reports
- Heidi Mo Jinghui
- John Cheong Ming Chern
Singapore Strategy - Small-Mid Cap: Identifying The Constituents Of Up...
SGX will be launching a new index that tracks the next tier of large and liquid companies to better showcase Singapore’s broader equity market. We expect this to benefit small-mid cap stocks. We have identified a potential list of 39 Mini STI constituents. Our top picks are Food Empire Holdings, Sheng Siong, CSE, China Sunsine, Marco Polo Marine and Valuetronics.
- Heidi Mo Jinghui
- John Cheong Ming Chern
Singapore Daily: Thursday, September 18, 2025
Top Stories Strategy | Small Mid Caps SGX will be launching a new index that tracks the next tier of large and liquid companies to better showcase Singapore’s broader equity market. We expect this to benefit small-mid cap stocks. We have identified a potential list of 39 Mini STI constituents. Our top picks are Food Empire, Sheng Siong, CSE, China Sunsine, Marco Polo Marine and Valuetronics. Market Spotlight US stocks ended mixed on Wednesday, with the DJIA gaining while the S&P 500 and NASD...
- Adrian Loh Tzum Yung
- Singapore Research Team
Singapore Market Strategy - Yield-ing To Temptation: Yields Over Bonds
Attractive yield differentials. With Singapore government bond yields trending lower, the yield differential between fixed income and equities has narrowed in 2025, thus reinforcing the relative appeal of companies offering high, sustainable dividend payouts. Equity yields in the 4-6% range now offer a compelling pickup versus the 10-year Singapore Government Bond yield (1.8579% as at 4 Sep 25), while also providing potential for capital gains. In our view, this widening yield gap should support...
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)
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
Regional Strategy: Alpha Picks - September 2025
GREATER CHINA Strategy Alpha Picks: September Conviction Calls: Add Anta, BYDE and CSCEC to our BUY list, Li Auto and OOIL to our SELL list. Take profit on Innovent, JD Logistics, Lenovo, Sino Biopharm, Tencent and TME. INDONESIA Strategy Alpha Picks: Underperformance In August: Our new Alpha Picks are ASSA, ARCI, BBCA, BBNI, BRMS, MTEL, HRUM and NCKL. MALAYSIA Strategy Alpha Picks: Wake Me Up When September Ends: Our Aug 25 Alpha Picks underperformed marginally. Sep 25 picks: Alpha IVF, Hume ...
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
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
EXCL XLSMART TELECOM SEJAHTERA
- Singapore Research Team
Strategy - Alpha Picks: Double Happiness Again In Aug 25; Add BRC and ...
Our Alpha Picks portfolio delivered another month of strong performance, rising 11.4% mom in Aug 25 to overwhelm the STI’s 2.3% gain. On a market cap-weighted basis, the portfolio gained 3.2% mom, also ahead of the benchmark by 0.9ppt. For Sep 25, we add BRC for its construction exposure and YZJSGD for its new order flow and inexpensive valuations, while locking in gains on CICT, CD and PROP.
BN2 VALUETRONICS HOLDINGS
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
558 UMS HOLDINGS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
BRC BRC ASIA LTD
FEH FOOD EMPIRE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
HLA HONG LEONG ASIA LTD
CLAR CAPITALAND ASCENDAS REIT
- Adrian Loh Tzum Yung
- Singapore Research Team
Singapore Daily: Wednesday, September 03, 2025
KEY HIGHLIGHTS Strategy Alpha Picks: Double Happiness Again In Aug 25 Our Alpha Picks portfolio rose 11.4% mom in Aug 25, overwhelming the STI’s 2.3% gain. Add BRC, YZJSGD; remove CICT, CD, PROP. TRADERS' CORNER First Resources (FR SP): Trading BUY Singapore Exchange (SGX SP): Trading SELL
BN2 VALUETRONICS HOLDINGS
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
558 UMS HOLDINGS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
BRC BRC ASIA LTD
FEH FOOD EMPIRE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
HLA HONG LEONG ASIA LTD
CLAR CAPITALAND ASCENDAS REIT
- Heidi Mo Jinghui
- John Cheong Ming Chern
CSE Global (CSE SP) - 1H25: Earnings Steady, Positioned For Data Centr...
CSE's 1H25 earnings of S$16m (+9% yoy) were in line at 44% of our 2025 estimate, supported by resilient top-line growth and a disposal gain. Revenue rose 3% yoy to S$441m, led by communications growth (+13% yoy) and acquisitions. While order book eased to S$574m (-17% yoy) on the shift away from lower-value municipal projects, we expect growth to return as CSE pivots towards larger-scale data centre and infrastructure projects. Maintain BUY with an unchanged target price of S$0.85.
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Colin Lee
- Ejann Hiew
- Heidi Mo Jinghui
- Jack Lai Yuan Khai
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Jonathan Koh
- Kasemsun Koonnara
- Keith Wee Teck Keong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tanapon Cholkadidamrongkul
- Tham Mun Hon
Regional Morning Meeting Notes: Monday, August 18, 2025
GREATER CHINA Economics Economic Activity: Growth decelerates as trade war impact deepens. Results Chongqing Brewery (600132 CH/BUY/Rmb55.26/Target: Rmb67.40): 2Q25: Volume remained flat but ASP dropped 2% yoy; expanding off-trade channel to offset the weakness in on-trade channel. CSPC Innovation Pharmaceutical Co (300765 CH/HOLD/Rmb53.00/Target: Rmb52.00): 1H25: Results in line, smooth progress in R&D. Update Foxconn Industrial Internet (601138 CH/BUY/Rmb44.86/Target: Rmb49.50): Solid 3Q guida...
600132 CHONGQING BREWERY CO.LTD CLASS A
544 CSE GLOBAL LTD.
ERW ERAWAN GROUP
CENTEL CENTRAL PLAZA HOTEL
PREIT PARKWAYLIFE REAL ESTATE
HEIM HEINEKEN MALAYSIA BHD
CPN-R CENTRAL PATTANA PCL NVDR
601138 FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
FRKN FRENCKEN GROUP LTD
HLA HONG LEONG ASIA LTD
300765 CSPC INNOVATION PHARMACEUTICAL CO L
- Adrian Loh Tzum Yung
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Jonathan Koh
Singapore Daily: Monday, August 18, 2025
KEY HIGHLIGHTS Results China Sunsine Chemical (CSSC SP/BUY/S$0.69/Target: S$0.75): 1H25: Earnings stretch as rubber capacity expands; raise target price by 19%. CSE Global (CSE SP/BUY/S$0.645/Target: S$0.850): 1H25: Earnings steady, positioned for data centre upside. Frencken Group (FRKN SP/BUY/S$1.48/Target: S$2.08): 1H25: Results in line; expect stable outlook hoh for 2H25. Hong Leong Asia (HLA SP/BUY/S$1.88/Target: S$2.63): 1H25: Engine-led strength offsets temporary building materials we...
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Chong Lee Len
- Claire Wang Kelai
- Damon Shen
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Jieqi Liu
- John Cheong Ming Chern
- Jonathan Koh
- Ken Lee
- Lester Siew
- Paula Ruth
- Sunny Chen
- Tham Mun Hon
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Friday, August 8, 2025
GREATER CHINA Economics Trade: July’s data beats expectations, further near-term strength likely. Sector Automobile: Weekly: YOY PV sales growth remains negative for three straight weeks. Maintain MARKET WEIGHT on the sector. Top BUYs: CATL, Geely and Tuopu. Initiate Coverage Zhejiang Sanhua Intelligent Controls Co (002050 CH/BUY/Rmb27.37/Target: Rmb36.50): Innovative Thermal management leader driving sustainable growth. Initiate coverage with BUY. Target price: Rmb36.50 for A-share, HK$40.00 fo...
D05 DBS GROUP HOLDINGS LTD
KTB KRUNG THAI BANK PUBLIC CO. LTD.
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
5347 TENAGA NASIONAL BHD
BCH BANGKOK CHAIN HOSPITAL PCL
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
01997 WHARF REAL ESTATE INVESTMENT CO. LTD.
G13 GENTING SINGAPORE LIMITED
HCM HUTCHISON CHINA MEDITECH LIMITED
OR PTT OIL AND RETAIL BUSINESS PUBLIC CO LIMITED
SDG SD GUTHRIE BHD
TIDLOR TIDLOR HOLDINGS PCL
002050 CH ZHEJIANG SANHUA INTELLIGENT CONTROLS CO LTD (002050 CH)
- Heidi Mo Jinghui
- John Cheong Ming Chern
CSE Global Ltd: Expect Positive Catalyst From More Order Wins; Raise T...
CSE released a 2Q25 business update ahead of its results on 14 August. 1H25 revenue met expectations at 51% of our full-year forecast. Order intake rose 3.8% yoy to S$211.3m, with a stronger growth of 7.8% yoy on a constant currency basis. The electrification and communications segments led the growth, supported by data centre demand. We expect stable 1H25 earnings with more lumpy order wins in 2H25. Maintain BUY with a 39% higher PE-based target price of S$0.85.
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- John Cheong Ming Chern
- Jonathan Koh
Singapore Daily: Friday, August 08, 2025
KEY HIGHLIGHTS Results DBS Group Holdings (DBS SP/HOLD/S$49.75/Target: S$52.80) 2Q25: One more hike in quarterly DPS. Genting Singapore (GENS SP/BUY/S$0.755/Target: S$0.89) 2Q25: Below expectations. Earnings hit by higher staff costs and temporary closure of S.E.A Aquarium. Lower target price to S$0.89 on cheap valuations and attractive dividends. United Overseas Bank (UOB SP/NOT RATED/S$35.81) 2Q25: Higher CASA ratio reflects strengthening deposit franchise. Update CSE Global (CSE SP/BUY/S$...
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
Regional Strategy: Alpha Picks - August 2025
GREATER CHINA Strategy Alpha Picks: August Conviction Calls: Add JBM Healthcare and Lenovo to our BUY list. Take profit on CATL, Han’s Laser, KE Holdings and Longfor. INDONESIA Strategy Alpha Picks: Underperformance In July: Our new Alpha Picks are ASSA, AKRA, ARCI, BBNI, KLBF, MTEL, and MYOR. MALAYSIA Strategy Alpha Picks: Some Opportunities Amid A “Summer Lull”: Our July 25 Alpha Picks outperformed. Aug 25 picks: Coraza, Eco World, Gamuda, Hume Cement, IJM, Inari, RHB and Zetrix. SINGAPORE ...
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
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
EXCL XLSMART TELECOM SEJAHTERA
- Chong Lee Len
- Jonathan Koh
- Llelleythan Tan Tan
- Singapore Research Team
Singapore Daily: Monday, August 04, 2025
KEY HIGHLIGHTS Strategy Alpha Picks: Massive Outperformance For Jul 25 Our Alpha Picks portfolio surpassed the STI by a massive 12.4ppt in Jul 25. Add HLA, MPM and CSE; remove IFAST and SSG. Results Mapletree Pan Asia Commercial Trust (MPACT SP/BUY/S$1.28/Target: S$1.86) 1QFY26: Lower operating and interest expenses offset overseas headwinds. NetLink NBN Trust (NETLINK SP/BUY/S$0.895/Target: S$0.98) 1QFY26: Muted result...
BN2 VALUETRONICS HOLDINGS
N2IU MAPLETREE COMMERCIAL TRUST
558 UMS HOLDINGS LIMITED
C52 COMFORTDELGRO CORPORATION LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
NETLINK NETLINK NBN TRUST
PROP PROPNEX LTD
FEH FOOD EMPIRE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
HLA HONG LEONG ASIA LTD
CLAR CAPITALAND ASCENDAS REIT
- Heidi Mo Jinghui
- John Cheong Ming Chern
Singapore Daily: Wednesday, July 23, 2025
KEY HIGHLIGHTS Strategy Small-Mid Cap Small mid cap stocks are biggest beneficiaries of MAS’ S$1.1b distribution. Sector Banking Higher reciprocal tariffs could further delay rate cuts. Results SIA Engineering (SIE SP/HOLD/S$3.35/Target: S$3.41) 1QFY26: Earnings beat thanks to strong JV/associate contributions; SIAEC appears fairly valued after recent share price surge. Downgrade to HOLD. TRADERS' CORNER SIA Engineering Co (SIE SP): Trading BUY ...
D05 DBS GROUP HOLDINGS LTD
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
BN2 VALUETRONICS HOLDINGS
558 UMS HOLDINGS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
SIE SIA ENGINEERING CO LTD
SSG SHENG SIONG GROUP LTD
PROP PROPNEX LTD
FEH FOOD EMPIRE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
MPM MARCO POLO MARINE LTD
OTEK OILTEK INTERNATIONAL (OTEK SP)
LUCC SP LUM CHANG CREATIONS LIMITED
- Heidi Mo Jinghui
- John Cheong Ming Chern
Singapore Strategy - Small-Mid Cap: Small Mid Cap Stocks Are The Bigge...
On 21 Jul 25, the MAS announced that it has appointed the first three asset managers under the EQDP and will place S$1.1b with them. The funds were selected because they have committed significant allocation to small mid cap stocks. As a result, small mid cap stocks appear to be the biggest winners of this programme. Our top picks include Food Empire, UMS, Frencken, Valuetronics, Oiltek, Propnex, Marco Polo Marine, Lum Chang Creations, CSE and Sheng Siong.
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
Regional Strategy: Alpha Picks - July 2025
GREATER CHINA Strategy Alpha Picks: July Conviction Calls: Add CATL, KE Holdings, Longfor, Midea Group, Tencent and TME to our BUY list. Take profit on Prudential. INDONESIA Strategy Alpha Picks: Good Performances In June: Our new Alpha Picks are ANTM, BBCA, ERAA, ICBP, MYOR, MIKA, AMRT and TLKM. MALAYSIA Strategy Alpha Picks: Positioning For Positive US Trade Deals: Our Jun 25 Alpha Picks outperform. Jul 25 picks: Coraza, Duopharma, Eco World, Gamuda, Hume Cement, IJM, Inari and MYEG. SINGAP...
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
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
EXCL XLSMART TELECOM SEJAHTERA
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
Regional Strategy: Alpha Picks - June 2025
GREATER CHINA Strategy Alpha Picks: June Conviction Calls: Add Prudential and Sino Biopharm to our BUY list. Take profit on SHKP and Trip.com. INDONESIA Strategy Alpha Picks: Good Performances In May: Good performances from most with the exception of GOTO and BUKA. MALAYSIA Strategy Alpha Picks: Raising Emphasis On Infrastructure Plays: Our May 25 Alpha Picks outperformed with resounding success. June 25 picks: Duopharma, Eco World, Gamuda, Hume Cement, IJM, MYEG, Northeast Group. SINGAPORE S...
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
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
EXCL XLSMART TELECOM SEJAHTERA
- Adrian Loh Tzum Yung
- John Cheong Ming Chern
- Singapore Research Team
Singapore Market Strategy - Tariff Turbulence Abates – Stocks To Buy I...
Singapore’s market outlook has improved following the US backing down from its tariffs and the upcoming MAS liquidity support. The S$5b EQDP will boost non-index mid caps and in that vein, we like CENT, CSSC, CD, CSE, FEH, FRKN, HLA, OTEK, PROP, SSG, SIE and VALUE. In the meantime, the STI’s strong defensive nature and undervalued metrics support a revised 2025 target of 4,054. Our top large-cap picks are CLAS, CICT, FR, KEP, OCBC, SATS, SE, SCI, ST and YZJSGD.
544 CSE GLOBAL LTD.
BN2 VALUETRONICS HOLDINGS
C52 COMFORTDELGRO CORPORATION LIMITED
SIE SIA ENGINEERING CO LTD
SSG SHENG SIONG GROUP LTD
PROP PROPNEX LTD
FEH FOOD EMPIRE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
HLA HONG LEONG ASIA LTD
OTEK OILTEK INTERNATIONAL (OTEK SP)
- Adrian Loh Tzum Yung
- John Cheong Ming Chern
- Singapore Research Team
544 CSE GLOBAL LTD.
BN2 VALUETRONICS HOLDINGS
C52 COMFORTDELGRO CORPORATION LIMITED
SIE SIA ENGINEERING CO LTD
SSG SHENG SIONG GROUP LTD
PROP PROPNEX LTD
FEH FOOD EMPIRE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
HLA HONG LEONG ASIA LTD
OTEK OILTEK INTERNATIONAL (OTEK SP)
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