Jonathan Koh ... (+15)
  • Jonathan Koh
  • Lucas Teng Yao Yang
  • Jie Ying Chloe Tan
  • Chong Lee Len
  • Desmond Chong Chee Wai
  • Philip Wong
  • Benyamin Mikael
  • Chun Sung Oong
  • Julia Pan Mengyao
  • Neo Chen Wentao
  • Sandra Huang Jieqiong
  • K Ajith
  • Sunny Chen
  • Carol Dou Xiao Qin
  • Ziv Ang Sze Champ
BSDE Bumi Serpong Da... (Real Estate)
KREIT KEPPEL REIT ... (+9)

Regional Morning Notes - Wednesday, July 28, 2021

GREATER CHINA Sector Coal: Prices expected to cool down in 2H21 with more policies to be rolled out. Healthcare: Limited risk of policy crackdown, temporary sell-off offers buying opportunities. Update China Eastern Airlines (670 HK/BUY/HK$2.88/Target: HK$3.55): Upward revision in air cargo agreement allows for greater operating leverage. Da Ming International Holdings (1090 HK/Not Rated/HK$3.15): Key takeaways from site visit. Meituan (3690 HK/BUY/HK$194.00/Target: HK$209.00): Guidelines on pro...

Jonathan Koh
  • Jonathan Koh

Keppel REIT (KREIT SP) - 1H21: Resurgence of growth from newly complet...

We see resurgence of growth with KREIT’s distributable income expanding 24.7% yoy in 1H21 if we exclude capital gains distribution. KREIT benefitted from contributions from Victoria Police Centre in Melbourne, Pinnacle Office Park in Sydney and newly acquired Keppel Bay Tower. It achieved positive rental reversion of 4.1% in 2Q21. KREIT provides 2022 distribution yield of 5.1%, which is attractive for a pure play office REIT. Maintain BUY. Target price: S$1.49.

Chun Sung Oong ... (+8)
  • Chun Sung Oong
  • Julia Pan Mengyao
  • Neo Chen Wentao
  • K Ajith
  • Sunny Chen
  • Sandra Huang Jieqiong
  • Ziv Ang Sze Champ
  • Carol Dou Xiao Qin

Greater China Daily: Wednesday, July 28, 2021

KEY HIGHLIGHTS Sector Coal Prices expected to cool down in 2H21 with more policies to be rolled out. Healthcare Limited risk of policy crackdown, temporary sell-off offers buying opportunities. Update China Eastern Airlines (670 HK/BUY/HK$2.88/Target: HK$3.55) Upward revision in air cargo agreement allows for greater operating leverage. Da Ming International Holdings (1090 HK/Not Rated/HK$3.15) Key takeaways from site visit. Meituan (3690 HK/HOLD/HK$194.00/Target: HK$209.00) Guidelines on...

Maskun Ramli ... (+2)
  • Maskun Ramli
  • Benyamin Mikael
BSDE Bumi Serpong Da... (Real Estate)

Indonesia Daily - Wednesday, July 28, 2021

Bumi Serpong Damai (BSDE IJ/BUY/Rp940/Target: Rp1,600): Strong marketing sales growth could translate into strong share price increase. TRADERS’ CORNER Barito Pacific (BRPT IJ): Technical BUY Astra Agro Lestari (AALI IJ): Technical BUY

BSDE BUMI SERPONG DAMAI PT (Real Estate)
Tanadech Rungsrithananon ... (+12)
  • Tanadech Rungsrithananon
  • Peerawat Dentananan
  • Singapore Research Team
  • John Cheong Ming Chern
  • Lucas Teng Yao Yang
  • K Ajith
  • Jack Goh Tooan Orng
  • Vincent Khoo Boo Aik
  • Xiu Li Yap
  • Raphon Prima
  • Chun Sung Oong
  • Julia Pan Mengyao
2308 Delta Electroni... (Banks)
KKP KIATNAKIN BANK (Industrial Goods & Services) ... (+7)

Regional Morning Notes - Tuesday, July 27, 2021

GREATER CHINA Sector Internet: Rising concerns on foreign shareholdings via VIE structure. INDONESIA Update Bank Negara Indonesia (BBNI IJ/BUY/Rp5,050/Target: Rp6,150): Expectation of share price recovery as management prepares buyback. MALAYSIA Results IGB REIT (IGBREIT MK/BUY/RM1.66/Target: RM1.90): 2Q21: Results within expectations. We look forward to 2022 as economic activity resumes and normalises. Update My EG Services (MYEG MK/BUY/RM1.72/Target: RM2.65): A major proxy to economic reopen...

Jonathan Koh ... (+15)
  • Jonathan Koh
  • Lucas Teng Yao Yang
  • Jie Ying Chloe Tan
  • Chong Lee Len
  • Desmond Chong Chee Wai
  • Philip Wong
  • Benyamin Mikael
  • Chun Sung Oong
  • Julia Pan Mengyao
  • Neo Chen Wentao
  • Sandra Huang Jieqiong
  • K Ajith
  • Sunny Chen
  • Carol Dou Xiao Qin
  • Ziv Ang Sze Champ
BSDE Bumi Serpong Da... (Real Estate)
KREIT KEPPEL REIT ... (+9)

Regional Morning Notes - Wednesday, July 28, 2021

GREATER CHINA Sector Coal: Prices expected to cool down in 2H21 with more policies to be rolled out. Healthcare: Limited risk of policy crackdown, temporary sell-off offers buying opportunities. Update China Eastern Airlines (670 HK/BUY/HK$2.88/Target: HK$3.55): Upward revision in air cargo agreement allows for greater operating leverage. Da Ming International Holdings (1090 HK/Not Rated/HK$3.15): Key takeaways from site visit. Meituan (3690 HK/BUY/HK$194.00/Target: HK$209.00): Guidelines on pro...

Jonathan Koh
  • Jonathan Koh

Keppel REIT (KREIT SP) - 1H21: Resurgence of growth from newly complet...

We see resurgence of growth with KREIT’s distributable income expanding 24.7% yoy in 1H21 if we exclude capital gains distribution. KREIT benefitted from contributions from Victoria Police Centre in Melbourne, Pinnacle Office Park in Sydney and newly acquired Keppel Bay Tower. It achieved positive rental reversion of 4.1% in 2Q21. KREIT provides 2022 distribution yield of 5.1%, which is attractive for a pure play office REIT. Maintain BUY. Target price: S$1.49.

Chun Sung Oong ... (+8)
  • Chun Sung Oong
  • Julia Pan Mengyao
  • Neo Chen Wentao
  • K Ajith
  • Sunny Chen
  • Sandra Huang Jieqiong
  • Ziv Ang Sze Champ
  • Carol Dou Xiao Qin

Greater China Daily: Wednesday, July 28, 2021

KEY HIGHLIGHTS Sector Coal Prices expected to cool down in 2H21 with more policies to be rolled out. Healthcare Limited risk of policy crackdown, temporary sell-off offers buying opportunities. Update China Eastern Airlines (670 HK/BUY/HK$2.88/Target: HK$3.55) Upward revision in air cargo agreement allows for greater operating leverage. Da Ming International Holdings (1090 HK/Not Rated/HK$3.15) Key takeaways from site visit. Meituan (3690 HK/HOLD/HK$194.00/Target: HK$209.00) Guidelines on...

Maskun Ramli ... (+2)
  • Maskun Ramli
  • Benyamin Mikael
BSDE Bumi Serpong Da... (Real Estate)

Indonesia Daily - Wednesday, July 28, 2021

Bumi Serpong Damai (BSDE IJ/BUY/Rp940/Target: Rp1,600): Strong marketing sales growth could translate into strong share price increase. TRADERS’ CORNER Barito Pacific (BRPT IJ): Technical BUY Astra Agro Lestari (AALI IJ): Technical BUY

BSDE BUMI SERPONG DAMAI PT (Real Estate)
Tanadech Rungsrithananon ... (+12)
  • Tanadech Rungsrithananon
  • Peerawat Dentananan
  • Singapore Research Team
  • John Cheong Ming Chern
  • Lucas Teng Yao Yang
  • K Ajith
  • Jack Goh Tooan Orng
  • Vincent Khoo Boo Aik
  • Xiu Li Yap
  • Raphon Prima
  • Chun Sung Oong
  • Julia Pan Mengyao
2308 Delta Electroni... (Banks)
KKP KIATNAKIN BANK (Industrial Goods & Services) ... (+7)

Regional Morning Notes - Tuesday, July 27, 2021

GREATER CHINA Sector Internet: Rising concerns on foreign shareholdings via VIE structure. INDONESIA Update Bank Negara Indonesia (BBNI IJ/BUY/Rp5,050/Target: Rp6,150): Expectation of share price recovery as management prepares buyback. MALAYSIA Results IGB REIT (IGBREIT MK/BUY/RM1.66/Target: RM1.90): 2Q21: Results within expectations. We look forward to 2022 as economic activity resumes and normalises. Update My EG Services (MYEG MK/BUY/RM1.72/Target: RM2.65): A major proxy to economic reopen...

Jonathan Koh ... (+15)
  • Jonathan Koh
  • Lucas Teng Yao Yang
  • Jie Ying Chloe Tan
  • Chong Lee Len
  • Desmond Chong Chee Wai
  • Philip Wong
  • Benyamin Mikael
  • Chun Sung Oong
  • Julia Pan Mengyao
  • Neo Chen Wentao
  • Sandra Huang Jieqiong
  • K Ajith
  • Sunny Chen
  • Carol Dou Xiao Qin
  • Ziv Ang Sze Champ
BSDE Bumi Serpong Da... (Real Estate)
KREIT KEPPEL REIT ... (+9)

Regional Morning Notes - Wednesday, July 28, 2021

GREATER CHINA Sector Coal: Prices expected to cool down in 2H21 with more policies to be rolled out. Healthcare: Limited risk of policy crackdown, temporary sell-off offers buying opportunities. Update China Eastern Airlines (670 HK/BUY/HK$2.88/Target: HK$3.55): Upward revision in air cargo agreement allows for greater operating leverage. Da Ming International Holdings (1090 HK/Not Rated/HK$3.15): Key takeaways from site visit. Meituan (3690 HK/BUY/HK$194.00/Target: HK$209.00): Guidelines on pro...

Jonathan Koh
  • Jonathan Koh

Keppel REIT (KREIT SP) - 1H21: Resurgence of growth from newly complet...

We see resurgence of growth with KREIT’s distributable income expanding 24.7% yoy in 1H21 if we exclude capital gains distribution. KREIT benefitted from contributions from Victoria Police Centre in Melbourne, Pinnacle Office Park in Sydney and newly acquired Keppel Bay Tower. It achieved positive rental reversion of 4.1% in 2Q21. KREIT provides 2022 distribution yield of 5.1%, which is attractive for a pure play office REIT. Maintain BUY. Target price: S$1.49.

Chun Sung Oong ... (+8)
  • Chun Sung Oong
  • Julia Pan Mengyao
  • Neo Chen Wentao
  • K Ajith
  • Sunny Chen
  • Sandra Huang Jieqiong
  • Ziv Ang Sze Champ
  • Carol Dou Xiao Qin

Greater China Daily: Wednesday, July 28, 2021

KEY HIGHLIGHTS Sector Coal Prices expected to cool down in 2H21 with more policies to be rolled out. Healthcare Limited risk of policy crackdown, temporary sell-off offers buying opportunities. Update China Eastern Airlines (670 HK/BUY/HK$2.88/Target: HK$3.55) Upward revision in air cargo agreement allows for greater operating leverage. Da Ming International Holdings (1090 HK/Not Rated/HK$3.15) Key takeaways from site visit. Meituan (3690 HK/HOLD/HK$194.00/Target: HK$209.00) Guidelines on...

Maskun Ramli ... (+2)
  • Maskun Ramli
  • Benyamin Mikael
BSDE Bumi Serpong Da... (Real Estate)

Indonesia Daily - Wednesday, July 28, 2021

Bumi Serpong Damai (BSDE IJ/BUY/Rp940/Target: Rp1,600): Strong marketing sales growth could translate into strong share price increase. TRADERS’ CORNER Barito Pacific (BRPT IJ): Technical BUY Astra Agro Lestari (AALI IJ): Technical BUY

BSDE BUMI SERPONG DAMAI PT (Real Estate)
Tanadech Rungsrithananon ... (+12)
  • Tanadech Rungsrithananon
  • Peerawat Dentananan
  • Singapore Research Team
  • John Cheong Ming Chern
  • Lucas Teng Yao Yang
  • K Ajith
  • Jack Goh Tooan Orng
  • Vincent Khoo Boo Aik
  • Xiu Li Yap
  • Raphon Prima
  • Chun Sung Oong
  • Julia Pan Mengyao
2308 Delta Electroni... (Banks)
KKP KIATNAKIN BANK (Industrial Goods & Services) ... (+7)

Regional Morning Notes - Tuesday, July 27, 2021

GREATER CHINA Sector Internet: Rising concerns on foreign shareholdings via VIE structure. INDONESIA Update Bank Negara Indonesia (BBNI IJ/BUY/Rp5,050/Target: Rp6,150): Expectation of share price recovery as management prepares buyback. MALAYSIA Results IGB REIT (IGBREIT MK/BUY/RM1.66/Target: RM1.90): 2Q21: Results within expectations. We look forward to 2022 as economic activity resumes and normalises. Update My EG Services (MYEG MK/BUY/RM1.72/Target: RM2.65): A major proxy to economic reopen...

Jonathan Koh ... (+15)
  • Jonathan Koh
  • Lucas Teng Yao Yang
  • Jie Ying Chloe Tan
  • Chong Lee Len
  • Desmond Chong Chee Wai
  • Philip Wong
  • Benyamin Mikael
  • Chun Sung Oong
  • Julia Pan Mengyao
  • Neo Chen Wentao
  • Sandra Huang Jieqiong
  • K Ajith
  • Sunny Chen
  • Carol Dou Xiao Qin
  • Ziv Ang Sze Champ
BSDE Bumi Serpong Da... (Real Estate)
KREIT KEPPEL REIT ... (+9)

Regional Morning Notes - Wednesday, July 28, 2021

GREATER CHINA Sector Coal: Prices expected to cool down in 2H21 with more policies to be rolled out. Healthcare: Limited risk of policy crackdown, temporary sell-off offers buying opportunities. Update China Eastern Airlines (670 HK/BUY/HK$2.88/Target: HK$3.55): Upward revision in air cargo agreement allows for greater operating leverage. Da Ming International Holdings (1090 HK/Not Rated/HK$3.15): Key takeaways from site visit. Meituan (3690 HK/BUY/HK$194.00/Target: HK$209.00): Guidelines on pro...

Jonathan Koh
  • Jonathan Koh

Keppel REIT (KREIT SP) - 1H21: Resurgence of growth from newly complet...

We see resurgence of growth with KREIT’s distributable income expanding 24.7% yoy in 1H21 if we exclude capital gains distribution. KREIT benefitted from contributions from Victoria Police Centre in Melbourne, Pinnacle Office Park in Sydney and newly acquired Keppel Bay Tower. It achieved positive rental reversion of 4.1% in 2Q21. KREIT provides 2022 distribution yield of 5.1%, which is attractive for a pure play office REIT. Maintain BUY. Target price: S$1.49.

Chun Sung Oong ... (+8)
  • Chun Sung Oong
  • Julia Pan Mengyao
  • Neo Chen Wentao
  • K Ajith
  • Sunny Chen
  • Sandra Huang Jieqiong
  • Ziv Ang Sze Champ
  • Carol Dou Xiao Qin

Greater China Daily: Wednesday, July 28, 2021

KEY HIGHLIGHTS Sector Coal Prices expected to cool down in 2H21 with more policies to be rolled out. Healthcare Limited risk of policy crackdown, temporary sell-off offers buying opportunities. Update China Eastern Airlines (670 HK/BUY/HK$2.88/Target: HK$3.55) Upward revision in air cargo agreement allows for greater operating leverage. Da Ming International Holdings (1090 HK/Not Rated/HK$3.15) Key takeaways from site visit. Meituan (3690 HK/HOLD/HK$194.00/Target: HK$209.00) Guidelines on...

Maskun Ramli ... (+2)
  • Maskun Ramli
  • Benyamin Mikael
BSDE Bumi Serpong Da... (Real Estate)

Indonesia Daily - Wednesday, July 28, 2021

Bumi Serpong Damai (BSDE IJ/BUY/Rp940/Target: Rp1,600): Strong marketing sales growth could translate into strong share price increase. TRADERS’ CORNER Barito Pacific (BRPT IJ): Technical BUY Astra Agro Lestari (AALI IJ): Technical BUY

BSDE BUMI SERPONG DAMAI PT (Real Estate)
Tanadech Rungsrithananon ... (+12)
  • Tanadech Rungsrithananon
  • Peerawat Dentananan
  • Singapore Research Team
  • John Cheong Ming Chern
  • Lucas Teng Yao Yang
  • K Ajith
  • Jack Goh Tooan Orng
  • Vincent Khoo Boo Aik
  • Xiu Li Yap
  • Raphon Prima
  • Chun Sung Oong
  • Julia Pan Mengyao
2308 Delta Electroni... (Banks)
KKP KIATNAKIN BANK (Industrial Goods & Services) ... (+7)

Regional Morning Notes - Tuesday, July 27, 2021

GREATER CHINA Sector Internet: Rising concerns on foreign shareholdings via VIE structure. INDONESIA Update Bank Negara Indonesia (BBNI IJ/BUY/Rp5,050/Target: Rp6,150): Expectation of share price recovery as management prepares buyback. MALAYSIA Results IGB REIT (IGBREIT MK/BUY/RM1.66/Target: RM1.90): 2Q21: Results within expectations. We look forward to 2022 as economic activity resumes and normalises. Update My EG Services (MYEG MK/BUY/RM1.72/Target: RM2.65): A major proxy to economic reopen...

Jonathan Koh ... (+15)
  • Jonathan Koh
  • Lucas Teng Yao Yang
  • Jie Ying Chloe Tan
  • Chong Lee Len
  • Desmond Chong Chee Wai
  • Philip Wong
  • Benyamin Mikael
  • Chun Sung Oong
  • Julia Pan Mengyao
  • Neo Chen Wentao
  • Sandra Huang Jieqiong
  • K Ajith
  • Sunny Chen
  • Carol Dou Xiao Qin
  • Ziv Ang Sze Champ
BSDE Bumi Serpong Da... (Real Estate)
KREIT KEPPEL REIT ... (+9)

Regional Morning Notes - Wednesday, July 28, 2021

GREATER CHINA Sector Coal: Prices expected to cool down in 2H21 with more policies to be rolled out. Healthcare: Limited risk of policy crackdown, temporary sell-off offers buying opportunities. Update China Eastern Airlines (670 HK/BUY/HK$2.88/Target: HK$3.55): Upward revision in air cargo agreement allows for greater operating leverage. Da Ming International Holdings (1090 HK/Not Rated/HK$3.15): Key takeaways from site visit. Meituan (3690 HK/BUY/HK$194.00/Target: HK$209.00): Guidelines on pro...

Jonathan Koh
  • Jonathan Koh

Keppel REIT (KREIT SP) - 1H21: Resurgence of growth from newly complet...

We see resurgence of growth with KREIT’s distributable income expanding 24.7% yoy in 1H21 if we exclude capital gains distribution. KREIT benefitted from contributions from Victoria Police Centre in Melbourne, Pinnacle Office Park in Sydney and newly acquired Keppel Bay Tower. It achieved positive rental reversion of 4.1% in 2Q21. KREIT provides 2022 distribution yield of 5.1%, which is attractive for a pure play office REIT. Maintain BUY. Target price: S$1.49.

Chun Sung Oong ... (+8)
  • Chun Sung Oong
  • Julia Pan Mengyao
  • Neo Chen Wentao
  • K Ajith
  • Sunny Chen
  • Sandra Huang Jieqiong
  • Ziv Ang Sze Champ
  • Carol Dou Xiao Qin

Greater China Daily: Wednesday, July 28, 2021

KEY HIGHLIGHTS Sector Coal Prices expected to cool down in 2H21 with more policies to be rolled out. Healthcare Limited risk of policy crackdown, temporary sell-off offers buying opportunities. Update China Eastern Airlines (670 HK/BUY/HK$2.88/Target: HK$3.55) Upward revision in air cargo agreement allows for greater operating leverage. Da Ming International Holdings (1090 HK/Not Rated/HK$3.15) Key takeaways from site visit. Meituan (3690 HK/HOLD/HK$194.00/Target: HK$209.00) Guidelines on...

Maskun Ramli ... (+2)
  • Maskun Ramli
  • Benyamin Mikael
BSDE Bumi Serpong Da... (Real Estate)

Indonesia Daily - Wednesday, July 28, 2021

Bumi Serpong Damai (BSDE IJ/BUY/Rp940/Target: Rp1,600): Strong marketing sales growth could translate into strong share price increase. TRADERS’ CORNER Barito Pacific (BRPT IJ): Technical BUY Astra Agro Lestari (AALI IJ): Technical BUY

BSDE BUMI SERPONG DAMAI PT (Real Estate)
Tanadech Rungsrithananon ... (+12)
  • Tanadech Rungsrithananon
  • Peerawat Dentananan
  • Singapore Research Team
  • John Cheong Ming Chern
  • Lucas Teng Yao Yang
  • K Ajith
  • Jack Goh Tooan Orng
  • Vincent Khoo Boo Aik
  • Xiu Li Yap
  • Raphon Prima
  • Chun Sung Oong
  • Julia Pan Mengyao
2308 Delta Electroni... (Banks)
KKP KIATNAKIN BANK (Industrial Goods & Services) ... (+7)

Regional Morning Notes - Tuesday, July 27, 2021

GREATER CHINA Sector Internet: Rising concerns on foreign shareholdings via VIE structure. INDONESIA Update Bank Negara Indonesia (BBNI IJ/BUY/Rp5,050/Target: Rp6,150): Expectation of share price recovery as management prepares buyback. MALAYSIA Results IGB REIT (IGBREIT MK/BUY/RM1.66/Target: RM1.90): 2Q21: Results within expectations. We look forward to 2022 as economic activity resumes and normalises. Update My EG Services (MYEG MK/BUY/RM1.72/Target: RM2.65): A major proxy to economic reopen...

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