reports
- Roy Chen Chengzhi
Singapore Daily - Monday, May 19, 2025
KEY HIGHLIGHTS Results Singapore Airlines (SIA SP/HOLD/S$6.90/Target: S$6.63): FY25: Headline earnings in line but core missed; expect earnings to moderate in FY26. TRADERS’ CORNER Sembcorp Industries (SCI SP): Trading BUY Parkway Life Real Estate Investment Trust (PREIT SP): Trading BUY
- Benjaphol Suthwanish
- Chong Lee Len
- Colin Lee
- Ejann Hiew
- Johnny Yum Chung Man
- Kampon Akaravarinchai
- Posmarito Pakpahan
- Roy Chen Chengzhi
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
- Willinoy Sitorus
Regional Morning Meeting Notes: Monday, May 19, 2025
GREATER CHINA Update Foxconn Industrial Internet (601138 CH/BUY/Rmb19.22/Target: Rmb25.30) 2Q25 guidance in line; GB200/GB300 smooth production ramp as the key driver for 2025-26. Maintain BUY. INDONESIA Strategy JCI rallies from global tailwinds Market rebound gains momentum amid global tailwinds and rate cut hopes. MALAYSIA Results Maxis (MAXIS MK/BUY/RM3.76/Target: RM4.20) 1Q25: Strong set of results; earnings d...
ERW ERAWAN GROUP
TOP THAI OIL PUBLIC CO. LTD.
PLANB PLAN B MEDIA
BMRI PT BANK MANDIRI (PERSERO) TBK
C6L SINGAPORE AIRLINES LTD.
BBCA PT BANK CENTRAL ASIA TBK
BCH BANGKOK CHAIN HOSPITAL PCL
MAXIS MAXIS BHD
ICBP INDOFOOD CBP SUKSES MAKMUR T
601138 FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BRIS BANK BRISYARIAH TBK
CMRY PT CISARUA MOUNTAIN DAIRY TBK
MDKA MERDEKA COPPER GOLD TBK PT
- Roy Chen Chengzhi
Singapore Airlines (SIA SP) - FY25: Headline Earnings In Line But Core...
4QFY25’s headline net profit of S$410m (-29% yoy) was in line with our guidance of S$400m. However, stripping out one-off items, including a sizeable reversal of tax overprovision, FY25 core net profit missed our projection. The final DPS of 30 S cents was a positive surprise, but this level of dividend is likely unsustainable. Despite support from benign fuel prices, FY26 net profit is likely to be dragged by full-year negative contributions from associate Air India. Maintain HOLD. Target: S$6....
- Anas Fitri Bin Ahmad
- Arsit Pamaranont
- Bella Lu Yifei
- Claire Wang Kelai
- Damon Shen
- Gigi Cheuk
- Jieqi Liu
- Jonathan Koh
- Kate Luang
- Ken Lee
- Kitpon Praipaisarnkit
- Lester Siew
- Paula Ruth
- Roy Chen Chengzhi
- Tanaporn Visaruthaphong
- Tham Mun Hon
Regional Morning Notes - Thursday, April 17, 2025
GREATER CHINA Economics Economic Activity: 1Q25 growth tops estimates as stimuli gain traction. Strategy Small-Mid Cap Monthly: Sidestepping Trump’s tariffs: Prefer domestic names. Top pick: JBM Healthcare. Sector Automobile: Weekly: PEV sales surge continues, BYD leads as competition escalates. Maintain MARKET WEIGHT on the sector. Top BUYs: BYD, Geely and Desay SV. Results China State Construction Engineering Corporation (601668 CH/BUY/Rmb5.48 /Target: Rmb6.61): 2024 earnings below expectation...
- Roy Chen Chengzhi
Singapore Airlines (SIA SP) - Expect yoy Softer 4QFY25 Earnings; FY26 ...
Mar 25 pax load dropped 0.8% yoy while cargo load rose 2.0% yoy. We keep our 4QFY25 net profit forecast at S$400m, down 30% yoy and 24% qoq. The recent sharp drop in jet fuel prices would support SIA’s FY26 financial performance, leading to a 17% lift in our FY26 earnings forecast. Cargo faces more uncertainties in the medium term, but 1QFY26 may benefit from Asia ex-China’s shipment frontloading ahead of US tariff uncertainties. Maintain HOLD. Target price:S$6.22.
- Jonathan Koh
- Roy Chen Chengzhi
Singapore Daily: Thursday, April 17, 2025
KEY HIGHLIGHTS Sector Banking 1Q25 results preview: Calm before the storm. Update Singapore Airlines (SIA SP/HOLD/S$6.35/Target: S$6.22) Expect yoy softer 4QFY25 earnings; FY26 to benefit from weak fuel prices. Maintain HOLD. MONTHLY TECHNICAL - INDICES OUTLOOK FTSE Straits Times Index (STI IND): Price remains bullish
- 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...
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)
- Adrian Loh Tzum Yung
- Singapore Research Team
Singapore Market Strategy - Turbulence To Continue – Stay With Domesti...
The selloff driven by the US’ unprecedented and perplexing tariff plans has liberated many investors of profits this year. Given the fluidity of market conditions, we highlight a number of domestic-focused stocks such as CENT, CD, DFI, HLA, PANU, PROP, RFMD, SSG and SIE as well as Singapore-focused REITS such as CDLHT, FEHT, FCT, KREIT, LREIT and PREIT. In addition, the MAS’ equity market review should inject much needed liquidity in 2H25. We lower our STI target to 3,720 (previously 4,115).
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)
- Adrian Loh Tzum Yung
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Jonathan Koh
- Llelleythan Tan Tan
- Roy Chen Chengzhi
Singapore Daily - Monday, February 24, 2025
KEY HIGHLIGHTS Strategy Small Mid Cap: Identifying stocks that could benefit from MAS’ S$5b liquidity boost. Results Seatrium (STM SP/BUY/S$2.38/Target: S$2.96): 2024: After seven long years, STM is back in the black. Maintain BUY with a slightly higher target price of S$2.96. SATS (SATS SP/BUY/S$3.30/Target: S$3.86): 3QFY25: A slight miss; expect some uncertainties for cargo in FY26. Singapore Airlines (SIA SP/HOLD/S$6.55/Target: S$6.09): 3QFY25: Results in line; pax yield moderation to conti...
- Roy Chen Chengzhi
Singapore Airlines (SIA SP) - 3QFY25: Results In Line; Pax Yield Moder...
SIA’s 3QFY25 core net profit of S$528m (-14.8% yoy, +76.7% qoq) came in within guided range of S$500m-600m, at the lower part. 3QFY25 pax yield (-5.1% yoy) was slightly better than expected, but its positive impact on earnings was largely offset by higher-than-expected non-fuel cost per unit of capacity. Management expects pax and cargo yield moderation to continue into FY26, but pace of pax yield moderation is likely to be slower than that in FY25. Upgrade SIA to HOLD. Target price: S$6.09.
- Roy Chen Chengzhi
- Colin Lee
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Johnny Yum Chung Man
- Kampon Akaravarinchai
- Kenny Yong Hui Lim
- Paula Ruth
- Roy Chen Chengzhi
Regional Morning Meeting Notes: Thursday, January 16, 2025
GREATER CHINA Update China Merchants Bank (3968 HK/BUY/HK$41.20/Target: HK$49.00) 4Q24 preliminary results: Every cloud has a silver lining. Lenovo Group (992 HK/BUY/HK$9.18/Target: HK$12.00) Management expects IDG business’ growth to accelerate in 2025-26. Maintain BUY. INDONESIA Update Erajaya Swasembada (ERAA IJ/BUY/Rp384/Target: Rp480) New cooperation with XPENG and HONOR; maintain BUY. MALAYSIA Update Gamuda (GAM MK/BUY/RM...
- Roy Chen Chengzhi
Singapore Airlines (SIA SP) - Expect Decent Core Earnings In 3QFY25; B...
SIA’s Dec 24 pax data was in line but cargo load data missed our expectation. We forecast SIA’s 3QFY25 core earnings at S$500m-600m, a significant qoq rebound from S$290m in 2QFY25, due to strong seasonality and a qoq decline in jet fuel prices. While supply-demand balance for pax capacity may stay favourable for yields in 2025, we do not see any strong catalysts to sustain SIA’s valuation at the current level of 1.18x FY26F P/B (0.5SD above historical mean). Maintain SELL. Target price: S$5.80.
- MarketLine Department
Virgin Australia Holdings Ltd - Company Profile and SWOT Analysis
Summary Virgin Australia Holdings Ltd - Company Profile and SWOT Analysis, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Virgin Australia Holdings Ltd (Virgin Australia), is a provider of airline services. The company provides passenger and cargo transportation solution in domestic and international markets ...
- Adrian Loh Tzum Yung
- Anas Fitri Bin Ahmad
- Arsit Pamaranont
- Damon Shen
- Jieqi Liu
- John Cheong Ming Chern
- Kampon Akaravarinchai
- Malaysia Research Team
- Roy Chen Chengzhi
- Stevanus Juanda
- Wei Xiang Ku
Regional Morning Notes - Tuesday, November 12, 2024
GREATER CHINA Sector Property: Channel checks and observations of Shanghai primary market. INDONESIA Update Astra International (ASII IJ/BUY/Rp4,970/Target: Rp6,000): Should be able to cope with intense competition. MALAYSIA Sector Plantation: MPOB’s Oct 24 data showed a slow inventory rebuild due to higher exports and declining production. Results CTOS Digital (CTOS MK/BUY/RM1.14/Target: RM1.51): 3Q24: Results within expectations. While management has revised its internal guidance for 2025, w...
- Roy Chen Chengzhi
Singapore Airlines (SIA SP) - 1HFY25: Earnings Miss Expectations On Sl...
SIA’s 2QFY25 headline net profit of S$290m (-59% yoy, -36% qoq) came in below our guided range of S$360m-460m, due to slightly higher-than-expected operating costs. While pax travel and cargo demand are robust, SIA’s core profitability is likely to stay in an overall moderating trend in FY25-26, as pax and cargo yields remain under pressure amid an increased capacity supply. The speed of Air India’s turnaround is a key wild card. Maintain SELL on SIA, with a slightly lower target price of S$5.72...
- Adrian Loh Tzum Yung
- John Cheong Ming Chern
- Roy Chen Chengzhi
Singapore Daily: Tuesday, November 12, 2024
KEY HIGHLIGHTS Results Singapore Airlines (SIA SP/SELL/S$6.29/Target: S$5.72) 1HFY25: Earnings miss expectations on slightly higher-than-expected operation costs. UMS Integration (UMSH SP/HOLD/S$1.04/Target:S$0.95) 3Q24: Earnings still below expectations due to slow ramp-up of new customer. Upgrade to HOLD. Update Seatrium (STM SP/BUY/S$1.95/Target: S$2.80) No negative surprises in 3Q with much to look forward to in the next six months. Maintain BUY with a target price of S$2.80. TRADERS' ...
- Roy Chen Chengzhi
Singapore Daily: Tuesday, September 17, 2024
KEY HIGHLIGHTS Update Singapore Airlines (SIA SP/SELL/S$6.50/Target: S$5.83) Aug 24 operational data: Weaker-than-expected pax load factor a sign of increased competition. Maintain SELL. TRADERS' CORNER Singapore Post (SPOST SP): Trading BUY City Developments (CIT SP): Trading BUY
- Bella Lu Yifei
- Benjaphol Suthwanish
- Jack Goh Tooan Orng
- Ken Lee
- Paula Ruth
- Roy Chen Chengzhi
Regional Morning Notes - Tuesday, September 17, 2024
GREATER CHINA Commissioned Report ECARX (ECX US/BUY/US$1.75/Target: US$3.40): Making smart electric cars excellent. Initiate coverage with BUY. Target price: US$3.40. INDONESIA Update XL Axiata (EXCL IJ/BUY/Rp2,320/Target: Rp2,900): Acquisition of ServeCo might increase EXCL’s revenue by 8% in 2025. MALAYSIA Sector Gloves: Further tariff hike announced by US authority on China’s medical-grade gloves beginning 2025-26 is poised to revitalise investors’ sentiment. Maintain OVERWEIGHT. SINGAPORE...
- Roy Chen Chengzhi
Singapore Airlines (SIA SP) - Weaker-than-expected Pax Load Factor A S...
SIA’s pax load factor remained below pre-pandemic levels for the second consecutive month in Aug 24, although pax capacity supply was still marginally below pre-pandemic levels. This is a confirmative sign that SIA is facing increased competition, in our view. We estimate SIA’s upcoming 2QFY25 earnings at S$360m-460m, a sizeable yoy decline from 2QFY24’s S$707m and also likely a qoq fall from 1QFY25’s S$452m. Maintain SELL with a slightly higher target price of S$5.83.
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