reports
- 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)
LG Uplus: 1 director
A director at LG Uplus maiden bought 5,000 shares at 10,333.580KRW and the significance rating of the trade was 69/100. 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 directors over the last two years cl...
- Chris Hoare
Japanese and EM Telcos 3 Action points for investors in EM and Japane...
No doubt investors are busy fighting fires. But additional to our thoughts from last week we thought it might be helpful to offer 3 further action points for investors in EM & Japanese Telcos that we would be taking in response to market turmoil. Very brief thoughts below.
- Chris Hoare
- Chong Lee Len
- Llelleythan Tan Tan
- Benjaphol Suthwanish
- Chong Lee Len
- Claire Wang Kelai
- Damon Shen
- Ejann Hiew
- Jieqi Liu
- Kenny Yong Hui Lim
- Kitpon Praipaisarnkit
- Kong Ho Meng
- Llelleythan Tan Tan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Friday, March 28, 2025
GREATER CHINA Results China Mengniu Dairy (2319 HK/BUY/HK$19.50/Target: HK$23.60) 2024: Results in line with profit warning; operating margin beat; targeting low single digit revenue growth for 2025. China Merchants Bank (3968 HK/HOLD/HK$45.90/Target: HK$49.00) 2024: Improving fundamentals but valuation is no longer attractive; downgrade to HOLD. China Overseas Property Holdings (2669 HK/BUY/HK$5.47/Target: HK$6.80) ...
XGH ENN ENERGY HOLDINGS LIMITED
CC3 STARHUB LTD
EZQ CHINA MENGNIU DAIRY CO. LTD.
5218 SAPURA ENERGY BHD
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
02669 CHINA OVERSEAS PROPERTY HOLDINGS LIMITED
M4B CHINA MERCHANTS BANK CO. LTD. CLASS H
NETLINK NETLINK NBN TRUST
MTC MUANGTHAI CAPITAL PCL
CPALL TB CP ALL
06098 COUNTRY GARDEN SERVICES HOLDINGS CO. LTD.
SCB SCB X PUBLIC COMPANY LIMITED
STECON STECON GROUP PUBLIC COMPANY LIMITED
DUSIT TB DUSIT THANI (DUSIT TB)
- Chong Lee Len
- Llelleythan Tan Tan
Telecommunications - 4Q24 Results Largely In Line; Expect Continued Ea...
For 4Q24, the sector’s 18% yoy earnings growth was within expectations, driven by Singtel’s regional associates, strong performance from the enterprise businesses and better overall cost discipline. We expect decent earnings growth for 1Q25, backed by strong earnings visibility, cost-saving initiatives and robust Enterprise business outlook. We like Singtel for its regional exposure and value-unlocking initiatives, Starhub’s attractive yield and NetLink’s defensive earnings. Maintain OVERWEIGHT.
- Carole Braudeau
REL RELX PLC
PUB PUBLICIS GROUPE SA
UBI UBISOFT ENTERTAINMENT SA
ETL EUTELSAT COMMUNICATIONS SA
SESGL SES SA FDR (CLASS A)
MT ARCELORMITTAL SA
KPN ROYAL KPN NV
ORA ORANGE SA
TKA TELEKOM AUSTRIA AG
MMB LAGARDERE SCA
DEC JCDECAUX SA
NOKIA NOKIA OYJ
TNET TELENET GROUP HOLDING NV
VIV VIVENDI SE
TEP TELEPERFORMANCE SE
WKL WOLTERS KLUWER NV
WPP WPP PLC
SOI SOITEC SA
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
WLN WORLDLINE SA
IDR INDRA SISTEMAS S.A. CLASS A
VOD VODAFONE GROUP PLC
STM STMICROELECTRONICS NV
TEF TELEFONICA SA
HFG HELLOFRESH SE
NEXI NEXI S.P.A.
OVH OVH GROUPE
FORSE FORSEE POWER SA
VIRI VIRIDIEN
LOCAL SOLOCAL GROUP
- Chong Lee Len
Telecommunications - 2024: Earnings Within Expectations; Higher-than-e...
2024: Earnings Within Expectations; Higher-than-expected Dividends 2024 earnings rose 9% yoy on Axiata’s better-than-expected earnings. In addition, TIME continued to deliver a high single-digit earnings growth and special dividend. Amid balance sheet optimisation and robust cash flow, TIME, TM and Maxis declared higher dividends in 2024. Key events in 1H25 include the rollout of the 5G network by U Mobile and resolution of DNB’s shareholding. Maintain MARKET WEIGHT. Our top picks are Axiata, Ce...
- Chong Lee Len
- Claire Wang Kelai
- Llelleythan Tan Tan
- Paula Ruth
- Tanaporn Visaruthaphong
- Tham Mun Hon
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Monday, March 10, 2025
GREATER CHINA Economics Inflation Deflationary pressures intensify as CPI turns negative. Trade A weaker start for 2025. INDONESIA Small/Mid Cap Highlights WIR Asia (WIRG IJ/NOT RATED/Rp116) Digital reality tech company with AI features; 9M24 NPAT up 18% yoy. MALAYSIA Sector T...
AMATA AMATA CORP
SAWAD SRISAWAD CORPORATION PUBLIC COMPANY LTD
AXIATA AXIATA GROUP BERHAD
MAXIS MAXIS BHD
T TELEKOM MALAYSIA BHD
MTC MUANGTHAI CAPITAL PCL
SPOST SINGAPORE POST LTD
TDC TIME DOTCOM BHD
TIDLOR NGERN TID LOR PCL
688536 3PEAK INCORPORATED
CDB CELCOMDIGI BHD
Z29 029 GROUP SE
WIRG IJ WIR ASIA
- Chris Hoare
Global EM Telcos & Towers NSR GEM Top-10 March ‘25 Update: February a...
February was another good month for our top EM Telcos, now up 15% YTD on average. This note also includes key news & other thoughts in order to help investors generate alpha within the EM Telco space. With performance strong so far, we make no changes to our picks.
- Haidje Rustau
- Ian Wong
- Jayanth Kandalam
- Peter Low
- Si Yong Ng
- Tanvi Arora
Lucror Analytics - Morning Views Europe
In today's Morning Views publication we comment on developments of the following high yield issuers: Digi Communications, Sunrise, Telenet, Air France-KLM, Ineos Quattro, Atalian, Picard, Casino Guichard-Perrachon, Scan Global Logistics, Forvia (formerly Faurecia), Lottomatica (formerly Gamenet)
Singapore Telecommunications Ltd: 1 director
A director at Singapore Telecommunications Ltd bought 30,000 shares at 3.280SGD and the significance rating of the trade was 71/100. 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 directors over the last...
- Arsit Pamaranont
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Chong Lee Len
- Ejann Hiew
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Jonathan Koh
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Kong Ho Meng
- Llelleythan Tan Tan
- Paula Ruth
- Philip Wong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
Regional Morning Notes - Thursday, February 20, 2025
GREATER CHINA Sector Dairy: Retail demand remains weak; price recovery and healthier inventories to drive shipment normalisation. Healthcare: Outperformers empowered by AI revolution. INDONESIA Update Champ Resto Indonesia (ENAK IJ/BUY/Rp585/Target: Rp740): 2025 revenue to grow 16% yoy; more conservative on 4Q24 performance. Maintain BUY. MALAYSIA Results Duopharma Biotech (DBB MK/BUY/RM1.28/Target: RM1.39): 4Q24: Largely delivers on earnings. Public sector sales anchor growth while margins im...
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
5186 MALAYSIA MARINE AND HEAVY ENGINEERING HOLDINGS BHD
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
BCH BANGKOK CHAIN HOSPITAL PCL
SPRC STAR PETROLEUM REFINING
GMB GAS MALAYSIA BHD
DBB DUOPHARMA BIOTECH BHD
MPM MARCO POLO MARINE LTD
ENAK CHAMP RESTO INDONESIA TBK
STECON STECON GROUP PUBLIC COMPANY LIMITED
- Chong Lee Len
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Jonathan Koh
- Llelleythan Tan Tan
Singapore Daily: Thursday, February 20, 2025
KEY HIGHLIGHTS Results Marco Polo Marine (MPM SP/BUY/S$0.052/Target:S$0.072) 1QFY25: Ready to ride the green energy wave in 2HFY25. Singapore Telecommunications (ST SP/BUY/S$3.37/Target: S$3.58) 9MFY25: Results in line as business outlook improves. United Overseas Bank (UOB SP/NOT RATED/S$38.58) 4Q24: Sets out action plan for capital management. TRADERS' CORNER Yangzijiang Shipbuilding (YZJSGD SP): Trading BUY Hong Fok Co...
- Chong Lee Len
- Llelleythan Tan Tan
Singapore Telecommunications (ST SP) - 9MFY25: Results In Line As Busi...
For 9MFY25, Singtel reported a higher underlying net profit of S$1,870m (+11% yoy), driven by higher contributions from Optus and NCS, good cost discipline from the group’s cost-out programme and higher associate earnings (mainly from Airtel and AIS). The results are in line with expectations at 73% of our full-year forecasts. Singtel expects to pay 16.5 cents DPS for FY25 as the group has identified S$6b of capital recycling for sustainable shareholder returns. In view of a decent dividend yiel...
- Chris Hoare
Singtel (Buy, S$4.6, +36%) Q3 FY25 Quick Take: Positive set up for con...
Singtel delivered a good set of numbers with underlying revenue growing and EBIT expanding on continued cost optimisation despite ongoing growth investments at Digital Infraco which led to steady growth in underlying net profits.
- Chong Lee Len
Maxis (MAXIS MK) - 4Q24: Results In Line With Expectations, Dividend H...
4Q24: Results In Line With Expectations, Dividend Higher Than Expected Maxis reported a 4Q24 net profit of RM321m (-11% yoy; -12% qoq). This brings 2024 net profit to RM1,396m, a healthy growth of 3% yoy on the back of strong postpaid and enterprise performance and good cost control. The results are in line with house and street estimates. Positively, its good cashflow management has prompted Maxis to declare a 5 sen final DPS, which brings total DPS for 2024 to 17.0sen (2023: 16 sen). Maintain ...
- Benyamin Mikael
- Chong Lee Len
- Damon Shen
- Jack Goh Tooan Orng
- Jieqi Liu
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Ming San Soong
- Singapore Research Team
- Thanawat Thangchadakorn
Regional Morning Notes - Wednesday, February 19, 2025
GREATER CHINA Results Baidu Inc (9888 HK/HOLD/HK$90.20/Target: HK$93.00): 4Q24: Solid earnings beat and strong AI cloud revenue growth outlook in 2025. Hysan Development (14 HK/BUY/HK$12.58/Target: HK$14.19): 2024: Positive growth in rental income supported stable DPS. INDONESIA Update Bumi Serpong Damai (BSDE IJ/BUY/Rp1,035/Target: Rp1,440): Expect continuation of all-time high marketing sales in 2025 (+10% yoy). MALAYSIA Results Hartalega Holdings (HART MK/BUY/RM2.61/Target: RM3.14): 3QFY25:...
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