Continued strength in flight activities<\/strong><\/p>\n\n\n\n The company recently incorporated TIA Engineering Services Co. Ltd to provide line maintenance services at Cambodia\u2019s new Techo International Airport. Operations are currently expected to commence in July 2025, extending the company\u2019s line maintenance network to 36 airports in 9 countries. Operations at the group\u2019s Base Maintenance Malaysia Sdn. Bhd. (BMM), a wholly owned subsidiary under SIAEC, are also expected to begin in 2H25, with one hangar operational in 2H25, and another in 1H26. These activities are likely to positively contribute to the company\u2019s topline.<\/p>\n\n\n\n SIAEC reported revenue of S$1,245.1mn for FY24\/25, up 13.8% YoY, compared to S$1,094.2mn in FY23\/24, as the company continues to benefit from the recovery of demand for aircraft MRO services. The company also reported a FY24\/25 operating profit of S$14.6mn, compared to an operating profit of S$2.3mn in FY23\/24. Group profit after tax came in at S$141.6mn in FY24\/25, up 16.0% YoY, compared to S$97.1mn in FY23\/24, largely attributed to a higher share of profits of JVs and Associated companies.<\/p>\n\n\n\n We maintain an OUTPERFORM<\/strong> recommendation and increase our TP to S$2.83<\/strong>, representing an upside of 10.2% based on Discounted Cash Flow (DCF) valuation, with a terminal growth rate of 2.0% and a WACC of 8.6%.<\/p>\n\n\n\n SIAEC\u2019s primary risk is associated with global flight activities, a key revenue driver for SIAEC. The resurgence of a pandemic, the emergence of a new pandemic, natural disasters, or ongoing geopolitical tensions could significantly impact and reduce flight activities, dampening SIAEC\u2019s revenue. The company is also subject to translation risk as the company\u2019s transactions with its customers are denominated in several different currencies<\/p>\n\n\n\n .<\/p>\n\n\n\n <\/p>\n","protected":false},"excerpt":{"rendered":" China Sunsine Chemical Holdings is a leading specialty rubber chemicals producer selling accelerators, anti-oxidant, vulcanizing agent<\/p>\n","protected":false},"author":16,"featured_media":68192,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_eb_attr":"","_uag_custom_page_level_css":"","footnotes":""},"categories":[14],"tags":[],"class_list":["post-68188","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-company-reports"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n
\n\n\n\nMore upcoming revenue sources<\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/h2>\n\n\n\n
FY24\/25 financial results<\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/h2>\n\n\n\n
Valuation & Action<\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/h2>\n\n\n\n
Risks<\/strong><\/strong><\/strong><\/strong><\/strong><\/h2>\n\n\n\n
\n\n\n\n
\n\n\n\n![\"Subscribe](\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2021\/04\/subscribegif.gif\")
<\/a><\/figure>\n\n\n\n
\n\n\n\n\n\n