- Oiltek is well-positioned to benefit from strong demand in the global oil and fats market, as well as rising investments in biodiesels and SAF. Maintain BUY with a 22% higher Oiltek's target price of S$1.05.
Earnings in line.
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Core earnings beat on strong margin expansion.
- Excluding the forex loss of RM6m due to the weakened US$/RM$, 1H25 core PATMI more than doubled y-o-y to RM20m (+136% y-o-y), beating our forecast by 9%. This was driven by a sharp y-o-y gross margin expansion (+12.8ppt y-o-y), supported by contributions from the edible & non-edible oil refinery segment as well as cost savings on select projects (-16% y-o-y).
67% higher interim dividend proposed.
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Robust orderbook underpins earnings visibility.
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