ISDN Holdings - CGS-CIMB Research 2022-02-28: Record Net Profit Since Listing

ISDN Holdings - Record Net Profit Since Listing

  • ISDN (SGX:I07)'s FY21 revenue grew 21.6% y-o-y to S$440.1m, in line at 103% of our full-year forecast. Net profit in FY21 grew 68.3% y-o-y, in line at 98% of our full-year expectations.
  • ISDN remains optimistic on the outlook for its core industrial automation business (98% of FY21 revenue).
  • Reiterate ADD call on ISDN. Our FY22-23F earnings per share (EPS) forecast for ISDN are reduced slightly by 0.6-0.7% as we factor in the larger share base given the scrip dividend in FY21. Our target price for ISDN is reduced slightly to S$0.96, based on 12.3x FY23F EPS forecast.
  • Progress in its hydropower business in Indonesia could catalyse ISDN's share price in FY22F.

Above is the excerpt from research report by CGS-CIMB.
Clients of CGS-CIMB may access the full report in PDF @

William TNG CFA CGS-CIMB Research | 2022-02-28
SGX Stock Analyst Report ADD MAINTAIN ADD 0.96 DOWN 1.000

Read also CGS-CIMB's most recent report:
2022-06-21 ISDN - China Reopening Beneficiary

Relevant links:
ISDN Analyst Report,
ISDN Target Price,

ISDN Share Price History,
ISDN Announcements,
ISDN Dividends/ Corp Actions,
ISDN News Articles


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