reports
- 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
- Jacquelyn Yow Hui Li
- Leow Huey Chuen
Regional Plantation – Tight Palm Oil Supply To Support CPO Prices In 1...
CPO prices are expected to trade in the range of RM3,800-4,200/tonne for 2024, higher in 1H24 (tight vegoil supply) but seeing some softness in 3Q24 with more vegoil supply coming into the market. The impact from El Nino would be minimal on Malaysia’s production and mild on Indonesia’s production. Demand would still remain sluggish and the market only expects huge imports when CPO prices are lower. Maintain OVERWEIGHT; prefer efficient upstream players with good production growth.
AALI ASTRA AGRO LESTARI
F34 WILMAR INTERNATIONAL LIMITED
SOP SARAWAK OIL PALMS BERHAD
LSIP PP LONDON SUMATRA INDONES PT
BAL BUMITAMA AGRI LTD
KIML KIM LOONG RESOURCES BHD
IOI IOI CORP BHD
KLK KUALA LUMPUR KEPONG BHD
SDPL SIME DARBY PLANTATION BHD
GENP GENTING PLANTATIONS BHD
HAPL HAP SENG PLANTATIONS HOLDINGS BHD
TAPG TRIPUTRA AGRO PERSADA PT
- Adrian Loh Tzum Yung
- Bella Lu Yifei
- Chong Lee Len
- Damon Shen
- Jack Goh Tooan Orng
- Jacquelyn Yow Hui Li
- Jieqi Liu
- Jo Yee Ng
- John Cheong Ming Chern
- Julia Pan Mengyao
- Jun Sian Tan
- Kasemsun Koonnara
- Keith Wee Teck Keong
- Ken Lee
- Kenny Yong Hui Lim
- Leow Huey Chuen
- Llelleythan Tan Tan
- Ming San Soong
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Stevanus Juanda
- Tanaporn Visaruthaphong
- Wei Xiang Ku
Regional Morning Notes - Friday, March 01, 2024
GREATER CHINA Sector Automobile: Weekly: PEV market share rebounds; price war heats up. Maintain UNDERWEIGHT. Top SELLs: XPeng. Top BUY: CATL, Tuopu and Desay SV. Results Budweiser APAC (1876 HK/BUY/HK$12.68/Target: HK$19.50): 2023: Results miss; mixed signals from the results. Hong Kong Exchanges and Clearing (388 HK/HOLD/HK$242.80/Target: HK$262.00): 4Q23: Passable results. Maintain HOLD. NetEase (9999 HK/BUY/HK$176.20/Target: HK$202.00): 4Q23: Earnings miss; upcoming blockbusters in 2024. New...
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
1023 CIMB GROUP HOLDINGS BHD
UNTR PT UNITED TRACTORS TBK
00388 HONG KONG EXCHANGES & CLEARING LTD.
STEC SINO-THAI ENGINEERING & CONSTRUCTION PCL
AMATA AMATA CORP
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
AP4 RIVERSTONE HOLDINGS
CPN-R CENTRAL PATTANA PCL NVDR
GENM GENTING MALAYSIA BHD
MAHB MALAYSIA AIRPORTS HLDGS BHD
01876 BUDWEISER BREWING CO. APAC LTD.
TDC TIME DOTCOM BHD
09999 NETEASE INC
00017 NEW WORLD DEVELOPMENT CO. LTD.
CK CH. KARNCHANG PUBLIC CO LTD
- Adrian Loh Tzum Yung
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Jonathan Koh
Singapore Daily - Friday, March 01, 2024
KEY HIGHLIGHTS Results AEM Holdings (AEM SP/HOLD/S$2.14/Target:S$1.94): 2023: Revenue meets forecast but 2024 guidance misses expectation; maintain HOLD. First Resources (FR SP/BUY /S$1.42/Target: S$1.65): 2023: 2H results below expectations as downstream losses are greater than expected due to negative margins for both refiner and biodiesel. Better outlook in 2024. Riverstone Holdings (RSTON SP/BUY/S$0.675/Target: S$0.88): 2023: Strong earnings beat, attractive 2024 yield of around 10%. Sin...
- Jacquelyn Yow Hui Li
- Leow Huey Chuen
First Resources (FR SP) - 2H23: Results Below Expectations
2H23 results came in below expectations, due to higher production cost and larger losses from downstream as both refining & fractionation and biodiesel reported loses in 4Q23. 2024 earnings would be better supported by better production growth, lower production cost and improving outlook for its downstream operation. Additional areas from acquisition and conversion from rubber are expected to propel its production growth 3-4 years later. Maintain BUY. Target price: S$1.65.
- Adrian Loh Tzum Yung
- Singapore Research Team
Singapore Strategy - 2024 Budget – An Attractive Budget For The People
The Budget 2024 unveiled by Deputy Prime Minister and Minister of Finance Lawrence Wong continued its strategy of helping Singaporeans contend with the rising costs of living, lending support for mid-career and lower income workers to upskill, investing in the country’s energy transition, and making slight changes to taxes for property developers. Importantly, Singapore has set aside S$1b to invest in new AI initiatives.
G13 GENTING SINGAPORE
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
BN2 VALUETRONICS HOLDINGS
C52 COMFORTDELGRO CORPORATION LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
SATS SP SATS LTD.
CDREIT CDL HOSPITALITY TRUSTS
FEHT FAR EAST HOSPITALITY TRUST
MINT MAPLETREE INDUSTRIAL TRUST
FEH FOOD EMPIRE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
CLI CAPITALAND INVESTMENT LTD
STM SEATRIUM LTD
- Jay Kornreich
- Richard Anderson
- Arsit Pamaranont
- Jacquelyn Yow Hui Li
- Johnny Yum
- Johnny Yum Chung Man
- Jonathan Koh
- Kong Ho Meng
- Leow Huey Chuen
- Malaysia Research Team
- Posmarito Pakpahan
- Vincent Khoo Boo Aik
Regional Morning Notes - Monday, February 05, 2024
GREATER CHINA Update Xiaomi Corp (1810 HK/BUY/HK$12.20/Target: HK$21.60): 4Q23 results preview: Solid results on resilient smartphone margins. INDONESIA Strategy Alpha Picks: Outperformance in Jan 24: Our picks are EXCL, MAPI, BMRI, JSMR, BBNI, CTRA, MYOR and AKRA. Results Bank Mandiri (BMRI IJ/BUY/Rp6,675/Target: Rp7,400): 4Q23: Net profit up 15.6% qoq and 52.1% yoy; CASA market share rising. MALAYSIA Strategy Alpha Picks: Eyes Also On Results Season Winners: Our Alpha Picks performance again...
- Jacquelyn Yow Hui Li
- Jonathan Koh
- Leow Huey Chuen
Singapore Daily - Monday, February 05, 2024
KEY HIGHLIGHTS Results CapitaLand Ascendas REIT (CLAR SP/BUY/S$2.87/Target: S$3.62): 2H23: Continues to generate strong positive rental reversions. Lendlease Global Commercial REIT (LREIT SP/BUY/S$0.625/Target: S$0.93): 1HFY24: DPU augmented by supplementary rent in 2024 and 2025. Update First Resources (FR SP/BUY/S$1.48/Target: S$1.65): 4Q23 results preview: We expect net profit to come in at US$50m-55m, mainly supported by higher domestic CPO pricing and higher sales volume from carried for...
- Jacquelyn Yow Hui Li
- Leow Huey Chuen
First Resources (FR SP) - 4Q23 Results Preview: Supported By Strong Do...
We expect FR’s 4Q23 net profit to come in at US$50-55m (3Q23: US$51.1m, 4Q22: US$80.9m). This is mainly on the back of higher domestic CPO pricing, and FR sells more CPO domestically. There was also a higher inventory level in 3Q23 that would be reflected in 4Q23 due to timing issues. We also expect FR’s operating margin to improve in 4Q23 due to lower production costs, higher CPO ASP and higher sales volumes. Maintain BUY with a target price of S$1.65.
- Sid Rajeev
- Sid Rajeev
- Benjaphol Suthwanish
- Chong Lee Len
- Damon Shen
- Jacquelyn Yow Hui Li
- Jieqi Liu
- Jonathan Koh
- Keith Wee Teck Keong
- Kitpon Praipaisarnkit
- Leow Huey Chuen
- Posmarito Pakpahan
- Stevanus Juanda
- Tanaporn Visaruthaphong
- Tham Mun Hon
- Wei Xiang Ku
Regional Morning Notes - Monday, January 15, 2024
REGIONAL Sector Banks: ASEAN Banks: quarterly update. Plantation: Maintain 2024 CPO ASP at RM4,200/tonne, with pricing expected to be higher in 1H24. Accumulate Malaysia upstream players and companies with better-than-peers production growth. GREATER CHINA Economics Inflation: Dec 23 CPI inflation beat expectations but deflationary pressure remains. Money Supply: Dec 23 M2 and credit growth slowed, expect further monetary easing. Trade: Dec 23 trade numbers beat expectations; auto exports conti...
- Jacquelyn Yow Hui Li
- Jonathan Koh
- Keith Wee Teck Keong
- Leow Huey Chuen
- Posmarito Pakpahan
Singapore Daily - Monday, January 15, 2024
KEY HIGHLIGHTS Sector ASEAN Banks: ASEAN Banks: quarterly update. Regional Plantation: Maintain 2024 CPO ASP at RM4,200/tonne, with pricing expected to be higher in 1H24. Accumulate Malaysia upstream players and companies with better-than-peers production growth. TRADERS’ CORNER Sembcorp Industries (SCI SP): Trading BUY Top Glove Corp (TOPG SP): Trading BUY
AALI ASTRA AGRO LESTARI
D05 DBS GROUP HOLDINGS LTD
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
F34 WILMAR INTERNATIONAL LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
SOP SARAWAK OIL PALMS BERHAD
LSIP PP LONDON SUMATRA INDONES PT
BAL BUMITAMA AGRI LTD
KIML KIM LOONG RESOURCES BHD
IOI IOI CORP BHD
KLK KUALA LUMPUR KEPONG BHD
SDPL SIME DARBY PLANTATION BHD
GENP GENTING PLANTATIONS BHD
HAPL HAP SENG PLANTATIONS HOLDINGS BHD
TAPG TRIPUTRA AGRO PERSADA PT
- Jacquelyn Yow Hui Li
- Leow Huey Chuen
Regional Plantation – CPO Prices Set for Gradual Uptrend Amid Supply T...
The potential supply deficit could support elevated CPO prices in 2024, with marginal production growth in Malaysia offsetting weaknesses in Indonesia and other countries. Global vegoil supply faces constraints due to: a) Indonesia increasing domestic use, b) heightened biofuel usage in key oilseed-producing countries, and c) reduced oilseed crushing. Maintain OVERWEIGHT, and focus on Malaysian plantation companies and companies that have better-than-peers production growth.
AALI ASTRA AGRO LESTARI
F34 WILMAR INTERNATIONAL LIMITED
SOP SARAWAK OIL PALMS BERHAD
LSIP PP LONDON SUMATRA INDONES PT
BAL BUMITAMA AGRI LTD
KIML KIM LOONG RESOURCES BHD
IOI IOI CORP BHD
KLK KUALA LUMPUR KEPONG BHD
SDPL SIME DARBY PLANTATION BHD
GENP GENTING PLANTATIONS BHD
HAPL HAP SENG PLANTATIONS HOLDINGS BHD
TAPG TRIPUTRA AGRO PERSADA PT
- Wedbush Research
DEI DOUGLAS EMMETT INC
ACN ACCENTURE PLC CLASS A
WFC WELLS FARGO & COMPANY
UDR UDR INC.
TRNO TERRENO REALTY CORPORATION
SBRA SABRA HEALTH CARE REIT INC.
RHP RYMAN HOSPITALITY PROPERTIES INC.
PEB PEBBLEBROOK HOTEL TRUST
PANW PALO ALTO NETWORKS INC.
OHI OMEGA HEALTHCARE INVESTORS INC.
OFC CORPORATE OFFICE PROPERTIES TRUST
NVDA NVIDIA CORPORATION
NHI NATIONAL HEALTH INVESTORS INC.
MAA MID-AMERICA APARTMENT COMMUNITIES INC.
LTC LTC PROPERTIES INC.
GOOGL ALPHABET INC. CLASS A
GLPI GAMING AND LEISURE PROPERTIES INC.
FR FIRST INDUSTRIAL REALTY TRUST INC.
FB FACEBOOK INC. CLASS A
ESS ESSEX PROPERTY TRUST INC.
EQR EQUITY RESIDENTIAL
EPAM EPAM SYSTEMS INC.
EGP EASTGROUP PROPERTIES INC.
CYBR CYBERARK SOFTWARE LTD.
CTSH COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION CLASS A
CPT CAMDEN PROPERTY TRUST
BXP BOSTON PROPERTIES INC.
AVB AVALONBAY COMMUNITIES INC.
WD WALKER & DUNLOP INC.
WIPRO WIPRO LIMITED
HST HOST HOTELS & RESORTS INC.
GLOB GLOBANT SA
PK PARK HOTELS & RESORTS INC.
GTHX G1 THERAPEUTICS
VTR VENTAS INC.
VICI VICI PROPERTIES INC
MDB MONGODB INC. CLASS A
AMZN AMAZON.COM INC.
AAPL APPLE INC.
MSFT MICROSOFT CORPORATION
ZS ZSCALER INC.
KNSA KINIKSA PHARMACEUTICALS
SAFE SAFEHOLD INC.
CRWD CROWDSTRIKE HOLDINGS INC. CLASS A
DDOG DATADOG INC CLASS A
PEAK HEALTHPEAK PROPERTIES INC.
PFSI PENNYMAC FINANCIAL SERVICES INC.
ORIC ORIC PHARMACEUTICALS
PLTR PALANTIR TECHNOLOGIES
AIRC APARTMENT INCOME REIT
GMTX GEMINI THERAPEUTICS INC
FUSN FUSION PHARMACEUTICALS INC
HR HEALTHCARE TRUST OF AMERICA INC.
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