reports
- Audrey Celia
- Bella Lu Yifei
- Benjaphol Suthwanish
- Colin Lee
- Ejann Hiew
- Jo Yee Ng
- Johnny Yum Chung Man
- Jonathan Koh
- Ken Lee
- Kenny Yong Hui Lim
- Lester Siew
- Roy Chen Chengzhi
- Suryaputra Wijaksana
- Tanaporn Visaruthaphong
- Willinoy Sitorus
Regional Morning Meeting Notes: Thursday, November 06, 2025
Greater China Company Results | ECARX Holdings Inc (ECX US /BUY/ US$2.22/Target: US$3.40) ECARX’s 3Q25 earnings make a turnaround, with net profit of US$0.9m in 3Q25, marking its first-ever quarterly profitability. Going forward, we believe ECARX's earnings will be driven by sales volume growth and product mix optimisation. We maintain our forecast of a net loss of US$49m for 2025 and a turnaround to a net profit of US$36m and US$100m for 2026 and 2027, based on a 27% revenue CAGR. Maintain ...
PTT PTT PUBLIC COMPANY LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
KLBF PT KALBE FARMA TBK
BCH BANGKOK CHAIN HOSPITAL PCL
SIE SIA ENGINEERING CO LTD
MSGB MAH SING GROUP BHD
ECW ECO WORLD DEVELOPMENT GROUP
SPSB SP SETIA BHD
SWB SUNWAY BHD
UEMS UEM SUNRISE BHD
AWC ASSET WORLD CORP PUBLIC COMPANY LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
MCH MATRIX CONCEPTS HOLDINGS BHD
ECX ECARX HOLDINGS INC
IOIPG IOI PROPERTIES GROUP BHD
LAGENDA LAGENDA PROPERTIES BHD
SDG SD GUTHRIE BHD
- Jonathan Koh
Lendlease Global Commercial REIT (LREIT SP) - Expanding Singapore Foot...
The acquisition of PLQ Mall is aligned with LREIT’s strategic focus on Singapore, which expands to 89% of its total assets. The exposure to defensive suburban retail also enlarges to 63%. The acquisition enhances FY25 DPU by 2.5%, while maintaining LREIT’s aggregate leverage at a healthy 38.3%. LREIT provides an attractive FY26 DPU yield of 6.0% (CICT: 4.7%, FCT: 5.3%, SGREIT: 6.6%). Maintain BUY. Target price: S$0.81.
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
Regional Strategy: Alpha Picks - November 2025
Greater China Strategy | Alpha Picks: November Conviction Calls HSI and MSCI China fell 3.5%/4.0% mom in October, dragged by renewed US-China trade tensions and lack of fresh policy signals from the 4th Plenum. We remain constructive in the medium term but expect further consolidation as uncertainties persist. The best performer among our picks was SELL-rated Li Auto (+21.4% mom). For November, we rotate into oversold names with near-term upside: add AIA, LINK REIT, NAURA, Pinduoduo, PICC P&C an...
OU8 CENTURION
544 CSE GLOBAL LTD.
CTRA CIPUTRA DEVELOPMENT
EGCO ELECTRICITY GENERATING PUBLIC CO. LTD.
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
V03 VENTURE CORPORATION LIMITED
ERW ERAWAN GROUP
EZQ CHINA MENGNIU DAIRY CO. LTD.
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
01299 AIA GROUP LIMITED
00027 GALAXY ENTERTAINMENT GROUP LIMITED
3816 MISC BHD
BMRI PT BANK MANDIRI (PERSERO) TBK
KBANK KASIKORNBANK PUBLIC CO. LTD.
7113 TOP GLOVE CORPORATION BHD.
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
601668 CHINA STATE CONSTRUCTION ENGINEERING CORP. LTD. CLASS A
X2S SINOPHARM GROUP CO. LTD. CLASS H
599A SANDS CHINA LTD.
CPN CENTRAL PATTANA PUBLIC CO. LTD.
ASII PT ASTRA INTERNATIONAL TBK
00700 TENCENT HOLDINGS LTD.
TRUE TRUE CORP. PUBLIC CO. LTD.
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
03690 MEITUAN CLASS B
RHBBANK RHB BANK BHD
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
3933 THE UNITED LABORATORIES INTE
MYEG MY EG SERVICES BHD
MINT MAPLETREE INDUSTRIAL TRUST
CPALL TB CP ALL
SDPL SIME DARBY PLANTATION BHD
ECW ECO WORLD DEVELOPMENT GROUP
RATCH RATCH GROUP PUBLIC CO. LTD.
2013 WEIMOB INC
RGB RGB INTERNATIONAL BHD
WHA TB WHA CORP PCL
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
3692 HANSOH PHARMACEUTICAL GROUP
MNSO MINISO GROUP HOLDING ADS (N SHARES)
CVL CIVMEC
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02618 JD LOGISTICS INC
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
CMRY PT CISARUA MOUNTAIN DAIRY TBK
ITC I-TAIL CORPORATION PUBLIC COMPANY LIMITED
STM SEATRIUM LTD
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
2232 CRYSTAL INTERNATIONAL GROUP LTD
YINSON YINSON HOLDINGS BHD
09961 CTRIP.COM INTERNATIONAL
BTG BETAGRO PUBLIC COMPANY LIMITED
LAGENDA LAGENDA PROPERTIES BHD
PEKAT PEKAT GROUP BHD
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
GEELY GEELY AUTOMOBILE
EXCL XLSMART TELECOM SEJAHTERA
- Alden Gabriel Lam
- Andrew Agita Buntoro
- Arsit Pamaranont
- Benyamin Mikael
- Carol Dou Xiao Qin
- Desmond Chong Chee Wai
- Greater China Research Team
- Heidi Mo Jinghui
- Jonathan Koh
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Lester Siew
- Malaysia Research Team
- Singapore Research Team
- Sunny Chen
- Suryaputra Wijaksana
- Tanapon Cholkadidamrongkul
- Thailand Research Team
- Vincent Khoo Boo Aik
- Willinoy Sitorus
Regional Morning Meeting Notes: Tuesday, November 04, 2025
Greater China Strategy | Alpha Picks: November Conviction Calls HSI and MSCI China fell 3.5%/4.0% mom in October, dragged by renewed US-China trade tensions and lack of fresh policy signals from the 4th Plenum. We remain constructive in the medium term but expect further consolidation as uncertainties persist. The best performer among our picks was SELL-rated Li Auto (+21.4% mom). For November, we rotate into oversold names with near-term upside: add AIA, LINK REIT, NAURA, Pinduoduo, PICC P&...
FCT FRASERS CENTREPOINT TRUST
00823 LINK REAL ESTATE INVESTMENT TRUST
544 CSE GLOBAL LTD.
C09 CITY DEVELOPMENTS LIMITED
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
BN2 VALUETRONICS HOLDINGS
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
01299 AIA GROUP LIMITED
IVL INDORAMA VENTURES PUBLIC CO. LTD.
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
558 UMS HOLDINGS LIMITED
GFPT GFPT
C6L SINGAPORE AIRLINES LTD.
5347 TENAGA NASIONAL BHD
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
Q5T FAR EAST HOSPITALITY TRUST
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
PDD PINDUODUO INC. SPONSORED ADR CLASS A
CDREIT CDL HOSPITALITY TRUSTS
YNS YINSON HOLDINGS BHD
RHBBANK RHB BANK BHD
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
VSI V.S. INDUSTRY BERHAD
PREIT PARKWAYLIFE REAL ESTATE
BURSA MAPLETREE INDUSTRIAL TRUST
PEP BURSA MALAYSIA BHD
RATCH PPB GROUP BERHAD
2633 RATCH GROUP PUBLIC CO. LTD.
HCM JACOBSON PHARMA CORP LTD
AIS HUTCHISON CHINA MEDITECH LIMITED
RSTON ADVANCED INFO SYSTEMS
FEH RIVERSTONE HOLDINGS LTD
UHU FOOD EMPIRE HOLDINGS LTD
FRKN UNITED HAMPSHIRE US REIT
MPM FRENCKEN GROUP LTD
CSSC MARCO POLO MARINE LTD
CRPU CHINA SUNSINE CHEMICAL HOLDINGS LTD
CICT SASSEUR REIT (S CHIP)
SCGP CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP SCG PACKAGING PCL
2269 LENDLEASE GLOBAL COMMERCIAL REIT
OXMU WUXI BIOLOGICS (CAYMAN) INC.
HMN PRIME US REIT
CLCT ASCOTT RESIDENCE TRUST
KORE CAPITALAND CHINA TRUST
OR KEPPEL PACIFIC OAK US REIT
MXNU PTT OIL AND RETAIL BUSINESS PUBLIC CO LIMITED
CLAR ELITE COMMERCIAL REIT MGNT PTE LTD
DCRU CAPITALAND ASCENDAS REIT
MTEL IJ DIGITAL CORE REIT MANAGEMENT PTE. LTD.
02161 PT DAYAMITRA TELEKOMUNIKASI
02015 JBM (HEALTHCARE) LTD
0303 LI AUTO INC
LAGENDA ALPHA IVF GROUP
SDG LAGENDA PROPERTIES BHD
BRMS IJ SD GUTHRIE BHD
AADI IJ BUMI RESOURCES MINERALS
002371 CH ADARO ANDALAN INDONESIA
ASL SP NAURA TECHNOLOGY GROUP CO LTD
ASL MARINE (ASL SP)
- Jonathan Koh
REITs : The Race To Dominate Through Enlarged Scale
The merger of CapitaLand and Mapletree is a matter of time given the emphasis to create global giants within Temasek. MINT (HOLD/Target: S$1.22), MLT (HOLD/Target: S$1.38) and MPACT (BUY/Target: S$1.84) are potential takeover targets. KREIT (BUY/Target: S$1.20) and SUN (HOLD/Target: S$1.42) are potential new entrants to be included as constituents of the STI. Maintain OVERWEIGHT.
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
Q5T FAR EAST HOSPITALITY TRUST
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
PREIT PARKWAYLIFE REAL ESTATE
MINT MAPLETREE INDUSTRIAL TRUST
UHU UNITED HAMPSHIRE US REIT
CRPU SASSEUR REIT (S CHIP)
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
OXMU PRIME US REIT
HMN ASCOTT RESIDENCE TRUST
CLCT CAPITALAND CHINA TRUST
KORE KEPPEL PACIFIC OAK US REIT
MXNU ELITE COMMERCIAL REIT MGNT PTE LTD
CLAR CAPITALAND ASCENDAS REIT
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
- Singapore Research Team
Strategy - Alpha Picks: Maintaining The Outperformance
Our Alpha Picks portfolio gained 8.5% mom in Oct 25, outperforming the STI’s 3.0%. Strength came from MPM, RSTON and CSE. For Nov 25, we add CIT and ASL as BUYs and introduce SIA as a short candidate. The portfolio remains poised for expected EQDP-driven flows into small-/mid-cap names in the next few months.
C09 CITY DEVELOPMENTS LIMITED
BN2 VALUETRONICS HOLDINGS
558 UMS HOLDINGS LIMITED
C6L SINGAPORE AIRLINES LTD.
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
RSTON RIVERSTONE HOLDINGS LTD
FEH FOOD EMPIRE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
CLAR CAPITALAND ASCENDAS REIT
ASL SP ASL MARINE (ASL SP)
- Heidi Mo Jinghui
- Jonathan Koh
- Kai Jie Tang
Singapore Daily: Monday, November 3, 2025
Top Stories Sector Update | REITs Safe haven liquidity continues flowing to Singapore, pushing down SORA on an overnight basis to a low of 1.15%. Three-month compounded SORA eased 13bp to 1.33% in Oct 25. The Fed has cut the Fed Funds Rate by another 25bp to 3.75% during the FOMC meeting on 29 Oct 25. Maintain OVERWEIGHT. BUY blue-chip S-REITs with specific catalysts: CLAR (Target: S$4.02), CLAS (Target: S$1.56), KDCREIT (Target: S$2.65), KREIT (Target: S$1.20) and LREIT (Target: S$0.79). Comp...
- Jonathan Koh
Lendlease Global Commercial REIT (LREIT SP) - 1QFY26 Portfolio Reconst...
LREIT’s retail portfolio achieved a strong positive rental reversion of 8.9% and high occupancy of 99.6% in 1QFY26. Occupancy for Sky Complex increased 6.9ppt qoq to 88.5% as of Sep 25, paving the way for the eventual divestment. LREIT provides an attractive FY26 DPU yield of 6.0% (CICT: 4.7%, FCT: 5.3%, SGREIT: 6.6%). Maintain BUY. Target price: S$0.79
- Audrey Celia
- Bella Lu Yifei
- Colin Lee
- Desmond Chong Chee Wai
- Ejann Hiew
- Heidi Mo Jinghui
- Johnny Yum
- Johnny Yum Chung Man
- Jonathan Koh
- Kai Jie Tang
- Kasemsun Koonnara
- Keith Wee Teck Keong
- Ken Lee
- Kenny Yong Hui Lim
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tanapon Cholkadidamrongkul
- Thanawat Thangchadakorn
- Wei Xiang Ku
- Willinoy Sitorus
Regional Morning Meeting Notes: Monday, November 03, 2025
Greater China Sector Update | Macau Gaming Macau’s Oct 25 GGR was MOP$24.1b, increasing 32% mom and 16% yoy, and recovering to 91% of 2019’s level (vs a recovery of 83% in Sep 25). Oct 25’s GGR number beat market consensus by 4%, and set another post-COVID-19 record. For 10M25, GGR climbed to MOP$205.4b, up 8% yoy, and recovered to 83% of 2019’s level. Maintain OVERWEIGHT; Galaxy remains our top pick. Company Results | China Merchants Bank (3968 HK/HOLD/HK$48.64/Target: HK$51.00) CMB rep...
FCT FRASERS CENTREPOINT TRUST
1023 CIMB GROUP HOLDINGS BHD
KTB KRUNG THAI BANK PUBLIC CO. LTD.
2488 ALLIANCE BANK MALAYSIA BHD.
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
QH QUALITY HOUSES
1295 PUBLIC BANK BHD
ENRG ENERGI MEGA PERSADA
01299 AIA GROUP LIMITED
N2IU MAPLETREE COMMERCIAL TRUST
JPFA JAPFA COMFEED INDONESIA
AJBU KEPPEL DC REIT
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
600887 INNER MONGOLIA YILI INDUSTRIAL GROUP CO. LTD. CLASS A
00027 GALAXY ENTERTAINMENT GROUP LIMITED
SPALI SUPALAI PCL
1155 MALAYAN BANKING BHD.
C61U CAPITALAND COMMERCIAL TRUST
ADRO PT ADARO ENERGY TBK
599A SANDS CHINA LTD.
Q5T FAR EAST HOSPITALITY TRUST
AP AP THAILAND
M4B CHINA MERCHANTS BANK CO. LTD. CLASS H
CDREIT CDL HOSPITALITY TRUSTS
RHBBANK RHB BANK BHD
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
HLFG HONG LEONG FINANCIAL GROUP
PREIT PARKWAYLIFE REAL ESTATE
MINT MAPLETREE INDUSTRIAL TRUST
LPN LPN DEVELOPMENT PCL
SSG SHENG SIONG GROUP LTD
AMM AMMB HOLDINGS BHD
HLBK HONG LEONG BANK BERHAD
ABANK AFFIN BANK BHD
PSH PRUKSA HOLDING PCL
UHU UNITED HAMPSHIRE US REIT
CRPU SASSEUR REIT (S CHIP)
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
OXMU PRIME US REIT
HMN ASCOTT RESIDENCE TRUST
CLCT CAPITALAND CHINA TRUST
KORE KEPPEL PACIFIC OAK US REIT
06690 HAIER SMART HOME CO. LTD. CLASS H
GOTO GOJEK TOKOPEDIA TBK PT
MXNU ELITE COMMERCIAL REIT MGNT PTE LTD
CLAR CAPITALAND ASCENDAS REIT
MDKA MERDEKA COPPER GOLD TBK PT
ITC I-TAIL CORPORATION PUBLIC COMPANY LIMITED
BIMB BANK ISLAM MALAYSIA BHD
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
MAYBANK MALAYAN BANKING BHD
VST VSTECS BHD
ASSA IJ ADI SARANA ARMADA TBK PT (ASSA IJ)
ARCI IJ ARCHI INDONESIA (ARCI IJ)
002050 CH ZHEJIANG SANHUA INTELLIGENT CONTROLS CO LTD (002050 CH)
AADI IJ ADARO ANDALAN INDONESIA
002747 CH ESTUN AUTOMATION
EREIT ESR REIT
- Jonathan Koh
Singapore Daily: Monday, October 13, 2025
Top Stories Sector Update | REITs The sudden U-turn in trade negotiations between the US and China has caught the market by surprise. Risk from a protracted US government shutdown also adds to greater uncertainties. The most defensive sectors are suburban retail (CICT and LREIT), healthcare (PREIT) and data centres (KDCREIT and NTTDCR), which are less affected by trade conflicts and reciprocal tariffs. Maintain OVERWEIGHT. BUY CICT (Target: S$2.79), KDCREIT (Target: S$2.69), PREIT (Target: S$5....
- Desmond Chong Chee Wai
- Jonathan Koh
- Julia Pan Mengyao
- Lester Siew
- Malaysia Research Team
- Ming San Soong
- Posmarito Pakpahan
- Vincent Khoo Boo Aik
Regional Morning Meeting Notes: Monday, October 13, 2025
Greater China Sector Update | Internet The growing robotaxi ecosystem is drawing in an increasing number of new entrants, including autonomous service providers and ride-hailing platforms. We expect technological maturity, policy support, and better fleet economics to drive a major expansion wave for the robotaxi industry into 2H25/2026, with China’s robotaxi fleet size expected to grow ten-fold during this period. We see material development and monetisation progress of Robotaxi, sparking r...
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
BMRI PT BANK MANDIRI (PERSERO) TBK
BBCA PT BANK CENTRAL ASIA TBK
Q5T FAR EAST HOSPITALITY TRUST
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
SOP SARAWAK OIL PALMS BERHAD
PREIT PARKWAYLIFE REAL ESTATE
KIML KIM LOONG RESOURCES BHD
MINT MAPLETREE INDUSTRIAL TRUST
IOI IOI CORP BHD
KLK KUALA LUMPUR KEPONG BHD
GENP GENTING PLANTATIONS BHD
HAPL HAP SENG PLANTATIONS HOLDINGS BHD
UHU UNITED HAMPSHIRE US REIT
CRPU SASSEUR REIT (S CHIP)
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
OXMU PRIME US REIT
HMN ASCOTT RESIDENCE TRUST
CLCT CAPITALAND CHINA TRUST
KORE KEPPEL PACIFIC OAK US REIT
09888 BAIDU INC
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
BRIS BANK BRISYARIAH TBK
MXNU ELITE COMMERCIAL REIT MGNT PTE LTD
CLAR CAPITALAND ASCENDAS REIT
BBYB BANK NEO COMMERCE
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
SDG SD GUTHRIE BHD
- Jonathan Koh
REITs : Stay Defensive With S-REITs
The sudden U-turn in trade negotiations between the US and China has caught the market by surprise. Risk from a protracted US government shutdown also adds to greater uncertainties. The most defensive sectors are suburban retail (CICT and LREIT), healthcare (PREIT) and data centres (KDCREIT and NTTDCR), which are less affected by trade conflicts and reciprocal tariffs. Maintain OVERWEIGHT. BUY CICT (Target: S$2.79), KDCREIT (Target: S$2.69), PREIT (Target: S$5.34), LREIT (Target: S$0.79) and NTT...
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
Q5T FAR EAST HOSPITALITY TRUST
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
PREIT PARKWAYLIFE REAL ESTATE
MINT MAPLETREE INDUSTRIAL TRUST
UHU UNITED HAMPSHIRE US REIT
CRPU SASSEUR REIT (S CHIP)
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
OXMU PRIME US REIT
HMN ASCOTT RESIDENCE TRUST
CLCT CAPITALAND CHINA TRUST
KORE KEPPEL PACIFIC OAK US REIT
MXNU ELITE COMMERCIAL REIT MGNT PTE LTD
CLAR CAPITALAND ASCENDAS REIT
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
- Adrian Loh Tzum Yung
- Singapore Research Team
Singapore Daily: Friday, October 3, 2025
Top Stories Strategy | Alpha Picks: Staying Ahead And Capturing EQDP Opportunities Our Alpha Picks portfolio rose 4.2% mom in Sep 25, outperforming the STI’s 0.7%. Gains were led by YZJ, VALUE, MPM and CSSC. For Oct 25, we add SCI, LREIT and RSTON, and take profit on BRC and YZJ. We remain well-positioned for upside in small-/mid-cap stocks. Market Spotlight • US stocks ended higher on Thursday. Despite mixed sector performances, the DJIA, S&P 500, and NASDAQ all advanced. • The FSSTI gained 7...
U96 SEMBCORP INDUSTRIES LTD.
BN2 VALUETRONICS HOLDINGS
558 UMS HOLDINGS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
RSTON RIVERSTONE HOLDINGS LTD
FEH FOOD EMPIRE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
HLA HONG LEONG ASIA LTD
CLAR CAPITALAND ASCENDAS REIT
- Suryaputra Wijaksana
Regional Morning Meeting Notes: Friday, October 3, 2025
Greater China Sector Update | Automobile China’s EV sales surged 25% wow in the 39th week of 2025 but slowed to 10.5% yoy amid a high base and anti-involution efforts. Geely and XPeng outperformed, while BYD and Li Auto saw yoy sales declines. Maintain MARKET WEIGHT on the sector, with top BUYs on CATL and Geely; we downgrade Ganfeng Lithium from BUY to HOLD with an unchanged target price of HK$40.00, as the stock price has hit our target. Indonesia Economics | Indonesia’s Trade Balance Hits Mu...
BJC BERLI JUCKER PUBLIC CO. LTD.
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
544 CSE GLOBAL LTD.
U96 SEMBCORP INDUSTRIES LTD.
BN2 VALUETRONICS HOLDINGS
002594 BYD COMPANY LIMITED CLASS A
AMRT SUMBER ALFARIA TRIJAYA TBK PT
COM7 COM7
558 UMS HOLDINGS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
AP4 RIVERSTONE HOLDINGS
ADRO PT ADARO ENERGY TBK
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
VSI V.S. INDUSTRY BERHAD
CPALL TB CP ALL
IGBREIT IGB REAL ESTATE INVESTMENT T
SREIT SUNWAY REAL ESTATE INVESTMEN
CPALL-R CP ALL PCL NVDR
AXRB AXIS REAL ESTATE INVESTMENT
KLCCSS KLCCP STAPLED GROUP
FEH FOOD EMPIRE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
LI LI AUTO INC. SPONSORED ADR CLASS A
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
HLA HONG LEONG ASIA LTD
CLAR CAPITALAND ASCENDAS REIT
MDKA MERDEKA COPPER GOLD TBK PT
CMMT CAPITALAND MALAYSIA TRUST
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
PREIT PAVILION REAL ESTATE INVESTMENT TRUST
HRUM HARUM ENERGY TBK PT
3750 CONTEMPORARY AMPEREX TECHNOLOGY (3750 HK)
ASSA IJ ADI SARANA ARMADA TBK PT (ASSA IJ)
ARCI IJ ARCHI INDONESIA (ARCI IJ)
- Singapore Research Team
Strategy - Alpha Picks: Staying Ahead And Capturing EQDP Opportunities
Our Alpha Picks portfolio rose 4.2% mom in Sep 25, outperforming the STI’s 0.7%. Gains were led by YZJ, VALUE, MPM and CSSC. For Oct 25, we add SCI, LREIT and RSTON, and take profit on BRC and YZJ. We remain well-positioned for upside in small-/mid-cap stocks.
U96 SEMBCORP INDUSTRIES LTD.
BN2 VALUETRONICS HOLDINGS
558 UMS HOLDINGS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
RSTON RIVERSTONE HOLDINGS LTD
FEH FOOD EMPIRE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
HLA HONG LEONG ASIA LTD
CLAR CAPITALAND ASCENDAS REIT
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
Regional Strategy: Alpha Picks - October 2025
Greater China Strategy | Alpha Picks: October Conviction Calls The HSI and MSCI China gained 7.1%/8.2% mom in September on Fed easing and optimism over advancements in semiconductors and AI. We remain positive in the medium term but expect near-term consolidation after the recent strong gains. The best performer of the month was Alibaba (+53.0% mom). With some rotations expected in non-tech stocks, our October calls are: add Galaxy, Jacobson, Ping An, Trip.com and WuXi Bio to BUY; SELL Meituan. ...
OU8 CENTURION
544 CSE GLOBAL LTD.
CTRA CIPUTRA DEVELOPMENT
EGCO ELECTRICITY GENERATING PUBLIC CO. LTD.
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
V03 VENTURE CORPORATION LIMITED
ERW ERAWAN GROUP
EZQ CHINA MENGNIU DAIRY CO. LTD.
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
01299 AIA GROUP LIMITED
00027 GALAXY ENTERTAINMENT GROUP LIMITED
3816 MISC BHD
BMRI PT BANK MANDIRI (PERSERO) TBK
KBANK KASIKORNBANK PUBLIC CO. LTD.
7113 TOP GLOVE CORPORATION BHD.
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
601668 CHINA STATE CONSTRUCTION ENGINEERING CORP. LTD. CLASS A
X2S SINOPHARM GROUP CO. LTD. CLASS H
599A SANDS CHINA LTD.
CPN CENTRAL PATTANA PUBLIC CO. LTD.
ASII PT ASTRA INTERNATIONAL TBK
00700 TENCENT HOLDINGS LTD.
TRUE TRUE CORP. PUBLIC CO. LTD.
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
03690 MEITUAN CLASS B
RHBBANK RHB BANK BHD
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
3933 THE UNITED LABORATORIES INTE
MYEG MY EG SERVICES BHD
MINT MAPLETREE INDUSTRIAL TRUST
CPALL TB CP ALL
SDPL SIME DARBY PLANTATION BHD
ECW ECO WORLD DEVELOPMENT GROUP
RATCH RATCH GROUP PUBLIC CO. LTD.
2013 WEIMOB INC
RGB RGB INTERNATIONAL BHD
WHA TB WHA CORP PCL
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
3692 HANSOH PHARMACEUTICAL GROUP
MNSO MINISO GROUP HOLDING ADS (N SHARES)
CVL CIVMEC
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02618 JD LOGISTICS INC
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
CMRY PT CISARUA MOUNTAIN DAIRY TBK
ITC I-TAIL CORPORATION PUBLIC COMPANY LIMITED
STM SEATRIUM LTD
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
2232 CRYSTAL INTERNATIONAL GROUP LTD
YINSON YINSON HOLDINGS BHD
09961 CTRIP.COM INTERNATIONAL
BTG BETAGRO PUBLIC COMPANY LIMITED
LAGENDA LAGENDA PROPERTIES BHD
PEKAT PEKAT GROUP BHD
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
GEELY GEELY AUTOMOBILE
EXCL XLSMART TELECOM SEJAHTERA
- Jonathan Koh
Singapore Daily: Wednesday, October 01, 2025
Top Stories Sector Update | REITs US monetary policy is at an inflexion point and has switched towards easing to support the job market, which has slowed considerably in recent months. S-REITs benefit from lower cost of debt and expanded yield spread. Maintain OVERWEIGHT. BUY blue chip S-REITs with specific catalysts: CLAR (Target: S$4.02), CLAS (Target: S$1.56), KDCREIT (Target: S$2.69), KREIT (Target: S$1.18) and LREIT (Target: S$0.79). Market Spotlight US stocks ended higher on Tuesday, ...
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
BN4 KEPPEL CORPORATION LIMITED
Q5T FAR EAST HOSPITALITY TRUST
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
PREIT PARKWAYLIFE REAL ESTATE
MINT MAPLETREE INDUSTRIAL TRUST
UHU UNITED HAMPSHIRE US REIT
CRPU SASSEUR REIT (S CHIP)
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
OXMU PRIME US REIT
HMN ASCOTT RESIDENCE TRUST
CLCT CAPITALAND CHINA TRUST
KORE KEPPEL PACIFIC OAK US REIT
9CI CAPITALAND INVESTMENT LTD
MXNU ELITE COMMERCIAL REIT MGNT PTE LTD
CLAR CAPITALAND ASCENDAS REIT
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
- Jonathan Koh
Singapore REITs – S-REITs Monthly Update (Sep 25)
US monetary policy is at an inflexion point and has switched towards easing to support the job market, which has slowed considerably in recent months. S-REITs benefit from lower cost of debt and expanded yield spread. Maintain OVERWEIGHT. BUY blue chip S-REITs with specific catalysts: CLAR (Target: S$4.02), CLAS (Target: S$1.56), KDCREIT (Target: S$2.69), KREIT (Target: S$1.18) and LREIT (Target: S$0.79).
- Jonathan Koh
Singapore REITs – Beneficiaries Of Inflows From iEdge Next 50 Index
The iEdge Singapore Next 50 Index tracks the next 50 largest companies listed on the SGX Mainboard that fall just outside the top 30 STI constituents. S-REITs account for 15 out of the 50 constituent stocks of the Next 50 Index, and carry a total weightage of 42.6% in aggregate. BUY constituents of the Next 50 Index: CLAS (Target: S$1.56), KREIT (Target: S$1.18), PREIT (Target: S$5.34), LREIT (Target: S$0.79) and FEHT (Target: S$0.81).
- Jonathan Koh
Singapore Daily: Tuesday, September 30, 2025
Top Stories Sector Update | REITs The iEdge Singapore Next 50 Index tracks the next 50 largest companies listed on the SGX Mainboard that fall just outside the top 30 STI constituents. S-REITs account for 15 out of the 50 constituent stocks of the Next 50 Index, and carry a total weightage of 42.6% in aggregate. BUY constituents of the Next 50 Index: CLAS (Target: S$1.56), KREIT (Target: S$1.18), PREIT (Target: S$5.34), LREIT (Target: S$0.79) and FEHT (Target: S$0.81). Market Spotlight US sto...
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
BN4 KEPPEL CORPORATION LIMITED
Q5T FAR EAST HOSPITALITY TRUST
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
PREIT PARKWAYLIFE REAL ESTATE
MINT MAPLETREE INDUSTRIAL TRUST
UHU UNITED HAMPSHIRE US REIT
CRPU SASSEUR REIT (S CHIP)
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
OXMU PRIME US REIT
HMN ASCOTT RESIDENCE TRUST
CLCT CAPITALAND CHINA TRUST
KORE KEPPEL PACIFIC OAK US REIT
9CI CAPITALAND INVESTMENT LTD
MXNU ELITE COMMERCIAL REIT MGNT PTE LTD
CLAR CAPITALAND ASCENDAS REIT
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
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