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.
Our portfolio rose 2.0% mom in Jun 20, slightly lower than the FSSTI’s gain of 3.2% mom, mainly due to CSE Global’s share price weakness (-9.1% mom). However, the recent emergence of Heliconia as its largest shareholder should put CSE in a stronger position to expand its business. For Jul 20, we stick to our picks as we expect further share price upside to our portfolio.
KEY HIGHLIGHTS Strategy Alpha Picks: Sticking To Our Guns: Our portfolio rose 2.0% mom in Jun 20, slightly lower than the FSSTI’s gain of 3.2%. For Jul 20, we stick to our picks as we expect further share price upside to our portfolio. TRADERS’ CORNER Japfa (JAP SP): Trading BUY SATS (SATS SP): Trading SELL
GREATER CHINA Sector Cement: Prices continue to search for the bottom in the slow season. Coal: Supply tightness continues to drive up domestic coal prices. INDONESIA Update Waskita Karya (WSKT IJ/BUY/Rp710/Target: Rp820): Expect 200% hoh earnings growth in 2H20 on project completions and cost efficiencies. MALAYSIA Sector Building Materials: Cement companies have been able to stabilise their ASPs, paving the way for firmer ASPs by end-20. Maintain BUY on Hume. Gaming: Despite lower NFOs’ ticket sales in the first few draws post lifting of lockdown, expect progressive recovery in 2H20. Main...
Over the past two months, expectations on the handset component sector have shifted back and forth due to the disruption brought about by the pandemic and the US-China conflicts. After talking to the companies under our coverage, we believe the market has now come to the consensus that: a) 5G handset sales will not be enough to offset the COVID-19 impact; b) handset specification upgrade is slowing down temporarily; and c) US sanctions on Huawei have limited impact on the value chain in 2020. Maintain OVERWEIGHT and prefer sector leaders like Sunny Optic and Q Tech.
China’s healthcare industry is experiencing a revival, supported by innovation and technological advancement. Pharmaceutical innovators, CRO/CDMO service providers and medical device suppliers are all actively embracing the development opportunities. We expect the trend to continue in the long term and see limited risks of a sudden disruption of this trend. Maintain OVERWEIGHT.
Gold prices have surpassed the US$1,800 level, and are now at the highest level since 2011. Fiscal & monetary stimulus, sustained interest rate cuts and ample liquidity have buoyed market demand for gold this year. Besides, ETF holdings of gold have hit an alltime high (+26% ytd). Lingering macroeconomic uncertainties will continue to support gold’s performance. We raise our gold price forecasts to US$1,625 and US$1,650 per ounce for 2020-21. Maintain OVERWEIGHT on the sector.
GREATER CHINA Update Haidilao International (6862 HK/BUY/HK$34.00/Target: HK$38.90): Aggressive with store openings; unique management approach fuels expansion. Upgrade to BUY. INDONESIA Update Indocement TP (INTP IJ/BUY/Rp11,625/Target: Rp16,500): Possible re-rating of valuation as large-scale social restrictions are eased. MALAYSIA Sector Technology: Sector is on the mend with customers stocking up due to COVID-19 and trade war disruption fears. Maintain OVERWEIGHT. SINGAPORE Sector REITs: S-REITs weekly.
S-REITs retraced marginally by 0.6% wow. Hospitality REITs FHT, CDREIT and ART increased 2.1%, 1.9% and 1% respectively as hotels could start receiving guests on staycations. We turn our spotlight on FCT, a pure play on suburban retail malls in Singapore that provides a distribution yield of 4.8%. Maintain OVERWEIGHT on S-REITs. BUY retail REITs CMT (Target: S$2.60) and FCT (Target: S$2.85), hospitality REIT FEHT (Target: S$0.62) and office REIT KREIT (Target: S$1.30).
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