reports
- Adrian Loh Tzum Yung
- Chong Lee Len
- John Cheong Ming Chern
- Jonathan Koh
Singapore Daily: Thursday, August 14, 2025
KEY HIGHLIGHTS Results City Developments (CIT SP/BUY/S$6.80/Target: S$8.50): 1H25: Strong divestment momentum offsets operational headwinds. Upgrade to BUY with higher target price of S$8.50. Singapore Telecommunications (ST SP/BUY/S$4.06/Target: S$4.58): 1QFY26: Robust results on the back of EBIT improvement from Optus and NCS while Airtel and AIS lifted regional earnings. UMS Integration (UMSH SP/BUY/S$1.48/Target:S$1.73): 2Q25: Strong core earnings growth and positive outlook; exploring bo...
- Adrian Loh Tzum Yung
- Bella Lu Yifei
- Benjaphol Suthwanish
- Benyamin Mikael
- Chong Lee Len
- Claire Wang Kelai
- Desmond Chong Chee Wai
- John Cheong Ming Chern
- Jonathan Koh
- Julia Pan Mengyao
- Ken Lee
- Ming San Soong
- Philip Wong
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
- Tham Mun Hon
- Wei Xiang Ku
Regional Morning Meeting Notes: Thursday, August 14, 2025
GREATER CHINA Economics Money Supply Credit demand remains weak, though money supply improved. Results Nexteer Automotive Group (1316 HK/BUY/HK$6.92/Target: HK$10.00) 1H25: Earnings beat estimates on margins. Upgrade from HOLD to BUY. Raise target price to HK$10.00 Tencent Holdings (700 HK/BUY/HK$586.00/Target: HK$736.00) 2Q25: Resilient results; unfolding AI monetisation in online games...
C09 CITY DEVELOPMENTS LIMITED
AMATA AMATA CORP
TOP THAI OIL PUBLIC CO. LTD.
558 UMS HOLDINGS LIMITED
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
00700 TENCENT HOLDINGS LTD.
CPALL TB CP ALL
UHU UNITED HAMPSHIRE US REIT
MRDIY MR DIY GROUP M BHD
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
VST VSTECS BHD
- Adrian Loh Tzum Yung
City Developments (CIT SP) - 1H25: Strong Divestment Momentum Offsets ...
1H25 PATMI fell 4% yoy to S$91m due to forex losses and higher interest costs, though excluding forex impact, profit would be stronger. Divestments exceeded expectations, with proceeds earmarked for a special dividend in Feb 25. Property development surged on strong sales, while hotels and investment properties saw weakness from forex and cost pressures. High gearing persists but planned asset sales may stabilise the balance sheet. We upgrade to BUY with a higher target price of S$8.50.
- 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)
- Adrian Loh Tzum Yung
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Jonathan Koh
- Llelleythan Tan Tan
Singapore Daily - Thursday, February 27, 2025
KEY HIGHLIGHTS Sector Banking: 4Q24 round-up: New era of returning excess capital and higher payout ratio. Results City Developments (CIT SP/HOLD/S$5.12/Target: S$4.60): 2024: Weaker-than-expected results overshadowed by family and leadership tussle. Downgrade to HOLD with a lower fair value of S$4.60. CSE Global (CSE SP/BUY/S$0.465/Target: S$0.610): 2024: Strong earnings beat; gearing up for expansion. Food Empire (FEH SP/BUY/S$1.07/Target: S$1.20): 2024: Results above expectations; healthy p...
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Chong Lee Len
- Claire Wang Kelai
- Colin Lee
- Damon Shen
- Ejann Hiew
- Heidi Mo Jinghui
- Jo Yee Ng
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Jonathan Koh
- Kampon Akaravarinchai
- Keith Wee Teck Keong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Stevanus Juanda
- Tham Mun Hon
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Thursday, February 27, 2025
GREATER CHINA Economics Hong Kong Budget 2025-26 The budget balances fiscal discipline with strategic growth initiatives. Results ASMPT (522 HK/BUY/HK$64.05/Target: HK$80.00) 4Q24: Earnings disappoint; mainstream tools recovering in 2025 but visibility remains low. Maintain BUY. Budweiser APAC (1876 HK/BUY/HK$8.66/Target: HK$13.30) 4Q24: Results miss slightly; CEO change and increased shareho...
ASM PACIFIC TECHNOLOGY LIMITED
544 CSE GLOBAL LTD.
C09 CITY DEVELOPMENTS LIMITED
UNTR PT UNITED TRACTORS TBK
1155 MALAYAN BANKING BHD.
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
CENTEL CENTRAL PLAZA HOTEL
ASII PT ASTRA INTERNATIONAL TBK
SAWAD SRISAWAD CORPORATION PUBLIC COMPANY LTD
AXIATA AXIATA GROUP BERHAD
HLBK HONG LEONG BANK BERHAD
SWB SUNWAY BHD
TXG 10X GENOMICS INC CLASS A
FEH FOOD EMPIRE HOLDINGS LTD
01876 BUDWEISER BREWING CO. APAC LTD.
BTG BETAGRO PUBLIC COMPANY LIMITED
- Adrian Loh Tzum Yung
City Developments (CIT SP) - 2024: “Succession” Singapore Style; Downg...
CDL’s 2024 results missed our and consensus estimates. However, this was overshadowed by news of a very public leadership tussle that has caused us to downgrade the stock to a HOLD. While the company has extremely valuable assets in Singapore and globally, we believe the stock will likely find it difficult to perform given this overhang. We lower the target price to S$4.60.
- 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...
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