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Adrian Loh Tzum Yung ... (+11)
  • 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
  • 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 ... (+3)
  • 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
  • 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 ... (+6)
  • 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
  • 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.

MarketLine Department
  • MarketLine Department

AirAsia Berhad - Mergers & Acquisitions (M&A), Partnerships & Alliance...

Summary Marketline's AirAsia Berhad Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by AirAsia Berhad - Mergers & Acquisitions (M&A), Partnerships & Alliances since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments repor...

MarketLine Department
  • MarketLine Department

Cathay Pacific Airways Limited - Mergers & Acquisitions (M&A), Partner...

Summary Marketline's Cathay Pacific Airways Limited Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Cathay Pacific Airways Limited - Mergers & Acquisitions (M&A), Partnerships & Alliances since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships &...

MarketLine Department
  • MarketLine Department

Virgin Australia Holdings Limited - Mergers & Acquisitions (M&A), Part...

Summary Marketline's Virgin Australia Holdings Limited Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Virgin Australia Holdings Limited - Mergers & Acquisitions (M&A), Partnerships & Alliances since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partners...

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

Strategy - Potential Impact Of Powell’s Jackson Hole Speech

After Powell’s Jackson Hole speech on 23 August, we see a turning point starting with a US Fed rate cut in Sep 24 and lower rates heading into 2025. In the Singapore market, REITs and the property sector should benefit, as should highly-geared companies and those looking to recycle capital. Our current forecasts have incorporated lower NIMs for banks which we believe are protected by their high dividend yields.

FR FIRST INDUSTRIAL REALTY TRUST INC.
AES AES CORPORATION
G13 GENTING SINGAPORE
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.
CENT CENTRATAMA TELEKOMUNIKASI INDONESIA
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
F34 WILMAR INTERNATIONAL LIMITED
BN2 VALUETRONICS HOLDINGS
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
AJBU KEPPEL DC REIT
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
VALUE VALUE8 N.V.
SE SEA ADS
SATS SP SATS LTD.
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
FEHT FAR EAST HOSPITALITY 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
FLT FRASERS LOGISTICS & COMMERCIAL TRUST
SE US SEA LIMITED
CVL CIVMEC
DCREIT DIGITAL CORE REIT
CLI CAPITALAND INVESTMENT LTD
MPACT MAPLETREE PAN ASIA COMMERCIAL TRUST
123F 123FAHRSCHULE SE
BCOW 1895 BANCORP OF WISCONSIN INC
CLAS CAPITALAND ASCOTT TRUST
CLAR CAPITALAND ASCENDAS REIT
DFI DFI RETAIL GROUP HOLDINGS LIMITED
STM SEATRIUM LTD
EPIC 1CM INC
Z29 029 GROUP SE
PAN SP PAN-UNITED CORPORATION (PAN SP)
MarketLine Department
  • MarketLine Department

Cathay Pacific Airways Ltd - Company Profile and SWOT Analysis

Summary Cathay Pacific Airways 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 Cathay Pacific Airways Ltd (Cathay Pacific) is an international airline company. It provides scheduled air passenger and cargo services to several countries and territories. The company opera...

Arsit Pamaranont ... (+21)
  • Arsit Pamaranont
  • Bella Lu Yifei
  • Benjaphol Suthwanish
  • Chong Lee Len
  • Heidi Mo Jinghui
  • Jo Yee Ng
  • Johnny Yum Chung Man
  • Julia Pan Mengyao
  • Kasemsun Koonnara
  • Kate Luang
  • Ken Lee
  • Kong Ho Meng
  • Llelleythan Tan Tan
  • Ming San Soong
  • Philip Wong
  • Posmarito Pakpahan
  • Ringo Tang Chi Yu
  • Roy Chen Chengzhi
  • Shirley Wang Xueyi
  • Stella Guo Yuting
  • Tham Mun Hon

Regional Morning Meeting Notes: Friday, August 16, 2024

GREATER CHINA Economics Economic Activity Another month of lacklustre growth. Sector Automobile Weekly: PEV market share tops record 53% on increased subsidies. Maintain MARKET WEIGHT. Top BUYs: CATL, Geely and Desay SV. Top SELLs: XPeng and Nexteer. Results Alibaba Group (9988 HK/BUY/HK$76.40/Target: HK$95.00) 1QFY25: Solid cloud re...

Roy Chen Chengzhi
  • Roy Chen Chengzhi

Singapore Airlines (SIA SP) - Weaker-than-expected Pax Load Factor A S...

SIA’s Jul 24 pax load factor dropped to below pre-pandemic levels for the first time since Singapore’s reopening, although pax capacity supply was still slightly below prepandemic levels. Pax load factor also dipped mom despite July typically being a seasonally stronger month than June. The weaker-than-expected pax load factor could be a sign of increasing competition. Downgrade SIA to SELL with a lower target price of S$5.71, based on 1.09x FY25F P/B (pegged to its historical mean).

Chong Lee Len ... (+5)
  • Chong Lee Len
  • Heidi Mo Jinghui
  • Jonathan Koh
  • Llelleythan Tan Tan
  • Roy Chen Chengzhi

Singapore Daily - Friday, August 16, 2024

KEY HIGHLIGHTS Results ComfortDelGro Corporation (CD SP/HOLD/S$1.42/Target: S$1.56): 2Q24: Strong quarter; in line, boosted by A2B and UK business. Singapore Telecommunications (ST SP/BUY/S$3.02/Target: S$3.58): 1QFY25: Strong results as margins expand; on track to exceed FY25 guidance. United Hampshire US REIT (UHU SP/BUY/US$0.43/Target: US$0.62): 1H24: New leases provide higher occupancy and rental uplift. Update Singapore Airlines (SIA SP/SELL/S$6.12/Target: S$5.71): Jul 24 operational da...

Adrian Loh Tzum Yung ... (+24)
  • Adrian Loh Tzum Yung
  • Bella Lu Yifei
  • Chong Lee Len
  • Desmond Chong Chee Wai
  • Greater China Research Team
  • Jack Goh Tooan Orng
  • Jo Yee Ng
  • Jonathan Koh
  • Julia Pan Mengyao
  • Kampon Akaravarinchai
  • Kasemsun Koonnara
  • Kate Luang
  • Ken Lee
  • Kitpon Praipaisarnkit
  • Krit Tanarattananon
  • Ming San Soong
  • Philip Wong
  • Posmarito Pakpahan
  • Roy Chen Chengzhi
  • Shirley Wang Xueyi
  • Stella Guo Yuting
  • Thailand Research Team
  • Thanawat Thangchadakorn
  • Wei Xiang Ku

Regional Morning Meeting Notes: Friday, August 02, 2024

GREATER CHINA Strategy Alpha Picks: August Conviction Calls We expect stimulus to be announced in August and add COSCO Shipping Ports, Haier Smart Home, and KE Holdings to our BUY list and add SELL call on WuXi Bio, and XPeng. Small-Mid Cap Monthly Reiterate BUY on Crystal amid share price pullback; eyes on interim dividend surprise. Sector Automobile ...

MAJOR MAJOR CINEPLEX GROUP PCL
TFG THAIFOODS GROUP
600690 HAIER SMART HOME CO. LTD. CLASS A
02313 SHENZHOU INTERNATIONAL GROUP HOLDINGS LIMITED
300014 EVE ENERGY CO. LTD. CLASS A
IZZ TAL EDUCATION GROUP SPONSORED ADR CLASS A
TWOU 2U INC.
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
FCT FRASERS CENTREPOINT TRUST
ASM PACIFIC TECHNOLOGY LIMITED
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
ERW ERAWAN GROUP
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
AJBU KEPPEL DC REIT
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
00027 GALAXY ENTERTAINMENT GROUP LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
C6L SINGAPORE AIRLINES LTD.
KBANK KASIKORNBANK PUBLIC CO. LTD.
M3I MINTH GROUP LIMITED
AW9U FIRST REAL ESTATE INVESTMENT TRUST
BN4 KEPPEL CORPORATION LIMITED
599A SANDS CHINA LTD.
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
CPN CENTRAL PATTANA PUBLIC CO. LTD.
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
00700 TENCENT HOLDINGS LTD.
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
2338 WEICHAI POWER CO. LTD. CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
CDREIT CDL HOSPITALITY TRUSTS
PENT PENTAMASTER CORP BHD
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
FEHT FAR EAST HOSPITALITY TRUST
MTC MUANGTHAI CAPITAL PCL
PREIT PARKWAYLIFE REAL ESTATE
MINT MAPLETREE INDUSTRIAL TRUST
FNH FRASER & NEAVE HOLDINGS BHD
CPALL TB CP ALL
SASSR SASSEUR REAL ESTATE INVESTMENT TRUST
RATCH RATCH GROUP PUBLIC CO. LTD.
MUST MANULIFE US REAL ESTATE INV
01801 INNOVENT BIOLOGICS INC.
OSP OSOTSPA PUBLIC CO. LTD.
TXG 10X GENOMICS INC CLASS A
TGIF 1933 INDUSTRIES
1772 GANFENG LITHIUM CO. LTD. CLASS H
UHU UNITED HAMPSHIRE US REIT
01876 BUDWEISER BREWING CO. APAC LTD.
1199 COSCO SHIPPING PORTS LIMITED
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
SCGP SCG PACKAGING PCL
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
2269 WUXI BIOLOGICS (CAYMAN) INC.
FLT FRASERS LOGISTICS & COMMERCIAL TRUST
KORE KEPPEL PACIFIC OAK US REIT
CTOS CTOS DIGITAL BHD
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
DCREIT DIGITAL CORE REIT
MPACT MAPLETREE PAN ASIA COMMERCIAL TRUST
123F 123FAHRSCHULE SE
02423 KE HOLDINGS INC.
BCOW 1895 BANCORP OF WISCONSIN INC
CLAS CAPITALAND ASCOTT TRUST
CLAR CAPITALAND ASCENDAS REIT
PRIME PRIME ROAD POWER PUBLIC CO LTD
2232 CRYSTAL INTERNATIONAL GROUP LTD
Z29 029 GROUP SE
02015 LI AUTO INC
09868 XPENG INC
09961 CTRIP.COM INTERNATIONAL
BTG BETAGRO PUBLIC COMPANY LIMITED
600699 JOYSON ELECTRONICS CORP
PEKAT PEKAT GROUP BHD
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
Roy Chen Chengzhi
  • Roy Chen Chengzhi

Singapore Airlines (SIA SP) - 1QFY25: Results A Slight Miss Due To Pax...

SIA’s 1QFY25 net profit of S$452m (-38.5% yoy, -21.4% qoq) fell within our guided range but at the lower part. Core net profit of S$411m (-24.6% yoy, -6.9% qoq) formed 21.7% of our full-year forecast. SIA’s earnings are set to moderate in FY25-26 but should stay at decent levels above pre-pandemic levels, based on our projection. SIA has underutilised balance sheet strength, which gives it scope for raising its dividend payout ratio. Maintain HOLD on SIA, with a slightly lower target price of S$...

Adrian Loh Tzum Yung ... (+3)
  • Adrian Loh Tzum Yung
  • Jonathan Koh
  • Roy Chen Chengzhi

Singapore Daily - Friday, August 02, 2024

KEY HIGHLIGHTS Sector REITs: S-REITs monthly update (Jul 24). Results Keppel Corp (KEP SP/BUY/S$6.33/Target: S$8.86): 1H24: Strong operating results from infrastructure and connectivity segments. However, legacy O&M assets weigh on the numbers. S$0.15/share dividend declared. Maintain BUY. Singapore Airlines (SIA SP/HOLD/S$6.24/Target: S$6.28): 1QFY25: Results a slight miss due to weaker-than-expected pax and cargo yields. United Overseas Bank (UOB SP/NOT RATED/S$32.35): 2Q24: Building regio...

MarketLine Department
  • MarketLine Department

Deutsche Lufthansa AG - Mergers & Acquisitions (M&A), Partnerships & A...

Summary Marketline's Deutsche Lufthansa AG Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Deutsche Lufthansa AG - Mergers & Acquisitions (M&A), Partnerships & Alliances since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Inv...

Roy Chen Chengzhi
  • Roy Chen Chengzhi

Singapore Daily - Wednesday, July 17, 2024

KEY HIGHLIGHTS Update Singapore Airlines (SIA SP/HOLD/S$7.09/Target: S$6.43): Jun 24 operation data in line; we expect earnings moderation in 1QFY25. Maintain HOLD. MONTHLY TECHNICAL - INDICES OUTLOOK FTSE Straits Times Index (STI IND): This index is strong and bullish

Arsit Pamaranont ... (+8)
  • Arsit Pamaranont
  • Benjaphol Suthwanish
  • Desmond Chong Chee Wai
  • Kate Luang
  • Keith Wee Teck Keong
  • Posmarito Pakpahan
  • Roy Chen Chengzhi
  • Tanaporn Visaruthaphong

Regional Morning Meeting Notes: Wednesday, July 17, 2024

GREATER CHINA Small/Mid Cap Highlights Crystal International (2232 HK/BUY/HK$3.46/Target: HK$4.76) Takeaways from factory visit: minimal impact from US election. INDONESIA Update Bank Neo Commerce (BBYB IJ/BUY/Rp262/Target: Rp400) To book a net loss in 2Q24; expected to recover in 2H24. MALAYSIA Sector Technology We see room to grow for the sector, backed by an early c...

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