reports
- 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...
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
00683 KERRY PROPERTIES LIMITED
00016 SUN HUNG KAI PROPERTIES LIMITED
00823 LINK REAL ESTATE INVESTMENT TRUST
ANTM PT ANEKA TAMBANG TBK
1023 CIMB GROUP HOLDINGS BHD
01109 CHINA RESOURCES LAND LIMITED
BN2 VALUETRONICS HOLDINGS
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
AMRT SUMBER ALFARIA TRIJAYA TBK PT
AIY IFAST
00014 HYSAN DEVELOPMENT CO. LTD.
C52 COMFORTDELGRO CORPORATION LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
01997 WHARF REAL ESTATE INVESTMENT CO. LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
MSGB MAH SING GROUP BHD
SSG SHENG SIONG GROUP LTD
ICBP INDOFOOD CBP SUKSES MAKMUR T
PROP PROPNEX LTD
FEH FOOD EMPIRE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
00017 NEW WORLD DEVELOPMENT CO. LTD.
CMRY PT CISARUA MOUNTAIN DAIRY TBK
STM SEATRIUM LTD
DKFT IJ CENTRAL OMEGA RESOURCES
- 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.
BN2 VALUETRONICS HOLDINGS
AIY IFAST
C52 COMFORTDELGRO CORPORATION LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
SSG SHENG SIONG GROUP LTD
PROP PROPNEX LTD
FEH FOOD EMPIRE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
STM SEATRIUM LTD
- 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
BN2 VALUETRONICS HOLDINGS
AIY IFAST
C52 COMFORTDELGRO CORPORATION LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
SSG SHENG SIONG GROUP LTD
PROP PROPNEX LTD
FEH FOOD EMPIRE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
STM SEATRIUM LTD
iFAST Corporation Ltd: 1 director
A director at iFAST Corporation Ltd bought 80,000 shares at 6.505SGD and the significance rating of the trade was 57/100. 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 ...
- 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...
02331 LI NING COMPANY LIMITED
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
AIY IFAST
601668 CHINA STATE CONSTRUCTION ENGINEERING CORP. LTD. CLASS A
X2S SINOPHARM GROUP CO. LTD. CLASS H
0168 TSINGTAO BREWERY CO. LTD. CLASS H
PTTEP-R PTT EXPLORATION & PRODUCTION PCL NVDR
FNH FRASER & NEAVE HOLDINGS BHD
BURSA BURSA MALAYSIA BHD
02208 XINJIANG GOLDWIND SCIENCE & TECHNOLOGY CO. LTD. CLASS H
HMN ASCOTT RESIDENCE TRUST
OR PTT OIL AND RETAIL BUSINESS PUBLIC CO LIMITED
BBNI BANK NEGARA INDONESIA PERSER
ITC I-TAIL CORPORATION PUBLIC COMPANY LIMITED
1313 CHINA RESOURCES BUILDING MATERIALS TECHNOLOGY HOLDINGS LTD
- Heidi Mo Jinghui
- John Cheong Ming Chern
iFAST Corporation (IFAST SP) - 1Q25: Solid Growth In AUA And iGB Profi...
iFAST’s 1Q25 earnings of S$19m (+31% yoy) slightly missed expectations, forming 19% of our full-year forecast. Revenue rose 24% yoy, driven by growth in its core wealth management platform business and iGB’s profit turnaround. AUA continues to break its record, reaching S$25.7b (+3% qoq). iFAST lowered its 2025 PBT guidance for its Hong Kong operations by 24% due to resource ramp-up. A higher interim DPS of 1.6 S cents was proposed. Upgrade to BUY with a reduced target price of S$7.28.
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Jonathan Koh
Singapore Daily: Tuesday, April 29, 2025
KEY HIGHLIGHTS Results iFAST Corp (IFAST SP/BUY/S$6.35/Target: S$7.28) 1Q25: Solid growth in AUA and iGB profit; upgrade to BUY. Update CapitaLand Ascott Trust (CLAS SP/BUY/S$0.85/Target: S$1.38) 1Q25: Bracing for potential macro headwinds. TRADERS' CORNER Top Glove Corp (TOPG SP): Trading BUY Riverstone Holdings (RSTON SP): Trading BUY
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Jonathan Koh
Singapore Daily - Friday, February 14, 2025
KEY HIGHLIGHTS Results Digital Core REIT (DCREIT SP/BUY/US$0.535/Target: US$0.88): 2H24: Good works that withstood the test of fire. iFAST Corp (IFAST SP/HOLD/S$7.87/Target: S$8.30): 4Q24: Hong Kong segment results ahead of guidance; another record AUA set. TRADERS’ CORNER Singapore Exchange (SGX SP): Trading BUY First Resources (FR SP): Trading BUY
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Chong Lee Len
- Colin Lee
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Jonathan Koh
- Kasemsun Koonnara
- Ken Lee
- Stevanus Juanda
- Sunny Chen
Regional Morning Meeting Notes: Friday, February 14, 2025
GREATER CHINA Sector Automobile Weekly: PV sales stay low, BYD to equip all EVs with DiPilot ADAS. Upgrade BYD to BUY. Maintain MARKET WEIGHT on the sector. Top BUYs: Geely, CATL, Fuyao and Desay. Update AAC Technologies (2018 HK/HOLD/HK$46.55/ Target: HK$48.00) 2024 profit alert – earnings set to beat expectations. Maintain HOLD. The United Laboratories International (3933 HK/HOLD/HK$12.42/Target: H...
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
A2XN AAC TECHNOLOGIES HOLDINGS INC.
AIY IFAST
UNVR PT UNILEVER INDONESIA TBK
BH BUMRUNGRAD HOSPITAL PUBLIC CO. LTD.
EGH EUREKA GROUP HOLDINGS
M3I MINTH GROUP LIMITED
CENTEL CENTRAL PLAZA HOTEL
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
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
3933 THE UNITED LABORATORIES INTE
DLG DIALOG GROUP BHD
1772 GANFENG LITHIUM CO. LTD. CLASS H
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
CDB CELCOMDIGI BHD
Z29 029 GROUP SE
02015 LI AUTO INC
600699 JOYSON ELECTRONICS CORP
- Heidi Mo Jinghui
- John Cheong Ming Chern
iFAST Corporation (IFAST SP) - 4Q24: Hong Kong Segment Results Ahead O...
iFAST delivered strong 4Q24 results, with 2024 PATMI of S$67m 6%/7% above our/consensus expectations. This is mainly due to a better-than-expected performance from its Hong Kong operations and another record AUA of S$25b (+26% yoy, +6% qoq). Management targets to reach S$100b in AUA by 2028-30. A 14% higher final DPS of 1.6 S cents was proposed. Maintain HOLD with a 2% higher target price of S$8.30 (S$8.17 previously) on richer valuations compared with its peers.
- Bella Lu Yifei
- Benjaphol Suthwanish
- Benyamin Mikael
- Carol Dou Xiao Qin
- Desmond Chong Chee Wai
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Jonathan Koh
- Kasemsun Koonnara
- Ken Lee
- Llelleythan Tan Tan
- Nurul Nazira Binti Abdullah
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tanaporn Visaruthaphong
- Ziv Ang Sze Champ
Regional Morning Notes - Tuesday, October 29, 2024
GREATER CHINA Sector Automobile: Intelligentisation is the new growth engine for the EV industry. Top BUYs: Desay SV, Tuopu, Joyson, Fuyao and ECARX. Results China Resources Building Materials Tech (1313 HK/BUY/HK$2.02/Target: HK$2.30): 3Q24: Below expectations; 2024 cement sales guidance trimmed to 63m tonnes. Foshan Haitian Flavouring & Food (603288 CH/HOLD/Rmb45.37/Target: Rmb49.50): 3Q24: Core profit up 9% yoy; well-positioned for continued steady growth. Goldwind (2208 HK/BUY/HK$6.91/Target...
AIY IFAST
C52 COMFORTDELGRO CORPORATION LIMITED
PTTEP PTT EXPLORATION & PRODUCTION PLC
X2S SINOPHARM GROUP CO. LTD. CLASS H
603288 FOSHAN HAITIAN FLAVOURING & FOOD CO. LTD. CLASS A
MSGB MAH SING GROUP BHD
02208 XINJIANG GOLDWIND SCIENCE & TECHNOLOGY CO. LTD. CLASS H
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
1313 CHINA RESOURCES BUILDING MATERIALS TECHNOLOGY HOLDINGS LTD
NE NORTHEAST GROUP BHD (NE MK)
- Heidi Mo Jinghui
- John Cheong Ming Chern
iFAST Corporation (IFAST SP) - 3Q24: AUA Scales New High; Potential Up...
iFAST’s 3Q24 results were strong. The PATMI of S$17m (+97% yoy, +5% qoq) is largely in line with expectations, with 9M24 forming 77% of our/consensus estimates. The HK ePension division and all-time high AUA (+24% yoy, +6% qoq) continue to be key growth drivers. A higher third interim dividend of 1.5 S cents/share was proposed, in line with our expectations. Maintain HOLD with a 2% higher target price of S$8.17 (S$8.03 previously).
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Jonathan Koh
- Llelleythan Tan Tan
Singapore Daily: Tuesday, October 29, 2024
KEY HIGHLIGHTS Results iFAST Corp (IFAST SP/HOLD/S$7.65/Target: S$8.17) 3Q24: AUA scales new high; potential upside to ePension PBT guidance. Mapletree Pan Asia Commercial Trust (MPACT SP/BUY/S$1.33/Target: S$1.71) 2QFY25: Non-renewal and revaluation losses from Japan affect results. Update ComfortDelGro Corporation (CD SP/HOLD/S$1.46/Target: S$1.56) 3Q24 results preview: Expect stable growth despite minor headwinds. TRADERS' CORNER Thai Beverage (THBEV SP): Trading BUY ...
- Benjaphol Suthwanish
- Hazmy Hazin
- Heidi Mo Jinghui
- Jo Yee Ng
- Julia Pan Mengyao
- Kitpon Praipaisarnkit
- Kong Ho Meng
- Limartha Adhiputra
- Zhifeng Shen
Regional Morning Notes - Thursday, February 16, 2023
GREATER CHINA Sector Internet: Online games buoyed by resumption of NPPA new game approval. Sportswear: Upbeat on improving fundamentals. INDONESIA Update Summarecon Agung (SMRA IJ/BUY/Rp590/Target: Rp900): Expecting solid net profit growth in 2023. MALAYSIA Results MISC (MISC MK/BUY/RM7.33/Target: RM8.60): 2022: Profit beat expectations. EBITDA generation will be driven by near-term strong outlook from petroleum, and long-term earnings boost from FPSO Mero-3. Update Kerjaya Prospek Group (KPG...
An unfavourable environment weighs on IFAST CORP., which sees a downgr...
The independent financial analyst theScreener just requalified the general evaluation of IFAST CORP. (SG), active in the Software industry. As regards its fundamental valuation, the title still shows 1 out of 4 stars and its market behaviour is seen as moderately risky. theScreener believes that the unfavourable environment weighs on the sector and penalises the company, which sees a downgrade to its general evaluation to Slightly Negative. As of the analysis date February 15, 2022, the closing ...
- Valens Research
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
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