reports
- 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.
- Jonathan Koh
Singapore Banking - Headwinds From Singapore Being A Safe Haven
• The influx of safe haven liquidity could be structural and persistent, thus continuing to exert downward pressure on banks’ NIM. • We expect the Fed to cut the Fed Funds Rate four times totalling 100bp, bringing it to 3.25%. • Downgrade to MARKET WEIGHT. BUY OCBC (Target: S$20.40). HOLD DBS (Target: S$54.40).
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Benyamin Mikael
- Colin Lee
- Johnny Yum Chung Man
- Kenny Yong Hui Lim
- Kong Ho Meng
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Monday, September 08, 2025
Greater China Initiation Coverage | Metasurface Technologies Holdings (8637 HK/BUY/HK1.48/Target: HK2.90) Metasurface is set to benefit from robust investment in the semi supply chain. As chip fabrication grows in complexity, more time is required to fabricate wafers and more wafer fabrication equipment is needed. Aerospace engineering is set to drive long-term growth as airline capacity continues to face shortages, forcing airlines to rely on their existing fleets and bo...
FCT FRASERS CENTREPOINT TRUST
CC3 STARHUB LTD
PTT PTT PUBLIC COMPANY LIMITED
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
D05 DBS GROUP HOLDINGS LTD
C09 CITY DEVELOPMENTS LIMITED
S68 SINGAPORE EXCHANGE LTD.
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
F34 WILMAR INTERNATIONAL LIMITED
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
N2IU MAPLETREE COMMERCIAL TRUST
AJBU KEPPEL DC REIT
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
3816 MISC BHD
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
Q5T FAR EAST HOSPITALITY TRUST
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
CDREIT CDL HOSPITALITY TRUSTS
YNS YINSON HOLDINGS BHD
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS 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
DLG DIALOG GROUP BHD
RFMD RAFFLES MEDICAL GROUP LTD
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
HMN ASCOTT RESIDENCE TRUST
WDH WATERDROP INC
SE US SEA LIMITED
9CI CAPITALAND INVESTMENT LTD
CLAR CAPITALAND ASCENDAS REIT
STM SEATRIUM LTD
ARCI IJ ARCHI INDONESIA (ARCI IJ)
8637 HK METASURFACE TECHNOLOGIES HOLDINGS LTD (8637 HK)
- 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.
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