- We remain positive on ISOTeam’s earnings outlook, raising our FY25F-26F’s PATMI by 63% and 62% – this was after FY24’s earnings outpaced our expectations on better margins.
- ISOTeam should benefit and ride on more government projects ahead of parliamentary elections due by the end of 2025.
Maintain our positive outlook.
- - Read this at SGinvestors.io -
- With elections slated for no later than end 2025, we expect the Government to carry out more development and upgrading works ahead of the polls. These bode well for ISOTeam, as it is a leading player in carrying out upgrading and development works for public projects – these include facade enhancement and home improvement programmes, repainting and upgrading works at Housing & Development Board flats, town councils, neighbourhoods, hawker centres, parks, and government buildings. Its orderbook could be boosted by more of such projects.
Raise FY25F and FY26F earnings by 63% and 62%.
- - Read this at SGinvestors.io -
- Due to its stronger earnings base in FY24, we raise our FY25F and FY26F’s earnings forecast for ISOTeam by 63% and 62% to S$8m and S$9m. We raise our FY25F and FY26F revenue assumption by 10% and 9% to account for a strong orderbook and project traction.
- We also bump our operating margin projections to 9% on better operating efficiency.
FY24 earnings above expectations.
- Read more at SGinvestors.io.
Alfie Yeo RHB Securities Research | https://www.rhbgroup.com/ 2024-10-24
Previous report by RHB:
2024-02-08 ISOTeam - Earnings Turnaround Taking Shape; Maintain BUY.
Price targets by other brokers at ISOTeam Target Prices.
Listing of research reports at ISOTeam Analyst Reports.
Relevant links:
ISOTeam Share Price History,
ISOTeam Announcements,
ISOTeam Dividends & Corporate Actions,
ISOTeam News Articles