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