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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...

BJC BERLI JUCKER PUBLIC CO. LTD.
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
  • 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.

Adrian Loh Tzum Yung ... (+10)
  • 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 ...

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

Singapore Daily: Monday, June 30, 2025

KEY HIGHLIGHTS Strategy Market Strategy: S$5b shot in the arm: MAS’ liquidity lift-off for Singapore’s mid caps. TRADERS’ CORNER DELFI (DELFI SP): Trading BUY Keppel DC REIT (KDCREIT SP): Trading BUY

Adrian Loh Tzum Yung ... (+2)
  • 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.

Heidi Mo Jinghui ... (+2)
  • Heidi Mo Jinghui
  • Llelleythan Tan Tan

Singapore Daily: Wednesday, June 11, 2025

KEY HIGHLIGHTS Update ComfortDelGro Corporation (CD SP/BUY/S$1.41/Target: S$1.71)     Increased taxi competition starting 2H25. Plans to raise overseas exposure. TRADERS' CORNER Hong Fok Corp (HFC SP): Trading BUY                                                                              Medtecs International Corp (MED SP): Trading BUY

Anas Fitri Bin Ahmad ... (+9)
  • Anas Fitri Bin Ahmad
  • Claire Wang Kelai
  • Heidi Mo Jinghui
  • Lester Siew
  • Llelleythan Tan Tan
  • Philip Wong
  • Posmarito Pakpahan
  • Thanawat Thangchadakorn
  • Ziv Ang Sze Champ

Regional Morning Meeting Notes: Wednesday, June 11, 2025

GREATER CHINA Sector Metals And Mining: Copper: Trade uncertainties cloud 2H25; decarbonisation anchors long-term bull case. INDONESIA Sector Banking: Banking liquidity: Measures underway. MALAYSIA Sector Plantation: Higher production and inventory build-up in May 25. Update QL Resources (QLG MK/HOLD/RM4.56/Target: RM4.80): Fairly insulated from trade tariff war but overall outlook is unexciting. Maintain HOLD. SINGAPORE Update ComfortDelGro Corporation (CD SP/BUY/S$1.41/Target: S$1.71): Incr...

Heidi Mo Jinghui ... (+2)
  • Heidi Mo Jinghui
  • Llelleythan Tan Tan

ComfortDelGro Corporation (CD SP) - Increased Taxi Competition Startin...

With GrabCab’s impending entry into the domestic taxi street-hail segment, we expect the increased competition to have a slight negative impact on CD. CD recently announced that it would bid for an overseas rail contract in Melbourne which we estimate to be earnings accretive. With the recent weakness in share price, we reckon that CD is trading at attractive levels, underpinned by strong earnings growth and a decent 2025 dividend yield of 6%. We maintain BUY. Target price unchanged at S$1.71.

Damon Shen ... (+6)
  • 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...

Singapore Research Team
  • 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.

Singapore Research Team
  • 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

Adrian Loh Tzum Yung ... (+3)
  • Adrian Loh Tzum Yung
  • John Cheong Ming Chern
  • Singapore Research Team

Singapore Market Strategy - Tariff Turbulence Abates – Stocks To Buy I...

Singapore’s market outlook has improved following the US backing down from its tariffs and the upcoming MAS liquidity support. The S$5b EQDP will boost non-index mid caps and in that vein, we like CENT, CSSC, CD, CSE, FEH, FRKN, HLA, OTEK, PROP, SSG, SIE and VALUE. In the meantime, the STI’s strong defensive nature and undervalued metrics support a revised 2025 target of 4,054. Our top large-cap picks are CLAS, CICT, FR, KEP, OCBC, SATS, SE, SCI, ST and YZJSGD.

Adrian Loh Tzum Yung ... (+3)
  • Adrian Loh Tzum Yung
  • John Cheong Ming Chern
  • Singapore Research Team

Singapore Daily: Tuesday, May 27, 2025

KEY HIGHLIGHTS Strategy Market Strategy Tariff turbulence abates – Stocks to buy in the upcoming S$5b blitz. TRADERS' CORNER Medtecs International Corp (MED SP): Trading BUY UMS Holdings (UMSH SP): Trading BUY

Benjaphol Suthwanish ... (+17)
  • Benjaphol Suthwanish
  • Claire Wang Kelai
  • Desmond Chong Chee Wai
  • Heidi Mo Jinghui
  • Jack Goh Tooan Orng
  • Jo Yee Ng
  • John Cheong Ming Chern
  • Julia Pan Mengyao
  • Kampon Akaravarinchai
  • Kasemsun Koonnara
  • Llelleythan Tan Tan
  • Ming San Soong
  • Paula Ruth
  • Tanapon Cholkadidamrongkul
  • Tham Mun Hon
  • Thanawat Thangchadakorn
  • Wei Xiang Ku

Regional Morning Notes - Thursday, May 15, 2025

GREATER CHINA Economics Money Supply: Credit demand weakens in April. Results Tencent Holdings (700 HK/BUY/HK$521.00/Target: HK$650.00): 1Q25: Strong results propelled by robust games and AI-powered ad-tech. INDONESIA Sector Telecommunications: 1Q25: EBITDA stable at -0.8% qoq. Maintain MARKET WEIGHT. MALAYSIA Results Sunway REIT (SREIT MK/BUY/RM1.93/Target: RM2.05): 1Q25: Results in line. Looking ahead, the full reopening of Sunway Carnival Mall Phase 2 and AEON Seri Manjung acquisition are e...

Heidi Mo Jinghui ... (+2)
  • Heidi Mo Jinghui
  • Llelleythan Tan Tan

ComfortDelGro Corporation (CD SP) - 1Q25: Mixed Results in Line, Expec...

CD posted a mixed 1Q25 whereby revenue (+16.4% yoy) grew in line with expectations but PATMI was lower than expected (+18.8% yoy), dragged by higher amortisation costs. The public transport segment benefitted from higher domestic fares and ridership coupled with better UK margins. The taxi segment saw a strong inorganic boost from its acquisitions but continues to suffer from stiff competition. Given a decent 5.8% yield, we maintain BUY but with a lower target price of S$1.71.

Heidi Mo Jinghui ... (+5)
  • Heidi Mo Jinghui
  • Jack Goh Tooan Orng
  • John Cheong Ming Chern
  • Jonathan Koh
  • Llelleythan Tan Tan

Singapore Daily: Thursday, May 15, 2025

KEY HIGHLIGHTS Results AEM Holdings (AEM SP/SELL/S$1.29/Target: S$1.09) 1Q25: Revenue in line with expectations but earnings remain weak. ComfortDelGro Corporation (CD SP/BUY/S$1.52/Target: S$1.71) 1Q25: Mixed results in line, expect stronger sequential growth. Genting Singapore (GENS SP/BUY/S$0.735/Target: S$0.90) 1Q25: Below expectations. Cut our earnings forecast given emerging headwinds. Maintain BUY with a lower target price of S$0.90 on cheap valuations and...

Heidi Mo Jinghui ... (+2)
  • Heidi Mo Jinghui
  • Llelleythan Tan Tan

Singapore Daily: Tuesday, April 15, 2025

KEY HIGHLIGHTS Update ComfortDelGro Corporation (CD SP/BUY/S$1.41/Target: S$1.76)  1Q25 earnings preview: Expect strong yoy growth  TRADERS' CORNER Frencken Group (FRKN SP): Trading SELL                                                                        Aztech Global (AZTECH SP): Trading SELL

Chong Lee Len ... (+13)
  • Chong Lee Len
  • Claire Wang Kelai
  • Damon Shen
  • Desmond Chong Chee Wai
  • Gigi Cheuk
  • Heidi Mo Jinghui
  • Jieqi Liu
  • Jo Yee Ng
  • Kate Luang
  • Llelleythan Tan Tan
  • Posmarito Pakpahan
  • Tham Mun Hon
  • Ziv Ang Sze Champ

Regional Morning Notes - Tuesday, April 15, 2025

GREATER CHINA Economics Trade: A divergence between exports and imports. Strategy China And Hong Kong Property: Sales recovery weakened in Apr 25; watch for further policy support and the implications of Hong Kong’s free trade status. Results Zijin Mining (2899 HK/BUY/HK$17.22/Target: HK$24.00): 1Q25: In line; poised to capitalise on gold price surge with robust production growth. Update Kingboard Laminates Holdings (1888 HK/BUY/HK$7.69/Target: HK$9.58): Cautiously optimistic on 1H25; developing...

Heidi Mo Jinghui ... (+2)
  • Heidi Mo Jinghui
  • Llelleythan Tan Tan

ComfortDelGro Corporation (CD SP) - 1Q25 Earnings Preview: Expect Stro...

Despite escalating trade tensions and the US’ unprecedented tariffs, we do not expect any significant impact to CD’s earnings, given the defensive nature of its businesses. We also expect increased overseas contributions in 2025 from recent acquisitions, new bus contracts and ongoing contract renewals. In spite of the recent weakness in share price, we continue to like CD, underpinned by strong earnings growth and a decent 2025 dividend yield of 6.1%. We maintain BUY with the same target price o...

Adrian Loh Tzum Yung ... (+11)
  • Adrian Loh Tzum Yung
  • Benjaphol Suthwanish
  • Chong Lee Len
  • Damon Shen
  • Desmond Chong Chee Wai
  • Jieqi Liu
  • Johnny Yum
  • Kampon Akaravarinchai
  • Singapore Research Team
  • Tanaporn Visaruthaphong
  • Wei Xiang Ku

Regional Morning Meeting Notes: Tuesday, April 08, 2025

GREATER CHINA Strategy China And Hong Kong Property & Hong Kong Landlord Tariffs curtail US rate cuts, thereby hindering the recovery of Hong Kong property and tourism; Maintain OVERWEIGHT on China property. INDONESIA Strategy Alpha Picks: Outperform In Mar 25 Remove BBNI, BBRI, ASII, JSMR and KLBF; add BBCA, ICBP, ERAA and BUKA. MALAYSIA Update Pekat Group (PEKAT MK/BUY/RM1.08/Target: RM1.45) Good earnings visibility over 2025...

TFG THAIFOODS GROUP
FR FIRST INDUSTRIAL REALTY TRUST INC.
AES AES CORPORATION
OU8 CENTURION
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
00683 KERRY PROPERTIES LIMITED
00016 SUN HUNG KAI PROPERTIES LIMITED
FCT FRASERS CENTREPOINT TRUST
00823 LINK REAL ESTATE INVESTMENT TRUST
CC3 STARHUB LTD
CPF CHAROEN POKPHAND FOODS PUBLIC CO. LTD.
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
544 CSE GLOBAL LTD.
D05 DBS GROUP HOLDINGS LTD
01109 CHINA RESOURCES LAND LIMITED
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.
SCNR SUNAC CHINA HOLDINGS LTD.
N2IU MAPLETREE COMMERCIAL TRUST
RLF LONGFOR GROUP HOLDINGS LTD.
AJBU KEPPEL DC REIT
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
GFPT GFPT
00014 HYSAN DEVELOPMENT CO. LTD.
C52 COMFORTDELGRO CORPORATION LIMITED
C6L SINGAPORE AIRLINES LTD.
BBCA PT BANK CENTRAL ASIA TBK
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
PTTEP PTT EXPLORATION & PRODUCTION PLC
Y92 THAI BEVERAGE PUBLIC CO. LTD.
AP4 RIVERSTONE HOLDINGS
BN4 KEPPEL CORPORATION LIMITED
ICBP PT INDOFOOD CBP SUKSES MAKMUR TBK
ERAA ERAJAYA SWASEMBADA
Q5T FAR EAST HOSPITALITY TRUST
MIKA MITRA KELUARGA KARYASEHAT
01997 WHARF REAL ESTATE INVESTMENT CO. LTD.
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
PMAH PRESS METAL ALUMINIUM HOLDIN
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
00017 NEW WORLD DEVELOPMENT CO. LTD.
SE US SEA LIMITED
BUKA BUKALAPAK.COM PT TBK
CVL CIVMEC
9CI CAPITALAND INVESTMENT LTD
EXCL XL AXIATA TBK PT
123F 123FAHRSCHULE SE
BCOW 1895 BANCORP OF WISCONSIN INC
CLAR CAPITALAND ASCENDAS REIT
ITC I-TAIL CORPORATION PUBLIC COMPANY LIMITED
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
STM SEATRIUM LTD
EPIC 1CM INC
Z29 029 GROUP SE
BTG BETAGRO PUBLIC COMPANY LIMITED
PEKAT PEKAT GROUP BHD
PAN SP PAN-UNITED CORPORATION (PAN SP)
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