reports
DBS Group Holdings Ltd: 1 director
A director at DBS Group Holdings Ltd sold 300,000 shares at 42.052SGD and the significance rating of the trade was 71/100. 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...
- Jonathan Koh
Singapore Banking : 3Q24 Round-up: The Race To Work The Balance Sheet ...
Banks posted strong earnings in 3Q24 (DBS: +15% yoy, OCBC: +9% yoy), supported by a surge in wealth management fees and trading income. They are refocusing on capital management after the implementation of Final Basel III Reforms. DBS and UOB intend to return surplus capital of S$3.0b and S$2.5b to shareholders. OCBC could follow suit. Our top pick is OCBC (Target: S$21.00) due to its focus on ASEAN. BUY DBS (Target: S$46.95) for 2025 yield of 5.7%. Maintain OVERWEIGHT.
- Adrian Loh Tzum Yung
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Jonathan Koh
- Roy Chen Chengzhi
Singapore Daily: Monday, November 11, 2024
KEY HIGHLIGHTS Sector Banking 3Q24 round-up: The race to work the balance sheet harder. Results Oversea-Chinese Banking Corp (OCBC SP/BUY/S$16.06/Target: S$21.00) 3Q24: The tide on capital management has turned. SATS (SATS SP/BUY/S$3.85/Target: S$4.30) 1HFY25: Core earnings beat; stay invested for long-term growth potential. United Overseas Bank (UOB SP/NOT RATED/S$35.69) 3Q24: Uplift in CET-1 CAR reinforces urgency for capital management. Venture Corporation...
- Jack Goh Tooan Orng
- Jonathan Koh
Singapore Daily - Friday, November 08, 2024
KEY HIGHLIGHTS Results DBS Group Holdings (DBS SP/BUY/S$41.70/Target: S$46.95): 3Q24: Double down on capital management. Genting Singapore (GENS SP/BUY/S$0.84/Target: S$1.12): 3Q24: Weak set of results, below our expectations and consensus forecasts due to weaker gaming segment. Maintain BUY but lower target price to S$1.12. TRADERS’ CORNER Oversea-Chinese Banking Corp (OCBC SP): Trading BUY Venture Corp (VMS SP): Trading BUY
- Arsit Pamaranont
- Bella Lu Yifei
- Benjaphol Suthwanish
- Desmond Chong Chee Wai
- Jack Goh Tooan Orng
- Johnny Yum
- Jonathan Koh
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Ken Lee
- Kong Ho Meng
- Shirley Wang Xueyi
- Stella Guo Yuting
- Stevanus Juanda
- Tham Mun Hon
Regional Morning Notes: Friday, November 08, 2024
GREATER CHINA Economics Trade Surprising beat on exports. Sector Automobile Weekly: Trump’s tariff to reshape China automobile supply chain. Maintain MARKET WEIGHT. Top BUYs: Geely, CATL, Fuyao Glass and Desay SV. Results Galaxy Entertainment Group (27 HK/BUY/HK$36.35/Target: HK$46.00) 3Q24: EBITDA decline due to higher reinvestmen...
BCP THE BANGCHAK PETROLEUM PCL
300014 EVE ENERGY CO. LTD. CLASS A
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
D05 DBS GROUP HOLDINGS LTD
CTRA CIPUTRA DEVELOPMENT
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
ITMG INDO TAMBANGRAYA MEGAH
00027 GALAXY ENTERTAINMENT GROUP LIMITED
7160 PENTAMASTER CORP. BHD
BH BUMRUNGRAD HOSPITAL PUBLIC CO. LTD.
EGH EUREKA GROUP HOLDINGS
INCO VALE INDONESIA
M3I MINTH GROUP LIMITED
BSDE PT BUMI SERPONG DAMAI TBK
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
ACES PT ACE HARDWARE INDONESIA TBK
ASII PT ASTRA INTERNATIONAL TBK
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
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
G13 GENTING SINGAPORE LIMITED
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
DLG DIALOG GROUP BHD
LPN LPN DEVELOPMENT PCL
1772 GANFENG LITHIUM CO. LTD. CLASS H
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
GOTO GOJEK TOKOPEDIA TBK PT
CMRY PT CISARUA MOUNTAIN DAIRY TBK
BCOW 1895 BANCORP OF WISCONSIN INC
Z29 029 GROUP SE
02015 LI AUTO INC
600699 JOYSON ELECTRONICS CORP
ADROIJ ADARO ENERGY
- Jonathan Koh
DBS Group Holdings (DBS SP) - 3Q24: Double Down On Capital Management
DBS achieved a record net profit of S$3,027m in 3Q24 (+15% yoy), driven by a surge in wealth management fees (+55% yoy) and markets trading income (doubled yoy). NPLs declined 8% qoq due to sizeable repayment and recoveries. The Board established a new share buyback programme of S$3b. DBS will continue to return surplus capital to shareholders through step-ups in regular quarterly dividends, special dividends and share buybacks. Maintain BUY. Target price: S$46.95.
- Jonathan Koh
Singapore Banking : 3Q24 Results Preview: Healthy Growth From Wealth M...
OCBC should record stronger loan growth of +2.0% yoy than DBS’ +0.2% yoy in 3Q24. OCBC benefits from the appreciation of MYR (+8.2%), while DBS is affected by the depreciation of USD (-5.2%) and HKD (-4.8%). We see a slight erosion in NIM qoq, offset by resilient growth from wealth and trading income. We expect net profit of S$2,713m for DBS (+5% yoy, -3% qoq) and S$1,904m for OCBC (+5% yoy, -2% qoq). Upgrade to OVERWEIGHT. BUY OCBC (Target: S$19.40), followed by DBS (Target: S$42.70).
- Jonathan Koh
Singapore Daily: Thursday, October 17, 2024
KEY HIGHLIGHTS Sector Banking 3Q24 results preview: Healthy growth from wealth management, trading income and strengthening regional currencies. Upgrade to OVERWEIGHT. TRADERS' CORNER DFI Retail Group Holdings (DFI SP): Trading BUY Venture Corp (VMS SP): Trading SELL
- Adrian Loh Tzum Yung
- Singapore Research Team
Market Strategy - The Great Wall Of China Stimulus Packages
Clearly concerned about the direction of its economy, the Chinese government released a raft of stimulus measures last week that seemingly changed investor sentiment towards the Hong Kong and China markets overnight. While structural challenges remain, we highlight 14 stocks that have meaningful revenue exposure to China should these stimulus measures prove to be a game-changer. Our top picks for 2H24 remain CLI, GENS, KEP, MINT, OCBC, SCI, STE, VMS and YZJSGD.
C09 CITY DEVELOPMENTS LIMITED
U96 SEMBCORP INDUSTRIES LTD.
F34 WILMAR INTERNATIONAL LIMITED
N2IU MAPLETREE COMMERCIAL TRUST
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
BN4 KEPPEL CORPORATION LIMITED
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
MLT MAPLETREE LOGISTICS TRUST
SASSR SASSEUR REAL ESTATE INVESTMENT TRUST
RSTON RIVERSTONE HOLDINGS LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
HMN ASCOTT RESIDENCE TRUST
9CI CAPITALAND INVESTMENT LTD
123F 123FAHRSCHULE SE
- Adrian Loh Tzum Yung
- Singapore Research Team
C09 CITY DEVELOPMENTS LIMITED
U96 SEMBCORP INDUSTRIES LTD.
F34 WILMAR INTERNATIONAL LIMITED
N2IU MAPLETREE COMMERCIAL TRUST
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
BN4 KEPPEL CORPORATION LIMITED
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
MLT MAPLETREE LOGISTICS TRUST
SASSR SASSEUR REAL ESTATE INVESTMENT TRUST
RSTON RIVERSTONE HOLDINGS LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
HMN ASCOTT RESIDENCE TRUST
9CI CAPITALAND INVESTMENT LTD
123F 123FAHRSCHULE SE
- Adrian Loh Tzum Yung
- Jonathan Koh
- Singapore Research Team
Singapore Daily - Monday, August 26, 2024
KEY HIGHLIGHTS Strategy Market Strategy: Outlining the potential impact of US Fed chairman Jerome Powell’s Jackson Hole speech on Singapore stocks. Sector Banking: Jackson Hole Symposium: The time is now. TRADERS’ CORNER Jiutian Chemical Group (JIUC SP): Trading BUY Seatrium (STM SP): Trading BUY
- 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)
- Jonathan Koh
Singapore Banking : Jackson Hole Symposium: The Time Is Now
The Fed has switched emphasis to supporting the labour market as “confidence has grown that inflation is on a sustainable path back to 2%”. The new chapter on rate cuts has commenced. We expect two rate cuts of 25bp in 2H24 and four rate cuts of 25bp in 2025 (one rate cut of 25bp every alternate FOMC meeting). We reduce DBS’ and OCBC’s 2025 earnings by 1.6% and 1.1% respectively. Maintain MARKET WEIGHT. BUY OCBC (Target: S$18.50), followed by DBS (Target: S$40.75).
- Jonathan Koh
Singapore Banking : 2Q24 Round-up: Strong Results Demonstrate Resilien...
Banks delivered strong earnings in 2Q24 (DBS: +6% yoy, OCBC: +14% yoy) with single-digit growth in net interest income, continued recovery in fees and benign provisions. DBS and OCBC provide attractive 2025 dividend yields of 6.3% and 7.1% respectively. Our top pick is OCBC (Target: S$18.70) due to organic growth from ASEAN countries and the potential to deploy surplus capital to generate inorganic growth. BUY DBS (Target: S$41.50). Maintain MARKET WEIGHT.
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Jonathan Koh
Singapore Daily: Thursday, August 8, 2024
KEY HIGHLIGHTS Results CSE Global (CSE SP/BUY/S$0.465/Target: S$0.60) 1H24: Results a strong beat on top-line growth. DBS Group Holdings (DBS SP/BUY/S$33.65/Target: S$41.50) 2Q24: A new beginning. Riverstone Holdings (RSTON SP/BUY/S$0.925/Target: S$1.16) 1H24: Results in line; robust demand drives growth. TRADERS' CORNER Aztech Global (AZTECH SP): Trading BUY Sembcorp Industries (SCI SP): Trading BUY
- Bella Lu Yifei
- Heidi Mo Jinghui
- Jack Lai Yuan Khai
- John Cheong Ming Chern
- Jonathan Koh
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Ken Lee
- Philip Wong
- Posmarito Pakpahan
- Ringo Tang Chi Yu
- Stevanus Juanda
- Tham Mun Hon
Regional Morning Notes - Thursday, August 08, 2024
GREATER CHINA Economics Trade: Slowing global manufacturing dampens export growth. Results Fuyao Glass Industry Group (3606 HK/BUY/HK$42.15/Target: HK$61.00): 2Q24: Core earnings up 66% yoy, beating estimates. Maintain BUY with a higher target price of HK$61.00. INDONESIA Results Astra International (ASII IJ/SELL/Rp4,630/Target: Rp3,900): 2Q24: Soft performance in most major divisions; in line with expectations. Bank Neo Commerce (BBYB IJ/BUY/Rp234/Target: Rp375): 2Q24: Net loss of Rp20b; expec...
D05 DBS GROUP HOLDINGS LTD
600660 FUYAO GLASS INDUSTRY GROUP CO. LTD. CLASS A
STEC SINO-THAI ENGINEERING & CONSTRUCTION PCL
AP4 RIVERSTONE HOLDINGS
ASII PT ASTRA INTERNATIONAL TBK
KPJ KPJ HEALTHCARE BERHAD
HEIM HEINEKEN MALAYSIA BHD
BBYB BANK NEO COMMERCE
ITC I-TAIL CORPORATION PUBLIC COMPANY LIMITED
- Jonathan Koh
DBS Group Holdings (DBS SP) - 2Q24: A New Beginning
DBS achieved 2Q24 net profit of S$2,789m (+6% yoy) with broad-based growth across net interest income (+5% yoy), fees & commissions (+27% yoy) and other non-interest income (+6% yoy). Management estimates that every 1bp cut in the US Fed Funds Rate will reduce net interest income by S$4m. The lower sensitivity is due to its lower CASA ratio of 50.5% and large portfolio of fixed-rate assets. Tan Su Shan takes over the helm as new CEO in Mar 25. Maintain BUY. Target price: S$41.50.
- Heidi Mo Jinghui
- Jonathan Koh
- Llelleythan Tan Tan
Singapore Daily - Friday, July 19, 2024
KEY HIGHLIGHTS Sector Banking: 2Q24 results preview: Stable interest rates and resilient earnings. Update Thai Beverage (THBEV SP/BUY/S$0.50/Target:S$0.60): Cementing its top spot in Southeast Asia. TRADERS’ CORNER Parkway Life Real Estate Investment Trust (PREIT SP): Trading BUY City Developments (CIT SP): Trading BUY
- Anas Fitri Bin Ahmad
- Benjaphol Suthwanish
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Jo Yee Ng
- Johnny Yum
- Jonathan Koh
- Julia Pan Mengyao
- Kasemsun Koonnara
- Kenny Yong Hui Lim
- Llelleythan Tan Tan
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Stevanus Juanda
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Friday, July 19, 2024
GREATER CHINA Update Hong Kong Exchanges and Clearing (388 HK/BUY/HK$241.40/Target: HK$310.00) A head of steam or a flash in the pan? Inner Mongolia Yili Industrial Group (600887 CH/BUY/Rmb26.21/Target: Rmb30.60) Lower 2024 revenue expectation; expects active channel adjustments to lead to better liquid milk sales in 2H24. Meituan (3690 HK/BUY/HK$119.10/Target: HK$139.00) 2Q24 results preview: ISHT margin to stabili...
ORI ORIGIN PROPERTY
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
D05 DBS GROUP HOLDINGS LTD
00388 HONG KONG EXCHANGES & CLEARING LTD.
CTRA CIPUTRA DEVELOPMENT
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
4197 SIME DARBY BHD.
600887 INNER MONGOLIA YILI INDUSTRIAL GROUP CO. LTD. CLASS A
BMRI PT BANK MANDIRI (PERSERO) TBK
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
Y92 THAI BEVERAGE PUBLIC CO. LTD.
CENTEL CENTRAL PLAZA HOTEL
BSDE PT BUMI SERPONG DAMAI TBK
ACES PT ACE HARDWARE INDONESIA TBK
BBL-R BANGKOK BANK PCL (NVDR)
03690 MEITUAN CLASS B
BAUTO BERMAZ AUTO BHD
WCTHG WCT HOLDINGS BHD
BUKA BUKALAPAK.COM PT TBK
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
CMRY PT CISARUA MOUNTAIN DAIRY TBK
Z29 029 GROUP SE
- Jonathan Koh
Banking : 2Q24 Results Preview: Stable Interest Rates And Resilient Ea...
Growth in net interest income has moderated but fee income continues to sustain its recovery. Asset quality is stable and the level of provisions remains benign. Singapore banks are expected to deliver resilient net profit, with S$2,688m for DBS (+2% yoy but - 9% qoq) and S$1,830m for OCBC (+7% yoy but -8% qoq) in 2Q24, supported by resilient asset quality. Maintain OVERWEIGHT. Our top pick is OCBC (BUY/Target: S$18.15), followed by DBS (BUY/Target: S$41.40).
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