reports
- Adrian Loh Tzum Yung
- Heidi Mo Jinghui
- Llelleythan Tan Tan
- Singapore Research Team
Singapore Daily: Monday, April 15, 2024
KEY HIGHLIGHTS Strategy The Impact Of Escalating Middle East Tensions A fluid situation with oil prices the key worry. Small/Mid Cap Highlights BRC Asia (BRC SP/BUY/S$1.94/Target: S$2.42) 1QFY24: Strong results as construction demand recovers. TRADERS’ CORNER Aztech Global (AZTECH SP): Trading BUY Isdn Holdings (ISDN SP): Trading BUY
G13 GENTING SINGAPORE
FCT FRASERS CENTREPOINT TRUST
CC3 STARHUB LTD
S63 SINGAPORE TECHNOLOGIES ENGINEERING 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.
1820 ABDULMOHSEN AL HOKAIR GROUP FOR TOURISM AND DEVELOPMENT CO CJSC
AJBU KEPPEL DC REIT
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
SE SEA ADS
SATS SP SATS LTD.
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
FEHT FAR EAST HOSPITALITY 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
RFMD RAFFLES MEDICAL GROUP LTD
SASSR SASSEUR REAL ESTATE INVESTMENT TRUST
MUST MANULIFE US REAL ESTATE INV
BRC BRC ASIA LTD
TXG 10X GENOMICS INC CLASS A
FEH FOOD EMPIRE HOLDINGS LTD
UHU UNITED HAMPSHIRE US REIT
FRKN FRENCKEN GROUP LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
FLT FRASERS LOGISTICS & COMMERCIAL TRUST
KORE KEPPEL PACIFIC OAK US REIT
DCREIT DIGITAL CORE REIT
ADSE ADS TEC ENERGY PLC
CLI CAPITALAND INVESTMENT LTD
MPACT MAPLETREE PAN ASIA COMMERCIAL TRUST
BCOW 1895 BANCORP OF WISCONSIN INC
CLAS CAPITALAND ASCOTT TRUST
CLAR CAPITALAND ASCENDAS REIT
PRIME PRIME ROAD POWER PUBLIC CO LTD
STM SEATRIUM LTD
Z29 029 GROUP SE
ACG ACG ACQUISITION COMPANY LIMITED
Wilmar International Limited: 1 director
A director at Wilmar International Limited bought 2,053,500 shares at 3.326SGD 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 ...
- Jacquelyn Yow Hui Li
- Leow Huey Chuen
Regional Plantation – Tight Palm Oil Supply To Support CPO Prices In 1...
CPO prices are expected to trade in the range of RM3,800-4,200/tonne for 2024, higher in 1H24 (tight vegoil supply) but seeing some softness in 3Q24 with more vegoil supply coming into the market. The impact from El Nino would be minimal on Malaysia’s production and mild on Indonesia’s production. Demand would still remain sluggish and the market only expects huge imports when CPO prices are lower. Maintain OVERWEIGHT; prefer efficient upstream players with good production growth.
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
- Arsit Pamaranont
- Bella Lu Yifei
- Chong Lee Len
- Damon Shen
- Desmond Chong Chee Wai
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Jacquelyn Yow Hui Li
- Jieqi Liu
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Ken Lee
- Leow Huey Chuen
- Ming San Soong
- Stevanus Juanda
- Tanaporn Visaruthaphong
- Wei Xiang Ku
Regional Morning Notes - Friday, February 23, 2024
GREATER CHINA Sector Automobile: Weekly: BYD’s price cuts trigger a new round of price war between EVs and ICE-cars. Maintain UNDERWEIGHT. Top SELLs: BYD, XPeng and Li Auto. Top BUY: CATL. Results Hysan Development (14 HK/BUY/HK$13.80/Target: HK$17.99): 2023: In-line results with lower DPS; higher growth visibility of retail in 2024. Lenovo Group (992 HK/BUY/HK$8.84/Target: HK$10.50): 3QFY24: Solid results; recovery in FY25 could be slower than expected. Trip.com (9961 HK/BUY/HK$331.40/Target: H...
BCP THE BANGCHAK PETROLEUM PCL
MAJOR MAJOR CINEPLEX GROUP PCL
G13 GENTING SINGAPORE
00992 LENOVO GROUP LIMITED
V03 VENTURE CORPORATION LIMITED
F34 WILMAR INTERNATIONAL LIMITED
00014 HYSAN DEVELOPMENT CO. LTD.
7153 KOSSAN RUBBER INDUSTRIES BHD.
AXIATA AXIATA GROUP BERHAD
PENT PENTAMASTER CORP BHD
SIDO INDUSTRI JAMU DAN FARMASI SI
SDPL SIME DARBY PLANTATION BHD
IFAST IFAST CORP LTD
09961 CTRIP.COM INTERNATIONAL
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Jacquelyn Yow Hui Li
- John Cheong Ming Chern
- Jonathan Koh
- Leow Huey Chuen
Singapore Daily - Friday, February 23, 2024
KEY HIGHLIGHTS Results iFAST Corp (IFAST SP/HOLD/S$8.34/Target: S$8.56): 4Q23: Second consecutive record AUA; HK ePension division drives growth. Genting Singapore (GENS SP/BUY/S$1.03/Target: S$1.25): 4Q23: Qoq weaker set of results within our expectations, but 2024 outlook remains appealing. Maintain BUY and target price of S$1.25. United Overseas Bank (UOB SP/NOT RATED/S$28.50): 4Q23: Building regional franchise for consumer businesses. Venture Corporation (VMS SP/BUY/S$14.10/Target: S$16....
- Jacquelyn Yow Hui Li
- Leow Huey Chuen
Wilmar International (WIL SP) - Managing Expectations
During the briefing, management conveyed a more optimistic tone compared to the outlook statement. Despite a challenging outlook guidance, Wilmar is poised for margin improvement in 2024 as raw material costs ease and it grows volume by capturing market share from the closure of less competitive producers. The tropical oil division is likely to remain as the most challenging operation with the tightness in CPO supply and stiff competition from cheaper softoil. Maintain HOLD. Target price: S$3.35...
- Arsit Pamaranont
- Carol Dou Xiao Qin
- Jacquelyn Yow Hui Li
- Kampon Akaravarinchai
- Leow Huey Chuen
- Nurul Nazira Binti Abdullah
- Paula Ruth
- Roy Chen Chengzhi
- Sunny Chen
- Tanaporn Visaruthaphong
Regional Morning Notes - Thursday, February 22, 2024
GREATER CHINA Update Innovent Biologics (1801 HK/BUY/HK$39.75/Target: HK$60.00): 4Q24 drug revenue grew 65%; IBI-362 and IBI-311 expected to launch in 2025. INDONESIA Small/Mid Cap Highlights Nusantara Sejahtera Raya (CNMA IJ/NOT RATED/Rp240): 9M23 revenue up 16% yoy, mainly driven by cinema and F&B segments. MALAYSIA Results Sunway (SWB MK/BUY/RM2.71/Target: RM3.06): 2023: Within expectations; sets RM2.6b sales target for 2024. SINGAPORE Results Singapore Airlines (SIA SP/HOLD/S$6.67/Targ...
- Jacquelyn Yow Hui Li
- Leow Huey Chuen
- Roy Chen Chengzhi
Singapore Daily - Thursday, February 22, 2024
KEY HIGHLIGHTS Results Singapore Airlines (SIA SP/HOLD/S$6.67/Target: S$6.28): 3QFY24: Results missed mainly on cost pressure. Maintain HOLD with a lower target price of S$6.28. Wilmar International (WIL SP/HOLD/S$3.26/Target: S$3.35): 2023: Results above expectations thanks to China operation’s strong sales volume and better sugar operations. TRADERS’ CORNER SATS (SATS SP): Trading SELL Medtecs International Corp (MED SP): Trading SELL
- Jacquelyn Yow Hui Li
- Leow Huey Chuen
Wilmar International (WIL SP) - 2023: Results Above Expectation
Wilmar’s 2H23 results came in above expectations, largely driven by strong sales volume in China and firm sugar pricing. Although we expect earnings improvement for 2024 on better sales volume and margin improvement from China operations, share price performance may remain lacklustre due to Wilmar’s association with the recent China palm oil fraud. Despite a lower net profit recorded for 2023, the total dividend declared remains at S$0.17 per share. Maintain HOLD with a target price of S$3.35.
- Jack Lai Yuan Khai
- Jacquelyn Yow Hui Li
- Jo Yee Ng
- Johnny Yum Chung Man
- Kampon Akaravarinchai
- Kate Luang
- Kong Ho Meng
- Leow Huey Chuen
- Shirley Wang Xueyi
- Stella Guo Yuting
- Stevanus Juanda
- Ziv Ang Sze Champ
Regional Morning Notes - Tuesday, January 23, 2024
GREATER CHINA Sector Commodities: Weekly: Mar 24 rate cut optimism fades. Macau Gaming: GGR to trend upwards in Jan 24 and Feb 24. Update Sun Hung Kai & Co (86 HK/BUY/HK$2.15/Target: HK$3.95): 2023 results preview: Expecting bottom-line recovery amid market volatilities. Small/Mid Cap Highlights Crystal International (2232 HK/NOT RATED/HK$2.73): Takeaways from luncheon. INDONESIA Update Mayora Indah (MYOR IJ/BUY/Rp2,380/Target: Rp3,300): Strong performance in 2023 and 2024; trading at -2SD fiv...
- Jacquelyn Yow Hui Li
- Leow Huey Chuen
Singapore Daily - Tuesday, January 23, 2024
KEY HIGHLIGHTS Update Wilmar International (WIL SP/HOLD/S$3.33/Target: S$3.35): 4Q23 results preview: Not a bad quarter but sentiment dragged down by allegations of contract fraud by YKA’s subsidiary. Cut target price to incorporate the uncertainty. TRADERS’ CORNER DFI Retail Group (DFI SP): Trading SELL Sia Engineering Co (SIE SP): Trading SELL
- Jacquelyn Yow Hui Li
- Leow Huey Chuen
Wilmar International (WIL SP) - 4Q23 Results Preview: Uncertainty To C...
Wilmar will be releasing its 2H23 results on 21 Feb 24 after trading hours. We estimate core net profit at US$320m-350m and full-year core net profit at US$1.20b-1.23b, which is 7-10% higher than our but 6-8% lower than consensus expectations. Expect short-term negative sentiment from the recent announcement of its association with the ongoing alleged China palm oil fraud. Maintain HOLD with a lower target price of S$3.35 (previously S$3.80).
- Benjaphol Suthwanish
- Chong Lee Len
- Damon Shen
- Jacquelyn Yow Hui Li
- Jieqi Liu
- Jonathan Koh
- Keith Wee Teck Keong
- Kitpon Praipaisarnkit
- Leow Huey Chuen
- Posmarito Pakpahan
- Stevanus Juanda
- Tanaporn Visaruthaphong
- Tham Mun Hon
- Wei Xiang Ku
Regional Morning Notes - Monday, January 15, 2024
REGIONAL Sector Banks: ASEAN Banks: quarterly update. Plantation: Maintain 2024 CPO ASP at RM4,200/tonne, with pricing expected to be higher in 1H24. Accumulate Malaysia upstream players and companies with better-than-peers production growth. GREATER CHINA Economics Inflation: Dec 23 CPI inflation beat expectations but deflationary pressure remains. Money Supply: Dec 23 M2 and credit growth slowed, expect further monetary easing. Trade: Dec 23 trade numbers beat expectations; auto exports conti...
- Jacquelyn Yow Hui Li
- Jonathan Koh
- Keith Wee Teck Keong
- Leow Huey Chuen
- Posmarito Pakpahan
Singapore Daily - Monday, January 15, 2024
KEY HIGHLIGHTS Sector ASEAN Banks: ASEAN Banks: quarterly update. Regional Plantation: Maintain 2024 CPO ASP at RM4,200/tonne, with pricing expected to be higher in 1H24. Accumulate Malaysia upstream players and companies with better-than-peers production growth. TRADERS’ CORNER Sembcorp Industries (SCI SP): Trading BUY Top Glove Corp (TOPG SP): Trading BUY
AALI ASTRA AGRO LESTARI
D05 DBS GROUP HOLDINGS LTD
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
F34 WILMAR INTERNATIONAL LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION 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
- Jacquelyn Yow Hui Li
- Leow Huey Chuen
Regional Plantation – CPO Prices Set for Gradual Uptrend Amid Supply T...
The potential supply deficit could support elevated CPO prices in 2024, with marginal production growth in Malaysia offsetting weaknesses in Indonesia and other countries. Global vegoil supply faces constraints due to: a) Indonesia increasing domestic use, b) heightened biofuel usage in key oilseed-producing countries, and c) reduced oilseed crushing. Maintain OVERWEIGHT, and focus on Malaysian plantation companies and companies that have better-than-peers production growth.
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
- Greater China Research Team
- Heidi Mo Jinghui
- Jacquelyn Yow Hui Li
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Jonathan Koh
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Leow Huey Chuen
- Limartha Adhiputra
- Ming San Soong
- Nurul Nazira Binti Abdullah
Regional Morning Notes - Monday, November 06, 2023
GREATER CHINA Sector Internet: 11.11 Campaign – Value-for-money strategy to support growth revival. Update AIA Group (1299 HK/BUY/ HK$70.90/Target: HK$95.00): Maintain high VONB growth in 3Q23; outperforms peers. Xiaomi Corp (1810 HK/BUY/HK$15.24/Target: HK$16.80): 3Q23 results preview: Expect strong earnings beat on elevated margins. INDONESIA Sector Cement: Earnings in line, potential double-digit growth for 2023-24 NPAT. Maintain OVERWEIGHT. MALAYSIA Sector Property: Property companies und...
- Adrian Loh Tzum Yung
- Heidi Mo Jinghui
- Jacquelyn Yow Hui Li
- John Cheong Ming Chern
- Jonathan Koh
- Leow Huey Chuen
Singapore Daily - Monday, November 06, 2023
KEY HIGHLIGHTS Results Manulife US REIT (MUST SP/BUY/US$0.058/Target: US$0.180): 3Q23: Inching closer to resolution on loan restructuring. Venture Corporation (VMS SP/BUY/S$12.19/Target: S$14.06): 9M23: Results miss expectations; upgrade to BUY on more compelling valuation. Update Wilmar International (WIL SP/HOLD/S$3.64/Target: S$3.80): Expecting gradual recovery amid geopolitical uncertainty and slower economy growth. Palm refining and soybean crushing are the two mains challenges into 4Q23...
- Jacquelyn Yow Hui Li
- Leow Huey Chuen
Wilmar International (WIL SP) - Gradual Recovery
Management's recent updates are in line with our expectation. We believe the worst is behind us, but earnings recovery is expected to be gradual due to the ongoing geopolitical uncertainty and a slower economic growth environment. During YKA's recent briefing, management emphasised the recovery of sales volumes, particularly in consumer products, and expressed optimism that this positive momentum will be sustained. Maintain HOLD. Target price: S$3.80.
- Heidi Mo Jinghui
- Jacquelyn Yow Hui Li
- John Cheong Ming Chern
- Jonathan Koh
- Leow Huey Chuen
Singapore Daily - Friday, October 27, 2023
KEY HIGHLIGHTS Results iFAST Corp (IFAST SP/HOLD/S$6.13/Target: S$6.56): 3Q23: Record quarterly AUA; ePension has started contributing. United Overseas Bank (UOB SP/NOT RATED/S$27.28): 3Q23: Building regional franchise for consumer businesses. Wilmar International (WIL SP/HOLD/S$3.47/Target: S$3.80): 3Q23: Well within our expectations, but below market’s. TRADERS’ CORNER DBS Group Holdings (DBS SP): Trading SELL Singapore Exchange (SGX SP): Trading SELL
- Bella Lu Yifei
- Benjaphol Suthwanish
- Heidi Mo Jinghui
- Jacquelyn Yow Hui Li
- Jo Yee Ng
- John Cheong Ming Chern
- Jonathan Koh
- Jun Sian Tan
- Ken Lee
- Leow Huey Chuen
- Nurul Nazira Binti Abdullah
- Philip Wong
- Posmarito Pakpahan
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tanaporn Visaruthaphong
Regional Morning Notes - Friday, October 27, 2023
GREATER CHINA Results China Tourism Group Duty Free (601888 CH/BUY/Rmb89.62/Target: Rmb113.20): 3Q23: Offline DF sales yet to recover; competitiveness weakened. COSCO SHIPPING Ports (1199 HK/BUY/HK$4.51/Target: HK$6.00): 3Q23: Results in line; stable performance in lacklustre macro environment. Maintain BUY. Guangzhou Automobile Group (2238 HK/SELL/HK$3.64/Target: HK$3.20): 3Q23: Earnings down 33% yoy, in line. Maintain SELL. Target price: HK$3.20. Shanxi Xinghuacun Fenjiu (600809 CH/BUY/Rmb242....
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
F34 WILMAR INTERNATIONAL LIMITED
SCC SIAM CEMENT PUBLIC CO. LTD.
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
NESZ NESTLE (MALAYSIA) BERHAD
1199 COSCO SHIPPING PORTS LIMITED
IFAST IFAST CORP LTD
TAPG TRIPUTRA AGRO PERSADA PT
PREIT PAVILION REAL ESTATE INVESTMENT TRUST
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