ISOTeam - Maybank Research 2025-02-12: Election Play, Drone Painting Game-changer

• We expect high growth ahead and initiate coverage on ISOTeam with BUY and a target price of S$0.09, based on a blended 8x FY25/26E P/E.
• ISOTeam (SGX:5WF), a major local painter (30% market share) for government housing projects (HDB), bounced back to profitability in FY24 as older projects with lower margins have all been executed.

Investment thesis

Inflection point of profitability and margins

• - Read this at SGinvestors.io -
• In addition, its remaining orderbook of S$202.4m already reflects the revised quotations with higher margins and we expect FY25E to see a huge recovery in margins, which should boost profits significantly by more than 200%.
• - Read this at SGinvestors.io -

Drone painting – a potential game-changer

• Read more at SGinvestors.io.

Above is an excerpt from a report by Maybank Research.
Clients of Maybank Securities may be the first to access the full PDF report @ https://www.maybanktrade.com.sg/.

Read also Maybank's most recent report:
2025-03-24 ISOTeam - Confidence Boost As CEO Buys Shares.

Previous report by Maybank:
2025-02-24 ISOteam - Dividend Policy Signals Strong Confidence.

Price targets by 2 other brokers at ISOTeam Target Prices.

Listing of research reports at ISOTeam Analyst Reports.

Relevant links:
ISOTeam Share Price History,
ISOTeam Announcements,
ISOTeam Dividend Payout Dates & Corporate Actions,
ISOTeam News