DBS Group Holdings is an investment holding, treasury and funding vehicle for itself and its subsidiaries. Co.'s main subsidiary is DBS Bank Ltd, which is engaged in a range of commercial banking and financial services, principally in Asia. Co.'s various business segments are: Consumer Banking/ Wealth Management, which provides individual customers with a range of banking and related financial services; Institutional Banking, which provides financial services and products to institutional clients; as well as Treasury, which provides treasury services to corporations, institutional and private investors, financial institutions and other market participants.
Oversea-Chinese Banking is engaged in the in the business of banking, life assurance, general insurance, asset management, investment holding and stockbroking. Co.'s segments include: Global Consumer Financial Services, which provides deposit products, consumer loans, credit cards and wealth management products; Global Corporate Banking, which provides long-term loans, short-term credit, deposit accounts and fee-based services such as cash management and custodian services; Global Treasury, which is engaged in foreign exchange activities, money market operations, fixed income, as well as structured treasury products; and Insurance, which provides both life and general insurance products.
United Overseas Bank is bank in Asia with a network of offices in 19 countries and territories in Asia Pacific, Western Europe and North America. Co. provides a range of financial services including personal financial services, private banking, business banking, commercial and corporate banking, transaction banking, investment banking, corporate finance, capital market activities, treasury services, brokerage and clearing services, asset management, venture capital management and insurance. Co. operates within three main operating segments: Group Retail, Group Wholesale, and Global Markets and Investment Management. As of Dec 31 2014, Co. had total assets of S$306.74 billion.
We believe global equities have largely bottomed out, thanks to governments’ and central banks’ swift move to release monetary and fiscal stimulus packages. The Singapore government has done a good job in attempting to protect individuals’ and corporates’ balance sheets. Exiting the “circuit breaker”, we advocate exposure to financially robust companies that are leveraged to the general economic recovery and/or pay a sustainable dividend. Our year-end target for the STI is 2,760.
KEY HIGHLIGHTS Strategy Positioning For Recovery: We believe global equities have largely bottomed out and thus look at which stocks could benefit in a recovery scenario. Sector Retail REITs: Fortitude Budget provides backstop. TRADERS’ CORNER Mapletree Logistics Trust (MLT SP): Trading BUY UMS Holdings (UMSH SP): Trading BUY
GREATER CHINA Sector Baijiu: Key takeaways from conference call with baijiu expert. Consumer: Bi-weekly (18 April-8 May). Infrastructure: Infrastructure REITs Pilot Scheme: Baby steps. Results China Shineway Pharmaceutical (2877 HK/BUY/HK$5.60/Target: HK$7.33): 1Q20: Sales impacted by COVID-19; higher April sales. INDONESIA Update Gudang Garam (GGRM IJ/BUY/Rp44,050/Target: Rp63,600): 44% upside despite application of -2SD PE. SINGAPORE Sector Banking: 1Q20 Round-up: First stage of credit cycle is always the hardest. Results NetLink NBN Trust (NETLINK SP/BUY/S$0.99/Target: S$1.08): 4QFY20: Re...
Meituan is well positioned in China’s large consumer services market with a dominant position. It has been solidifying its leading position in online local services in China’s mostly duopolistic market, spanning food delivery, in-store dining and online services, with a market share of 65% as of 2019 in China’s online on-demand delivery market in terms of GTV, and 35% of online hotel bookings by number of domestic room nights. Initiate coverage with BUY and target price of HK$175.00.
KEY HIGHLIGHTS Initiate Coverage Meituan Dianping (3690 HK/BUY/HK$150.00/Target: HK$175.00) Leader of duopolistic market riding on resilient local services. TRADERS’ CORNER Budweiser Brewing (1876 HK): Trading Buy Range: HK$24.95-25.00 Minth Group (425 HK): Trading Buy Range: HK$23.15-23.20
KEY STORY GREATER CHINA Initiate Coverage Meituan Dianping (3690 HK/BUY/HK$147.10/Target: HK$175.00): Leader of duopolistic market riding on resilient local services. GREATER CHINA Initiate Coverage Meituan Dianping (3690 HK/BUY/HK$147.10/Target: HK$175.00): Leader of duopolistic market riding on resilient local services. INDONESIA Sector Plantation: The government is determined to carry out the B30 mandate as planned, with additional funding support to top up CPO fund. MALAYSIA Sector Banking: Sentiment on the sector has turned more positive on the economic re-opening theme. Upgrade RHBBa...
GREATER CHINA Economics Two Sessions Beyond The Government Work Report: The 2020 draft Budgets largely complement key policy goals put forth in the GWR. The NDRC’s Development Plan for 2020 mainly aims to achieve China’s 13th FYP goals. Strategy Impact Of Holding Foreign Companies Accountable Act: Chinese ADRs could be forced to delist from the US, accelerating the trend of their secondary listings in Hong Kong. Sector Steel: Weekly: Raw material cost hikes and higher inventory weigh on margins. Results Trip.com Group (TCOM US/HOLD/US$25.34/Target: US$23.00): 1Q20: Revenue beat, bottom line tu...
We repositioned our top-5 picks to focus on retail and hospitality REITs, which are the biggest beneficiaries of Phase 2 of reopening post Circuit Breaker. The transition to Phase 2 could occur before end-June if community transmission remains low and stable during the first two weeks of June. Almost the entire economy would reopen during Phase 2. BUY CMT (Target: S$2.60), FCT (Target: S$2.85), ART (Target: S$1.16), FEHT (Target: S$0.62) and KREIT (Target: S$1.30). Maintain OVERWEIGHT.
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