In today’s briefing:
- iFAST Corporation Limited: Breaking Out
- SoilBuild Construction Group Limited: Soilbuild’s 1HFY25 Earnings Soar Past FY24
- Deals, Recycling, Research And AI Power Thailand’s Rubber Shift
iFAST Corporation Limited: Breaking Out
- IFAST SP has risen 28% since our initiation and has seen net institutional outflows of S$50m in the first week of the month.
- We see further upside of 12%, as the value in terms of P/AUM is not reflected in the price.
- Recent private transactions such as the Chocolate Finance Series A+ deal round indicate that iFAST is cheap relative to its assets. There is a strong chance of a buy back in 2026.
SoilBuild Construction Group Limited: Soilbuild’s 1HFY25 Earnings Soar Past FY24
- Soilbuild delivered a stellar financial performance in 1HFY25.
- The Group’s 1HFY25 net profit surged 282.9% YoY to S$28.3 million, exceeding FY24 full year net profit of $26.6 million.
- 1HFY25 revenue increased 77.3% YoY to S$272.8 million, while gross profit jumped 193.5% YoY to S$43.6 million, reflecting strong execution and margin improvements across both construction and precast operations.
Deals, Recycling, Research And AI Power Thailand’s Rubber Shift
- Bridgestone reshapes carbon black strategy with Tokai Carbon
- Hanwa invests in Thai tyre pyrolysis venture
- Sri Trang bets on AI and workforce upskilling
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