reports
- Benjaphol Suthwanish
- Desmond Chong Chee Wai
- Greater China Research Team
- Jonathan Koh
- Kasemsun Koonnara
- Malaysia Research Team
- Posmarito Pakpahan
- Singapore Research Team
- Vincent Khoo Boo Aik
Regional Morning Meeting Notes: Wednesday, February 04, 2026
Greater China Strategy | Alpha Picks: February Conviction Calls Chinese equities recovered in January, with the HSI and MSCI China rising 6.9% and 5.0% mom, respectively. Given the supportive macro policy environment, we maintain a constructive view on the markets despite risk of further volatility in February. Accordingly, we are adding Alibaba, Ganfeng Lithium, and Minth to our BUY list, while adding Meituan to our SELL list. Indonesia Company Results | Bank Negara Indonesia (BBNI IJ/B...
AES AES CORPORATION
OXB OXFORD BIOMEDICA PLC
OU8 CENTURION
FCT FRASERS CENTREPOINT TRUST
00823 LINK REAL ESTATE INVESTMENT TRUST
CC3 STARHUB LTD
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
544 CSE GLOBAL LTD.
D05 DBS GROUP HOLDINGS LTD
C09 CITY DEVELOPMENTS LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
S68 SINGAPORE EXCHANGE LTD.
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
F34 WILMAR INTERNATIONAL LIMITED
BN2 VALUETRONICS HOLDINGS
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
N2IU MAPLETREE COMMERCIAL TRUST
AJBU KEPPEL DC REIT
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
C52 COMFORTDELGRO CORPORATION LIMITED
C6L SINGAPORE AIRLINES LTD.
THAI THAI AIRWAYS INTERNATIONAL PCL
5347
Z74 TENAGA NASIONAL BHD
O39 SINGAPORE TELECOMMUNICATIONS LIMITED
M3I OVERSEA-CHINESE BANKING CORPORATION LIMITED
Y92 MINTH GROUP LIMITED
AP4 THAI BEVERAGE PUBLIC CO. LTD.
BN4 RIVERSTONE HOLDINGS
Q5T KEPPEL CORPORATION LIMITED
AP FAR EAST HOSPITALITY TRUST
SE AP THAILAND
SATS SP SEA ADS
D01 SATS LTD.
G13 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
TENAGA GENTING SINGAPORE LIMITED
CDREIT CDL HOSPITALITY TRUSTS
03690 MEITUAN CLASS B
YNS YINSON HOLDINGS BHD
RHBBANK RHB BANK BHD
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
NETLINK NETLINK NBN TRUST
SIE SIA ENGINEERING CO LTD
VSI V.S. INDUSTRY BERHAD
BAL BUMITAMA AGRI LTD
PREIT PARKWAYLIFE REAL ESTATE
SPOST SINGAPORE POST LTD
IJM IJM CORP BHD
MINT MAPLETREE INDUSTRIAL TRUST
BURSA BURSA MALAYSIA BHD
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
1772 GANFENG LITHIUM CO. LTD. CLASS H
FRKN FRENCKEN GROUP LTD
MPM MARCO POLO MARINE LTD
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
HMN ASCOTT RESIDENCE TRUST
SE US SEA LIMITED
CVL CIVMEC
06160 BEIGENE LTD.
9CI CAPITALAND INVESTMENT LTD
09888 BAIDU INC
BBNI BANK NEGARA INDONESIA PERSER
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
LAGENDA LAGENDA PROPERTIES BHD
PEKAT PEKAT GROUP BHD
PAN SP PAN-UNITED CORPORATION (PAN SP)
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
ZETRIX MK ZETRIX AI (ZETRIX MK)
OXB MK OXFORD INNOTECH BHD (OXB MK)
002371 CH NAURA TECHNOLOGY GROUP CO LTD
- Adrian Loh Tzum Yung
- Singapore Research Team
Strategy : Monthly Market Radar
Singapore equities delivered a strong January performance, with the STI rising 5.6% to fresh record highs amid heightened geopolitical tensions that drove flight-to-safety flows. Manufacturing activity remained in mild expansion, led by electronics and AI-related demand. Market/corporate catalysts during the month include REIT earnings, IPO interest in Catalist and continued strength in gold-linked counters.
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)
- Alden Gabriel Lam
- Arsit Pamaranont
- Bella Lu Yifei
- Benyamin Mikael
- Claire Wang Kelai
- Jonathan Koh
- Julia Pan Mengyao
- Ken Lee
- Shirley Wang Xueyi
- Singapore Research Team
- Stella Guo Yuting
- Tham Mun Hon
- Willinoy Sitorus
Regional Morning Meeting Notes: Monday, February 02, 2026
Greater China Economics | PMI January PMI was below Bloomberg’s consensus, as the manufacturing PMI dipped to 49.2 (-0.9pt mom). The manufacturing output sub-index stayed marginally expansionary, while the new orders and new export orders sub-indices weakened. The purchase prices sub-index surged, pointing to higher cost pressure for manufacturers. The non-manufacturing PMI also fell to 49.4 (-0.8pt mom), mainly driven by a sharp contraction in the construction industry index. Large enterpri...
544 CSE GLOBAL LTD.
D05 DBS GROUP HOLDINGS LTD
C09 CITY DEVELOPMENTS LIMITED
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
IRPC IRPC PUBLIC CO. LTD.
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
BN2 VALUETRONICS HOLDINGS
002230 IFLYTEK CO. LTD. CLASS A
N2IU MAPLETREE COMMERCIAL TRUST
AMRT SUMBER ALFARIA TRIJAYA TBK PT
AJBU KEPPEL DC REIT
00027 GALAXY ENTERTAINMENT GROUP LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
BBCA PT BANK CENTRAL ASIA TBK
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
M3I MINTH GROUP LIMITED
599A SANDS CHINA LTD.
ASII PT ASTRA INTERNATIONAL TBK
SPRC STAR PETROLEUM REFINING
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
00700 TENCENT HOLDINGS LTD.
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
ICBP INDOFOOD CBP SUKSES MAKMUR T
CAO CHINA AVIATION OIL SINGAPORE CORP LTD
PROP PROPNEX LTD
FEH FOOD EMPIRE HOLDINGS LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
09988 ALIBABA GROUP HOLDING LTD.
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
HLA HONG LEONG ASIA LTD
01024 KUAISHOU TECHNOLOGY CLASS B
09888 BAIDU INC
BBNI BANK NEGARA INDONESIA PERSER
GOTO GOJEK TOKOPEDIA TBK PT
DEWA IJ DARMA HENWA (DEWA IJ)
ASL SP ASL MARINE (ASL SP)
UGAI ULTRAGREEN.AI LIMITED
RGL RECLAIMS GLOBAL
- Jonathan Koh
Singapore Banking - Domestic Interest Rates Recover As Safe Haven Asse...
The appointment of Kevin Warsh as the new Fed Chair has strengthened the Fed’s credibility in fighting inflation, leading to an abrupt unwind for safe haven assets. Liquidity exiting safe haven assets, such as the Singapore dollar, could lead to firmer domestic interest rates in 2026. Maintain OVERWEIGHT. The Fed regaining its credibility is supportive of our thesis that banks benefit from the Goldilocks economy. BUY DBS (Target: S$68.95) and OCBC (Target: S$23.65). DBS provides an attractive 20...
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Kai Jie Tang
Singapore Daily: Friday, January 23, 2026
Top Stories Strategy | Singapore Outlook The Singapore market outlook webinar for retail clients received over 200 attendees. We outlined our 2026 strategy, highlighting large-cap picks (DBS, GENS, KEP, SE), small-mid-cap selections (FEH, VALUE, RSTON, CAO), and top five S-REITs (CLAR, KREIT, LREIT, CAREIT, NTTDCR). Key questions include potential EQDP beneficiaries, small-mid-cap stocks, property counters, banks and REITS. Market Spotlight • US stocks were higher on Thursday, with the DJI...
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Kai Jie Tang
Strategy – Singapore Outlook: Galloping Into A Bullish 2026 On The Bac...
The Singapore market outlook webinar for retail clients received over 200 attendees. We outlined our 2026 strategy, highlighting large-cap picks (DBS, GENS, KEP, SE), small-mid-cap selections (FEH, VALUE, RSTON, CAO), and top five S-REITs (CLAR, KREIT, LREIT, CAREIT, NTTDCR). Key questions include potential EQDP beneficiaries, small-mid-cap stocks, property counters, banks and REITS.
- Jonathan Koh
Singapore Banking - 4Q25 Results Preview: Resiliency Shines Despite Se...
We expect 4Q25 to be characterised by moderation in NIM compression, sustainable growth in wealth management fees and benign asset quality. We project net profit of S$2,523m for DBS (flat yoy, -15% qoq) and S$1,747m for OCBC (+4% yoy, -12% qoq). Maintain OVERWEIGHT. BUY DBS (Target: S$68.95) and OCBC (Target: S$23.65). DBS provides an attractive 2026 dividend yield of 5.6%. We are excited to hear the new CEO’s strategy, priorities and vision for OCBC.
- Jonathan Koh
Singapore Daily: Thursday, January 22, 2026
Top Stories Sector Update | Banking We expect 4Q25 to be characterised by moderation in NIM compression, sustainable growth in wealth management fees and benign asset quality. We project net profit of S$2,523m for DBS (flat yoy, -15% qoq) and S$1,747m for OCBC (+4% yoy, -12% qoq). Maintain OVERWEIGHT. BUY DBS (Target: S$68.95) and OCBC (Target: S$23.65). DBS provides an attractive 2026 dividend yield of 5.6%. We are excited to hear the new CEO’s strategy, priorities and vision for O...
- Jonathan Koh
Singapore Daily: Wednesday, January 7, 2026
Top Stories Sector Update | Banks We envisage a Goldilocks economy with steady growth accompanied by low inflation, the ideal balance for sustainable and lengthy economic expansion, supported by the Trump Administration’s new focus on affordability. We anticipate two rate cuts in 1H26 but none in 2H26. Banks provide resilient earnings with growth in non-interest income, including wealth management, offsetting negative impact from NIM compression. Upgrade to OVERWEIGHT. BUY DBS (Target: S$68.95) ...
- Alden Gabriel Lam
- Benjaphol Suthwanish
- Claire Wang Kelai
- Desmond Chong Chee Wai
- Jo Yee Ng
- Jonathan Koh
- Julia Pan Mengyao
- Malaysia Research Team
- Ming San Soong
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
- Vincent Khoo Boo Aik
- Willinoy Sitorus
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Wednesday, January 07, 2026
Greater China Company Update | Baidu (9888 HK/BUY/HK$146.60/Target: HK$166.00) We are optimistic on Baidu as the Kunlunxin spin-off could help unlock financial value for Baidu and strengthen its AI ecosystem. Baidu announced that on 1 Jan 26, Kunlunxin applied for a listing on the HK Stock Exchange. Following the spin-off, Kunlunxin will remain a consolidated subsidiary, with Baidu retaining a controlling 59% stake. Maintain BUY with a higher target price of HK$166.00 (US$185.00). Company ...
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
5347 TENAGA NASIONAL BHD
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
ASII PT ASTRA INTERNATIONAL TBK
2899 ZIJIN MINING GROUP CO. LTD. CLASS H
GAM GAMUDA BHD
FNH FRASER & NEAVE HOLDINGS BHD
PMAH PRESS METAL ALUMINIUM HOLDIN
HLBK HONG LEONG BANK BERHAD
IGBREIT IGB REAL ESTATE INVESTMENT T
SWB SUNWAY BHD
SREIT SUNWAY REAL ESTATE INVESTMEN
AXRB AXIS REAL ESTATE INVESTMENT
KLCCSS KLCCP STAPLED GROUP
09888 BAIDU INC
ITC I-TAIL CORPORATION PUBLIC COMPANY LIMITED
CMMT CAPITALAND MALAYSIA TRUST
PREIT PAVILION REAL ESTATE INVESTMENT TRUST
PEKAT PEKAT GROUP BHD
SDG SD GUTHRIE BHD
- Jonathan Koh
Singapore Banks Sparkle In The Goldilocks Economy
We envisage a Goldilocks economy with steady growth accompanied by low inflation, the ideal balance for sustainable and lengthy economic expansion, supported by the Trump Administration’s new focus on affordability. We anticipate two rate cuts in 1H26 but none in 2H26. Banks provide resilient earnings with growth in non-interest income, including wealth management, offsetting negative impact from NIM compression. Upgrade to OVERWEIGHT. BUY DBS (Target: S$68.95) and OCBC (Target: S$23.65) for att...
- Adrian Loh Tzum Yung
Singapore Daily: Wednesday, November 26, 2025
Top Stories Company Update | Hong Leong Asia (HLA SP/BUY/S$2.13/Target: S$2.82) A recent site visit highlights HLA's exposure to Singapore's construction demand. Key updates include an AI pilot programme to improve efficiency and a material growth opportunity in diesel gensets for data centres. Maintain BUY with a target price of S$2.82. Market Spotlight • US stocks were higher on Tuesday, with all three major indexes advancing as the healthcare, consumer discretionary and communication service...
- Jonathan Koh
Singapore Daily: Monday, November 10, 2025
Top Stories Sector Update | Banking DBS and OCBC benefitted from spectacular surges in wealth management fees of 31% and 53% yoy respectively in 3Q25 as high-net-worth clients deployed their funds in investment products. UOB recognised one-off pre-emptive general allowances of S$615m in 3Q25 to strengthen its general provision coverage from 0.8% to 1.0% and loan loss coverage from 88% to 100%. Maintain MARKET WEIGHT. Influx of safe haven liquidity would continue to keep domestic interest rate...
- Jonathan Koh
Singapore Banking - 3Q25 Results Round-up: DBS And OCBC Demonstrate We...
DBS and OCBC benefitted from spectacular surges in wealth management fees of 31% and 53% yoy respectively in 3Q25 as high-net-worth clients deployed their funds in investment products. UOB recognised one-off pre-emptive general allowances of S$615m in 3Q25 to strengthen its general provision coverage from 0.8% to 1.0% and loan loss coverage from 88% to 100%. Maintain MARKET WEIGHT. Influx of safe haven liquidity would continue to keep domestic interest rates depressed. BUY OCBC (Target: S$20.22)...
- Arsit Pamaranont
- Bella Lu Yifei
- Benjaphol Suthwanish
- Benyamin Mikael
- Carol Dou Xiao Qin
- Desmond Chong Chee Wai
- Ejann Hiew
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Jonathan Koh
- Ken Lee
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
Regional Morning Meeting Notes: Friday, November 7, 2025
Greater China Sector Update | Automobile The anti-involution policy boosted OEMs’ 3Q25 earnings by ending the price war. However, the industry disruptor BYD saw worsened liquidity due to sales slowdown and inventory pile-up. Auto part companies saw margin erosion in 3Q25 due to delayed impacts from the OEMs’ price war, but 4Q25 margin will stabilise. Maintain MARKET WEIGHT. Top BUYs: CATL and Geely. Top SELLs: BYD and Li Auto. Cut target price for Li Auto to HK$60.0. Raise target price for Weich...
D05 DBS GROUP HOLDINGS LTD
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
00027 GALAXY ENTERTAINMENT GROUP LIMITED
7160 PENTAMASTER CORP. BHD
THAI THAI AIRWAYS INTERNATIONAL PCL
BH
G13 BUMRUNGRAD HOSPITAL PUBLIC CO. LTD.
GAM GENTING SINGAPORE LIMITED
OR GAMUDA BHD
06160 PTT OIL AND RETAIL BUSINESS PUBLIC CO LIMITED
DEWA IJ BEIGENE LTD.
DARMA HENWA (DEWA IJ)
- Jonathan Koh
DBS Group Holdings (DBS SP) - 3Q25: Standout With Impeccable Asset Qua...
Wealth management fees surged 31% yoy in 3Q25 due to brisk sales for investment products and bancassurance. AUM hit a new high of S$474b. New NPL formation was benign at S$113m. DBS wrote back general provisions of S$45m. Maintain HOLD. Target price: S$55.50.
- Jack Goh Tooan Orng
- Jonathan Koh
Singapore Daily: Friday, November 07, 2025
Top Stories Company Results | DBS Group Holdings (DBS SP/HOLD/S$55.54/Target: S$55.50) Wealth management fees surged 31% yoy in 3Q25 due to brisk sales for investment products and bancassurance. AUM hit a new high of S$474b. New NPL formation was benign at S$113m. DBS wrote back general provisions of S$45m. Maintain HOLD. Target price: S$55.50. Company Results | Genting Singapore (GENS SP/BUY/S$0.73/Target: S$0.89) GENS’ stronger 3Q25 results reflect strengthening RWS footfall, better VIP vo...
- Jonathan Koh
Singapore Daily: Tuesday, October 21, 2025
Top Stories Sector Update | Banking We expect 3Q25 to be characterised by continued NIM compression, the resurgence of wealth management fees and benign asset quality. We expect net profit of S$2,749m for DBS (-9% yoy, -3% qoq) and S$1,808m for OCBC (-8% yoy, flat qoq). We remain concerned about heightened uncertainties emanating from trade conflicts and a prolonged US government shutdown. Maintain MARKET WEIGHT. BUY OCBC (Target: S$20.12), HOLD DBS (Target: S$55.25). Market Spotlight • US st...
- Audrey Celia
- Bella Lu Yifei
- Benjaphol Suthwanish
- Claire Wang Kelai
- Damon Shen
- Jieqi Liu
- Jonathan Koh
- Ken Lee
- Philip Wong
- Suryaputra Wijaksana
- Tanaporn Visaruthaphong
- Tham Mun Hon
- Thanawat Thangchadakorn
- Willinoy Sitorus
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Tuesday, October 21, 2025
Greater China Economics | Economic Activity China’s 3Q25 GDP growth slowed to 4.8% yoy, 9M25 growth to 5.1%. Ytd FAI fell 0.5% yoy, dragged by property FAI (-13.9% ytd yoy). September's industrial production rose 6.5% yoy, but retail sales growth eased to 3.0% yoy. With the stronger-than-expected 9M25 growth, we raise the full-year real GDP growth forecast to 5.0% yoy. That said, further policy support is still needed and we expect proposals for the 15th Five-year Plan to provide further clu...
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
5225 IHH HEALTHCARE BHD.
D05 DBS GROUP HOLDINGS LTD
01109 CHINA RESOURCES LAND LIMITED
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
2899 ZIJIN MINING GROUP CO. LTD. CLASS H
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
ASSA IJ ADI SARANA ARMADA TBK PT (ASSA IJ)
- Jonathan Koh
Banking : 3Q25 Results Preview: Continued NIM Compression
We expect 3Q25 to be characterised by continued NIM compression, the resurgence of wealth management fees and benign asset quality. We expect net profit of S$2,749m for DBS (-9% yoy, -3% qoq) and S$1,808m for OCBC (-8% yoy, flat qoq). We remain concerned about heightened uncertainties emanating from trade conflicts and a prolonged US government shutdown. Maintain MARKET WEIGHT. BUY OCBC (Target: S$20.12), HOLD DBS (Target: S$55.25).
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