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Tate & Lyle: 1 director

A director at Tate & Lyle bought 15,000 shares at 563p and the significance rating of the trade was 52/100. 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 showin...

Reg Watson ... (+2)
  • Reg Watson
  • CFA

Acomo/Time to go nuts!/BUY

We update our Acomo forecast and valuation to account for the company's freshly minted CMD guidance and strong start to the year. We increase our 2025F and 2026F EPS by 20% and 25% respectively and raise our 12-month target price to €26.00 from €20.00 while maintaining our BUY recommendation.

Heidi Mo Jinghui ... (+4)
  • Heidi Mo Jinghui
  • John Cheong Ming Chern
  • Jonathan Koh
  • Lester Siew

Singapore Daily: Friday, May 02, 2025

KEY HIGHLIGHTS Sector REITs              S-REITs monthly update (Apr 25). Results Digital Core REIT (DCREIT SP/BUY/US$0.50/Target: US$0.90)   1Q25: Tech giants continue to invest in data centres and AI. Far East Hospitality Trust (FEHT SP/BUY/S$0.545/Target: S$0.71)    1Q25: Defensive strength from mid-tier positioning and low leverage. Sheng Siong Group (SSG SP/BUY/S$1.76/Target: S$1.97)       1Q25: Expanding footprint to fuel growth. Update Wilmar International (WIL SP/BUY/S$3.06/Target: S$3.4...

Lester Siew
  • Lester Siew

Wilmar International (WIL SP) - Outlook Remains Positive

Wilmar’s management updates are largely in line with our expectations. Sustained sales volume growth, on top of better crush margins yoy are expected to anchor 2025 earnings growth. Upside to CPO and sugar prices may be capped in the near term, although palm processing margins may start to improve on the flipside. That said, its legal matters in Indonesia may take a little more time to be resolved. Maintain BUY on Wilmar with an unchanged target price of S$3.45.

Arsit Pamaranont ... (+18)
  • Arsit Pamaranont
  • Benjaphol Suthwanish
  • Benyamin Mikael
  • Chong Lee Len
  • Claire Wang Kelai
  • Colin Lee
  • Ejann Hiew
  • Heidi Mo Jinghui
  • John Cheong Ming Chern
  • Johnny Yum Chung Man
  • Jonathan Koh
  • Kampon Akaravarinchai
  • Kenny Yong Hui Lim
  • Kong Ho Meng
  • Lester Siew
  • Shirley Wang Xueyi
  • Stella Guo Yuting
  • Ziv Ang Sze Champ

Regional Morning Notes - Wednesday, April 30, 2025

GREATER CHINA Results China Construction Bank (939 HK/HOLD/HK$6.79/Target: HK$7.00): 1Q25: Earnings miss due to weaker NIM and fee income; tariff risk is limited. Downgrade to HOLD. China Longyuan Power (916 HK/HOLD/HK$6.10/Target: HK$6.60): 1Q25: In line; cautious outlook amid rising curtailment rates and upcoming policy shift. China Merchants Bank (3968 HK/BUY/HK$44.50/Target: HK$49.00): 1Q25: Earnings down 2.1% yoy on weaker trading gains. Estun Automation (002747 CH/SELL/Rmb19.17/Target: Rmb...

Lester Siew
  • Lester Siew

Wilmar International (WIL SP) - 1Q25: Results In Line; Recovery Seen A...

Wilmar’s 1Q25 results are deemed in line with expectations. Core earnings improved 4% yoy with operating performance largely tracking management’s recent guidance, including recovering profit contributions by its China subsidiary. Management will host its post-1Q25 analyst briefing on 30 April. Maintain BUY on Wilmar with an unchanged target price of S$3.45.

Heidi Mo Jinghui ... (+4)
  • Heidi Mo Jinghui
  • John Cheong Ming Chern
  • Jonathan Koh
  • Lester Siew

Singapore Daily: Wednesday, April 30, 2025

KEY HIGHLIGHTS Results Wilmar International (WIL SP/BUY/S$3.02/Target: S$3.45) 1Q25: Results meet expectations, with core earnings up 4% yoy on stronger contribution by Food Products and Plantations & Sugar Milling segments. Maintain BUY. Update Frasers Centrepoint Trust (FCT SP/BUY/S$2.26/Target: S$2.73) Heartbeat of the heartland. Marco Polo Marine (MPM SP/BUY/S$0.042/Target:S$0.072) Ushering in a new chapter. TRADERS' CORNER Raffles Medical Group (RFMD SP): Trading BUY ...

ING Helpdesk
  • ING Helpdesk

Benelux Morning Notes

Acomo: Cocoa-nuts. Cofinimmo: Strong operational start of the year. IMCD: Favourable start of the year. Randstad: Capital Markets Event 2025; rewriting the industry. Signify: Calm 1Q25 before tariff storm. Universal Music Group: EU to probe planned acquisition of Downtown Music. 1Q25 preview. WDP: Good investment, lighter LFL, guidance reconfirmed. Xior Student Housing: Strong organic trends continue. Events Calendar

Wilmar International Limited: 2 directors

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...

ING Helpdesk
  • ING Helpdesk

Benelux Morning Notes

Acomo: Business as usual. IBA: CMD focus on 2028 targets, other accelerators, new CFO announced. Melexis: Sector M&A back in focus. Proximus: Stefaan De Clerck extended as chairman for another year

Adrian Loh Tzum Yung ... (+11)
  • 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...

TFG THAIFOODS GROUP
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 ... (+2)
  • 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).

FR FIRST INDUSTRIAL REALTY TRUST INC.
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)
ING Helpdesk
  • ING Helpdesk

Benelux Morning Notes

Acomo: Going for growth. PostNL: Highlights of pre-earnings analyst call 1Q25. Shell: Updated outlook looks light. Staffing: US temp volume better in March; upward revisions to Feb/Jan; NFP jobs beat

Acomo NV: 1 director

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...

ING Helpdesk
  • ING Helpdesk

Benelux Morning Notes

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.

Anas Fitri Bin Ahmad ... (+2)
  • Anas Fitri Bin Ahmad
  • Lester Siew

Regional Plantation – Key Takeaways From UOB Kay Hian Palm Oil Seminar...

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...

Adrian Loh Tzum Yung ... (+16)
  • Adrian Loh Tzum Yung
  • Anas Fitri Bin Ahmad
  • Benjaphol Suthwanish
  • Benyamin Mikael
  • Chong Lee Len
  • Heidi Mo Jinghui
  • John Cheong Ming Chern
  • Julia Pan Mengyao
  • Kampon Akaravarinchai
  • Kasemsun Koonnara
  • Kong Ho Meng
  • Lester Siew
  • Ming San Soong
  • Philip Wong
  • Tanaporn Visaruthaphong
  • Wei Xiang Ku

Regional Morning Meeting Notes: Wednesday, February 26, 2025

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...

Adrian Loh Tzum Yung ... (+6)
  • Adrian Loh Tzum Yung
  • Heidi Mo Jinghui
  • John Cheong Ming Chern
  • Jonathan Koh
  • Llelleythan Tan Tan
  • Roy Chen Chengzhi

Singapore Daily - Monday, February 24, 2025

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...

Adrian Loh Tzum Yung ... (+15)
  • Adrian Loh Tzum Yung
  • Benjaphol Suthwanish
  • Carol Dou Xiao Qin
  • Chong Lee Len
  • Heidi Mo Jinghui
  • Jack Goh Tooan Orng
  • John Cheong Ming Chern
  • Kampon Akaravarinchai
  • Kong Ho Meng
  • Llelleythan Tan Tan
  • Paula Ruth
  • Philip Wong
  • Roy Chen Chengzhi
  • Sunny Chen
  • Tanaporn Visaruthaphong

Regional Morning Meeting Notes: Monday, February 24, 2025

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...

Heidi Mo Jinghui ... (+2)
  • Heidi Mo Jinghui
  • Llelleythan Tan Tan

Wilmar International (WIL SP) - Anticipating A Better Year From China;...

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.

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