reports
- 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...
- MarketLine Department
Oversea-Chinese Banking Corporation Limited - Mergers & Acquisitions (...
Summary Marketline's Oversea-Chinese Banking Corporation Limited Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Oversea-Chinese Banking Corporation Limited - Mergers & Acquisitions (M&A), Partnerships & Alliances since January2007. Marketline's Company Mergers & Acquisit...
- 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
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Chong Lee Len
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Jonathan Koh
- Ken Lee
- Kenny Yong Hui Lim
- Kong Ho Meng
- Shirley Wang Xueyi
- Stella Guo Yuting
- Stevanus Juanda
- Sunny Chen
- Tham Mun Hon
Regional Morning Notes - Monday, October 14, 2024
GREATER CHINA Economics Inflation: Deflationary pressure persists. Strategy Providing greater countercyclical support. Sector Automobile: Weekly: PV sales dipped due to National Holiday; in line. Maintain MARKET WEIGHT. Top BUYs: Geely, CATL, Minth, Tuopu and Desay SV. Update Anta Sports (2020 HK/BUY/HK$100.10/Target: HK$132.30): 3Q24 sales missed expectations but Golden Week sales outperformed; confidence in profit level despite challenging full-year sales targets. Asian Gems Corporate Highligh...
- Jonathan Koh
United Overseas Bank (UOB SP) - Building The Future Of ASEAN
UOB aims to achieve ROE of 14% by 2026 through: a) increased contribution from ASEAN 4 countries (namely Malaysia, Thailand, Vietnam and Indonesia) to 30% of total income, b) increased contribution from non-interest income to 37% of total income, driven by wealth management, trade and customer flow for treasury products, and c) improved CIR to 40%. UOB will benefit from growth within ASEAN from relocation of supply chains and strengthening of regional currencies.
- Jonathan Koh
- Jonathan Koh
- Carol Dou Xiao Qin
- Chong Lee Len
- Jo Yee Ng
- Johnny Yum Chung Man
- Jonathan Koh
- Julia Pan Mengyao
- Kate Luang
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Ming San Soong
- Ringo Tang Chi Yu
- Shirley Wang Xueyi
- Stella Guo Yuting
- Stevanus Juanda
- Sunny Chen
- Tham Mun Hon
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Tuesday, August 27, 2024
GREATER CHINA Strategy Cross Currents We expect the MSCI China index to range trade for the rest of 2024; we prefer TMT, tech hardware and defensives like banks, communication services and utilities. Results Goldwind Science & Technology (2208 HK/BUY/HK$4.46/Target: HK$5.30) 1H24: In line; shifting focus to offshore WTG and overseas markets. Jiumaojiu International Holdings (9922 HK/BUY/HK$2.49/Target: HK$3.50) 1H24: Result...
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
MYOR MAYORA INDAH
LPPF PT MATAHARI DEPARTMENT STORE TBK CLASS A
UNVR PT UNILEVER INDONESIA TBK
MAPI MITRA ADIPERKASA
X2S SINOPHARM GROUP CO. LTD. CLASS H
ROTI NIPPON INDOSARI CORPINDO
2899 ZIJIN MINING GROUP CO. LTD. CLASS H
PDD PINDUODUO INC. SPONSORED ADR CLASS A
T TELEKOM MALAYSIA BHD
ICBP INDOFOOD CBP SUKSES MAKMUR T
CPALL TB CP ALL
TXG 10X GENOMICS INC CLASS A
TDC TIME DOTCOM BHD
02208 XINJIANG GOLDWIND SCIENCE & TECHNOLOGY CO. LTD. CLASS H
1888 KINGBOARD LAMINATES HOLDINGS LTD
09922 JIUMAOJIU INTERNATIONAL HOLDINGS LTD.
CMRY PT CISARUA MOUNTAIN DAIRY TBK
TIMECOM 029 GROUP SE
Z29 ACE HARDWARE INDONESIA
- Jonathan Koh
United Overseas Bank (UOB SP) - Corporate Day 2024: Building The Futur...
UOB aims to achieve ROE of 14% by 2026 through: a) increased contribution from ASEAN 4 countries, namely Malaysia, Thailand, Vietnam and Indonesia, to 30%; b) increased contribution from non-interest income to 37%, driven by wealth management, trade and customer flow for treasury products; and c) improved CIR to 40%. Wholesale banking is able to capture connectivity flows through enhanced product platforms. Retail banking aims to increase CASA ratio to 55%.
- Adrian Loh Tzum Yung
- Jonathan Koh
- Singapore Research Team
Singapore Daily - Monday, August 26, 2024
KEY HIGHLIGHTS Strategy Market Strategy: Outlining the potential impact of US Fed chairman Jerome Powell’s Jackson Hole speech on Singapore stocks. Sector Banking: Jackson Hole Symposium: The time is now. TRADERS’ CORNER Jiutian Chemical Group (JIUC SP): Trading BUY Seatrium (STM SP): Trading BUY
- Jonathan Koh
Singapore Banking : Jackson Hole Symposium: The Time Is Now
The Fed has switched emphasis to supporting the labour market as “confidence has grown that inflation is on a sustainable path back to 2%”. The new chapter on rate cuts has commenced. We expect two rate cuts of 25bp in 2H24 and four rate cuts of 25bp in 2025 (one rate cut of 25bp every alternate FOMC meeting). We reduce DBS’ and OCBC’s 2025 earnings by 1.6% and 1.1% respectively. Maintain MARKET WEIGHT. BUY OCBC (Target: S$18.50), followed by DBS (Target: S$40.75).
- MarketLine Department
Oversea-Chinese Banking Corp Ltd - Company Profile and SWOT Analysis
Summary Oversea-Chinese Banking Corp Ltd - Company Profile and SWOT Analysis, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Oversea-Chinese Banking Corp Ltd (OCBC), is a financial services group that offers a wide range of banking services. The bank's main activities include banking, wealth management, insur...
- Jonathan Koh
Singapore Banking : 2Q24 Round-up: Strong Results Demonstrate Resilien...
Banks delivered strong earnings in 2Q24 (DBS: +6% yoy, OCBC: +14% yoy) with single-digit growth in net interest income, continued recovery in fees and benign provisions. DBS and OCBC provide attractive 2025 dividend yields of 6.3% and 7.1% respectively. Our top pick is OCBC (Target: S$18.70) due to organic growth from ASEAN countries and the potential to deploy surplus capital to generate inorganic growth. BUY DBS (Target: S$41.50). Maintain MARKET WEIGHT.
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