducted on the counterparty.

RHB Bank (RHBBANK MK)

Q26: Steady Start As Credit Cost Normalises

Highlights

• 1Q26 earnings are within expectations, with earnings representing 24/25% of our/consensus full-year estimates respectively.

• Quarterly earnings declined due to weak NOII, partly cushioned by NII growth from NIM expansion as NCC normalised.

• Maintain BUY and target price of RM9.10 (1.11x 2027F P/B, 10.3% ROE). RHB Bank offers an attractive dividend yield of 6.4-7.0%.

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