reports
- Jonathan Koh
Singapore Banking - 1Q25 Round-up: First-order Direct Impact Assessed ...
Banks delivered resilient earnings in 1Q25 (DBS: +15% qoq, OCBC: +12% qoq) supported by a sequential rebound in non-interest income. Banks have assessed their first-order direct impact from vulnerable sectors to be manageable at 2-3% of total loans. They have also recommitted themselves to their capital management plans announced in Feb 25. BUY OCBC (Target: S$19.30) for its focus on ASEAN. HOLD DBS (Target: S$45.45) for its 2025 yield of 6.9%. Upgrade to OVERWEIGHT.
- Chong Lee Len
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Jonathan Koh
- Llelleythan Tan Tan
- Roy Chen Chengzhi
Singapore Daily: Tuesday, May 13, 2025
KEY HIGHLIGHTS Sector Banking 1Q25 round-up: First-order direct impact assessed to be manageable. Upgrade to OVERWEIGHT. Results Civmec (CVL SP/HOLD/S$0.815/Target:S$0.80) 3QFY25: Results in line; outlook remains challenging as project delays extend. Marco Polo Marine (MPM SP/BUY/S$0.044/Target:S$0.066) 1HFY25: Earnings in line; poised for growth in...
- Bella Lu Yifei
- Benjaphol Suthwanish
- Desmond Chong Chee Wai
- Ejann Hiew
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Jonathan Koh
- Julia Pan Mengyao
- Kasemsun Koonnara
- Ken Lee
- Ming San Soong
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Thanawat Thangchadakorn
- Willinoy Sitorus
Regional Morning Notes - Friday, May 09, 2025
GREATER CHINA Sector Automobile: Weekly: PEV sales down wow due to holiday. Maintain MARKET WEIGHT on the sector. Top BUYs: BYD, Geely and Desay SV. Internet: Expecting ample monetisation potential on promising game pipelines in 2025. Results Budweiser APAC (1876 HK/BUY/HK$8.31/Target: HK$12.00): 1Q25: EBITDA declines 11% yoy; China’s consumer confidence and on-premise channels show no significant recovery; expects sell-in to match sell-through in 2H25. Galaxy Entertainment Group (27 HK/BUY/HK$3...
00027 GALAXY ENTERTAINMENT GROUP LIMITED
7160 PENTAMASTER CORP. BHD
ASII PT ASTRA INTERNATIONAL TBK
AOT AIRPORTS OF THAILAND PUBLIC CO. LTD.
RSTON RIVERSTONE HOLDINGS LTD
01876 BUDWEISER BREWING CO. APAC LTD.
TIDLOR NGERN TID LOR PCL
OR PTT OIL AND RETAIL BUSINESS PUBLIC CO LIMITED
2209 YESASIA HOLDINGS LTD
- Jonathan Koh
DBS Group Holdings (DBS SP) - 1Q25: Wealth Management Leading The Way
DBS achieved a net profit of S$2,897m in 1Q25 (down 2% yoy), driven by a surge in wealth management fees (+35% yoy) and growth in net interest income (+5% yoy). Management sees its overlay for general provisions of S$2.6b as adequate. DBS is committed to returning excess capital of S$8b to shareholders, comprising capital return dividend of S$5b (15 S cents per quarter to be paid over three years in 2025-27) and share buyback of S$3b. Maintain HOLD. Target price: S$40.90.
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Jonathan Koh
Singapore Daily: Friday, May 9, 2025
KEY HIGHLIGHTS Results DBS Group Holdings (DBS SP/HOLD/S$43.09/Target: S$40.90) 1Q25: Wealth management leading the way. Riverstone Holdings (RSTON SP/HOLD/S$0.855/Target: S$0.82) 1Q25: Facing near-term headwinds; downgrade to HOLD. TRADERS' CORNER Singapore Exchange (SGX SP): Trading BUY DBS Group Holdings (DBS SP): Trading SELL
- Jonathan Koh
Singapore Banking : 1Q25 Results Preview: Calm Before The Storm
We should start to witness NIM compression at 6bp qoq for DBS and 7bp qoq for OCBC in 1Q25 due to a steep fall in SORA by 51bp to 2.56%. Fee income is expected to grow 10% yoy for DBS and 9% yoy for OCBC, driven by wealth management. We expect net profit of S$2,746m for DBS (-7% yoy, +9% qoq) and S$1,874m for OCBC (-5% yoy, +11% qoq). Asset quality is stable now but could deteriorate in 2H25. Maintain MARKET WEIGHT. BUY OCBC (Target: S$16.90). HOLD DBS (Target: S$40.00).
- Jonathan Koh
- Roy Chen Chengzhi
Singapore Daily: Thursday, April 17, 2025
KEY HIGHLIGHTS Sector Banking 1Q25 results preview: Calm before the storm. Update Singapore Airlines (SIA SP/HOLD/S$6.35/Target: S$6.22) Expect yoy softer 4QFY25 earnings; FY26 to benefit from weak fuel prices. Maintain HOLD. MONTHLY TECHNICAL - INDICES OUTLOOK FTSE Straits Times Index (STI IND): Price remains bullish
- Adrian Loh Tzum Yung
- Jonathan Koh
Singapore Daily: Monday, April 14, 2025
KEY HIGHLIGHTS Sector Banking Flexible adaption in response to disapproval from treasury markets. Upgrade to MARKET WEIGHT. Update Centurion Corp (CENT SP/BUY/S$1.12/Target: S$1.48) A safe harbour amid the tragic tariffs. Maintain BUY. TRADERS' CORNER Yangzijiang Financial Holding (YZJFH SP): Trading BUY AEM Holdings (AEM SP): Trading SELL
- Jonathan Koh
Singapore Banking : Flexible Adaption In Response To Disapproval From ...
The Trump Administration made two consecutive concessions: a) a 90-day pause for countries with reciprocal tariffs above the baseline rate of 10%, and b) exemption for electronics products imported from China. Trump has shown himself to be pragmatic enough to accommodate the concerns of businesses and consumers. Upgrade to MARKET WEIGHT. HOLD DBS (Target: S$40.00). Upgrade OCBC to BUY (Target: S$16.90). DBS and OCBC provide attractive 2025 yields of 7.9% and 6.7% respectively.
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Chong Lee Len
- Damon Shen
- Desmond Chong Chee Wai
- Jieqi Liu
- Johnny Yum
- Kampon Akaravarinchai
- Singapore Research Team
- Tanaporn Visaruthaphong
- Wei Xiang Ku
Regional Morning Meeting Notes: Tuesday, April 08, 2025
GREATER CHINA Strategy China And Hong Kong Property & Hong Kong Landlord Tariffs curtail US rate cuts, thereby hindering the recovery of Hong Kong property and tourism; Maintain OVERWEIGHT on China property. INDONESIA Strategy Alpha Picks: Outperform In Mar 25 Remove BBNI, BBRI, ASII, JSMR and KLBF; add BBCA, ICBP, ERAA and BUKA. MALAYSIA Update Pekat Group (PEKAT MK/BUY/RM1.08/Target: RM1.45) Good earnings visibility over 2025...
FR FIRST INDUSTRIAL REALTY TRUST INC.
AES AES CORPORATION
OU8 CENTURION
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
00683 KERRY PROPERTIES LIMITED
00016 SUN HUNG KAI PROPERTIES LIMITED
FCT FRASERS CENTREPOINT TRUST
00823 LINK REAL ESTATE INVESTMENT TRUST
CC3 STARHUB LTD
CPF CHAROEN POKPHAND FOODS PUBLIC CO. LTD.
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
544 CSE GLOBAL LTD.
D05 DBS GROUP HOLDINGS LTD
01109 CHINA RESOURCES LAND LIMITED
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.
SCNR SUNAC CHINA HOLDINGS LTD.
N2IU MAPLETREE COMMERCIAL TRUST
RLF LONGFOR GROUP HOLDINGS LTD.
AJBU KEPPEL DC REIT
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
GFPT GFPT
00014 HYSAN DEVELOPMENT CO. LTD.
C52 COMFORTDELGRO CORPORATION LIMITED
C6L SINGAPORE AIRLINES LTD.
BBCA PT BANK CENTRAL ASIA TBK
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
PTTEP PTT EXPLORATION & PRODUCTION PLC
Y92 THAI BEVERAGE PUBLIC CO. LTD.
AP4 RIVERSTONE HOLDINGS
BN4 KEPPEL CORPORATION LIMITED
ICBP PT INDOFOOD CBP SUKSES MAKMUR TBK
ERAA ERAJAYA SWASEMBADA
Q5T FAR EAST HOSPITALITY TRUST
MIKA MITRA KELUARGA KARYASEHAT
01997 WHARF REAL ESTATE INVESTMENT CO. LTD.
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
PMAH PRESS METAL ALUMINIUM HOLDIN
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
00017 NEW WORLD DEVELOPMENT CO. LTD.
SE US SEA LIMITED
BUKA BUKALAPAK.COM PT TBK
CVL CIVMEC
9CI CAPITALAND INVESTMENT LTD
EXCL XL AXIATA TBK PT
123F 123FAHRSCHULE SE
BCOW 1895 BANCORP OF WISCONSIN INC
CLAR CAPITALAND ASCENDAS REIT
ITC I-TAIL CORPORATION PUBLIC COMPANY LIMITED
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
STM SEATRIUM LTD
EPIC 1CM INC
Z29 029 GROUP SE
BTG BETAGRO PUBLIC COMPANY LIMITED
PEKAT PEKAT GROUP BHD
PAN SP PAN-UNITED CORPORATION (PAN SP)
- Adrian Loh Tzum Yung
- Singapore Research Team
Singapore Market Strategy - Turbulence To Continue – Stay With Domesti...
The selloff driven by the US’ unprecedented and perplexing tariff plans has liberated many investors of profits this year. Given the fluidity of market conditions, we highlight a number of domestic-focused stocks such as CENT, CD, DFI, HLA, PANU, PROP, RFMD, SSG and SIE as well as Singapore-focused REITS such as CDLHT, FEHT, FCT, KREIT, LREIT and PREIT. In addition, the MAS’ equity market review should inject much needed liquidity in 2H25. We lower our STI target to 3,720 (previously 4,115).
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)
- Jonathan Koh
- Ejann Hiew
- Jonathan Koh
- Kong Ho Meng
- Philip Wong
- Shirley Wang Xueyi
- Stella Guo Yuting
Regional Morning Meeting Notes: Monday, April 07, 2025
GREATER CHINA Results Chongqing Brewery (600132 CH/BUY/Rmb59.82/Target: Rmb71.30) 2024: Net profit misses but core profit in line due to lawsuit provision; focus on off-premise channel expansion in 2025. MALAYSIA Sector Consumer ESG assessment of the top 10 largest F&B companies; Nestle comes out tops. Maintain MARKET WEIGHT. Update Westports Holdings (WPRTS MK/HOLD/RM4.75/Target: RM4.40) Advise taking profit...
D05 DBS GROUP HOLDINGS LTD
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
GCB GHANA COMMERCIAL BANK
FNH FRASER & NEAVE HOLDINGS BHD
WPRTS WESTPORTS HOLDINGS BHD
HEIM HEINEKEN MALAYSIA BHD
CAB CARLSBERG BREWERY MALAYSIA B
NESZ NESTLE (MALAYSIA) BERHAD
QLG QL RESOURCES BHD
FFB FARM FRESH BHD
DLM DEL MONTE FOODS CO
- Jonathan Koh
Banking : US Self-inflicted Slowdown Could Spiral Out Of Control
The Trump Administration’s across-the-board reciprocal tariff is unprecedented and would trigger retaliation by the EU and China. Asset quality would be affected by the slowdown in trade, which would create turmoil and job losses in the manufacturing sector. We cut our 2026 net profit forecasts for DBS and OCBC by 13% after factoring in higher credit costs and anaemic loan growth. Downgrade to UNDERWEIGHT. SELL DBS (Target: S$40.00). HOLD OCBC (Target: S$16.85).
- Jonathan Koh
Singapore Banking - 4Q24 Round-up: New Era Of Returning Excess Capital...
Banks delivered resilient earnings in 4Q24 (DBS: +11% yoy, OCBC: +4% yoy) supported by growth in fees and other non-interest income. Banks are refocusing on capital management. Inclusive of special dividends, DBS and OCBC have increased payout ratio to 80% and 61% respectively in 2025. They are devoting S$3b and S$1b to share buybacks. BUY OCBC (Target: S$21.10) for its focus on ASEAN. HOLD DBS (Target: S$49.80) for its 2025 yield of 6.4%. Maintain OVERWEIGHT.
- Jonathan Koh
- Arsit Pamaranont
- Damon Shen
- Jieqi Liu
- Johnny Yum
- Jonathan Koh
- Julia Pan Mengyao
- Kasemsun Koonnara
- Ming San Soong
- Stevanus Juanda
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Tuesday, February 11, 2025
GREATER CHINA Sector Internet Growth potential and AI development trends following emergence of DeepSeek. Property Policy implementation and development remain the key focus and catalyst. INDONESIA Strategy Catching A Falling Knife Or Opportunity To Buy? We Say Buy Our picks are BBCA, BBTN, CMRY, ICBP, KLBF, CTRA, AMRT, PGEO, TL...
ORI ORIGIN PROPERTY
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
D05 DBS GROUP HOLDINGS LTD
01109 CHINA RESOURCES LAND LIMITED
CTRA CIPUTRA DEVELOPMENT
AMATA AMATA CORP
IRPC IRPC PUBLIC CO. LTD.
ISAT INDOSAT
QH QUALITY HOUSES
3K1 KINGSOFT CORP. LTD.
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
KLBF PT KALBE FARMA TBK
AMRT SUMBER ALFARIA TRIJAYA TBK PT
SPALI SUPALAI PCL
ICBP PT INDOFOOD CBP SUKSES MAKMUR TBK
AP AP THAILAND
00700 TENCENT HOLDINGS LTD.
LPN LPN DEVELOPMENT PCL
PSH PRUKSA HOLDING PCL
09988 ALIBABA GROUP HOLDING LTD.
09888 BAIDU INC
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
CMRY PT CISARUA MOUNTAIN DAIRY TBK
PGEO PERTAMINA GEOTHERMAL ENERGY
Z29 029 GROUP SE
- Jonathan Koh
DBS Group Holdings (DBS SP) - 4Q24: Returning Excess Capital Over Thre...
DBS achieved a net profit of S$3,522m in 4Q24 (+11% yoy), driven by an uptick in NIM, surge in wealth management fees (+41% yoy) and markets trading income (+40% yoy). In addition to the share buyback programme of S$3b, the Board had established a capital return dividend of 15 S cents per quarter to be paid out over 2025. Management expects to pay out similar amounts of capital in the subsequent two years in 2026 and 2027. Downgrade to HOLD. Target price: S$49.80.
- Jonathan Koh
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Chong Lee Len
- Colin Lee
- Damon Shen
- Jieqi Liu
- Johnny Yum Chung Man
- Jonathan Koh
- Julia Pan Mengyao
- Ken Lee
- Kong Ho Meng
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Stevanus Juanda
- Sunny Chen
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Friday, January 17, 2025
GREATER CHINA Sector Automobile Weekly: PV sales down 10% yoy but up 8.5% wow; EVs gain on subsidy rollout. Maintain MARKET WEIGHT. Top BUYs: Geely, CATL, Fuyao and Desay. Healthcare The challenging but rewarding journey of globalisation amid rising geopolitical risks. Internet ...
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
00992 LENOVO GROUP LIMITED
ASM PACIFIC TECHNOLOGY LIMITED
D05 DBS GROUP HOLDINGS LTD
01093 CSPC PHARMACEUTICAL GROUP LIMITED
UNTR PT UNITED TRACTORS TBK
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
TOP THAI OIL PUBLIC CO. LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
EGH EUREKA GROUP HOLDINGS
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
M3I MINTH GROUP LIMITED
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
00700 TENCENT HOLDINGS LTD.
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
02669 CHINA OVERSEAS PROPERTY HOLDINGS LIMITED
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
AXIATA AXIATA GROUP BERHAD
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
3933 THE UNITED LABORATORIES INTE
WPRTS WESTPORTS HOLDINGS BHD
HCM HUTCHISON CHINA MEDITECH LIMITED
06098 COUNTRY GARDEN SERVICES HOLDINGS CO. LTD.
01801 INNOVENT BIOLOGICS INC.
TGIF 1933 INDUSTRIES
1772 GANFENG LITHIUM CO. LTD. CLASS H
601138 FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
6049 POLY PROPERTY SERVICES CO LTD
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
09999 NETEASE INC
01209 CHINA RESOURCES MIXC LIFESTYLE SERVICES (RED CHIP)
3692 HANSOH PHARMACEUTICAL GROUP
06160 BEIGENE LTD.
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
300765 CSPC INNOVATION PHARMACEUTICAL CO L
Z29 029 GROUP SE
02015 LI AUTO INC
600699 JOYSON ELECTRONICS CORP
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