• 2H25/FY25 PATMI met 49%/87% of FY25e forecast. Despite a 16.8% YoY drop in revenue to S$68.4mn, PATMI grew 18.9% to S$10.7mn in 2H25, driven by lower cost of sales and financing costs. A sizeable S$305mn pipeline, with the defence segment making up the bulk of it, provides higher margin orderbook replenishment visibility over the next 2-3 years.
• Despite a 16.8% revenue decline in 2H25, PATMI grew 19.6% YoY to S$10.7mn, driven by a S$3mn contingency provision reversal and 61% lower finance cost from debt repayment. As pipeline contracts are awarded, we expect higher-margin project services contracts to sustain margins.
• We cut FY26e PATMI by 5% to account for i) gestation period before pipeline contracts convert and project-based revenue scales, ii) potentially higher effective tax rate as Malaysia’s tax loss buffer is fully utilised as of FY25. We maintain a BUY rating with an unchanged TP of S$0.63. Nordic trades at an 8.4x FY26e P/E. The company is riding an upcycle in new projects from defence, batteries, marine and the semiconductor sector, which we expect to drive earnings growth.

Overview The company is committed to building a clean energy-centric business portfolio, spanning four key sectors: Energy Development, Energy Equipment, Energy Services, and Energy Applications. In Energy Development, the company focuses on in-depth localized clean energy resource development and management. This empowers regional energy structure optimization and delivers efficient, secure energy asset management services. In Energy Equipment, adhering to stringent intelligent manufacturing quality control standards and a green supply chain management system, the company provides smarter, more reliable, and cost-effective...
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Updates Net Profit Attributable to Shareholders Surpassed 20 billion Yuan Mark for First Time CMOC Group has released its 2025 performance forecast. The company expects to achieve a net profit attributable to shareholders of the parent company in the range of 20.0 billion to 20.8 billion yuan (RMB, same below) for the full year, representing a year-on-year increase of 47.80% to 53.71%. After deducting non-recurring gains and losses, the net profit attributable to shareholders is projected to be between 20.4...
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