reports
- Adrian Loh Tzum Yung
- Heidi Mo Jinghui
- Llelleythan Tan Tan
- Singapore Research Team
Singapore Daily: Monday, April 15, 2024
KEY HIGHLIGHTS Strategy The Impact Of Escalating Middle East Tensions A fluid situation with oil prices the key worry. Small/Mid Cap Highlights BRC Asia (BRC SP/BUY/S$1.94/Target: S$2.42) 1QFY24: Strong results as construction demand recovers. TRADERS’ CORNER Aztech Global (AZTECH SP): Trading BUY Isdn Holdings (ISDN SP): Trading BUY
G13 GENTING SINGAPORE
FCT FRASERS CENTREPOINT TRUST
CC3 STARHUB LTD
S63 SINGAPORE TECHNOLOGIES ENGINEERING 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.
1820 ABDULMOHSEN AL HOKAIR GROUP FOR TOURISM AND DEVELOPMENT CO CJSC
AJBU KEPPEL DC REIT
C52 COMFORTDELGRO CORPORATION LIMITED
C6L SINGAPORE AIRLINES LTD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
Y92 THAI BEVERAGE PUBLIC CO. LTD.
BN4 KEPPEL CORPORATION LIMITED
SE SEA ADS
SATS SP SATS LTD.
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
FEHT FAR EAST HOSPITALITY 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
RFMD RAFFLES MEDICAL GROUP LTD
SASSR SASSEUR REAL ESTATE INVESTMENT TRUST
MUST MANULIFE US REAL ESTATE INV
BRC BRC ASIA LTD
TXG 10X GENOMICS INC CLASS A
FEH FOOD EMPIRE HOLDINGS LTD
UHU UNITED HAMPSHIRE US REIT
FRKN FRENCKEN GROUP LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
FLT FRASERS LOGISTICS & COMMERCIAL TRUST
KORE KEPPEL PACIFIC OAK US REIT
DCREIT DIGITAL CORE REIT
ADSE ADS TEC ENERGY PLC
CLI CAPITALAND INVESTMENT LTD
MPACT MAPLETREE PAN ASIA COMMERCIAL TRUST
BCOW 1895 BANCORP OF WISCONSIN INC
CLAS CAPITALAND ASCOTT TRUST
CLAR CAPITALAND ASCENDAS REIT
PRIME PRIME ROAD POWER PUBLIC CO LTD
STM SEATRIUM LTD
Z29 029 GROUP SE
ACG ACG ACQUISITION COMPANY LIMITED
- Adrian Loh Tzum Yung
- Bella Lu Yifei
- Chong Lee Len
- Damon Shen
- Jack Goh Tooan Orng
- Jacquelyn Yow Hui Li
- Jieqi Liu
- Jo Yee Ng
- John Cheong Ming Chern
- Julia Pan Mengyao
- Jun Sian Tan
- Kasemsun Koonnara
- Keith Wee Teck Keong
- Ken Lee
- Kenny Yong Hui Lim
- Leow Huey Chuen
- Llelleythan Tan Tan
- Ming San Soong
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Stevanus Juanda
- Tanaporn Visaruthaphong
- Wei Xiang Ku
Regional Morning Notes - Friday, March 01, 2024
GREATER CHINA Sector Automobile: Weekly: PEV market share rebounds; price war heats up. Maintain UNDERWEIGHT. Top SELLs: XPeng. Top BUY: CATL, Tuopu and Desay SV. Results Budweiser APAC (1876 HK/BUY/HK$12.68/Target: HK$19.50): 2023: Results miss; mixed signals from the results. Hong Kong Exchanges and Clearing (388 HK/HOLD/HK$242.80/Target: HK$262.00): 4Q23: Passable results. Maintain HOLD. NetEase (9999 HK/BUY/HK$176.20/Target: HK$202.00): 4Q23: Earnings miss; upcoming blockbusters in 2024. New...
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
1023 CIMB GROUP HOLDINGS BHD
UNTR PT UNITED TRACTORS TBK
00388 HONG KONG EXCHANGES & CLEARING LTD.
STEC SINO-THAI ENGINEERING & CONSTRUCTION PCL
AMATA AMATA CORP
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
AP4 RIVERSTONE HOLDINGS
CPN-R CENTRAL PATTANA PCL NVDR
GENM GENTING MALAYSIA BHD
MAHB MALAYSIA AIRPORTS HLDGS BHD
01876 BUDWEISER BREWING CO. APAC LTD.
TDC TIME DOTCOM BHD
09999 NETEASE INC
00017 NEW WORLD DEVELOPMENT CO. LTD.
CK CH. KARNCHANG PUBLIC CO LTD
- Adrian Loh Tzum Yung
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Jonathan Koh
Singapore Daily - Friday, March 01, 2024
KEY HIGHLIGHTS Results AEM Holdings (AEM SP/HOLD/S$2.14/Target:S$1.94): 2023: Revenue meets forecast but 2024 guidance misses expectation; maintain HOLD. First Resources (FR SP/BUY /S$1.42/Target: S$1.65): 2023: 2H results below expectations as downstream losses are greater than expected due to negative margins for both refiner and biodiesel. Better outlook in 2024. Riverstone Holdings (RSTON SP/BUY/S$0.675/Target: S$0.88): 2023: Strong earnings beat, attractive 2024 yield of around 10%. Sin...
- Roy Chen Chengzhi
Singapore Technologies Engineering (STE SP) - 2023: Results In Line; S...
2023 headline/core net profit of S$586m/S$554m was in line with our expectations, at 98%/99% of our full-year forecasts. The slight weakness in CA margins in 2H23 has been offset by strengths in DPS and USS. We have raised our 2024-26 core net profit forecasts by 3.9-4.5% to reflect slightly higher revenue delivery and more favourable margin mix. Maintain BUY with a higher target price of S$4.50.
- Benjaphol Suthwanish
- Chong Lee Len
- Jack Goh Tooan Orng
- Jacquelyn Yow Hui Li
- Jo Yee Ng
- Johnny Yum Chung Man
- Jonathan Koh
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Kate Luang
- Kochakorn Sutaruksanon
- Leow Huey Chuen
- Ming San Soong
- Paula Ruth
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tanaporn Visaruthaphong
- Tham Mun Hon
- Wei Xiang Ku
Regional Morning Notes - Tuesday, November 14, 2023
GREATER CHINA Economics Money Supply: A little less to cheer. Strategy Small-Mid Cap Biweekly: Riding on the wave of AI PC; Thunder Software Technology is a beneficiary. Sector Internet: 3Q23 results preview: Solid e-commerce ad growth to drive sector growth; potential positive surprise from online game grossing. Internet: Muted growth acceleration from 11.11 campaign. Update Xtep International Holdings (1368 HK/BUY/HK$6.43/Target: HK$9.50): Revenue guidance revised down yet sales target maintai...
FR FIRST INDUSTRIAL REALTY TRUST INC.
G13 GENTING SINGAPORE
PTT PTT PUBLIC COMPANY LIMITED
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
BEM BANGKOK EXPRESSWAY AND METRO PUBLIC COMPANY LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
CENTEL CENTRAL PLAZA HOTEL
MAXIS MAXIS BHD
1368 XTEP INTERNATIONAL HOLDINGS
MTEL IJ PT DAYAMITRA TELEKOMUNIKASI
- Roy Chen Chengzhi
Singapore Technologies Engineering (STE SP) - 3Q23: Revenue Broadly In...
STE’s 3Q23 revenue of S$2.43b (+8.8% yoy) was largely in line with our expectations, with 3Q23/9M23 revenue at 25%/76% of our full-year projections. One small incremental negative this quarter was management’s moderated profit guidance for the USS division due to the ongoing transformation of the Satcom business. Overall, STE’s growth outlook is largely intact, underpinned by its strong orderbook (close to record high). Maintain BUY and target price of S$4.20.
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Jacquelyn Yow Hui Li
- John Cheong Ming Chern
- Jonathan Koh
- Leow Huey Chuen
- Roy Chen Chengzhi
Singapore Daily - Tuesday, November 14, 2023
KEY HIGHLIGHTS Sector Banking: 3Q23 round-up: Building buffers to weather heightened geopolitical uncertainties. Results AEM Holdings (AEM SP/BUY/S$3.34/Target:S$3.63): 9M23: Revenue in line with forecast; recovery expected in late-24. CSE Global (CSE SP/BUY/S$0.435/Target: S$0.61): 3Q23: Results in line; growth backed by strong orderbook. First Resources (FR SP/BUY/S$1.43/Target: S$1.65): 3Q23: Results slightly below expectation on lower-than-expected sales volume. This was mainly due to sh...
- Adrian Loh Tzum Yung
- Desmond Chong Chee Wai
- Jacquelyn Yow Hui Li
- Jo Yee Ng
- John Cheong Ming Chern
- Keith Wee Teck Keong
- Leow Huey Chuen
- Roy Chen Chengzhi
- Stella Guo Yuting
- Stevanus Juanda
- Tham Mun Hon
- Vincent Khoo Boo Aik
Regional Morning Notes - Monday, August 14, 2023
GREATER CHINA Economics Money Supply: Slower credit growth puts reflation trade at risk. Results Li Ning (2331 HK/BUY/HK$43.35/Target: HK$54.20): 1H23: Results missed; a tough 2H23 ahead. INDONESIA Results Astra International (ASII IJ/BUY/Rp6,750/Target: Rp7,600): 2Q23: Strong results in auto & financial services drive 17% core NPAT growth. MALAYSIA Strategy State Elections: Our risk-on strategy is intact with the unity government maintaining a comfortable majority in its three states. Expect ...
- Adrian Loh Tzum Yung
- Heidi Mo Jinghui
- Jacquelyn Yow Hui Li
- John Cheong Ming Chern
- Jonathan Koh
- Leow Huey Chuen
- Roy Chen Chengzhi
Singapore Daily - Monday, August 14, 2023
KEY HIGHLIGHTS Sector REITs: 3QFY23: FLT (in line); 2Q23: SASSR (in line). Results Bumitama Agri (BAL SP/BUY/S$0.560/Target: S$0.650): 1H23: Results beat our and consensus expectations, thanks to its higher-than-peers CPO ASP and higher CPO output. CapitaLand Investment (CLI SP/BUY/S$3.18/Target: S$4.25): 1H23: Still waiting on sustained recovery in China. First Resources (FR SP/HOLD/S$1.54/Target: S$1.65): 1H23: Above expectations. Expect better 2H23 on higher production and downstream impr...
- Roy Chen Chengzhi
Singapore Technologies Engineering (STE SP) - 1H23: Results Beat; Bett...
1H23 headline net profit of S$281m was driven by the significantly improved core earnings (S$285m, +41% yoy), which formed 54% of our full-year forecast. The beat was due to exceptionally strong DPS margins in 1H23. Record-high orderbook of S$27.7b underpins STE’s medium-term revenue growth. Its fine execution so far and clearer guidance on target margins for respective businesses have also led to our better conviction on its earnings growth outlook. Maintain BUY. Target: S$4.20.
- Adrian Loh Tzum Yung
- Singapore Research Team
Singapore Strategy - Paying For Performance
Our analysis of compensation in Singapore suggests that for 2022, companies were generally fair in remunerating their CEOs and board of directors. Compared with their net profit, YZJ, SingTel and SIA generated the most “value” out of their CEOs, while based on ROE, SGX, Starhub, ST Engineering, SIA and YZJ performed well. Based on their respective 2022 share price performance, pay for the CEOs of Seatrium, SCI and KEP appear to be well-justified.
G13 GENTING SINGAPORE
CC3 STARHUB LTD
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
D05 DBS GROUP HOLDINGS LTD
C09 CITY DEVELOPMENTS LIMITED
S68 SINGAPORE EXCHANGE LTD.
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
F34 WILMAR INTERNATIONAL LIMITED
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
C52 COMFORTDELGRO CORPORATION LIMITED
C6L SINGAPORE AIRLINES LTD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
Y92 THAI BEVERAGE PUBLIC CO. LTD.
BN4 KEPPEL CORPORATION LIMITED
SATS SP SATS LTD.
NETLINK NETLINK NBN TRUST
SIE SIA ENGINEERING CO LTD
BAL BUMITAMA AGRI LTD
SPOST SINGAPORE POST LTD
RFMD RAFFLES MEDICAL GROUP LTD
SE US SEA LIMITED
CLI CAPITALAND INVESTMENT LTD
DFI DFI RETAIL GROUP HOLDINGS LIMITED
STM SEATRIUM LTD
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Jonathan Koh
- Llelleythan Tan Tan
- Roy Chen Chengzhi
Singapore Daily - Tuesday, May 16, 2023
KEY HIGHLIGHTS Results ComfortDelGro Corporation (CD SP/HOLD/S$1.18/Target: S$1.27): 1Q23: Flat results in line; no upcoming catalysts. CSE Global (CSE SP/BUY/S$0.340/Target: S$0.420): 1Q23: Revenue in line with expectations; attractive yield of about 8%. Singapore Technologies Engineering (STE SP/BUY/S$3.62/Target: S$4.00): 1Q23: Revenue broadly in line with record-high orderbook. United Hampshire US REIT (UHU SP/BUY/US$0.445/Target: US$0.710): 1Q23: Strip centres at the forefront of a ret...
- Roy Chen Chengzhi
Singapore Technologies Engineering (STE SP) - 1Q23: Revenue Broadly In...
STE’s 1Q23 revenue of S$2.29b (+12.5% yoy) was broadly in line with our expectations, at 23.7% of our full-year projection. The stronger-than-expected contribution by CA was partly offset by the slight misses in the USS and DPS segments, which are likely due to timing issues. Orderbook hit a record-high of S$25.4b as of end-1Q23, thanks to strong order wins at the DPS segment. Management expects STE’s project deliveries to be more back-end loaded in 2H23. Maintain BUY and target price of S$4.00.
- Carol Dou Xiao Qin
- Chong Lee Len
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Jonathan Koh
- Kasemsun Koonnara
- Kate Luang
- Kelvin Chau Siu Pong
- Kochakorn Sutaruksanon
- Llelleythan Tan Tan
- Roy Chen Chengzhi
- Stevanus Juanda
- Sunny Chen
- Tanaporn Visaruthaphong
- Waritthorn Kaewmuang
- Ziv Ang Sze Champ
Regional Morning Notes - Tuesday, May 16, 2023
GREATER CHINA Strategy Small-Mid Cap Biweekly: Positive on SOE reform; Qingdao Port International as an attractive play with low valuation. Sector Commodities: Weekly: Gold continues to shine amid market chaos. Small/Mid Cap Highlights Ocumension Therapeutics (1477 HK/NOT RATED/HK$8.06): A leading ophthalmic pharmaceutical platform company. INDONESIA Update Bukalapak.com (BUKA IJ/BUY/Rp212/Target: Rp420): Continuous improvement. MALAYSIA Update Tenaga Nasional (TNB MK/BUY/RM9.52/Target: RM10.4...
544 CSE GLOBAL LTD.
STEC SINO-THAI ENGINEERING & CONSTRUCTION PCL
AMATA AMATA CORP
ERW ERAWAN GROUP
C52 COMFORTDELGRO CORPORATION LIMITED
5347 TENAGA NASIONAL BHD
CPN CENTRAL PATTANA PUBLIC CO. LTD.
UHU UNITED HAMPSHIRE US REIT
1477 OCUMENSION THERAPEUTICS
BUKA BUKALAPAK.COM PT TBK
- John Cheong Ming Chern
- Jonathan Koh
- Llelleythan Tan Tan
- Roy Chen Chengzhi
Singapore Daily - Monday, February 27, 2023
KEY HIGHLIGHTS Sector Banking: 4Q22 round-up: Scaling greater heights in dividend payout. Results ComfortDelGro Corporation (CD SP/HOLD/S$1.20/Target: S$1.29): 2022: Slight miss, riding into upcoming headwinds. Oversea-Chinese Banking Corp (OCBC SP/BUY/S$12.67/Target: S$18.25): 4Q22: Ushering in a new regime of certainty for higher payout. Singapore Technologies Engineering (STE SP/BUY/S$3.56/Target: S$4.00): 2022: Headline profit helped by one-offs; core profit misses on margin pressure. Vent...
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