reports
- Heidi Mo Jinghui
- Llelleythan Tan Tan
- Damon Shen
- Heidi Mo Jinghui
- Jieqi Liu
- Julia Pan Mengyao
- Kenny Yong Hui Lim
- Llelleythan Tan Tan
- Ming San Soong
- Tham Mun Hon
- Thanawat Thangchadakorn
- Ziv Ang Sze Champ
Regional Morning Notes - Monday, September 16, 2024
GREATER CHINA Economics Economic Activity: August domestic activities remained weak, more demand-side measures are needed. Sector Banking: 1H24 results wrap-up: Walking a tightrope. Cement: Weekly: Unfavourable weather condition and tail-heavy LGSB issuance holding back cement demand. Construction: The momentum of FAI is yet to improve; awaiting policy supports in 2H24. Update Kuaishou (1024 HK/BUY/HK$38.15/Target: HK$70.00): Key takeaways from Kuaishou Investor Day 2024. SINGAPORE Update Singa...
- Heidi Mo Jinghui
- Llelleythan Tan Tan
Singapore Exchange (SGX SP) - Strong Performance From Cash Equities, F...
For Aug 24, SGX reported that SDAV reached a two-year high, driven by increased market turnover value from both institutional and retail investors. Total derivative traded volumes were also higher, driven by the forex and commodities segments. With a lack of near-term catalysts, we opine that SGX is fairly valued at current price levels. Maintain HOLD but with a higher target price of S$11.62 (S$10.65 previously).
- 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)
- Heidi Mo Jinghui
- Jonathan Koh
- Llelleythan Tan Tan
Singapore Daily - Monday, August 12, 2024
KEY HIGHLIGHTS Results CapitaLand Ascendas REIT (CLAR SP/BUY/S$2.65/Target: S$3.44): 1H24: Backfilling vacant space at Changi Business Park. Singapore Exchange (SGX SP/HOLD/S$9.82/Target: S$10.65): FY24: Strong results in line as FICC outperforms. Thai Beverage (THBEV SP/BUY/S$0.50/Target:S$0.56): 9MFY24: Stable performance as beer outperforms. TRADERS’ CORNER Thai Beverage (THBEV SP): Trading BUY Venture Corp (VMS SP): Trading BUY
- Chong Lee Len
- Heidi Mo Jinghui
- Llelleythan Tan Tan
- Ringo Tang Chi Yu
- Stevanus Juanda
- Tham Mun Hon
Regional Morning Meeting Notes: Monday, August 12, 2024
GREATER CHINA Economics Inflation Worrying fall in core CPI inflation. INDONESIA Results Kalbe Farma (KLBF IJ/HOLD/Rp1,665/Target: Rp1,700) 2Q24: Core NPAT rose 20.3% yoy; above expectations. MALAYSIA Update Gas Malaysia (GMB MK/HOLD/RM3.57/Target: RM3.50) Higher demand capacity to offset lower NG prices in 2024; stock offers attractive dividend ...
- Heidi Mo Jinghui
- Llelleythan Tan Tan
Singapore Exchange (SGX SP) - FY24: Strong Results In Line As FICC Out...
For FY24, SGX reported higher revenue (+3.1% yoy) and adjusted PATMI (+4.5% yoy), driven by the FICC and platform segments but offset by the cash equities and equities derivatives segments. With a lack of near-term catalysts, SGX is fairly valued at current price levels, in our view. Maintain HOLD but with a higher target price of S$10.65 (S$10.13 previously).
- 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
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Greater China Research Team
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Jonathan Koh
- Keith Wee Teck Keong
- Ken Lee
- Llelleythan Tan Tan
- Paula Ruth
- Philip Wong
- Posmarito Pakpahan
- Singapore Research Team
- Sunny Chen
- Tanaporn Visaruthaphong
Regional Morning Notes - Friday, February 02, 2024
GREATER CHINA Strategy Alpha Picks: February Conviction Calls We remain hedged, adding COSCO Shipping Holdings and Foxconn Industrial Internet to our BUY list, but include additional SELL calls on Li Auto and Xpeng. Sector Automobile: Weekly: EV sales remain lukewarm in the fourth week of 2024. Top SELLs: BYD, XPeng and Li Auto. Update Shenzhen Mindray Bio-Medical Electronics (300760 CH/BUY/Rmb273.19/Target: Rmb360.00): Acquires 21.12% stake in APT Medical; embracing tremendous business opportu...
AMATA AMATA CORP
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
BN4 KEPPEL CORPORATION LIMITED
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
FNH FRASER & NEAVE HOLDINGS BHD
BURSA BURSA MALAYSIA BHD
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
CTOS CTOS DIGITAL BHD
- Adrian Loh Tzum Yung
- Heidi Mo Jinghui
- Jonathan Koh
- Llelleythan Tan Tan
- Singapore Research Team
Singapore Daily - Friday, February 02, 2024
KEY HIGHLIGHTS Strategy Alpha Picks: Portfolio Holds Steady Amid Market Weakness. Add YZJ; Remove STM: Our Alpha Picks portfolio traded flat in Jan 24, beating the STI by 2.7ppt on an equal-weighted basis. FEH and SCI were the key outperformers. Sector REITs: S-REITs monthly update (Jan 24). Results Keppel (KEP SP/BUY/S$7.15/Target: S$8.89): 2023: Strong results with a rosy M&A outlook ahead. Singapore Exchange (SGX SP/HOLD/S$9.39/Target:S$10.13): 1HFY24: Results in line as FICC outperforms ...
- Heidi Mo Jinghui
- Llelleythan Tan Tan
Singapore Exchange (SGX SP) - 1HFY24: Results In Line As FICC Outperfo...
For 1HFY24, SGX reported higher revenue (+3.6% yoy) and adjusted PATMI (+6.2% yoy), driven by the FICC segment and higher treasury income. Both the cash equities and equity derivatives segments underperformed as total securities traded value and derivative volumes fell. The FICC continued its outperformance, backed by record-high traded volumes in 1HFY24. With a lack of near-term catalysts, we maintain HOLD with a lower target price of S$10.13 (S$10.42 previously).
- Arsit Pamaranont
- Benjaphol Suthwanish
- Desmond Chong Chee Wai
- Heidi Mo Jinghui
- Johnny Yum
- Llelleythan Tan Tan
- Nurul Nazira Binti Abdullah
- Roy Chen Chengzhi
- Stevanus Juanda
- Tanaporn Visaruthaphong
- Tham Mun Hon
Regional Morning Notes - Thursday, January 18, 2024
GREATER CHINA Economics Economic Activity: The 5.2% GDP growth hit the 2023 target, despite an uneven recovery. Sector Aviation: Airlines’ Dec 23 operation data: Rebounded from Nov 23’s lows, but 4Q data still missed our projections. Maintain UNDERWEIGHT. Upgrade China Eastern Airlines to HOLD. INDONESIA Strategy Continuation Of Developments In Indonesia: Our top picks: banking – BBNI, BBTN; property − BSDE, CTRA; technology – BUKA; consumer − MYOR, CMRY; retail – ACES; infrastructure – JSMR...
- Heidi Mo Jinghui
- Llelleythan Tan Tan
- Heidi Mo Jinghui
- Llelleythan Tan Tan
Singapore Exchange (SGX SP) - 1HFY24 Results Preview: FICC Segment To ...
We expect SGX to report higher 1HFY24 revenue (+12% yoy) and adjusted PATMI (+12% yoy), driven by the FICC segment and higher treasury income. Both the cash equities and equity derivatives segments are poised to underperform as 1HFY24 total securities traded value and volumes fell respectively. The FICC segment is set to post record-high revenue driven by robust volumes. With a lack of near-term catalysts, we maintain HOLD and a lower target price of S$10.42 (S$10.46 previously).
- Heidi Mo Jinghui
- Llelleythan Tan Tan
- Ariel Poh Yun Li
- Damon Shen
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Jieqi Liu
- Jo Yee Ng
- Johnny Yum Chung Man
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Kate Luang
- Kelvin Chau Siu Pong
- Kochakorn Sutaruksanon
- Kwanchai Atiphophai
- Limartha Adhiputra
- Llelleythan Tan Tan
- Nurul Nazira Binti Abdullah
- Paula Ruth
- Stella Guo Yuting
- Vincent Khoo Boo Aik
Regional Morning Notes - Friday, August 18, 2023
GREATER CHINA Sector Property: Tier 1 cities seeing the largest mom decline in property prices since Oct 14. Initiation Coverage Giordano International (709 HK/BUY/HK$3.20/Target: HK$3.89): Booming development in emerging markets; eyeing rebranding in Hong Kong. Results Chongqing Brewery (600132 CH/BUY/Rmb91.72/Target: Rmb108.00): 1H23: Results beat thanks to margin expansion; premiumisation remains intact. Galaxy Entertainment Group (27 HK/BUY/HK$52.50/Target: HK$60.50): 2Q23: EBITDA misses; ex...
00992 LENOVO GROUP LIMITED
MAG. MAG SILVER CORP.
600132 CHONGQING BREWERY CO.LTD CLASS A
S68 SINGAPORE EXCHANGE LTD.
ITMG INDO TAMBANGRAYA MEGAH
TOWR PT SARANA MENARA NUSANTARA TBK
COM7 COM7
00027 GALAXY ENTERTAINMENT GROUP LIMITED
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
SAWAD SRISAWAD CORPORATION PUBLIC COMPANY LTD
SREIT SUNWAY REAL ESTATE INVESTMEN
709 GIORDANO INTERNATIONAL LTD
- Heidi Mo Jinghui
- Llelleythan Tan Tan
Singapore Exchange (SGX SP) - FY23: Results Slightly Above Expectation...
For FY23, SGX reported higher revenue (+8.7% yoy) and adjusted PATMI (+10.3% yoy), driven by the FICC segment and higher treasury income. The cash equities segment underperformed as total traded value continued its decline. Despite lower traded volumes, higher average fees helped support the equity derivatives segment. With a lack of near-term catalysts, we maintain HOLD but with a higher target price of S$10.46 (S$10.28 previously).
- Adrian Loh Tzum Yung
- Chong Lee Len
- John Cheong Ming Chern
- Kampon Akaravarinchai
- Kochakorn Sutaruksanon
- Llelleythan Tan Tan
- Nurul Nazira Binti Abdullah
- Posmarito Pakpahan
- Tanaporn Visaruthaphong
- Ziv Ang Sze Champ
Regional Morning Notes - Tuesday, August 15, 2023
GREATER CHINA Sector Commodities: Weekly: Worsening property crisis weighing on economic recovery outlook. INDONESIA Update Bank Central Asia (BBCA IJ/BUY/Rp9,350/Target: Rp10,300): Plenty of room to grow its assets and NPAT. MALAYSIA Results KLCCP Stapled Group (KLCCSS MK/HOLD/RM6.77/Target: RM7.19): 2Q23: Earnings improve on higher occupancies in retail and hotel. Update TIME dotCom (TDC MK/BUY/RM5.40/Target: RM6.40): 2Q23 results preview: High single-digit growth supported by retail, wholes...
- Adrian Loh Tzum Yung
- John Cheong Ming Chern
- Jonathan Koh
- Llelleythan Tan Tan
Singapore Daily - Tuesday, August 15, 2023
KEY HIGHLIGHTS Results AEM Holdings (AEM SP/BUY/S$3.11/Target:S$3.65): 1H23: Earnings miss forecasts, but major negative news priced in; upgrade to BUY. Centurion Corp (CENT SP/BUY/S$0.425/Target: S$0.50): 1H23: Strong tailwinds seen, which should persist well into 2025. Raise target price to S$0.50 and re-iterate BUY. Frencken Group (FRKN SP/BUY/S$0.82/Target: S$1.00): 1H23: Earnings in line with expectations; stable outlook expected for 2H23. Upgrade to BUY. United Hampshire US REIT (UHU S...
- Llelleythan Tan Tan
Singapore Exchange (SGX SP) - FY23 Results Preview: Expect A Flat Fini...
For FY23, we expect SGX to report minor yoy growth in revenue and PATMI, driven by higher treasury income and a strong contribution from the FICC segment. A lower contribution from cash equities is likely to drag on overall earnings while equity derivatives would be stable yoy. With a lack of near-term catalysts, we maintain HOLD but with a higher target price of S$10.28 (S$9.57 previously).
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.