reports
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Jonathan Koh
- Lester Siew
Singapore Daily: Friday, May 02, 2025
KEY HIGHLIGHTS Sector REITs S-REITs monthly update (Apr 25). Results Digital Core REIT (DCREIT SP/BUY/US$0.50/Target: US$0.90) 1Q25: Tech giants continue to invest in data centres and AI. Far East Hospitality Trust (FEHT SP/BUY/S$0.545/Target: S$0.71) 1Q25: Defensive strength from mid-tier positioning and low leverage. Sheng Siong Group (SSG SP/BUY/S$1.76/Target: S$1.97) 1Q25: Expanding footprint to fuel growth. Update Wilmar International (WIL SP/BUY/S$3.06/Target: S$3.4...
F34 WILMAR INTERNATIONAL LIMITED
N2IU MAPLETREE COMMERCIAL TRUST
AJBU KEPPEL DC REIT
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
Q5T FAR EAST HOSPITALITY TRUST
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
PREIT PARKWAYLIFE REAL ESTATE
MINT MAPLETREE INDUSTRIAL TRUST
SSG SHENG SIONG GROUP LTD
SASSR SASSEUR REAL ESTATE INVESTMENT TRUST
UHU UNITED HAMPSHIRE US REIT
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
OXMU PRIME US REIT
HMN ASCOTT RESIDENCE TRUST
CLCT CAPITALAND CHINA TRUST
KORE KEPPEL PACIFIC OAK US REIT
MXNU ELITE COMMERCIAL REIT MGNT PTE LTD
CLAR CAPITALAND ASCENDAS REIT
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
- Lester Siew
Wilmar International (WIL SP) - Outlook Remains Positive
Wilmar’s management updates are largely in line with our expectations. Sustained sales volume growth, on top of better crush margins yoy are expected to anchor 2025 earnings growth. Upside to CPO and sugar prices may be capped in the near term, although palm processing margins may start to improve on the flipside. That said, its legal matters in Indonesia may take a little more time to be resolved. Maintain BUY on Wilmar with an unchanged target price of S$3.45.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Benyamin Mikael
- Chong Lee Len
- Claire Wang Kelai
- Colin Lee
- Ejann Hiew
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Jonathan Koh
- Kampon Akaravarinchai
- Kenny Yong Hui Lim
- Kong Ho Meng
- Lester Siew
- Shirley Wang Xueyi
- Stella Guo Yuting
- Ziv Ang Sze Champ
Regional Morning Notes - Wednesday, April 30, 2025
GREATER CHINA Results China Construction Bank (939 HK/HOLD/HK$6.79/Target: HK$7.00): 1Q25: Earnings miss due to weaker NIM and fee income; tariff risk is limited. Downgrade to HOLD. China Longyuan Power (916 HK/HOLD/HK$6.10/Target: HK$6.60): 1Q25: In line; cautious outlook amid rising curtailment rates and upcoming policy shift. China Merchants Bank (3968 HK/BUY/HK$44.50/Target: HK$49.00): 1Q25: Earnings down 2.1% yoy on weaker trading gains. Estun Automation (002747 CH/SELL/Rmb19.17/Target: Rmb...
BCP THE BANGCHAK PETROLEUM PCL
FCT FRASERS CENTREPOINT TRUST
BRPT PT BARITO PACIFIC TBK
F34 WILMAR INTERNATIONAL LIMITED
ESSO ESSO (THAILAND)
6WX CHINA LONGYUAN POWER GROUP CORP. LTD. CLASS H
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
601939 CHINA CONSTRUCTION BANK CORPORATION CLASS A
300124 SHENZHEN INOVANCE TECHNOLOGY CO. LTD CLASS A
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
5243 VELESTO ENERGY
M4B CHINA MERCHANTS BANK CO. LTD. CLASS H
333 MIDEA GROUP
2747 ESTUN AUTOMATION
MPM MARCO POLO MARINE LTD
SCGP SCG PACKAGING PCL
- Lester Siew
Wilmar International (WIL SP) - 1Q25: Results In Line; Recovery Seen A...
Wilmar’s 1Q25 results are deemed in line with expectations. Core earnings improved 4% yoy with operating performance largely tracking management’s recent guidance, including recovering profit contributions by its China subsidiary. Management will host its post-1Q25 analyst briefing on 30 April. Maintain BUY on Wilmar with an unchanged target price of S$3.45.
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Jonathan Koh
- Lester Siew
Singapore Daily: Wednesday, April 30, 2025
KEY HIGHLIGHTS Results Wilmar International (WIL SP/BUY/S$3.02/Target: S$3.45) 1Q25: Results meet expectations, with core earnings up 4% yoy on stronger contribution by Food Products and Plantations & Sugar Milling segments. Maintain BUY. Update Frasers Centrepoint Trust (FCT SP/BUY/S$2.26/Target: S$2.73) Heartbeat of the heartland. Marco Polo Marine (MPM SP/BUY/S$0.042/Target:S$0.072) Ushering in a new chapter. TRADERS' CORNER Raffles Medical Group (RFMD SP): Trading BUY ...
Wilmar International Limited: 2 directors
A director at Wilmar International Limited bought 130,000 shares at 3.036SGD and the significance rating of the trade was 57/100. 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 tw...
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Chong Lee Len
- Damon Shen
- Desmond Chong Chee Wai
- Jieqi Liu
- Johnny Yum
- Kampon Akaravarinchai
- Singapore Research Team
- Tanaporn Visaruthaphong
- Wei Xiang Ku
Regional Morning Meeting Notes: Tuesday, April 08, 2025
GREATER CHINA Strategy China And Hong Kong Property & Hong Kong Landlord Tariffs curtail US rate cuts, thereby hindering the recovery of Hong Kong property and tourism; Maintain OVERWEIGHT on China property. INDONESIA Strategy Alpha Picks: Outperform In Mar 25 Remove BBNI, BBRI, ASII, JSMR and KLBF; add BBCA, ICBP, ERAA and BUKA. MALAYSIA Update Pekat Group (PEKAT MK/BUY/RM1.08/Target: RM1.45) Good earnings visibility over 2025...
FR FIRST INDUSTRIAL REALTY TRUST INC.
AES AES CORPORATION
OU8 CENTURION
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
00683 KERRY PROPERTIES LIMITED
00016 SUN HUNG KAI PROPERTIES LIMITED
FCT FRASERS CENTREPOINT TRUST
00823 LINK REAL ESTATE INVESTMENT TRUST
CC3 STARHUB LTD
CPF CHAROEN POKPHAND FOODS PUBLIC CO. LTD.
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
544 CSE GLOBAL LTD.
D05 DBS GROUP HOLDINGS LTD
01109 CHINA RESOURCES LAND LIMITED
C09 CITY DEVELOPMENTS LIMITED
S68 SINGAPORE EXCHANGE LTD.
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
F34 WILMAR INTERNATIONAL LIMITED
BN2 VALUETRONICS HOLDINGS
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
SCNR SUNAC CHINA HOLDINGS LTD.
N2IU MAPLETREE COMMERCIAL TRUST
RLF LONGFOR GROUP HOLDINGS LTD.
AJBU KEPPEL DC REIT
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
GFPT GFPT
00014 HYSAN DEVELOPMENT CO. LTD.
C52 COMFORTDELGRO CORPORATION LIMITED
C6L SINGAPORE AIRLINES LTD.
BBCA PT BANK CENTRAL ASIA TBK
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
PTTEP PTT EXPLORATION & PRODUCTION PLC
Y92 THAI BEVERAGE PUBLIC CO. LTD.
AP4 RIVERSTONE HOLDINGS
BN4 KEPPEL CORPORATION LIMITED
ICBP PT INDOFOOD CBP SUKSES MAKMUR TBK
ERAA ERAJAYA SWASEMBADA
Q5T FAR EAST HOSPITALITY TRUST
MIKA MITRA KELUARGA KARYASEHAT
01997 WHARF REAL ESTATE INVESTMENT CO. LTD.
SE SEA ADS
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
CDREIT CDL HOSPITALITY TRUSTS
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
FHT FRASERS HOSPITALITY TRUST
PMAH PRESS METAL ALUMINIUM HOLDIN
SSG SHENG SIONG GROUP LTD
RFMD RAFFLES MEDICAL GROUP LTD
TXG 10X GENOMICS INC CLASS A
TGIF 1933 INDUSTRIES
RSTON RIVERSTONE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
MPM MARCO POLO MARINE LTD
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
HMN ASCOTT RESIDENCE TRUST
00017 NEW WORLD DEVELOPMENT CO. LTD.
SE US SEA LIMITED
BUKA BUKALAPAK.COM PT TBK
CVL CIVMEC
9CI CAPITALAND INVESTMENT LTD
EXCL XL AXIATA TBK PT
123F 123FAHRSCHULE SE
BCOW 1895 BANCORP OF WISCONSIN INC
CLAR CAPITALAND ASCENDAS REIT
ITC I-TAIL CORPORATION PUBLIC COMPANY LIMITED
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
STM SEATRIUM LTD
EPIC 1CM INC
Z29 029 GROUP SE
BTG BETAGRO PUBLIC COMPANY LIMITED
PEKAT PEKAT GROUP BHD
PAN SP PAN-UNITED CORPORATION (PAN SP)
- Adrian Loh Tzum Yung
- Singapore Research Team
Singapore Market Strategy - Turbulence To Continue – Stay With Domesti...
The selloff driven by the US’ unprecedented and perplexing tariff plans has liberated many investors of profits this year. Given the fluidity of market conditions, we highlight a number of domestic-focused stocks such as CENT, CD, DFI, HLA, PANU, PROP, RFMD, SSG and SIE as well as Singapore-focused REITS such as CDLHT, FEHT, FCT, KREIT, LREIT and PREIT. In addition, the MAS’ equity market review should inject much needed liquidity in 2H25. We lower our STI target to 3,720 (previously 4,115).
AES AES CORPORATION
OU8 CENTURION
FCT FRASERS CENTREPOINT TRUST
CC3 STARHUB LTD
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
544 CSE GLOBAL LTD.
D05 DBS GROUP HOLDINGS LTD
C09 CITY DEVELOPMENTS LIMITED
S68 SINGAPORE EXCHANGE LTD.
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
F34 WILMAR INTERNATIONAL LIMITED
BN2 VALUETRONICS HOLDINGS
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
N2IU MAPLETREE COMMERCIAL TRUST
AJBU KEPPEL DC REIT
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
C52 COMFORTDELGRO CORPORATION LIMITED
C6L SINGAPORE AIRLINES LTD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
Y92 THAI BEVERAGE PUBLIC CO. LTD.
AP4 RIVERSTONE HOLDINGS
BN4 KEPPEL CORPORATION LIMITED
Q5T FAR EAST HOSPITALITY TRUST
SE SEA ADS
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
CDREIT CDL HOSPITALITY TRUSTS
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
FHT FRASERS HOSPITALITY TRUST
SSG SHENG SIONG GROUP LTD
RFMD RAFFLES MEDICAL GROUP LTD
TXG 10X GENOMICS INC CLASS A
TGIF 1933 INDUSTRIES
RSTON RIVERSTONE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
MPM MARCO POLO MARINE LTD
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
HMN ASCOTT RESIDENCE TRUST
SE US SEA LIMITED
CVL CIVMEC
9CI CAPITALAND INVESTMENT LTD
123F 123FAHRSCHULE SE
BCOW 1895 BANCORP OF WISCONSIN INC
CLAR CAPITALAND ASCENDAS REIT
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
STM SEATRIUM LTD
EPIC 1CM INC
Z29 029 GROUP SE
PAN SP PAN-UNITED CORPORATION (PAN SP)
- Anas Fitri Bin Ahmad
- Lester Siew
Regional Plantation – Key Takeaways From UOB Kay Hian Palm Oil Seminar...
During the UOB Kay Hian Palm Oil Seminar 2025 held yesterday, our speakers forecast palm oil production in Malaysia to remain stagnant in 2025 but expect Indonesia’s output to rise. Our speakers also flagged falling palm oil exports demand amid widened price premiums vs rival vegoils, and foresee inventories building up followed by price corrections later this year. Maintain OVERWEIGHT on Indonesia and Singapore planters, and MARKET WEIGHT on Malaysian planters. Top picks: Hap Seng Plantations a...
AALI ASTRA AGRO LESTARI
F34 WILMAR INTERNATIONAL LIMITED
SOP SARAWAK OIL PALMS BERHAD
LSIP PP LONDON SUMATRA INDONES PT
BAL BUMITAMA AGRI LTD
KIML KIM LOONG RESOURCES BHD
IOI IOI CORP BHD
KLK KUALA LUMPUR KEPONG BHD
SDPL SIME DARBY PLANTATION BHD
GENP GENTING PLANTATIONS BHD
HAPL HAP SENG PLANTATIONS HOLDINGS BHD
TAPG TRIPUTRA AGRO PERSADA PT
- Adrian Loh Tzum Yung
- Anas Fitri Bin Ahmad
- Benjaphol Suthwanish
- Benyamin Mikael
- Chong Lee Len
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Kong Ho Meng
- Lester Siew
- Ming San Soong
- Philip Wong
- Tanaporn Visaruthaphong
- Wei Xiang Ku
Regional Morning Meeting Notes: Wednesday, February 26, 2025
REGIONAL Sector Plantation Guest speakers at our Palm Oil Seminar 2025 flag diverging palm production prospects between Malaysia and Indonesia, alongside downside risks to CPO prices. GREATER CHINA Results Trip.com (9961 HK/BUY/HK$462.00/Target: HK$630.00) 4Q24: Earnings beat; continuous efforts in international expansion. INDONESIA Small/Mid Cap Highlights Bumi Resources Minerals (BRMS IJ...
AALI ASTRA AGRO LESTARI
5681 PETRONAS DAGANGAN BHD.
ERW ERAWAN GROUP
F34 WILMAR INTERNATIONAL LIMITED
5218 SAPURA ENERGY BHD
SPALI SUPALAI PCL
3816 MISC BHD
5243 VELESTO ENERGY
UZMA UZMA BHD
YNS YINSON HOLDINGS BHD
SOP SARAWAK OIL PALMS BERHAD
T TELEKOM MALAYSIA BHD
BAB BUMI ARMADA BERHAD
LSIP PP LONDON SUMATRA INDONES PT
BAL BUMITAMA AGRI LTD
KIML KIM LOONG RESOURCES BHD
DLG DIALOG GROUP BHD
KLK KUALA LUMPUR KEPONG BHD
CPALL TB CP ALL
DLUM DELEUM BERHAD
GENP GENTING PLANTATIONS BHD
TXG 10X GENOMICS INC CLASS A
NESZ NESTLE (MALAYSIA) BERHAD
PROP PROPNEX LTD
HAPL HAP SENG PLANTATIONS HOLDINGS BHD
WHA TB WHA CORP PCL
TAPG TRIPUTRA AGRO PERSADA PT
8AZ AZTECH GLOBAL LTD
Z29 029 GROUP SE
09961 CTRIP.COM INTERNATIONAL
ITMAX ITMAX SYSTEMS BHD
SDG SD GUTHRIE BHD
BRMS IJ BUMI RESOURCES MINERALS
IOICORP Â IOI CORP BHD
- Adrian Loh Tzum Yung
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Jonathan Koh
- Llelleythan Tan Tan
- Roy Chen Chengzhi
Singapore Daily - Monday, February 24, 2025
KEY HIGHLIGHTS Strategy Small Mid Cap: Identifying stocks that could benefit from MAS’ S$5b liquidity boost. Results Seatrium (STM SP/BUY/S$2.38/Target: S$2.96): 2024: After seven long years, STM is back in the black. Maintain BUY with a slightly higher target price of S$2.96. SATS (SATS SP/BUY/S$3.30/Target: S$3.86): 3QFY25: A slight miss; expect some uncertainties for cargo in FY26. Singapore Airlines (SIA SP/HOLD/S$6.55/Target: S$6.09): 3QFY25: Results in line; pax yield moderation to conti...
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Chong Lee Len
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- John Cheong Ming Chern
- Kampon Akaravarinchai
- Kong Ho Meng
- Llelleythan Tan Tan
- Paula Ruth
- Philip Wong
- Roy Chen Chengzhi
- Sunny Chen
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Monday, February 24, 2025
GREATER CHINA Update Shenzhen Mindray Bio-Medical Electronics (300760 CH/BUY/Rmb257.82/Target: Rmb330.00) Embraces business opportunities provided by digital and intelligent solutions. INDONESIA Update Dayamitra Telekomunikasi (MTEL IJ/BUY/Rp640/Target: Rp820) Expanding fibre optic network length by 20% following the acquisition. Maintain BUY. MALAYSIA Results MISC (MISC MK/BUY/RM7.15/Target: RM8.60) 2024: Results outperform, but marke...
OU8 CENTURION
PTT PTT PUBLIC COMPANY LIMITED
544 CSE GLOBAL LTD.
F34 WILMAR INTERNATIONAL LIMITED
BN2 VALUETRONICS HOLDINGS
3816 MISC BHD
C52 COMFORTDELGRO CORPORATION LIMITED
SATS SP SATS LTD.
MLK MALAKOFF CORP BHD
BST BERJAYA SPORTS TOTO BHD
SPOST SINGAPORE POST LTD
TXG 10X GENOMICS INC CLASS A
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
PROP PROPNEX LTD
RSTON RIVERSTONE HOLDINGS LTD
WHA TB WHA CORP PCL
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
RRRP3 3R PETROLEUM OLEO E GAS
ONEE THE ONE ENTERPRISE PCL
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
STM SEATRIUM LTD
MTEL IJ PT DAYAMITRA TELEKOMUNIKASI
Z29 029 GROUP SE
KOPI MK ORIENTAL KOPI HOLDINGS BHD
- Heidi Mo Jinghui
- Llelleythan Tan Tan
Wilmar International (WIL SP) - Anticipating A Better Year From China;...
The key trends discussed in the briefing generally align with our expectations. We anticipate Wilmar’s core net profit improving in 2025, driven by sales volume growth from increased market share and better soybean crush margins. The surprise is that contributions from China may be higher due to better-than-expected volume growth. We believe the market has already priced in weakness from 2024. Upgrade to BUY with a higher target price of S$3.45.
- Arsit Pamaranont
- Bella Lu Yifei
- Benjaphol Suthwanish
- Claire Wang Kelai
- Colin Lee
- Desmond Chong Chee Wai
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Johnny Yum Chung Man
- Jonathan Koh
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Keith Wee Teck Keong
- Ken Lee
- Kitpon Praipaisarnkit
- Llelleythan Tan Tan
- Ming San Soong
- Stevanus Juanda
- Ziv Ang Sze Champ
Regional Morning Notes - Friday, February 21, 2025
GREATER CHINA Sector Automobile: Weekly: PV sales rebound wow but remain low due to wait-and-see sentiment. Maintain MARKET WEIGHT on the sector. Top BUYs: Geely, CATL, Fuyao and Desay. Renewable Energy: Solar energy equipment: Policy-driven installation rush to support prices; milder module shipment growth in 2025. Results Alibaba Group (9988 HK/BUY/HK$120.90/Target: HK$150.00): 3QFY25: CMR beat; all-in AI; capex in next three years to exceed that of the past decade. Lenovo Group (992 HK/BUY/HK...
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
00992 LENOVO GROUP LIMITED
F34 WILMAR INTERNATIONAL LIMITED
GFPT GFPT
7153 KOSSAN RUBBER INDUSTRIES BHD.
00700 TENCENT HOLDINGS LTD.
TRUE TRUE CORP. PUBLIC CO. LTD.
G13 GENTING SINGAPORE LIMITED
INRI INARI AMERTRON BHD
SCGB SUNWAY CONSTRUCTION GROUP BH
AMM AMMB HOLDINGS BHD
09999 NETEASE INC
OXMU PRIME US REIT
OR PTT OIL AND RETAIL BUSINESS PUBLIC CO LIMITED
BUKA BUKALAPAK.COM PT TBK
01024 KUAISHOU TECHNOLOGY CLASS B
- Heidi Mo Jinghui
- Llelleythan Tan Tan
Wilmar International (WIL SP) - 2024: Results In Line With Expectation
Wilmar’s 2H24 results are in line with our but below consensus expectations. Sales volume growth was seen across all divisions with the exception of sugar milling, while there was also lower sugar merchandising activities. While we expect earnings improvement for 2025 on better refining margins, share price may be subdued due to the ongoing case involving the 2021-22 palm oil fraud allegations in Indonesia. Total DPS declared was 6% lower at S$0.16. Maintain HOLD with a target price of S$3.18.
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Jonathan Koh
Singapore Daily: Friday, February 21, 2025
KEY HIGHLIGHTS Results Prime US REIT (PRIME SP/BUY/US$0.159/Target: US$0.29) 2H24: Higher portfolio valuation and recapitalisation lead to lower gearing. Genting Singapore (GENS SP/BUY/S$0.775/Target: S$1.12) 4Q24: Strong set of results within our expectations. 2025 outlook highly attractive with lush dividend yield of 5%. Maintain BUY and target price of S$1.12. Wilmar International (WIL SP/HOLD/S$3.21/Target: S$3.18) 2024: Results within expectations. Sales volum...
- Heidi Mo Jinghui
- Jonathan Koh
- Llelleythan Tan Tan
Singapore Daily - Friday, February 07, 2025
KEY HIGHLIGHTS Results Lendlease Global Commercial REIT (LREIT SP/BUY/S$0.53/Target: S$0.72) 1HFY25: Resilient contributions from Singapore; upside from office block at Jem. Singapore Exchange (SGX SP/HOLD/S$12.71/Target: S$12.58) 1HFY25: Record-high earnings driven by all business segments. Update Wilmar International (WIL SP/HOLD/S$3.26/Target: S$3.18) 4Q24 results preview: Better performance qoq, but lower yoy on lacklustre China operations and delayed sugar harvest. TRADERS' CORNER Seatr...
- Arsit Pamaranont
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Gigi Cheuk
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Jonathan Koh
- Kate Luang
- Ken Lee
- Lester Siew
- Llelleythan Tan Tan
- Paula Ruth
- Sunny Chen
Regional Morning Notes - Friday, February 07, 2025
GREATER CHINA Strategy Small-Mid Cap Monthly: Countdown to Plover Bay’s 2024 results: Eyeing final dividend and 2025 outlook. Sector Automobile: Weekly: OEMs post upbeat January sales. Maintain MARKET WEIGHT. Top BUYs: Geely, CATL, Fuyao and Desay. Update Aier Eye Hospital Group (300015 CH/HOLD/Rmb12.71/Target: Rmb13.80): Expecting slower growth amid weaker demand, yet outperforming peers. Downgrade to HOLD. INDONESIA Results XL Axiata (EXCL IJ/BUY/Rp2,290/Target: Rp3,300): 4Q24: NPAT jumps 93%...
S68 SINGAPORE EXCHANGE LTD.
F34 WILMAR INTERNATIONAL LIMITED
ESSO ESSO (THAILAND)
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
7113 TOP GLOVE CORPORATION BHD.
ROTH BRITISH AMERICAN TOBACCO BHD
IOI IOI CORP BHD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
EXCL XL AXIATA TBK PT
- Heidi Mo Jinghui
- Llelleythan Tan Tan
Wilmar International (WIL SP) - 4Q24 Results Preview: Set To Recover q...
Wilmar will be releasing its 2H24 results on 20 Feb 25 after trading hours. We estimate 4Q24 core net profit at US$330m-340m and full-year core net profit at US$1.14b-1.15b, which is 3-4% lower than our forecast and 9-10% lower than consensus expectation. We expect AWL to become a subsidiary from FY26, as the agreement condition has been fulfilled. Maintain HOLD with a higher target price of S$3.18 (previously S$3.00) on a modest consumer sentiment outlook in China.
- MarketLine Department
Davos Life Science Pte Ltd - Company Profile and SWOT Analysis
Summary Davos Life Science Pte 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 Davos Life Science Pte Ltd (Davos Life Science), a subsidiary of KLK OLEO, is a producer of natural botanical ingredients. The company produces palm based Tocotrienol in various consistencies...
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