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Market UpdatesSingapore SGX stocks

ISDN Holdings Ltd 2025 Earnings Review: Strong Revenue Growth but Foreign Exchange Loss Hits Net Profit 1

Posted on October 23, 2025 at 9:44 am (GMT+8)

Broker: CGS International
Date of Report: August 22, 2025

Excerpt from CGS International report.

Report Summary

ISDN Holdings reported a 22% year-on-year revenue growth for 1H25, driven by construction revenue recognition and a recovery in China’s industrial activity, but net profit fell 66% due to S\$3.2m of unrealised foreign exchange losses from its mini-hydropower business.
Excluding foreign exchange losses, net profit would have increased by 35%, though still below expectations; the core industrial automation and mini-hydropower businesses are expected to resume earnings growth over FY26-27, with management remaining positive on long-term prospects in Asia despite cyclical and margin uncertainties.

Above is an excerpt from a report by CGS International. Clients of CGS International can be the first to access the full report from the CGS International website : https://www.cgsi.com

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text Download Copy code 1SEO title: SATS Ltd (SATS SP): Embedded Resilience & FY26F Outlook | CGS International Report 2 3Here’s a summary of the SATS Ltd (SATS SP) analysis from the CGS International report: 4 5* Recommendation: The report reiterates an “Add” rating for SATS Ltd with a higher target price (TP) of S\$3.60 [[1]]. 6* Financial Performance: 4QFY3/25 net profit was S\$38.7m, slightly ahead of estimates. Revenue growth remained consistent. SATS’s cargo tonnage has outpaced global cargo demand, indicating market share gains [[1]]. 7* FY26F Outlook: SATS’s growing market share is expected to support earnings growth in FY26F, even with potential trade tensions. Cargo volumes are expected to grow due to market share gains, offsetting potential softening cargo demand in the latter half of FY26F [[1]]. 8* Earnings Estimates: FY26F-27F EPS estimates are lifted by 7.9-8.5%, and FY28F estimates are introduced, implying a 3-year earnings CAGR of 15.0% [[1]]. 9* Valuation: The TP of S\$3.60 implies 17.3x FY27F P/E, similar to its pre-Covid-19 mean [[2]]. 10* Key Risks: Margin compression from weaker operating leverage due to softening cargo volumes and a decline in the aviation travel industry due to an economic downturn [[1]]. 11* ESG: SATS maintains a B- ESG combined score by LSEG, with a slight improvement in its Environmental pillar score [[5]]. 12* Financial Summary: Revenue, Operating EBITDA, and Net Profit are projected to increase through Mar-28F. Core EPS is also expected to grow [[1]]

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