ISOTeam reported FY25 revenue of S$119.2m and PATMI of S$5.1, lower than ours’ and consensus’ estimates. This is mainly due to delays in project starting dates and delayed recognition of some projects.
- Read this at SGinvestors.io -
ISOTeam's management also expects the pace of project awards to pick up, driven by public sector upgrading works to introduce more community spaces and senior friendly amenities for both public and private estates. Drone-testing should also take place by end-Oct 2025 on several build-to-order (BTO) sites.
More contract wins likely incoming
Management is seeing a faster pace of contract awards, especially from the government sector and expects more to come. We think that based on the historical rate, another S$20m worth of orders could come in Oct 2025.
- Read this at SGinvestors.io -
New drone testing to begin by Oct 2025
ISOTeam is currently the only contractor with this solution locally, which could reduce costs by 30-40%. This would position it well in terms of technology, lower labour use and costs as the Singapore government has long-coveted the application of technology to reduce manpower.
ISOTeam will begin testing its AI drone-painting solution on an HDB site by Oct 2025 and it will be rolled out to more estates, if successful.
1H26E earnings likely to fare better
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/.
