reports
- Lester Siew
- Roy Chen Chengzhi
Singapore Daily: Friday, October 17, 2025
Top Stories Company Update | Bumitama Agri (BAL SP/HOLD/S$1.28/Target: S$1.20) We expect BAL’s results to fare better in 3Q25, supported by higher production as well as firmer ASPs. Maintain HOLD with a higher target price of S$1.20 from S$0.90 previously. Company Update | Singapore Airlines (SIA SP/SELL/S$6.53/Target: S$6.03) SIA’s Sep 25 pax load was in line with our expectations, up 3.7% yoy, but cargo load missed, down 3.8% yoy, partly due to Typhoon Ragasa affecting SIA’s East Asia operat...
- Alden Gabriel Lam
- Audrey Celia
- Bella Lu Yifei
- Benjaphol Suthwanish
- Benyamin Mikael
- Gigi Cheuk
- Joyce Chu
- Kate Luang
- Keith Wee Teck Keong
- Ken Lee
- Lester Siew
- Roy Chen Chengzhi
- Suryaputra Wijaksana
- Willinoy Sitorus
Regional Morning Meeting Notes: Friday, October 17, 2025
Greater China Sector Update | Automobile China’s auto sector faces a geopolitical bind: Europe demands tech transfers for new investments, while China restricts such transfers. We see no earnings impact from the EU’s tech transfer requirement, but that allows first movers like CATL to enjoy unrivalled advantages. China raises market access requirements for automakers, targeting inexperienced players. Maintain MARKET WEIGHT. Top BUYs: CATL and Geely. Top SELLs: BYD and Li Auto. Small/Mid Ca...
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
ENRG ENERGI MEGA PERSADA
KLBF PT KALBE FARMA TBK
JPFA JAPFA COMFEED INDONESIA
AMRT SUMBER ALFARIA TRIJAYA TBK PT
MYOR MAYORA INDAH
C6L SINGAPORE AIRLINES LTD.
EGH EUREKA GROUP HOLDINGS
M3I MINTH GROUP LIMITED
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
ERAA ERAJAYA SWASEMBADA
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
2338 WEICHAI POWER CO. LTD. CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
AOT AIRPORTS OF THAILAND PUBLIC CO. LTD.
BAL BUMITAMA AGRI LTD
BURSA BURSA MALAYSIA BHD
ICBP INDOFOOD CBP SUKSES MAKMUR T
2633 JACOBSON PHARMA CORP LTD
1772 GANFENG LITHIUM CO. LTD. CLASS H
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
CMRY PT CISARUA MOUNTAIN DAIRY TBK
02161 JBM (HEALTHCARE) LTD
Z29 029 GROUP SE
02015 LI AUTO INC
600699 JOYSON ELECTRONICS CORP
- Roy Chen Chengzhi
Singapore Airlines (SIA SP) - Sep 25 Pax Load Data In Line But Cargo L...
SIA’s Sep 25 pax load was in line with our expectations, up 3.7% yoy, but cargo load missed, down 3.8% yoy, partly due to Typhoon Ragasa affecting SIA’s East Asia operations. We cut our 2QFY26 earnings forecast for SIA to S$30m-130m, a significant drop yoy and qoq, as we expect Air India to be an even more significant drag to SIA in this quarter due to weak seasonality and some temporary operation adjustments. Maintain SELL on SIA. Target price: S$6.03.
- Roy Chen Chengzhi
Singapore Daily: Tuesday, September 16, 2025
Top Stories Company Update | Singapore Airlines (SIA SP/SELL/S$6.51/Target: S$6.05) SIA’s Aug 25 operating data were broadly in line with our expectations, with pax load and cargo rising 5.4% and 0.5% yoy respectively. We forecast 2QFY25 earnings at S$100m-200m, representing a significant yoy drop mainly due to major earnings drags from Air India, which is expected to remain in a loss-making position. Given the expected earnings decline in FY26, we reckon market sentiments towards SIA will sta...
- Alden Gabriel Lam
- Benjaphol Suthwanish
- Benyamin Mikael
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Damon Shen
- Jieqi Liu
- Roy Chen Chengzhi
- Sunny Chen
- Tham Mun Hon
Regional Morning Meeting Notes: Tuesday, September 16, 2025
Greater China Economics | Economic Activity China’s economic activity weakened further in Aug 25. Industrial production grew 5.2% yoy (-0.5ppt) while retail sales slowed to 3.4% yoy (-0.3ppt). Fixed asset investment growth also declined to 0.5% yoy (-1.1ppt), dragged by a sharp 12.9% yoy (-0.9ppt) decline in property investment. The unemployment rate rose to 5.3% (+0.1ppt). Data missed expectations across the board, reflecting fragile domestic demand and weak consumer confidence. We expect furt...
- Roy Chen Chengzhi
Singapore Airlines (SIA SP) - Aug 25 Operating Data In Line; Expect yo...
SIA’s Aug 25 operating data were broadly in line with our expectations, with pax load and cargo rising 5.4% and 0.5% yoy respectively. We forecast 2QFY25 earnings at S$100m-200m, representing a significant yoy drop mainly due to major earnings drags from Air India, which is expected to remain in a loss-making position. Given the expected earnings decline in FY26, we reckon market sentiments towards SIA will stay subdued. Maintain SELL on SIA, with an updated target price of S$6.05 (previously S$...
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Benyamin Mikael
- Colin Lee
- Johnny Yum Chung Man
- Kenny Yong Hui Lim
- Kong Ho Meng
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Monday, September 08, 2025
Greater China Initiation Coverage | Metasurface Technologies Holdings (8637 HK/BUY/HK1.48/Target: HK2.90) Metasurface is set to benefit from robust investment in the semi supply chain. As chip fabrication grows in complexity, more time is required to fabricate wafers and more wafer fabrication equipment is needed. Aerospace engineering is set to drive long-term growth as airline capacity continues to face shortages, forcing airlines to rely on their existing fleets and bo...
FCT FRASERS CENTREPOINT TRUST
CC3 STARHUB LTD
PTT PTT PUBLIC COMPANY LIMITED
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
D05 DBS GROUP HOLDINGS LTD
C09 CITY DEVELOPMENTS LIMITED
S68 SINGAPORE EXCHANGE LTD.
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
F34 WILMAR INTERNATIONAL LIMITED
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
N2IU MAPLETREE COMMERCIAL TRUST
AJBU KEPPEL DC REIT
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
3816 MISC BHD
C52 COMFORTDELGRO CORPORATION LIMITED
C6L SINGAPORE AIRLINES LTD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
Y92 THAI BEVERAGE PUBLIC CO. LTD.
BN4 KEPPEL CORPORATION LIMITED
Q5T FAR EAST HOSPITALITY TRUST
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
CDREIT CDL HOSPITALITY TRUSTS
YNS YINSON HOLDINGS BHD
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
DLG DIALOG GROUP BHD
RFMD RAFFLES MEDICAL GROUP LTD
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
HMN ASCOTT RESIDENCE TRUST
WDH WATERDROP INC
SE US SEA LIMITED
9CI CAPITALAND INVESTMENT LTD
CLAR CAPITALAND ASCENDAS REIT
STM SEATRIUM LTD
ARCI IJ ARCHI INDONESIA (ARCI IJ)
8637 HK METASURFACE TECHNOLOGIES HOLDINGS LTD (8637 HK)
- 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...
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)
- Jonathan Koh
- Roy Chen Chengzhi
Singapore Daily: Wednesday, July 30, 2025
KEY HIGHLIGHTS Results CapitaLand Ascott Trust (CLAS SP/BUY/S$0.91/Target: S$1.56): 2Q25: Portfolio reconstitution through expansion in living sector and AEI. Keppel Pacific Oak US REIT (KORE SP/BUY/US$0.22/Target: US$0.24): 1H25: Gradually restoring payout ratio. Singapore Airlines (SIA SP/SELL/S$7.04/Target: S$6.03): 1QFY26: Results a major miss due to cost pressure and Air India drag. Downgrade to SELL. TRADERS’ CORNER Hongkong Land Holdings (HKL SP): Trading BUY Wilmar International (WI...
- Anas Fitri Bin Ahmad
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Jonathan Koh
- Julia Pan Mengyao
- Kasemsun Koonnara
- Keith Wee Teck Keong
- Lester Siew
- Ming San Soong
- Posmarito Pakpahan
- Roy Chen Chengzhi
- Sunny Chen
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Wednesday, July 30, 2025
GREATER CHINA Sector Internet WAIC - Battlefield of AI applications and agents to reshape productivity. Results WuXi AppTec (2359 HK/BUY/HK$111.70/Target: HK$146.00) 1H25: Results beat; benefitting from growing CRDMO service demand. Upgrade to BUY. INDONESIA Results AKR Corporindo (AKRA IJ/BUY/Rp1,345/Target: Rp1,525) 2Q25: Momentum builds, but 4Q25 to del...
AKRA PT AKR CORPORINDO TBK
AMATA AMATA CORP
3K1 KINGSOFT CORP. LTD.
C6L SINGAPORE AIRLINES LTD.
CPN CENTRAL PATTANA PUBLIC CO. LTD.
00700 TENCENT HOLDINGS LTD.
AOT AIRPORTS OF THAILAND PUBLIC CO. LTD.
BURSA BURSA MALAYSIA BHD
HAPL HAP SENG PLANTATIONS HOLDINGS BHD
09988 ALIBABA GROUP HOLDING LTD.
HMN ASCOTT RESIDENCE TRUST
KORE KEPPEL PACIFIC OAK US REIT
01024 KUAISHOU TECHNOLOGY CLASS B
09888 BAIDU INC
WUXI APPTEC CO. LTD. CLASS H
- Roy Chen Chengzhi
Singapore Airlines (SIA SP) - 1QFY26: Results A Major Miss Due To Cost...
SIA’s 1QFY26 reported net profit of S$186m (-58.8% yoy, -54.6% qoq) was a major miss against our guided range of S$400m-500m. The miss was mainly driven by three factors: a) higher-than-projected non-fuel opex, b) larger-than-expected drop in interest income, and c) heavier-than-projected loss of Air India. All these factors should largely persist for the rest of FY25. We cut our FY26-28 earnings forecasts by 30%/18%/21%, respectively. Downgrade SIA to SELL. Target price of S$6.03.
- Roy Chen Chengzhi
Singapore Daily: Tuesday, June 17, 2025
KEY HIGHLIGHTS Update Singapore Airlines (SIA SP/HOLD/S$6.87/Target: S$6.63): May 25 operating data in line. Recent industry events have mixed impacts on SIA. Maintain HOLD. TRADERS’ CORNER Yangzijiang Shipbuilding (YZJSGD SP): Trading BUY Singapore Airlines (SIA SP): Trading SELL
- Benjaphol Suthwanish
- Benyamin Mikael
- Claire Wang Kelai
- Damon Shen
- Desmond Chong Chee Wai
- Jieqi Liu
- Kasemsun Koonnara
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Roy Chen Chengzhi
- Thailand Research Team
- Tham Mun Hon
- Wei Xiang Ku
Regional Morning Meeting Notes: Tuesday, June 17, 2025
GREATER CHINA Economics Economic Activity Mixed bag for May. Sector Property Property market weakens further in May 25, with diverging city-tier performance. INDONESIA Initiate Coverage Bumi Resources Minerals (BRMS IJ/BUY/Rp454/Target: Rp610) Soaring to new heights; initiate coverage with BUY. MALAYSIA Update Press Metal ...
ORI ORIGIN PROPERTY
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
01109 CHINA RESOURCES LAND LIMITED
QH QUALITY HOUSES
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
SPALI SUPALAI PCL
C6L SINGAPORE AIRLINES LTD.
BH BUMRUNGRAD HOSPITAL PUBLIC CO. LTD.
PTTEP PTT EXPLORATION & PRODUCTION PLC
AP AP THAILAND
CHG CHULARAT HOSPITAL
AOT AIRPORTS OF THAILAND PUBLIC CO. LTD.
LPN LPN DEVELOPMENT PCL
PMAH PRESS METAL ALUMINIUM HOLDIN
PSH PRUKSA HOLDING PCL
BRMS IJ BUMI RESOURCES MINERALS
- Roy Chen Chengzhi
Singapore Airlines (SIA SP) - May 25 Operating Data In Line; Expect De...
SIA’s May 25 operating data were in line with expectations, with pax and cargo loads rising 3.1% and 4.2% yoy respectively. We forecast that SIA would deliver a steady 1QFY26 core net profit of S$400m-500m, broadly comparable yoy. The closure of Jetstar Asia presents an opportunity for SIA/Scoot to capture additional market share at Changi Airport. However, rising geopolitical tensions in the Middle East pose upside risks to jet fuel prices. Maintain HOLD on SIA with a target price of S$6.63.
- 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
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.