reports
- Adrian Loh Tzum Yung
- Benyamin Mikael
- Claire Wang Kelai
- Heidi Mo Jinghui
- Jonathan Koh
- Kong Ho Meng
- Roy Chen Chengzhi
- Tham Mun Hon
Regional Morning Meeting Notes: Monday, August 11, 2025
GREATER CHINA Economics Inflation Deflationary pressures persist despite core CPI resilience. INDONESIA Update Darma Henwa (DEWA IJ/BUY/Rp222/Target: Rp372) Sustaining the growth momentum. MALAYSIA Update Uzma (UZMA MK/BUY/RM0.41/Target: RM0.76) Aggressive orderbook growth driven by O&G. However, its five-year recurring income target will miss, due to del...
- Jonathan Koh
Singapore Banking - 2Q25 Round-up: Delivers Resilient Earnings Despite...
Banks delivered resilient earnings in 2Q25 (DBS: +0.7% qoq, OCBC: -6.6% qoq) despite severe NIM compression. The downdraft from NIM compression should moderate in 2H25. Asset quality remains relatively stable, unruffled by uncertainties from reciprocal tariffs. Banks provide an attractive dividend yield of 5.9% for 2025. BUY OCBC (Target: S$20.15) for its low 2025F P/B of 1.26x. HOLD DBS (Target: S$52.80) for its 2025 yield of 6.9%. Maintain OVERWEIGHT.
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Chong Lee Len
- Claire Wang Kelai
- Damon Shen
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Jieqi Liu
- John Cheong Ming Chern
- Jonathan Koh
- Ken Lee
- Lester Siew
- Paula Ruth
- Sunny Chen
- Tham Mun Hon
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Friday, August 8, 2025
GREATER CHINA Economics Trade: July’s data beats expectations, further near-term strength likely. Sector Automobile: Weekly: YOY PV sales growth remains negative for three straight weeks. Maintain MARKET WEIGHT on the sector. Top BUYs: CATL, Geely and Tuopu. Initiate Coverage Zhejiang Sanhua Intelligent Controls Co (002050 CH/BUY/Rmb27.37/Target: Rmb36.50): Innovative Thermal management leader driving sustainable growth. Initiate coverage with BUY. Target price: Rmb36.50 for A-share, HK$40.00 fo...
D05 DBS GROUP HOLDINGS LTD
KTB KRUNG THAI BANK PUBLIC CO. LTD.
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
5347 TENAGA NASIONAL BHD
BCH BANGKOK CHAIN HOSPITAL PCL
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
01997 WHARF REAL ESTATE INVESTMENT CO. LTD.
G13 GENTING SINGAPORE LIMITED
HCM HUTCHISON CHINA MEDITECH LIMITED
OR PTT OIL AND RETAIL BUSINESS PUBLIC CO LIMITED
SDG SD GUTHRIE BHD
TIDLOR TIDLOR HOLDINGS PCL
002050 CH ZHEJIANG SANHUA INTELLIGENT CONTROLS CO LTD (002050 CH)
- Jonathan Koh
United Overseas Bank Ltd - 2Q25: Higher CASA Ratio Reflects Strengthen...
UOB reported a net profit of S$1,338m for 2Q25 (-6% yoy), driven by a decline in net interest income of 3% yoy and higher provisions of S$274m. NPL formation was elevated at S$472m in 2Q25. Management guided full-year NIM of 1.85-1.90% for 2025, assuming three rate cuts totalling 75bp in 2H25. UOB remains committed to implementing its S$3b capital distribution plan. So far, it has bought back and cancelled S$255m worth of UOB shares.
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- John Cheong Ming Chern
- Jonathan Koh
Singapore Daily: Friday, August 08, 2025
KEY HIGHLIGHTS Results DBS Group Holdings (DBS SP/HOLD/S$49.75/Target: S$52.80) 2Q25: One more hike in quarterly DPS. Genting Singapore (GENS SP/BUY/S$0.755/Target: S$0.89) 2Q25: Below expectations. Earnings hit by higher staff costs and temporary closure of S.E.A Aquarium. Lower target price to S$0.89 on cheap valuations and attractive dividends. United Overseas Bank (UOB SP/NOT RATED/S$35.81) 2Q25: Higher CASA ratio reflects strengthening deposit franchise. Update CSE Global (CSE SP/BUY/S$...
- Heidi Mo Jinghui
- John Cheong Ming Chern
Singapore Daily: Wednesday, July 23, 2025
KEY HIGHLIGHTS Strategy Small-Mid Cap Small mid cap stocks are biggest beneficiaries of MAS’ S$1.1b distribution. Sector Banking Higher reciprocal tariffs could further delay rate cuts. Results SIA Engineering (SIE SP/HOLD/S$3.35/Target: S$3.41) 1QFY26: Earnings beat thanks to strong JV/associate contributions; SIAEC appears fairly valued after recent share price surge. Downgrade to HOLD. TRADERS' CORNER SIA Engineering Co (SIE SP): Trading BUY ...
D05 DBS GROUP HOLDINGS LTD
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
BN2 VALUETRONICS HOLDINGS
558 UMS HOLDINGS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
SIE SIA ENGINEERING CO LTD
SSG SHENG SIONG GROUP LTD
PROP PROPNEX LTD
FEH FOOD EMPIRE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
MPM MARCO POLO MARINE LTD
OTEK OILTEK INTERNATIONAL (OTEK SP)
LUCC SP LUM CHANG CREATIONS LIMITED
- Jonathan Koh
Singapore Banking - Higher Reciprocal Tariffs Could Further Delay Rate...
Higher reciprocal tariffs, ranging from 25% for Japan to 50% for Brazil, would kick in starting 1 August, which could feed into higher inflation in the near term. A subservient next Fed chair sympathetic to Trump’s preference for low interest rates could lead to structurally higher inflation over the long term. Banks could weather volatility from the trade conflict as higher inflation could lead to delays in rate cuts. Maintain OVERWEIGHT. BUY OCBC (Target: S$19.25). HOLD DBS (Target: S$47.00).
- Jonathan Koh
- Jonathan Koh
Singapore Banking - 2Q25 Results Preview: Brace For NIM Compression
We expect NIM compression of 7bp qoq for DBS and 8bp qoq for OCBC in 2Q25 due to the synchronised steep drop in SORA and HIBOR. Fee income is expected to grow 13% yoy for DBS and 14% yoy for OCBC, driven by wealth management. We expect net profit of S$2,691m for DBS (-4% yoy, -7% qoq) and S$1,767m for OCBC (-9% yoy, -6% qoq). Easing of trade conflict and closing of more trade deals is positive for economic growth. Maintain OVERWEIGHT. BUY OCBC (Target: S$19.25). HOLD DBS (Target: S$47.00).
- Jonathan Koh
Singapore Banking - 1Q25 Round-up: First-order Direct Impact Assessed ...
Banks delivered resilient earnings in 1Q25 (DBS: +15% qoq, OCBC: +12% qoq) supported by a sequential rebound in non-interest income. Banks have assessed their first-order direct impact from vulnerable sectors to be manageable at 2-3% of total loans. They have also recommitted themselves to their capital management plans announced in Feb 25. BUY OCBC (Target: S$19.30) for its focus on ASEAN. HOLD DBS (Target: S$45.45) for its 2025 yield of 6.9%. Upgrade to OVERWEIGHT.
- Chong Lee Len
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Jonathan Koh
- Llelleythan Tan Tan
- Roy Chen Chengzhi
Singapore Daily: Tuesday, May 13, 2025
KEY HIGHLIGHTS Sector Banking 1Q25 round-up: First-order direct impact assessed to be manageable. Upgrade to OVERWEIGHT. Results Civmec (CVL SP/HOLD/S$0.815/Target:S$0.80) - 3QFY25: Results in line; outlook remains challenging as project delays extend. Marco Polo Marine (MPM SP/BUY/S$0.044/Target:S$0.066) - 1HFY25: Earnings in line; poised for growth in offshore wind sector. Oversea-Chinese Banking Corp (OCB...
United Overseas Bank Ltd: 1 director
A director at United Overseas Bank Ltd bought 100,000 shares at 34.475SGD and the significance rating of the trade was 67/100. 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 y...
- Jonathan Koh
- Arsit Pamaranont
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Chong Lee Len
- Claire Wang Kelai
- Jonathan Koh
- Lester Siew
- Paula Ruth
- Sunny Chen
- Tham Mun Hon
Regional Morning Meeting Notes: Thursday, May 08, 2025
GREATER CHINA Economics A New Round of Policy Support Positive for the economy, but mostly priced in. Results BeiGene (6160 HK/BUY/HK$141.00/Target: HK$220.00) 1Q25: Results beat; reaches profitability with adjusted net earnings of US$136m. INDONESIA Results XLSMART Telecom Sejahtera (EXCL IJ/HOLD/Rp2,180/Target: Rp2,400) 1Q25: EBITDA down 3% yoy. Downgrade to HOLD. MALAYSIA Results SD Guthrie (SDG MK/HOLD/RM...
- Jonathan Koh
United Overseas Bank (UOB SP) - 1Q25: Coping With Headwinds From Recip...
UOB reported a net profit of S$1,490m for 1Q25 (flat yoy), driven by growth in net interest income of 2% yoy and double-digit growth in fees of 20% yoy. Management has suspended guidance for 2025 due to heightened uncertainties. It foresees a slowdown in economic growth and expects an uptick in NPLs but the quantum should be manageable. UOB remains committed to implementing its S$3b capital distribution plan. So far, it has bought back and cancelled 80m UOB shares.
- Jonathan Koh
Singapore Banking : 1Q25 Results Preview: Calm Before The Storm
We should start to witness NIM compression at 6bp qoq for DBS and 7bp qoq for OCBC in 1Q25 due to a steep fall in SORA by 51bp to 2.56%. Fee income is expected to grow 10% yoy for DBS and 9% yoy for OCBC, driven by wealth management. We expect net profit of S$2,746m for DBS (-7% yoy, +9% qoq) and S$1,874m for OCBC (-5% yoy, +11% qoq). Asset quality is stable now but could deteriorate in 2H25. Maintain MARKET WEIGHT. BUY OCBC (Target: S$16.90). HOLD DBS (Target: S$40.00).
- Jonathan Koh
- Roy Chen Chengzhi
Singapore Daily: Thursday, April 17, 2025
KEY HIGHLIGHTS Sector Banking 1Q25 results preview: Calm before the storm. Update Singapore Airlines (SIA SP/HOLD/S$6.35/Target: S$6.22) Expect yoy softer 4QFY25 earnings; FY26 to benefit from weak fuel prices. Maintain HOLD. MONTHLY TECHNICAL - INDICES OUTLOOK FTSE Straits Times Index (STI IND): Price remains bullish
- Jonathan Koh
Singapore Banking : Flexible Adaption In Response To Disapproval From ...
The Trump Administration made two consecutive concessions: a) a 90-day pause for countries with reciprocal tariffs above the baseline rate of 10%, and b) exemption for electronics products imported from China. Trump has shown himself to be pragmatic enough to accommodate the concerns of businesses and consumers. Upgrade to MARKET WEIGHT. HOLD DBS (Target: S$40.00). Upgrade OCBC to BUY (Target: S$16.90). DBS and OCBC provide attractive 2025 yields of 7.9% and 6.7% respectively.
- Jonathan Koh
- Ejann Hiew
- Jonathan Koh
- Kong Ho Meng
- Philip Wong
- Shirley Wang Xueyi
- Stella Guo Yuting
Regional Morning Meeting Notes: Monday, April 07, 2025
GREATER CHINA Results Chongqing Brewery (600132 CH/BUY/Rmb59.82/Target: Rmb71.30) 2024: Net profit misses but core profit in line due to lawsuit provision; focus on off-premise channel expansion in 2025. MALAYSIA Sector Consumer ESG assessment of the top 10 largest F&B companies; Nestle comes out tops. Maintain MARKET WEIGHT. Update Westports Holdings (WPRTS MK/HOLD/RM4.75/Target: RM4.40) Advise taking profit...
D05 DBS GROUP HOLDINGS LTD
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
GCB GHANA COMMERCIAL BANK
FNH FRASER & NEAVE HOLDINGS BHD
WPRTS WESTPORTS HOLDINGS BHD
HEIM HEINEKEN MALAYSIA BHD
CAB CARLSBERG BREWERY MALAYSIA B
NESZ NESTLE (MALAYSIA) BERHAD
QLG QL RESOURCES BHD
FFB FARM FRESH BHD
DLM DEL MONTE FOODS CO
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