reports
- 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
- Benjaphol Suthwanish
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Jonathan Koh
- Jun Sian Tan
- Kampon Akaravarinchai
- Kenny Yong Hui Lim
- Kong Ho Meng
- Llelleythan Tan Tan
- Posmarito Pakpahan
- Tanaporn Visaruthaphong
Regional Morning Notes - Thursday, February 15, 2024
GREATER CHINA Update Hong Kong Exchanges and Clearing (388 HK/HOLD/HK$243.60/Target: HK$260.00): Risk-off mode continues. INDONESIA Results Bank Tabungan Negara (BBTN IJ/BUY/Rp1,345/Target: Rp1,700): 4Q23: Net profit up 41% qoq on strong non-interest income and lower CoC. MALAYSIA Results Malaysia Marine and Heavy Engineering Holdings (MMHE MK/BUY/RM0.48/Target: RM0.60): 2023: Performance missed expectations on absence of cost provision/tax recoveries. We still see value in MMHE, as market c...
TOP THAI OIL PUBLIC CO. LTD.
5186 MALAYSIA MARINE AND HEAVY ENGINEERING HOLDINGS BHD
Y92 THAI BEVERAGE PUBLIC CO. LTD.
BTS BTS GROUP HOLDINGS PUBLIC CO. LTD.
FEHT FAR EAST HOSPITALITY TRUST
CVL CIVMEC
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
AIRPORT MALAYSIA AIRPORTS HOLDINGS BHD
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Jonathan Koh
- Llelleythan Tan Tan
Singapore Daily - Thursday, February 15, 2024
KEY HIGHLIGHTS Results Civmec (CVL SP/BUY/S$0.795/Target:S$1.23): 1HFY24: Results in line; positive dividend surprise and robust net cash position. Far East Hospitality Trust (FEHT SP/BUY/S$0.635/Target: S$0.82): 2H23: Fastest growth with lowest risk. Thai Beverage (THBEV SP/BUY/S$0.495/Target:S$0.70): 1QFY24: In line as margins improve. MONTHLY TECHNICAL - INDICES OUTLOOK FTSE Straits Times Index (STI IND): Consolidation continues but more on bearish bias
- Heidi Mo Jinghui
- Llelleythan Tan Tan
Thai Beverage (THBEV SP) - 1QFY24: In Line As Margins Improve
THBEV released its 1QFY24 business update whereby overall revenue fell 5.9% yoy, dragged by the beer segment. However, 1QFY24 EBITDA increased 1.9% yoy on more efficient A&P spending along with lower raw material costs. The spirits segment continues to benefit from a better product mix while the beer segment faces a weak macroeconomic outlook. In our view, THVBEV is trading at an attractive -2SD to its mean PE. Maintain BUY with the same SOTP-based target price of S$0.70.
- Bella Lu Yifei
- Greater China Research Team
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Jo Yee Ng
- Jonathan Koh
- Kampon Akaravarinchai
- Ken Lee
- Llelleythan Tan Tan
- Malaysia Research Team
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Vincent Khoo Boo Aik
Regional Morning Notes - Friday, January 05, 2024
GREATER CHINA Strategy Alpha Picks: January Conviction Calls: We add the potential beneficiaries of the upcoming CNY festival − Galaxy Entertainment and Trip.com − to our BUY list, but include SELL calls on BYD and Geely due to the subsidy reduction. Sector Automobile: Weekly: EV sales spiked in the last week of 2023 on year-end promotions, which dampens margins. Top SELLs: BYD and Ganfeng Lithium. Baijiu: Dealers’ confidence remains lacklustre. INDONESIA Sector Banking: Loan growth accelerated...
- Jonathan Koh
Singapore Daily - Friday, January 05, 2024
KEY HIGHLIGHTS Update Lendlease Global Commercial REIT (LREIT SP/BUY/S$0.635/Target: S$0.87): Addressing risk of pre-termination by Sky Italia. Thai Beverage (THBEV SP/BUY/S$0.54/Target: S$0.70): No direct impact from announced tax changes, but awaiting further clarity. TRADERS’ CORNER Propnex (PROP SP): Trading BUY Singapore Airlines (SIA SP): Trading SELL
- Heidi Mo Jinghui
- Llelleythan Tan Tan
Thai Beverage (THBEV SP) - No Direct Impact From Announced Tax Changes...
Thailand has announced a dual visa waiver programme with China that will start in Mar 24, which is set to boost incoming tourist arrivals for 2024. Thailand’s government has also announced tax changes for several liquor products and entertainment venues to help boost tourism spending. Backed by favourable tailwinds, THBEV is trading at attractive levels at -2SD to its long-term average PE. Maintain BUY with an unchanged SOTP-based target price of S$0.70.
- Bella Lu Yifei
- Chong Lee Len
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Kampon Akaravarinchai
- Ken Lee
- Kong Ho Meng
- Llelleythan Tan Tan
- Nurul Nazira Binti Abdullah
- Paula Ruth
- Wei Xiang Ku
Regional Morning Notes - Friday, November 24, 2023
GREATER CHINA Sector Automobile: Weekly: China’s PEV retail sales up 37% yoy/2% mom during 1-19 Nov 23, in line. Maintain UNDERWEIGHT. Remove BYD from top pick list. Top picks: CATL and Li Auto. INDONESIA Results XL Axiata (EXCL IJ/BUY/Rp2,090/Target: Rp2,400): 3Q23: Fixed broadband subscribers surge 84% yoy. Upgrade to BUY. MALAYSIA Results Genting Malaysia (GENM MK/BUY/RM2.58/Target: RM3.50): 3Q23: Historical high quarterly earnings within expectations, mainly fuelled by RWG’s stronger opera...
- Heidi Mo Jinghui
- Llelleythan Tan Tan
- Heidi Mo Jinghui
- Llelleythan Tan Tan
Thai Beverage (THBEV SP) - FY23: Weak Results As Beer Fizzles Out
THBEV reported lower FY23 PATMI of Bt27.4b (-8.9% yoy), lower than our expectations, dragged by the beer segment. The spirits segment benefitted from a better product sales mix while the beer segment underperformed as sales volume in Vietnam fell. Both the NAB and food segments posted record-high revenue as economic activity continues to recover. In our view, THVBEV is trading at an attractive -2SD to its mean PE. Maintain BUY with a lower SOTP-based target price of S$0.70 (S$0.75 previously).
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
- Vincent Khoo Boo Aik
REG: Strategy: Alpha Picks - November 2023
GREATER CHINA Strategy Alpha Picks: November Conviction Calls: We add a mix of defensives and turnaround stocks − COSCO Shipping, CR Mixc, Great Wall Motor, Innovent, Link REIT and NetEase − to our BUY list. INDONESIA Strategy Alpha Picks: Outperformance Despite Negative Returns: Our picks: TLKM, BBNI, SMGR, NCKL, CTRA, MYOR, AKRA and CMRY. MALAYSIA Strategy Alpha Picks: Focusing On Domestic Winners: Our Alpha Picks underperformed the FBMKLCI in Oct 23. Nov 23 picks: BUY BURSA, EKOVEST, GENM, ...
MAJOR MAJOR CINEPLEX GROUP PCL
AS7 ANTA SPORTS PRODUCTS LTD.
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
KKP KIATNAKIN BANK
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
00016 SUN HUNG KAI PROPERTIES LIMITED
00992 LENOVO GROUP LIMITED
00823 LINK REAL ESTATE INVESTMENT TRUST
ES ESSO SOCIETE ANONYME FRANCAISE
AKRA PT AKR CORPORINDO TBK
01109 CHINA RESOURCES LAND LIMITED
CTRA CIPUTRA DEVELOPMENT
STEC SINO-THAI ENGINEERING & CONSTRUCTION PCL
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
T13 RH PETROGAS
ERW ERAWAN GROUP
TOP THAI OIL PUBLIC CO. LTD.
U96 SEMBCORP INDUSTRIES LTD.
ESSO ESSO (THAILAND)
002594 BYD COMPANY LIMITED CLASS A
KLBF PT KALBE FARMA TBK
EA ENERGY ABSOLUTE PUBLIC CO. LTD.
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
COM7 COM7
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
600585 ANHUI CONCH CEMENT COMPANY LIMITED CLASS A
MYOR MAYORA INDAH
C52 COMFORTDELGRO CORPORATION LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
ORI1 ORIENT OVERSEAS (INTERNATIONAL) LIMITED
Z74 MINOR INTERNATIONAL PUBLIC CO. LTD.
MAPI SINGAPORE TELECOMMUNICATIONS LIMITED
O39 MITRA ADIPERKASA
Y92 OVERSEA-CHINESE BANKING CORPORATION LIMITED
601633 THAI BEVERAGE PUBLIC CO. LTD.
601888 GREAT WALL MOTOR CO. LTD. CLASS A
PTTGC CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
TLKM PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
ROTI PT TELKOM INDONESIA (PERSERO) TBK CLASS B
SE NIPPON INDOSARI CORPINDO
INRI SEA ADS
1801 INARI AMERTRON BHD
FEHT INNOVENT BIOLOGICS INC
PTTEP-R FAR EAST HOSPITALITY TRUST
SIE PTT EXPLORATION & PRODUCTION PCL NVDR
BAL SIA ENGINEERING CO LTD
KPJ BUMITAMA AGRI LTD
SMM KPJ HEALTHCARE BERHAD
MINT SEMBCORP MARINE LTD
BURSA MAPLETREE INDUSTRIAL TRUST
IOI BURSA MALAYSIA BHD
CPALL TB IOI CORP BHD
GENM CP ALL
2013 GENTING MALAYSIA BHD
6098 WEIMOB INC
EKO COUNTRY GARDEN SERVICES
HUME EKOVEST BHD
SCB-R HUME INDUSTRIES BHD
709 SIAM COMMERCIAL BANK PCL NVDR
FEH GIORDANO INTERNATIONAL LTD
9988 FOOD EMPIRE HOLDINGS LTD
1199 ALIBABA (9988 HK)
FRKN COSCO SHIPPING PORTS LIMITED
MPM FRENCKEN GROUP LTD
2696 MARCO POLO MARINE LTD
KEX SHANGHAI HENLIUS BIOTECH INC
OR KERRY EXPRESS (THAILAND)
1024 PTT OIL & RETAIL BUSINESS PCL
TIDLOR KUAISHOU TECHNOLOGY
1209 NGERN TID LOR PCL
9868 CHINA RESOURCES MIXC LIFESTYLE SERVICES
9888 XPENG INC
BUKA BAIDU INC
2015 BUKALAPAK.COM PT TBK
CVL LI AUTO INC
9999 HK CIVMEC
9961 NETEASE INC
BBNI TRIP.COM GROUP LTD
CMRY BANK NEGARA INDONESIA PERSER
ADOOY PT CISARUA MOUNTAIN DAIRY TBK
SMGR PT ADARO ENERGY TBK
NATGATE SEMEN INDONESIA PERSERO TBK
NCKL NATIONGATE HOLDINGS BHD
SUNWAY PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
SUNWAY BHD
- Singapore Research Team
Strategy - Alpha Picks: Add SIE, ST, FEH, FEHT, FRKN; Remove SEA, KEP ...
Poor investor sentiment in Oct 23 drove our Alpha Picks portfolio into negative territory; however, it nevertheless beat the STI by 0.1ppt on a market cap-weighted basis. As a result, our portfolio has outperformed the STI 18 out of past 20 months. For Nov 23, we add SIE, ST, FEH, FEHT AND FRKN, while removing SEA, KEP and CLAS.
T13 SEMBCORP INDUSTRIES LTD.
U96 COMFORTDELGRO CORPORATION LIMITED
C52 SINGAPORE TELECOMMUNICATIONS LIMITED
Z74 OVERSEA-CHINESE BANKING CORPORATION LIMITED
O39 THAI BEVERAGE PUBLIC CO. LTD.
Y92 FAR EAST HOSPITALITY TRUST
FEHT SIA ENGINEERING CO LTD
SIE BUMITAMA AGRI LTD
BAL MAPLETREE INDUSTRIAL TRUST
MINT FOOD EMPIRE HOLDINGS LTD
FEH FRENCKEN GROUP LTD
FRKN MARCO POLO MARINE LTD
MPM RH PETROGAS
RHP CIVMEC
CVL SEATRIUM LTD
- Heidi Mo Jinghui
- Llelleythan Tan Tan
- Carol Dou Xiao Qin
- Damon Shen
- Heidi Mo Jinghui
- Jacquelyn Yow Hui Li
- Jieqi Liu
- Julia Pan Mengyao
- Jun Sian Tan
- Kampon Akaravarinchai
- Kochakorn Sutaruksanon
- Leow Huey Chuen
- Limartha Adhiputra
- Llelleythan Tan Tan
- Ming San Soong
- Sunny Chen
Regional Morning Notes - Wednesday, October 11, 2023
GREATER CHINA Sector Property: Property sales during National Day holiday weaker than expected; awaiting more stimuli in 4Q23 to restore confidence. Update Alibaba Group (9988 HK/BUY/HK$82.10/Target: HK$120.00): 2QFY24 preview: Eyes on Taobao-Tmall’s focus strategy; near-term growth to be spurred by Double 11. Asian Gems Corporate Highlights CSPC Pharmaceutical Group (1093 HK/BUY/HK$5.52/Target: HK$8.00): Innovative product launches to support double-digit revenue growth from 2024. INDONESIA As...
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
01093 CSPC PHARMACEUTICAL GROUP LIMITED
01109 CHINA RESOURCES LAND LIMITED
BEM BANGKOK EXPRESSWAY AND METRO PUBLIC COMPANY LIMITED
Y92 THAI BEVERAGE PUBLIC CO. LTD.
AOT AIRPORTS OF THAILAND PUBLIC CO. LTD.
MAHB MALAYSIA AIRPORTS HLDGS BHD
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
- Heidi Mo Jinghui
- Llelleythan Tan Tan
Thai Beverage (THBEV SP) - Temporary Hiccup To Tourism Recovery
Thailand’s tourist arrivals continue to improve yoy despite lower-than-expected Chinese tourist arrivals. In a bid to revive tourism, Thailand has simplified visa requirements for Chinese tourists, its largest feeder market. However, the recent shooting in Bangkok is poised to partially offset any improvement in the near term. With the recent share price weakness, we reckon that THBEV is trading at attractive valuations, supported by favourable tailwinds. Maintain BUY but with a lower SOTP-based...
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
- Vincent Khoo Boo Aik
REG: Strategy: Alpha Picks - October 2023
GREATER CHINA Strategy Alpha Picks: October Conviction Calls: We expect further downside pressure, so we add SELLs on Henlius and Xpeng to the list, on top of BUYs on Anta, Lenovo, PICC P&C and SHKP. INDONESIA Strategy Alpha Picks: Potential Bull Market in 4Q23: Our picks: BBNI, SMGR, NCKL, MAPI, CTRA, MYOR, AKRA and CMRY. MALAYSIA Strategy Alpha Picks: A Handful Of Events To Capitalise On: Our Alpha Picks modestly outperformed the FBMKLCI in Sep 23. Oct 23 picks: BUY BURSA, HAPL, HUME, MAHB a...
MAJOR MAJOR CINEPLEX GROUP PCL
AS7 ANTA SPORTS PRODUCTS LTD.
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
KKP KIATNAKIN BANK
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
00016 SUN HUNG KAI PROPERTIES LIMITED
00992 LENOVO GROUP LIMITED
ES ESSO SOCIETE ANONYME FRANCAISE
AKRA PT AKR CORPORINDO TBK
01109 CHINA RESOURCES LAND LIMITED
CTRA CIPUTRA DEVELOPMENT
STEC SINO-THAI ENGINEERING & CONSTRUCTION PCL
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
T13 RH PETROGAS
ERW ERAWAN GROUP
TOP THAI OIL PUBLIC CO. LTD.
U96 SEMBCORP INDUSTRIES LTD.
ESSO ESSO (THAILAND)
002594 BYD COMPANY LIMITED CLASS A
KLBF PT KALBE FARMA TBK
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
COM7 COM7
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
600585 ANHUI CONCH CEMENT COMPANY LIMITED CLASS A
MYOR MAYORA INDAH
C52 COMFORTDELGRO CORPORATION LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
ORI1 ORIENT OVERSEAS (INTERNATIONAL) LIMITED
MAPI MINOR INTERNATIONAL PUBLIC CO. LTD.
O39 MITRA ADIPERKASA
Y92 OVERSEA-CHINESE BANKING CORPORATION LIMITED
BN4 THAI BEVERAGE PUBLIC CO. LTD.
ADRO KEPPEL CORPORATION LIMITED
601633 PT ADARO ENERGY TBK
601888 GREAT WALL MOTOR CO. LTD. CLASS A
PTTGC CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
ROTI PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
SE NIPPON INDOSARI CORPINDO
PTTEP-R SEA ADS
BAL PTT EXPLORATION & PRODUCTION PCL NVDR
SMM BUMITAMA AGRI LTD
MYEG SEMBCORP MARINE LTD
MINT MY EG SERVICES BHD
BURSA MAPLETREE INDUSTRIAL TRUST
CPALL TB BURSA MALAYSIA BHD
GENM CP ALL
MAHB GENTING MALAYSIA BHD
2013 MALAYSIA AIRPORTS HLDGS BHD
6098 WEIMOB INC
HUME COUNTRY GARDEN SERVICES
SCB-R HUME INDUSTRIES BHD
709 SIAM COMMERCIAL BANK PCL NVDR
HAPL GIORDANO INTERNATIONAL LTD
9988 HAP SENG PLANTATIONS HOLDINGS BHD
MPM ALIBABA (9988 HK)
2696 MARCO POLO MARINE LTD
KEX SHANGHAI HENLIUS BIOTECH INC
OR KERRY EXPRESS (THAILAND)
1024 PTT OIL & RETAIL BUSINESS PCL
TIDLOR KUAISHOU TECHNOLOGY
9868 NGERN TID LOR PCL
9888 XPENG INC
BUKA BAIDU INC
2015 BUKALAPAK.COM PT TBK
CVL LI AUTO INC
9961 CIVMEC
BBNI TRIP.COM GROUP LTD
CLAS BANK NEGARA INDONESIA PERSER
SMGR CAPITALAND ASCOTT TRUST
NATGATE SEMEN INDONESIA PERSERO TBK
NCKL NATIONGATE HOLDINGS BHD
PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
- Singapore Research Team
Singapore Daily - Monday, October 02, 2023
KEY HIGHLIGHTS Strategy Alpha Picks: Adding MPM And RHP, Removing DELFI, LHN and YZJ: Our Alpha Picks portfolio outperformed for Sep 23, beating the STI by 4.7ppt. SEA Ltd, Bumitama and ComfortDelgro were the key outperformers. TRADERS’ CORNER Singapore Telecommunications (ST SP): Trading BUY Frencken Group (FRKN SP): Trading BUY
T13 RH PETROGAS
U96 SEMBCORP INDUSTRIES LTD.
C52 COMFORTDELGRO CORPORATION LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
Y92 THAI BEVERAGE PUBLIC CO. LTD.
BN4 KEPPEL CORPORATION LIMITED
SE SEA ADS
BAL BUMITAMA AGRI LTD
MINT MAPLETREE INDUSTRIAL TRUST
MPM MARCO POLO MARINE LTD
CVL CIVMEC
CLAS CAPITALAND ASCOTT TRUST
STM SEATRIUM LTD
- Singapore Research Team
Strategy - Alpha Picks: Adding MPM And RHP, Removing DELFI, LHN And YZ...
Our Alpha Picks portfolio overcame weak investor sentiment in Sep 23, beating the STI by 4.7ppt on a market cap-weighted basis and 0.4ppt on an equal-weighted basis, outperforming the STI in 17 out of the past 19 months. For Oct 23, we add MPM as we forecast higher utilisation rates, and RHP for near-term drilling upside potential. We remove DELFI and LHN due to a lack of near-term catalysts, and YZJ as we expect a quiet period for new orders.
T13 SEMBCORP INDUSTRIES LTD.
U96 COMFORTDELGRO CORPORATION LIMITED
C52 OVERSEA-CHINESE BANKING CORPORATION LIMITED
O39 THAI BEVERAGE PUBLIC CO. LTD.
Y92 KEPPEL CORPORATION LIMITED
BN4 SEA ADS
SE BUMITAMA AGRI LTD
BAL MAPLETREE INDUSTRIAL TRUST
MINT MARCO POLO MARINE LTD
MPM RH PETROGAS
RHP SEA LIMITED
SE US CIVMEC
CVL CAPITALAND ASCOTT TRUST
CLAS SEATRIUM LTD
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
- Vincent Khoo Boo Aik
REG: Strategy: Alpha Picks - September 2023
GREATER CHINA Strategy Alpha Picks: September Conviction Calls: We focus on stocks with pricing power or sustainable margins against a weakening macro backdrop. Add Giordano, KE Holdings and Trip.com. INDONESIA Strategy Alpha Picks: Underperformance In Aug 23: Our picks: MYOR, BSDE, CTRA, HMSP, BBNI, SMGR and MAPI. MALAYSIA Strategy Alpha Picks: Warming Up For Better Months Ahead: Our Alpha Picks outperformed the FBMKLCI in Aug 23. Sep 23 picks: BUY BURSA, HAPL, HUME, MAHB, Mr DIY, My EG Servi...
AS7 ANTA SPORTS PRODUCTS LTD.
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
KKP KIATNAKIN BANK
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
ES ESSO SOCIETE ANONYME FRANCAISE
01109 CHINA RESOURCES LAND LIMITED
CTRA CIPUTRA DEVELOPMENT
STEC SINO-THAI ENGINEERING & CONSTRUCTION PCL
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
ERW ERAWAN GROUP
TOP THAI OIL PUBLIC CO. LTD.
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
ESSO ESSO (THAILAND)
002594 BYD COMPANY LIMITED CLASS A
KLBF PT KALBE FARMA TBK
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
COM7 COM7
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
600585 ANHUI CONCH CEMENT COMPANY LIMITED CLASS A
MYOR MAYORA INDAH
C52 COMFORTDELGRO CORPORATION LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
ORI1 ORIENT OVERSEAS (INTERNATIONAL) LIMITED
MAPI MINOR INTERNATIONAL PUBLIC CO. LTD.
O39 MITRA ADIPERKASA
Y92 OVERSEA-CHINESE BANKING CORPORATION LIMITED
BN4 THAI BEVERAGE PUBLIC CO. LTD.
BSDE KEPPEL CORPORATION LIMITED
ADRO PT BUMI SERPONG DAMAI TBK
601633 PT ADARO ENERGY TBK
601888 GREAT WALL MOTOR CO. LTD. CLASS A
599A CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
PTTGC SANDS CHINA LTD.
ROTI PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
02669 NIPPON INDOSARI CORPINDO
2318 CHINA OVERSEAS PROPERTY HOLDINGS LIMITED
SE PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
YNS SEA ADS
PTTEP-R YINSON HOLDINGS BHD
HMSP PTT EXPLORATION & PRODUCTION PCL NVDR
VSI HM SAMPOERNA TBK PT
BAL V.S. INDUSTRY BERHAD
SMM BUMITAMA AGRI LTD
MYEG SEMBCORP MARINE LTD
MINT MY EG SERVICES BHD
BURSA MAPLETREE INDUSTRIAL TRUST
CPALL TB BURSA MALAYSIA BHD
CPN-R CP ALL
GENM CENTRAL PATTANA PCL NVDR
MAHB GENTING MALAYSIA BHD
RATCH MALAYSIA AIRPORTS HLDGS BHD
2013 RATCH GROUP PUBLIC CO. LTD.
6098 WEIMOB INC
HUME COUNTRY GARDEN SERVICES
SCB-R HUME INDUSTRIES BHD
709 SIAM COMMERCIAL BANK PCL NVDR
HAPL GIORDANO INTERNATIONAL LTD
9988 HAP SENG PLANTATIONS HOLDINGS BHD
BEKE ALIBABA (9988 HK)
MRDIY KE HOLDINGS INC
KEX MR DIY GROUP M BHD
OR KERRY EXPRESS (THAILAND)
1024 PTT OIL & RETAIL BUSINESS PCL
TIDLOR KUAISHOU TECHNOLOGY
9888 NGERN TID LOR PCL
BUKA BAIDU INC
2015 BUKALAPAK.COM PT TBK
CVL LI AUTO INC
9961 CIVMEC
BBNI TRIP.COM GROUP LTD
CLAS BANK NEGARA INDONESIA PERSER
SMGR CAPITALAND ASCOTT TRUST
NATGATE SEMEN INDONESIA PERSERO TBK
DELFI NATIONGATE HOLDINGS BHD
LHN DELFI LTD
LHN LTD
- Singapore Research Team
Strategy - Alpha Picks: Adding MINT While Removing RMFD
On a market cap-weighted basis, the STI outperformed our Alpha Picks by 0.3ppt, which was helped by our industrial stock picks. On a price-weighted and market-cap weighted basis, however, our portfolio significantly underperformed due to Sea Ltd. We note that our Alpha Picks portfolio has nevertheless beaten the STI in 16 out of the past 18 months. For Sep 23, due to favourable tailwinds for its data centre segment, we add MINT while removing RFMD from our Alpha Picks portfolio.
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
C52 COMFORTDELGRO CORPORATION LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
Y92 THAI BEVERAGE PUBLIC CO. LTD.
BN4 KEPPEL CORPORATION LIMITED
SE SEA ADS
BAL BUMITAMA AGRI LTD
MINT MAPLETREE INDUSTRIAL TRUST
SE US SEA LIMITED
CVL CIVMEC
CLAS CAPITALAND ASCOTT TRUST
DELFI DELFI LTD
STM SEATRIUM LTD
LHN LHN LTD
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