reports
- Alden Gabriel Lam
- Arsit Pamaranont
- Bella Lu Yifei
- Benyamin Mikael
- Claire Wang Kelai
- Jonathan Koh
- Julia Pan Mengyao
- Ken Lee
- Shirley Wang Xueyi
- Singapore Research Team
- Stella Guo Yuting
- Tham Mun Hon
- Willinoy Sitorus
Regional Morning Meeting Notes: Monday, February 02, 2026
Greater China Economics | PMI January PMI was below Bloomberg’s consensus, as the manufacturing PMI dipped to 49.2 (-0.9pt mom). The manufacturing output sub-index stayed marginally expansionary, while the new orders and new export orders sub-indices weakened. The purchase prices sub-index surged, pointing to higher cost pressure for manufacturers. The non-manufacturing PMI also fell to 49.4 (-0.8pt mom), mainly driven by a sharp contraction in the construction industry index. Large enterpri...
544 CSE GLOBAL LTD.
D05 DBS GROUP HOLDINGS LTD
C09 CITY DEVELOPMENTS LIMITED
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
IRPC IRPC PUBLIC CO. LTD.
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
BN2 VALUETRONICS HOLDINGS
002230 IFLYTEK CO. LTD. CLASS A
N2IU MAPLETREE COMMERCIAL TRUST
AMRT SUMBER ALFARIA TRIJAYA TBK PT
AJBU KEPPEL DC REIT
00027 GALAXY ENTERTAINMENT GROUP LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
BBCA PT BANK CENTRAL ASIA TBK
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
M3I MINTH GROUP LIMITED
599A SANDS CHINA LTD.
ASII PT ASTRA INTERNATIONAL TBK
SPRC STAR PETROLEUM REFINING
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
00700 TENCENT HOLDINGS LTD.
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
ICBP INDOFOOD CBP SUKSES MAKMUR T
CAO CHINA AVIATION OIL SINGAPORE CORP LTD
PROP PROPNEX LTD
FEH FOOD EMPIRE HOLDINGS LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
09988 ALIBABA GROUP HOLDING LTD.
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
HLA HONG LEONG ASIA LTD
01024 KUAISHOU TECHNOLOGY CLASS B
09888 BAIDU INC
BBNI BANK NEGARA INDONESIA PERSER
GOTO GOJEK TOKOPEDIA TBK PT
DEWA IJ DARMA HENWA (DEWA IJ)
ASL SP ASL MARINE (ASL SP)
UGAI ULTRAGREEN.AI LIMITED
RGL RECLAIMS GLOBAL
- Jonathan Koh
Singapore Banking - Domestic Interest Rates Recover As Safe Haven Asse...
The appointment of Kevin Warsh as the new Fed Chair has strengthened the Fed’s credibility in fighting inflation, leading to an abrupt unwind for safe haven assets. Liquidity exiting safe haven assets, such as the Singapore dollar, could lead to firmer domestic interest rates in 2026. Maintain OVERWEIGHT. The Fed regaining its credibility is supportive of our thesis that banks benefit from the Goldilocks economy. BUY DBS (Target: S$68.95) and OCBC (Target: S$23.65). DBS provides an attractive 20...
- Jonathan Koh
Singapore Banking - 4Q25 Results Preview: Resiliency Shines Despite Se...
We expect 4Q25 to be characterised by moderation in NIM compression, sustainable growth in wealth management fees and benign asset quality. We project net profit of S$2,523m for DBS (flat yoy, -15% qoq) and S$1,747m for OCBC (+4% yoy, -12% qoq). Maintain OVERWEIGHT. BUY DBS (Target: S$68.95) and OCBC (Target: S$23.65). DBS provides an attractive 2026 dividend yield of 5.6%. We are excited to hear the new CEO’s strategy, priorities and vision for OCBC.
- Jonathan Koh
Singapore Daily: Thursday, January 22, 2026
Top Stories Sector Update | Banking We expect 4Q25 to be characterised by moderation in NIM compression, sustainable growth in wealth management fees and benign asset quality. We project net profit of S$2,523m for DBS (flat yoy, -15% qoq) and S$1,747m for OCBC (+4% yoy, -12% qoq). Maintain OVERWEIGHT. BUY DBS (Target: S$68.95) and OCBC (Target: S$23.65). DBS provides an attractive 2026 dividend yield of 5.6%. We are excited to hear the new CEO’s strategy, priorities and vision for O...
- Jonathan Koh
Singapore Daily: Wednesday, January 7, 2026
Top Stories Sector Update | Banks We envisage a Goldilocks economy with steady growth accompanied by low inflation, the ideal balance for sustainable and lengthy economic expansion, supported by the Trump Administration’s new focus on affordability. We anticipate two rate cuts in 1H26 but none in 2H26. Banks provide resilient earnings with growth in non-interest income, including wealth management, offsetting negative impact from NIM compression. Upgrade to OVERWEIGHT. BUY DBS (Target: S$68.95) ...
- Alden Gabriel Lam
- Benjaphol Suthwanish
- Claire Wang Kelai
- Desmond Chong Chee Wai
- Jo Yee Ng
- Jonathan Koh
- Julia Pan Mengyao
- Malaysia Research Team
- Ming San Soong
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
- Vincent Khoo Boo Aik
- Willinoy Sitorus
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Wednesday, January 07, 2026
Greater China Company Update | Baidu (9888 HK/BUY/HK$146.60/Target: HK$166.00) We are optimistic on Baidu as the Kunlunxin spin-off could help unlock financial value for Baidu and strengthen its AI ecosystem. Baidu announced that on 1 Jan 26, Kunlunxin applied for a listing on the HK Stock Exchange. Following the spin-off, Kunlunxin will remain a consolidated subsidiary, with Baidu retaining a controlling 59% stake. Maintain BUY with a higher target price of HK$166.00 (US$185.00). Company ...
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
5347 TENAGA NASIONAL BHD
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
ASII PT ASTRA INTERNATIONAL TBK
2899 ZIJIN MINING GROUP CO. LTD. CLASS H
GAM GAMUDA BHD
FNH FRASER & NEAVE HOLDINGS BHD
PMAH PRESS METAL ALUMINIUM HOLDIN
HLBK HONG LEONG BANK BERHAD
IGBREIT IGB REAL ESTATE INVESTMENT T
SWB SUNWAY BHD
SREIT SUNWAY REAL ESTATE INVESTMEN
AXRB AXIS REAL ESTATE INVESTMENT
KLCCSS KLCCP STAPLED GROUP
09888 BAIDU INC
ITC I-TAIL CORPORATION PUBLIC COMPANY LIMITED
CMMT CAPITALAND MALAYSIA TRUST
PREIT PAVILION REAL ESTATE INVESTMENT TRUST
PEKAT PEKAT GROUP BHD
SDG SD GUTHRIE BHD
- Jonathan Koh
Singapore Banks Sparkle In The Goldilocks Economy
We envisage a Goldilocks economy with steady growth accompanied by low inflation, the ideal balance for sustainable and lengthy economic expansion, supported by the Trump Administration’s new focus on affordability. We anticipate two rate cuts in 1H26 but none in 2H26. Banks provide resilient earnings with growth in non-interest income, including wealth management, offsetting negative impact from NIM compression. Upgrade to OVERWEIGHT. BUY DBS (Target: S$68.95) and OCBC (Target: S$23.65) for att...
- Jonathan Koh
Singapore Daily: Monday, November 10, 2025
Top Stories Sector Update | Banking DBS and OCBC benefitted from spectacular surges in wealth management fees of 31% and 53% yoy respectively in 3Q25 as high-net-worth clients deployed their funds in investment products. UOB recognised one-off pre-emptive general allowances of S$615m in 3Q25 to strengthen its general provision coverage from 0.8% to 1.0% and loan loss coverage from 88% to 100%. Maintain MARKET WEIGHT. Influx of safe haven liquidity would continue to keep domestic interest rate...
- Jonathan Koh
Singapore Banking - 3Q25 Results Round-up: DBS And OCBC Demonstrate We...
DBS and OCBC benefitted from spectacular surges in wealth management fees of 31% and 53% yoy respectively in 3Q25 as high-net-worth clients deployed their funds in investment products. UOB recognised one-off pre-emptive general allowances of S$615m in 3Q25 to strengthen its general provision coverage from 0.8% to 1.0% and loan loss coverage from 88% to 100%. Maintain MARKET WEIGHT. Influx of safe haven liquidity would continue to keep domestic interest rates depressed. BUY OCBC (Target: S$20.22)...
United Overseas Bank Ltd: 1 director
A director at United Overseas Bank Ltd bought 150,000 shares at 33.758SGD 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...
- Arsit Pamaranont
- Bella Lu Yifei
- Benjaphol Suthwanish
- Benyamin Mikael
- Carol Dou Xiao Qin
- Desmond Chong Chee Wai
- Ejann Hiew
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Jonathan Koh
- Ken Lee
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
Regional Morning Meeting Notes: Friday, November 7, 2025
Greater China Sector Update | Automobile The anti-involution policy boosted OEMs’ 3Q25 earnings by ending the price war. However, the industry disruptor BYD saw worsened liquidity due to sales slowdown and inventory pile-up. Auto part companies saw margin erosion in 3Q25 due to delayed impacts from the OEMs’ price war, but 4Q25 margin will stabilise. Maintain MARKET WEIGHT. Top BUYs: CATL and Geely. Top SELLs: BYD and Li Auto. Cut target price for Li Auto to HK$60.0. Raise target price for Weich...
D05 DBS GROUP HOLDINGS LTD
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
00027 GALAXY ENTERTAINMENT GROUP LIMITED
7160 PENTAMASTER CORP. BHD
THAI THAI AIRWAYS INTERNATIONAL PCL
BH
G13 BUMRUNGRAD HOSPITAL PUBLIC CO. LTD.
GAM GENTING SINGAPORE LIMITED
OR GAMUDA BHD
06160 PTT OIL AND RETAIL BUSINESS PUBLIC CO LIMITED
DEWA IJ BEIGENE LTD.
DARMA HENWA (DEWA IJ)
- Jonathan Koh
United Overseas Bank (UOB SP) - 3Q25: Clearing The Deck
UOB’s net profit of S$443m for 3Q25 (-72% yoy and -67% qoq) was significantly below the consensus estimate of S$1,343m. New NPL formation was elevated at S$838m in 3Q25 due to exposures to commercial real estate in Greater China and the US. It also recognised pre-emptive general allowances of S$615m. UOB remains committed to its S$2b share buyback programme and dividend payout ratio of 50%.
- Jack Goh Tooan Orng
- Jonathan Koh
Singapore Daily: Friday, November 07, 2025
Top Stories Company Results | DBS Group Holdings (DBS SP/HOLD/S$55.54/Target: S$55.50) Wealth management fees surged 31% yoy in 3Q25 due to brisk sales for investment products and bancassurance. AUM hit a new high of S$474b. New NPL formation was benign at S$113m. DBS wrote back general provisions of S$45m. Maintain HOLD. Target price: S$55.50. Company Results | Genting Singapore (GENS SP/BUY/S$0.73/Target: S$0.89) GENS’ stronger 3Q25 results reflect strengthening RWS footfall, better VIP vo...
- Jonathan Koh
Singapore Daily: Wednesday, October 22, 2025
Top Stories Asian Gems Corporate Highlights | United Overseas Bank (UOB SP/NOT RATED/S$34.54) UOB seeks to grow wholesale banking by financing regional supply chains. For retail banking, it aims to grow the invested AUM for wealth management. On a full-year basis, NIM could be at the bottom end of its previous guidance of 1.85-1.90% for 2025 due to the recent steep drop in 3M SORA. UOB intends to top up general provisions from 80bp to 90bp of gross loans, which would lead to high credit costs i...
- Chong Lee Len
- Jonathan Koh
- Kenny Yong Hui Lim
- Malaysia Research Team
- Posmarito Pakpahan
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Wednesday, October 22, 2025
Greater China Company Update | PICC P&C (2328 HK/BUY/HK$19.04/Target: HK$22.20) PICC P&C issued a positive profit alert, expecting its net profit to surge 40-60% in 9M25, attributed to a significant increase in underwriting profit and strong investment gains amid the stock market rally. We forecast continued CoR improvement in 4Q25, supported by the implementation of non-auto commission reforms effective from 1 Nov 25. We lift our 2025 earnings estimates by 8.9% to factor in the 3Q25 positiv...
KTB KRUNG THAI BANK PUBLIC CO. LTD.
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
4197 SIME DARBY BHD.
KBANK KASIKORNBANK PUBLIC CO. LTD.
5347 TENAGA NASIONAL BHD
BBCA PT BANK CENTRAL ASIA TBK
5271 PECCA GROUP
BAUTO BERMAZ AUTO BHD
SCB SCB X PUBLIC COMPANY LIMITED
PECCA MK PECCA GROUP BHD
- Jonathan Koh
United Overseas Bank (UOB SP) - Repositioning For A Brighter 2026
UOB seeks to grow wholesale banking by financing regional supply chains. For retail banking, it aims to grow the invested AUM for wealth management. On a full-year basis, NIM could be at the bottom end of its previous guidance of 1.85-1.90% for 2025 due to the recent steep drop in 3M SORA. UOB intends to top up general provisions from 80bp to 90bp of gross loans, which would lead to high credit costs in 2H25.
- Jonathan Koh
Singapore Daily: Tuesday, October 21, 2025
Top Stories Sector Update | Banking We expect 3Q25 to be characterised by continued NIM compression, the resurgence of wealth management fees and benign asset quality. We expect net profit of S$2,749m for DBS (-9% yoy, -3% qoq) and S$1,808m for OCBC (-8% yoy, flat qoq). We remain concerned about heightened uncertainties emanating from trade conflicts and a prolonged US government shutdown. Maintain MARKET WEIGHT. BUY OCBC (Target: S$20.12), HOLD DBS (Target: S$55.25). Market Spotlight • US st...
- Audrey Celia
- Bella Lu Yifei
- Benjaphol Suthwanish
- Claire Wang Kelai
- Damon Shen
- Jieqi Liu
- Jonathan Koh
- Ken Lee
- Philip Wong
- Suryaputra Wijaksana
- Tanaporn Visaruthaphong
- Tham Mun Hon
- Thanawat Thangchadakorn
- Willinoy Sitorus
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Tuesday, October 21, 2025
Greater China Economics | Economic Activity China’s 3Q25 GDP growth slowed to 4.8% yoy, 9M25 growth to 5.1%. Ytd FAI fell 0.5% yoy, dragged by property FAI (-13.9% ytd yoy). September's industrial production rose 6.5% yoy, but retail sales growth eased to 3.0% yoy. With the stronger-than-expected 9M25 growth, we raise the full-year real GDP growth forecast to 5.0% yoy. That said, further policy support is still needed and we expect proposals for the 15th Five-year Plan to provide further clu...
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
5225 IHH HEALTHCARE BHD.
D05 DBS GROUP HOLDINGS LTD
01109 CHINA RESOURCES LAND LIMITED
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
2899 ZIJIN MINING GROUP CO. LTD. CLASS H
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
ASSA IJ ADI SARANA ARMADA TBK PT (ASSA IJ)
- Jonathan Koh
Banking : 3Q25 Results Preview: Continued NIM Compression
We expect 3Q25 to be characterised by continued NIM compression, the resurgence of wealth management fees and benign asset quality. We expect net profit of S$2,749m for DBS (-9% yoy, -3% qoq) and S$1,808m for OCBC (-8% yoy, flat qoq). We remain concerned about heightened uncertainties emanating from trade conflicts and a prolonged US government shutdown. Maintain MARKET WEIGHT. BUY OCBC (Target: S$20.12), HOLD DBS (Target: S$55.25).
- Audrey Celia
- Ejann Hiew
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Jonathan Koh
- Lester Siew
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tanapon Cholkadidamrongkul
- Willinoy Sitorus
Regional Morning Meeting Notes: Wednesday, September 10, 2025
Greater China Sector Updates | Consumer In 2Q25/1H25, among 22 companies under our coverage, 9 beat / 7 inline or mixed / 6 missed. We observed: a) Deflation persists. b) Companies with more diversified product portfolios, along with product offerings ridding on the emerging consumption trends, stay constructive. c) Companies are expanding into new consumption channels. d) Sectors supported by monetised policy stimulus continue to demonstrate robust domestic sales in 3Q25. e) Companies are c...
AS7 ANTA SPORTS PRODUCTS LTD.
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
600132 CHONGQING BREWERY CO.LTD CLASS A
000858 WULIANGYE YIBIN CO. LTD. CLASS A
D05 DBS GROUP HOLDINGS LTD
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
EZQ CHINA MENGNIU DAIRY CO. LTD.
02331 LI NING COMPANY LIMITED
COM7 COM7
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
600887 INNER MONGOLIA YILI INDUSTRIAL GROUP CO. LTD. CLASS A
INKP PT INDAH KIAT PULP & PAPER TBK
00027 GALAXY ENTERTAINMENT GROUP LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
599A SANDS CHINA LTD.
000333 MIDEA GROUP CO. LTD. CLASS A
0168 TSINGTAO BREWERY CO. LTD. CLASS H
06862 HAIDILAO INTERNATIONAL HOLDING LTD.
GAM GAMUDA BHD
IOI IOI CORP BHD
1368 XTEP INTERNATIONAL HOLDINGS
01876 BUDWEISER BREWING CO. APAC LTD.
6186 CHINA FEIHE LTD
KORE KEPPEL PACIFIC OAK US REIT
MNSO MINISO GROUP HOLDING ADS (N SHARES)
06690 HAIER SMART HOME CO. LTD. CLASS H
09922 JIUMAOJIU INTERNATIONAL HOLDINGS LTD.
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