reports
- Anas Fitri Bin Ahmad
- Bella Lu Yifei
- Benjaphol Suthwanish
- Claire Wang Kelai
- Ejann Hiew
- Jonathan Koh
- Julia Pan Mengyao
- Ken Lee
- Lester Siew
- Ming San Soong
- Philip Wong
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tham Mun Hon
Regional Morning Meeting Notes: Friday, April 11
GREATER CHINA Economics Inflation Deflationary pressures remain. Sector Automobile Weekly: Direct impacts from US tariffs contained; indirect spillovers uncertain. Maintain MARKET WEIGHT on the sector. Top BUYs: BYD, Geely and Desay SV. Update Anta Sports (2020 HK/BUY/HK$81.55/Target: HK$108.80) 1Q25 sales me...
300014 EVE ENERGY CO. LTD. CLASS A
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
FCT FRASERS CENTREPOINT TRUST
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
N2IU MAPLETREE COMMERCIAL TRUST
AJBU KEPPEL DC REIT
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
SCC SIAM CEMENT PUBLIC CO. LTD.
BMRI PT BANK MANDIRI (PERSERO) TBK
BBCA PT BANK CENTRAL ASIA TBK
EGH EUREKA GROUP HOLDINGS
M3I MINTH GROUP LIMITED
BN4 KEPPEL CORPORATION LIMITED
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
Q5T FAR EAST HOSPITALITY TRUST
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
01585 YADEA GROUP HOLDINGS LTD.
2333 GREAT WALL MOTOR CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
2338 WEICHAI POWER CO. LTD. CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
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
FHT FRASERS HOSPITALITY TRUST
IOI IOI CORP BHD
KLK KUALA LUMPUR KEPONG BHD
SASSR SASSEUR REAL ESTATE INVESTMENT TRUST
GENP GENTING PLANTATIONS BHD
DBB DUOPHARMA BIOTECH BHD
HAPL HAP SENG PLANTATIONS HOLDINGS BHD
1772 GANFENG LITHIUM CO. LTD. CLASS H
UHU UNITED HAMPSHIRE US REIT
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
SCGP SCG PACKAGING PCL
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
OXMU PRIME US REIT
09618 JD.COM INC. CLASS A
HMN ASCOTT RESIDENCE TRUST
CLCT CAPITALAND CHINA TRUST
KORE KEPPEL PACIFIC OAK US REIT
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
BBNI BANK NEGARA INDONESIA PERSER
BRIS BANK BRISYARIAH TBK
MXNU ELITE COMMERCIAL REIT MGNT PTE LTD
CLAR CAPITALAND ASCENDAS REIT
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
Z29 029 GROUP SE
02015 LI AUTO INC
600699 JOYSON ELECTRONICS CORP
SDG SD GUTHRIE BHD
- Jonathan Koh
Singapore REITs - Data Centre REITs – Reasoning AI Models Usher In The...
Reasoning AI models consume over 100 times more resources vs conventional AI models. The advent of new Reasoning AI models, including OpenAI GPT-5, will drive the next wave of demand for data centres. Demand for data centres is correlated to new product cycles, rather than import tariffs. BUY KDCREIT (Target: S$2.55) as SGP7 and SGP8 have started to contribute in 1Q25. BUY DCREIT (Target: US$0.88) and MINT (Target: S$2.70) for exposure to the US market. 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
SASSR SASSEUR REAL ESTATE INVESTMENT TRUST
UHU UNITED HAMPSHIRE US REIT
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.
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
Regional Strategy: Alpha Picks - April 2025
GREATER CHINA Strategy Alpha Picks: April Conviction Calls: Add CR Beer, Desay, JBM Healthcare, JD Logistics, Minth, WuXi App Tech and Xiaomi Corp to our BUY list. Take profit on AIA, Hansoh Pharma, JD and Zijin Mining. INDONESIA Strategy Alpha Picks: Outperform In Mar 25: Remove BBNI, BBRI, ASII, JSMR and KLBF; add BBCA, ICBP, ERAA and BUKA. MALAYSIA Strategy Alpha Picks: Pockets of Opportunities: Our Mar 25 Alpha Picks outperform. Apr 25 picks: Alpha IVF, Duopharma, IJM, IOI Properties, TIME...
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
EXCL XL AXIATA TBK PT
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
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Chong Lee Len
- Damon Shen
- Desmond Chong Chee Wai
- Jieqi Liu
- Johnny Yum
- Kampon Akaravarinchai
- Singapore Research Team
- Tanaporn Visaruthaphong
- Wei Xiang Ku
Regional Morning Meeting Notes: Tuesday, April 08, 2025
GREATER CHINA Strategy China And Hong Kong Property & Hong Kong Landlord Tariffs curtail US rate cuts, thereby hindering the recovery of Hong Kong property and tourism; Maintain OVERWEIGHT on China property. INDONESIA Strategy Alpha Picks: Outperform In Mar 25 Remove BBNI, BBRI, ASII, JSMR and KLBF; add BBCA, ICBP, ERAA and BUKA. MALAYSIA Update Pekat Group (PEKAT MK/BUY/RM1.08/Target: RM1.45) Good earnings visibility over 2025...
FR FIRST INDUSTRIAL REALTY TRUST INC.
AES AES CORPORATION
OU8 CENTURION
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
00683 KERRY PROPERTIES LIMITED
00016 SUN HUNG KAI PROPERTIES LIMITED
FCT FRASERS CENTREPOINT TRUST
00823 LINK REAL ESTATE INVESTMENT TRUST
CC3 STARHUB LTD
CPF CHAROEN POKPHAND FOODS PUBLIC CO. LTD.
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
544 CSE GLOBAL LTD.
D05 DBS GROUP HOLDINGS LTD
01109 CHINA RESOURCES LAND LIMITED
C09 CITY DEVELOPMENTS LIMITED
S68 SINGAPORE EXCHANGE LTD.
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
F34 WILMAR INTERNATIONAL LIMITED
BN2 VALUETRONICS HOLDINGS
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
SCNR SUNAC CHINA HOLDINGS LTD.
N2IU MAPLETREE COMMERCIAL TRUST
RLF LONGFOR GROUP HOLDINGS LTD.
AJBU KEPPEL DC REIT
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
GFPT GFPT
00014 HYSAN DEVELOPMENT CO. LTD.
C52 COMFORTDELGRO CORPORATION LIMITED
C6L SINGAPORE AIRLINES LTD.
BBCA PT BANK CENTRAL ASIA TBK
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
PTTEP PTT EXPLORATION & PRODUCTION PLC
Y92 THAI BEVERAGE PUBLIC CO. LTD.
AP4 RIVERSTONE HOLDINGS
BN4 KEPPEL CORPORATION LIMITED
ICBP PT INDOFOOD CBP SUKSES MAKMUR TBK
ERAA ERAJAYA SWASEMBADA
Q5T FAR EAST HOSPITALITY TRUST
MIKA MITRA KELUARGA KARYASEHAT
01997 WHARF REAL ESTATE INVESTMENT CO. LTD.
SE SEA ADS
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
NETLINK NETLINK NBN TRUST
SIE SIA ENGINEERING CO LTD
BAL BUMITAMA AGRI LTD
PREIT PARKWAYLIFE REAL ESTATE
SPOST SINGAPORE POST LTD
MINT MAPLETREE INDUSTRIAL TRUST
FHT FRASERS HOSPITALITY TRUST
PMAH PRESS METAL ALUMINIUM HOLDIN
SSG SHENG SIONG GROUP LTD
RFMD RAFFLES MEDICAL GROUP LTD
TXG 10X GENOMICS INC CLASS A
TGIF 1933 INDUSTRIES
RSTON RIVERSTONE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
MPM MARCO POLO MARINE LTD
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
HMN ASCOTT RESIDENCE TRUST
00017 NEW WORLD DEVELOPMENT CO. LTD.
SE US SEA LIMITED
BUKA BUKALAPAK.COM PT TBK
CVL CIVMEC
9CI CAPITALAND INVESTMENT LTD
EXCL XL AXIATA TBK PT
123F 123FAHRSCHULE SE
BCOW 1895 BANCORP OF WISCONSIN INC
CLAR CAPITALAND ASCENDAS REIT
ITC I-TAIL CORPORATION PUBLIC COMPANY LIMITED
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
STM SEATRIUM LTD
EPIC 1CM INC
Z29 029 GROUP SE
BTG BETAGRO PUBLIC COMPANY LIMITED
PEKAT PEKAT GROUP BHD
PAN SP PAN-UNITED CORPORATION (PAN SP)
- Adrian Loh Tzum Yung
- Singapore Research Team
Singapore Market Strategy - Turbulence To Continue – Stay With Domesti...
The selloff driven by the US’ unprecedented and perplexing tariff plans has liberated many investors of profits this year. Given the fluidity of market conditions, we highlight a number of domestic-focused stocks such as CENT, CD, DFI, HLA, PANU, PROP, RFMD, SSG and SIE as well as Singapore-focused REITS such as CDLHT, FEHT, FCT, KREIT, LREIT and PREIT. In addition, the MAS’ equity market review should inject much needed liquidity in 2H25. We lower our STI target to 3,720 (previously 4,115).
AES AES CORPORATION
OU8 CENTURION
FCT FRASERS CENTREPOINT TRUST
CC3 STARHUB LTD
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
544 CSE GLOBAL LTD.
D05 DBS GROUP HOLDINGS LTD
C09 CITY DEVELOPMENTS LIMITED
S68 SINGAPORE EXCHANGE LTD.
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
F34 WILMAR INTERNATIONAL LIMITED
BN2 VALUETRONICS HOLDINGS
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
N2IU MAPLETREE COMMERCIAL TRUST
AJBU KEPPEL DC REIT
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
C52 COMFORTDELGRO CORPORATION LIMITED
C6L SINGAPORE AIRLINES LTD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
Y92 THAI BEVERAGE PUBLIC CO. LTD.
AP4 RIVERSTONE HOLDINGS
BN4 KEPPEL CORPORATION LIMITED
Q5T FAR EAST HOSPITALITY TRUST
SE SEA ADS
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
NETLINK NETLINK NBN TRUST
SIE SIA ENGINEERING CO LTD
BAL BUMITAMA AGRI LTD
PREIT PARKWAYLIFE REAL ESTATE
SPOST SINGAPORE POST LTD
MINT MAPLETREE INDUSTRIAL TRUST
FHT FRASERS HOSPITALITY TRUST
SSG SHENG SIONG GROUP LTD
RFMD RAFFLES MEDICAL GROUP LTD
TXG 10X GENOMICS INC CLASS A
TGIF 1933 INDUSTRIES
RSTON RIVERSTONE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
MPM MARCO POLO MARINE LTD
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
HMN ASCOTT RESIDENCE TRUST
SE US SEA LIMITED
CVL CIVMEC
9CI CAPITALAND INVESTMENT LTD
123F 123FAHRSCHULE SE
BCOW 1895 BANCORP OF WISCONSIN INC
CLAR CAPITALAND ASCENDAS REIT
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
STM SEATRIUM LTD
EPIC 1CM INC
Z29 029 GROUP SE
PAN SP PAN-UNITED CORPORATION (PAN SP)
- Adrian Loh Tzum Yung
FCT FRASERS CENTREPOINT TRUST
C52 COMFORTDELGRO CORPORATION LIMITED
Q5T FAR EAST HOSPITALITY TRUST
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
CDREIT CDL HOSPITALITY TRUSTS
KREIT KEPPEL REIT
SIE SIA ENGINEERING CO LTD
PREIT PARKWAYLIFE REAL ESTATE
SSG SHENG SIONG GROUP LTD
RFMD RAFFLES MEDICAL GROUP LTD
PROP PROPNEX LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
HLA HONG LEONG ASIA LTD
PAN SP PAN-UNITED CORPORATION (PAN SP)
- Jonathan Koh
Singapore REITs - Starting To Regain Lost Ground
S-REITs have had a negative correlation of 0.59 against the S&P 500 Index. Thus, S-REITs could mean revert and register gains even as the S&P 500 falls over the next six months. Our preferred BUYs are CICT (Target: S$2.37) and LREIT (Target: S$0.72) for suburban retail, DCREIT (Target: US$0.88), KDCREIT (Target: S$2.55) and MINT (Target: S$2.70) for data centres, and PREIT (Target: S$4.85) for healthcare, which are relatively less affected by the impact from tariffs. 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
SASSR SASSEUR REAL ESTATE INVESTMENT TRUST
UHU UNITED HAMPSHIRE US REIT
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.
- Heidi Mo Jinghui
- Jonathan Koh
- Llelleythan Tan Tan
Singapore Daily: Friday, April 04, 2025
KEY HIGHLIGHTS Sector REITs Starting to regain lost ground. Update ComfortDelGro Corporation (CD SP/BUY/S$1.48/Target: S$1.76) New entrant, more competition. TRADERS' CORNER Parkway Life Real Estate Investment Trust (PREIT SP): Trading BUY Wilmar International (WIL SP): Trading BUY
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
SASSR SASSEUR REAL ESTATE INVESTMENT TRUST
UHU UNITED HAMPSHIRE US REIT
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: Adding OTEK, VALUE, DFI; Removing CD, CENT, RS...
Driven by our small-mid cap picks, our Alpha Picks portfolio outperformed in Mar 25, increasing 3.4% mom on an equal-weighted basis and beating the STI by 1.4ppt. For 1Q25, our portfolio did not do as well as it underperformed the STI by 5.1ppt on an equal-weighted basis, due largely to the banking sector which reported strong 2024 results.
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
BN2 VALUETRONICS HOLDINGS
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
SIE SIA ENGINEERING CO LTD
PROP PROPNEX LTD
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
CVL CIVMEC
STM SEATRIUM LTD
OTEK OILTEK INTERNATIONAL (OTEK SP)
- Jonathan Koh
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
SASSR SASSEUR REAL ESTATE INVESTMENT TRUST
UHU UNITED HAMPSHIRE US REIT
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.
- Jonathan Koh
Singapore REITs - S-REITs Monthly Update (Mar 25)
While trade conflicts and tariffs remain a threat, the recent series of weak economic numbers has led to lower US government bond yields. Many blue-chip S-REITs have already corrected and are trading at attractive yields of 6-7%. Maintain OVERWEIGHT. BUY retail REIT CICT (Target: S$2.37), data centre REIT DCREIT (Target: US$0.88) and healthcare REIT PREIT (Target: S$4.85). We also like CLAS (Target: S$1.38).
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
SASSR SASSEUR REAL ESTATE INVESTMENT TRUST
UHU UNITED HAMPSHIRE US REIT
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.
- Jonathan Koh
Singapore Daily: Thursday, March 06, 2025
KEY HIGHLIGHTS Sector REITs 4Q24 round-up: Staying on task. Results Centurion Corp (CENT SP/BUY/S$1.01/Target: S$1.16) 2024: Higher-than-expected earnings supported by fair value gains. TRADERS' CORNER First Resources (FR SP): Trading BUY Singapore Post (SPOST SP): Trading BUY
FCT FRASERS CENTREPOINT TRUST
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
SASSR SASSEUR REAL ESTATE INVESTMENT TRUST
UHU UNITED HAMPSHIRE US REIT
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.
- Jonathan Koh
Singapore REITs - 4Q24 Round-up: Staying On Task
Four S-REITs out of 21 under our coverage beat expectations, namely CICT (healthy reversion and revaluation gain), CLAS (uptrend in RevPAR), DCREIT (backfilled data centres in LA and Toronto) and KDCREIT (reversion of >30% for Singapore colocation contracts). Maintain OVERWEIGHT. BUY retail REIT CICT (Target: S$2.37), data centre REIT DCREIT (Target: US$0.88) and healthcare REIT PREIT (Target: S$4.85). We also like CLAS (Target: S$1.38) and KORE (Target: US$0.33).
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
SASSR SASSEUR REAL ESTATE INVESTMENT TRUST
UHU UNITED HAMPSHIRE US REIT
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.
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
Regional Strategy: Alpha Picks - March 2025
GREATER CHINA Strategy Alpha Picks: March Conviction Calls: Add Geely, JD, SHKP and Zijin Mining to our BUY list. Take profit on CATL, Desay, JD Logistics, Mengniu, Plover Bay and Tencent. INDONESIA Strategy Alpha Picks: Underperformance In Feb 25: Our picks are BBNI, BBRI, MIKA, EXCL, KLBF, JSMR and ASII. MALAYSIA Strategy Alpha Picks: Unprecedented Combo Of Disappointments: Our Feb 25 Alpha Picks sorely underperformed. Mar 25 picks: 99SpeedMart, Alpha IVF, KPJ Healthcare, MrDIY, MYEG, RHB Ba...
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
EXCL XL AXIATA TBK PT
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
- Jonathan Koh
Singapore REITs: S-REITs Monthly Update (Feb 25)
While trade conflicts and tariffs remain a threat, the recent series of weak economic numbers and efforts to rein in fiscal spending have led to lower US government bond yields. Many blue-chip S-REITs have already corrected and are trading at attractive yields of 6-7%. Maintain OVERWEIGHT. BUY retail REIT CICT (Target: S$2.37), data centre REIT DCREIT (Target: US$0.88) and healthcare REIT PREIT (Target: S$4.85). We also like CLAS (Target: S$1.38) and KORE (Target: US$0.33).
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
SASSR SASSEUR REAL ESTATE INVESTMENT TRUST
UHU UNITED HAMPSHIRE US REIT
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: Adding RSTON, UMSH, SIE, CICT And Removing CVL...
Driven by a strong performance from the banks sector, the STI was up 1.0% mom in Feb 25, beating our Alpha Picks portfolio on an equal-weighted basis which fell 3.9% mom. Our Alpha Picks portfolio performed slightly better on a market cap-weighted basis, falling 3.6% mom, with two stocks in particular weighing on the performance.
544 CSE GLOBAL LTD.
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
558 UMS HOLDINGS LIMITED
C52 COMFORTDELGRO CORPORATION LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
SIE SIA ENGINEERING CO LTD
PROP PROPNEX LTD
RSTON RIVERSTONE HOLDINGS LTD
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
CVL CIVMEC
STM SEATRIUM LTD
- John Cheong Ming Chern
- Jonathan Koh
- Lester Siew
- Singapore Research Team
Singapore Daily: Tuesday, March 04, 2025
KEY HIGHLIGHTS Strategy Alpha Picks: Adding RSTON, UMSH, SIE, CICT And Removing CVL, VMS, LREIT Our Alpha Picks portfolio underperformed the STI in Feb 25, falling 3.6% mom on a market cap-weighted basis. Adding RSTON, UMSH, SIE and CICT; removing CVL, VMS and LREIT. Sector REITs S-REITs monthly update (Feb 25). Results First Resources (FR SP/BUY/S$1.59/Target: S$1.75) FY24: Results in line with our expectations but exceeded the street’s, with full-year nucleus FFB growth of 6.4% ex...
OU8 CENTURION
FCT FRASERS CENTREPOINT TRUST
544 CSE GLOBAL LTD.
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
N2IU MAPLETREE COMMERCIAL TRUST
AJBU KEPPEL DC REIT
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
558 UMS HOLDINGS LIMITED
C52 COMFORTDELGRO CORPORATION LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
2GB 2G ENERGY AG
Q5T FAR EAST HOSPITALITY TRUST
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
SIE SIA ENGINEERING CO LTD
PREIT PARKWAYLIFE REAL ESTATE
MINT MAPLETREE INDUSTRIAL TRUST
FHT FRASERS HOSPITALITY TRUST
SASSR SASSEUR REAL ESTATE INVESTMENT TRUST
TXG 10X GENOMICS INC CLASS A
TGIF 1933 INDUSTRIES
PROP PROPNEX LTD
RSTON RIVERSTONE HOLDINGS LTD
UHU UNITED HAMPSHIRE US REIT
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
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
TSVT 2SEVENTY BIO INC
123F 123FAHRSCHULE SE
MXNU ELITE COMMERCIAL REIT MGNT PTE LTD
BCOW 1895 BANCORP OF WISCONSIN INC
CLAR CAPITALAND ASCENDAS REIT
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
STM SEATRIUM LTD
Z29 029 GROUP SE
- Heidi Mo Jinghui
- Jonathan Koh
- Llelleythan Tan Tan
Singapore Daily - Friday, February 07, 2025
KEY HIGHLIGHTS Results Lendlease Global Commercial REIT (LREIT SP/BUY/S$0.53/Target: S$0.72) 1HFY25: Resilient contributions from Singapore; upside from office block at Jem. Singapore Exchange (SGX SP/HOLD/S$12.71/Target: S$12.58) 1HFY25: Record-high earnings driven by all business segments. Update Wilmar International (WIL SP/HOLD/S$3.26/Target: S$3.18) 4Q24 results preview: Better performance qoq, but lower yoy on lacklustre China operations and delayed sugar harvest. TRADERS' CORNER Seatr...
- Arsit Pamaranont
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Gigi Cheuk
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Jonathan Koh
- Kate Luang
- Ken Lee
- Lester Siew
- Llelleythan Tan Tan
- Paula Ruth
- Sunny Chen
Regional Morning Notes - Friday, February 07, 2025
GREATER CHINA Strategy Small-Mid Cap Monthly: Countdown to Plover Bay’s 2024 results: Eyeing final dividend and 2025 outlook. Sector Automobile: Weekly: OEMs post upbeat January sales. Maintain MARKET WEIGHT. Top BUYs: Geely, CATL, Fuyao and Desay. Update Aier Eye Hospital Group (300015 CH/HOLD/Rmb12.71/Target: Rmb13.80): Expecting slower growth amid weaker demand, yet outperforming peers. Downgrade to HOLD. INDONESIA Results XL Axiata (EXCL IJ/BUY/Rp2,290/Target: Rp3,300): 4Q24: NPAT jumps 93%...
S68 SINGAPORE EXCHANGE LTD.
F34 WILMAR INTERNATIONAL LIMITED
ESSO ESSO (THAILAND)
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
7113 TOP GLOVE CORPORATION BHD.
ROTH BRITISH AMERICAN TOBACCO BHD
IOI IOI CORP BHD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
EXCL XL AXIATA TBK PT
- Jonathan Koh
Lendlease Global Commercial REIT (LREIT SP) - 1HFY25: Resilient Contri...
Rental reversion was stable in the low teens for Jem but eased slightly to high single digits for 313@Somerset. Occupancy at Building 3 of Sky Complex improved to 31% after securing two new tenants. Rent review for lease with MND for the office block at Jem is in the final stage and should provide rental uplift in the low teens. The multi-functional event space at the Grange Road car park is expected to complete in 2H26. LREIT provides FY25 distribution yield of 7.0%. Maintain BUY. Target price:...
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