{"id":91775,"date":"2026-06-30T18:44:08","date_gmt":"2026-06-30T10:44:08","guid":{"rendered":"https:\/\/www.kgieworld.sg\/research\/?p=91775"},"modified":"2026-06-30T18:48:47","modified_gmt":"2026-06-30T10:48:47","slug":"company-report-skylink-holdings-limited-scg-sp-xzb-si-2","status":"publish","type":"post","link":"https:\/\/www.kgieworld.sg\/research\/company-report-skylink-holdings-limited-scg-sp-xzb-si-2\/","title":{"rendered":"Company Report: Skylink Holdings Limited (SCG SP \/ XZB.SI)"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"91775\" class=\"elementor elementor-91775\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-31b87139 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"31b87139\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-5ea0fa5e\" data-id=\"5ea0fa5e\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-cd30da7 elementor-widget elementor-widget-heading\" data-id=\"cd30da7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\">COMPANY REPORT<\/h6>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5fa20e87 elementor-widget elementor-widget-heading\" data-id=\"5fa20e87\" data-element_type=\"widget\" data-e-type=\"widget\" id=\"top\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">Company Report: Skylink Holdings Limited (SCG SP \/ XZB.SI)<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-17345a2a elementor-widget elementor-widget-text-editor\" data-id=\"17345a2a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p style=\"font-family: Montserrat; font-size: 13px; font-weight: 600; background: #e8f4ff; padding: 12px 18px; border-radius: 0px; margin-top: 16px;\"><span style=\"color: #15a4ff;\"><a href=\"#about\">ABOUT COMPANY<\/a><\/span> \u00a0|\u00a0 <span style=\"color: #15a4ff;\"><a href=\"#highlights\">INVESTMENT HIGHLIGHTS<\/a><\/span> \u00a0|\u00a0 <span style=\"color: #15a4ff;\"><a href=\"#valuationrisks\">VALUATION &amp; ACTION<\/a><\/span> \u00a0|\u00a0 <span style=\"color: #15a4ff;\"><a href=\"#valuationrisks\">RISKS<\/a><\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-c02850d e-flex e-con-boxed e-con e-parent\" data-id=\"c02850d\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-43f5970 elementor-widget elementor-widget-heading\" data-id=\"43f5970\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Publication Date:<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a314826 elementor-widget elementor-widget-text-editor\" data-id=\"a314826\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t30 Jun 2026\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t<div class=\"elementor-element elementor-element-898340e e-flex e-con-boxed e-con e-parent\" data-id=\"898340e\" data-element_type=\"container\" data-e-type=\"container\" id=\"about\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-18cf3230 e-con-full animated-slow e-flex elementor-invisible e-con e-child\" data-id=\"18cf3230\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;animation&quot;:&quot;fadeInUp&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-ef3b89a elementor-widget__width-inherit elementor-widget elementor-widget-heading\" data-id=\"ef3b89a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\">OUTPERFORM<\/h6>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4a0254c7 elementor-widget elementor-widget-text-editor\" data-id=\"4a0254c7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<div style=\"padding: 20px 24px 0;\"><p style=\"font-family: Montserrat; font-weight: 600; letter-spacing: 2px; text-transform: uppercase; margin: 0px 0px 8px; font-size: 13px; color: #9b9b9b;\">SCG SP \/ XZB.SI<\/p><h3 style=\"font-family: Montserrat; font-size: 25px; font-weight: 600; color: #0d2a5e; margin: 0 0 14px;\">Skylink Holdings Limited<\/h3><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-49b1edaa e-con-full e-flex e-con e-child\" data-id=\"49b1edaa\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-73ff9bf1 e-con-full e-flex e-con e-child\" data-id=\"73ff9bf1\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-3e25570d elementor-widget elementor-widget-text-editor\" data-id=\"3e25570d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p style=\"font-family: Montserrat; font-size: 16px; font-weight: 500; font-style: italic; color: #0d2a5e; line-height: 1.6; margin: 0;\">Strong post-RTO performance; integrated ecosystem scaling<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5449b885 elementor-widget elementor-widget-text-editor\" data-id=\"5449b885\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<div style=\"padding: 0 24px;\"><span style=\"color: #9b9b9b; font-family: Montserrat; font-size: 13px; font-weight: 600; letter-spacing: 2px; text-transform: uppercase;\">INDUSTRY<\/span><\/div><div style=\"padding: 16px 24px 0;\"><p style=\"font-family: Montserrat; font-size: 17px; font-weight: 500; color: #0d2a5e; margin: 0;\">Transportation<\/p><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1f9a0d09 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"1f9a0d09\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-7dc370dd e-con-full e-flex e-con e-child\" data-id=\"7dc370dd\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-20d35ca1 e-con-full e-flex e-con e-child\" data-id=\"20d35ca1\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-620828c elementor-widget elementor-widget-heading\" data-id=\"620828c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\">LAST CLOSE (S$)<\/h6>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c9c11d2 elementor-widget elementor-widget-counter\" data-id=\"c9c11d2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"counter.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-counter\">\n\t\t\t\t\t\t<div class=\"elementor-counter-number-wrapper\">\n\t\t\t\t<span class=\"elementor-counter-number-prefix\">$<\/span>\n\t\t\t\t<span class=\"elementor-counter-number\" data-duration=\"2000\" data-to-value=\"0.22\" data-from-value=\"0\" data-delimiter=\",\">0<\/span>\n\t\t\t\t<span class=\"elementor-counter-number-suffix\"><\/span>\n\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-80ed373 e-con-full e-flex e-con e-child\" data-id=\"80ed373\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-458ef133 elementor-widget elementor-widget-heading\" data-id=\"458ef133\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\">12M TARGET PRICE (S$)<\/h6>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ab5a3cb elementor-widget elementor-widget-counter\" data-id=\"ab5a3cb\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"counter.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-counter\">\n\t\t\t\t\t\t<div class=\"elementor-counter-number-wrapper\">\n\t\t\t\t<span class=\"elementor-counter-number-prefix\">$<\/span>\n\t\t\t\t<span class=\"elementor-counter-number\" data-duration=\"2000\" data-to-value=\"0.58\" data-from-value=\"0\" data-delimiter=\",\">0<\/span>\n\t\t\t\t<span class=\"elementor-counter-number-suffix\"><\/span>\n\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-54b16a2b e-con-full e-flex e-con e-child\" data-id=\"54b16a2b\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-134c63e1 elementor-widget elementor-widget-heading\" data-id=\"134c63e1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\">UPSIDE \/ (DOWNSIDE) (%)<\/h6>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-80c0711 elementor-widget elementor-widget-counter\" data-id=\"80c0711\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"counter.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-counter\">\n\t\t\t\t\t\t<div class=\"elementor-counter-number-wrapper\">\n\t\t\t\t<span class=\"elementor-counter-number-prefix\">+<\/span>\n\t\t\t\t<span class=\"elementor-counter-number\" data-duration=\"2000\" data-to-value=\"170.65\" data-from-value=\"0\" data-delimiter=\",\">0<\/span>\n\t\t\t\t<span class=\"elementor-counter-number-suffix\">%<\/span>\n\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-3a53bd64 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"3a53bd64\" data-element_type=\"section\" data-e-type=\"section\" id=\"highlights\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-59349e5d\" data-id=\"59349e5d\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1a99f18f elementor-invisible elementor-widget elementor-widget-heading\" data-id=\"1a99f18f\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeInUp&quot;}\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Investment Highlights<\/h2>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t<div class=\"elementor-element elementor-element-38964eee e-flex e-con-boxed e-con e-parent\" data-id=\"38964eee\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-3997ec42 e-con-full animated-slow e-flex elementor-invisible e-con e-child\" data-id=\"3997ec42\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;animation&quot;:&quot;fadeInLeft&quot;}\">\n\t\t<div class=\"elementor-element elementor-element-7d9da287 e-con-full e-flex e-con e-child\" data-id=\"7d9da287\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-f97e400 elementor-widget elementor-widget-heading\" data-id=\"f97e400\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\">INVESTMENT HIGHLIGHT #1<\/h6>\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-2256cc6 e-con-full e-flex e-con e-child\" data-id=\"2256cc6\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-41b337de elementor-widget elementor-widget-heading\" data-id=\"41b337de\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">FY26 results review.<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-306b0e0 elementor-widget elementor-widget-text-editor\" data-id=\"306b0e0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p style=\"font-family: Montserrat; font-size: 14px; color: #fffff; line-height: 1.7; margin: 0;\">Skylink posted strong inaugural post-RTO results, with revenue rising 34.1% YoY to S$35.36m, gross profit up 45.9% YoY to S$9.91m and gross profit margin improving 2.3ppt to 28.0%. Excluding the non-recurring non-cash RTO accounting effect and one-off RTO listing expenses, underlying operating profit before tax and net profit increased 64.3% and 61.7% YoY to S$4.70m and S$4.43m, respectively. Operating cash flow remained healthy at S$11.97m.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-76efbdef e-con-full animated-slow e-flex elementor-invisible e-con e-child\" data-id=\"76efbdef\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;animation&quot;:&quot;fadeIn&quot;}\">\n\t\t<div class=\"elementor-element elementor-element-2752bb9 e-con-full e-flex e-con e-child\" data-id=\"2752bb9\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-1aa04812 elementor-widget elementor-widget-heading\" data-id=\"1aa04812\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\">INVESTMENT HIGHLIGHT #2<\/h6>\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-8e4595c e-con-full e-flex e-con e-child\" data-id=\"8e4595c\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-02bc3ff elementor-widget elementor-widget-heading\" data-id=\"02bc3ff\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Commercial vehicle leasing remained the core growth engine. <\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3b07a8a9 elementor-widget elementor-widget-text-editor\" data-id=\"3b07a8a9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p style=\"font-family: Montserrat; font-size: 14px; color: #ffffff; line-height: 1.7; margin: 0;\">Leasing revenue increased 37.8% YoY to S$26.05m, supported by a larger fleet, higher utilisation and stronger long-term contract mix. Fleet size rose to 1,366 vehicles, while total active contracts increased to 1,264, with 1,151 contracts of one year and above. The segment\u2019s gross margin improved to 17.9%, despite higher COE-driven depreciation.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-2d6ed505 e-con-full animated-slow e-flex elementor-invisible e-con e-child\" data-id=\"2d6ed505\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;animation&quot;:&quot;fadeInRight&quot;}\">\n\t\t<div class=\"elementor-element elementor-element-1ea6f91b e-con-full e-flex e-con e-child\" data-id=\"1ea6f91b\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-2eb43ec5 elementor-widget elementor-widget-heading\" data-id=\"2eb43ec5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\">INVESTMENT HIGHLIGHT #3<\/h6>\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-63967fd e-con-full e-flex e-con e-child\" data-id=\"63967fd\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-3d50719 elementor-widget elementor-widget-heading\" data-id=\"3d50719\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\"> COE and EV transition support FY27 leasing growth. <\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6add1f6f elementor-widget elementor-widget-text-editor\" data-id=\"6add1f6f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p style=\"font-family: Montserrat; font-size: 14px; color: #ffffff; line-height: 1.7; margin: 0;\">Elevated COE prices raise fleet acquisition costs and depreciation but also make outright vehicle ownership more expensive for SMEs, improving the relative appeal of leasing. With around 21% of commercial vehicles reaching the 10-year lifecycle and management planning to add around 100 vehicles over the next year, of which around 90% are expected to be EVs.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-7cf2d13 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7cf2d13\" data-element_type=\"section\" data-e-type=\"section\" id=\"valuationrisks\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-682abb32\" data-id=\"682abb32\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-4316a0ca elementor-invisible elementor-widget elementor-widget-heading\" data-id=\"4316a0ca\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeInUp&quot;}\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Valuation and Risks<\/h2>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t<div class=\"elementor-element elementor-element-38956962 e-flex e-con-boxed e-con e-parent\" data-id=\"38956962\" data-element_type=\"container\" data-e-type=\"container\" id=\"valuationrisks\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-31bc83e0 e-con-full animated-slow e-flex elementor-invisible e-con e-child\" data-id=\"31bc83e0\" data-element_type=\"container\" data-e-type=\"container\" id=\"valuation\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;animation&quot;:&quot;fadeInLeft&quot;}\">\n\t\t<div class=\"elementor-element elementor-element-52389624 e-con-full e-flex e-con e-child\" data-id=\"52389624\" data-element_type=\"container\" data-e-type=\"container\" id=\"valuation\">\n\t\t\t\t<div class=\"elementor-element elementor-element-6b701c53 elementor-widget elementor-widget-heading\" data-id=\"6b701c53\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\">VALUATION &amp; ACTION<\/h6>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-41f3f47a elementor-widget elementor-widget-heading\" data-id=\"41f3f47a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Outperform Valuation<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-17fc426 elementor-widget elementor-widget-text-editor\" data-id=\"17fc426\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>We maintain our <strong>OUTPERFORM<\/strong> rating on Skylink Holdings Ltd with an unchanged 12-month target price of <strong>S$0.58<\/strong>, based on our DCF-derived equity valuation with a 13.5% WACC and a 2% terminal growth rate.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-127a5977 e-con-full animated-slow e-flex elementor-invisible e-con e-child\" data-id=\"127a5977\" data-element_type=\"container\" data-e-type=\"container\" id=\"risks\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;animation&quot;:&quot;fadeInRight&quot;}\">\n\t\t<div class=\"elementor-element elementor-element-5fe09945 e-con-full e-flex e-con e-child\" data-id=\"5fe09945\" data-element_type=\"container\" data-e-type=\"container\" id=\"risks\">\n\t\t\t\t<div class=\"elementor-element elementor-element-70dfeaf4 elementor-widget elementor-widget-heading\" data-id=\"70dfeaf4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\">RISKS<\/h6>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6f2256f7 elementor-widget elementor-widget-heading\" data-id=\"6f2256f7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Risks<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d6b3fda elementor-widget elementor-widget-text-editor\" data-id=\"d6b3fda\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Key downside risks include (i) weaker SME demand or delayed vehicle replacement cycles; (ii) asset-quality deterioration in the credit book; (iii) higher COE prices, depreciation and residual-value pressure; (iv) execution risk in EV fleet expansion and workshop ramp-up; (v) higher staff and compliance costs after listing; and (vi) leverage and funding-cost risk given the asset-backed growth model.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-24f4715c e-flex e-con-boxed e-con e-parent\" data-id=\"24f4715c\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-7c35bf2f elementor-widget elementor-widget-heading\" data-id=\"7c35bf2f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<p class=\"elementor-heading-title elementor-size-default\"><a href=\"#top\">^ Back to Top<\/a><\/p>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-73847f e-flex e-con-boxed e-con e-parent\" data-id=\"73847f\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-78ba7508 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"78ba7508\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-149a2b45 e-flex e-con-boxed e-con e-child\" data-id=\"149a2b45\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-4ef7dd8f elementor-align-center elementor-widget elementor-widget-button\" data-id=\"4ef7dd8f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm elementor-animation-shrink\" href=\"https:\/\/www.kgieworld.sg\/securities\/resources\/ck\/files\/docs\/research\/Skylink%20FY26.pdf\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">READ FULL REPORT<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-194e9d69 elementor-align-center elementor-widget elementor-widget-button\" data-id=\"194e9d69\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm elementor-animation-shrink\" href=\"https:\/\/www.kgieworld.sg\/securities\/contact-us\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">CONTACT US TO FIND OUT MORE<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-72d53342 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"72d53342\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>FY26 results review. Skylink posted strong inaugural post-RTO results, with revenue rising 34.1% YoY to S$35.36m, gross profit up 45.9% YoY to S$9.91m and gross profit margin improving 2.3ppt to 28.0%. Excluding the non-recurring non-cash RTO accounting effect and one-off RTO listing expenses, underlying operating profit before tax and net profit increased 64.3% and 61.7% YoY to S$4.70m and S$4.43m, respectively. Operating cash flow remained healthy at S$11.97m.<\/p>\n","protected":false},"author":17,"featured_media":91776,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"elementor_header_footer","format":"standard","meta":{"_eb_attr":"","_uag_custom_page_level_css":"","footnotes":""},"categories":[14],"tags":[],"class_list":["post-91775","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-company-reports"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 4.9.10 - aioseo.com -->\n\t<meta name=\"description\" content=\"FY26 results review. Skylink posted strong inaugural post-RTO results, with revenue rising 34.1% YoY to S$35.36m, gross profit up 45.9% YoY to S$9.91m and gross profit margin improving 2.3ppt to 28.0%. Excluding the non-recurring non-cash RTO accounting effect and one-off RTO listing expenses, underlying operating profit before tax and net profit increased 64.3% and 61.7% YoY to S$4.70m and S$4.43m, respectively. 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Skylink posted strong inaugural post-RTO results, with revenue rising 34.1% YoY to S$35.36m, gross profit up 45.9% YoY to S$9.91m and gross profit margin improving 2.3ppt to 28.0%. Excluding the non-recurring non-cash RTO accounting effect and one-off RTO listing expenses, underlying operating profit before tax and net profit increased 64.3% and 61.7% YoY to S$4.70m and S$4.43m, respectively. 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Skylink posted strong inaugural post-RTO results, with revenue rising 34.1% YoY to S$35.36m, gross profit up 45.9% YoY to S$9.91m and gross profit margin improving 2.3ppt to 28.0%. Excluding the non-recurring non-cash RTO accounting effect and one-off RTO listing expenses, underlying operating profit before tax and net profit increased 64.3% and 61.7% YoY to S$4.70m and S$4.43m, respectively. 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