Smartkarma | Intelligent Investing

FY2026 Results: ISOTeam’s FY26 result shows a softer-than-expected performance. The revenue of FY26 fall by 11.3% YoY to S$105.7 million in FY26. This was 16.3% below our forecast, primarily due to the delays between contract award and project commencement in Repairs & Redecoration (–18.6% YoY), Addition&Alteration (-17.5% YoY) and Coating&Painting (-8.1%) segments....

In this edition: • Heineken | seeks majority control of Dutch hard-seltzer leader Stelz • Shell | two transactions to optimize US power portfolio • Basic-Fit | acquires 26 clubs in Austria and Germany for EUR 26m • PostNL | reaches milestone of 10 million mobile app downloads • D’Ieteren Group | Belron strategic review and the conglomerate discount

KKP has fallen out of our ranking criteria, with a holding-period return of -1.0%.We have added PTTGC to the portfolio as a replacement.Strong rebounds in electronic-component stocks (HANA and KCE) helped cushion the decline in the portfolio's average return to -0.62%, broadly in line with the SET's -0.65%.

The company is very good at generating consistently positive operating cash flowEarnings quality is very high based on our analysis of net income relative to operating cash flowThe tightness of the operation is good based on the cash conversion cycle

The company is very good at generating consistently positive operating cash flowLooking at the balance sheet, the company has very good access to capital to fund growthThe efficiency is very good when looking at the growth in sales relative to the growth in assets