reports
- Adrian Loh Tzum Yung
- Singapore Research Team
Equity Strategy: Singapore Stock Picks In A Turbulent Market
With war clouds, an oil shock, and market volatility, we focus on Singapore’s defensive sectors and quality blue-chip names. Deployment of funds from MAS’ Equity Market Development Programme could provide some respite in March and April. Key stock picks are CLAR, CLI, CIT, DBS, DFI, KEP, SE, ST, YZJSGD, ASL, CAREIT, CSE, DELFI, FEH, IFAST, UGAI and VALUE.
D05 DBS GROUP HOLDINGS LTD
C09 CITY DEVELOPMENTS LIMITED
P34 DELFI
BN2 VALUETRONICS HOLDINGS
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
AIY IFAST
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
BN4 KEPPEL CORPORATION LIMITED
SE SEA ADS
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
FEH FOOD EMPIRE HOLDINGS LTD
9CI CAPITALAND INVESTMENT LTD
CLAR CAPITALAND ASCENDAS REIT
ASL SP ASL MARINE (ASL SP)
UGAI ULTRAGREEN.AI LIMITED
CAREIT CENTURION ACCOMMODATION REIT (CAREIT SP)
- Adrian Loh Tzum Yung
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Jonathan Koh
- Kai Jie Tang
- Roy Chen Chengzhi
Singapore Daily: Thursday, February 26, 2026
Top Stories Company Results | Delfi (DELFI SP/BUY/S$0.945/Target: S$1.12) Delfi’s 2025 revenue of US$500m (-0.5% yoy) missed expectations, while core profit fell 20% yoy, despite beating our forecast on lower selling costs. A softer 4Q25 reflects Indonesia sales weakness (-12% yoy), although own brands’ remained resilient (+5% yoy). Gross margin compressed to 26.5% but easing cocoa prices support recovery. Upgrade to BUY with a raised target price of S$1.12. Company Results | Food Empire H...
- Benjaphol Suthwanish
- Benyamin Mikael
- Chong Lee Len
- Claire Wang Kelai
- Damon Shen
- Greater China Research Team
- Heidi Mo Jinghui
- Jieqi Liu
- Jo Yee Ng
- John Cheong Ming Chern
- Jonathan Koh
- Kai Jie Tang
- Keith Wee Teck Keong
- Lester Siew
- Roy Chen Chengzhi
- Tanapon Cholkadidamrongkul
- Tham Mun Hon
Regional Morning Meeting Notes: Thursday, February 26, 2026
Greater China Strategy | Hong Kong Budget 2026-27 The 2026-27 Budget marks a shift from deficit spending to structural consolidation, projecting a HK$22.1b surplus (0.6% of GDP) from last year’s HK$67.0b deficit (2% of GDP), which will lift fiscal reserves from 8 months to 10 months of government expenditure. Real GDP growth is projected at 2.5-3.5% yoy, with CPI at 1.7% yoy. Policy prioritises Northern Metropolis and AI investment, while property measures have turned more prudent, raising luxur...
P34 DELFI
C6L SINGAPORE AIRLINES LTD.
BH BUMRUNGRAD HOSPITAL PUBLIC CO. LTD.
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
CENTEL CENTRAL PLAZA HOTEL
T TELEKOM MALAYSIA BHD
KLK KUALA LUMPUR KEPONG BHD
CPALL TB CP ALL
FUTU FUTU HOLDINGS ADS
SWB SUNWAY BHD
FEH FOOD EMPIRE HOLDINGS LTD
BTG BETAGRO PUBLIC COMPANY LIMITED
GIAA GARUDA INDONESIA PERSERO TBK
- Heidi Mo Jinghui
- John Cheong Ming Chern
Delfi (DELFI SP) - 2025: The Worst Is Likely Over; Gradual Recovery Ah...
Delfi’s 2025 revenue of US$500m (-0.5% yoy) missed expectations, while core profit fell 20% yoy, despite beating our forecast on lower selling costs. A softer 4Q25 reflects Indonesia sales weakness (-12% yoy), although own brands’ remained resilient (+5% yoy). Gross margin compressed to 26.5% but easing cocoa prices support recovery. Upgrade to BUY with a raised target price of S$1.12.
- Adrian Loh Tzum Yung
- Heidi Mo Jinghui
- Roy Chen Chengzhi
Singapore Daily: Friday, February 6, 2026
Top Stories Company Results | Keppel (KEP SP/BUY/S$11.62/Target: S$13.23) The 2025 results were strong with higher recurring income lifting net profit from continuing operations and ROE, alongside a sharply higher dividend including KREIT units. Infrastructure remained the main earnings pillar, while real estate rebounded through capital recycling. Maintain BUY with an upgraded target price of S$13.23. Company Results | Singapore Exchange (SGX SP/HOLD/S$17.64/Target: S$19.16) SGX’s 1HFY26 core ...
- Heidi Mo Jinghui
- John Cheong Ming Chern
Singapore Daily: Thursday, December 11, 2025
Top Stories Company Update | Valuetronics (VALUE SP/BUY/S$0.865/Target: S$1.03) Easing trade war tensions and new customer orders should increase demand. VALUE’s valuation is highly attractive at 12x FY27F PE, a 30% discount vs Singapore peers’ at 16x. Its dividend yield of about 6% is over 100% higher than peers’ average of 1.4%. Net cash position of HK$1.1b is likely to further enhance shareholders’ return. Maintain BUY and target price of S$1.03. Market Spotlight • US stocks were higher on W...
- Ejann Hiew
- Heidi Mo Jinghui
- Kai Jie Tang
- Lester Siew
- Malaysia Research Team
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Suryaputra Wijaksana
Regional Morning Meeting Notes: Wednesday, December 10, 2025
Greater China Company Update | Mao Geping Cosmetics (1318 HK/NOT RATED/HK$83.95) We hosted an NDR group call with Mao Geping. During the 11.11 campaign, the company achieved 32% revenue growth, despite last year’s high base, in line with its internal targets. The company targets a net addition of 30 counters annually, and focuses on just around 50 SKUs with proven market feedback in online channels. In Oct 25, it opened its first self-operated counter in Hong Kong SAR. Looking ahead, it plans...
- Heidi Mo Jinghui
- Kai Jie Tang
Singapore Daily: Wednesday, December 10, 2025
Top Stories Company Update | Delfi (DELFI SP/HOLD/S$0.815/Target: S$0.82) Cocoa prices have eased sharply but remain elevated, keeping cost pressures high for Delfi. While 3Q25 drove an improvement in 9M25 top-line (+2% yoy), margins stayed soft due to higher promotional spending, forex weakness and high cocoa costs. EBITDA reached only 60% of our forecast, leading to a 20% earnings cut across 2025-27. Maintain HOLD with an unchanged target price of S$0.82. Market Spotlight • US stocks were mix...
- Heidi Mo Jinghui
- Kai Jie Tang
Delfi (DELFI SP) - Cocoa Prices Dip, But Still No Sweet Relief
Cocoa prices have eased sharply but remain elevated, keeping cost pressures high for Delfi. While 3Q25 drove an improvement in 9M25 top-line (+2% yoy), margins stayed soft due to higher promotional spending, forex weakness and high cocoa costs. EBITDA reached only 60% of our forecast, leading to a 20% earnings cut across 2025-27. Maintain HOLD with an unchanged target price of S$0.82.
- Heidi Mo Jinghui
- John Cheong Ming Chern
Singapore Daily - Thursday, May 22, 2025
KEY HIGHLIGHTS Results Delfi (DELFI SP/HOLD/S$0.715/Target: S$0.82): 1Q25: In line; promotions and cocoa prices weigh on profitability. Frencken Group (FRKN SP/BUY/S$1.13/Target: S$1.40): 1Q25: Results in line; moderate revenue growth outshines peers. TRADERS’ CORNER City Developments (CIT SP): Trading BUY Keppel DC REIT (KDCREIT SP): Trading BUY
- Bella Lu Yifei
- Benjaphol Suthwanish
- Heidi Mo Jinghui
- Jo Yee Ng
- John Cheong Ming Chern
- Julia Pan Mengyao
- Kasemsun Koonnara
- Keith Wee Teck Keong
- Ken Lee
- Ming San Soong
- Philip Wong
- Posmarito Pakpahan
- Tanaporn Visaruthaphong
- Willinoy Sitorus
Regional Morning Meeting Notes: Thursday, May 22, 2025
GREATER CHINA Results Baidu Inc (9888 HK/HOLD/HK$86.10/Target: HK$91.00) 1Q25: Solid earnings beat, fuelled by AI cloud growth and monetisation visibility. XPeng Inc (9868 HK/BUY/HK$77.55/Target: HK$150.00) 1Q25: Results beat expectations. Maintain BUY with a target price of HK$150.00. INDONESIA Strategy Indonesia’s State Budget Position As Of Apr 25 Surplus returns, mom improvement in revenue collections, spen...
PTT PTT PUBLIC COMPANY LIMITED
ANTM PT ANEKA TAMBANG TBK
QH QUALITY HOUSES
1295 PUBLIC BANK BHD
P34 DELFI
BMRI PT BANK MANDIRI (PERSERO) TBK
BBCA PT BANK CENTRAL ASIA TBK
ACES PT ACE HARDWARE INDONESIA TBK
ICBP INDOFOOD CBP SUKSES MAKMUR T
SPSB SP SETIA BHD
FRKN FRENCKEN GROUP LTD
09888 BAIDU INC
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BRIS BANK BRISYARIAH TBK
CMRY PT CISARUA MOUNTAIN DAIRY TBK
MDKA MERDEKA COPPER GOLD TBK PT
09868 XPENG INC
ECOSHOP MK ECO-SHOP MARKETING BHD
- Heidi Mo Jinghui
- John Cheong Ming Chern
Delfi (DELFI SP) - 1Q25: In Line; Promotions And Cocoa Prices Weigh On...
Delfi’s 1Q25 revenue of US$150m (-0.5% yoy) and EBITDA of US$17m (-27% yoy) were in line with expectations, both forming 29% of our full-year forecasts amid festive demand. Revenue dipped on currency depreciation, while margins narrowed on lower operating leverage and higher promotions. Despite high cocoa prices, management remains confident in navigating near-term pressures, backed by a healthy net cash position of US$52m and strong cash flow. Maintain HOLD with a target price of S$0.82.
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Anas Fitri Bin Ahmad
- Benyamin Mikael
- Chong Lee Len
- Damon Shen
- Ejann Hiew
- Gigi Cheuk
- Heidi Mo Jinghui
- Jieqi Liu
- John Cheong Ming Chern
- Kasemsun Koonnara
- Kate Luang
- Lester Siew
- Shirley Wang Xueyi
- Stella Guo Yuting
Regional Morning Meeting Notes: Tuesday, March 11, 2025
GREATER CHINA Initiate Coverage JBM Healthcare (2161 HK/BUY/HK$1.82/Target: HK$2.42) Revitalising iconic pharma heritage brands. Results Wharf Real Estate Investment Co (1997 HK/BUY/HK$20.55/Target: HK$23.10) 2024: Underlying net profit met expectation; lower finance costs being key driver of profits amid top-line uncertainties. Update Jiumaojiu International Holdings (9922 HK/HOLD/HK$3.08/Target: HK$3.00) ...
ORI ORIGIN PROPERTY
QH QUALITY HOUSES
P34 DELFI
SPALI SUPALAI PCL
AP AP THAILAND
01997 WHARF REAL ESTATE INVESTMENT CO. LTD.
SOP SARAWAK OIL PALMS BERHAD
KIML KIM LOONG RESOURCES BHD
LPN LPN DEVELOPMENT PCL
IOI IOI CORP BHD
KLK KUALA LUMPUR KEPONG BHD
GENP GENTING PLANTATIONS BHD
PSH PRUKSA HOLDING PCL
HAPL HAP SENG PLANTATIONS HOLDINGS BHD
09922 JIUMAOJIU INTERNATIONAL HOLDINGS LTD.
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
02161 JBM (HEALTHCARE) LTD
Z29 029 GROUP SE
PEKAT PEKAT GROUP BHD
SDG SD GUTHRIE BHD
HRUM HARUM ENERGY TBK PT
APEO ABRDN PRIVATE EQUITY OPPORTUNITIES
- Heidi Mo Jinghui
- John Cheong Ming Chern
Delfi (DELFI SP) - 2024: Earnings Miss; Elevated Cocoa Prices Expected...
Delfi’s 2024 earnings of US$34m (-27% yoy) missed our expectations, forming 91% of our full-year forecast. This was due to higher-than-expected promotion spending aimed at increasing market share in the competitive environment. A final dividend of 1.18 US cents/share was declared, bringing total 2024 dividend to 3.25 US cents/share (or a decent 6% yield). High cocoa prices continue to pressure profitability. Maintain HOLD with a lower target price of S$0.82 (S$0.86 previously).
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Benjaphol Suthwanish
- Benyamin Mikael
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Kasemsun Koonnara
- Kong Ho Meng
- Shirley Wang Xueyi
- Stella Guo Yuting
Regional Morning Notes - Monday, November 25, 2024
GREATER CHINA Sector Sportswear: Diverging consumption trends; uncertainties remain for full-year retail sales. INDONESIA Results Trimegah Bangun Persada (NCKL IJ/BUY/Rp835/Target: Rp1,480): 3Q24: Strongest quarterly earnings after IPO; above expectations. MALAYSIA Results Bumi Armada (BAB MK/BUY/RM0.55/Target: RM0.65): 3Q24: Profit surprised on the upside again. We opine that markets will look beyond legacy impairments, as sentiment will be buoyed by merger rumours and possible non-FPSO contr...
- Heidi Mo Jinghui
- John Cheong Ming Chern
Delfi (DELFI SP) - 3Q24: Revenue In Line; Margin Pressures Continue
Delfi’s 3Q24 revenue and EBITDA declined to US$118m (-6% yoy) and US$9m (-32% yoy) respectively, with 9M24 revenue and EBITDA forming 77%/61% of our full-year estimates. Excluding forex impact, Indonesia’s sales fell yoy due to lower demand and a 3Q23 agency brand termination. The outlook remains challenging with high cocoa prices and Indonesia’s shrinking middle class. Maintain HOLD with a lifted target price of S$0.86 (S$0.83 previously) as we roll over our valuation base year.
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Anas Fitri Bin Ahmad
- Damon Shen
- Heidi Mo Jinghui
- Jieqi Liu
- John Cheong Ming Chern
- Kong Ho Meng
- Paula Ruth
- Tanaporn Visaruthaphong
Regional Morning Notes - Friday, September 06, 2024
GREATER CHINA Sector Property Management: 1H24 results wrap-up: Moderate growth in 1H24; facing expansion pressure. INDONESIA Update Champ Resto Indonesia (ENAK IJ/BUY/Rp1,065/Target: Rp1,300): 2025 NPAT to grow 38% yoy; to expand three existing brands; maintain BUY. MALAYSIA Sector Oil & Gas: Petronas 1H24: Despite capex catch-up, volume growth is still slowing qoq. We fear more speed bumps ahead (MLNG outage will not look good for Petronas) while negotiating terms with Petros. Update IOI Cor...
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