Thakral Corporation - Phillip Securities 2025-11-24: Monetising Assets Through IPOs And Divestments

• Thakral Corp (SGX:AWI)'s 3Q25/9M25 PATMI surged 382%/767% y-o-y, exceeding our expectations and reaching 17%/110% of our FY25e forecast.
• The performance was driven by the unrealised valuation gain of S$102.4mil from the GemLife IPO (9M25), as well as the fair value gain on GemLife’s listed stake and the sale of the Yotsubashi Nakano building, which was sold at 13.7% above book value and generated a S$2mil net gain (3Q25). Excluding these items, 3Q25 PATMI was in line with estimates.
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• The Beauty Tech Group successfully listed on the LSE on 8 Oct 2025, raising £29mil with a market capitalisation of £300mil. Thakral Corp divested 2.86mil shares (representing 2.86% of its pre-IPO stake) for S$13.1mil and retained 6.68mil shares, or a 6.04% stake, in the listed entity. This transaction will deliver a financial uplift of ~S$28.5mil, which will be recognised in 4Q25.

The Positives

The Beauty Tech Group’s successful LSE listing.

• - Read this at SGinvestors.io -

All lifestyle segments continue to grow.

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

Previous report by Phillip:
2025-08-25 Thakral Corporation - Unlocking Value From GemLife IPO.

Price targets by other brokers at Thakral Corp Target Prices.

Listing of research reports at Thakral Corp Analyst Reports.

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