reports
- Adrian Loh Tzum Yung
- Singapore Research Team
544 CSE GLOBAL LTD.
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
BN2 VALUETRONICS HOLDINGS
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
C52 COMFORTDELGRO CORPORATION LIMITED
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
BN4 KEPPEL CORPORATION LIMITED
2GB 2G ENERGY AG
BAL BUMITAMA AGRI LTD
MINT MAPLETREE INDUSTRIAL TRUST
SSG SHENG SIONG GROUP LTD
MPM MARCO POLO MARINE LTD
Z29 029 GROUP SE
- Adrian Loh Tzum Yung
- Singapore Research Team
Market Strategy For 1H25 - Opportunities Abound Despite Muted Earnings...
For 1H25, we believe that a number of stocks within our universe should deliver strong returns in the near to medium term, backed by sustainable dividend yields despite our modest below-consensus 1.2% EPS growth forecast for our covered STI stocks in 2025. We forecast a 2025 year-end target of 4,115 for the STI, implying a 10% upside from current levels. Our top picks are BAL, CD, KEP, MINT, OCBC, SCI, ST, STE, VMS and YZJSGD. For the small/mid caps, we like CENT, CSE, MPM, SSG and VALUE.
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
544 CSE GLOBAL LTD.
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
BN2 VALUETRONICS HOLDINGS
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
C52 COMFORTDELGRO CORPORATION LIMITED
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
BN4 KEPPEL CORPORATION LIMITED
BAL BUMITAMA AGRI LTD
MINT MAPLETREE INDUSTRIAL TRUST
SSG SHENG SIONG GROUP LTD
MPM MARCO POLO MARINE LTD
- Adrian Loh Tzum Yung
- Singapore Research Team
Market Strategy - Opportunities Abound Despite Muted Earnings Growth I...
Our modest below-consensus 1.2% EPS growth forecast for our covered STI stocks for 2025 belies the fact that there are a number of stocks within our universe that should deliver strong returns in the near to medium term, backed by sustainable dividend yields. We forecast a 2025 year-end target of 4,115 for the STI, implying 10% upside from current levels, with the index’s current valuation looking inexpensive at 2025F PE and P/B of 11.5x and 1.2x respectively.
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
544 CSE GLOBAL LTD.
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
BN2 VALUETRONICS HOLDINGS
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
C52 COMFORTDELGRO CORPORATION LIMITED
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
BN4 KEPPEL CORPORATION LIMITED
BAL BUMITAMA AGRI LTD
MINT MAPLETREE INDUSTRIAL TRUST
SSG SHENG SIONG GROUP LTD
MPM MARCO POLO MARINE LTD
- Anas Fitri Bin Ahmad
- Benjaphol Suthwanish
- Chong Lee Len
- Desmond Chong Chee Wai
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Kitpon Praipaisarnkit
- Kong Ho Meng
- Llelleythan Tan Tan
- Malaysia Research Team
- Ming San Soong
- Stevanus Juanda
- Tanaporn Visaruthaphong
- Wei Xiang Ku
Regional Morning Notes - Thursday, November 14, 2024
GREATER CHINA Results Tencent Holdings (700 HK/BUY/HK$403.80/Target: HK$570.00): 3Q24: Solid earnings beat; mini shop and potential blockbuster as key catalysts. INDONESIA Results Aspirasi Hidup Indonesia (ACES IJ/BUY/Rp835/Target: Rp1,200): 3Q24: NPAT up 13.7% yoy; slightly above consensus expectations. MALAYSIA Results Malaysia Marine and Heavy Engineering Holdings (MMHE MK/BUY/RM0.44/Target: RM0.70): 1H24: Positively surprises on project cost claims. Marine segment still weakened by competi...
PTT PTT PUBLIC COMPANY LIMITED
BN2 VALUETRONICS HOLDINGS
5186 MALAYSIA MARINE AND HEAVY ENGINEERING HOLDINGS BHD
PLANB PLAN B MEDIA
AWX AEM HOLDINGS
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
HANA HANA MICROELECTRONICS PCL
ACES PT ACE HARDWARE INDONESIA TBK
00700 TENCENT HOLDINGS LTD.
CPALL TB CP ALL
HAPL HAP SENG PLANTATIONS HOLDINGS BHD
VST VSTECS BHD
- Heidi Mo Jinghui
- John Cheong Ming Chern
Valuetronics (VALUE SP) - 1HFY25: Results In Line; New Customers And J...
VALUE’s 1HFY25 net profit of HK$91m (+10% yoy) is in line. Revenue dipped 3% yoy, as new customer contributions largely offset weaker demand from existing customers. Gross margin expanded for the fourth consecutive half-year period, on the back of a more favourable sales mix, lower material costs and lower labour costs. VALUE continues to seek new projects with existing customers and new customer acquisitions. Maintain BUY with an unchanged target price of S$0.78.
- Anas Fitri Bin Ahmad
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Damon Shen
- Desmond Chong Chee Wai
- Jieqi Liu
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Keith Wee Teck Keong
- Kitpon Praipaisarnkit
- Ming San Soong
- Paula Ruth
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
Regional Morning Meeting Notes: Wednesday, August 28, 2024
GREATER CHINA Results Anta (2020 HK/BUY/HK$71.65/Target: HK$109.60) 1H24: Results beat. Fila's guidance slightly lowered; new brands performed well. China Overseas Property Holdings (2669 HK/BUY/HK$4.63/Target: HK$7.20) 1H24: Results meet expectations; higher dividend payout ratio. Hansoh Pharmaceutical Group Company (3692 HK/BUY/HK$18.22/Target: HK$27.00) 2Q24: Margins deteriorate; automation demand outlook remains sluggish. Shenzhen Inovance (300124 CH/BU...
AS7 ANTA SPORTS PRODUCTS LTD.
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
V03 VENTURE CORPORATION LIMITED
1295 PUBLIC BANK BHD
BN2 VALUETRONICS HOLDINGS
4197 SIME DARBY BHD.
AWX AEM HOLDINGS
558 UMS HOLDINGS LIMITED
NANO NANOCO GROUP
300124 SHENZHEN INOVANCE TECHNOLOGY CO. LTD CLASS A
HANA HANA MICROELECTRONICS PCL
ERAA ERAJAYA SWASEMBADA
VALUE VALUE8 N.V.
02669 CHINA OVERSEAS PROPERTY HOLDINGS LIMITED
INRI INARI AMERTRON BHD
RHBBANK RHB BANK BHD
TXG 10X GENOMICS INC CLASS A
UMSH UMS HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
SCGP SCG PACKAGING PCL
AZTECH NANOFILM TECHNOLOGIES INTERNATIONAL
MZH HANSOH PHARMACEUTICAL GROUP
3692 AEM HOLDINGS LTD
AEM 123FAHRSCHULE SE
123F AZTECH GLOBAL LTD
8AZ 029 GROUP SE
Z29 CTRIP.COM INTERNATIONAL
- John Cheong Ming Chern
Tech Manufacturers - 1H24 Review: Crucial To Be Selective; Top BUYs: F...
Two-thirds of the tech manufacturing stocks under our coverage reported weaker-thanexpected 1H24 earnings, except for Frencken and Aztech, due to weak customer demand (AEM, Nanofilm, Venture) and slow ramp-up of new plant (UMS). Our top picks are Frencken and Venture given their positive outlook for sequential earnings growth, especially for Frencken which is seeing strong orders from ASML. We also have BUY calls on Valuetronics and Aztech, and SELL ratings on AEM, Nanofilm and UMS. Upgrade the ...
- John Cheong Ming Chern
- Adrian Loh Tzum Yung
- Singapore Research Team
Strategy - Potential Impact Of Powell’s Jackson Hole Speech
After Powell’s Jackson Hole speech on 23 August, we see a turning point starting with a US Fed rate cut in Sep 24 and lower rates heading into 2025. In the Singapore market, REITs and the property sector should benefit, as should highly-geared companies and those looking to recycle capital. Our current forecasts have incorporated lower NIMs for banks which we believe are protected by their high dividend yields.
AES AES CORPORATION
G13 GENTING SINGAPORE
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.
CENT CENTRATAMA TELEKOMUNIKASI INDONESIA
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
F34 WILMAR INTERNATIONAL LIMITED
BN2 VALUETRONICS HOLDINGS
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
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.
AP4 RIVERSTONE HOLDINGS
BN4 KEPPEL CORPORATION LIMITED
VALUE VALUE8 N.V.
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
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
FLT FRASERS LOGISTICS & COMMERCIAL TRUST
SE US SEA LIMITED
CVL CIVMEC
DCREIT DIGITAL CORE REIT
CLI CAPITALAND INVESTMENT LTD
MPACT MAPLETREE PAN ASIA COMMERCIAL TRUST
123F 123FAHRSCHULE SE
BCOW 1895 BANCORP OF WISCONSIN INC
CLAS CAPITALAND ASCOTT TRUST
CLAR CAPITALAND ASCENDAS REIT
DFI DFI RETAIL GROUP HOLDINGS LIMITED
STM SEATRIUM LTD
EPIC 1CM INC
Z29 029 GROUP SE
PAN SP PAN-UNITED CORPORATION (PAN SP)
- Adrian Loh Tzum Yung
- Jonathan Koh
- Singapore Research Team
Singapore Daily - Thursday, July 04, 2024
KEY HIGHLIGHTS Strategy Market Strategy: 2H24 strategy: Looking for turning points. Sector Banking: Donald Trump will likely be re-elected. BUY banks. TRADERS’ CORNER Singapore Tech Engineering (STE SP): Trading BUY Raffles Medical Group (RFMD SP): Trading BUY
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
544 CSE GLOBAL LTD.
D05 DBS GROUP HOLDINGS LTD
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
BN2 VALUETRONICS HOLDINGS
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
BN4 KEPPEL CORPORATION LIMITED
FEHT FAR EAST HOSPITALITY TRUST
MINT MAPLETREE INDUSTRIAL TRUST
FRKN FRENCKEN GROUP LTD
MPM MARCO POLO MARINE LTD
CLI CAPITALAND INVESTMENT LTD
- Singapore Research Team
Singapore Market Strategy: 2H24 strategy: Looking for turning points.
Given our slightly more bullish earnings expectation of a 5.6% growth for 2024 (vs 2.4% six months ago), we have upgraded our 2024 year-end target for the STI to 3,380. The index’s current valuation remains inexpensive at 2024F PE and P/B of 10.5x and 1.1x respectively. Our top picks for 2H24 are CLI, GENS, KEP, MINT, OCBC, SCI, STE, VMS and YZJSGD, with CSE, FEHT, FRKN, MPM and VALUE rounding up the small/mid-caps sector.
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
544 CSE GLOBAL LTD.
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
BN2 VALUETRONICS HOLDINGS
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
BN4 KEPPEL CORPORATION LIMITED
FEHT FAR EAST HOSPITALITY TRUST
MINT MAPLETREE INDUSTRIAL TRUST
FRKN FRENCKEN GROUP LTD
MPM MARCO POLO MARINE LTD
CLI CAPITALAND INVESTMENT LTD
- Singapore Research Team
Singapore Market Strategy - Looking For Turning Points
Given our slightly more bullish earnings expectations of 5.6% growth for 2024 (vs 2.4% six months ago), we have upgraded our 2024 year-end target for the STI to 3,380 which implies 1.0% upside from current levels. The index’s current valuation remains inexpensive at 2024F PE and P/B of 10.5x and 1.1x respectively. Our top picks for 2H24 are CLI, GENS, KEP, MINT, OCBC, SCI, STE, VMS and YZJSGD, with CSE, FEHT, FRKN, MPM and VALUE rounding up the small/mid-caps sector.
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
544 CSE GLOBAL LTD.
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
BN2 VALUETRONICS HOLDINGS
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
BN4 KEPPEL CORPORATION LIMITED
FEHT FAR EAST HOSPITALITY TRUST
MINT MAPLETREE INDUSTRIAL TRUST
FRKN FRENCKEN GROUP LTD
MPM MARCO POLO MARINE LTD
CLI CAPITALAND INVESTMENT LTD
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Anas Fitri Bin Ahmad
- Benjaphol Suthwanish
- Chong Lee Len
- Heidi Mo Jinghui
- Jo Yee Ng
- John Cheong Ming Chern
- Johnny Yum
- Kong Ho Meng
- Nurul Nazira Binti Abdullah
- Shirley Wang Xueyi
- Stella Guo Yuting
- Stevanus Juanda
- Wei Xiang Ku
Regional Morning Notes - Friday, June 28, 2024
GREATER CHINA Results Bosideng (3998 HK/NOT RATED/HK$4.56): FY24: Earnings beat; healthy inventory; targets revenue to exceed Rmb30b by FY25/26. INDONESIA Strategy Investors Feedback To 2H24 Strategy: Our top picks are BBRI, BBNI, BMRI, BBTN, BSDE, CTRA, BUKA, CMRY, ACES and JSMR. We have an end-24 target of 7,800 for the JCI. MALAYSIA Results Sapura Energy (SAPE MK/HOLD/RM0.04/Target: RM0.06): 1QFY24: Core loss expected due to weak rig EBITDA, though this is temporary. SAPE made progress in c...
- Heidi Mo Jinghui
- John Cheong Ming Chern
Singapore Daily - Wednesday, June 05, 2024
KEY HIGHLIGHTS Results Valuetronics (VALUE SP/BUY/S$0.640/Target: S$0.78): FY24: Earnings within expectations; new customers to start the next chapter of growth. TRADERS’ CORNER Riverstone Holdings (RSTON SP): Trading BUY Medtecs International (MED SP): Trading BUY
- Adrian Loh Tzum Yung
- Singapore Research Team
Singapore Strategy - The Impact Of Escalating Middle East Tensions: A ...
While Middle East tensions have escalated in the past 72 hours, we believe that the situation remains fluid. Oil prices remain the key worry and could negatively impact Asian growth and thus Singapore’s open economy should it escalate past US$100/bbl. In our view, aviation stocks should be able to pass on any oil price related increases, while near-term sentiment for the upstream and offshore marine sector should remain positive. An overall risk-off sentiment will likely pervade the markets in t...
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
BN2 VALUETRONICS HOLDINGS
C52 COMFORTDELGRO CORPORATION LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
SATS SP SATS LTD.
CDREIT CDL HOSPITALITY TRUSTS
FEHT FAR EAST HOSPITALITY TRUST
BAL BUMITAMA AGRI LTD
MINT MAPLETREE INDUSTRIAL TRUST
FEH FOOD EMPIRE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
CLI CAPITALAND INVESTMENT LTD
STM SEATRIUM LTD
- 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
- Adrian Loh Tzum Yung
- Singapore Research Team
Singapore Strategy - Higher-for-a-lot-longer Interest Rates: Some Comp...
Recent comments by US Fed officials raise the spectre of zero interest rate cuts should the US economy remain robust. We view Singapore corporates’ debt levels as manageable across the companies we cover, with free cash flow generation forecast to remain strong in 2024. Nevertheless, some companies’ profit margins could erode in 2024 should interest rate cuts be deferred into 2025, eg WIL, CDL, CLI, SCI and KEP. Companies with high cash piles (eg VALUE, GENS and YZJ) could benefit.
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
BN2 VALUETRONICS HOLDINGS
C52 COMFORTDELGRO CORPORATION LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
SATS SP SATS LTD.
CDREIT CDL HOSPITALITY TRUSTS
FEHT FAR EAST HOSPITALITY TRUST
BAL BUMITAMA AGRI LTD
MINT MAPLETREE INDUSTRIAL TRUST
FEH FOOD EMPIRE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
CLI CAPITALAND INVESTMENT LTD
STM SEATRIUM LTD
- Adrian Loh Tzum Yung
- Singapore Research Team
Singapore Strategy - 2024 Budget – An Attractive Budget For The People
The Budget 2024 unveiled by Deputy Prime Minister and Minister of Finance Lawrence Wong continued its strategy of helping Singaporeans contend with the rising costs of living, lending support for mid-career and lower income workers to upskill, investing in the country’s energy transition, and making slight changes to taxes for property developers. Importantly, Singapore has set aside S$1b to invest in new AI initiatives.
G13 GENTING SINGAPORE
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
BN2 VALUETRONICS HOLDINGS
C52 COMFORTDELGRO CORPORATION LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
SATS SP SATS LTD.
CDREIT CDL HOSPITALITY TRUSTS
FEHT FAR EAST HOSPITALITY TRUST
MINT MAPLETREE INDUSTRIAL TRUST
FEH FOOD EMPIRE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
CLI CAPITALAND INVESTMENT LTD
STM SEATRIUM LTD
- Singapore Research Team
Strategy - Alpha Picks: Portfolio Holds Steady Amid Market Weakness
In Jan 24, our Alpha Picks portfolio beat the STI by 2.7ppt and 0.7ppt on an equal- and market-weighted basis respectively, as the STI slipped into negative territory. Stocks began the year on a subdued note with the external environment remaining uncertain. For Feb 24, we add Yangzijiang Shipbuilding (YZJ) as we see dividend upside and potential earnings upgrades from its upcoming results and remove Seatrium (STM) as uncertainty over the size of its 2023 write-offs may weigh in the short term.
U96 SEMBCORP INDUSTRIES LTD.
BN2 VALUETRONICS HOLDINGS
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
C52 COMFORTDELGRO CORPORATION LIMITED
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
SATS SP SATS LTD.
BAL BUMITAMA AGRI LTD
MINT MAPLETREE INDUSTRIAL TRUST
FEH FOOD EMPIRE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
MPM MARCO POLO MARINE LTD
CVL CIVMEC
CLAS CAPITALAND ASCOTT TRUST
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.