reports
- 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
- Jonathan Koh
Singapore Daily - Tuesday, May 21, 2024
KEY HIGHLIGHTS Sector REITs: 1Q24 round-up: More pluses than minuses. Update Centurion Corp (CENT SP/BUY/S$0.535/Target: S$0.77): 1Q24 business update is better than expected with revenue rising by 30% yoy. Upgrade 2024-26 earnings estimates. Maintain BUY with a higher target price of S$0.77. TRADERS’ CORNER Jiutian Chemical Group (JIUC SP): Trading BUY UMS Holdings (UMSH SP): Trading SELL
- Adrian Loh Tzum Yung
- Bella Lu Yifei
- Benjaphol Suthwanish
- Jacquelyn Yow Hui Li
- Jonathan Koh
- Jun Sian Tan
- Keith Wee Teck Keong
- Ken Lee
- Kitpon Praipaisarnkit
- Leow Huey Chuen
- Stevanus Juanda
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Tuesday, May 21, 2024
GREATER CHINA Initiate Coverage Joyson Electronics Corp (600699 CH/BUY/Rmb16.71/Target: Rmb26.00) Riding on the vehicle electrification and intelligentisation trends. Initiate coverage with BUY. Target price: Rmb26.00. Results Li Auto (2015 HK/SELL/HK$99.90/Target: HK$70.00) 1Q24: Results miss estimates with unexpected operating loss. Cut target price from HK$85.00 to HK$70.00. Maintain SELL. INDONESIA Update United Tractors (UNTR IJ/SELL/Rp22,850/Target: Rp20,...
FCT FRASERS CENTREPOINT TRUST
UNTR PT UNITED TRACTORS TBK
CENT CENTRATAMA TELEKOMUNIKASI INDONESIA
1295 PUBLIC BANK BHD
TS0U OUE COMMERCIAL REAL ESTATE INVESTMENT TRUST
AJBU KEPPEL DC REIT
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
AW9U FIRST REAL ESTATE INVESTMENT TRUST
HANA HANA MICROELECTRONICS PCL
O5RU AIMS APAC REIT
SK6U SPH REIT
SAWAD SRISAWAD CORPORATION PUBLIC COMPANY LTD
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
SGREIT STARHILL GLOBAL REIT
MLT MAPLETREE LOGISTICS TRUST
FEHT FAR EAST HOSPITALITY TRUST
MTC MUANGTHAI CAPITAL PCL
PREIT PARKWAYLIFE REAL ESTATE
SCGB SUNWAY CONSTRUCTION GROUP BH
FHT MAPLETREE INDUSTRIAL TRUST
KLK FRASERS HOSPITALITY TRUST
SASSR KUALA LUMPUR KEPONG BHD
CNNU SASSEUR REAL ESTATE INVESTMENT TRUST
TXG CROMWELL EUROPEAN REIT
CICT 10X GENOMICS INC CLASS A
LREIT SP CAPITALAND INTEGRATED COMMERCIAL TRUST
TIDLOR LENDLEASE GLOBAL COMMERCIAL REIT
CLCT NGERN TID LOR PCL
FLT CAPITALAND CHINA TRUST
ME FRASERS LOGISTICS & COMMERCIAL TRUST
DCREIT 23ANDME HLDG CO
MPACT DIGITAL CORE REIT
CLAS MAPLETREE PAN ASIA COMMERCIAL TRUST
CLAR CAPITALAND ASCOTT TRUST
EREIT CAPITALAND ASCENDAS REIT
Z29 ESR-LOGOS REIT
02015 029 GROUP SE
600699 LI AUTO INC
JOYSON ELECTRONICS CORP
- Adrian Loh Tzum Yung
Centurion Corp: 1Q24: Firing On All Cylinders
Starting off the year strongly, Centurion reported a 30% yoy increase in 1Q24 revenue with robust contributions from both the PBWA and PBSA segments. The results were better than expected with 1Q24 revenue making up 30% of our full-year forecasts. With greater confidence in its near- to medium-term outlook, backed by continued high levels of construction spending in Singapore, we have raised 2024-26 earnings by 9- 12%. Maintain BUY with a higher target price of S$0.77.
- 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
- Ceilica Su Rui
- Damon Shen
- Jieqi Liu
- Jun Sian Tan
- Kong Ho Meng
- Posmarito Pakpahan
- Tanaporn Visaruthaphong
- Tham Mun Hon
Regional Morning Notes - Wednesday, March 06, 2024
GREATER CHINA Economics 2024 Government Work Report: China aims for 5% growth. Sector Property: Divergence of policies and property sales between Tier 1 cities and Hong Kong. INDONESIA Results Pertamina Geothermal Energy (PGEO IJ/HOLD/Rp1,195/Target: Rp1,260): 2023: Solid performance; EBITDA growth expected to be flat in 2024. Downgrade to HOLD. MALAYSIA Sector Construction: Mixed 4Q23 results but 2024 outlook remains resilient anchored by imminent rollout of mega projects. Maintain OVERWEIG...
- Adrian Loh Tzum Yung
Singapore Daily - Wednesday, March 06, 2024
KEY HIGHLIGHTS Results Centurion Corp (CENT SP/BUY/S$0.43/Target: S$0.57): 2023: Strong results across its geographies and asset classes with a bright outlook ahead in 2024. Maintain BUY with a higher target price of S$0.57. TRADERS’ CORNER Olam Group (OLG SP): Trading BUY AEM Holdings (AEM SP): Trading SELL
- Adrian Loh Tzum Yung
Centurion Corp (CENT SP) - 2023: Strong Results Across The Board With ...
CENT reported strong 2023 results with higher occupancy rates and positive rental reversions across all its geographies and asset classes. Free cash flow generation remains strong, and with gearing at 0.38x and some capital recycling of its assets, the company has a decent war chest for its organic and inorganic ambitions. Stock liquidity remains an issue. Maintain BUY. Target price raised to S$0.57.
- Adrian Loh Tzum Yung
Singapore Daily - Friday, November 17, 2023
KEY HIGHLIGHTS Update Centurion Corp (CENT SP/BUY/S$0.40/Target: S$0.50): Outlook undimmed – Strong performance in 3Q23 to extend into 2024 and possibly beyond. With valuation remaining inexpensive, we maintain our BUY rating. TRADERS’ CORNER iFAST Corp (IFAST SP): Trading BUY Keppel Corp (KEP SP): Trading SELL
- Adrian Loh Tzum Yung
Centurion Corp (CENT SP) - Outlook Undimmed – Strong Performance In 3Q...
Centurion’s 3Q23 performance was better than expected, driven by strong rental reversions across workers’ and students’ accommodations. The macro backdrop of migrant workers returning to Singapore and Malaysia as well as international students heading back to universities in the UK and Australia will continue to play out as supply of assets lags demand. New government regulations for PBWAs may also help rental reversions in the medium term. Maintain BUY. Target price: S$0.50.
- Adrian Loh Tzum Yung
- Jonathan Koh
Singapore Daily - Friday, May 19, 2023
KEY HIGHLIGHTS Results Prime US REIT (PRIME SP/BUY/US$0.21/Target: US$0.61): 1Q23: Resiliency from diversified tenant mix; bombed-out valuations. Update Centurion Corp (CENT SP/BUY/S$0.34/Target: S$0.43): 1Q23 business update showed continued recovery across all its asset classes with volume growth expected over the next 12-18 months. Maintain BUY. TRADERS’ CORNER Singapore Tech Engineering (STE SP): Trading BUY Olam Group (OLG SP): Trading BUY
- Adrian Loh Tzum Yung
Centurion Corp (CENT SP) - Continuing On Its Recovery Across All Asset...
Centurion’s 1Q23 business update was a solid one with revenue up 5% yoy to S$47m making up 25% of our full-year forecast and thus in line with expectation. The key PBWA segment, which makes up three-quarters of its revenue, saw 5% yoy growth in its top-line while its PBSA segment was similarly robust, up 7% yoy. In the near to medium term, it appears that Centurion will continue to see incremental volume and rental growth. Maintain BUY. Target price: S$0.43.
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Chong Lee Len
- Jonathan Koh
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Ken Lee
- Kong Ho Meng
- Posmarito Pakpahan
- Sunny Chen
- Tanaporn Visaruthaphong
Regional Morning Notes - Friday, May 19, 2023
GREATER CHINA Sector Automobile: Weekly: China becomes the world’s biggest car exporter, marking a new era. Maintain UNDERWEIGHT with preference for the EV segment. Top BUYs: BYD, Li Auto and CATL. Results Alibaba Group (9988 HK/BUY/HK$87.75/Target: HK$142.00): 4QFY23: Solid earnings growth; full spin-off of Alibaba Cloud. KE Holdings Inc (2423 HK/BUY/HK$41.75/Target: HK$70.00): 1Q23: Triple beat; poised to benefit from pent-up demand. Update CSPC Pharmaceutical Group (1093 HK/BUY/HK$7.50/Target...
01093 CSPC PHARMACEUTICAL GROUP LIMITED
CENT CENTRATAMA TELEKOMUNIKASI INDONESIA
TOP THAI OIL PUBLIC CO. LTD.
COM7 COM7
DLG DIALOG GROUP BHD
MMHE MALAYSIA MARINE AND HEAVY EN
TDC TIME DOTCOM BHD
9988 ALIBABA (9988 HK)
6078 HYGEIA HEALTHCARE HOLDINGS CO LTD
BEKE KE HOLDINGS INC
PRIME PRIME ROAD POWER PUBLIC CO LTD
- Adrian Loh Tzum Yung
- Chaiwat Arsirawichai
- Chun Sung Oong
- Jacquelyn Yow Hui Li
- Jessie Guo Yuting
- Jo Yee Ng
- Julia Pan Mengyao
- Ken Lee
- Kong Ho Meng
- Leow Huey Chuen
- Malaysia Research Team
- Stevanus Juanda
- Tanaporn Visaruthaphong
- Thailand Research Team
- Thansin Klinthanom
- Zhifeng Shen
Regional Morning Notes - Monday, May 23, 2022
GREATER CHINA Sector Catering: Gradually gaining ground. Update Netease (9999 HK/BUY/HK$156.00/Target: HK$179.00): Key takeaways from Netease Connect 2022 Product Launch Event. Yadea Group (1585 HK/BUY/HK$14.14/Target: HK$25.00): 2WEV sales boosted by stringent traffic restrictions, and product deliveries have resumed since mid-April. Maintain BUY. Raise target price to HK$25.00. INDONESIA Update Nippon Indosari Corpindo (ROTI IJ/BUY/Rp1,280/Target: Rp1,600): Entering the spread and milk market...
- Adrian Loh Tzum Yung
Centurion Corp (CENT SP) - 1Q22: Continues to see strong recovery in i...
Centurion reported better-than-expected 1Q22 revenue of S$45m, up 47% yoy and forming over 30% of our full-year revenue estimates. All business segments enjoyed double-digit revenue growth due to a combination of higher occupancies and new revenue streams as economic recovery and the reopening of international borders provided strong tailwinds. Maintain BUY. Target price S$0.43.
- Adrian Loh Tzum Yung
Singapore Daily - Monday, May 23, 2022
KEY HIGHLIGHTS Results Centurion Corp (CENT SP/BUY/S$0.355/Target: S$0.43): 1Q22: Continues to exhibit strong recovery in its business; expecting more of the same for the rest of 2022. TRADERS’ CORNER Venture Corp (VMS SP): Trading Buy Golden Agri-Resources (GGR SP): Trading Buy
- Adrian Loh Tzum Yung
- Jacquelyn Yow Hui Li
- Jonathan Koh
- Leow Huey Chuen
- Llelleythan Tan Tan
Singapore Daily - Thursday, March 10, 2022
KEY HIGHLIGHTS Sector Regional Plantation: Forecasters did not provide any price forecast for the first time with so many uncertainties and political issues in the picture. Banking: Monetary policy under the fog of war. Results Centurion Corp (CENT SP/BUY/S$0.345/Target: S$0.45): 2021: Strong positive momentum in 2021 should continue into 2022. Small/Mid Cap Highlights Singapore Medical Group (SMG SP/BUY/S$0.305/Target: S$0.53): 2022: Cured of COVID-19, potential takeover target. TRADERS’ C...
- Adrian Loh Tzum Yung
Centurion Corp (CENT SP) - 2021: Strong Positive Momentum In 2021 Shou...
Centurion reported a strong set of results for 2021. Importantly, we witnessed robust sequential improvement across its businesses and geographies as countries and economies attempt to normalise. In our view, the company should continue to experience a recovery in 2022 now that we are hopefully past the COVID-19 peak. Maintain BUY. Target price has been raised to S$0.45 (previously S$0.43).
- Adrian Loh Tzum Yung
- Carolyn Ching
- Chaiwat Arsirawichai
- Desmond Chong Chee Wai
- Hazmy Hazin
- Jacquelyn Yow Hui Li
- Jonathan Koh
- Leow Huey Chuen
- Llelleythan Tan Tan
- Philip Wong
- Sabrina Soh
- Stevanus Juanda
- Tanaporn Visaruthaphong
- Tham Mun Hon
Regional Morning Notes - Thursday, March 10, 2022
REGIONAL Sector Plantation: Forecasters did not provide any price forecast for the first time with so many uncertainties and political issues in the picture. GREATER CHINA Economics Inflation: Ukraine-Russia conflict to temper inflation slowdown. Results Prudential (2378 HK/BUY/HK$108.30/Target: HK$195.90): 2021: Results beat on new business profit. Cut target price to HK$195.90. INDONESIA Results Nippon Indosari Corpindo (ROTI IJ/BUY/Rp1,300/Target: Rp1,500): 4Q21: In line with expectations w...
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