Time to explore value up : We believe ISDN’s 1H25F revenue could have grown a minimum 10% yoy to S$192.1m as business conditions likely improved gradually after the initial tariff surprise.
ISDN Holdings Ltd : Recovery on track - FY24 revenue (S$372m, +9% yoy) was 6% above our full-year forecast as all business segments saw hoh revenue recovery in 2H24.
