BBSN’s AGM update flags a strong performance YTD, building on its record FY25A results. H1 revenue is expected to increase by >90% YoY, adj. EBITDA is in line with expectations, and its net cash position has significantly strengthened. Forward looking comment flag strong momentum and confidence in the full year outturn suggesting our estimates are solidly underpinned. We believe the group’s stock valuation falls substantially short of reflecting its growth / upgrade potential and its attractive fundamentals and see strong grounds for further share price outperformance. BUY
