reports
- Roy Chen Chengzhi
- Benyamin Mikael
- Chong Lee Len
- Colin Lee
- Jack Lai Yuan Khai
- Johnny Yum Chung Man
- Kampon Akaravarinchai
- Kitpon Praipaisarnkit
- Roy Chen Chengzhi
Regional Morning Meeting Notes: Tuesday, November 19, 2024
GREATER CHINA Results Xiaomi Corp (1810 HK/BUY/HK$28.80/Target: HK$33.50) 3Q24: Beat across the board; expect sustained growth across all key segments. Maintain BUY and raise target price to HK$33.50. INDONESIA Update Indo Tambangraya Megah (ITMG IJ/SELL/Rp26,850/Target: Rp25,100) Expect profit to decline by 12% yoy in 2025, fuelled by lower ASP. MALAYSIA Results CelcomDigi (CDB MK/BUY/RM3.37/Target: RM4.50) 9M24: In line; stock offers 5% yiel...
- Roy Chen Chengzhi
Singapore Technologies Engineering (STE SP) - 3Q24: Revenue In Line; E...
STE’s 3Q24/9M24 revenue of S$2.78b/S$8.30b was in line with our expectations, forming 25%/74% of our 2024 full-year forecast. 3Q24 group revenue rose 14% yoy, driven by revenue growth in DPS (+31%, backed by strong demand) and CA (+7%). USS posted a 5% yoy revenue drop in 3Q24 as Satcom is still undergoing transformation. Orderbook remained strong at S$26.9b as of end-3Q24. Management is confident about ending 2024 with a strong performance. Maintain BUY. Target price: S$4.95.
- Adrian Loh Tzum Yung
- Singapore Research Team
Strategy - Potential Impact Of Powell’s Jackson Hole Speech
After Powell’s Jackson Hole speech on 23 August, we see a turning point starting with a US Fed rate cut in Sep 24 and lower rates heading into 2025. In the Singapore market, REITs and the property sector should benefit, as should highly-geared companies and those looking to recycle capital. Our current forecasts have incorporated lower NIMs for banks which we believe are protected by their high dividend yields.
AES AES CORPORATION
G13 GENTING SINGAPORE
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.
CENT CENTRATAMA TELEKOMUNIKASI INDONESIA
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
F34 WILMAR INTERNATIONAL LIMITED
BN2 VALUETRONICS HOLDINGS
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
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.
AP4 RIVERSTONE HOLDINGS
BN4 KEPPEL CORPORATION LIMITED
VALUE VALUE8 N.V.
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
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
FLT FRASERS LOGISTICS & COMMERCIAL TRUST
SE US SEA LIMITED
CVL CIVMEC
DCREIT DIGITAL CORE REIT
CLI CAPITALAND INVESTMENT LTD
MPACT MAPLETREE PAN ASIA COMMERCIAL TRUST
123F 123FAHRSCHULE SE
BCOW 1895 BANCORP OF WISCONSIN INC
CLAS CAPITALAND ASCOTT TRUST
CLAR CAPITALAND ASCENDAS REIT
DFI DFI RETAIL GROUP HOLDINGS LIMITED
STM SEATRIUM LTD
EPIC 1CM INC
Z29 029 GROUP SE
PAN SP PAN-UNITED CORPORATION (PAN SP)
- Adrian Loh Tzum Yung
- Chong Lee Len
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- John Cheong Ming Chern
- Jonathan Koh
- Llelleythan Tan Tan
- Roy Chen Chengzhi
- Singapore Research Team
Singapore Daily - Thursday, August 15, 2024
KEY HIGHLIGHTS Sector Property Developers: 1H24: A slight miss for CLI; worse-than-expected for CDL. Results AEM Holdings (AEM SP/SELL/S$1.46/Target:S$1.04): 1H24: Earnings and guidance way below estimates; reduce target price by 38%. First Resources (FR SP/BUY /S$1.39/Target: S$1.65): 1H24: Within expectations. Two positive points are: a) positive production growth vs contraction by most of peers, b) downstream turns profitable. Genting Singapore (GENS SP/BUY/S$0.82/Target: S$1.18): 2Q24: W...
- Adrian Loh Tzum Yung
- Bella Lu Yifei
- Benjaphol Suthwanish
- Chong Lee Len
- Desmond Chong Chee Wai
- Jack Goh Tooan Orng
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Ken Lee
- Kitpon Praipaisarnkit
- Llelleythan Tan Tan
- Ming San Soong
- Roy Chen Chengzhi
- Stevanus Juanda
- Thailand Research Team
- Wei Xiang Ku
Regional Morning Meeting Notes: Thursday, August 15, 2024
GREATER CHINA Results Nexteer (1316 HK/SELL/HK$2.89/Target: HK$1.50) 1H24: Earnings miss estimates on revenue. Maintain SELL. Cut target price from HK$2.20 to HK$1.50. Tencent Holdings (700 HK/BUY/HK$373.80/Target: HK$490.00) 2Q24: Solid margin expansion; reaccelerated online games revenue growth. Update Foxconn Industrial Internet (601138 CH/BUY/Rmb21.38/Target: Rmb30.00) AI business continues to accelerate, GB200 scheduled to ship i...
G13 GENTING SINGAPORE
CC3 STARHUB LTD
CPF CHAROEN POKPHAND FOODS PUBLIC CO. LTD.
MAG. MAG SILVER CORP.
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
C09 CITY DEVELOPMENTS LIMITED
INDF PT INDOFOOD SUKSES MAKMUR TBK
7148 DUOPHARMA BIOTECH
5162 VSTECS
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
00700 TENCENT HOLDINGS LTD.
GENT GENTING BHD
VSI V.S. INDUSTRY BERHAD
FNH FRASER & NEAVE HOLDINGS BHD
CPALL TB CP ALL
BAUTO BERMAZ AUTO BHD
TXG 10X GENOMICS INC CLASS A
DBB DUOPHARMA BIOTECH BHD
TGIF 1933 INDUSTRIES
RGB RGB INTERNATIONAL BHD
601138 FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
CK CH. KARNCHANG PUBLIC CO LTD
CLI CAPITALAND INVESTMENT LTD
Z29 029 GROUP SE
GENTMK GENTING BERHAD
VST VSTECS BHD
3BBIF 3BB INTERNET INFRASTRUCTURE FUND
- Roy Chen Chengzhi
Singapore Technologies Engineering (STE SP) - 1H24: Results In Line; E...
1H24 headline net profit rose 19.9% yoy to S$337m. Core net profit of S$326m (+16.4% yoy) was in line with our expectation, at 49.7% of our full-year forecast. The misses in EBIT of CA and USS have been offset by the strength of DPS. We expect STE’s revenue and profit to hit new highs in 2024, and remain positive on its medium-term growth outlook underpinned by the record-high orderbook level of S$27.9b. Maintain BUY with an unchanged target price of S$4.95.
- Jonathan Koh
- Roy Chen Chengzhi
Singapore Daily - Tuesday, July 16, 2024
KEY HIGHLIGHTS Update CapitaLand Integrated Commercial Trust (CICT SP/BUY/S$2.09/Target: S$2.29): Quality portfolio that commands well-deserved premium. Singapore Technologies Engineering (STE SP/BUY/S$4.38/Target: S$4.95): We expect core earnings to grow by a 10.8% CAGR in 2024-26, driven by stable/improving performance across its three key business segments. We recommend staying invested. TRADERS’ CORNER SIA Engineering Co (SIE SP): Trading BUY Broadway Industrial Group (BWAY SP): Trading ...
- Adrian Loh Tzum Yung
- Anas Fitri Bin Ahmad
- Carol Dou Xiao Qin
- Chong Lee Len
- Damon Shen
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Jieqi Liu
- Jonathan Koh
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Limartha Adhiputra
- Roy Chen Chengzhi
- Sunny Chen
- Tham Mun Hon
Regional Morning Meeting Notes: Tuesday, July 16, 2024
GREATER CHINA Economics Economic Activity 2Q24 growth below expectations. Strategy China And Hong Kong Property Sharper property price decline in 1H24 weighing on margins of Chinese developers; upcoming interest rate cut to support value of Hong Kong retail landlords. Update Kingmed Diagnostics (603882 CH/BUY/Rmb38.10/Target: Rmb35.00) 1H24 and 2024 results under pressu...
00016 SUN HUNG KAI PROPERTIES LIMITED
00823 LINK REAL ESTATE INVESTMENT TRUST
CPF CHAROEN POKPHAND FOODS PUBLIC CO. LTD.
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
01109 CHINA RESOURCES LAND LIMITED
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
00014 HYSAN DEVELOPMENT CO. LTD.
SMRA PT SUMMARECON AGUNG TBK
KBANK KASIKORNBANK PUBLIC CO. LTD.
5347 TENAGA NASIONAL BHD
01997 WHARF REAL ESTATE INVESTMENT CO. LTD.
MLK MALAKOFF CORP BHD
MTC MUANGTHAI CAPITAL PCL
CPALL TB CP ALL
GMB GAS MALAYSIA BHD
OSP OSOTSPA PUBLIC CO. LTD.
TXG 10X GENOMICS INC CLASS A
603882 GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
SCGP SCG PACKAGING PCL
TIDLOR NGERN TID LOR PCL
00017 NEW WORLD DEVELOPMENT CO. LTD.
CK CH. KARNCHANG PUBLIC CO LTD
Z29 029 GROUP SE
BTG BETAGRO PUBLIC COMPANY LIMITED
PEKAT PEKAT GROUP BHD
- Roy Chen Chengzhi
Singapore Technologies Engineering (STE SP) - Stay Invested For Steady...
Despite STE’s recent share price strength, we recommend investors stay invested for its steady growth outlook, driven by expected stable/upbeat performances across its three business segments. We forecast STE’s core net profit growth at 10.8% CAGR in 2024-26. In light of the record-high orderbook that offers good visibility, we roll over our valuation to end-25. Maintain BUY with a higher target price of S$4.95.
- Roy Chen Chengzhi
Singapore Technologies Engineering (STE SP) - Stay Invested For Steady...
Despite STE’s recent share price strength, we recommend investors stay invested for its steady growth outlook, driven by expected stable/upbeat performances across its three business segments. We forecast STE’s core net profit to achieve a 10.8% CAGR in 2024-26. In light of the record-high orderbook that offers good visibility, we roll over our valuation to end-25. Maintain BUY with a higher target price of S$4.95.
- Adrian Loh Tzum Yung
- Jonathan Koh
- Singapore Research Team
Singapore Daily - Thursday, July 04, 2024
KEY HIGHLIGHTS Strategy Market Strategy: 2H24 strategy: Looking for turning points. Sector Banking: Donald Trump will likely be re-elected. BUY banks. TRADERS’ CORNER Singapore Tech Engineering (STE SP): Trading BUY Raffles Medical Group (RFMD SP): Trading BUY
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
544 CSE GLOBAL LTD.
D05 DBS GROUP HOLDINGS LTD
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
BN2 VALUETRONICS HOLDINGS
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
BN4 KEPPEL CORPORATION LIMITED
FEHT FAR EAST HOSPITALITY TRUST
MINT MAPLETREE INDUSTRIAL TRUST
FRKN FRENCKEN GROUP LTD
MPM MARCO POLO MARINE LTD
CLI CAPITALAND INVESTMENT LTD
- Adrian Loh Tzum Yung
- Arsit Pamaranont
- Bella Lu Yifei
- Jonathan Koh
- Kate Luang
- Ken Lee
- Paula Ruth
- Philip Wong
- Singapore Research Team
Regional Morning Meeting Notes: Thursday, July 04, 2024
GREATER CHINA Strategy Small-Mid Cap Monthly Reiterate BUY on Plover Bay Technologies. Sector Automobile Weekly: Sales of top 12 EV brands up 38% wow last week, in line. Maintain MARKET WEIGHT. Top BUYs: Geely, CATL and Tuopu. Top SELL: XPeng. INDONESIA Update Sarana Menara Nusantara (TOWR IJ/BUY/Rp745/Target: Rp890) Number of towers to jump 10% on a...
300014 EVE ENERGY CO. LTD. CLASS A
G13 GENTING SINGAPORE
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
5225 IHH HEALTHCARE BHD.
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
544 CSE GLOBAL LTD.
D05 DBS GROUP HOLDINGS LTD
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
TOWR PT SARANA MENARA NUSANTARA TBK
ALPHA ALPHA BANK AE
BH BUMRUNGRAD HOSPITAL PUBLIC CO. LTD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
M3I MINTH GROUP LIMITED
BN4 KEPPEL CORPORATION LIMITED
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
BCH BANGKOK CHAIN HOSPITAL PCL
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
SPRC STAR PETROLEUM REFINING
VALUE VALUE8 N.V.
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
327 PAX GLOBAL TECHNOLOGY
FEHT FAR EAST HOSPITALITY TRUST
KPJ KPJ HEALTHCARE BERHAD
MINT MAPLETREE INDUSTRIAL TRUST
RFMD RAFFLES MEDICAL GROUP LTD
TXG 10X GENOMICS INC CLASS A
DBB DUOPHARMA BIOTECH BHD
TGIF 1933 INDUSTRIES
1772 PAX GLOBAL TECHNOLOGY LTD
FRKN GANFENG LITHIUM CO. LTD. CLASS H
300750 FRENCKEN GROUP LTD
3606 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
603305 FUYAO GLASS INDUSTRY GROUP CO LTD-H
MPM NINGBO XUSHENG AUTO TECHNOLOGY (A)
002920 MARCO POLO MARINE LTD
CLI HUIZHOU DESAY SV AUTOMOTIVE CO LTD
2232 CAPITALAND INVESTMENT LTD
Z29 CRYSTAL INTERNATIONAL GROUP LTD
02015 029 GROUP SE
09868 LI AUTO INC
600699 XPENG INC
1523 NINGBO JOYSON ELECTRONIC CORP
PLOVER BAY TECHNOLOGIES LTD (1523 HK)
- Singapore Research Team
Singapore Market Strategy: 2H24 strategy: Looking for turning points.
Given our slightly more bullish earnings expectation of a 5.6% growth for 2024 (vs 2.4% six months ago), we have upgraded our 2024 year-end target for the STI to 3,380. The index’s current valuation remains inexpensive at 2024F PE and P/B of 10.5x and 1.1x respectively. Our top picks for 2H24 are CLI, GENS, KEP, MINT, OCBC, SCI, STE, VMS and YZJSGD, with CSE, FEHT, FRKN, MPM and VALUE rounding up the small/mid-caps sector.
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
544 CSE GLOBAL LTD.
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
BN2 VALUETRONICS HOLDINGS
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
BN4 KEPPEL CORPORATION LIMITED
FEHT FAR EAST HOSPITALITY TRUST
MINT MAPLETREE INDUSTRIAL TRUST
FRKN FRENCKEN GROUP LTD
MPM MARCO POLO MARINE LTD
CLI CAPITALAND INVESTMENT LTD
- Singapore Research Team
Singapore Market Strategy - Looking For Turning Points
Given our slightly more bullish earnings expectations of 5.6% growth for 2024 (vs 2.4% six months ago), we have upgraded our 2024 year-end target for the STI to 3,380 which implies 1.0% upside from current levels. The index’s current valuation remains inexpensive at 2024F PE and P/B of 10.5x and 1.1x respectively. Our top picks for 2H24 are CLI, GENS, KEP, MINT, OCBC, SCI, STE, VMS and YZJSGD, with CSE, FEHT, FRKN, MPM and VALUE rounding up the small/mid-caps sector.
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
544 CSE GLOBAL LTD.
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
BN2 VALUETRONICS HOLDINGS
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
BN4 KEPPEL CORPORATION LIMITED
FEHT FAR EAST HOSPITALITY TRUST
MINT MAPLETREE INDUSTRIAL TRUST
FRKN FRENCKEN GROUP LTD
MPM MARCO POLO MARINE LTD
CLI CAPITALAND INVESTMENT LTD
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Damon Shen
- Jack Lai Yuan Khai
- Jieqi Liu
- John Cheong Ming Chern
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Kong Ho Meng
- Posmarito Pakpahan
- Roy Chen Chengzhi
- Tanaporn Visaruthaphong
Regional Morning Notes - Tuesday, May 14, 2024
GREATER CHINA Strategy China and Hong Kong Property: More patience needed for China’s destocking policy; Hong Kong retail landlords facing both challenges and opportunities. INDONESIA Sector Banking: 1Q24 results wrap-up: NIM revision due to higher CoF. MALAYSIA Results Carlsberg Brewery Malaysia (CAB MK/BUY/RM19.44/Target: RM25.10): 1Q24: Within expectations. While earnings were seasonally strong, Singapore was affected by the loss of Asahi. Maintain BUY with a higher target price of RM25.10....
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
T13 RH PETROGAS
558 UMS HOLDINGS LIMITED
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
TCAP THANACHART CAPITAL PCL
SIE SIA ENGINEERING CO LTD
DLG DIALOG GROUP BHD
CAB CARLSBERG BREWERY MALAYSIA B
CPN-R CENTRAL PATTANA PCL NVDR
- Adrian Loh Tzum Yung
- John Cheong Ming Chern
- Roy Chen Chengzhi
Singapore Daily - Tuesday, May 14, 2024
KEY HIGHLIGHTS Results RH Petrogas (RHP SP/BUY/S$0.164/Target: S$0.242): 1Q24: Better-than-expected results due to higher production and oil prices, helped by good cost control. Looking forward to two exploration wells in 2H24. SIA Engineering (SIE SP/BUY/S$2.33/Target: S$2.70): FY24: Core net profit in line; expect further earnings recovery in FY25. Maintain BUY. Singapore Technologies Engineering (STE SP/BUY/S$4.03/Target: S$4.50): 1Q24: Strong 1Q24 revenue performance bodes well for the fu...
- Roy Chen Chengzhi
Singapore Technologies Engineering (STE SP) - 1Q24: Strong 1Q24 Revenu...
STE’s 1Q24 revenue of S$2.70b is in line, accounting for 24.6% of our full-year projection. Group revenue rose 18% yoy, driven by strong revenue growth in CA (+32%, backed by strong demand) and DPS (+14%). USS posted yoy marginally lower revenue due to project timing. A strong orderbook of S$27.7b as of end-1Q24 provides good revenue visibility in the medium term. Maintain BUY on STE for its strong organic core earnings growth (2024-26 CAGR: 10.2%). Target price: S$4.50.
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