reports
- Singapore Research Team
Strategy - Alpha Picks: A Softer Month; Add FEHT, MPACT, GENS; Remove ...
For Apr 24, our Alpha Picks portfolio rose 0.4% mom on an equal-weighted basis, underperforming the STI slightly by 1.7ppt. It was a mixed performance from our portfolio with the top performers being MPM, BAL and CD while FRKN, LREIT and ST underperformed. Our Alpha Picks portfolio has outperformed the STI in three out of the past four months. For May 24, we add FEHT, MPACT, GENS; remove BAL, LREIT and CLAS.
G13 GENTING SINGAPORE
544 CSE GLOBAL LTD.
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
C52 COMFORTDELGRO CORPORATION LIMITED
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
FEHT FAR EAST HOSPITALITY TRUST
TXG 10X GENOMICS INC CLASS A
RSTON RIVERSTONE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
MPM MARCO POLO MARINE LTD
MPACT MAPLETREE PAN ASIA COMMERCIAL TRUST
- Bella Lu Yifei
- Benjaphol Suthwanish
- Greater China Research Team
- Jacquelyn Yow Hui Li
- Johnny Yum
- Jonathan Koh
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Kate Luang
- Ken Lee
- Kong Ho Meng
- Leow Huey Chuen
- Limartha Adhiputra
- Malaysia Research Team
- Posmarito Pakpahan
- Singapore Research Team
- Vincent Khoo Boo Aik
Regional Morning Meeting Notes: Friday, May 03, 2024
GREATER CHINA Strategy Alpha Picks: May Conviction Call Adding CR Beer, Crystal, Geely, Haier, Kuaishou, Ningbo Tuopu, Pinduoduo, Shenzhou, and Tencent to our BUY list, closing out SELL calls. Small-Mid Cap Monthly Reiterate BUY on Crystal International. Sector Automobile Weekly: EV sales pick up; take...
600690 HAIER SMART HOME CO. LTD. CLASS A
02313 SHENZHOU INTERNATIONAL GROUP HOLDINGS LIMITED
300014 EVE ENERGY CO. LTD. CLASS A
LH LAND & HOUSES PUBLIC CO. LTD.
ORI ORIGIN PROPERTY
G13 GENTING SINGAPORE
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
00992 LENOVO GROUP LIMITED
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
002142 BANK OF NINGBO CO. LTD. CLASS A
CPF CHAROEN POKPHAND FOODS PUBLIC CO. LTD.
AKRA PT AKR CORPORINDO TBK
AALI ASTRA AGRO LESTARI
6963 V.S. INDUSTRY
544 CSE GLOBAL LTD.
D05 DBS GROUP HOLDINGS LTD
600660 FUYAO GLASS INDUSTRY GROUP CO. LTD. CLASS A
V03 VENTURE CORPORATION LIMITED
QH QUALITY HOUSES
ERW ERAWAN GROUP
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
01299 AIA GROUP LIMITED
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
GFPT GFPT
SPALI SUPALAI PCL
C52 COMFORTDELGRO CORPORATION LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
M3I MINTH GROUP LIMITED
AP4 RIVERSTONE HOLDINGS
BSDE PT BUMI SERPONG DAMAI TBK
300124 SHENZHEN INOVANCE TECHNOLOGY CO. LTD CLASS A
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
ACES PT ACE HARDWARE INDONESIA TBK
AP AP THAILAND
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
00700 TENCENT HOLDINGS LTD.
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
01585 YADEA GROUP HOLDINGS LTD.
2333 GREAT WALL MOTOR CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
PDD PINDUODUO INC. SPONSORED ADR CLASS A
FEHT FAR EAST HOSPITALITY TRUST
SIDO INDUSTRI JAMU DAN FARMASI SI
SCGB SUNWAY CONSTRUCTION GROUP BH
MYEG MY EG SERVICES BHD
WPRTS WESTPORTS HOLDINGS BHD
MSGB MAH SING GROUP BHD
PMAH PRESS METAL ALUMINIUM HOLDIN
333 MIDEA GROUP
TXG 10X GENOMICS INC CLASS A
TGIF 1933 INDUSTRIES
PSH PRUKSA HOLDING PCL
RGB RGB INTERNATIONAL BHD
338 WEICHAI POWER
709 GIORDANO INTERNATIONAL LTD
1772 GANFENG LITHIUM CO. LTD. CLASS H
869 PLAYMATES TOYS LIMITED
FRKN FRENCKEN GROUP LTD
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
MPM MARCO POLO MARINE LTD
3692 HANSOH PHARMACEUTICAL GROUP
01024 KUAISHOU TECHNOLOGY CLASS B
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
MPACT MAPLETREE PAN ASIA COMMERCIAL TRUST
CMRY PT CISARUA MOUNTAIN DAIRY TBK
123F 123FAHRSCHULE SE
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
2232 CRYSTAL INTERNATIONAL GROUP LTD
Z29 029 GROUP SE
02015 LI AUTO INC
09868 XPENG INC
BTG BETAGRO PUBLIC COMPANY LIMITED
GENTMK GENTING BERHAD
- 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
- Singapore Research Team
Strategy - Alpha Picks: A Robust End To 1Q24. Add CSE And LREIT; Remo...
Our Alpha Picks portfolio rose 6.0% mom on an equal-weighted basis, outperforming the STI by a material 3.4ppt. The outperformance was driven by broad-based strength across most of our portfolio with the best showing coming from Riverstone, Yangzijiang Shipbuilding and Singtel. In 1Q24, our Alpha Picks portfolio surged by 13.7% qoq, surpassing the STI by a hefty 14.2ppt qoq. For Apr 24, we add CSE and LREIT while removing MINT, CVL and FEH.
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
C52 COMFORTDELGRO CORPORATION LIMITED
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
BAL BUMITAMA AGRI LTD
RSTON RIVERSTONE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
MPM MARCO POLO MARINE LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
RRRP3 3R PETROLEUM OLEO E GAS
CLAS CAPITALAND ASCOTT TRUST
Z29 029 GROUP SE
- Singapore Research Team
Strategy - Alpha Picks: Outperformance Led By Small/Mid-Caps; Add RSTO...
Although the FSSTI recorded a decline of 0.4% mom in Feb 24, more than half of our picks, especially the small/mid-caps (Frencken, Marco Polo Marine and Food Empire), recorded decent gains. Our Alpha Picks portfolio rose 1.6% mom on an equal-weighted basis, outperforming the FSSTI by 2.0ppt. For Mar 24, we add Riverstone, and take profit on SATS and Valuetronics.
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
C52 COMFORTDELGRO CORPORATION LIMITED
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
AP4 RIVERSTONE HOLDINGS
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
- Adrian Loh Tzum Yung
- Bella Lu Yifei
- Chong Lee Len
- Damon Shen
- Jack Goh Tooan Orng
- Jacquelyn Yow Hui Li
- Jieqi Liu
- Jo Yee Ng
- John Cheong Ming Chern
- Julia Pan Mengyao
- Jun Sian Tan
- Kasemsun Koonnara
- Keith Wee Teck Keong
- Ken Lee
- Kenny Yong Hui Lim
- Leow Huey Chuen
- Llelleythan Tan Tan
- Ming San Soong
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Stevanus Juanda
- Tanaporn Visaruthaphong
- Wei Xiang Ku
Regional Morning Notes - Friday, March 01, 2024
GREATER CHINA Sector Automobile: Weekly: PEV market share rebounds; price war heats up. Maintain UNDERWEIGHT. Top SELLs: XPeng. Top BUY: CATL, Tuopu and Desay SV. Results Budweiser APAC (1876 HK/BUY/HK$12.68/Target: HK$19.50): 2023: Results miss; mixed signals from the results. Hong Kong Exchanges and Clearing (388 HK/HOLD/HK$242.80/Target: HK$262.00): 4Q23: Passable results. Maintain HOLD. NetEase (9999 HK/BUY/HK$176.20/Target: HK$202.00): 4Q23: Earnings miss; upcoming blockbusters in 2024. New...
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
1023 CIMB GROUP HOLDINGS BHD
UNTR PT UNITED TRACTORS TBK
00388 HONG KONG EXCHANGES & CLEARING LTD.
STEC SINO-THAI ENGINEERING & CONSTRUCTION PCL
AMATA AMATA CORP
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
AP4 RIVERSTONE HOLDINGS
CPN-R CENTRAL PATTANA PCL NVDR
GENM GENTING MALAYSIA BHD
MAHB MALAYSIA AIRPORTS HLDGS BHD
01876 BUDWEISER BREWING CO. APAC LTD.
TDC TIME DOTCOM BHD
09999 NETEASE INC
00017 NEW WORLD DEVELOPMENT CO. LTD.
CK CH. KARNCHANG PUBLIC CO LTD
- Adrian Loh Tzum Yung
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Jonathan Koh
Singapore Daily - Friday, March 01, 2024
KEY HIGHLIGHTS Results AEM Holdings (AEM SP/HOLD/S$2.14/Target:S$1.94): 2023: Revenue meets forecast but 2024 guidance misses expectation; maintain HOLD. First Resources (FR SP/BUY /S$1.42/Target: S$1.65): 2023: 2H results below expectations as downstream losses are greater than expected due to negative margins for both refiner and biodiesel. Better outlook in 2024. Riverstone Holdings (RSTON SP/BUY/S$0.675/Target: S$0.88): 2023: Strong earnings beat, attractive 2024 yield of around 10%. Sin...
- Adrian Loh Tzum Yung
Yangzijiang Shipbuilding (Holdings) (YZJSGD SP) - 2023: Strong Beat - ...
YZJ reported results that were above expectations with shipbuilding margins of 22% for 2023 being the key highlight. Three positive takeaways from our investor meeting with management were: a) shipbuilding margins to maintain at above 20%, b) shipping segment to grow profits yoy, and c) there is an outside chance that new order wins could exceed its new 2024 target of S$4.5b. Maintain BUY. Target price upgraded to S$2.19 (S$1.92 previously).
- 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
- Adrian Loh Tzum Yung
Offshore Marine - Unallayed Optimism For The Sector
Our bullish outlook for the offshore marine sector remains unchanged with both shallow and deepwater assets marching well past 5–8-year highs, supported by a high oil price. After struggling with instability in 2023, the outlook for offshore wind in 2024 appears much better with policy support providing further impetus for growth. We remain optimistic that the industrials and shipyard sectors in Singapore can repeat their share price outperformance in 2024. Sector rating: OVERWEIGHT.
- Adrian Loh Tzum Yung
- Adrian Loh Tzum Yung
Offshore Marine - 2024 Outlook Remains Bright
While demand for offshore marine assets remains strong, the offshore wind sector has been beset by negative sentiment in the US East Coast whereas Europe remains strong and stable, in our view. Our positive investment thesis for STM centres around capacity constraints for quality global shipyards that can deliver offshore projects at scale, especially given the current cycle which we expect to be long in duration and resilient. Sector rating: OVERWEIGHT.
- 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...
- Adrian Loh Tzum Yung
Yangzijiang Shipbuilding (Holdings) (YZJSGD SP) - Sailing Towards A St...
YZJ’s 3Q23 business update indicated that the company remains on track to have another strong year for profits and new order wins, backed by an excellent track record in vessel deliveries. In 9M23, new orders for tankers have overtaken containerships. However, new global emissions standards could provide continued impetus for new orders in 2024. Maintain BUY. Raise target price to S$1.92.
- Adrian Loh Tzum Yung
Offshore Marine - Oil Price Recovery And Asset Demand Strength Seen In...
Demand across the offshore marine asset classes has continued since our last update in Jul 23. Company managements’ comments during the 1H23 reporting season in the US and Europe indicated a strong belief that the current cycle will be resilient and have a long duration. With oil prices likely to remain at elevated levels in the medium term, sentiment towards the sector should be positive, in our view. Maintain OVERWEIGHT on the sector. Key stock pick is Seatrium.
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
- Vincent Khoo Boo Aik
REG: Strategy: Alpha Picks - September 2023
GREATER CHINA Strategy Alpha Picks: September Conviction Calls: We focus on stocks with pricing power or sustainable margins against a weakening macro backdrop. Add Giordano, KE Holdings and Trip.com. INDONESIA Strategy Alpha Picks: Underperformance In Aug 23: Our picks: MYOR, BSDE, CTRA, HMSP, BBNI, SMGR and MAPI. MALAYSIA Strategy Alpha Picks: Warming Up For Better Months Ahead: Our Alpha Picks outperformed the FBMKLCI in Aug 23. Sep 23 picks: BUY BURSA, HAPL, HUME, MAHB, Mr DIY, My EG Servi...
AS7 ANTA SPORTS PRODUCTS LTD.
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
KKP KIATNAKIN BANK
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
ES ESSO SOCIETE ANONYME FRANCAISE
01109 CHINA RESOURCES LAND LIMITED
CTRA CIPUTRA DEVELOPMENT
STEC SINO-THAI ENGINEERING & CONSTRUCTION PCL
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
ERW ERAWAN GROUP
TOP THAI OIL PUBLIC CO. LTD.
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
ESSO ESSO (THAILAND)
002594 BYD COMPANY LIMITED CLASS A
KLBF PT KALBE FARMA TBK
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
COM7 COM7
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
600585 ANHUI CONCH CEMENT COMPANY LIMITED CLASS A
MYOR MAYORA INDAH
C52 COMFORTDELGRO CORPORATION LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
ORI1 ORIENT OVERSEAS (INTERNATIONAL) LIMITED
MAPI MINOR INTERNATIONAL PUBLIC CO. LTD.
O39 MITRA ADIPERKASA
Y92 OVERSEA-CHINESE BANKING CORPORATION LIMITED
BN4 THAI BEVERAGE PUBLIC CO. LTD.
BSDE KEPPEL CORPORATION LIMITED
ADRO PT BUMI SERPONG DAMAI TBK
601633 PT ADARO ENERGY TBK
601888 GREAT WALL MOTOR CO. LTD. CLASS A
599A CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
PTTGC SANDS CHINA LTD.
ROTI PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
02669 NIPPON INDOSARI CORPINDO
2318 CHINA OVERSEAS PROPERTY HOLDINGS LIMITED
SE PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
YNS SEA ADS
PTTEP-R YINSON HOLDINGS BHD
HMSP PTT EXPLORATION & PRODUCTION PCL NVDR
VSI HM SAMPOERNA TBK PT
BAL V.S. INDUSTRY BERHAD
SMM BUMITAMA AGRI LTD
MYEG SEMBCORP MARINE LTD
MINT MY EG SERVICES BHD
BURSA MAPLETREE INDUSTRIAL TRUST
CPALL TB BURSA MALAYSIA BHD
CPN-R CP ALL
GENM CENTRAL PATTANA PCL NVDR
MAHB GENTING MALAYSIA BHD
RATCH MALAYSIA AIRPORTS HLDGS BHD
2013 RATCH GROUP PUBLIC CO. LTD.
6098 WEIMOB INC
HUME COUNTRY GARDEN SERVICES
SCB-R HUME INDUSTRIES BHD
709 SIAM COMMERCIAL BANK PCL NVDR
HAPL GIORDANO INTERNATIONAL LTD
9988 HAP SENG PLANTATIONS HOLDINGS BHD
BEKE ALIBABA (9988 HK)
MRDIY KE HOLDINGS INC
KEX MR DIY GROUP M BHD
OR KERRY EXPRESS (THAILAND)
1024 PTT OIL & RETAIL BUSINESS PCL
TIDLOR KUAISHOU TECHNOLOGY
9888 NGERN TID LOR PCL
BUKA BAIDU INC
2015 BUKALAPAK.COM PT TBK
CVL LI AUTO INC
9961 CIVMEC
BBNI TRIP.COM GROUP LTD
CLAS BANK NEGARA INDONESIA PERSER
SMGR CAPITALAND ASCOTT TRUST
NATGATE SEMEN INDONESIA PERSERO TBK
DELFI NATIONGATE HOLDINGS BHD
LHN DELFI LTD
LHN LTD
- Singapore Research Team
Strategy - Alpha Picks: Adding MINT While Removing RMFD
On a market cap-weighted basis, the STI outperformed our Alpha Picks by 0.3ppt, which was helped by our industrial stock picks. On a price-weighted and market-cap weighted basis, however, our portfolio significantly underperformed due to Sea Ltd. We note that our Alpha Picks portfolio has nevertheless beaten the STI in 16 out of the past 18 months. For Sep 23, due to favourable tailwinds for its data centre segment, we add MINT while removing RFMD from our Alpha Picks portfolio.
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
C52 COMFORTDELGRO CORPORATION LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
Y92 THAI BEVERAGE PUBLIC CO. LTD.
BN4 KEPPEL CORPORATION LIMITED
SE SEA ADS
BAL BUMITAMA AGRI LTD
MINT MAPLETREE INDUSTRIAL TRUST
SE US SEA LIMITED
CVL CIVMEC
CLAS CAPITALAND ASCOTT TRUST
DELFI DELFI LTD
STM SEATRIUM LTD
LHN LHN LTD
- Adrian Loh Tzum Yung
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Jonathan Koh
Singapore Daily - Monday, August 07, 2023
KEY HIGHLIGHTS Sector Banking: 2Q23 round-up: Steep hikes in dividends plus potential for capital management. Results Oversea-Chinese Banking Corp (OCBC SP/BUY/S$13.04/Target: S$18.22): 2Q23: Delivered resilient earnings and promised dividend payout. Sembcorp Industries (SCI SP/BUY/S$5.60/Target: S$7.20): 1H23: Powered-up profits with strength in conventional energy the highlight. Maintain BUY with a higher target price of S$7.20. Venture Corporation (VMS SP/HOLD/S$14.38/Target: S$14.60): 2Q23...
- Adrian Loh Tzum Yung
- Ariel Poh Yun Li
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Jonathan Koh
- Malaysia Research Team
- Roy Chen Chengzhi
- Stevanus Juanda
- Tanaporn Visaruthaphong
Regional Morning Notes - Monday, August 07, 2023
GREATER CHINA Sector Shipping and Ports: Global trade outlook is likely to stay subdued in the near term but valuations of shipping and port names are attractive. Maintain MARKET WEIGHT. Top picks: CSH and CSP. Update Xiaomi Corp (1810 HK/HOLD/HK$12.22/Target: HK$13.60): 2Q23 results preview: Elevated margins to support earnings recovery. INDONESIA Results Indofood CBP (ICBP IJ/BUY/Rp11,250/Target: Rp14,800): 2Q23: Core net income doubled on the back of margin expansion. MALAYSIA Update Malays...
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