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Mihail Dimitrov ... (+2)
  • Mihail Dimitrov
  • Veselin Radoychev Please Change Surname

Weekly bulletin - 23 September - 26 September 2025

The Bulgarian stock market showed a modest performance over the past week, with all major indexes ending nearly flat on Friday. The benchmark SOFIX edged up by 0.1% to close at 1 066.97, while the other key indexes also finished in positive territory, posting gains between 0.1% and 0.5%. Trading activity remained subdued, as block deals and bond trades contributed to a higher-than-average weekly turnover (+29.34%), despite a significant year-to-date decline in volumes (-71.9%). Gradus (GR6, BGN ...

Mihail Dimitrov ... (+2)
  • Mihail Dimitrov
  • Veselin Radoychev Please Change Surname

Morning Bulletin - 24 September 2025

The Bulgarian equities opened the shorter week on firmer footing, supported by broad-based buying. All major indexes gained between 0.13% and 0.47%, with advancers outnumbering decliners by a 7-to-5 margin. SOFIX was boosted by Bulgarian Stock Exchange (BSE, BGN 9.85, +3.14%), alongside strength in Elana Agrocredit (EAC, BGN 1.06, +1.92%), which rejoined the index, and Advance Terrafund (ATER, BGN 2.96, +1.37%). Additional gains in Stara Planina Hold (SPH, BGN 10.10, +3.06%) and Speedy (SPDY, BG...

Bella Lu Yifei ... (+7)
  • Bella Lu Yifei
  • Jo Yee Ng
  • Jonathan Koh
  • Ken Lee
  • Malaysia Research Team
  • Tanapon Cholkadidamrongkul
  • Willinoy Sitorus

Regional Morning Meeting Notes: Friday, September 12, 2025

Greater China Sector Update | Automobile China has launched a three-month MIIT-led campaign to curb online misconduct in the auto industry, using selfinspections and penalties to reduce misinformation and promote competition on product quality. China’s PV insurance registrations fell 30% wow due to seasonality and consumers’ wait-and-see sentiment. Lithium carbonate prices correct on the production resumption of CATL’s Jianxiawo lithium mine. We maintain MARKET WEIGHT on China’s auto sector; top...

Mihail Dimitrov ... (+2)
  • Mihail Dimitrov
  • Veselin Radoychev Please Change Surname

Weekly bulletin - 1 September - 5 September 2025

The Bulgarian equity market delivered a mixed performance during the first week of September, as investors’ sentiment remained subdued and lacked a strong catalyst to drive a more decisive market direction. The benchmark SOFIX index edged up by 0.4%, closing at 1 085.72 points, while all the other major indices moved within a narrow range, between +0.1% and -0.4%. The top performer among the tracked stocks was Stara Planina Hold (SPH), which gained 4.2% to BGN 10.00. Sopharma (SFA) – a SOFIX con...

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

Singapore Market Strategy - Yield-ing To Temptation: Yields Over Bonds

Attractive yield differentials. With Singapore government bond yields trending lower, the yield differential between fixed income and equities has narrowed in 2025, thus reinforcing the relative appeal of companies offering high, sustainable dividend payouts. Equity yields in the 4-6% range now offer a compelling pickup versus the 10-year Singapore Government Bond yield (1.8579% as at 4 Sep 25), while also providing potential for capital gains. In our view, this widening yield gap should support...

FR FIRST INDUSTRIAL REALTY TRUST INC.
AES AES CORPORATION
OU8 CENTURION
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.
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
F34 WILMAR INTERNATIONAL LIMITED
BN2 VALUETRONICS HOLDINGS
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
N2IU MAPLETREE COMMERCIAL TRUST
AJBU KEPPEL DC REIT
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
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
Q5T FAR EAST HOSPITALITY TRUST
SE SEA ADS
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS 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
HMN ASCOTT RESIDENCE TRUST
SE US SEA LIMITED
CVL CIVMEC
9CI CAPITALAND INVESTMENT LTD
123F 123FAHRSCHULE SE
BCOW 1895 BANCORP OF WISCONSIN INC
CLAR CAPITALAND ASCENDAS REIT
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
STM SEATRIUM LTD
EPIC 1CM INC
Z29 029 GROUP SE
PAN SP PAN-UNITED CORPORATION (PAN SP)
Mihail Dimitrov ... (+2)
  • Mihail Dimitrov
  • Veselin Radoychev Please Change Surname

Morning Bulletin - 4 September 2025

The Bulgarian equity market traded mostly on the bid side, with all major indexes closing in positive territory. The upward momentum was driven by heavyweight Sopharma (SFA, BGN 2.73, +1.49%), further supported by Chimimport (CHIM, BGN 0.73, +1.39%). These gains offset declines in First Investment Bank (FIB, BGN 5.18, -2.63%), Hydraulic Elements & Systems (HES, BGN 4.90, -3.92%), and Gradus (GR6, BGN 1.00, -3.85%). Daily volumes remained subdued compared to the 3-month average on a benchmark bas...

Pierre FerraguÊ
  • Pierre FerraguÊ

Bible 2Q25 – Autos: Semi recovery underway; tangible risks of pull-for...

Today, we are publishing the Autos section of our 28th Tech Infrastructure Quarterly Bible. The Tech Bible is a must-read for any tech investor, as it summarizes the quarterly earnings reports from the over 140 companies we track, providing an update on our key perspectives and convictions. In the coming weeks we will publish sections on Hyperscale & Cloud, Telecom Equipment, PCs, Enterprise IT, Foundry and Semicap Equipment. The auto semiconductor recovery is underway, with revenues up 4% QoQ ...

Mihail Dimitrov ... (+2)
  • Mihail Dimitrov
  • Veselin Radoychev Please Change Surname

Morning Bulletin - 2 September 2025

The Bulgarian equity market opened the week with sharp, broad-based moves that ultimately left the major indexes mixed. SOFIX (1 081.68, +0.01%) and BGBX40 (196.10, +0.26%) edged higher as gains in heavyweights Sopharma (SFA, BGN 2.67, +0.75%) and Shelly Group (SLYG, EUR 55.60, +0.72%) offset losses in First Investment Bank (FIB, BGN 5.28, -2.58%) and Sirma Group (SGH, BGN 1.37, -2.14%). By contrast, the BGTR30 (959.71, -0.11%) and BGREIT (230.73, -0.36%) slipped, dragged down by weakness in Neo...

Mihail Dimitrov ... (+2)
  • Mihail Dimitrov
  • Veselin Radoychev Please Change Surname

Morning Bulletin - 1 September 2025

The Bulgarian equity market shook off early weakness on Friday to close the week and the month on a positive note. Heavyweight Shelly Group (SLYG, EUR 55.20, -3.83%) pressured the market in early trade, but upbeat financial results lifted sentiment in Sopharma (SFA, BGN 2.65, +5.16%) and Doverie United Holding (DUH, BGN 9.30, +2.42%), helping major indexes reverse course. SOFIX (1 081.60, +0.45%) rose for a second straight session, marking another fresh 18-year high. The real estate sector also ...

Morning Bulletin - 20 August 2025

The Bulgarian equity market advanced on Tuesday, led by heavyweight Shelly Group (SLYG, EUR 53.80, +2.28%) and Holding Varna (HVAR, BGN 47.40, +1.72%). Broader support came from light-volume gains in EMKA (EMKA, BGN 1.99, +2.58%), Speedy (SPDY, BGN 198.00, +3.13%), and Stara Planina Hold (SPH, BGN 9.70, +2.11%), lifting BGBX40 (193.90, +0.69%) and BGTR30 (958.39, +0.35%). Turnover surged in the session, boosted by a significant block trade in Bulgarian Stock Exchange (BSE, BGN 9.35, -0.53%). Sec...

Adrian Loh Tzum Yung ... (+17)
  • Adrian Loh Tzum Yung
  • Alden Gabriel Lam
  • Bella Lu Yifei
  • Benjaphol Suthwanish
  • Benyamin Mikael
  • Damon Shen
  • Heidi Mo Jinghui
  • Jieqi Liu
  • John Cheong Ming Chern
  • Johnny Yum Chung Man
  • Julia Pan Mengyao
  • Ken Lee
  • Kitpon Praipaisarnkit
  • Lester Siew
  • Ming San Soong
  • Roy Chen Chengzhi
  • Tanapon Cholkadidamrongkul

Regional Morning Meeting Notes: Friday, August 15, 2025

GREATER CHINA Sector Automobile Weekly: Yoy growth of China’s PEV sales turns negative; lithium price recovers. Maintain MARKET WEIGHT on the sector. Top BUYs: CATL, Geely and Tuopu. Results Geely Auto (175 HK/BUY/HK$18.95/Target: HK$42.00) 2Q25: Core earnings surge 93% yoy, in line; raise target price to HK$42.00. Maintain BUY. Hysan Development (14 HK/BUY/HK$15.67/Target: HK$17.84) ...

Mihail Dimitrov ... (+2)
  • Mihail Dimitrov
  • Veselin Radoychev Please Change Surname

Morning Bulletin - 14 August 2025

Huge opposite move of SOFIX (1 051.29, -0.12%) members fixed the main index almost unchanged on Wednesday. Wiser (WISR, BGN 5.85, +3.54%) registered large move with insignificant daily turnover, which was fully offset by the step back of Bulgarian Real Estate Fund (BREF, BGN 5.20, -1.89%), Sirma Group Holding (SGH, BGN 1.38, -1.43%) and the heavy member Shelly (SLYG, EUR 50.60, -0.39%). All other indexes lost altitude but BGREIT (232.60, -0.53%) lost the most, reflecting the negative move of mai...

Mihail Dimitrov ... (+2)
  • Mihail Dimitrov
  • Veselin Radoychev Please Change Surname

Morning Bulletin - 6 August 2025

Profit-taking dominated the Bulgarian equity market on Wednesday, sending all major indexes lower in a range from 0.27% to 0.48%. Losses were broad-based with notable declines in Sirma Group (SGH, BGN 1.36, -4.23%), Bulgarian Stock Exchange (BSE, BGN 8.85, -2.21%), Bulgarian Real Estate Fund (BREF, BGN 5.10, -0.97%), and Trace Group (T57, BGN 6.10, -6.15%) weighing on sentiment. Trading activity picked up sharply with daily turnover climbing well above recent averages. Sopharma (SFA, BGN 2.46, +...

Mihail Dimitrov ... (+2)
  • Mihail Dimitrov
  • Veselin Radoychev Please Change Surname

Morning Bulletin - 5 August 2025

Slight decrease of SOFIX (1 039.68, -0.07%) reflected the drop of Telematic Interactive (TIB, BGN 22.20, -2.63%), Chimimport (CHIM, BGN 0.725, -2.03%) and Sirma Group Holding (SGH, BGN 1.42, -1.39%) on Monday. Support for the main index came from Wiser (WISR, BGN 5.65, +1.80%) and Bulgarian Real Estate Fund (BREF, BGN 5.15, +0.98%). Sopharma (SFA, BGN 2.44, -0.41%) registered BGN 1.92m daily turnover as a block trade with 770k shares was registered at BGN 2.43.

Mihail Dimitrov ... (+2)
  • Mihail Dimitrov
  • Veselin Radoychev Please Change Surname

Weekly bulletin - 28 July - 1 August 2025

Moderate performance in Q2 reports published last week waned investors sentiment. Local indexes remained unchanged despite the increased weekly turnover (BGN 52.5m) mainly registered by block trades. Huge opposite moves of SOFIX members fixed the main index at 1040.37 (-0.1) as Shelly Group (SLYG, EUR 48.60, -1.8%), Bulgarian Real Estate Fund (BREF, BGN 5.10, -1.9%) and CB Central Cooperative Bank (CCB, BGN 1.71, -1.7%) wiped out the positive moves of Wiser Technology (WISR, BGN 5.55, +2.8%), Ch...

Mihail Dimitrov ... (+2)
  • Mihail Dimitrov
  • Veselin Radoychev Please Change Surname

Morning Bulletin - 1 August 2025

SOFIX 1040.03 lost 0.28% on Thursday thus finishing the month in the red zone with moderate daily turnover. Heavy Shelly (SLYG, EUR 49.00, -1.61%) and Eurohold (EUBG, BGN 1.84, -0.54%) suffered from selling pressure and weighed on the main index. Daily loser Telematic Interactive (TIB, BGN 22.40, -2.61%) registered insignificant daily volume and speculative trades fixed the gambling operator in negative territory. Support for the main index came from Chimimport (CHIM, BGN 0.725, +1.40%) and Bulg...

Adrian Loh Tzum Yung ... (+24)
  • Adrian Loh Tzum Yung
  • Bella Lu Yifei
  • Benjaphol Suthwanish
  • Benyamin Mikael
  • Claire Wang Kelai
  • Desmond Chong Chee Wai
  • Ejann Hiew
  • Gigi Cheuk
  • Heidi Mo Jinghui
  • John Cheong Ming Chern
  • Jonathan Koh
  • Julia Pan Mengyao
  • Kasemsun Koonnara
  • Kate Luang
  • Keith Wee Teck Keong
  • Ken Lee
  • Malaysia Research Team
  • Ming San Soong
  • Paula Ruth
  • Shirley Wang Xueyi
  • Stella Guo Yuting
  • Tham Mun Hon
  • Thanawat Thangchadakorn
  • Vincent Khoo Boo Aik

Regional Morning Meeting Notes: Friday, August 01, 2025

GREATER CHINA Economics PMI Rebound falters, weighed down by weaker construction and input cost pressures. Sector Automobile Weekly: PV sales pressured by anti-involution initiatives. Maintain MARKET WEIGHT on the sector. Top BUYs: CATL, Geely and Tuopu. Results Budweiser APAC (1876 HK/BUY/HK$8.26/Target: HK$12.00) ...

300014 EVE ENERGY CO. LTD. CLASS A
IZZ TAL EDUCATION GROUP SPONSORED ADR CLASS A
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
FCT FRASERS CENTREPOINT TRUST
1023 CIMB GROUP HOLDINGS BHD
2488 ALLIANCE BANK MALAYSIA BHD.
ISAT INDOSAT
1295 PUBLIC BANK BHD
ERW ERAWAN GROUP
N2IU MAPLETREE COMMERCIAL TRUST
AJBU KEPPEL DC REIT
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
1155 MALAYAN BANKING BHD.
5347 TENAGA NASIONAL BHD
EGH EUREKA GROUP HOLDINGS
M3I MINTH GROUP LIMITED
BN4 KEPPEL CORPORATION 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
PBBANK PUBLIC BANK BERHAD
2338 WEICHAI POWER CO. LTD. CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
CDREIT CDL HOSPITALITY TRUSTS
RHBBANK RHB BANK BHD
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
GAM GAMUDA BHD
HLFG HONG LEONG FINANCIAL GROUP
PREIT PARKWAYLIFE REAL ESTATE
KPJ KPJ HEALTHCARE BERHAD
MINT MAPLETREE INDUSTRIAL TRUST
FHT FRASERS HOSPITALITY TRUST
SSG SHENG SIONG GROUP LTD
AMM AMMB HOLDINGS BHD
HLBK HONG LEONG BANK BERHAD
SWB SUNWAY BHD
DBB DUOPHARMA BIOTECH BHD
ABANK AFFIN BANK BHD
1772 GANFENG LITHIUM CO. LTD. CLASS H
UHU UNITED HAMPSHIRE US REIT
01876 BUDWEISER BREWING CO. APAC LTD.
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
CRPU SASSEUR REIT (S CHIP)
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
OXMU PRIME US REIT
HMN ASCOTT RESIDENCE TRUST
CLCT CAPITALAND CHINA TRUST
KORE KEPPEL PACIFIC OAK US REIT
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
MXNU ELITE COMMERCIAL REIT MGNT PTE LTD
CLAR CAPITALAND ASCENDAS REIT
BIMB BANK ISLAM MALAYSIA BHD
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
STM SEATRIUM LTD
Z29 029 GROUP SE
MAYBANK MALAYAN BANKING BHD
02015 LI AUTO INC
600699 JOYSON ELECTRONICS CORP
PEKAT PEKAT GROUP BHD
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
STECON STECON GROUP PUBLIC COMPANY LIMITED
BRMS IJ BUMI RESOURCES MINERALS
ECOSHOP MK ECO-SHOP MARKETING BHD
BAM TB BANGKOK COMMERCIAL ASSET MANAGEMENT
Mihail Dimitrov ... (+2)
  • Mihail Dimitrov
  • Veselin Radoychev Please Change Surname

Morning Bulletin - 31 July 2025

Selling pressure in key constituents Chimimport (CHIM, BGN 0.715, -2.05%) and Sopharma (SFA, BGN 2.44, -0.41%) nudged the SOFIX slightly lower by 0.03% to 1 042.97 on Wednesday. In contrast, the broader indexes outperformed, supported by gains in M+S Hydraulic (MSH, BGN 10.20, +2.51%) and Stara Planina Hold (SPH, BGN 9.30, +5.08%). The BGBX40 rose 0.21% to 192.00, while the BGTR30 added 0.19% to 951.29. Turnover remained well above average, driven in part by activity in less frequently traded st...

Mihail Dimitrov ... (+2)
  • Mihail Dimitrov
  • Veselin Radoychev Please Change Surname

Weekly bulletin - 21 July - 25 July 2025

Weekly turnover of BGN 32m doubled last week compared to the average YTD, while almost all local indexes remained unchanged except BGREIT 323.91 (+0.8%), which registered an insignificant positive move. Vacation season and the forthcoming release of H1 financial reports restrained investors’ activity, while the block trades and cash management ruled the trading. This week we will be closely monitoring the financial reports that are due to be published by Thursday, especially the industrial compa...

Mihail Dimitrov ... (+2)
  • Mihail Dimitrov
  • Veselin Radoychev Please Change Surname

Morning Bulletin - 28 July 2025

Huge selling pressure on Shelly (SLYG, EUR 49.50) and Bulgarian Real Estate Fund (BREF, BGN 5.20) settled both companies unchanged on Friday. SOFIX 1041.64 (-0.17%) slightly retreated on the ground of moderate daily turnover. Sopharma (SFA, BGN 2.43, -1.22%) ceased its positive wave during the week after the release of the new dividend shares for trading. Sirma Group (SGH, BGN 1.43, -0.69%) and Bulgarian Stock Exchange (BSE, BGN 9.00, -0.55%) also weighed on the main index by losing altitude wit...

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