Hong Leong Asia - UOB Kay Hian 2025-08-18: Engine-led Strength Offsets Temporary Building Materials Weakness In 1H25

• Hong Leong Asia's net cash grew to S$749m with robust free cash flow. Its 1H25 PATMI rose 13% to S$56m, beating consensus numbers.
• Strong diesel engine sales (unit sales up 30% y-o-y) from China Yuchai drove results with strong data centre engine demand, while core diesel engines gained market share in China. The building materials segment was weaker, but recovery is expected in 2H25.

Building on a solid foundation.

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• The delivery of the strong results was on the back of very strong performance from China Yuchai which saw its shipments of diesel engines increase by nearly 30% y-o-y to over 250,000 units, thus leading to a 56% y-o-y incresae in net profit after tax.
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Balance sheet remains undergeared.

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Above is an excerpt from a report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full PDF report @ https://www.utrade.com.sg/.

Read also UOB's most recent report:
2025-09-15 Hong Leong Asia - Forged In Steel, Powered By Diesel Dreams.

Price targets by 3 other brokers at Hong Leong Asia Target Prices.

Listing of research reports at Hong Leong Asia Analyst Reports.

Relevant links:
Hong Leong Asia Share Price History,
Hong Leong Asia Announcements,
Hong Leong Asia Dividend Payout Dates & Corporate Actions,
Hong Leong Asia News