- We downgrade our rating on ISOTeam, as we await a better valuation and earnings performance. Its FY25 numbers have disappointed, due to project delays – including dilution, we have slashed FY26-27F EPS by 30% and 17%.
- - Read this at SGinvestors.io -
FY25 core earnings disappoint on project delays and higher opex.
- FY25 revenue came in at S$119m (-8.4% y-o-y) while core earnings amounted to S$3m (-28% y-o-y), which was well below our S$9m forecast. The revenue miss was due to project delays, mainly led by the repairs and redecoration (R&R) segment, which declined by 43% y-o-y to S$29m.
- - Read this at SGinvestors.io -
- Its orderbook was also comparatively lower as of FY25 at S$162m (FY24: S$183m).
- ISOTeam declared an unchanged final dividend of 0.08 cents per share, which was below expectations.
More EPS dilution due to share placement.
- Read more at SGinvestors.io.
