reports
- Jonathan Koh
- Anas Fitri Bin Ahmad
- Bella Lu Yifei
- Jonathan Koh
- Kampon Akaravarinchai
- Ken Lee
- Malaysia Research Team
- Posmarito Pakpahan
Regional Morning Meeting Notes: Thursday, September 26, 2024
GREATER CHINA Sector Automobile Weekly: PV sales down 4.8% yoy, missing estimates. Maintain MARKET WEIGHT. Top BUYs: CATL, Desay SV, and Geely. Top SELL: GAC. INDONESIA Update Bank Central Asia (BBCA IJ/BUY/Rp10,850/Target: Rp12,000) Strong loan growth continues; asset quality remains solid. MALAYSIA Update SD Guthrie (SDG MK/HOLD/RM4.88/Target: RM4.75) Plantatio...
300014 EVE ENERGY CO. LTD. CLASS A
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
FCT FRASERS CENTREPOINT TRUST
CPF CHAROEN POKPHAND FOODS PUBLIC CO. LTD.
N2IU MAPLETREE COMMERCIAL TRUST
AJBU KEPPEL DC REIT
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
GFPT GFPT
BBCA PT BANK CENTRAL ASIA TBK
EGH EUREKA GROUP HOLDINGS
M3I MINTH GROUP LIMITED
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
Q5T FAR EAST HOSPITALITY TRUST
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
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
2338 WEICHAI POWER CO. LTD. CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
PREIT PARKWAYLIFE REAL ESTATE
MINT MAPLETREE INDUSTRIAL TRUST
SASSR SASSEUR REAL ESTATE INVESTMENT TRUST
MUST MANULIFE US REAL ESTATE INV
TXG 10X GENOMICS INC CLASS A
TGIF 1933 INDUSTRIES
1772 GANFENG LITHIUM CO. LTD. CLASS H
UHU UNITED HAMPSHIRE US REIT
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
ONEM 1LIFE HEALTHCARE
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
OXMU PRIME US REIT
HMN ASCOTT RESIDENCE TRUST
KORE KEPPEL PACIFIC OAK US REIT
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
CLAR CAPITALAND ASCENDAS REIT
ITC I-TAIL CORPORATION PUBLIC COMPANY LIMITED
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
Z29 029 GROUP SE
02015 LI AUTO INC
BTG BETAGRO PUBLIC COMPANY LIMITED
600699 JOYSON ELECTRONICS CORP
SDG SD GUTHRIE BHD
- Jonathan Koh
- Julia Pan Mengyao
- Kasemsun Koonnara
- Ming San Soong
- Philip Wong
- Stevanus Juanda
Regional Morning Meeting Notes: Monday, September 23, 2024
GREATER CHINA Update Alibaba Group (9988 HK/BUY/HK$87.20/Target: HK$95.00) Key takeaways from Apsara Conference 2024. INDONESIA Update Gojek Tokopedia (GOTO IJ/HOLD/Rp63.00/Target: Rp70.00) Competition in live e-commerce to intensify. MALAYSIA Sector Consumer Sector trades at -1SD to its five-year mean but given its defensiveness, it is likely to underperform on a relative ba...
N2IU MAPLETREE COMMERCIAL TRUST
AJBU KEPPEL DC REIT
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
CPN CENTRAL PATTANA PUBLIC CO. LTD.
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
FEHT FAR EAST HOSPITALITY TRUST
ROTH BRITISH AMERICAN TOBACCO BHD
PREIT PARKWAYLIFE REAL ESTATE
MINT MAPLETREE INDUSTRIAL TRUST
FNH FRASER & NEAVE HOLDINGS BHD
HEIM HEINEKEN MALAYSIA BHD
CAB CARLSBERG BREWERY MALAYSIA B
SASSR SASSEUR REAL ESTATE INVESTMENT TRUST
MNHB MYNEWS HOLDINGS BHD
MUST MANULIFE US REAL ESTATE INV
TXG 10X GENOMICS INC CLASS A
NESZ NESTLE (MALAYSIA) BERHAD
QLG QL RESOURCES BHD
UHU UNITED HAMPSHIRE US REIT
MRDIY MR DIY GROUP M BHD
09988 ALIBABA GROUP HOLDING LTD.
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
KORE KEPPEL PACIFIC OAK US REIT
FFB FARM FRESH BHD
GOTO GOJEK TOKOPEDIA TBK PT
123F 123FAHRSCHULE SE
CLAS CAPITALAND ASCOTT TRUST
CLAR CAPITALAND ASCENDAS REIT
PRIME PRIME ROAD POWER PUBLIC CO LTD
ADRO ADARO ENERGY INDONESIA TBK PT
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
Z29 029 GROUP SE
99SMART 99 SPEED MART RETAIL HOLDINGS BHD
- Jonathan Koh
- Bella Lu Yifei
- Jack Goh Tooan Orng
- Jonathan Koh
- Kampon Akaravarinchai
- Ken Lee
- Nurul Nazira Binti Abdullah
- Shirley Wang Xueyi
- Stella Guo Yuting
- Stevanus Juanda
Regional Morning Meeting Notes: Friday, September 13, 2024
GREATER CHINA Sector Automobile Weekly: PV sales rebound by 14.7% yoy, beating estimates. Maintain MARKET WEIGHT. Top BUYs: CATL, Desay SV, and Geely. Top SELL: GAC. Consumer 2Q24/1H24 results wrap-up: Lowered expectations; disciplined operations matter. INDONESIA Update Sido Muncul (SIDO IJ/BUY/Rp680/Target: Rp900) ...
600690 HAIER SMART HOME CO. LTD. CLASS A
02313 SHENZHOU INTERNATIONAL GROUP HOLDINGS LIMITED
AS7 ANTA SPORTS PRODUCTS LTD.
300014 EVE ENERGY CO. LTD. CLASS A
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
600132 CHONGQING BREWERY CO.LTD CLASS A
000858 WULIANGYE YIBIN CO. LTD. CLASS A
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
EZQ CHINA MENGNIU DAIRY CO. LTD.
02331 LI NING COMPANY LIMITED
AJBU KEPPEL DC REIT
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
600887 INNER MONGOLIA YILI INDUSTRIAL GROUP CO. LTD. CLASS A
00027 GALAXY ENTERTAINMENT GROUP LIMITED
EGH EUREKA GROUP HOLDINGS
M3I MINTH GROUP LIMITED
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
599A SANDS CHINA LTD.
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
000333 MIDEA GROUP CO. LTD. CLASS A
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
603288 FOSHAN HAITIAN FLAVOURING & FOOD CO. LTD. CLASS A
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
01585 YADEA GROUP HOLDINGS LTD.
0168 TSINGTAO BREWERY CO. LTD. CLASS H
2333 GREAT WALL MOTOR CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
2338 WEICHAI POWER CO. LTD. CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
06862 HAIDILAO INTERNATIONAL HOLDING LTD.
SIDO INDUSTRI JAMU DAN FARMASI SI
MYEG MY EG SERVICES BHD
TXG 10X GENOMICS INC CLASS A
1368 XTEP INTERNATIONAL HOLDINGS
1772 GANFENG LITHIUM CO. LTD. CLASS H
01876 BUDWEISER BREWING CO. APAC LTD.
6186 CHINA FEIHE LTD
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
MNSO MINISO GROUP HOLDING ADS (N SHARES)
06690 HAIER SMART HOME CO. LTD. CLASS H
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
Z29 029 GROUP SE
IOIPG IOI PROPERTIES GROUP BHD
02015 LI AUTO INC
600699 JOYSON ELECTRONICS CORP
- Jonathan Koh
Keppel DC REIT (KDCREIT SP) - Positive Momentum To Sustain Into 2H24 A...
KDCREIT clocked positive rental reversion of more than 40% for a major renewal contract in Singapore in 2Q24, a reflection of strong demand and tight vacancy locally. Large colocation leases with longer WALE of 3-4 years led to the astronomical positive rental reversion. The growth momentum is sustainable as capacity remains tight and it has several large colocation leases expiring in 2H24 and 2025. KDCREIT would benefit from rate cuts in 2025. Maintain BUY with a higher target price of S$2.28.
- 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
- Bella Lu Yifei
- Chong Lee Len
- Desmond Chong Chee Wai
- Greater China Research Team
- Jack Goh Tooan Orng
- Jo Yee Ng
- Jonathan Koh
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Kate Luang
- Ken Lee
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Ming San Soong
- Philip Wong
- Posmarito Pakpahan
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Thailand Research Team
- Thanawat Thangchadakorn
- Wei Xiang Ku
Regional Morning Meeting Notes: Friday, August 02, 2024
GREATER CHINA Strategy Alpha Picks: August Conviction Calls We expect stimulus to be announced in August and add COSCO Shipping Ports, Haier Smart Home, and KE Holdings to our BUY list and add SELL call on WuXi Bio, and XPeng. Small-Mid Cap Monthly Reiterate BUY on Crystal amid share price pullback; eyes on interim dividend surprise. Sector Automobile ...
TFG THAIFOODS GROUP
600690 HAIER SMART HOME CO. LTD. CLASS A
02313 SHENZHOU INTERNATIONAL GROUP HOLDINGS LIMITED
300014 EVE ENERGY CO. LTD. CLASS A
IZZ TAL EDUCATION GROUP SPONSORED ADR CLASS A
TWOU 2U INC.
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
FCT FRASERS CENTREPOINT TRUST
ASM PACIFIC TECHNOLOGY LIMITED
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
ERW ERAWAN GROUP
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
AJBU KEPPEL DC REIT
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
00027 GALAXY ENTERTAINMENT GROUP LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
C6L SINGAPORE AIRLINES LTD.
KBANK KASIKORNBANK PUBLIC CO. LTD.
M3I MINTH GROUP LIMITED
AW9U FIRST REAL ESTATE INVESTMENT TRUST
BN4 KEPPEL CORPORATION LIMITED
599A SANDS CHINA LTD.
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
CPN CENTRAL PATTANA PUBLIC CO. LTD.
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
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
2338 WEICHAI POWER CO. LTD. CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
CDREIT CDL HOSPITALITY TRUSTS
PENT PENTAMASTER CORP BHD
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
FEHT FAR EAST HOSPITALITY TRUST
MTC MUANGTHAI CAPITAL PCL
PREIT PARKWAYLIFE REAL ESTATE
MINT MAPLETREE INDUSTRIAL TRUST
FNH FRASER & NEAVE HOLDINGS BHD
CPALL TB CP ALL
SASSR SASSEUR REAL ESTATE INVESTMENT TRUST
RATCH RATCH GROUP PUBLIC CO. LTD.
MUST MANULIFE US REAL ESTATE INV
01801 INNOVENT BIOLOGICS INC.
OSP OSOTSPA PUBLIC CO. LTD.
TXG 10X GENOMICS INC CLASS A
TGIF 1933 INDUSTRIES
1772 GANFENG LITHIUM CO. LTD. CLASS H
UHU UNITED HAMPSHIRE US REIT
01876 BUDWEISER BREWING CO. APAC LTD.
1199 COSCO SHIPPING PORTS LIMITED
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
SCGP SCG PACKAGING PCL
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
2269 WUXI BIOLOGICS (CAYMAN) INC.
FLT FRASERS LOGISTICS & COMMERCIAL TRUST
KORE KEPPEL PACIFIC OAK US REIT
CTOS CTOS DIGITAL BHD
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
DCREIT DIGITAL CORE REIT
MPACT MAPLETREE PAN ASIA COMMERCIAL TRUST
123F 123FAHRSCHULE SE
02423 KE HOLDINGS INC.
BCOW 1895 BANCORP OF WISCONSIN INC
CLAS CAPITALAND ASCOTT TRUST
CLAR CAPITALAND ASCENDAS REIT
PRIME PRIME ROAD POWER PUBLIC CO LTD
2232 CRYSTAL INTERNATIONAL GROUP LTD
Z29 029 GROUP SE
02015 LI AUTO INC
09868 XPENG INC
09961 CTRIP.COM INTERNATIONAL
BTG BETAGRO PUBLIC COMPANY LIMITED
600699 JOYSON ELECTRONICS CORP
PEKAT PEKAT GROUP BHD
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Jonathan Koh
- Roy Chen Chengzhi
Singapore Daily - Monday, July 29, 2024
KEY HIGHLIGHTS Results CapitaLand Ascott Trust (CLAS SP/BUY/S$0.90/Target: S$1.30): 1H24: Strength from Japan and the US; weakness from Australia. iFAST Corp (IFAST SP/HOLD/S$7.50/Target: S$8.03): 2Q24: Steady AUA growth; ePension on track. Keppel DC REIT (KDCREIT SP/BUY/S$1.90/Target: S$2.09): 1H24: Singapore provides strong positive rental reversion. Upgrade to BUY. Mapletree Industrial Trust (MINT SP/BUY/S$2.27/Target: S$2.78): 1QFY25: Steady execution in Singapore; focused on expansion i...
- Bella Lu Yifei
- Greater China Research Team
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Jonathan Koh
- Ken Lee
- Kong Ho Meng
- Roy Chen Chengzhi
- Stevanus Juanda
Regional Morning Meeting Notes: Monday, July 29, 2024
GREATER CHINA Results Contemporary Amperex Technology (300750 CH/BUY/Rmb189.35 /Target: Rmb250.00) 2Q24: Earnings in line while revenue misses. Maintain BUY. Update Weichai Power (2338 HK/BUY/HK$13.16/Target: HK$16.00) Upgrade from HOLD to BUY on strong stimulus policy. Raise target price from HK$12.50 to HK$16.00. INDONESIA Results Unilever Indonesia (UNVR IJ/HOLD/Rp2,490/Target: Rp2,700) 2Q24: Weakness and market share loss due to reoccurring boycot...
- Heidi Mo Jinghui
- John Cheong Ming Chern
iFAST Corporation (IFAST SP) - 2Q24: Steady AUA Growth; ePension On Tr...
iFAST’s 2Q24 earnings of S$16m (+346% yoy, +10% qoq) were above expectations, with 1H24 forming 53% of our full-year estimate. The HK ePension division and record AUA (+19% yoy, +6% qoq) continued to drive strong 2Q24 performance. According to the latest schedule published, two MPF trustees have been onboarded, while the remaining are expected to onboard from Sep 24 to end-25. Maintain HOLD with a 5% higher target price of S$8.03 (S$7.64 previously).
- Jonathan Koh
Keppel DC REIT (KDCREIT SP) - 1H24: Singapore Provided Strong Positive...
1H24 results were above our expectations. KDCREIT clocked strong positive rental reversion of more than 40% for a major renewal contract in Singapore in 2Q24, a reflection of strong demand and tight vacancy locally. Revenue contribution from Singapore grew 6.6% yoy in 1H24. KDCREIT benefits from the extremely tight vacancy rate of 1.0% in Singapore and is expected to maintain healthy and positive rental reversion in 2H24. Upgrade to BUY. Target price: S$2.09.
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Chong Lee Len
- Jo Yee Ng
- Jonathan Koh
- Kitpon Praipaisarnkit
- Philip Wong
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
Regional Morning Notes - Friday, July 12, 2024
GREATER CHINA Update Xtep International Holdings (1368 HK/BUY/HK$5.00/Target: HK$7.20): Weak offline sales in 1H24; more conservative tone on full-year targets. INDONESIA Update Bank Rakyat Indonesia (BBRI IJ/BUY/Rp4,840/Target: Rp5,800): Focus on restructuring micro segment; to grow corporate segment instead. MALAYSIA Update Alpha IVF (ALPHA MK/BUY/RM0.315/Target: RM0.40): Alhaya is humming along nicely. Maintain BUY and target price of RM0.40. Malakoff Corporation (MLK MK/BUY/RM0.825/Target:...
- Jonathan Koh
Keppel DC REIT (KDCREIT SP) - Making Its Maiden Foray Into Japan
KDCREIT has made its maiden foray into Japan by acquiring a 98.47% effective interest in a freehold shell & core data centre at West Tokyo in Japan for ¥23.4b (S$201.0m). The acquisition is fully funded by JPY-denominated debt at a cost of below 2%. It is accretive to DPU by 1.1% and should be completed in 3Q24. KDCREIT provides 2025 distribution yield of 4.9% (DCREIT: 5.9%, MINT: 6.2%). Maintain HOLD. Target price: S$1.98.
- Adrian Loh Tzum Yung
- Jonathan Koh
Singapore Daily: Friday, July 12, 2024
Update Keppel DC REIT (KDCREIT SP/HOLD/S$1.91/Target: S$1.98) Making its maiden foray into Japan. Sembcorp Industries (SCI SP/BUY/S$4.77/Target: S$7.49) Looking through the noise – still an attractive renewables play. TRADERS’ CORNER First Resources (FR SP): Trading BUY Frasers Centrepoint Trust (FCT SP): Trading BUY
- Jonathan Koh
Singapore REITs: Data Centre REITs – Stellar Growth In The US; Changin...
Core data centre hubs in the US, such as Northern Virginia and Silicon Valley, are benefitting from rising AI demand from public cloud providers and AI companies. Vacancy is tight in Singapore but new demand is being diverted to the neighbouring state of Johor in Malaysia. Our preferred BUYs are DCREIT (Target: US$0.80) and MINT (Target: S$2.78) due to their focus on the US market. CLAR’s (Target: S$3.44) exposure to data centres is smaller, but it is looking to expand.
- Desmond Chong Chee Wai
- Johnny Yum Chung Man
- Jonathan Koh
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Kong Ho Meng
- Limartha Adhiputra
- Ming San Soong
Regional Morning Meeting Notes: Friday, July 5, 2024
GREATER CHINA Initiate Coverage BYD Electronic (285 HK/BUY/HK$37.35/Target: HK$47.70) Robust multi-year growth cycle driven by content gains and GenAI themes. Update Pinduoduo (PDD US/BUY/US$133.88/Target: US$200.00) Fostering overseas expansion to mitigate regulatory uncertainties. INDONESIA Update Jasa Marga (JSMR IJ/BUY/Rp5,250/Target: Rp7,300) Progress in JTT equity financing. MALAYSIA Sector Technology ...
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
AJBU KEPPEL DC REIT
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
5243 VELESTO ENERGY
PDD PINDUODUO INC. SPONSORED ADR CLASS A
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
FEHT FAR EAST HOSPITALITY TRUST
VSI V.S. INDUSTRY BERHAD
PREIT PARKWAYLIFE REAL ESTATE
MINT MAPLETREE INDUSTRIAL TRUST
SASSR SASSEUR REAL ESTATE INVESTMENT TRUST
SKP SKP RESOURCES BHD
MUST MANULIFE US REAL ESTATE INV
TXG 10X GENOMICS INC CLASS A
UHU UNITED HAMPSHIRE US REIT
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
FLT FRASERS LOGISTICS & COMMERCIAL TRUST
KORE KEPPEL PACIFIC OAK US REIT
570499Z ADITYA BIRLA SUN LIFE AMC
DCREIT DIGITAL CORE REIT
MPACT MAPLETREE PAN ASIA COMMERCIAL TRUST
CLAS CAPITALAND ASCOTT TRUST
CLAR CAPITALAND ASCENDAS REIT
NATGATE NATIONGATE HOLDINGS BHD
PRIME PRIME ROAD POWER PUBLIC CO LTD
CEB CAPE EMS BERHAD
Z29 029 GROUP SE
- Anas Fitri Bin Ahmad
- Greater China Research Team
- Johnny Yum
- Jonathan Koh
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Kate Luang
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Wednesday, July 03, 2024
GREATER CHINA Strategy Alpha Picks: July Conviction Call Adding ASMPT, Innovent, Poly Property Services, TAL Education and Trip.com to our BUY list; hedging with SELL call on BYD. Small/Mid Cap Highlights Crystal International (2232 HK/BUY/HK$3.95/Target: HK$4.76) 1Q24 preview: Expecting interim DPS to more than double. INDONESIA Strategy Alpha Picks: Outperformance In Jun 24 And 2Q24 Our picks are BMRI, BBRI, EXCL, BSDE, TLKM, ACES, BBTN, CMRY, SIDO and JSM...
AEONTS AEON THANA SINSAP (THAILAND) PCL
02313 SHENZHOU INTERNATIONAL GROUP HOLDINGS LIMITED
IZZ TAL EDUCATION GROUP SPONSORED ADR CLASS A
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
FCT FRASERS CENTREPOINT TRUST
ASM PACIFIC TECHNOLOGY LIMITED
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
CTRA CIPUTRA DEVELOPMENT
KTB KRUNG THAI BANK PUBLIC CO. LTD.
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
AJBU KEPPEL DC REIT
BMRI PT BANK MANDIRI (PERSERO) TBK
KBANK KASIKORNBANK PUBLIC CO. LTD.
SCB SIAM COMMERCIAL BANK PUBLIC COMPANY LIMITED
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
00700 TENCENT HOLDINGS LTD.
1211 BYD COMPANY LIMITED CLASS H
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
SOP SARAWAK OIL PALMS BERHAD
FEHT FAR EAST HOSPITALITY TRUST
SIDO INDUSTRI JAMU DAN FARMASI SI
MTC MUANGTHAI CAPITAL PCL
PREIT PARKWAYLIFE REAL ESTATE
KIML KIM LOONG RESOURCES BHD
MINT MAPLETREE INDUSTRIAL TRUST
IOI IOI CORP BHD
KLK KUALA LUMPUR KEPONG BHD
CPALL TB CP ALL
SASSR SASSEUR REAL ESTATE INVESTMENT TRUST
MUST MANULIFE US REAL ESTATE INV
GENP GENTING PLANTATIONS BHD
01801 INNOVENT BIOLOGICS INC.
HAPL HAP SENG PLANTATIONS HOLDINGS BHD
UHU UNITED HAMPSHIRE US REIT
6049 POLY PROPERTY SERVICES CO LTD
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
TIDLOR NGERN TID LOR PCL
FLT FRASERS LOGISTICS & COMMERCIAL TRUST
6AM ALCOMET
KORE KEPPEL PACIFIC OAK US REIT
CK CH. KARNCHANG PUBLIC CO LTD
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
DCREIT DIGITAL CORE REIT
EXCL XL AXIATA TBK PT
MPACT MAPLETREE PAN ASIA COMMERCIAL TRUST
CMRY PT CISARUA MOUNTAIN DAIRY TBK
123F 123FAHRSCHULE SE
CLAS CAPITALAND ASCOTT TRUST
CLAR CAPITALAND ASCENDAS REIT
PRIME PRIME ROAD POWER PUBLIC CO LTD
2232 CRYSTAL INTERNATIONAL GROUP LTD
Z29 029 GROUP SE
09961 CTRIP.COM INTERNATIONAL
SDG SD GUTHRIE BHD
ASPL ASPIRATIONAL CONSUMER LIFESTYLE CORPORATION
- Damon Shen
- Jieqi Liu
- Jo Yee Ng
- Jonathan Koh
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Limartha Adhiputra
- Malaysia Research Team
- Shirley Wang Xueyi
- Stella Guo Yuting
- Thailand Research Team
- Tham Mun Hon
- Vincent Khoo Boo Aik
Regional Morning Meeting Notes: Tuesday, July 02, 2024
GREATER CHINA Economics PMI Manufacturing PMI below 50% for a second month. Strategy China And Hong Kong Property Major SOE developers saw sales rebound in June; policy support for Hong Kong tourism weaker-than-expected. Sector Macau Gaming Jun 24 GGR down 12% mom, missing expectations. INDONESIA Results Vale In...
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
00016 SUN HUNG KAI PROPERTIES LIMITED
FCT FRASERS CENTREPOINT TRUST
00823 LINK REAL ESTATE INVESTMENT TRUST
01109 CHINA RESOURCES LAND LIMITED
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
AJBU KEPPEL DC REIT
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
00014 HYSAN DEVELOPMENT CO. LTD.
00027 GALAXY ENTERTAINMENT GROUP LIMITED
INCO VALE INDONESIA
599A SANDS CHINA LTD.
CPN CENTRAL PATTANA PUBLIC CO. LTD.
01997 WHARF REAL ESTATE INVESTMENT CO. LTD.
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
FEHT FAR EAST HOSPITALITY TRUST
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
PREIT PARKWAYLIFE REAL ESTATE
MYEG MY EG SERVICES BHD
MINT MAPLETREE INDUSTRIAL TRUST
BURSA BURSA MALAYSIA BHD
MSGB MAH SING GROUP BHD
PMAH PRESS METAL ALUMINIUM HOLDIN
CPALL TB CP ALL
SASSR SASSEUR REAL ESTATE INVESTMENT TRUST
RATCH RATCH GROUP PUBLIC CO. LTD.
MUST MANULIFE US REAL ESTATE INV
TXG 10X GENOMICS INC CLASS A
EKO EKOVEST BHD
RGB RGB INTERNATIONAL BHD
UHU UNITED HAMPSHIRE US REIT
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
SCGP SCG PACKAGING PCL
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
TIDLOR NGERN TID LOR PCL
FLT FRASERS LOGISTICS & COMMERCIAL TRUST
KORE KEPPEL PACIFIC OAK US REIT
00017 NEW WORLD DEVELOPMENT CO. LTD.
DCREIT DIGITAL CORE REIT
MPACT MAPLETREE PAN ASIA COMMERCIAL TRUST
123F 123FAHRSCHULE SE
CLAS CAPITALAND ASCOTT TRUST
CLAR CAPITALAND ASCENDAS REIT
PRIME PRIME ROAD POWER PUBLIC CO LTD
Z29 029 GROUP SE
BTG BETAGRO PUBLIC COMPANY LIMITED
LAGENDA LAGENDA PROPERTIES BHD
PEKAT PEKAT GROUP BHD
- Jonathan Koh
Digital Core REIT (DCREIT SP) - Expansion In Germany And Japan Increas...
DCREIT continues to increase geographical diversification by acquiring an additional 24.9% stake in a Frankfurt data centre and a 10% stake in an Osaka data centre. Data centres in Germany and Japan expanded by 19ppt yoy to 33% of annualised rent. Aggregate leverage increased slightly by 0.7ppt yoy to 35.1%, while the average cost of debt eased 0.8ppt qoq to 3.9%. DCREIT provides a 2025 distribution yield of 6.3% (KDCREIT: 5.2% and MINT: 6.3%). Maintain BUY. Target price: US$0.85.
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