reports
- 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
- Adrian Loh Tzum Yung
- Jonathan Koh
- Singapore Research Team
Singapore Daily: Thursday, July 3, 2025
KEY HIGHLIGHTS Strategy Alpha Picks: Outperformed The STI In Jun 25 And 2Q25: Our Alpha Picks portfolio beat the STI by a solid 1.7ppt in Jun 25 and 5.2ppt in 2Q25. Add UMSH, CLAR and remove STM, CENT. Update Lendlease Global Commercial REIT (LREIT SP/BUY/S$0.53/Target: S$0.76): Deleveraging within acceptable trade-offs. TRADERS’ CORNER Yangzijiang Financial Holding (YZJFH SP): Trading BUY Olam Group (OLG SP): Trading BUY
- 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 ...
OU8 CENTURION
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
00683 KERRY PROPERTIES LIMITED
00016 SUN HUNG KAI PROPERTIES LIMITED
01109 CHINA RESOURCES LAND LIMITED
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
5218 SAPURA ENERGY BHD
AIY IFAST
558 UMS HOLDINGS LIMITED
3816 MISC BHD
C52 COMFORTDELGRO CORPORATION LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
7113 TOP GLOVE CORPORATION BHD.
AP AP THAILAND
5243 VELESTO ENERGY
UZMA UZMA BHD
YNS YINSON HOLDINGS BHD
NETLINK NETLINK NBN TRUST
SIE SIA ENGINEERING CO LTD
GAM GAMUDA BHD
BAB BUMI ARMADA BERHAD
SPOST SINGAPORE POST LTD
DLG DIALOG GROUP BHD
MMHE MALAYSIA MARINE AND HEAVY EN
SSG SHENG SIONG GROUP LTD
RFMD RAFFLES MEDICAL GROUP LTD
ECW ECO WORLD DEVELOPMENT GROUP
DLUM DELEUM BERHAD
RSTON RIVERSTONE HOLDINGS LTD
00017 NEW WORLD DEVELOPMENT CO. LTD.
PETGAS PETRONAS GAS BHD
- Adrian Loh Tzum Yung
- Singapore Research Team
- 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.
- John Cheong Ming Chern
- Arsit Pamaranont
- Colin Lee
- Desmond Chong Chee Wai
- Ejann Hiew
- Jack Goh Tooan Orng
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Ming San Soong
- Posmarito Pakpahan
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Thursday, June 12, 2025
GREATER CHINA Sector Industrial Automation: Development of humanoid robots continues to accelerate, but broader market lukewarm. Internet: JD’s new initiative in on-demand delivery is reshaping FD market dynamics. INDONESIA Update Bank Syariah Indonesia (BRIS IJ/BUY/Rp2,620/Target: Rp3,450): Danantara plans to acquire BRIS. MALAYSIA Results VS Industry (VSI MK/BUY/RM0.775/Target: RM0.92): 3QFY25: Within house but below consensus expectations; expect a stronger 4QFY25. Update Kossan Rubber (KRI...
- John Cheong Ming Chern
UMS Integration (UMSH SP) - Key Takeaways From Malaysia NDR
We hosted UMS for an NDR with our institutional clients in Malaysia on 11 Jun 25. Key takeaways include: a) UMS is seeing healthy orders from its new customer and maintains its revenue guidance of 10% growth qoq in 2Q25, b) dual listing in Bursa Malaysia is on track for completion in late-July 25 and UMS hopes that its valuation gap will narrow vs its Malaysia peers, and c) UMS is increasing market engagement ahead of its dual-listing. Maintain BUY and target price of S$1.32.
- Anas Fitri Bin Ahmad
- Benjaphol Suthwanish
- Benyamin Mikael
- Chong Lee Len
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Kong Ho Meng
- Lester Siew
- Llelleythan Tan Tan
- Ming San Soong
- Roy Chen Chengzhi
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
Regional Morning Notes - Wednesday, May 14, 2025
GREATER CHINA Results JD.com (9618 HK/BUY/HK$137.00/Target: HK$185.00): 1Q25: Strong earnings beat; intact 2025 outlook; vague visibility on food delivery. JD Logistics, Inc (2618 HK/BUY/HK$12.24/Target: HK$22.00): 2024: Results broadly in line; revenue growth to accelerate in 2025. Maintain BUY. Tencent Music Entertainment Group (1698 HK/BUY/HK$54.50/Target: HK$68.00): 1Q25: Solid earnings beat; encouraging margin outlook in 2025. INDONESIA Update Trimegah Bangun Persada (NCKL IJ/BUY/Rp670/Tar...
558 UMS HOLDINGS LIMITED
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
SE SEA ADS
MAXIS MAXIS BHD
SIE SIA ENGINEERING CO LTD
MTC MUANGTHAI CAPITAL PCL
CPALL TB CP ALL
FEH FOOD EMPIRE HOLDINGS LTD
09618 JD.COM INC. CLASS A
02618 JD LOGISTICS INC
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
1698 HK TENCENT MUSIC ENTERTAINMENT GROUP
- John Cheong Ming Chern
UMS Integration (UMSH SP) - 1Q25: Positive Outlook As New Customer Ram...
UMS’s 1Q25 earnings of S10m (flat yoy) is in line with expectations, at 20% of our full-year estimate. 1Q25 revenue grew by 7% but earnings growth was offset by a forex loss of S$1m. UMS is encouraged by strong order flow of its new key customer which helped to triple its sales in Malaysia as the customer seeks to divert its US supply source to Asia. UMS expects to benefit from trade diversion from the ongoing trade war. Maintain BUY with a 9% higher target price of S$1.32.
- Adrian Loh Tzum Yung
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Jonathan Koh
- Llelleythan Tan Tan
- Roy Chen Chengzhi
Singapore Daily: Wednesday, May 14, 2025
KEY HIGHLIGHTS Results Food Empire Holdings (FEH SP/BUY/S$1.53/Target: S$1.98) 1Q25: A strong start and a more optimistic outlook; raise target price by 65%. RH Petrogas (RHP SP/BUY/S$0.146/Target: S$0.254) 1Q25: Strong cost control and rising free cash flow with exploration wells to look forward to in 2H25. Maintain BUY. SEA (SE US/BUY/US$154.13/Target: US$181.64) 1Q25: Strong earnings from better operating le...
- John Cheong Ming Chern
- Bella Lu Yifei
- Colin Lee
- Damon Shen
- Jieqi Liu
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Ken Lee
- Kong Ho Meng
- Ming San Soong
- Posmarito Pakpahan
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Tuesday, April 22, 2025
GREATER CHINA Sector Property Supportive policy remarks by Premier Li Qiang point to further upside; upcoming Politburo meeting to be an important policy window. Results Fuyao Glass Industry Group (3606 HK/BUY/HK$49.15/Target: HK$68.00) 1Q25: Earnings up 46% yoy, in line with estimates. Maintain BUY. Target price: HK$68.00. Han’s Laser (002008 CH/BUY/Rmb24.27/Target: Rmb32.20) 1Q25: Net pro...
A0M4P7 HAN'S LASER TECHNOLOGY INDUSTRY GROUP CO. LTD. CLASS A
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
01109 CHINA RESOURCES LAND LIMITED
V03 VENTURE CORPORATION LIMITED
BN2 VALUETRONICS HOLDINGS
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
AWX AEM HOLDINGS
558 UMS HOLDINGS LIMITED
3816 MISC BHD
KBANK KASIKORNBANK PUBLIC CO. LTD.
NANO NANOCO GROUP
ACES PT ACE HARDWARE INDONESIA TBK
FRKN FRENCKEN GROUP LTD
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
01024 KUAISHOU TECHNOLOGY CLASS B
SCB SCB X PUBLIC COMPANY LIMITED
8AZ AZTECH GLOBAL LTD
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