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iFAST Corporation Ltd: 1 director

A director at iFAST Corporation Ltd sold 70,000 shares at 9.499SGD and the significance rating of the trade was 56/100. 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 two years cl...

Adrian Loh Tzum Yung ... (+17)
  • Adrian Loh Tzum Yung
  • Audrey Celia
  • Benjaphol Suthwanish
  • Benyamin Mikael
  • Damon Shen
  • Desmond Chong Chee Wai
  • Heidi Mo Jinghui
  • Jack Lai Yuan Khai
  • Jieqi Liu
  • John Cheong Ming Chern
  • Kitpon Praipaisarnkit
  • Philip Wong
  • Roy Chen Chengzhi
  • Tanapon Cholkadidamrongkul
  • Tanaporn Visaruthaphong
  • Wei Xiang Ku
  • Willinoy Sitorus

Regional Morning Meeting Notes: Tuesday, July 29, 2025

GREATER CHINA Strategy China & Hong Kong Property & Property Management Mainland market continues to weaken, while the Hong Kong residential market progresses with destocking; we highlight CR Land and CR Mixc as top picks. INDONESIA Initiate Coverage Archi Indonesia (ARCI IJ/BUY/Rp770/Target: Rp1,280) Well-timed turnaround with true potential waiting to be unlocked. Results Cisarua Mountain Dairy (CMRY IJ/BUY/Rp4,750/Target: Rp6,000) 1H25: ...

Heidi Mo Jinghui ... (+2)
  • Heidi Mo Jinghui
  • John Cheong Ming Chern

iFAST Corporation (IFAST SP) - 2Q25: Earnings Momentum Justifies Highe...

iFAST’s 2Q25 PATMI of S$22m (+38% yoy) slightly beat expectations on the back of stronger HK ePension contributions, iGB’s turnaround, and steady core wealth management growth. A 33% higher interim dividend was declared, with full-year payout guided at at least 8.0 S cents/share. AUA hit a record S$27.2b. To date, 14 of 24 MPF schemes have been onboarded, and we expect stronger 2H25 contributions as onboarding progresses. Maintain BUY with a 36% higher target price of S$9.92.

Adrian Loh Tzum Yung ... (+4)
  • Adrian Loh Tzum Yung
  • Heidi Mo Jinghui
  • John Cheong Ming Chern
  • Roy Chen Chengzhi

Singapore Daily: Tuesday, July 29, 2025

KEY HIGHLIGHTS Sector Offshore Marine: Full steam ahead if you’re in Singapore. Top picks are Seatrium and Marco Polo Marine. Results iFAST Corp (IFAST SP/BUY/S$8.17/Target: S$9.92): 2Q25: Earnings momentum justifies higher valuation; raise target price by 36% to S$9.92. Raffles Medical Group (RFMD SP/BUY/S$1.07/Target: S$1.25): 1H25 results: A slight miss; remain hopeful for a China turnaround in 2026. TRADERS’ CORNER Singapore Post (SPOST SP): Trading SELL SIA Engineering Co (SIE SP): Tra...

Shenzhen Inovance Technology Co: 1 director

A director at Shenzhen Inovance Technology Co sold 53,000 shares at 64.500CNY and the significance rating of the trade was 58/100. 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 t...

Beijing Join Cheer Software Co Ltd: 1 director

A director at Beijing Join Cheer Software Co Ltd sold 885,700 shares at 6.690CNY and the significance rating of the trade was 75/100. 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 las...

Regional Morning Meeting Notes: Thursday, July 03, 2025

GREATER CHINA Strategy Alpha Picks: July Conviction Calls Add CATL, KE Holdings, Longfor, Midea Group, Tencent and TME to our BUY list. Take profit on Prudential. Sector Online Games Upcoming new game releases to capitalise on the summer holiday season. INDONESIA Strategy Alpha Picks: Good Performances In June Our new alpha picks are ANTM, BBCA, ERAA, ICBP, MYOR, MIKA...

BJC BERLI JUCKER PUBLIC CO. LTD.
AEONTS AEON THANA SINSAP (THAILAND) PCL
CK CH. KARNCHANG PCL
KTC KRUNGTHAI CARD PCL
A0M4P7 HAN'S LASER TECHNOLOGY INDUSTRY GROUP CO. LTD. CLASS A
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
ANTM PT ANEKA TAMBANG TBK
BN2 VALUETRONICS HOLDINGS
3K1 KINGSOFT CORP. LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
AMRT SUMBER ALFARIA TRIJAYA TBK PT
AIY IFAST
COM7 COM7
558 UMS HOLDINGS LIMITED
MYOR MAYORA INDAH
C52 COMFORTDELGRO CORPORATION LIMITED
KBANK KASIKORNBANK PUBLIC CO. LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
BBCA PT BANK CENTRAL ASIA TBK
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
ERAA ERAJAYA SWASEMBADA
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
000333 MIDEA GROUP CO. LTD. CLASS A
00700 TENCENT HOLDINGS LTD.
TCAP THANACHART CAPITAL PCL
MIKA MITRA KELUARGA KARYASEHAT
SAWAD SRISAWAD CORPORATION PUBLIC COMPANY LTD
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
01810 XIAOMI CORP. CLASS B
VSI V.S. INDUSTRY BERHAD
MTC MUANGTHAI CAPITAL PCL
SSG SHENG SIONG GROUP LTD
ICBP INDOFOOD CBP SUKSES MAKMUR T
CPALL TB CP ALL
01801 INNOVENT BIOLOGICS INC.
PROP PROPNEX LTD
FEH FOOD EMPIRE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
02618 JD LOGISTICS INC
02423 KE HOLDINGS INC.
CLAR CAPITALAND ASCENDAS REIT
SDG SD GUTHRIE BHD
STECON STECON GROUP PUBLIC COMPANY LIMITED
1698 HK TENCENT MUSIC ENTERTAINMENT GROUP
TIDLOR TIDLOR HOLDINGS PCL
3750 CONTEMPORARY AMPEREX TECHNOLOGY (3750 HK)
Singapore Research Team
  • Singapore Research Team

Alpha Picks: Outperforms In Jun 25 And 2Q25; Add UMSH And CLAR; Remove...

Our Alpha Picks portfolio managed to beat a bullish market, surpassing the STI in Jun 25. On an equal-weighted basis, we beat the STI’s 1.8% gain by 1.7ppt. For 2Q25, our Alpha Picks portfolio performed even better, up 5.0% qoq on an equal-weighted basis and beating the STI by 5.2ppt. For Jul 25, we add UMSH and CLAR while removing STM and CENT.

Adrian Loh Tzum Yung ... (+10)
  • Adrian Loh Tzum Yung
  • Damon Shen
  • Jack Goh Tooan Orng
  • Jack Lai Yuan Khai
  • Jieqi Liu
  • Jo Yee Ng
  • Kasemsun Koonnara
  • Kong Ho Meng
  • Posmarito Pakpahan
  • Singapore Research Team

Regional Morning Meeting Notes: Monday, June 30, 2025

GREATER CHINA Strategy Property Weakening sales in China has raised hopes of policy support in July; rebound in HIBOR will test the strength of recovery in Hong Kong property sales. INDONESIA Update Bank Mandiri (BMRI IJ/BUY/Rp5,025/Target: Rp6,000) 5M25: Steady earnings amid NIM pressure. MALAYSIA Sector Oil & Gas ...

Adrian Loh Tzum Yung ... (+2)
  • Adrian Loh Tzum Yung
  • Singapore Research Team

Singapore Daily: Monday, June 30, 2025

KEY HIGHLIGHTS Strategy Market Strategy: S$5b shot in the arm: MAS’ liquidity lift-off for Singapore’s mid caps. TRADERS’ CORNER DELFI (DELFI SP): Trading BUY Keppel DC REIT (KDCREIT SP): Trading BUY

Adrian Loh Tzum Yung ... (+2)
  • Adrian Loh Tzum Yung
  • Singapore Research Team

Singapore Market Strategy - S$5b Shot In The Arm: MAS’ Liquidity Lift-...

With the MAS’ upcoming S$5b EQDP expected to boost mid-cap liquidity, we screened for stocks meeting a high liquidity threshold (ADTV >S$2m) and having solid fundamentals. Key stocks that screened well include CENT, CD, FR, IFAST, NETLINK, RFMD, RSTON, SSG, SIE, SPOST and UMS. Lowering the ADTV bar adds nine names with HLA and FEH being the most favoured in this group.

Colin Lee ... (+3)
  • Colin Lee
  • Ejann Hiew
  • Johnny Yum Chung Man

China Industrial Automation: Takeaways from Hangzhou Humanoid Robot Co...

During the Hangzhou humanoid robot show, there was notable enthusiasm from the supply chain on the opportunities arising from humanoid robots, with an abundance of participants specialising in harmonic reducers, miniaturised screws bearings, while the dexterous hands and ball screw suppliers are the points of interest. Nevertheless, there is a general consensus that the current technology is still immature, and a resolution to the roadblocks will come more gradually in the next few years. Mainta...

Colin Lee ... (+3)
  • Colin Lee
  • Ejann Hiew
  • Johnny Yum Chung Man

China Industrial Automation: Development of humanoid robots continues ...

We continue to see rapid developments in China’s humanoid robot space, with supply chain players and key developers turning increasingly optimistic about the industry’s outlook. Comments indicate that technology development will take 2-3 years before full replacement of workers is feasible. Nevertheless, shipments will ramp up rapidly in the coming years, with cost reduction likely exceeding previous expectations. Maintain MARKET WEIGHT.

Damon Shen ... (+6)
  • Damon Shen
  • Jieqi Liu
  • Jo Yee Ng
  • Johnny Yum
  • Keith Wee Teck Keong
  • Singapore Research Team

Regional Morning Meeting Notes: Tuesday, June 03, 2025

GREATER CHINA Strategy China Property & Hong Kong Property & Hong Kong Landlord Manageable pressure in mainland property market; improved tourism and retail sales momentum in Hong Kong. INDONESIA Strategy Alpha Picks: Good Performances in May Good performances from most with the exception of GOTO and BUKA. MALAYSIA Results CIMB Group (CIMB MK/HOLD/RM6.93/Target: RM7.70) 1Q25: Earnings in line, underpinned by lower provisions. Mai...

Singapore Research Team
  • Singapore Research Team

Alpha Picks: Beat The STI In May 25; Add CD, CSSC, FRKN, FEH, IFAST; R...

Driven by renewed positive investor sentiment, our Alpha Picks portfolio surpassed the STI in May 25, surging by 7.0% mom on an equal-weighted basis and beating the STI by 5.4ppt. On a market cap-weighted basis, our portfolio outperformed as well, up 1.9% mom and beating the STI by 0.3ppt. For Jun 25, we add CD, CSSC, FRKN, FEH and IFAST while removing SCI, MPM, OTEK and SIE.

Singapore Research Team
  • Singapore Research Team

Singapore Daily: Tuesday, June 03, 2025

KEY HIGHLIGHTS Strategy Alpha Picks: Beat the STI in May 25 A robust 5.4ppt beat by our Alpha Picks portfolio vs the STI in May 25. Add CD, CSSC, FRKN, FEH, IFAST and remove SCI, MPM, OTEK and SIE. TRADERS' CORNER Seatrium (STM SP): Trading SELL First Resources (FR SP): Trading SELL

Colin Lee ... (+2)
  • Colin Lee
  • Johnny Yum Chung Man

Shenzhen Inovance (300124 CH): 1Q25: Meaningful sequential recovery. D...

Inovance’s 1Q25 results were a solid beat, primarily driven by a solid 38% growth in revenue and better cost controls. 2025 guidance is conservative, as management is partially factoring in the potential impacts of the trade war. Nevertheless, end-demand for automation goods is recovering, and the NEV business should continue to register robust growth. Inovance is also optimistic on humanoid robots, but development will likely take more time. Maintain HOLD and trim target price to Rmb67.00.

Bella Lu Yifei ... (+13)
  • Bella Lu Yifei
  • Carol Dou Xiao Qin
  • Claire Wang Kelai
  • Colin Lee
  • Ejann Hiew
  • Greater China Research Team
  • Johnny Yum Chung Man
  • Ken Lee
  • Kenny Yong Hui Lim
  • Shirley Wang Xueyi
  • Stella Guo Yuting
  • Sunny Chen
  • Ziv Ang Sze Champ

Greater China Daily: Wednesday, April 30, 2025

KEY HIGHLIGHTS Results China Construction Bank (939 HK/HOLD/HK$6.79/Target: HK$7.00) CCB delivered disappointing 1Q25 results as net profit declined 4.0%, dragged by NIM compression and tepid fee income. Furthermore, revenue growth was no longer supported by trading gains, as yields rebounded during 1Q25. Asset quality was a silver lining as CCB highlighted the sequential improvement in the retail and property developer segments. Management also noted that tariff risk is manageable in terms of...

Arsit Pamaranont ... (+18)
  • 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...

Benjaphol Suthwanish ... (+22)
  • Benjaphol Suthwanish
  • Carol Dou Xiao Qin
  • Claire Wang Kelai
  • Colin Lee
  • Damon Shen
  • Ejann Hiew
  • Heidi Mo Jinghui
  • Jieqi Liu
  • John Cheong Ming Chern
  • Johnny Yum Chung Man
  • Jonathan Koh
  • Julia Pan Mengyao
  • Kampon Akaravarinchai
  • Keith Wee Teck Keong
  • Ming San Soong
  • Philip Wong
  • Posmarito Pakpahan
  • Shirley Wang Xueyi
  • Stella Guo Yuting
  • Sunny Chen
  • Tanaporn Visaruthaphong
  • Ziv Ang Sze Champ

Regional Morning Notes - Tuesday, April 29, 2025

GREATER CHINA Sector Online Travel Agencies: Travel data preview: Expecting a vibrant 2025 Labour Day Results BYD Electronic (285 HK/BUY/HK$31.80/Target: HK$41.20): 1Q25: Margins below expectations; automotive business to lead the charge in 2025. Maintain BUY. China Resources Building Materials Technology (1313 HK/BUY/HK$1.69/Target: HK$2.30): 1Q25: In line; severe drought in Guangxi restricts cement products outflow. China State Construction Engineering Corporation (601668 CH/BUY/Rmb5.49 /Targe...

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