reports
- Jack Lai Yuan Khai
WCT Holdings (WCTHG MK) - 2025: Within Expectations; Construction Back...
2025: Within Expectations; Construction Back In The Red Highlights Within expectations. WCT Holdings (WCT) reported a core net profit of RM57.5m in 2025 (reversal from losses of RM39.1m in 2024). We arrive at this core number after removing: a) allowance for impairments of RM2.1m, b) gains on disposals of RM1.2m, c) forex losses of RM3.8m, and d) write-offs of RM4.9m. This met expectations, making up 99% of our and 102% of consensus forecasts.
- Kong Ho Meng
Velesto Energy (VEB MK) - 4Q25: Results In Line; Dividend Surprises On...
4Q25: Results In Line; Dividend Surprises On the Upside Highlights 2025 EBITDA and core profit within expectations, at 95% of our/consensus estimates. Rig average daily charter rate (DCR) of US$118,000/day and utilisation of 72%, are close to our assumption of US$110,000/day and 75% respectively. The DCR downtrend was well-guided given that softer jackup (JU) rig market conditions are anticipated. Velesto Energy (VEB) declared an interim DPS of 2.25 sen, bringing 2025 DPS to 3 sen, which signi...
- Lester Siew
SD Guthrie (SDG MK) - 4Q25: Within Expectations; Continuing To Pivot T...
4Q25: Within Expectations; Continuing To Pivot Towards New Verticals Highlights Within our expectations but below consensus’. SD Guthrie reported 2025 core net profit of RM1,949m (+28% yoy) which made up 104% and 92% of our and consensus estimates respectively. 4Q25 core net profit came in at RM462m (- 7% qoq, -7% yoy) amid weaker upstream plantation EBIT contribution (-10% qoq). A final DPS of 10.35 sen was declared, bringing full-year payout to 18.1 sen (2024: 16.36 sen), implying a 3.1% div...
- Desmond Chong Chee Wai
Pentamaster Corporation (PENTA MK) - 4Q25: Within Expectations; Trudgi...
4Q25: Within Expectations; Trudging Across Choppy Waters Highlights Below expectations. Pentamaster Corporation (Pentamaster) reported a weaker 4Q25 core net profit of RM14.4m (-8% qoq, -5% yoy), bringing 2025 core net profit to RM58.6m (-26%) which accounts for 93%/90% of our/consensus full-year estimates respectively. The shortfall was primarily due to lower-than-expected margins despite higher revenue, on higher cost of goods sold and effective tax rate (ETR). Note that the core net profit ...
- Desmond Chong Chee Wai
- Wei Xiang Ku
Oxford Innotech (OXB MK) - 2025: Results In Line; Clear Earnings Accel...
2025: Results In Line; Clear Earnings Acceleration In 2026 Highlights Within expectations. Oxford Innotech (OXB) reported a 4Q25 core net profit of RM1.01m (-51% qoq), bringing 2025 core net profit to RM8.3m, which made up 100% of our estimate. 4Q25 revenue dropped 9% qoq due to lower sales from its modular building systems (MBS) segment. Meanwhile, core net profit fell 51% qoq as higher tax recognition during the quarter was offset by lower administrative and distribution expenses. That sai...
- Philip Wong
Nestle (Malaysia) (NESZ MK) - 4Q25: Within Expectations With Decent Ye...
4Q25: Within Expectations With Decent Year-End Delivery Highlights Within expectations. Nestle (Malaysia)'s (Nestle) 4Q25 core net profit of RM125.5m (+10.1% qoq, 205.4% yoy) brought 2025 core profit to RM513m (23.4% yoy). This is within expectations, at 100% and 98% of our and consensus full-year forecasts respectively. An interim DPS of 90 sen was declared, bringing 2025 DPS to 210 sen (2024: 179 sen).
- Desmond Chong Chee Wai
- Wei Xiang Ku
NationGate Holdings (NATGATE MK) - 2025: Below Expectations, Trudging ...
2025: Below Expectations, Trudging Across A Choppy Sea Highlights Below expectations. NationGate Holdings (NationGate) delivered a softer 4Q25 net profit of RM6.4m (-50% qoq, -90% yoy), bringing 2025 net profit to RM125.1m (-22%). Excluding both the unrealised and realised forex factors (RM26.8m) and other one-off items (RM28.1m), we arrived at 4Q25 adjusted net loss of RM47.9m (3Q25: RM13.9m, 4Q24: RM98.4m), which narrowed 2025 core net profit to RM69.1m (-62% yoy). This made up 50%/48% of ou...
- Chong Lee Len
Malakoff Corporation (MLK MK) - 2025: Below Expectations; Coal Power P...
2025: Below Expectations; Coal Power Plant Disruption Drags Earnings Highlights 4Q25 reported a net loss of RM29m… Malakoff Corporation’s (Malakoff) 4Q25 net loss came in at RM29m, reflecting lower capacity payment from Tanjung Bin Energy (TBE) plant following the steam turbine crossover pipe leakage incident, availability target penalty arising from the TBE fire incident and capacity payment loss from Tanjung Bin Power (TBP) plant steam turbine generator rotor failure. Sequentially, losses we...
- Jack Goh Tooan Orng
Magnum (MAG MK) - 4Q25: Below Expectations; Dragged By Higher Prize Pa...
4Q25: Below Expectations; Dragged By Higher Prize Payout Highlights 4Q25 results below our expectations. Magnum reported a 4Q25 revenue of RM548m (+3.7% yoy, +3.5% qoq) and core net profit of RM30m (-42.4% yoy, +22.6% qoq). Revenue surged yoy (one additional draw day in the quarter), lifted by stronger classic ticket sales. Nevertheless, net profit fell yoy on much higher prize payouts as compared with 4Q24. 2025 core net profit accounted for only 92% of our and consensus forecasts respectivel...
- Amerul Iqmal
Hap Seng Plantations (HAPL MK) - 4Q25: Within Expectations; Expect Imp...
4Q25: Within Expectations; Expect Improved FFB Output In 2026 Highlights Within expectations. Hap Seng Plantations’ (HAPL) 4Q25 core net profit came in at RM57.9m (+104% qoq, -9.1% yoy), after excluding fair value losses on biological assets of RM27.2m. This brings 2025 core net profit to RM155.8m (-8.3% yoy), which is in line with our estimate but beat consensus forecast by 9%.
- Amerul Iqmal
Genting Plantations (GENP MK) - 4Q25: Above Expectations; Expect Margi...
4Q25: Above Expectations; Expect Marginal Increase In FFB Output In 2026 Highlights Above expectations; headline net profits dragged by a hefty fine. Genting Plantations’ (GENP) 4Q25 core net profit came in at RM119.3m (-8.9 yoy, +18.9% qoq), after excluding exceptional items, which comprised largely of administrative fine amounting to RM97.1m. Full-year core net profit of RM266.2 (+18% yoy) beat both our and consensus forecasts by 7% and 11% respectively, following better-than-expected CPO pr...
- Keith Wee Teck Keong
AMMB Holdings (AMM MK) - 3QFY26: Underpinned By Lower Provisions
3QFY26: Underpinned By Lower Provisions Highlights In line. AMMB Holdings (AMMB) reported 3QFY26 earnings of RM529m (+9% yoy, -1% qoq), lifting 9MFY26 PATMI to RM1.58b (+6% yoy). Earnings were in line, with 9MFY26 earnings representing 77% of our full-year estimates. 9MFY26 earnings were supported by strong trading income (+73% yoy) and a 4bp yoy rise in NIM. These were partly offset by higher net credit cost of 29bp (9MFY25: 16bp) primarily from additional pre-emptive overlays for the SME por...
- Adrian Loh Tzum Yung
Sembcorp Industries (SCI SP) - 2025: Headwinds On Multiple Fronts, Att...
SCI reported weaker-than-expected earnings for 2025 with lower net profit in its gas & related services segment in Singapore. Beset as it is with headwinds on several fronts in 2026, its Alinta acquisition should bolster earnings and cashflow in the medium term. Maintain BUY with a lower target price of S$7.10, implying 15% upside.
- Philip Wong
Alliance Bank Malaysia (ABMB MK) - 3QFY26: Stable Delivery
3QFY26: Stable Delivery Highlights Within expectations. Alliance Bank Malaysia (Alliance Bank) reported 3QFY26 net profit of RM215.2m (+4.2% qoq, +15.3 yoy), bringing 9MFY26 earnings to RM620.5m (+12.2% yoy). 9MFY26 earnings are deemed to be within expectations, representing 78% of both our and consensus full-year forecasts as we expect the effective tax rate to normalise higher in 4QFY26.
- Heidi Mo Jinghui
- Kai Jie Tang
Pan-United Corporation (PAN SP) - 2025: Earnings And Dividend Surprise
Pan-United’s 2025 results exceeded expectations, with revenue and earnings beating our expectations by 3% and 7% respectively, driven by stronger C&C growth and margin expansion. The group declared a higher-than-expected final dividend of 4.5 S cents, bringing 2025’s total dividend to 4.5 S cents (+50% yoy; 61% payout). Maintain BUY with a 7% higher target price of S$1.42.
- Adrian Loh Tzum Yung
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Jonathan Koh
- Kai Jie Tang
- Roy Chen Chengzhi
Singapore Daily: Thursday, February 26, 2026
Top Stories Company Results | Delfi (DELFI SP/BUY/S$0.945/Target: S$1.12) Delfi’s 2025 revenue of US$500m (-0.5% yoy) missed expectations, while core profit fell 20% yoy, despite beating our forecast on lower selling costs. A softer 4Q25 reflects Indonesia sales weakness (-12% yoy), although own brands’ remained resilient (+5% yoy). Gross margin compressed to 26.5% but easing cocoa prices support recovery. Upgrade to BUY with a raised target price of S$1.12. Company Results | Food Empire H...
- Chong Lee Len
Telekom Malaysia (T MK) - 4Q25: In Line, Bearish 2026 Undertone With F...
4Q25: In Line, Bearish 2026 Undertone With Flattish EBIT Highlights TM reported 4Q25 core net profit of RM363m (+73% yoy; -39% qoq), driven by healthy Unifi revenue contribution and strong wholesale projects. This was partly offset by higher depreciation charges. 2025 core net profit of RM1,750m (+10% yoy) is deemed in line with expectations. TM declared a second interim net DPS of 12.5 sen and a special net DPS of 6 sen. This brings 2025 total net DPS to 31 sen, based on a 70% dividend payo...
- Jo Yee Ng
Sunway Bhd (SWB MK) - 4Q25: Exceeds Expectations; Downgrade To HOLD Ah...
4Q25: Exceeds Expectations; Downgrade To HOLD Ahead Of SHH Listing On Rich Valuations Highlights Results came in above expectations due to stellar performance from the construction segment. Sunway targets a total of RM4.8b (+45% yoy) in new launches and property sales of RM4.2b (+11% yoy), supported by a strong property launch pipeline including RTS Tower 3 in Johor and Pinery Residences in Singapore. Downgrade to HOLD with new target price of RM5.62 on rich valuations after the removal of...
- Keith Wee Teck Keong
Public Bank (PBK MK) - 4Q25: Steady Showing
4Q25: Steady Showing Highlights 4Q25 earnings are in line with, 2025 earnings representing 100% of our/consensus full-year estimates. 4Q25 earnings rose 2% qoq, lifted by writebacks in provisions and NIM recovery. Maintain BUY with a higher target price of RM5.55 (1.70x 2026F P/B, ROE: 13.3%) from RM5.25 as we roll forward our valuation to 2027 to capture the sector’s mediumterm steady earnings growth and capital management runway. We remain positive on Public Bank for its potential provis...
- Lester Siew
Kuala Lumpur Kepong (KLK MK) - 1QFY26: Results In Line; Rebound In Dow...
1QFY26: Results In Line; Rebound In Downstream Earnings Highlights KLK’s 1QFY26 core net profit came in at RM382m (+67% yoy), meeting expectations at 27%/29% of ours and consensus estimates respectively. Sequentially, 1QFY26 core profit rebounded twofold as its downstream segment swung back into the black. Maintain BUY with an unchanged target price of RM22.25.
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