• 3Q26/9M26 PATMI rose 9.7%/17.0% YoY to S$41.9mn/S$125.2mn, forming 23%/70% of
our FY26e estimates. This was driven by stronger associates and JV income. The balance
sheet remains robust, with net cash position of c. S$490mn. However, gestation costs
from new subsidiaries and IT implementation costs weighed on operating expenses,
which rose 8.4%/19.1% YoY to S$ 347.1mn/S$1063.1mn in 3Q26/9M26, respectively.
• 3Q26/9M26 share of profits of associates and JV increased 20.5%/21.3% YoY to
S$38.8mn/S$110.1mn respectively. The engine and component segment led the
increase, rising by S$6.2mn, while the line maintenance segment increased by S$0.4mn.
• We maintain ACCUMULATE with unchanged TP of S$4.14. Future growth drivers include
Base Maintenance Malaysia’s (BMM) 2nd hangar, expected to be operational in 2H27, and
the potential JV in LEAP engine MRO, to be based in Singapore in partnership with Safran.

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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