reports
- Adrian Loh Tzum Yung
Keppel (KEP SP) - 1HFY24: Resilient Growth In Consumption At Suburban ...
FCT’s suburban malls saw an influx of shopper traffic and tenant sales increased 4.3% yoy in 2QFY24, which exceeded pre-pandemic levels by 20%. Positive rental reversion picked up to 7.5% in 1HFY24 (FY23: 4.7%). NEX would be enhanced by: a) decanting existing car park space for conversion into 60,000sf of commercial space, and b) rightsizing the tenant mix to reduce the reliance on anchor tenants. FCT provides a defensive FY25 distribution yield of 5.5%. Maintain BUY. Target price: S$2.71.
- Adrian Loh Tzum Yung
- Jonathan Koh
Singapore Daily: Friday, April 26, 2024
KEY HIGHLIGHTS Results Frasers Centrepoint Trust (FCT SP/BUY/S$2.17/Target: S$2.71): 1HFY24: Resilient growth in consumption at suburban malls. Update Keppel (KEP SP/BUY/S$6.86/Target: S$8.89): Steady as she goes. TRADERS’ CORNER iFAST Corp (IFAST SP): Trading SELL AEM Holdings (AEM SP): Trading SELL
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Desmond Chong Chee Wai
- Jo Yee Ng
- Johnny Yum Chung Man
- Jonathan Koh
- Kasemsun Koonnara
- Shirley Wang Xueyi
- Stella Guo Yuting
- Stevanus Juanda
- Sunny Chen
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Friday, April 26, 2024
GREATER CHINA Results Aier Eye Hospital Group (300015 CH/BUY/Rmb12.24/Target: Rmb15.00) 2023: Satisfactory results; weak economic conditions may cloud 2024 growth visibility. Shanxi Xinghuacun Fenjiu (600809 CH/BUY/Rmb245.58/Target: Rmb321.00) 2023: Results in line; accelerating nationwide expansion. Update Xiaomi Corp (1810 HK/BUY/HK$16.60/Target: HK$21.00) Stronger confidence in EV business after Investor Day and factory visit. INDONESIA Results Unilev...
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
TOP THAI OIL PUBLIC CO. LTD.
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
UNVR PT UNILEVER INDONESIA TBK
PTTEP PTT EXPLORATION & PRODUCTION PLC
BN4 KEPPEL CORPORATION LIMITED
AP AP THAILAND
TCAP THANACHART CAPITAL PCL
01810 XIAOMI CORP. CLASS B
VITRO VITROX CORP BHD
- Adrian Loh Tzum Yung
- Heidi Mo Jinghui
- Llelleythan Tan Tan
- Singapore Research Team
Singapore Daily: Monday, April 15, 2024
KEY HIGHLIGHTS Strategy The Impact Of Escalating Middle East Tensions A fluid situation with oil prices the key worry. Small/Mid Cap Highlights BRC Asia (BRC SP/BUY/S$1.94/Target: S$2.42) 1QFY24: Strong results as construction demand recovers. TRADERS’ CORNER Aztech Global (AZTECH SP): Trading BUY Isdn Holdings (ISDN SP): Trading BUY
G13 GENTING SINGAPORE
FCT FRASERS CENTREPOINT TRUST
CC3 STARHUB LTD
S63 SINGAPORE TECHNOLOGIES ENGINEERING 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.
1820 ABDULMOHSEN AL HOKAIR GROUP FOR TOURISM AND DEVELOPMENT CO CJSC
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.
BN4 KEPPEL CORPORATION LIMITED
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
RFMD RAFFLES MEDICAL GROUP LTD
SASSR SASSEUR REAL ESTATE INVESTMENT TRUST
MUST MANULIFE US REAL ESTATE INV
BRC BRC ASIA LTD
TXG 10X GENOMICS INC CLASS A
FEH FOOD EMPIRE HOLDINGS LTD
UHU UNITED HAMPSHIRE US REIT
FRKN FRENCKEN GROUP LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
FLT FRASERS LOGISTICS & COMMERCIAL TRUST
KORE KEPPEL PACIFIC OAK US REIT
DCREIT DIGITAL CORE REIT
ADSE ADS TEC ENERGY PLC
CLI CAPITALAND INVESTMENT LTD
MPACT MAPLETREE PAN ASIA COMMERCIAL TRUST
BCOW 1895 BANCORP OF WISCONSIN INC
CLAS CAPITALAND ASCOTT TRUST
CLAR CAPITALAND ASCENDAS REIT
PRIME PRIME ROAD POWER PUBLIC CO LTD
STM SEATRIUM LTD
Z29 029 GROUP SE
ACG ACG ACQUISITION COMPANY LIMITED
- Adrian Loh Tzum Yung
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Greater China Research Team
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Jonathan Koh
- Keith Wee Teck Keong
- Ken Lee
- Llelleythan Tan Tan
- Paula Ruth
- Philip Wong
- Posmarito Pakpahan
- Singapore Research Team
- Sunny Chen
- Tanaporn Visaruthaphong
Regional Morning Notes - Friday, February 02, 2024
GREATER CHINA Strategy Alpha Picks: February Conviction Calls We remain hedged, adding COSCO Shipping Holdings and Foxconn Industrial Internet to our BUY list, but include additional SELL calls on Li Auto and Xpeng. Sector Automobile: Weekly: EV sales remain lukewarm in the fourth week of 2024. Top SELLs: BYD, XPeng and Li Auto. Update Shenzhen Mindray Bio-Medical Electronics (300760 CH/BUY/Rmb273.19/Target: Rmb360.00): Acquires 21.12% stake in APT Medical; embracing tremendous business opportu...
AMATA AMATA CORP
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
BN4 KEPPEL CORPORATION LIMITED
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
FNH FRASER & NEAVE HOLDINGS BHD
BURSA BURSA MALAYSIA BHD
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
CTOS CTOS DIGITAL BHD
- Adrian Loh Tzum Yung
- Heidi Mo Jinghui
- Jonathan Koh
- Llelleythan Tan Tan
- Singapore Research Team
Singapore Daily - Friday, February 02, 2024
KEY HIGHLIGHTS Strategy Alpha Picks: Portfolio Holds Steady Amid Market Weakness. Add YZJ; Remove STM: Our Alpha Picks portfolio traded flat in Jan 24, beating the STI by 2.7ppt on an equal-weighted basis. FEH and SCI were the key outperformers. Sector REITs: S-REITs monthly update (Jan 24). Results Keppel (KEP SP/BUY/S$7.15/Target: S$8.89): 2023: Strong results with a rosy M&A outlook ahead. Singapore Exchange (SGX SP/HOLD/S$9.39/Target:S$10.13): 1HFY24: Results in line as FICC outperforms ...
- Adrian Loh Tzum Yung
Keppel (KEP SP) - 2023: Strong Results With A Rosy M&A Outlook Ahead
KEP reported better-than-expected results for 2023 due to a strong operating performance from its infrastructure and connectivity segments. The former saw a particularly strong 135% yoy increase in net profit with management implying that its mid- to high-teens profit margins are sustainable. With a potentially more active M&A market in 2024, asset monetisation and capital recycling will be key share price drivers. Maintain BUY. Target price: S$8.89.
- Adrian Loh Tzum Yung
- Carol Dou Xiao Qin
- Chong Lee Len
- Jonathan Koh
- Jun Sian Tan
- Keith Wee Teck Keong
- Nurul Nazira Binti Abdullah
- Paula Ruth
- Sunny Chen
- Wei Xiang Ku
Regional Morning Notes - Thursday, November 30, 2023
GREATER CHINA Results Ali Health (241 HK/BUY/HK$4.62/Target: HK$6.00): 1HFY24: Bottom line beat estimates; acquiring marketing business to enhance capabilities of cloud-based pharmacy. INDONESIA Sector Telecommunications: ISAT might have more fixed broadband subscribers than EXCL in 4Q23 thanks to inorganic growth; maintain OVERWEIGHT. MALAYSIA Results Axiata (AXIATA MK/HOLD/RM2.30/Target: RM2.50): 3Q23: Below expectations; cut 2023-24 net profit by 15%. Mah Sing Group (MSGB MK/BUY/RM0.84/Targ...
- Jonathan Koh
Singapore Daily - Thursday, November 30, 2023
KEY HIGHLIGHTS Update Keppel Corp (KEP SP/BUY/S$6.43/Target: S$9.09): The Force is strong with this one. Manulife US REIT (MUST SP/BUY/US$0.091/Target: US$0.13): Breathing space for orderly deleveraging. TRADERS’ CORNER Sembcorp Industries (SCI SP): Trading BUY Singapore Exchange (SGX SP): Trading BUY
- Adrian Loh Tzum Yung
Keppel Corp (KEP SP) - The Force Is Strong With This One
Keppel’s acquisition of top-ranked Aermont Capital, which has a major European real estate presence, arguably puts the company into the league of global asset managers. This acquisition will deliver growth as well as investor and geographic diversification. How the combined entity takes advantage of the macro and real estate issues in Europe over the next five years will be worth watching. Maintain BUY. Target price: S$9.09.
- Adrian Loh Tzum Yung
- Jonathan Koh
Singapore Daily - Friday, October 20, 2023
KEY HIGHLIGHTS Results Keppel Pacific Oak US REIT (KORE SP/BUY/US$0.205/Target: US$0.56): 3Q23: Outperforming through higher portfolio occupancy. Update Keppel (KEP SP/BUY/S$6.25/Target: S$9.09): 9M23 business update was generally positive. Looking forward to asset monetisation and rig sales within Asset Co in the near to medium term. TRADERS’ CORNER AEM Holdings (AEM SP): Trading BUY Delfi (DELFI SP): Trading SELL
- Adrian Loh Tzum Yung
Keppel (KEP SP) - A Generally Positive Business Update With Asset Sale...
KEP’s 9M23 business update was in line and generally positive although China real estate was the key drag as expected. In the near to medium term, asset monetisation as well as the potential sale of rigs within the Asset Co could be key share price drivers. In our view, KEP’s valuations are very attractive with 2024F PE of 11.7x and P/B of 0.9x. Maintain BUY. Target price: S$9.09.
- Adrian Loh Tzum Yung
- Bella Lu Yifei
- Benjaphol Suthwanish
- Jack Goh Tooan Orng
- Jonathan Koh
- Julia Pan Mengyao
- Ken Lee
- Kong Ho Meng
- Kwanchai Atiphophai
- Ming San Soong
- Posmarito Pakpahan
- Tanaporn Visaruthaphong
Regional Morning Notes - Friday, October 20, 2023
GREATER CHINA Sector Internet: Solid domestic game grossing growth in summer; expect positive surprise from NetEase. Results Contemporary Amperex Technology (300750 CH/BUY/Rmb182.70/Target: Rmb410.00): 3Q23: Results came as a mixed bag. Maintain BUY. Update Kuaishou (1024 HK/BUY/HK$56.05/Target: HK$100.00): 3Q23 results preview: Encouraging e-commerce and ad momentum despite weak seasonality. INDONESIA Results Bank Tabungan Pensiunan Nasional Syariah (BTPS IJ/HOLD/Rp1,700/Target: Rp1,810): 3Q23...
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
- Vincent Khoo Boo Aik
REG: Strategy: Alpha Picks - October 2023
GREATER CHINA Strategy Alpha Picks: October Conviction Calls: We expect further downside pressure, so we add SELLs on Henlius and Xpeng to the list, on top of BUYs on Anta, Lenovo, PICC P&C and SHKP. INDONESIA Strategy Alpha Picks: Potential Bull Market in 4Q23: Our picks: BBNI, SMGR, NCKL, MAPI, CTRA, MYOR, AKRA and CMRY. MALAYSIA Strategy Alpha Picks: A Handful Of Events To Capitalise On: Our Alpha Picks modestly outperformed the FBMKLCI in Sep 23. Oct 23 picks: BUY BURSA, HAPL, HUME, MAHB a...
MAJOR MAJOR CINEPLEX GROUP PCL
AS7 ANTA SPORTS PRODUCTS LTD.
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
KKP KIATNAKIN BANK
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
00016 SUN HUNG KAI PROPERTIES LIMITED
00992 LENOVO GROUP LIMITED
ES ESSO SOCIETE ANONYME FRANCAISE
AKRA PT AKR CORPORINDO TBK
01109 CHINA RESOURCES LAND LIMITED
CTRA CIPUTRA DEVELOPMENT
STEC SINO-THAI ENGINEERING & CONSTRUCTION PCL
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
T13 RH PETROGAS
ERW ERAWAN GROUP
TOP THAI OIL PUBLIC CO. LTD.
U96 SEMBCORP INDUSTRIES LTD.
ESSO ESSO (THAILAND)
002594 BYD COMPANY LIMITED CLASS A
KLBF PT KALBE FARMA TBK
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
COM7 COM7
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
600585 ANHUI CONCH CEMENT COMPANY LIMITED CLASS A
MYOR MAYORA INDAH
C52 COMFORTDELGRO CORPORATION LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
ORI1 ORIENT OVERSEAS (INTERNATIONAL) LIMITED
MAPI MINOR INTERNATIONAL PUBLIC CO. LTD.
O39 MITRA ADIPERKASA
Y92 OVERSEA-CHINESE BANKING CORPORATION LIMITED
BN4 THAI BEVERAGE PUBLIC CO. LTD.
ADRO KEPPEL CORPORATION LIMITED
601633 PT ADARO ENERGY TBK
601888 GREAT WALL MOTOR CO. LTD. CLASS A
PTTGC CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
ROTI PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
SE NIPPON INDOSARI CORPINDO
PTTEP-R SEA ADS
BAL PTT EXPLORATION & PRODUCTION PCL NVDR
SMM BUMITAMA AGRI LTD
MYEG SEMBCORP MARINE LTD
MINT MY EG SERVICES BHD
BURSA MAPLETREE INDUSTRIAL TRUST
CPALL TB BURSA MALAYSIA BHD
GENM CP ALL
MAHB GENTING MALAYSIA BHD
2013 MALAYSIA AIRPORTS HLDGS BHD
6098 WEIMOB INC
HUME COUNTRY GARDEN SERVICES
SCB-R HUME INDUSTRIES BHD
709 SIAM COMMERCIAL BANK PCL NVDR
HAPL GIORDANO INTERNATIONAL LTD
9988 HAP SENG PLANTATIONS HOLDINGS BHD
MPM ALIBABA (9988 HK)
2696 MARCO POLO MARINE LTD
KEX SHANGHAI HENLIUS BIOTECH INC
OR KERRY EXPRESS (THAILAND)
1024 PTT OIL & RETAIL BUSINESS PCL
TIDLOR KUAISHOU TECHNOLOGY
9868 NGERN TID LOR PCL
9888 XPENG INC
BUKA BAIDU INC
2015 BUKALAPAK.COM PT TBK
CVL LI AUTO INC
9961 CIVMEC
BBNI TRIP.COM GROUP LTD
CLAS BANK NEGARA INDONESIA PERSER
SMGR CAPITALAND ASCOTT TRUST
NATGATE SEMEN INDONESIA PERSERO TBK
NCKL NATIONGATE HOLDINGS BHD
PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
- Singapore Research Team
Singapore Daily - Monday, October 02, 2023
KEY HIGHLIGHTS Strategy Alpha Picks: Adding MPM And RHP, Removing DELFI, LHN and YZJ: Our Alpha Picks portfolio outperformed for Sep 23, beating the STI by 4.7ppt. SEA Ltd, Bumitama and ComfortDelgro were the key outperformers. TRADERS’ CORNER Singapore Telecommunications (ST SP): Trading BUY Frencken Group (FRKN SP): Trading BUY
T13 RH PETROGAS
U96 SEMBCORP INDUSTRIES LTD.
C52 COMFORTDELGRO CORPORATION LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
Y92 THAI BEVERAGE PUBLIC CO. LTD.
BN4 KEPPEL CORPORATION LIMITED
SE SEA ADS
BAL BUMITAMA AGRI LTD
MINT MAPLETREE INDUSTRIAL TRUST
MPM MARCO POLO MARINE LTD
CVL CIVMEC
CLAS CAPITALAND ASCOTT TRUST
STM SEATRIUM LTD
- Singapore Research Team
Strategy - Alpha Picks: Adding MPM And RHP, Removing DELFI, LHN And YZ...
Our Alpha Picks portfolio overcame weak investor sentiment in Sep 23, beating the STI by 4.7ppt on a market cap-weighted basis and 0.4ppt on an equal-weighted basis, outperforming the STI in 17 out of the past 19 months. For Oct 23, we add MPM as we forecast higher utilisation rates, and RHP for near-term drilling upside potential. We remove DELFI and LHN due to a lack of near-term catalysts, and YZJ as we expect a quiet period for new orders.
T13 SEMBCORP INDUSTRIES LTD.
U96 COMFORTDELGRO CORPORATION LIMITED
C52 OVERSEA-CHINESE BANKING CORPORATION LIMITED
O39 THAI BEVERAGE PUBLIC CO. LTD.
Y92 KEPPEL CORPORATION LIMITED
BN4 SEA ADS
SE BUMITAMA AGRI LTD
BAL MAPLETREE INDUSTRIAL TRUST
MINT MARCO POLO MARINE LTD
MPM RH PETROGAS
RHP SEA LIMITED
SE US CIVMEC
CVL CAPITALAND ASCOTT TRUST
CLAS SEATRIUM LTD
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
- Vincent Khoo Boo Aik
REG: Strategy: Alpha Picks - September 2023
GREATER CHINA Strategy Alpha Picks: September Conviction Calls: We focus on stocks with pricing power or sustainable margins against a weakening macro backdrop. Add Giordano, KE Holdings and Trip.com. INDONESIA Strategy Alpha Picks: Underperformance In Aug 23: Our picks: MYOR, BSDE, CTRA, HMSP, BBNI, SMGR and MAPI. MALAYSIA Strategy Alpha Picks: Warming Up For Better Months Ahead: Our Alpha Picks outperformed the FBMKLCI in Aug 23. Sep 23 picks: BUY BURSA, HAPL, HUME, MAHB, Mr DIY, My EG Servi...
AS7 ANTA SPORTS PRODUCTS LTD.
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
KKP KIATNAKIN BANK
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
ES ESSO SOCIETE ANONYME FRANCAISE
01109 CHINA RESOURCES LAND LIMITED
CTRA CIPUTRA DEVELOPMENT
STEC SINO-THAI ENGINEERING & CONSTRUCTION PCL
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
ERW ERAWAN GROUP
TOP THAI OIL PUBLIC CO. LTD.
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
ESSO ESSO (THAILAND)
002594 BYD COMPANY LIMITED CLASS A
KLBF PT KALBE FARMA TBK
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
COM7 COM7
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
600585 ANHUI CONCH CEMENT COMPANY LIMITED CLASS A
MYOR MAYORA INDAH
C52 COMFORTDELGRO CORPORATION LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
ORI1 ORIENT OVERSEAS (INTERNATIONAL) LIMITED
MAPI MINOR INTERNATIONAL PUBLIC CO. LTD.
O39 MITRA ADIPERKASA
Y92 OVERSEA-CHINESE BANKING CORPORATION LIMITED
BN4 THAI BEVERAGE PUBLIC CO. LTD.
BSDE KEPPEL CORPORATION LIMITED
ADRO PT BUMI SERPONG DAMAI TBK
601633 PT ADARO ENERGY TBK
601888 GREAT WALL MOTOR CO. LTD. CLASS A
599A CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
PTTGC SANDS CHINA LTD.
ROTI PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
02669 NIPPON INDOSARI CORPINDO
2318 CHINA OVERSEAS PROPERTY HOLDINGS LIMITED
SE PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
YNS SEA ADS
PTTEP-R YINSON HOLDINGS BHD
HMSP PTT EXPLORATION & PRODUCTION PCL NVDR
VSI HM SAMPOERNA TBK PT
BAL V.S. INDUSTRY BERHAD
SMM BUMITAMA AGRI LTD
MYEG SEMBCORP MARINE LTD
MINT MY EG SERVICES BHD
BURSA MAPLETREE INDUSTRIAL TRUST
CPALL TB BURSA MALAYSIA BHD
CPN-R CP ALL
GENM CENTRAL PATTANA PCL NVDR
MAHB GENTING MALAYSIA BHD
RATCH MALAYSIA AIRPORTS HLDGS BHD
2013 RATCH GROUP PUBLIC CO. LTD.
6098 WEIMOB INC
HUME COUNTRY GARDEN SERVICES
SCB-R HUME INDUSTRIES BHD
709 SIAM COMMERCIAL BANK PCL NVDR
HAPL GIORDANO INTERNATIONAL LTD
9988 HAP SENG PLANTATIONS HOLDINGS BHD
BEKE ALIBABA (9988 HK)
MRDIY KE HOLDINGS INC
KEX MR DIY GROUP M BHD
OR KERRY EXPRESS (THAILAND)
1024 PTT OIL & RETAIL BUSINESS PCL
TIDLOR KUAISHOU TECHNOLOGY
9888 NGERN TID LOR PCL
BUKA BAIDU INC
2015 BUKALAPAK.COM PT TBK
CVL LI AUTO INC
9961 CIVMEC
BBNI TRIP.COM GROUP LTD
CLAS BANK NEGARA INDONESIA PERSER
SMGR CAPITALAND ASCOTT TRUST
NATGATE SEMEN INDONESIA PERSERO TBK
DELFI NATIONGATE HOLDINGS BHD
LHN DELFI LTD
LHN LTD
- Singapore Research Team
Strategy - Alpha Picks: Adding MINT While Removing RMFD
On a market cap-weighted basis, the STI outperformed our Alpha Picks by 0.3ppt, which was helped by our industrial stock picks. On a price-weighted and market-cap weighted basis, however, our portfolio significantly underperformed due to Sea Ltd. We note that our Alpha Picks portfolio has nevertheless beaten the STI in 16 out of the past 18 months. For Sep 23, due to favourable tailwinds for its data centre segment, we add MINT while removing RFMD from our Alpha Picks portfolio.
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
C52 COMFORTDELGRO CORPORATION LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
Y92 THAI BEVERAGE PUBLIC CO. LTD.
BN4 KEPPEL CORPORATION LIMITED
SE SEA ADS
BAL BUMITAMA AGRI LTD
MINT MAPLETREE INDUSTRIAL TRUST
SE US SEA LIMITED
CVL CIVMEC
CLAS CAPITALAND ASCOTT TRUST
DELFI DELFI LTD
STM SEATRIUM LTD
LHN LHN LTD
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
- Vincent Khoo Boo Aik
REG: Strategy: Alpha Picks - August 2023
GREATER CHINA Strategy Alpha Picks: August Conviction Calls: We expect further supportive policies to be rolled out and are adding potential beneficiaries like Baidu, COPH, CR Beer, CR Land, Ping An Insurance and Sands China to our BUY list. INDONESIA Strategy Alpha Picks: Again, An Outperformance In Jul 23: Our picks: MYOR, BSDE, CTRA, HMSP, BBNI, SMGR, MAPI; short ADRO. MALAYSIA Strategy Alpha Picks: Warming Up For Better Months Ahead: Our Alpha Picks underperformed the FBMKLCI in Jul 23. Au...
AS7 ANTA SPORTS PRODUCTS LTD.
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
KKP KIATNAKIN BANK
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
ES ESSO SOCIETE ANONYME FRANCAISE
01109 CHINA RESOURCES LAND LIMITED
CTRA CIPUTRA DEVELOPMENT
STEC SINO-THAI ENGINEERING & CONSTRUCTION PCL
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
ERW ERAWAN GROUP
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
ESSO ESSO (THAILAND)
002594 BYD COMPANY LIMITED CLASS A
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
KLBF PT KALBE FARMA TBK
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
COM7 COM7
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
600585 ANHUI CONCH CEMENT COMPANY LIMITED CLASS A
MYOR MAYORA INDAH
C52 COMFORTDELGRO CORPORATION LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
ORI1 ORIENT OVERSEAS (INTERNATIONAL) LIMITED
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
MAPI MITRA ADIPERKASA
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
Y92 THAI BEVERAGE PUBLIC CO. LTD.
BN4 KEPPEL CORPORATION LIMITED
BSDE PT BUMI SERPONG DAMAI TBK
601633 GREAT WALL MOTOR CO. LTD. CLASS A
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
599A SANDS CHINA LTD.
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
ROTI NIPPON INDOSARI CORPINDO
00700 TENCENT HOLDINGS LTD.
02669 CHINA OVERSEAS PROPERTY HOLDINGS LIMITED
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
SE SEA ADS
YNS YINSON HOLDINGS BHD
PTTEP-R PTT EXPLORATION & PRODUCTION PCL NVDR
HMSP HM SAMPOERNA TBK PT
VSI V.S. INDUSTRY BERHAD
BAL BUMITAMA AGRI LTD
SMM SEMBCORP MARINE LTD
MYEG MY EG SERVICES BHD
RFMD RAFFLES MEDICAL GROUP LTD
CPALL TB CP ALL
GENM GENTING MALAYSIA BHD
MAHB MALAYSIA AIRPORTS HLDGS BHD
RATCH RATCH GROUP PUBLIC CO. LTD.
2013 WEIMOB INC
6098 COUNTRY GARDEN SERVICES
SCB-R SIAM COMMERCIAL BANK PCL NVDR
HAPL HAP SENG PLANTATIONS HOLDINGS BHD
9988 ALIBABA (9988 HK)
1199 COSCO SHIPPING PORTS LIMITED
BEKE KE HOLDINGS INC
MRDIY MR DIY GROUP M BHD
KEX KERRY EXPRESS (THAILAND)
OR PTT OIL & RETAIL BUSINESS PCL
1024 KUAISHOU TECHNOLOGY
291 CHINA RESOURCES BEER HOLDINGS CO LTD
9888 BAIDU INC
BUKA BUKALAPAK.COM PT TBK
2015 LI AUTO INC
CVL CIVMEC
9961 TRIP.COM GROUP LTD
BBNI BANK NEGARA INDONESIA PERSER
ADOOY PT ADARO ENERGY TBK
CLAS CAPITALAND ASCOTT TRUST
SMGR SEMEN INDONESIA PERSERO TBK
NATGATE NATIONGATE HOLDINGS BHD
DELFI DELFI LTD
LHN LHN LTD
- Singapore Research Team
Strategy - Alpha Picks: Adding CD, SEA, BAL And LHN While Removing SIA...
Starting off strong for 2H23, our Alpha Picks portfolio was yet again positive in Jul 23, making it seven consecutive months in 2023. Driven by our O&G-related picks, our Alpha Picks portfolio beat the STI by 1.6ppt on a market cap-weighted basis. Our Alpha Picks portfolio has now beaten the STI in 16 out of the past 17 months. For Aug 23, we add CD, SEA, BAL and LHN, backed by favourable tailwinds and strong earnings outlook. We have also removed SIAEC, REXI and LREIT from our Alpha Picks portf...
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
C52 COMFORTDELGRO CORPORATION LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
Y92 THAI BEVERAGE PUBLIC CO. LTD.
BN4 KEPPEL CORPORATION LIMITED
SE SEA ADS
BAL BUMITAMA AGRI LTD
RFMD RAFFLES MEDICAL GROUP LTD
SE US SEA LIMITED
CVL CIVMEC
CLAS CAPITALAND ASCOTT TRUST
DELFI DELFI LTD
STM SEATRIUM LTD
LHN LHN LTD
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