reports
- Chris Hoare
- Chong Lee Len
- Llelleythan Tan Tan
- Benjaphol Suthwanish
- Chong Lee Len
- Claire Wang Kelai
- Damon Shen
- Ejann Hiew
- Jieqi Liu
- Kenny Yong Hui Lim
- Kitpon Praipaisarnkit
- Kong Ho Meng
- Llelleythan Tan Tan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Friday, March 28, 2025
GREATER CHINA Results China Mengniu Dairy (2319 HK/BUY/HK$19.50/Target: HK$23.60) 2024: Results in line with profit warning; operating margin beat; targeting low single digit revenue growth for 2025. China Merchants Bank (3968 HK/HOLD/HK$45.90/Target: HK$49.00) 2024: Improving fundamentals but valuation is no longer attractive; downgrade to HOLD. China Overseas Property Holdings (2669 HK/BUY/HK$5.47/Target: HK$6.80) ...
XGH ENN ENERGY HOLDINGS LIMITED
CC3 STARHUB LTD
EZQ CHINA MENGNIU DAIRY CO. LTD.
5218 SAPURA ENERGY BHD
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
02669 CHINA OVERSEAS PROPERTY HOLDINGS LIMITED
M4B CHINA MERCHANTS BANK CO. LTD. CLASS H
NETLINK NETLINK NBN TRUST
MTC MUANGTHAI CAPITAL PCL
CPALL TB CP ALL
06098 COUNTRY GARDEN SERVICES HOLDINGS CO. LTD.
SCB SCB X PUBLIC COMPANY LIMITED
STECON STECON GROUP PUBLIC COMPANY LIMITED
DUSIT TB DUSIT THANI (DUSIT TB)
- Chong Lee Len
- Llelleythan Tan Tan
Telecommunications - 4Q24 Results Largely In Line; Expect Continued Ea...
For 4Q24, the sector’s 18% yoy earnings growth was within expectations, driven by Singtel’s regional associates, strong performance from the enterprise businesses and better overall cost discipline. We expect decent earnings growth for 1Q25, backed by strong earnings visibility, cost-saving initiatives and robust Enterprise business outlook. We like Singtel for its regional exposure and value-unlocking initiatives, Starhub’s attractive yield and NetLink’s defensive earnings. Maintain OVERWEIGHT.
- Chris Hoare
Global EM Telcos & Towers NSR GEM Top-10 March ‘25 Update: February a...
February was another good month for our top EM Telcos, now up 15% YTD on average. This note also includes key news & other thoughts in order to help investors generate alpha within the EM Telco space. With performance strong so far, we make no changes to our picks.
Singapore Telecommunications Ltd: 1 director
A director at Singapore Telecommunications Ltd bought 30,000 shares at 3.280SGD and the significance rating of the trade was 71/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last...
- Arsit Pamaranont
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Chong Lee Len
- Ejann Hiew
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Jonathan Koh
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Kong Ho Meng
- Llelleythan Tan Tan
- Paula Ruth
- Philip Wong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
Regional Morning Notes - Thursday, February 20, 2025
GREATER CHINA Sector Dairy: Retail demand remains weak; price recovery and healthier inventories to drive shipment normalisation. Healthcare: Outperformers empowered by AI revolution. INDONESIA Update Champ Resto Indonesia (ENAK IJ/BUY/Rp585/Target: Rp740): 2025 revenue to grow 16% yoy; more conservative on 4Q24 performance. Maintain BUY. MALAYSIA Results Duopharma Biotech (DBB MK/BUY/RM1.28/Target: RM1.39): 4Q24: Largely delivers on earnings. Public sector sales anchor growth while margins im...
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
5186 MALAYSIA MARINE AND HEAVY ENGINEERING HOLDINGS BHD
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
BCH BANGKOK CHAIN HOSPITAL PCL
SPRC STAR PETROLEUM REFINING
GMB GAS MALAYSIA BHD
DBB DUOPHARMA BIOTECH BHD
MPM MARCO POLO MARINE LTD
ENAK CHAMP RESTO INDONESIA TBK
STECON STECON GROUP PUBLIC COMPANY LIMITED
- Chong Lee Len
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Jonathan Koh
- Llelleythan Tan Tan
Singapore Daily: Thursday, February 20, 2025
KEY HIGHLIGHTS Results Marco Polo Marine (MPM SP/BUY/S$0.052/Target:S$0.072) 1QFY25: Ready to ride the green energy wave in 2HFY25. Singapore Telecommunications (ST SP/BUY/S$3.37/Target: S$3.58) 9MFY25: Results in line as business outlook improves. United Overseas Bank (UOB SP/NOT RATED/S$38.58) 4Q24: Sets out action plan for capital management. TRADERS' CORNER Yangzijiang Shipbuilding (YZJSGD SP): Trading BUY Hong Fok Co...
- Chong Lee Len
- Llelleythan Tan Tan
Singapore Telecommunications (ST SP) - 9MFY25: Results In Line As Busi...
For 9MFY25, Singtel reported a higher underlying net profit of S$1,870m (+11% yoy), driven by higher contributions from Optus and NCS, good cost discipline from the group’s cost-out programme and higher associate earnings (mainly from Airtel and AIS). The results are in line with expectations at 73% of our full-year forecasts. Singtel expects to pay 16.5 cents DPS for FY25 as the group has identified S$6b of capital recycling for sustainable shareholder returns. In view of a decent dividend yiel...
- Chris Hoare
Singtel (Buy, S$4.6, +36%) Q3 FY25 Quick Take: Positive set up for con...
Singtel delivered a good set of numbers with underlying revenue growing and EBIT expanding on continued cost optimisation despite ongoing growth investments at Digital Infraco which led to steady growth in underlying net profits.
- Singapore Research Team
Strategy - 2025 Budget: A Broad-Based Budget For All
While sounding a word of caution for medium-term government revenues, Prime Minister Wong delivered a budget that continued to defray the pain of inflation with an eye toward clean energy, climate change and helping lower-income households. No new equities market proposals were announced, which may disappoint investors in the short term. Our top picks are BAL, CD, KEP, OCBC, STE, STM, SCI, ST, VMS and YZJSGD.
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
544 CSE GLOBAL LTD.
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
BN2 VALUETRONICS HOLDINGS
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
C52 COMFORTDELGRO CORPORATION LIMITED
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
BN4 KEPPEL CORPORATION LIMITED
BAL BUMITAMA AGRI LTD
SSG SHENG SIONG GROUP LTD
MPM MARCO POLO MARINE LTD
STM SEATRIUM LTD
- Singapore Research Team
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
544 CSE GLOBAL LTD.
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
BN2 VALUETRONICS HOLDINGS
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
C52 COMFORTDELGRO CORPORATION LIMITED
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
BN4 KEPPEL CORPORATION LIMITED
BAL BUMITAMA AGRI LTD
SSG SHENG SIONG GROUP LTD
TXG 10X GENOMICS INC CLASS A
MPM MARCO POLO MARINE LTD
STM SEATRIUM LTD
- Chris Hoare
Global EM Telcos & Towers – NSR EM Top picks Feb 25 update. Top-8 beco...
We update the NSR GEM Top Picks list. No stocks are dropped, and we add LILAC and TIM Brasil to our list, extending it to a Top-10 list from Top-8. Our picks had a good start, up 12% on average since the start of the year. This note also includes key news & other thoughts in order to help investors generate alpha within the EM Telco space.
- Anas Fitri Bin Ahmad
- Benyamin Mikael
- Chong Lee Len
- Damon Shen
- Heidi Mo Jinghui
- Jieqi Liu
- John Cheong Ming Chern
- Lester Siew
- Llelleythan Tan Tan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Thanawat Thangchadakorn
Regional Morning Notes - Tuesday, January 21, 2025
GREATER CHINA Sector Property: Per capita tourism spending weakens further despite a yoy increase in visitor numbers; 2025 will continue to be a challenging year. Update Jiumaojiu International Holdings (9922 HK/BUY/HK$2.74/Target: HK$4.00): Business operations deteriorate in 4Q24; being cautious on new store openings; continuous closures of underperforming stores may happen in 2025. INDONESIA Sector Property: Undemanding valuation amid increased uncertainty. MALAYSIA Update Hap Seng Plantati...
- Chong Lee Len
- Llelleythan Tan Tan
Singapore Telecommunications (ST SP) - On Track To Continue Driving Sh...
In line with Singtel’s ST28 growth plan, its value-unlocking initiatives remain on track which we reckon would come from paring down stakes in its regional associates and non-core fixed assets, likely leading to higher VRDs in the next 3-5 years. The group continues to improve its ROIC through better core operational performance while also doubling down on its future growth drivers, NCS and Nxera. In view of a decent dividend yield of 5.2%, we maintain BUY with the same target price of S$3.58.
- Chong Lee Len
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Llelleythan Tan Tan
Singapore Daily - Tuesday, January 21, 2025
KEY HIGHLIGHTS Update Singapore Telecommunications (ST SP/BUY/S$3.15/Target: S$3.58) Driving shareholder value through active capital management and operational efficiency, particularly in Australia. Venture Corporation (VMS SP/BUY/S$12.71/Target: S$15.55) Remain focused and cautiously optimistic for the medium term. TRADERS' CORNER Singapore Post (SPOST SP): Trading BUY DFI Retail Group Holdings (DFI SP): Trading ...
- Chris Hoare
Indian Telcos & Towers News reports that the Indian government may vo...
Indian press is reporting that the Indian government is planning to cut AGR liabilities for the industry by around INR 1 trn (c. $12bn), by cutting 50% of interest and 100% of penalties and interest on penalties relating to the AGR fines. Implication would be a c. INR 520bn (US$ 6.2bn) reduction in liabilities for Vodafone IDEA and around INR 380bn (US $4.5bn) for Bharti.
- Chris Hoare
ASEAN Telcos Outlook 2025; Singtel and TRUE remain our top picks reg...
2024 saw good performance from the Thai telcos and Singtel and more mixed in Malaysia and Indonesia. In 2025, we think the benefit of consolidation should be more apparent in the latter. Singtel and TRUE remain our top picks in the region.
- Chris Hoare
Global EM Telcos & Towers Introducing the NSR Global EM Telco & Tower...
In a separate note published last week we introduced the NSR GEM-Top 8. However, many of the stocks in that list are not liquid and so, given the tailwinds we now see in the Telco industry we introduce a second list – the GEM Telco & Towers Liquid Compounders; large cap, well-managed telcos in attractive markets at cheap valuations that are likely to generate market-beating returns over time. These are the best large cap investments in the Global EM Telco & Towers space we think.
- Chris Hoare
Global EM Telcos & Towers Themes and Top picks for 2025
We remain constructive on EM Telcos despite the major stocks generally performing well through 2023 and 2024. As the long telco cycle inflects, and the industry consolidates, conditions still seem ripe for GDP+ revenue growth and rising ROIC we think. In this note, we run through the themes we think investors should follow in 2025. In a separate note, also published today we introduce the NSR EM Telco – Top 8, our top EM picks in the Telco and Towers space.
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