reports
- 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
- Jonathan Koh
Banking : US Self-inflicted Slowdown Could Spiral Out Of Control
The Trump Administration’s across-the-board reciprocal tariff is unprecedented and would trigger retaliation by the EU and China. Asset quality would be affected by the slowdown in trade, which would create turmoil and job losses in the manufacturing sector. We cut our 2026 net profit forecasts for DBS and OCBC by 13% after factoring in higher credit costs and anaemic loan growth. Downgrade to UNDERWEIGHT. SELL DBS (Target: S$40.00). HOLD OCBC (Target: S$16.85).
United Overseas Bank Ltd: 1 director
A director at United Overseas Bank Ltd bought 10,050 shares at 38.157SGD and the significance rating of the trade was 56/100. 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 ye...
- Jonathan Koh
Singapore Banking - 4Q24 Round-up: New Era Of Returning Excess Capital...
Banks delivered resilient earnings in 4Q24 (DBS: +11% yoy, OCBC: +4% yoy) supported by growth in fees and other non-interest income. Banks are refocusing on capital management. Inclusive of special dividends, DBS and OCBC have increased payout ratio to 80% and 61% respectively in 2025. They are devoting S$3b and S$1b to share buybacks. BUY OCBC (Target: S$21.10) for its focus on ASEAN. HOLD DBS (Target: S$49.80) for its 2025 yield of 6.4%. Maintain OVERWEIGHT.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Chong Lee Len
- Ejann Hiew
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Jonathan Koh
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Kong Ho Meng
- Llelleythan Tan Tan
- Paula Ruth
- Philip Wong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
Regional Morning Notes - Thursday, February 20, 2025
GREATER CHINA Sector Dairy: Retail demand remains weak; price recovery and healthier inventories to drive shipment normalisation. Healthcare: Outperformers empowered by AI revolution. INDONESIA Update Champ Resto Indonesia (ENAK IJ/BUY/Rp585/Target: Rp740): 2025 revenue to grow 16% yoy; more conservative on 4Q24 performance. Maintain BUY. MALAYSIA Results Duopharma Biotech (DBB MK/BUY/RM1.28/Target: RM1.39): 4Q24: Largely delivers on earnings. Public sector sales anchor growth while margins im...
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
5186 MALAYSIA MARINE AND HEAVY ENGINEERING HOLDINGS BHD
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
BCH BANGKOK CHAIN HOSPITAL PCL
SPRC STAR PETROLEUM REFINING
GMB GAS MALAYSIA BHD
DBB DUOPHARMA BIOTECH BHD
MPM MARCO POLO MARINE LTD
ENAK CHAMP RESTO INDONESIA TBK
STECON STECON GROUP PUBLIC COMPANY LIMITED
- Jonathan Koh
United Overseas Bank (UOB SP) - 4Q24: Sets Out Action Plan For Capital...
UOB reported a net profit of S$1,523m for 4Q24 (+9% yoy), driven by a 2% yoy growth in net interest income and lower Citi integration costs. CET-1 CAR was 15.4% as of Dec 24 after the implementation of Final Basel III Reforms, a sizeable uplift of 2ppt yoy. The Board also announced a special dividend of 50 S cents per share over two tranches in 2025 (S$0.8b) to commemorate the bank’s 90th anniversary, and a new share buyback programme of S$2b over the next three years (2025-27).
- Chong Lee Len
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Jonathan Koh
- Llelleythan Tan Tan
Singapore Daily: Thursday, February 20, 2025
KEY HIGHLIGHTS Results Marco Polo Marine (MPM SP/BUY/S$0.052/Target:S$0.072) 1QFY25: Ready to ride the green energy wave in 2HFY25. Singapore Telecommunications (ST SP/BUY/S$3.37/Target: S$3.58) 9MFY25: Results in line as business outlook improves. United Overseas Bank (UOB SP/NOT RATED/S$38.58) 4Q24: Sets out action plan for capital management. TRADERS' CORNER Yangzijiang Shipbuilding (YZJSGD SP): Trading BUY Hong Fok Co...
- Jonathan Koh
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Chong Lee Len
- Colin Lee
- Damon Shen
- Jieqi Liu
- Johnny Yum Chung Man
- Jonathan Koh
- Julia Pan Mengyao
- Ken Lee
- Kong Ho Meng
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Stevanus Juanda
- Sunny Chen
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Friday, January 17, 2025
GREATER CHINA Sector Automobile Weekly: PV sales down 10% yoy but up 8.5% wow; EVs gain on subsidy rollout. Maintain MARKET WEIGHT. Top BUYs: Geely, CATL, Fuyao and Desay. Healthcare The challenging but rewarding journey of globalisation amid rising geopolitical risks. Internet ...
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
00992 LENOVO GROUP LIMITED
ASM PACIFIC TECHNOLOGY LIMITED
D05 DBS GROUP HOLDINGS LTD
01093 CSPC PHARMACEUTICAL GROUP LIMITED
UNTR PT UNITED TRACTORS TBK
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
TOP THAI OIL PUBLIC CO. LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
EGH EUREKA GROUP HOLDINGS
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
M3I MINTH GROUP LIMITED
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
00700 TENCENT HOLDINGS LTD.
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
02669 CHINA OVERSEAS PROPERTY HOLDINGS LIMITED
01585 YADEA GROUP HOLDINGS LTD.
2333 GREAT WALL MOTOR CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
2338 WEICHAI POWER CO. LTD. CLASS H
AXIATA AXIATA GROUP BERHAD
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
3933 THE UNITED LABORATORIES INTE
WPRTS WESTPORTS HOLDINGS BHD
HCM HUTCHISON CHINA MEDITECH LIMITED
06098 COUNTRY GARDEN SERVICES HOLDINGS CO. LTD.
01801 INNOVENT BIOLOGICS INC.
TGIF 1933 INDUSTRIES
1772 GANFENG LITHIUM CO. LTD. CLASS H
601138 FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
6049 POLY PROPERTY SERVICES CO LTD
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
09999 NETEASE INC
01209 CHINA RESOURCES MIXC LIFESTYLE SERVICES (RED CHIP)
3692 HANSOH PHARMACEUTICAL GROUP
06160 BEIGENE LTD.
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
300765 CSPC INNOVATION PHARMACEUTICAL CO L
Z29 029 GROUP SE
02015 LI AUTO INC
600699 JOYSON ELECTRONICS CORP
- Jonathan Koh
Singapore Banking - 4Q24 Results Preview: All Eyes On Capital Manageme...
4Q24 is characterised by stable NIM and seasonally softer non-interest income, such as wealth management fees and net trading income. We expect net profit of S$2,535m for DBS (+12% yoy, -16% qoq) and S$1,748m for OCBC (+8% yoy, -11% qoq). We expect DBS to declare higher quarterly dividend of 60 S cents and special dividend of 50 S cents. We expect OCBC to raise interim dividend by 9.5% yoy to 46 S cents. Maintain OVERWEIGHT. BUY OCBC (Target: S$20.80), followed by DBS (Target: S$46.50).
- Jonathan Koh
- Jonathan Koh
Singapore Banking - The Trend Is Your Friend
The Fed is expected to be more cautious when contemplating future rate cuts due to the US economy’s recent strengthening. DBS could declare two special dividends of 50 S cents per share in 4Q24 and 4Q25 and increase quarterly dividend by 6 S cents to 60 S cents in 4Q24 and 66 S cents in 4Q25. OCBC could consider raising its dividend payout ratio to 57%, translating to DPS of 96 cents in 2026. Maintain OVERWEIGHT. BUY DBS (Target: S$46.50), followed by OCBC (Target: S$20.80).
- Jonathan Koh
Singapore Banking : 3Q24 Round-up: The Race To Work The Balance Sheet ...
Banks posted strong earnings in 3Q24 (DBS: +15% yoy, OCBC: +9% yoy), supported by a surge in wealth management fees and trading income. They are refocusing on capital management after the implementation of Final Basel III Reforms. DBS and UOB intend to return surplus capital of S$3.0b and S$2.5b to shareholders. OCBC could follow suit. Our top pick is OCBC (Target: S$21.00) due to its focus on ASEAN. BUY DBS (Target: S$46.95) for 2025 yield of 5.7%. Maintain OVERWEIGHT.
- Adrian Loh Tzum Yung
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Jonathan Koh
- Roy Chen Chengzhi
Singapore Daily: Monday, November 11, 2024
KEY HIGHLIGHTS Sector Banking 3Q24 round-up: The race to work the balance sheet harder. Results Oversea-Chinese Banking Corp (OCBC SP/BUY/S$16.06/Target: S$21.00) 3Q24: The tide on capital management has turned. SATS (SATS SP/BUY/S$3.85/Target: S$4.30) 1HFY25: Core earnings beat; stay invested for long-term growth potential. United Overseas Bank (UOB SP/NOT RATED/S$35.69) 3Q24: Uplift in CET-1 CAR reinforces urgency for capital management. Venture Corporation...
- Jonathan Koh
Singapore Banking : 3Q24 Results Preview: Healthy Growth From Wealth M...
OCBC should record stronger loan growth of +2.0% yoy than DBS’ +0.2% yoy in 3Q24. OCBC benefits from the appreciation of MYR (+8.2%), while DBS is affected by the depreciation of USD (-5.2%) and HKD (-4.8%). We see a slight erosion in NIM qoq, offset by resilient growth from wealth and trading income. We expect net profit of S$2,713m for DBS (+5% yoy, -3% qoq) and S$1,904m for OCBC (+5% yoy, -2% qoq). Upgrade to OVERWEIGHT. BUY OCBC (Target: S$19.40), followed by DBS (Target: S$42.70).
- Jonathan Koh
Singapore Daily: Thursday, October 17, 2024
KEY HIGHLIGHTS Sector Banking 3Q24 results preview: Healthy growth from wealth management, trading income and strengthening regional currencies. Upgrade to OVERWEIGHT. TRADERS' CORNER DFI Retail Group Holdings (DFI SP): Trading BUY Venture Corp (VMS SP): Trading SELL
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