reports
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Heidi Mo Jinghui
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Ken Lee
- Kong Ho Meng
- Lester Siew
- Llelleythan Tan Tan
- Ming San Soong
- Philip Wong
- Posmarito Pakpahan
- Sunny Chen
- Tanaporn Visaruthaphong
- Wei Xiang Ku
Regional Morning Notes - Friday, November 15, 2024
GREATER CHINA Sector Automobile: Weekly: PV sales dip wow while PEV market share increases. Maintain MARKET WEIGHT. Top BUYs: Geely, CATL, Fuyao Glass and Desay SV. Results Alibaba Health Information Technology (241 HK/BUY/HK$4.04/Target: HK$5.00): 1HFY25: Results in line; expect strong earnings growth momentum in FY25-26. Geely Auto (175 HK/BUY/HK$13.90/Target: HK$23.00): 3Q24: Core earnings up 81% yoy and 29% qoq, beating estimates. Maintain BUY. Raise target price from HK$21.50 to HK$23.00. J...
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
CPF CHAROEN POKPHAND FOODS PUBLIC CO. LTD.
AMATA AMATA CORP
TOP THAI OIL PUBLIC CO. LTD.
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
3816 MISC BHD
C52 COMFORTDELGRO CORPORATION LIMITED
XLP SELECT SECTOR SPDR-CONSUMER STAPLES
CPN-R CENTRAL PATTANA PCL NVDR
MRDIY MR DIY GROUP M BHD
09999 NETEASE INC
09618 JD.COM INC. CLASS A
HUME HUME CEMENT INDUSTRIES BHD
- Lester Siew
First Resources (FR SP) - 9M24: Results Within Expectations; Continues...
FR reported 9M24 core net profit of US$152m (+28% yoy) which was in line with our expectations. 3Q24 core earnings rose 19% yoy to US$61m on improved margins while production continued to rise yoy relative to declines from its peers. Although output has likely peaked in 3Q24, we expect results to be sustained qoq on sequentially better selling prices and downstream processing margins. Maintain BUY. Target price: S$1.65.
- Heidi Mo Jinghui
- Lester Siew
- Llelleythan Tan Tan
Singapore Daily: Friday, November 15, 2024
KEY HIGHLIGHTS Results ComfortDelGro Corporation (CD SP/BUY/S$1.49/Target: S$1.83) 3Q24: Strong growth as the UK outperforms. Upgrade to BUY. First Resources (FR SP/BUY /S$1.57/Target: S$1.65) 9M24: Results within expectations; continues to outpace industry production. TRADERS' CORNER Hongkong Land Holdings (HKL SP): Trading BUY First Resources (FR SP): Trading BUY
- Heidi Mo Jinghui
- Lester Siew
- Llelleythan Tan Tan
Singapore Daily: Friday, November 15, 2024
KEY HIGHLIGHTS Results ComfortDelGro Corporation (CD SP/BUY/S$1.49/Target: S$1.83) 3Q24: Strong growth as the UK outperforms. Upgrade to BUY. First Resources (FR SP/BUY /S$1.57/Target: S$1.65) 9M24: Results within expectations; continues to outpace industry production. TRADERS' CORNER Hongkong Land Holdings (HKL SP): Trading BUY First Resources (FR SP): Trading BUY
- Jay Kornreich
- Richard Anderson
- Sydnie Rohme
- 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
- Chong Lee Len
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- John Cheong Ming Chern
- Jonathan Koh
- Llelleythan Tan Tan
- Roy Chen Chengzhi
- Singapore Research Team
Singapore Daily - Thursday, August 15, 2024
KEY HIGHLIGHTS Sector Property Developers: 1H24: A slight miss for CLI; worse-than-expected for CDL. Results AEM Holdings (AEM SP/SELL/S$1.46/Target:S$1.04): 1H24: Earnings and guidance way below estimates; reduce target price by 38%. First Resources (FR SP/BUY /S$1.39/Target: S$1.65): 1H24: Within expectations. Two positive points are: a) positive production growth vs contraction by most of peers, b) downstream turns profitable. Genting Singapore (GENS SP/BUY/S$0.82/Target: S$1.18): 2Q24: W...
- Singapore Research Team
First Resources (FR SP) - 1H23: Within Expectations; Operational Perfo...
FR reported core net profit of US$90.6m, within expectations. Improvement was mainly driven by higher production, lower cost, better by-products prices and positive downstream contributions. FR is maintaining positive production growth guidance vs the industry’s native growth. Positive downstream margin is likely to sustain into 2H24. Thus, we expect better earnings in 2H24. FR declared an interim DPS of S$0.035 or yield of 2.5%. Maintain BUY. Target price: S$1.65.
- Jay Kornreich
- Richard Anderson
- Sydnie Rohme
- Wedbush Research
W WAYFAIR INC.
2454 MEDIATEK INC.
VMW VMWARE INC. CLASS A
XENE XENON PHARMACEUTICALS INC
WDC WESTERN DIGITAL CORPORATION
WAL WESTERN ALLIANCE BANCORP
TRNO TERRENO REALTY CORPORATION
STAG STAG INDUSTRIAL INC.
SIMON SILICON MOTION TECHNOLOGY CORPORATION SPONSORED ADR
SAGE SAGE THERAPEUTICS INC.
RWT REDWOOD TRUST INC.
REXR REXFORD INDUSTRIAL REALTY INC.
PSTG PURE STORAGE INC. CLASS A
NVDA NVIDIA CORPORATION
NVCR NOVOCURE LTD.
NTAP NETAPP INC.
NRZ NEW RESIDENTIAL INVESTMENT CORP.
NBIX NEUROCRINE BIOSCIENCES INC.
MU MICRON TECHNOLOGY INC.
KURA KURA ONCOLOGY INC.
INTC INTEL CORPORATION
GOOGL ALPHABET INC. CLASS A
FR FIRST INDUSTRIAL REALTY TRUST INC.
ETSY ETSY INC.
EGP EASTGROUP PROPERTIES INC.
CTMX CYTOMX THERAPEUTICS INC.
CFG CITIZENS FINANCIAL GROUP INC.
BIIB BIOGEN INC.
ARDX ARDELYX INC
2330 TAIWAN SEMICONDUCTOR MANUFACTURING CO. LTD.
2303 UNITED MICROELECTRONICS CORP.
HPE HEWLETT PACKARD ENTERPRISE CO.
FND FLOOR & DECOR HOLDINGS INC. CLASS A
PLYM PLYMOUTH INDUSTRIAL REIT INC.
ARGX ARGENX ADS
MRSN MERSANA THERAPEUTICS
SNBR SLEEP NUMBER CORPORATION
AMD ADVANCED MICRO DEVICES INC.
AAPL APPLE INC.
MSFT MICROSOFT CORPORATION
IBM INTERNATIONAL BUSINESS MACHINES CORPORATION
AVGO BROADCOM INC.
PRPL PURPLE INNOVATION
KNSA KINIKSA PHARMACEUTICALS
COOP MR. COOPER GROUP INC.
CHWY CHEWY INC. CLASS A
DELL DELL TECHNOLOGIES INC CLASS C
STOK STOKE THERAPEUTICS
SWTX SPRINGWORKS THERAPEUTICS
PFSI PENNYMAC FINANCIAL SERVICES INC.
RVMD REVOLUTION MEDICINES
BDTX BLACK DIAMOND THERAPEUTICS
ORIC ORIC PHARMACEUTICALS
PRAX PRAXIS PRECISION MEDICINES
COGT COGENT BIOSCIENCES INC
RKT ROCKET COMPANIES
VRDN VIRIDIAN THERAPEUTICS INC
NUVB NUVATION BIO INC (A)
CGEM CULLINAN ONCOLOGY INC
DAWN DAY ONE BIOPHARMACEUTICALS INC
GHLD GUILD HOLDINGS
FHTX FOGHORN THERAPEUTICS
LBPH LONGBOARD PHARMACEUTICALS
MRVL MARVELL TECHNOLOGY INC
STX SEAGATE TECHNOLOGY HLDGS PLC
IKNA IKENA ONCOLOGY INC
UWMC UWM HLDGS CORP
JANX JANUX THERAPEUTICS INC
TYRA TYRA BIOSCIENCES INC
EWTX EDGEWISE THERAPEUTICS INC
DBD DIEBOLD NIXDORF INCORPORATED
- Jay Kornreich
- Richard Anderson
- Sydnie Rohme
Moody's Ratings announces completion of a periodic review of ratings o...
Moody's Ratings (Moody's) has completed a periodic review of the ratings of First Industrial, L.P. and other ratings that are associated with this issuer. The review was conducted through a rating committee held on 14 May 2024 in which Moody's reassessed the appropriateness of the ratings in the co...
- Chong Lee Len
- Heidi Mo Jinghui
- Jacquelyn Yow Hui Li
- John Cheong Ming Chern
- Leow Huey Chuen
- Llelleythan Tan Tan
Singapore Daily: Thursday, May 16, 2024
KEY HIGHLIGHTS Results First Resources (FR SP/BUY /S$1.42/Target: S$1.65) 1Q24: Results within expectations. Frencken Group (FRKN SP/BUY/S$1.40/Target: S$1.74) 1Q24: Results within expectations; outlook remains optimistic. Maintain BUY. StarHub (STH SP/BUY/S$1.25/Target: S$1.41) 1Q24: Results in line; DARE+ benefits likely to come through by end-24. Update Riverstone Holdings (RSTON SP/BUY/S$0.93/S$1.12) Beneficiary of US tariff hike and gl...
- Anas Fitri Bin Ahmad
- Benjaphol Suthwanish
- Chong Lee Len
- Heidi Mo Jinghui
- Jacquelyn Yow Hui Li
- Jo Yee Ng
- John Cheong Ming Chern
- Julia Pan Mengyao
- Kasemsun Koonnara
- Kitpon Praipaisarnkit
- Leow Huey Chuen
- Limartha Adhiputra
- Llelleythan Tan Tan
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tanaporn Visaruthaphong
- Wei Xiang Ku
Regional Morning Notes - Thursday, May 16, 2024
GREATER CHINA Results Alibaba Group (9988 HK/BUY/HK$82.65/Target: HK$98.00): 4QFY24: Rewarding dividend payout; reigniting cloud revenue growth in 2H24. Galaxy Entertainment Group (27 HK/BUY/HK$36.80/Target: HK$51.00): 1Q24: Results within expectations; launch of smart gaming tables in Jul 24. Miniso (MNSO US/NOT RATED/US$24.15): 1Q24: 20-25% revenue guidance for 2Q24; raises TOP TOY store opening target for 2024. Tencent Holdings (700 HK/BUY/HK$381.80/Target: HK$454.00): 1Q24: Strong earnings b...
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
CC3 STARHUB LTD
ERW ERAWAN GROUP
00027 GALAXY ENTERTAINMENT GROUP LIMITED
AP4 RIVERSTONE HOLDINGS
00700 TENCENT HOLDINGS LTD.
SAWAD SRISAWAD CORPORATION PUBLIC COMPANY LTD
KCE KCE ELECTRONICS PUBLIC CO. LTD.
FRKN FRENCKEN GROUP LTD
MNSO MINISO GROUP HOLDING ADS (N SHARES)
CK CH. KARNCHANG PUBLIC CO LTD
02423 KE HOLDINGS INC.
HUME HUME CEMENT INDUSTRIES BHD
- Jacquelyn Yow Hui Li
- Leow Huey Chuen
First Resources (FR SP) - 1Q24: Results Within Expectations
FR’s 1Q24 results came in within our expectations, with margin enhancement on the back of lower production costs. Management’s decision to sell more CPO proved right, delivering higher margins. With the current negative downstream margin, we expect FR to focus more on selling CPO. With this, we expect 2Q23 results to be stronger qoq and yoy on higher sales volume and CPO ASP. Maintain BUY. Target price: S$1.65.
- Wedbush Research
KMX CARMAX INC.
PMT PENNYMAC MORTGAGE INVESTMENT TRUST
GPN GLOBAL PAYMENTS INC.
WDC WESTERN DIGITAL CORPORATION
V VISA INC. CLASS A
TRNO TERRENO REALTY CORPORATION
TPH TRI POINTE HOMES INC.
SIMON SILICON MOTION TECHNOLOGY CORPORATION SPONSORED ADR
REXR REXFORD INDUSTRIAL REALTY INC.
PSTG PURE STORAGE INC. CLASS A
PPBI PACIFIC PREMIER BANCORP INC.
NVDA NVIDIA CORPORATION
NVCR NOVOCURE LTD.
NTAP NETAPP INC.
MU MICRON TECHNOLOGY INC.
MTH MERITAGE HOMES CORPORATION
KPTI KARYOPHARM THERAPEUTICS
INTC INTEL CORPORATION
GPC GENUINE PARTS COMPANY
GOOGL ALPHABET INC. CLASS A
FR FIRST INDUSTRIAL REALTY TRUST INC.
FITB FIFTH THIRD BANCORP
FISV FISERV INC.
FIS FIDELITY NATIONAL INFORMATION SERVICES INC.
FB FACEBOOK INC. CLASS A
FATE FATE THERAPEUTICS INC
EWBC EAST WEST BANCORP INC.
EGP EASTGROUP PROPERTIES INC.
CVBF CVB FINANCIAL CORP.
CTMX CYTOMX THERAPEUTICS INC.
CNK CINEMARK HOLDINGS INC.
CMRX CHIMERIX INC
CCS CENTURY COMMUNITIES INC.
BPMC BLUEPRINT MEDICINES CORP.
BIIB BIOGEN INC.
AZO AUTOZONE INC.
AAP ADVANCE AUTO PARTS INC.
2330 TAIWAN SEMICONDUCTOR MANUFACTURING CO. LTD.
2303 UNITED MICROELECTRONICS CORP.
CMG CHIPOTLE MEXICAN GRILL INC.
SLM SLM CORP
TSC TRISTATE CAPITAL HOLDINGS INC
ORLY O'REILLY AUTOMOTIVE INC.
CVNA CARVANA CO. CLASS A
MRSN MERSANA THERAPEUTICS
GTHX G1 THERAPEUTICS
SNBR SLEEP NUMBER CORPORATION
AMD ADVANCED MICRO DEVICES INC.
IBM INTERNATIONAL BUSINESS MACHINES CORPORATION
RCUS ARCUS BIOSCIENCES
SRRK SCHOLAR ROCK HOLDING CORPORATION
REPL REPLIMUNE GROUP
ARVN ARVINAS HOLDING
YMAB Y-MABS THERAPEUTICS
STRO SUTRO BIOPHARMA
COOP MR. COOPER GROUP INC.
PINS PINTEREST INC. CLASS A
C TEST
SWTX SPRINGWORKS THERAPEUTICS
IDYA IDEAYA BIOSCIENCES
PFSI PENNYMAC FINANCIAL SERVICES INC.
RVMD REVOLUTION MEDICINES
BDTX BLACK DIAMOND THERAPEUTICS
ITOS ITEOS THERAPEUTICS
ORIC ORIC PHARMACEUTICALS
ZNTL ZENTALIS PHARMACEUTICALS
BEAM BEAM THERAPEUTICS
FUBO FUBOTV
COGT COGENT BIOSCIENCES INC
IMNM IMMUNOME
VOR VOR BIOPHARMA
NUVB NUVATION BIO INC (A)
CGEM CULLINAN ONCOLOGY INC
DAWN DAY ONE BIOPHARMACEUTICALS INC
ELEV ELEVATION ONCOLOGY
FHTX FOGHORN THERAPEUTICS
STX SEAGATE TECHNOLOGY HLDGS PLC
IKNA IKENA ONCOLOGY INC
TCRX TSCAN THERAPEUTICS INC
ALIT FOLEY TRASIMENE ACQUISITION CORP
HOWL WEREWOLF THERAPEUTICS INC
GLUE MONTE ROSA THERAPEUTICS INC
CMPX COMPASS THERAPEUTICS
GMTX GEMINI THERAPEUTICS INC
JANX JANUX THERAPEUTICS INC
P PANDORA MEDIA
TYRA TYRA BIOSCIENCES INC
HR HEALTHCARE TRUST OF AMERICA INC.
NUVL NUVALENT INC
BOLD AUDENTES THERAPEUTICS
DBD DIEBOLD NIXDORF INC
NCR NCR NIGERIA
- Jay Kornreich
- Richard Anderson
- 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
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