reports
- Alden Gabriel Lam
- Benyamin Mikael
- Claire Wang Kelai
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Jo Yee Ng
- John Cheong Ming Chern
- Lester Siew
- Malaysia Research Team
- Tham Mun Hon
Regional Morning Meeting Notes: Thursday, December 11, 2025
Greater China Economics | Inflation November CPI inflation strengthened to 0.7% yoy (+0.5ppt mom), the highest since Feb 24, led by food inflation turning positive. Core inflation stayed at a year-high of 1.2% yoy, with goods inflation rising, but with services inflation easing slightly. PPI deflation deepened to -2.2% yoy (-0.1ppt mom), as raw materials’ inflation weakened despite notable gains in mining and quarrying. Overall, the persistent PPI deflation reflects the ongoing impact of weak en...
- Heidi Mo Jinghui
- John Cheong Ming Chern
Valuetronics (VALUE SP) - Most Attractively Valued Vs Peers And Ample ...
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.
- Desmond Chong Chee Wai
- Ejann Hiew
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Johnny Yum
- Julia Pan Mengyao
- Kai Jie Tang
- Malaysia Research Team
- Ming San Soong
- Philip Wong
- Shirley Wang Xueyi
- Singapore Research Team
- Stella Guo Yuting
- Suryaputra Wijaksana
- Tanapon Cholkadidamrongkul
- Vincent Khoo Boo Aik
- Willinoy Sitorus
Regional Morning Meeting Notes: Wednesday, December 03, 2025
Greater China Sector Update | Consumer We met investors in Thailand and Malaysia during our marketing trip from 24-28 Nov 25. Overall investor interest in the China consumer sector is improving. The most frequently discussed segments and names include Miniso, Shenzhou, Anta, consumer staples (including dairy, beer and baijiu), as well as some new consumption names such as Pop Mart (non-rated) and Laopu Gold (non-rated). Our preferred stocks include: Galaxy, Midea, Miniso, Shenzhou and Sands ...
BJC BERLI JUCKER PUBLIC CO. LTD.
02313 SHENZHOU INTERNATIONAL GROUP HOLDINGS LIMITED
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
544 CSE GLOBAL LTD.
C09 CITY DEVELOPMENTS LIMITED
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
EZQ CHINA MENGNIU DAIRY CO. LTD.
02331 LI NING COMPANY LIMITED
BN2 VALUETRONICS HOLDINGS
3K1 KINGSOFT CORP. LTD.
JPFA JAPFA COMFEED INDONESIA
COM7 COM7
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
600887 INNER MONGOLIA YILI INDUSTRIAL GROUP CO. LTD. CLASS A
00027 GALAXY ENTERTAINMENT GROUP LIMITED
5347 TENAGA NASIONAL BHD
BBCA PT BANK CENTRAL ASIA TBK
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
BN4 KEPPEL CORPORATION LIMITED
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
599A SANDS CHINA LTD.
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
000333 MIDEA GROUP CO. LTD. CLASS A
00700 TENCENT HOLDINGS LTD.
0168 TSINGTAO BREWERY CO. LTD. CLASS H
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
PDD PINDUODUO INC. SPONSORED ADR CLASS A
03690 MEITUAN CLASS B
YNS YINSON HOLDINGS BHD
RHBBANK RHB BANK BHD
06862 HAIDILAO INTERNATIONAL HOLDING LTD.
VSI V.S. INDUSTRY BERHAD
KPJ KPJ HEALTHCARE BERHAD
BURSA BURSA MALAYSIA BHD
CPALL TB CP ALL
BAUTO BERMAZ AUTO BHD
00780 TONGCHENG-ELONG HOLDINGS LIMITED
1368 XTEP INTERNATIONAL HOLDINGS
RSTON RIVERSTONE HOLDINGS LTD
CRC CENTRAL RETAIL CORP
FEH FOOD EMPIRE HOLDINGS LTD
01876 BUDWEISER BREWING CO. APAC LTD.
6186 CHINA FEIHE LTD
HEAL MEDIKALOKA HERMINA
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
09618 JD.COM INC. CLASS A
MNSO MINISO GROUP HOLDING ADS (N SHARES)
01024 KUAISHOU TECHNOLOGY CLASS B
06690 HAIER SMART HOME CO. LTD. CLASS H
09922 JIUMAOJIU INTERNATIONAL HOLDINGS LTD.
09888 BAIDU INC
CMRY PT CISARUA MOUNTAIN DAIRY TBK
02423 KE HOLDINGS INC.
DOHOME DOHOME PCL
CLAR CAPITALAND ASCENDAS REIT
MDKA MERDEKA COPPER GOLD TBK PT
09961 CTRIP.COM INTERNATIONAL
0303 ALPHA IVF GROUP
LAGENDA LAGENDA PROPERTIES BHD
PEKAT PEKAT GROUP BHD
CPAXT CP AXTRA PUBLIC COMPANY LIMITED
KOPI MK ORIENTAL KOPI HOLDINGS BHD
BRMS IJ BUMI RESOURCES MINERALS
1698 HK TENCENT MUSIC ENTERTAINMENT GROUP
DEWA IJ DARMA HENWA (DEWA IJ)
ASSA IJ ADI SARANA ARMADA TBK PT (ASSA IJ)
ARCI IJ ARCHI INDONESIA (ARCI IJ)
ASL SP ASL MARINE (ASL SP)
UGAI ULTRAGREEN.AI LIMITED
HERE US HERE GROUP (HERE US)
- Singapore Research Team
Strategy - Alpha Picks: Rebalanced For Year-End Opportunities
Our Nov 25 Alpha Picks portfolio returned 2.2% mom, in line with the STI, while weighted portfolios outperformed. Gains were led by CSE, ASL and MPM. For Dec 25, we add KEP, UGAI and SATS, and remove FRKN, UMS and SIA. The refreshed portfolio remains positioned to benefit from ongoing EQDP-driven interest in small-/mid-cap names.
C09 CITY DEVELOPMENTS LIMITED
BN2 VALUETRONICS HOLDINGS
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
BN4 KEPPEL CORPORATION LIMITED
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
RSTON RIVERSTONE HOLDINGS LTD
FEH FOOD EMPIRE HOLDINGS LTD
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
CLAR CAPITALAND ASCENDAS REIT
ASL SP ASL MARINE (ASL SP)
UGAI ULTRAGREEN.AI LIMITED
- Adrian Loh Tzum Yung
- Alden Gabriel Lam
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Colin Lee
- Ejann Hiew
- Heidi Mo Jinghui
- Jack Lai Yuan Khai
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Kai Jie Tang
- Kasemsun Koonnara
- Ken Lee
- Kong Ho Meng
- Lester Siew
- Ming San Soong
- Roy Chen Chengzhi
- Sunny Chen
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
- Tham Mun Hon
- Willinoy Sitorus
Regional Morning Meeting Notes: Friday, November 14, 2025
Greater China Economics | Money Supply M1 growth fell to 6.2% yoy in October, short of expectations, while M2 growth eased to 8.2% yoy. New bank loans dropped sharply to Rmb0.22t, and new TSF fell to Rmb0.81t, both below forecasts. Outstanding TSF and bank loan growth moderated to 8.5% (-0.2ppt mom) and 6.5% yoy (-0.1ppt mom) respectively, with the decline led by household loans. The numbers are not encouraging. Sector Update | Automobile China’s PV retail sales basically remained flat yoy in O...
V03 VENTURE CORPORATION LIMITED
BN2 VALUETRONICS HOLDINGS
PLANB PLAN B MEDIA
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
ASII PT ASTRA INTERNATIONAL TBK
AP AP THAILAND
00700 TENCENT HOLDINGS LTD.
BAL BUMITAMA AGRI LTD
DLG DIALOG GROUP BHD
CAB CARLSBERG BREWERY MALAYSIA B
601138 FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
09618 JD.COM INC. CLASS A
02618 JD LOGISTICS INC
STM SEATRIUM LTD
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Kai Jie Tang
- Lester Siew
- Roy Chen Chengzhi
Singapore Daily: Friday, November 14, 2025
Top Stories Company Results | Bumitama Agri (BAL SP/HOLD/S$1.48/Target: S$1.40) BAL reported 9M25 earnings of Rp1.87b, which met expectations at 70% of both our and Street estimates. 3Q25’s weaker sequential results were attributed to an inventory spike amid delayed shipments in Sep 25, with the related sales to subsequently be recognised in 4Q25. 9M25 production output remains on track to meet management’s FFB growth guidance of up to 5% for 2025, with peak crop cycle expected to be in 4Q25 for...
- Heidi Mo Jinghui
- John Cheong Ming Chern
Valuetronics (VALUE SP) - 1HFY26: Deeply Undervalued With Good Prospec...
1HFY26 PATMI is in line with our expectation. Higher-margin products lifted gross margin. VALUE’s valuation remains attractive at 12x FY27F PE and an around 6% yield (about 35% discount vs peers’ 19x PE and approximately 100% higher yield of 3%). Maintain BUY with a 24% higher target price of S$1.03. Catalyst: increasing shareholders’ return from its HK$1.1b net cash (around 50% of market cap).
- Alden Gabriel Lam
- Andrew Agita Buntoro
- Arsit Pamaranont
- Benyamin Mikael
- Carol Dou Xiao Qin
- Desmond Chong Chee Wai
- Greater China Research Team
- Heidi Mo Jinghui
- Jonathan Koh
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Lester Siew
- Malaysia Research Team
- Singapore Research Team
- Sunny Chen
- Suryaputra Wijaksana
- Tanapon Cholkadidamrongkul
- Thailand Research Team
- Vincent Khoo Boo Aik
- Willinoy Sitorus
Regional Morning Meeting Notes: Tuesday, November 04, 2025
Greater China Strategy | Alpha Picks: November Conviction Calls HSI and MSCI China fell 3.5%/4.0% mom in October, dragged by renewed US-China trade tensions and lack of fresh policy signals from the 4th Plenum. We remain constructive in the medium term but expect further consolidation as uncertainties persist. The best performer among our picks was SELL-rated Li Auto (+21.4% mom). For November, we rotate into oversold names with near-term upside: add AIA, LINK REIT, NAURA, Pinduoduo, PICC P&...
FCT FRASERS CENTREPOINT TRUST
00823 LINK REAL ESTATE INVESTMENT TRUST
544 CSE GLOBAL LTD.
C09 CITY DEVELOPMENTS LIMITED
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
BN2 VALUETRONICS HOLDINGS
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
01299 AIA GROUP LIMITED
IVL INDORAMA VENTURES PUBLIC CO. LTD.
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
558 UMS HOLDINGS LIMITED
GFPT GFPT
C6L SINGAPORE AIRLINES LTD.
5347 TENAGA NASIONAL BHD
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
Q5T FAR EAST HOSPITALITY TRUST
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
PDD PINDUODUO INC. SPONSORED ADR CLASS A
CDREIT CDL HOSPITALITY TRUSTS
YNS YINSON HOLDINGS BHD
RHBBANK RHB BANK BHD
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
VSI V.S. INDUSTRY BERHAD
PREIT PARKWAYLIFE REAL ESTATE
BURSA MAPLETREE INDUSTRIAL TRUST
PEP BURSA MALAYSIA BHD
RATCH PPB GROUP BERHAD
2633 RATCH GROUP PUBLIC CO. LTD.
HCM JACOBSON PHARMA CORP LTD
AIS HUTCHISON CHINA MEDITECH LIMITED
RSTON ADVANCED INFO SYSTEMS
FEH RIVERSTONE HOLDINGS LTD
UHU FOOD EMPIRE HOLDINGS LTD
FRKN UNITED HAMPSHIRE US REIT
MPM FRENCKEN GROUP LTD
CSSC MARCO POLO MARINE LTD
CRPU CHINA SUNSINE CHEMICAL HOLDINGS LTD
CICT SASSEUR REIT (S CHIP)
SCGP CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP SCG PACKAGING PCL
2269 LENDLEASE GLOBAL COMMERCIAL REIT
OXMU WUXI BIOLOGICS (CAYMAN) INC.
HMN PRIME US REIT
CLCT ASCOTT RESIDENCE TRUST
KORE CAPITALAND CHINA TRUST
OR KEPPEL PACIFIC OAK US REIT
MXNU PTT OIL AND RETAIL BUSINESS PUBLIC CO LIMITED
CLAR ELITE COMMERCIAL REIT MGNT PTE LTD
DCRU CAPITALAND ASCENDAS REIT
MTEL IJ DIGITAL CORE REIT MANAGEMENT PTE. LTD.
02161 PT DAYAMITRA TELEKOMUNIKASI
02015 JBM (HEALTHCARE) LTD
0303 LI AUTO INC
LAGENDA ALPHA IVF GROUP
SDG LAGENDA PROPERTIES BHD
BRMS IJ SD GUTHRIE BHD
AADI IJ BUMI RESOURCES MINERALS
002371 CH ADARO ANDALAN INDONESIA
ASL SP NAURA TECHNOLOGY GROUP CO LTD
ASL MARINE (ASL SP)
- Singapore Research Team
Strategy - Alpha Picks: Maintaining The Outperformance
Our Alpha Picks portfolio gained 8.5% mom in Oct 25, outperforming the STI’s 3.0%. Strength came from MPM, RSTON and CSE. For Nov 25, we add CIT and ASL as BUYs and introduce SIA as a short candidate. The portfolio remains poised for expected EQDP-driven flows into small-/mid-cap names in the next few months.
C09 CITY DEVELOPMENTS LIMITED
BN2 VALUETRONICS HOLDINGS
558 UMS HOLDINGS LIMITED
C6L SINGAPORE AIRLINES LTD.
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
RSTON RIVERSTONE HOLDINGS LTD
FEH FOOD EMPIRE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
CLAR CAPITALAND ASCENDAS REIT
ASL SP ASL MARINE (ASL SP)
- Adrian Loh Tzum Yung
- Singapore Research Team
Singapore Daily: Friday, October 3, 2025
Top Stories Strategy | Alpha Picks: Staying Ahead And Capturing EQDP Opportunities Our Alpha Picks portfolio rose 4.2% mom in Sep 25, outperforming the STI’s 0.7%. Gains were led by YZJ, VALUE, MPM and CSSC. For Oct 25, we add SCI, LREIT and RSTON, and take profit on BRC and YZJ. We remain well-positioned for upside in small-/mid-cap stocks. Market Spotlight • US stocks ended higher on Thursday. Despite mixed sector performances, the DJIA, S&P 500, and NASDAQ all advanced. • The FSSTI gained 7...
U96 SEMBCORP INDUSTRIES LTD.
BN2 VALUETRONICS HOLDINGS
558 UMS HOLDINGS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
RSTON RIVERSTONE HOLDINGS LTD
FEH FOOD EMPIRE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
HLA HONG LEONG ASIA LTD
CLAR CAPITALAND ASCENDAS REIT
- Suryaputra Wijaksana
Regional Morning Meeting Notes: Friday, October 3, 2025
Greater China Sector Update | Automobile China’s EV sales surged 25% wow in the 39th week of 2025 but slowed to 10.5% yoy amid a high base and anti-involution efforts. Geely and XPeng outperformed, while BYD and Li Auto saw yoy sales declines. Maintain MARKET WEIGHT on the sector, with top BUYs on CATL and Geely; we downgrade Ganfeng Lithium from BUY to HOLD with an unchanged target price of HK$40.00, as the stock price has hit our target. Indonesia Economics | Indonesia’s Trade Balance Hits Mu...
BJC BERLI JUCKER PUBLIC CO. LTD.
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
544 CSE GLOBAL LTD.
U96 SEMBCORP INDUSTRIES LTD.
BN2 VALUETRONICS HOLDINGS
002594 BYD COMPANY LIMITED CLASS A
AMRT SUMBER ALFARIA TRIJAYA TBK PT
COM7 COM7
558 UMS HOLDINGS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
AP4 RIVERSTONE HOLDINGS
ADRO PT ADARO ENERGY TBK
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
VSI V.S. INDUSTRY BERHAD
CPALL TB CP ALL
IGBREIT IGB REAL ESTATE INVESTMENT T
SREIT SUNWAY REAL ESTATE INVESTMEN
CPALL-R CP ALL PCL NVDR
AXRB AXIS REAL ESTATE INVESTMENT
KLCCSS KLCCP STAPLED GROUP
FEH FOOD EMPIRE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
LI LI AUTO INC. SPONSORED ADR CLASS A
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
HLA HONG LEONG ASIA LTD
CLAR CAPITALAND ASCENDAS REIT
MDKA MERDEKA COPPER GOLD TBK PT
CMMT CAPITALAND MALAYSIA TRUST
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
PREIT PAVILION REAL ESTATE INVESTMENT TRUST
HRUM HARUM ENERGY TBK PT
3750 CONTEMPORARY AMPEREX TECHNOLOGY (3750 HK)
ASSA IJ ADI SARANA ARMADA TBK PT (ASSA IJ)
ARCI IJ ARCHI INDONESIA (ARCI IJ)
- Singapore Research Team
Strategy - Alpha Picks: Staying Ahead And Capturing EQDP Opportunities
Our Alpha Picks portfolio rose 4.2% mom in Sep 25, outperforming the STI’s 0.7%. Gains were led by YZJ, VALUE, MPM and CSSC. For Oct 25, we add SCI, LREIT and RSTON, and take profit on BRC and YZJ. We remain well-positioned for upside in small-/mid-cap stocks.
U96 SEMBCORP INDUSTRIES LTD.
BN2 VALUETRONICS HOLDINGS
558 UMS HOLDINGS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
RSTON RIVERSTONE HOLDINGS LTD
FEH FOOD EMPIRE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
HLA HONG LEONG ASIA LTD
CLAR CAPITALAND ASCENDAS REIT
- Heidi Mo Jinghui
- John Cheong Ming Chern
Singapore Strategy - Small-Mid Cap: Identifying The Constituents Of Up...
SGX will be launching a new index that tracks the next tier of large and liquid companies to better showcase Singapore’s broader equity market. We expect this to benefit small-mid cap stocks. We have identified a potential list of 39 Mini STI constituents. Our top picks are Food Empire Holdings, Sheng Siong, CSE, China Sunsine, Marco Polo Marine and Valuetronics.
- Heidi Mo Jinghui
- John Cheong Ming Chern
Singapore Daily: Thursday, September 18, 2025
Top Stories Strategy | Small Mid Caps SGX will be launching a new index that tracks the next tier of large and liquid companies to better showcase Singapore’s broader equity market. We expect this to benefit small-mid cap stocks. We have identified a potential list of 39 Mini STI constituents. Our top picks are Food Empire, Sheng Siong, CSE, China Sunsine, Marco Polo Marine and Valuetronics. Market Spotlight US stocks ended mixed on Wednesday, with the DJIA gaining while the S&P 500 and NASD...
- Adrian Loh Tzum Yung
Singapore Daily - Monday, September 8, 2025
Top Stories Strategy | Yield-ing to temptation: Yields over bonds With bond yields trending lower, dividend equities yielding 4% to 6% look compelling relative to the 10-year Singapore Government Bond, with sustainable payouts supported by strong cashflow, low gearing, and resilient balance sheets. Our top 10 non-bank, non-REIT picks include BRC, BAL, CSSC, CIVMEC, CD, DFI, GENS, VALUE, VMS, and WKS. We maintain our end-2025 STI target at 4,602, implying around 8% upside, underpinned by undem...
- Adrian Loh Tzum Yung
- Singapore Research Team
Singapore Market Strategy - Yield-ing To Temptation: Yields Over Bonds
Attractive yield differentials. With Singapore government bond yields trending lower, the yield differential between fixed income and equities has narrowed in 2025, thus reinforcing the relative appeal of companies offering high, sustainable dividend payouts. Equity yields in the 4-6% range now offer a compelling pickup versus the 10-year Singapore Government Bond yield (1.8579% as at 4 Sep 25), while also providing potential for capital gains. In our view, this widening yield gap should support...
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)
- Singapore Research Team
Strategy - Alpha Picks: Double Happiness Again In Aug 25; Add BRC and ...
Our Alpha Picks portfolio delivered another month of strong performance, rising 11.4% mom in Aug 25 to overwhelm the STI’s 2.3% gain. On a market cap-weighted basis, the portfolio gained 3.2% mom, also ahead of the benchmark by 0.9ppt. For Sep 25, we add BRC for its construction exposure and YZJSGD for its new order flow and inexpensive valuations, while locking in gains on CICT, CD and PROP.
BN2 VALUETRONICS HOLDINGS
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
558 UMS HOLDINGS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
BRC BRC ASIA LTD
FEH FOOD EMPIRE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
HLA HONG LEONG ASIA LTD
CLAR CAPITALAND ASCENDAS REIT
- Adrian Loh Tzum Yung
- Singapore Research Team
Singapore Daily: Wednesday, September 03, 2025
KEY HIGHLIGHTS Strategy Alpha Picks: Double Happiness Again In Aug 25 Our Alpha Picks portfolio rose 11.4% mom in Aug 25, overwhelming the STI’s 2.3% gain. Add BRC, YZJSGD; remove CICT, CD, PROP. TRADERS' CORNER First Resources (FR SP): Trading BUY Singapore Exchange (SGX SP): Trading SELL
BN2 VALUETRONICS HOLDINGS
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
558 UMS HOLDINGS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
BRC BRC ASIA LTD
FEH FOOD EMPIRE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
HLA HONG LEONG ASIA LTD
CLAR CAPITALAND ASCENDAS REIT
- John Cheong Ming Chern
- Jonathan Koh
Singapore Daily: Tuesday, August 05, 2025
KEY HIGHLIGHTS Sector Tech Manufacturers Picking three tech winners of MAS’ EQDP; top BUYs: FRKN, UMS, VALUE. Update Frasers Logistics & Commercial Trust (FLT SP/BUY/S$0.87/Target: S$1.15) 3QFY25: Double-digit reversion from Australia; rapid backfilling in Singapore. Frencken Group (FRKN SP/BUY/S$1.67/Target: S$2.08) Positive indicators for the semiconductor segment; raise target price by 49%. TRADERS' CORNER Delfi (DELFI SP): Trading BUY ...
- John Cheong Ming Chern
Tech Manufacturers: Picking Three Tech Winners Of MAS' EQDP; Top BUYs:...
Tech manufacturing stocks with good earnings growth visibility and positive catalysts should continue to see valuation re-rating as the valuation gap of 35-40% vs Malaysian peers remains wide. Our top picks are Frencken (target price: S$2.08) and UMS (target price: S$1.73) given their positive outlook of sequential earnings growth from their semiconductor customers. We also like VALUE for its attractive valuation and renewed growth profile from new customers. Maintain OVERWEIGHT on the sector.
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.