A director at Wilmar International Limited bought 130,000 shares at 3.036SGD and the significance rating of the trade was 57/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last tw...
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...
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).
A director at Acomo NV bought 7,500 shares at 16.830EUR and the significance rating of the trade was 56/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showi...
Acomo: A game of two halves. Ahold Delhaize: Peer Kroger FY24 results. Belgian telecoms: Telenet 2.9% price increase. D'Ieteren: FY24 results preview. Elia: Strong results and 2025 outlook, €2.2bn equity financing. Eurocommercial Properties: Sound results, positive revaluations, lighter LTV. Melexis: Attractive bid on direct peer Allegro. Universal Music Group: Much better Q4 - on strong subscription, DSP catch-up payment.
A director at Tate & Lyle bought 8,200 shares at 538p and the significance rating of the trade was 51/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing...
During the UOB Kay Hian Palm Oil Seminar 2025 held yesterday, our speakers forecast palm oil production in Malaysia to remain stagnant in 2025 but expect Indonesia’s output to rise. Our speakers also flagged falling palm oil exports demand amid widened price premiums vs rival vegoils, and foresee inventories building up followed by price corrections later this year. Maintain OVERWEIGHT on Indonesia and Singapore planters, and MARKET WEIGHT on Malaysian planters. Top picks: Hap Seng Plantations a...
REGIONAL Sector Plantation Guest speakers at our Palm Oil Seminar 2025 flag diverging palm production prospects between Malaysia and Indonesia, alongside downside risks to CPO prices. GREATER CHINA Results Trip.com (9961 HK/BUY/HK$462.00/Target: HK$630.00) 4Q24: Earnings beat; continuous efforts in international expansion. INDONESIA Small/Mid Cap Highlights Bumi Resources Minerals (BRMS IJ...
KEY HIGHLIGHTS Strategy Small Mid Cap: Identifying stocks that could benefit from MAS’ S$5b liquidity boost. Results Seatrium (STM SP/BUY/S$2.38/Target: S$2.96): 2024: After seven long years, STM is back in the black. Maintain BUY with a slightly higher target price of S$2.96. SATS (SATS SP/BUY/S$3.30/Target: S$3.86): 3QFY25: A slight miss; expect some uncertainties for cargo in FY26. Singapore Airlines (SIA SP/HOLD/S$6.55/Target: S$6.09): 3QFY25: Results in line; pax yield moderation to conti...
GREATER CHINA Update Shenzhen Mindray Bio-Medical Electronics (300760 CH/BUY/Rmb257.82/Target: Rmb330.00) Embraces business opportunities provided by digital and intelligent solutions. INDONESIA Update Dayamitra Telekomunikasi (MTEL IJ/BUY/Rp640/Target: Rp820) Expanding fibre optic network length by 20% following the acquisition. Maintain BUY. MALAYSIA Results MISC (MISC MK/BUY/RM7.15/Target: RM8.60) 2024: Results outperform, but marke...
The key trends discussed in the briefing generally align with our expectations. We anticipate Wilmar’s core net profit improving in 2025, driven by sales volume growth from increased market share and better soybean crush margins. The surprise is that contributions from China may be higher due to better-than-expected volume growth. We believe the market has already priced in weakness from 2024. Upgrade to BUY with a higher target price of S$3.45.
GREATER CHINA Sector Automobile: Weekly: PV sales rebound wow but remain low due to wait-and-see sentiment. Maintain MARKET WEIGHT on the sector. Top BUYs: Geely, CATL, Fuyao and Desay. Renewable Energy: Solar energy equipment: Policy-driven installation rush to support prices; milder module shipment growth in 2025. Results Alibaba Group (9988 HK/BUY/HK$120.90/Target: HK$150.00): 3QFY25: CMR beat; all-in AI; capex in next three years to exceed that of the past decade. Lenovo Group (992 HK/BUY/HK...
Wilmar’s 2H24 results are in line with our but below consensus expectations. Sales volume growth was seen across all divisions with the exception of sugar milling, while there was also lower sugar merchandising activities. While we expect earnings improvement for 2025 on better refining margins, share price may be subdued due to the ongoing case involving the 2021-22 palm oil fraud allegations in Indonesia. Total DPS declared was 6% lower at S$0.16. Maintain HOLD with a target price of S$3.18.
KEY HIGHLIGHTS Results Prime US REIT (PRIME SP/BUY/US$0.159/Target: US$0.29) 2H24: Higher portfolio valuation and recapitalisation lead to lower gearing. Genting Singapore (GENS SP/BUY/S$0.775/Target: S$1.12) 4Q24: Strong set of results within our expectations. 2025 outlook highly attractive with lush dividend yield of 5%. Maintain BUY and target price of S$1.12. Wilmar International (WIL SP/HOLD/S$3.21/Target: S$3.18) 2024: Results within expectations. Sales volum...
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...
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%...
Wilmar will be releasing its 2H24 results on 20 Feb 25 after trading hours. We estimate 4Q24 core net profit at US$330m-340m and full-year core net profit at US$1.14b-1.15b, which is 3-4% lower than our forecast and 9-10% lower than consensus expectation. We expect AWL to become a subsidiary from FY26, as the agreement condition has been fulfilled. Maintain HOLD with a higher target price of S$3.18 (previously S$3.00) on a modest consumer sentiment outlook in China.
Summary Marketline's Associated British Foods plc Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Associated British Foods plc - Mergers & Acquisitions (M&A), Partnerships & Alliances since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & All...
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