reports
- 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
- 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
- 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
- Adrian Loh Tzum Yung
Singapore Property Developers - 1H24: A Slight Miss For CLI; Worse-tha...
CLI and CDL both reported weaker-than-expected results with the latter’s results hit by the timing of revenue recognition as well as a 25% yoy increase in financing cost for 1H24. While both saw continued strength in their respective lodging/hospitality segments in 1H24, CLI’s capital recycling targets appear to be on track versus delays for CDL. Maintain our BUY recommendations: We prefer CLI (target price: S$4.04) over CDL (target price lowered to S$7.00). Maintain OVERWEIGHT on the sector.
City Developments: 2 directors
Two Directors at City Developments bought/maiden bought 140,000 shares at between 5.620SGD and 5.800SGD. The significance rating of the trade was 90/100. 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 di...
- Adrian Loh Tzum Yung
Singapore Property - The Issue Of More Supply, High Taxes And Interest...
While the higher number of new launches and completed units hitting the Singapore residential market in 2024 and 2025 enables buyers to shop around more, the spectre of persistently higher interest rates, as well as high property taxes, could have a dampening effect on sentiment in the near term. We see limited impact on CDL given its diversified income stream while PropNex could be protected by its high 6.5% dividend yield. Maintain OVERWEIGHT.
- Adrian Loh Tzum Yung
- Adrian Loh Tzum Yung
- Heidi Mo Jinghui
- Llelleythan Tan Tan
- Singapore Research Team
Singapore Daily: Monday, April 15, 2024
KEY HIGHLIGHTS Strategy The Impact Of Escalating Middle East Tensions A fluid situation with oil prices the key worry. Small/Mid Cap Highlights BRC Asia (BRC SP/BUY/S$1.94/Target: S$2.42) 1QFY24: Strong results as construction demand recovers. TRADERS’ CORNER Aztech Global (AZTECH SP): Trading BUY Isdn Holdings (ISDN SP): Trading BUY
G13 GENTING SINGAPORE
FCT FRASERS CENTREPOINT TRUST
CC3 STARHUB LTD
S63 SINGAPORE TECHNOLOGIES ENGINEERING 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.
1820 ABDULMOHSEN AL HOKAIR GROUP FOR TOURISM AND DEVELOPMENT CO CJSC
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.
BN4 KEPPEL CORPORATION LIMITED
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
RFMD RAFFLES MEDICAL GROUP LTD
SASSR SASSEUR REAL ESTATE INVESTMENT TRUST
MUST MANULIFE US REAL ESTATE INV
BRC BRC ASIA LTD
TXG 10X GENOMICS INC CLASS A
FEH FOOD EMPIRE HOLDINGS LTD
UHU UNITED HAMPSHIRE US REIT
FRKN FRENCKEN GROUP LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
FLT FRASERS LOGISTICS & COMMERCIAL TRUST
KORE KEPPEL PACIFIC OAK US REIT
DCREIT DIGITAL CORE REIT
ADSE ADS TEC ENERGY PLC
CLI CAPITALAND INVESTMENT LTD
MPACT MAPLETREE PAN ASIA COMMERCIAL TRUST
BCOW 1895 BANCORP OF WISCONSIN INC
CLAS CAPITALAND ASCOTT TRUST
CLAR CAPITALAND ASCENDAS REIT
PRIME PRIME ROAD POWER PUBLIC CO LTD
STM SEATRIUM LTD
Z29 029 GROUP SE
ACG ACG ACQUISITION COMPANY LIMITED
- Adrian Loh Tzum Yung
Singapore Property Developers - 2023: In Line For CLI; Better-than-exp...
CLI and CDL reported markedly different 2023 results, with the latter’s result boosted by Singapore property, and both seeing continued strength in their respective lodging/hospitality segments as expected. CLI’s China exposure has been an albatross around its neck with 2H24 likely to be a positive turning point. Maintain BUY recommendations on both CLI (target price: S$4.04) and CDL (target price: S$8.20). Maintain OVERWEIGHT.
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Damon Shen
- Desmond Chong Chee Wai
- Heidi Mo Jinghui
- Jacquelyn Yow Hui Li
- Jieqi Liu
- John Cheong Ming Chern
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Ken Lee
- Kochakorn Sutaruksanon
- Leow Huey Chuen
- Llelleythan Tan Tan
- Ming San Soong
- Nurul Nazira Binti Abdullah
- Stevanus Juanda
- Tanaporn Visaruthaphong
Regional Morning Notes - Friday, August 11, 2023
GREATER CHINA Sector Automobile: Weekly: EV sales up 38% yoy and 9% mom in 1-6 August, in line with estimates. Maintain UNDERWEIGHT. Top BUYs: BYD, CATL and Li Auto. Results Alibaba Group (9988 HK/BUY/HK$94.30/Target: HK$133.00): 1QFY24: Strong beat on all levels after restructuring. Hysan Development (14 HK/BUY/HK$17.56/Target: HK$26.18): 1H23: Results distorted by AEI; competitiveness of retail portfolio enhanced. INDONESIA Results United Tractors (UNTR IJ/HOLD/Rp27,600/Target: Rp28,000):2Q23...
PTT PTT PUBLIC COMPANY LIMITED
544 CSE GLOBAL LTD.
C09 CITY DEVELOPMENTS LIMITED
UNTR PT UNITED TRACTORS TBK
GFPT GFPT
C52 COMFORTDELGRO CORPORATION LIMITED
PENT PENTAMASTER CORP BHD
14 HYSAN DEVELOPMENT CO LTD
PROP PROPNEX LTD
AWC ASSET WORLD CORP PUBLIC COMPANY LTD
WHA TB WHA CORP PCL
SENTRAL SENTRAL REIT
- Adrian Loh Tzum Yung
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- John Cheong Ming Chern
- Jonathan Koh
- Llelleythan Tan Tan
- Vincent Khoo Boo Aik
Singapore Daily - Friday, August 11, 2023
KEY HIGHLIGHTS Results City Developments (CIT SP/BUY/S$6.99/Target: S$8.00): 1H23: Strong EBITDA growth overshadowed by financing costs and one-off items. CSE Global (CSE SP/BUY/S$0.47/Target: S$0.61): 1H23: Results above expectations; record orderbook to drive better 2H23. Genting Singapore (GENS SP/BUY/S$0.92/Target: S$1.25): 2Q23: Within expectations. We remain optimistic on further earnings recovery in 2H23. Maintain BUY. Prime US REIT (PRIME SP/BUY/US$0.196/Target: US$0.59): 1H23: Closi...
- Adrian Loh Tzum Yung
City Developments (CIT SP) - 1H23: Strong EBITDA Growth Overshadowed B...
CDL reported a muted 1H23 that was impacted by one-off items and financing costs as well as a poor comparison vs 1H22 that included a large divestment gain from its hotel segment. Stripping out the exceptional items, EBITDA rose 48% yoy which was above our expectations. CDL was busy on the investments front in Australia, Korea and Japan in 1H23 and will look to continue to grow its living sector presence overseas. Maintain BUY. Target price: S$8.00.
- Adrian Loh Tzum Yung
- Singapore Research Team
Singapore Strategy - Paying For Performance
Our analysis of compensation in Singapore suggests that for 2022, companies were generally fair in remunerating their CEOs and board of directors. Compared with their net profit, YZJ, SingTel and SIA generated the most “value” out of their CEOs, while based on ROE, SGX, Starhub, ST Engineering, SIA and YZJ performed well. Based on their respective 2022 share price performance, pay for the CEOs of Seatrium, SCI and KEP appear to be well-justified.
G13 GENTING SINGAPORE
CC3 STARHUB LTD
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
D05 DBS GROUP HOLDINGS LTD
C09 CITY DEVELOPMENTS LIMITED
S68 SINGAPORE EXCHANGE LTD.
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
F34 WILMAR INTERNATIONAL LIMITED
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
C52 COMFORTDELGRO CORPORATION LIMITED
C6L SINGAPORE AIRLINES LTD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
Y92 THAI BEVERAGE PUBLIC CO. LTD.
BN4 KEPPEL CORPORATION LIMITED
SATS SP SATS LTD.
NETLINK NETLINK NBN TRUST
SIE SIA ENGINEERING CO LTD
BAL BUMITAMA AGRI LTD
SPOST SINGAPORE POST LTD
RFMD RAFFLES MEDICAL GROUP LTD
SE US SEA LIMITED
CLI CAPITALAND INVESTMENT LTD
DFI DFI RETAIL GROUP HOLDINGS LIMITED
STM SEATRIUM LTD
- Adrian Loh Tzum Yung
- Jonathan Koh
Singapore Daily - Friday, April 28, 2023
KEY HIGHLIGHTS Sector Property: ABSD increased − faster-than-expected action, but not a surprise. CLI remains our top pick in the Singapore property sector. Results CapitaLand Ascott Trust (CLAS SP/BUY/S$1.08/Target: S$1.39): 1Q23: Steady recovery and profitable growth. United Overseas Bank (UOB SP/NOT RATED/S$29.11): 1Q23: Record earnings boosted by trading & investment income. TRADERS’ CORNER Riverstone Holdings (RSTON SP): Trading Buy Aztech Global (AZTECH SP): Trading Buy
- Adrian Loh Tzum Yung
Property Developers – ABSD Increased - Faster-than-expected Action, Bu...
In a significant move to stem the tide of foreign investment inflow into Singapore’s residential property sector, the government materially raised ABSD for foreigners, entities and trustees. Singaporean citizens and permanent residents remain unaffected. In the near term, this may be an overhang on CDL’s and PropNex’s share price, however we note that in prior cooling measures, recovery was seen in a matter of weeks. CLI remains our top pick. Maintain OVERWEIGHT.
- Adrian Loh Tzum Yung
Property Developers – Singapore: 2022: Strong Results From Both CLI An...
CLI and CDL reported strong 2022 results, with the latter’s result boosted by the sale of a hospitality asset, and both seeing strength in their respective lodging/hospitality segments as expected. CLI’s China ambitions in funds management should pay off in 2023 while CDL will maintain its focus on Singapore and the UK. Reiterate BUY recommendations on both CLI (Target price: S$4.28) and CDL (Target price: S$9.70). Maintain OVERWEIGHT.
- Adrian Loh Tzum Yung
- Jonathan Koh
Singapore Daily - Friday, February 24, 2023
KEY HIGHLIGHTS Sector Property Developers: 2022: Strong results from both CLI and CDL; outlook remains bright. Results United Overseas Bank (UOB SP/NOT RATED/S$29.62): 4Q22: Acquisition boosts NIM and credit card fees. Yangzijiang Shipbuilding (Holdings) (YZJSGD SP/BUY/S$1.33/Target: S$1.58): 2022: Strong results as expected; raising orderbook guidance to US$3b. We maintain our BUY rating on YZJ and raise our target price slightly to S$1.58. TRADERS’ CORNER Keppel DC REIT (KDCREIT SP): Tradi...
- Adrian Loh Tzum Yung
City Developments (CIT SP) - Reasonably Solid 2023 Outlook Given Stren...
CDL appears to be reasonably well placed to build upon its share price momentum in 2022, with the hospitality and office segments leading the way in 2023, in our view. After the sale of Millennium Hilton Seoul in 1H22, CDL has launched a strategic review of its global hospitality portfolio which could result in further monetisation initiatives. Recent sales strength of its Copen Grand EC bodes well for its next EC launch at Bukit Batok over the next 12 months. Maintain BUY. Target price: S$9.87.
- Adrian Loh Tzum Yung
- Arsit Pamaranont
- Carol Dou Xiao Qin
- Johnny Yum
- Julia Pan Mengyao
- Kelvin Chau Siu Pong
- Malaysia Research Team
- Philip Wong
- Stevanus Juanda
- Vincent Khoo Boo Aik
Regional Morning Notes - Thursday, December 15, 2022
GREATER CHINA Sector Internet: Valuation back at early-22’s level. Initiate Coverage Fu Shou Yuan (1448 HK/BUY/HK$6.14/Target: HK$8.02): Revisiting FSY; growth story back on track in 2023. Re-initiate coverage with BUY. INDONESIA Strategy JCI Could Underperform MXAP In 2023: Top five BUYs: BBRI, TLKM, ROTI, SMGR and MAPI. Top SELLs: ADRO and ITMG. MALAYSIA Strategy 1H23 Outlook: Positioning For Winter And Spring: Expect 2023 to be a warmer and less turbulent year for Malaysian equities. The ma...
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