reports
- Adrian Loh Tzum Yung
- Singapore Research Team
Singapore Daily: Friday, October 3, 2025
Top Stories Strategy | Alpha Picks: Staying Ahead And Capturing EQDP Opportunities Our Alpha Picks portfolio rose 4.2% mom in Sep 25, outperforming the STI’s 0.7%. Gains were led by YZJ, VALUE, MPM and CSSC. For Oct 25, we add SCI, LREIT and RSTON, and take profit on BRC and YZJ. We remain well-positioned for upside in small-/mid-cap stocks. Market Spotlight • US stocks ended higher on Thursday. Despite mixed sector performances, the DJIA, S&P 500, and NASDAQ all advanced. • The FSSTI gained 7...
U96 SEMBCORP INDUSTRIES LTD.
BN2 VALUETRONICS HOLDINGS
558 UMS HOLDINGS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
RSTON RIVERSTONE HOLDINGS LTD
FEH FOOD EMPIRE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
HLA HONG LEONG ASIA LTD
CLAR CAPITALAND ASCENDAS REIT
- Suryaputra Wijaksana
Regional Morning Meeting Notes: Friday, October 3, 2025
Greater China Sector Update | Automobile China’s EV sales surged 25% wow in the 39th week of 2025 but slowed to 10.5% yoy amid a high base and anti-involution efforts. Geely and XPeng outperformed, while BYD and Li Auto saw yoy sales declines. Maintain MARKET WEIGHT on the sector, with top BUYs on CATL and Geely; we downgrade Ganfeng Lithium from BUY to HOLD with an unchanged target price of HK$40.00, as the stock price has hit our target. Indonesia Economics | Indonesia’s Trade Balance Hits Mu...
BJC BERLI JUCKER PUBLIC CO. LTD.
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
544 CSE GLOBAL LTD.
U96 SEMBCORP INDUSTRIES LTD.
BN2 VALUETRONICS HOLDINGS
002594 BYD COMPANY LIMITED CLASS A
AMRT SUMBER ALFARIA TRIJAYA TBK PT
COM7 COM7
558 UMS HOLDINGS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
AP4 RIVERSTONE HOLDINGS
ADRO PT ADARO ENERGY TBK
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
VSI V.S. INDUSTRY BERHAD
CPALL TB CP ALL
IGBREIT IGB REAL ESTATE INVESTMENT T
SREIT SUNWAY REAL ESTATE INVESTMEN
CPALL-R CP ALL PCL NVDR
AXRB AXIS REAL ESTATE INVESTMENT
KLCCSS KLCCP STAPLED GROUP
FEH FOOD EMPIRE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
LI LI AUTO INC. SPONSORED ADR CLASS A
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
HLA HONG LEONG ASIA LTD
CLAR CAPITALAND ASCENDAS REIT
MDKA MERDEKA COPPER GOLD TBK PT
CMMT CAPITALAND MALAYSIA TRUST
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
PREIT PAVILION REAL ESTATE INVESTMENT TRUST
HRUM HARUM ENERGY TBK PT
3750 CONTEMPORARY AMPEREX TECHNOLOGY (3750 HK)
ASSA IJ ADI SARANA ARMADA TBK PT (ASSA IJ)
ARCI IJ ARCHI INDONESIA (ARCI IJ)
- Singapore Research Team
Strategy - Alpha Picks: Staying Ahead And Capturing EQDP Opportunities
Our Alpha Picks portfolio rose 4.2% mom in Sep 25, outperforming the STI’s 0.7%. Gains were led by YZJ, VALUE, MPM and CSSC. For Oct 25, we add SCI, LREIT and RSTON, and take profit on BRC and YZJ. We remain well-positioned for upside in small-/mid-cap stocks.
U96 SEMBCORP INDUSTRIES LTD.
BN2 VALUETRONICS HOLDINGS
558 UMS HOLDINGS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
RSTON RIVERSTONE HOLDINGS LTD
FEH FOOD EMPIRE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
HLA HONG LEONG ASIA LTD
CLAR CAPITALAND ASCENDAS REIT
- Heidi Mo Jinghui
- John Cheong Ming Chern
Singapore Daily: Thursday, September 18, 2025
Top Stories Strategy | Small Mid Caps SGX will be launching a new index that tracks the next tier of large and liquid companies to better showcase Singapore’s broader equity market. We expect this to benefit small-mid cap stocks. We have identified a potential list of 39 Mini STI constituents. Our top picks are Food Empire, Sheng Siong, CSE, China Sunsine, Marco Polo Marine and Valuetronics. Market Spotlight US stocks ended mixed on Wednesday, with the DJIA gaining while the S&P 500 and NASD...
- Singapore Research Team
Strategy - Alpha Picks: Double Happiness Again In Aug 25; Add BRC and ...
Our Alpha Picks portfolio delivered another month of strong performance, rising 11.4% mom in Aug 25 to overwhelm the STI’s 2.3% gain. On a market cap-weighted basis, the portfolio gained 3.2% mom, also ahead of the benchmark by 0.9ppt. For Sep 25, we add BRC for its construction exposure and YZJSGD for its new order flow and inexpensive valuations, while locking in gains on CICT, CD and PROP.
BN2 VALUETRONICS HOLDINGS
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
558 UMS HOLDINGS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
BRC BRC ASIA LTD
FEH FOOD EMPIRE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
HLA HONG LEONG ASIA LTD
CLAR CAPITALAND ASCENDAS REIT
- Adrian Loh Tzum Yung
- Singapore Research Team
Singapore Daily: Wednesday, September 03, 2025
KEY HIGHLIGHTS Strategy Alpha Picks: Double Happiness Again In Aug 25 Our Alpha Picks portfolio rose 11.4% mom in Aug 25, overwhelming the STI’s 2.3% gain. Add BRC, YZJSGD; remove CICT, CD, PROP. TRADERS' CORNER First Resources (FR SP): Trading BUY Singapore Exchange (SGX SP): Trading SELL
BN2 VALUETRONICS HOLDINGS
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
558 UMS HOLDINGS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
BRC BRC ASIA LTD
FEH FOOD EMPIRE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
HLA HONG LEONG ASIA LTD
CLAR CAPITALAND ASCENDAS REIT
UMS Integration Ltd: 1 director
A director at UMS Integration Ltd sold 9,500,000 shares at 4.580MYR and the significance rating of the trade was 70/100. 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 c...
- Adrian Loh Tzum Yung
- Chong Lee Len
- John Cheong Ming Chern
- Jonathan Koh
Singapore Daily: Thursday, August 14, 2025
KEY HIGHLIGHTS Results City Developments (CIT SP/BUY/S$6.80/Target: S$8.50): 1H25: Strong divestment momentum offsets operational headwinds. Upgrade to BUY with higher target price of S$8.50. Singapore Telecommunications (ST SP/BUY/S$4.06/Target: S$4.58): 1QFY26: Robust results on the back of EBIT improvement from Optus and NCS while Airtel and AIS lifted regional earnings. UMS Integration (UMSH SP/BUY/S$1.48/Target:S$1.73): 2Q25: Strong core earnings growth and positive outlook; exploring bo...
- Adrian Loh Tzum Yung
- Bella Lu Yifei
- Benjaphol Suthwanish
- Benyamin Mikael
- Chong Lee Len
- Claire Wang Kelai
- Desmond Chong Chee Wai
- John Cheong Ming Chern
- Jonathan Koh
- Julia Pan Mengyao
- Ken Lee
- Ming San Soong
- Philip Wong
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
- Tham Mun Hon
- Wei Xiang Ku
Regional Morning Meeting Notes: Thursday, August 14, 2025
GREATER CHINA Economics Money Supply Credit demand remains weak, though money supply improved. Results Nexteer Automotive Group (1316 HK/BUY/HK$6.92/Target: HK$10.00) 1H25: Earnings beat estimates on margins. Upgrade from HOLD to BUY. Raise target price to HK$10.00 Tencent Holdings (700 HK/BUY/HK$586.00/Target: HK$736.00) 2Q25: Resilient results; unfolding AI monetisation in online games...
C09 CITY DEVELOPMENTS LIMITED
AMATA AMATA CORP
TOP THAI OIL PUBLIC CO. LTD.
558 UMS HOLDINGS LIMITED
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
00700 TENCENT HOLDINGS LTD.
CPALL TB CP ALL
UHU UNITED HAMPSHIRE US REIT
MRDIY MR DIY GROUP M BHD
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
VST VSTECS BHD
- John Cheong Ming Chern
UMS Integration (UMSH SP) - 2Q25: Strong Core Earnings Growth And Posi...
UMS’ 2Q25 earnings of S10m (+10 yoy/+5% qoq) are in line with expectations. 2Q25 revenue grew by 20% but a forex loss of S$3m offset some growth. Excluding forex, core earnings grew 45% yoy. UMS expects to benefit from the AI-driven global chip sector rebound and rising shift of global semiconductor supply chains. UMS has won a new project with its first key customer and is exploring a bonus issue to reward shareholders and improve liquidity. Maintain BUY and target price of S$1.73.
- John Cheong Ming Chern
- Jonathan Koh
Singapore Daily: Tuesday, August 05, 2025
KEY HIGHLIGHTS Sector Tech Manufacturers Picking three tech winners of MAS’ EQDP; top BUYs: FRKN, UMS, VALUE. Update Frasers Logistics & Commercial Trust (FLT SP/BUY/S$0.87/Target: S$1.15) 3QFY25: Double-digit reversion from Australia; rapid backfilling in Singapore. Frencken Group (FRKN SP/BUY/S$1.67/Target: S$2.08) Positive indicators for the semiconductor segment; raise target price by 49%. TRADERS' CORNER Delfi (DELFI SP): Trading BUY ...
- John Cheong Ming Chern
Tech Manufacturers: Picking Three Tech Winners Of MAS' EQDP; Top BUYs:...
Tech manufacturing stocks with good earnings growth visibility and positive catalysts should continue to see valuation re-rating as the valuation gap of 35-40% vs Malaysian peers remains wide. Our top picks are Frencken (target price: S$2.08) and UMS (target price: S$1.73) given their positive outlook of sequential earnings growth from their semiconductor customers. We also like VALUE for its attractive valuation and renewed growth profile from new customers. Maintain OVERWEIGHT on the sector.
- Chong Lee Len
- Jonathan Koh
- Llelleythan Tan Tan
- Singapore Research Team
Singapore Daily: Monday, August 04, 2025
KEY HIGHLIGHTS Strategy Alpha Picks: Massive Outperformance For Jul 25 Our Alpha Picks portfolio surpassed the STI by a massive 12.4ppt in Jul 25. Add HLA, MPM and CSE; remove IFAST and SSG. Results Mapletree Pan Asia Commercial Trust (MPACT SP/BUY/S$1.28/Target: S$1.86) 1QFY26: Lower operating and interest expenses offset overseas headwinds. NetLink NBN Trust (NETLINK SP/BUY/S$0.895/Target: S$0.98) 1QFY26: Muted result...
BN2 VALUETRONICS HOLDINGS
N2IU MAPLETREE COMMERCIAL TRUST
558 UMS HOLDINGS LIMITED
C52 COMFORTDELGRO CORPORATION LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
NETLINK NETLINK NBN TRUST
PROP PROPNEX LTD
FEH FOOD EMPIRE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
HLA HONG LEONG ASIA LTD
CLAR CAPITALAND ASCENDAS REIT
- Heidi Mo Jinghui
- John Cheong Ming Chern
Singapore Daily: Wednesday, July 23, 2025
KEY HIGHLIGHTS Strategy Small-Mid Cap Small mid cap stocks are biggest beneficiaries of MAS’ S$1.1b distribution. Sector Banking Higher reciprocal tariffs could further delay rate cuts. Results SIA Engineering (SIE SP/HOLD/S$3.35/Target: S$3.41) 1QFY26: Earnings beat thanks to strong JV/associate contributions; SIAEC appears fairly valued after recent share price surge. Downgrade to HOLD. TRADERS' CORNER SIA Engineering Co (SIE SP): Trading BUY ...
D05 DBS GROUP HOLDINGS LTD
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
BN2 VALUETRONICS HOLDINGS
558 UMS HOLDINGS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
SIE SIA ENGINEERING CO LTD
SSG SHENG SIONG GROUP LTD
PROP PROPNEX LTD
FEH FOOD EMPIRE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
MPM MARCO POLO MARINE LTD
OTEK OILTEK INTERNATIONAL (OTEK SP)
LUCC SP LUM CHANG CREATIONS LIMITED
- Heidi Mo Jinghui
- John Cheong Ming Chern
Singapore Strategy - Small-Mid Cap: Small Mid Cap Stocks Are The Bigge...
On 21 Jul 25, the MAS announced that it has appointed the first three asset managers under the EQDP and will place S$1.1b with them. The funds were selected because they have committed significant allocation to small mid cap stocks. As a result, small mid cap stocks appear to be the biggest winners of this programme. Our top picks include Food Empire, UMS, Frencken, Valuetronics, Oiltek, Propnex, Marco Polo Marine, Lum Chang Creations, CSE and Sheng Siong.
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Damon Shen
- Desmond Chong Chee Wai
- Ejann Hiew
- Jieqi Liu
- John Cheong Ming Chern
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tham Mun Hon
- Thanawat Thangchadakorn
- Wei Xiang Ku
Regional Morning Meeting Notes: Wednesday, July 16, 2025
GREATER CHINA Economics Economic Activity Resilient 1H25 growth of 5.3% yoy belies rising downside pressure. Sector Healthcare Weekly: Gaining strength on robust earnings outlook and pipeline growth. Maintain OVERWEIGHT. Property Property sales and prices weakened further in J...
AS7 ANTA SPORTS PRODUCTS LTD.
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
01093 CSPC PHARMACEUTICAL GROUP LIMITED
01109 CHINA RESOURCES LAND LIMITED
TISCO TISCO FINANCIAL GROUP
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
558 UMS HOLDINGS LIMITED
7160 PENTAMASTER CORP. BHD
01177 SINO BIOPHARMACEUTICAL LIMITED
0097 VITROX
X2S SINOPHARM GROUP CO. LTD. CLASS H
INRI INARI AMERTRON BHD
VSI V.S. INDUSTRY BERHAD
3933 THE UNITED LABORATORIES INTE
2877 CHINA SHINEWAY PHARMACEUTICA
SKP SKP RESOURCES BHD
HCM HUTCHISON CHINA MEDITECH LIMITED
01801 INNOVENT BIOLOGICS INC.
1833 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
603882 GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
GREATEC GREATECH TECHNOLOGY BHD
SCGP SCG PACKAGING PCL
2269 WUXI BIOLOGICS (CAYMAN) INC.
3692 HANSOH PHARMACEUTICAL GROUP
06160 BEIGENE LTD.
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
CORAZA CORAZA INTEGRATED TECHNOLOGY BERHAD
300765 WUXI APPTEC CO. LTD. CLASS H
ITMAX CSPC INNOVATION PHARMACEUTICAL CO L
NATGATE ITMAX SYSTEM BHD
300244 NATIONGATE HOLDINGS BHD
NE DIAN DIAGNOSTICS GROUP CO
NORTHEAST GROUP BHD (NE MK)
- John Cheong Ming Chern
UMS Integration (UMSH SP) - Expect Good Results And Multiple Re-rating...
We expect multiple positive catalysts ahead for UMS: a) In its latest outlook, UMS expects to achieve its double-digit revenue growth guidance for 2Q25 as it continues to see healthy orders from its key customers who remain positive in their latest guidance; b) its dual listing on Bursa Malaysia is attracting strong investor interest, which should help narrow UMS’s valuation gap of about 25% vs its Malaysia peers; and c) higher market engagement. Maintain BUY with a 31% higher target price of S$...
- John Cheong Ming Chern
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...
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
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.
AIY IFAST
558 UMS HOLDINGS LIMITED
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
CLAR CAPITALAND ASCENDAS REIT
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