reports
- Adrian Loh Tzum Yung
- Heidi Mo Jinghui
- Roy Chen Chengzhi
Singapore Daily: Friday, February 6, 2026
Top Stories Company Results | Keppel (KEP SP/BUY/S$11.62/Target: S$13.23) The 2025 results were strong with higher recurring income lifting net profit from continuing operations and ROE, alongside a sharply higher dividend including KREIT units. Infrastructure remained the main earnings pillar, while real estate rebounded through capital recycling. Maintain BUY with an upgraded target price of S$13.23. Company Results | Singapore Exchange (SGX SP/HOLD/S$17.64/Target: S$19.16) SGX’s 1HFY26 core ...
- Adrian Loh Tzum Yung
- Bella Lu Yifei
- Benjaphol Suthwanish
- Benyamin Mikael
- Carol Dou Xiao Qin
- Chong Lee Len
- Heidi Mo Jinghui
- HIFZHAN RAZIQ BIN HARIS FADZLAN
- Ken Lee
- Roy Chen Chengzhi
- Sunny Chen
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Friday, February 06, 2026
Greater China Sector Update | Automobile CPCA estimates January China passenger NEV wholesale sales at 900,000 units (+1% yoy/-42% mom), with front-loaded purchases ahead of the reduced purchase tax and delayed local subsidies weighing on volumes. Automakers with ICE-car exposure, such as Geely Auto and Great Wall Motor, saw relatively resilient January sales. We expect China’s auto sales to recover after Chinese New Year, with the local subsidies in place. Maintain MARKET WEIGHT. Top BUYs: ...
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
PTT PTT PUBLIC COMPANY LIMITED
S68 SINGAPORE EXCHANGE LTD.
EGH EUREKA GROUP HOLDINGS
M3I MINTH GROUP LIMITED
CENTEL CENTRAL PLAZA HOTEL
BN4 KEPPEL CORPORATION LIMITED
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
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
01801 INNOVENT BIOLOGICS INC.
AWC ASSET WORLD CORP PUBLIC COMPANY 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
MDKA MERDEKA COPPER GOLD TBK PT
Z29 029 GROUP SE
02015 LI AUTO INC
600699 JOYSON ELECTRONICS CORP
PEKAT PEKAT GROUP BHD
- Adrian Loh Tzum Yung
Keppel (KEP SP) - A Breakout Year As Asset-Light Strategy Drives ROE A...
The 2025 results were strong with higher recurring income lifting net profit from continuing operations and ROE, alongside a sharply higher dividend including KREIT units. Infrastructure remained the main earnings pillar, while real estate rebounded through capital recycling. Maintain BUY with an upgraded target price of S$13.23.
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
Regional Strategy: Alpha Picks – February 2026
Greater China Strategy | Alpha Picks: February Conviction Calls Chinese equities recovered in January, with the HSI and MSCI China rising 6.9% and 5.0% mom respectively. Given the supportive macro policy environment, we maintain a constructive view on the markets despite the risk of further volatility in February. Accordingly, we are adding Alibaba, Ganfeng Lithium, and Minth to our BUY list, and Meituan to our SELL list. Indonesia Strategy | Alpha Picks: From MSCI Shock To Policy-Driven Rebala...
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
KTC KRUNGTHAI CARD PCL
00823 LINK REAL ESTATE INVESTMENT TRUST
544 CSE GLOBAL LTD.
C09 CITY DEVELOPMENTS LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
ENRG ENERGI MEGA PERSADA
BN2 VALUETRONICS HOLDINGS
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
IVL INDORAMA VENTURES PUBLIC CO. LTD.
JPFA JAPFA COMFEED INDONESIA
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
5347 TENAGA NASIONAL BHD
BBCA PT BANK CENTRAL ASIA TBK
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
M3I MINTH GROUP LIMITED
PTTEP PTT EXPLORATION & PRODUCTION PLC
BN4 KEPPEL CORPORATION LIMITED
002460 GANFENG LITHIUM CO. LTD. CLASS A
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
000333 MIDEA GROUP CO. LTD. CLASS A
MINT-R MINOR INTERNATIONAL PCL NVDR
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
PDD PINDUODUO INC. SPONSORED ADR CLASS A
RHBBANK RHB BANK BHD
VSI V.S. INDUSTRY BERHAD
BURSA BURSA MALAYSIA BHD
CPN-R CENTRAL PATTANA PCL NVDR
RATCH RATCH GROUP PUBLIC CO. LTD.
RSTON RIVERSTONE HOLDINGS LTD
FEH FOOD EMPIRE HOLDINGS LTD
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
09999 NETEASE INC
SCGP SCG PACKAGING PCL
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
PXP PLAINS EXPLORATION & PRODUCTION COMPANY
2269 WUXI BIOLOGICS (CAYMAN) INC.
OR PTT OIL AND RETAIL BUSINESS PUBLIC CO LIMITED
06160 BEIGENE LTD.
09888 BAIDU INC
CLAR CAPITALAND ASCENDAS REIT
MDKA MERDEKA COPPER GOLD TBK PT
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
YINSON YINSON HOLDINGS BHD
IOIPG IOI PROPERTIES GROUP BHD
0303 ALPHA IVF GROUP
LAGENDA LAGENDA PROPERTIES BHD
PEKAT PEKAT GROUP BHD
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
HRUM HARUM ENERGY TBK PT
ASSA IJ ADI SARANA ARMADA TBK PT (ASSA IJ)
ZETRIX MK ZETRIX AI (ZETRIX MK)
ARCI IJ ARCHI INDONESIA (ARCI IJ)
002371 CH NAURA TECHNOLOGY GROUP CO LTD
ASL SP ASL MARINE (ASL SP)
UGAI ULTRAGREEN.AI LIMITED
- Benjaphol Suthwanish
- Desmond Chong Chee Wai
- Greater China Research Team
- Jonathan Koh
- Kasemsun Koonnara
- Malaysia Research Team
- Posmarito Pakpahan
- Singapore Research Team
- Vincent Khoo Boo Aik
Regional Morning Meeting Notes: Wednesday, February 04, 2026
Greater China Strategy | Alpha Picks: February Conviction Calls Chinese equities recovered in January, with the HSI and MSCI China rising 6.9% and 5.0% mom, respectively. Given the supportive macro policy environment, we maintain a constructive view on the markets despite risk of further volatility in February. Accordingly, we are adding Alibaba, Ganfeng Lithium, and Minth to our BUY list, while adding Meituan to our SELL list. Indonesia Company Results | Bank Negara Indonesia (BBNI IJ/B...
AES AES CORPORATION
OXB OXFORD BIOMEDICA PLC
OU8 CENTURION
FCT FRASERS CENTREPOINT TRUST
00823 LINK REAL ESTATE INVESTMENT TRUST
CC3 STARHUB LTD
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
544 CSE GLOBAL LTD.
D05 DBS GROUP HOLDINGS LTD
C09 CITY DEVELOPMENTS LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
S68 SINGAPORE EXCHANGE LTD.
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
F34 WILMAR INTERNATIONAL LIMITED
BN2 VALUETRONICS HOLDINGS
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
N2IU MAPLETREE COMMERCIAL TRUST
AJBU KEPPEL DC REIT
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
C52 COMFORTDELGRO CORPORATION LIMITED
C6L SINGAPORE AIRLINES LTD.
THAI THAI AIRWAYS INTERNATIONAL PCL
5347
Z74 TENAGA NASIONAL BHD
O39 SINGAPORE TELECOMMUNICATIONS LIMITED
M3I OVERSEA-CHINESE BANKING CORPORATION LIMITED
Y92 MINTH GROUP LIMITED
AP4 THAI BEVERAGE PUBLIC CO. LTD.
BN4 RIVERSTONE HOLDINGS
Q5T KEPPEL CORPORATION LIMITED
AP FAR EAST HOSPITALITY TRUST
SE AP THAILAND
SATS SP SEA ADS
D01 SATS LTD.
G13 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
TENAGA GENTING SINGAPORE LIMITED
CDREIT CDL HOSPITALITY TRUSTS
03690 MEITUAN CLASS B
YNS YINSON HOLDINGS BHD
RHBBANK RHB BANK BHD
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
NETLINK NETLINK NBN TRUST
SIE SIA ENGINEERING CO LTD
VSI V.S. INDUSTRY BERHAD
BAL BUMITAMA AGRI LTD
PREIT PARKWAYLIFE REAL ESTATE
SPOST SINGAPORE POST LTD
IJM IJM CORP BHD
MINT MAPLETREE INDUSTRIAL TRUST
BURSA BURSA MALAYSIA BHD
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
1772 GANFENG LITHIUM CO. LTD. CLASS H
FRKN FRENCKEN GROUP LTD
MPM MARCO POLO MARINE LTD
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
HMN ASCOTT RESIDENCE TRUST
SE US SEA LIMITED
CVL CIVMEC
06160 BEIGENE LTD.
9CI CAPITALAND INVESTMENT LTD
09888 BAIDU INC
BBNI BANK NEGARA INDONESIA PERSER
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
LAGENDA LAGENDA PROPERTIES BHD
PEKAT PEKAT GROUP BHD
PAN SP PAN-UNITED CORPORATION (PAN SP)
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
ZETRIX MK ZETRIX AI (ZETRIX MK)
OXB MK OXFORD INNOTECH BHD (OXB MK)
002371 CH NAURA TECHNOLOGY GROUP CO LTD
- Adrian Loh Tzum Yung
- Singapore Research Team
Strategy : Monthly Market Radar
Singapore equities delivered a strong January performance, with the STI rising 5.6% to fresh record highs amid heightened geopolitical tensions that drove flight-to-safety flows. Manufacturing activity remained in mild expansion, led by electronics and AI-related demand. Market/corporate catalysts during the month include REIT earnings, IPO interest in Catalist and continued strength in gold-linked counters.
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)
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Kai Jie Tang
Singapore Daily: Friday, January 23, 2026
Top Stories Strategy | Singapore Outlook The Singapore market outlook webinar for retail clients received over 200 attendees. We outlined our 2026 strategy, highlighting large-cap picks (DBS, GENS, KEP, SE), small-mid-cap selections (FEH, VALUE, RSTON, CAO), and top five S-REITs (CLAR, KREIT, LREIT, CAREIT, NTTDCR). Key questions include potential EQDP beneficiaries, small-mid-cap stocks, property counters, banks and REITS. Market Spotlight • US stocks were higher on Thursday, with the DJI...
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Kai Jie Tang
Strategy – Singapore Outlook: Galloping Into A Bullish 2026 On The Bac...
The Singapore market outlook webinar for retail clients received over 200 attendees. We outlined our 2026 strategy, highlighting large-cap picks (DBS, GENS, KEP, SE), small-mid-cap selections (FEH, VALUE, RSTON, CAO), and top five S-REITs (CLAR, KREIT, LREIT, CAREIT, NTTDCR). Key questions include potential EQDP beneficiaries, small-mid-cap stocks, property counters, banks and REITS.
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
Regional Strategy: Alpha Picks - January 2026
Greater China Strategy | Alpha Picks: January Conviction Calls Chinese equities remained in consolidation through December, with the HSI and MSCI China down 0.9% mom and 1.5% mom, respectively, despite last week’s window dressing narrowing losses. Policy signals from the Economic Work Conference broadly met expectations. Looking ahead, we are constructive on 1Q26, supported by a favourable global liquidity cycle and potential macro supportive measures in China. We retain most of our December pic...
KTC KRUNGTHAI CARD PCL
00823 LINK REAL ESTATE INVESTMENT TRUST
544 CSE GLOBAL LTD.
C09 CITY DEVELOPMENTS LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
ENRG ENERGI MEGA PERSADA
BN2 VALUETRONICS HOLDINGS
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
IVL INDORAMA VENTURES PUBLIC CO. LTD.
JPFA JAPFA COMFEED INDONESIA
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
5347 TENAGA NASIONAL BHD
BBCA PT BANK CENTRAL ASIA TBK
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
PTTEP PTT EXPLORATION & PRODUCTION PLC
BN4 KEPPEL CORPORATION LIMITED
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
000333 MIDEA GROUP CO. LTD. CLASS A
MINT-R MINOR INTERNATIONAL PCL NVDR
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
PDD PINDUODUO INC. SPONSORED ADR CLASS A
RHBBANK RHB BANK BHD
VSI V.S. INDUSTRY BERHAD
BURSA BURSA MALAYSIA BHD
RATCH RATCH GROUP PUBLIC CO. LTD.
RSTON RIVERSTONE HOLDINGS LTD
FEH FOOD EMPIRE HOLDINGS LTD
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
09999 NETEASE INC
SCGP SCG PACKAGING PCL
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
2269 WUXI BIOLOGICS (CAYMAN) INC.
OR PTT OIL AND RETAIL BUSINESS PUBLIC CO LIMITED
06160 BEIGENE LTD.
09888 BAIDU INC
CLAR CAPITALAND ASCENDAS REIT
MDKA MERDEKA COPPER GOLD TBK PT
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
YINSON YINSON HOLDINGS BHD
IOIPG IOI PROPERTIES GROUP BHD
0303 ALPHA IVF GROUP
LAGENDA LAGENDA PROPERTIES BHD
PEKAT PEKAT GROUP BHD
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
HRUM HARUM ENERGY TBK PT
ASSA IJ ADI SARANA ARMADA TBK PT (ASSA IJ)
ZETRIX MK ZETRIX AI (ZETRIX MK)
ARCI IJ ARCHI INDONESIA (ARCI IJ)
002371 CH NAURA TECHNOLOGY GROUP CO LTD
ASL SP ASL MARINE (ASL SP)
UGAI ULTRAGREEN.AI LIMITED
- Adrian Loh Tzum Yung
- Chong Lee Len
- Colin Lee
- Desmond Chong Chee Wai
- Ejann Hiew
- Johnny Yum
- Johnny Yum Chung Man
- Malaysia Research Team
- Singapore Research Team
- Suryaputra Wijaksana
- Thanawat Thangchadakorn
- Vincent Khoo Boo Aik
Regional Morning Meeting Notes: Monday, January 05, 2026
Greater China Sector Update | IT Hardware We see an acceleration in China’s AI development progress in 2026, with NVIDIA successfully obtaining the US government’s approval on H200 sales to China, which will provide a major boost to the Chinese the AI application users. We also believe that the shipment volume of domestic AI chips will receive minimal impact, with foreign chips acting as a “demand gap filler” while the establishment of a capable local supply chain remains the highest priorit...
ASM PACIFIC TECHNOLOGY LIMITED
544 CSE GLOBAL LTD.
C09 CITY DEVELOPMENTS LIMITED
BN2 ENERGI MEGA PERSADA
TISCO VALUETRONICS HOLDINGS
JPFA TISCO FINANCIAL GROUP
TMB JAPFA COMFEED INDONESIA
5347 TMB BANK PUBLIC COMPANY LIMITED
BBCA TENAGA NASIONAL BHD
O39 PT BANK CENTRAL ASIA TBK
BN4 OVERSEA-CHINESE BANKING CORPORATION LIMITED
TLKM KEPPEL CORPORATION LIMITED
SE PT TELKOM INDONESIA (PERSERO) TBK CLASS B
D01 SEA ADS
01810 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 XIAOMI CORP. CLASS B
YNS GENTING SINGAPORE LIMITED
RHBBANK YINSON HOLDINGS BHD
MLK RHB BANK BHD
VSI MALAKOFF CORP BHD
BURSA V.S. INDUSTRY BERHAD
GMB BURSA MALAYSIA BHD
0763 GAS MALAYSIA BHD
FEH ZTE CORPORATION CLASS H
601138 FOOD EMPIRE HOLDINGS LTD
9CI FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
CLAR CAPITALAND INVESTMENT LTD
MDKA CAPITALAND ASCENDAS REIT
NCKL MERDEKA COPPER GOLD TBK PT
IOIPG PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
0303 IOI PROPERTIES GROUP BHD
LAGENDA ALPHA IVF GROUP
PEKAT LAGENDA PROPERTIES BHD
HRUM PEKAT GROUP BHD
ZETRIX MK HARUM ENERGY TBK PT
ARCI IJ ZETRIX AI (ZETRIX MK)
002371 CH ARCHI INDONESIA (ARCI IJ)
ASL SP NAURA TECHNOLOGY GROUP CO LTD
CAREIT ASL MARINE (ASL SP)
ENRG CENTURION ACCOMMODATION REIT (CAREIT SP)
ASSA NEW ENERGY METALS CORP
ASSA ABLOY AB
- Adrian Loh Tzum Yung
- Singapore Research Team
Strategy - Equity Strategy: Bullish Foundations In Place For 2026
We remain bullish on the Singapore market in 2026 given positive earnings growth prospects as well as funds flow momentum. We forecast a 2026 year-end target of 5,000 for the STI, implying an 8% upside from current levels. Key stock picks are CLAR, CLI, CIT, DFI, FR, GENS, KEP, OCBC, SE, ASL, CAREIT, CSE, FEH and VALUE.
544 CSE GLOBAL LTD.
C09 CITY DEVELOPMENTS LIMITED
BN2 VALUETRONICS HOLDINGS
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
BN4 KEPPEL CORPORATION LIMITED
SE SEA ADS
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
FEH FOOD EMPIRE HOLDINGS LTD
9CI CAPITALAND INVESTMENT LTD
CLAR CAPITALAND ASCENDAS REIT
ASL SP ASL MARINE (ASL SP)
CAREIT CENTURION ACCOMMODATION REIT (CAREIT SP)
- Adrian Loh Tzum Yung
- Singapore Research Team
Strategy - Equity Strategy: Bullish Foundations In Place For 2026
Highlights • We remain bullish on the Singapore market in 2026 given positive earnings growth prospects as well as funds flow momentum. • We forecast a 2026 year-end target of 5,000 for the STI, implying an 8% upside from current levels. • Key stock picks are CLAR, CLI, CIT, DFI, FR, GENS, KEP, OCBC, SE, ASL, CAREIT, CSE, FEH and VALUE.
544 CSE GLOBAL LTD.
C09 CITY DEVELOPMENTS LIMITED
BN2 VALUETRONICS HOLDINGS
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
BN4 KEPPEL CORPORATION LIMITED
SE SEA ADS
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
FEH FOOD EMPIRE HOLDINGS LTD
9CI CAPITALAND INVESTMENT LTD
CLAR CAPITALAND ASCENDAS REIT
ASL SP ASL MARINE (ASL SP)
CAREIT CENTURION ACCOMMODATION REIT (CAREIT SP)
- Andrew Agita Buntoro
- Bella Lu Yifei
- Benyamin Mikael
- Claire Wang Kelai
- Ejann Hiew
- Jonathan Koh
- Keith Wee Teck Keong
- Ken Lee
- Shirley Wang Xueyi
- Singapore Research Team
- Stella Guo Yuting
- Tham Mun Hon
UOBKH: Regional Morning Meeting Notes: Friday, January 02, 2026
Greater China Economics | PMI December Manufacturing PMI rose to 50.1, back in the expansionary zone for the first time since March. Non-manufacturing PMI also improved at 50.2 (+0.7pt mom), driven by a rebound in construction activity, while services PMI remained slightly contractionary pointing to weak domestic demand. Enterprise PMI showed divergent trends, with large firms leading the improvement. Overall, the December data points to uneven recovery despite the positive headline numbers....
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
FCT FRASERS CENTREPOINT TRUST
1023 CIMB GROUP HOLDINGS BHD
544 CSE GLOBAL LTD.
C09 CITY DEVELOPMENTS LIMITED
2488 ALLIANCE BANK MALAYSIA BHD.
1295 PUBLIC BANK BHD
BN2 VALUETRONICS HOLDINGS
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
00027 GALAXY ENTERTAINMENT GROUP LIMITED
1155 MALAYAN BANKING BHD.
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
M3I MINTH GROUP LIMITED
BN4 KEPPEL CORPORATION LIMITED
599A SANDS CHINA LTD.
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
Q5T FAR EAST HOSPITALITY TRUST
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
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
CDREIT CDL HOSPITALITY TRUSTS
RHBBANK RHB BANK BHD
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
HLFG HONG LEONG FINANCIAL GROUP
PREIT PARKWAYLIFE REAL ESTATE
MINT MAPLETREE INDUSTRIAL TRUST
AMM AMMB HOLDINGS BHD
HLBK HONG LEONG BANK BERHAD
ABANK AFFIN BANK BHD
RSTON RIVERSTONE HOLDINGS LTD
FEH FOOD EMPIRE HOLDINGS LTD
1772 GANFENG LITHIUM CO. LTD. CLASS H
UHU UNITED HAMPSHIRE US REIT
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
CRPU SASSEUR REIT (S CHIP)
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
OXMU PRIME US REIT
HMN ASCOTT RESIDENCE TRUST
CLCT CAPITALAND CHINA TRUST
KORE KEPPEL PACIFIC OAK US REIT
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
GTSI GTS INTERNASIONAL TBK
MXNU ELITE COMMERCIAL REIT MGNT PTE LTD
CLAR CAPITALAND ASCENDAS REIT
BIMB BANK ISLAM MALAYSIA BHD
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
02015 LI AUTO INC
09868 XPENG INC
600699 JOYSON ELECTRONICS CORP
PONY PONY AI INC
002050 CH ZHEJIANG SANHUA INTELLIGENT CONTROLS CO LTD (002050 CH)
ASL SP ASL MARINE (ASL SP)
UGAI ULTRAGREEN.AI LIMITED
- Desmond Chong Chee Wai
- Ejann Hiew
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Johnny Yum
- Julia Pan Mengyao
- Kai Jie Tang
- Malaysia Research Team
- Ming San Soong
- Philip Wong
- Shirley Wang Xueyi
- Singapore Research Team
- Stella Guo Yuting
- Suryaputra Wijaksana
- Tanapon Cholkadidamrongkul
- Vincent Khoo Boo Aik
- Willinoy Sitorus
Regional Morning Meeting Notes: Wednesday, December 03, 2025
Greater China Sector Update | Consumer We met investors in Thailand and Malaysia during our marketing trip from 24-28 Nov 25. Overall investor interest in the China consumer sector is improving. The most frequently discussed segments and names include Miniso, Shenzhou, Anta, consumer staples (including dairy, beer and baijiu), as well as some new consumption names such as Pop Mart (non-rated) and Laopu Gold (non-rated). Our preferred stocks include: Galaxy, Midea, Miniso, Shenzhou and Sands ...
BJC BERLI JUCKER PUBLIC CO. LTD.
02313 SHENZHOU INTERNATIONAL GROUP HOLDINGS LIMITED
AS7 ANTA SPORTS PRODUCTS LTD.
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
600132 CHONGQING BREWERY CO.LTD CLASS A
000858 WULIANGYE YIBIN CO. LTD. CLASS A
544 CSE GLOBAL LTD.
C09 CITY DEVELOPMENTS LIMITED
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
EZQ CHINA MENGNIU DAIRY CO. LTD.
02331 LI NING COMPANY LIMITED
BN2 VALUETRONICS HOLDINGS
3K1 KINGSOFT CORP. LTD.
JPFA JAPFA COMFEED INDONESIA
COM7 COM7
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
600887 INNER MONGOLIA YILI INDUSTRIAL GROUP CO. LTD. CLASS A
00027 GALAXY ENTERTAINMENT GROUP LIMITED
5347 TENAGA NASIONAL BHD
BBCA PT BANK CENTRAL ASIA TBK
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
BN4 KEPPEL CORPORATION LIMITED
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
599A SANDS CHINA LTD.
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
000333 MIDEA GROUP CO. LTD. CLASS A
00700 TENCENT HOLDINGS LTD.
0168 TSINGTAO BREWERY CO. LTD. CLASS H
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
PDD PINDUODUO INC. SPONSORED ADR CLASS A
03690 MEITUAN CLASS B
YNS YINSON HOLDINGS BHD
RHBBANK RHB BANK BHD
06862 HAIDILAO INTERNATIONAL HOLDING LTD.
VSI V.S. INDUSTRY BERHAD
KPJ KPJ HEALTHCARE BERHAD
BURSA BURSA MALAYSIA BHD
CPALL TB CP ALL
BAUTO BERMAZ AUTO BHD
00780 TONGCHENG-ELONG HOLDINGS LIMITED
1368 XTEP INTERNATIONAL HOLDINGS
RSTON RIVERSTONE HOLDINGS LTD
CRC CENTRAL RETAIL CORP
FEH FOOD EMPIRE HOLDINGS LTD
01876 BUDWEISER BREWING CO. APAC LTD.
6186 CHINA FEIHE LTD
HEAL MEDIKALOKA HERMINA
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
09618 JD.COM INC. CLASS A
MNSO MINISO GROUP HOLDING ADS (N SHARES)
01024 KUAISHOU TECHNOLOGY CLASS B
06690 HAIER SMART HOME CO. LTD. CLASS H
09922 JIUMAOJIU INTERNATIONAL HOLDINGS LTD.
09888 BAIDU INC
CMRY PT CISARUA MOUNTAIN DAIRY TBK
02423 KE HOLDINGS INC.
DOHOME DOHOME PCL
CLAR CAPITALAND ASCENDAS REIT
MDKA MERDEKA COPPER GOLD TBK PT
09961 CTRIP.COM INTERNATIONAL
0303 ALPHA IVF GROUP
LAGENDA LAGENDA PROPERTIES BHD
PEKAT PEKAT GROUP BHD
CPAXT CP AXTRA PUBLIC COMPANY LIMITED
KOPI MK ORIENTAL KOPI HOLDINGS BHD
BRMS IJ BUMI RESOURCES MINERALS
1698 HK TENCENT MUSIC ENTERTAINMENT GROUP
DEWA IJ DARMA HENWA (DEWA IJ)
ASSA IJ ADI SARANA ARMADA TBK PT (ASSA IJ)
ARCI IJ ARCHI INDONESIA (ARCI IJ)
ASL SP ASL MARINE (ASL SP)
UGAI ULTRAGREEN.AI LIMITED
HERE US HERE GROUP (HERE US)
- Singapore Research Team
Strategy - Alpha Picks: Rebalanced For Year-End Opportunities
Our Nov 25 Alpha Picks portfolio returned 2.2% mom, in line with the STI, while weighted portfolios outperformed. Gains were led by CSE, ASL and MPM. For Dec 25, we add KEP, UGAI and SATS, and remove FRKN, UMS and SIA. The refreshed portfolio remains positioned to benefit from ongoing EQDP-driven interest in small-/mid-cap names.
C09 CITY DEVELOPMENTS LIMITED
BN2 VALUETRONICS HOLDINGS
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
BN4 KEPPEL CORPORATION LIMITED
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
RSTON RIVERSTONE HOLDINGS LTD
FEH FOOD EMPIRE HOLDINGS LTD
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
CLAR CAPITALAND ASCENDAS REIT
ASL SP ASL MARINE (ASL SP)
UGAI ULTRAGREEN.AI LIMITED
- Adrian Loh Tzum Yung
- Bella Lu Yifei
- Benjaphol Suthwanish
- Benyamin Mikael
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Colin Lee
- Desmond Chong Chee Wai
- Ejann Hiew
- Johnny Yum Chung Man
- Jonathan Koh
- Kasemsun Koonnara
- Keith Wee Teck Keong
- Ken Lee
- Kenny Yong Hui Lim
- Lester Siew
- Malaysia Research Team
- Posmarito Pakpahan
- Sunny Chen
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
- Vincent Khoo Boo Aik
- Wei Xiang Ku
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Friday, October 31, 2025
Greater China Company Results | ASMPT (522 HK/BUY/HK$83.85/Target: HK$104.00) ASMPT’s 3Q25 print missed expectations on a weaker product mix and one-off restructuring costs. Revenue was largely in line with the mid-point of its guidance, but gross margin was below expectations at 35.7% due to changes in product mix and inventory write-off from the restructuring. Nevertheless, ASMPT reported solid progress with TCB in both HBM4 and advanced logic C2W/C2S, while its mainstream tools continued to r...
ASM PACIFIC TECHNOLOGY LIMITED
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
F34 WILMAR INTERNATIONAL LIMITED
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
6WX CHINA LONGYUAN POWER GROUP CORP. LTD. CLASS H
PTTEP PTT EXPLORATION & PRODUCTION PLC
BN4 KEPPEL CORPORATION LIMITED
1211 BYD COMPANY LIMITED CLASS H
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
BURSA BURSA MALAYSIA BHD
BANPU TB BANPU
CPN-R CENTRAL PATTANA PCL NVDR
603882 GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
CRC CENTRAL RETAIL CORP
CTOS CTOS DIGITAL BHD
ARCI IJ ARCHI INDONESIA (ARCI IJ)
002371 CH NAURA TECHNOLOGY GROUP CO LTD
- Adrian Loh Tzum Yung
Keppel (KEP SP) - 3Q25 Update: Well Placed For A Great Year
KEP provided a very positive 3Q25 business update with earnings growth unabated. We anticipate higher year-end DPS as well as a high likelihood of special dividends given the strong pace of capital recycling this year. Maintain BUY with a higher target price of S$11.70.
- Adrian Loh Tzum Yung
- Jonathan Koh
- Lester Siew
Singapore Daily: Friday, October 31, 2025
Top Stories Company Results | Keppel REIT (KREIT SP/BUY/S$1.06/Target: S$1.20) KREIT targets double-digit positive rental reversion in both 2025 and 2026. It intends to remain Singapore-centric and office-focused. It will cap the exposure to retail assets at 20% of portfolio valuation. Maintain BUY. Target price: S$1.20. Company Results | Mapletree Logistics Trust (MLT SP/HOLD/S$1.35/Target: S$1.38) Negative rental reversion for China has moderated from -7.5% in the previous quarter to -3.0%...
- Adrian Loh Tzum Yung
- Lester Siew
Singapore Daily: Wednesday, October 15, 2025
Top Stories Company Update | First Resources (FR SP/BUY/S$1.70/Target: S$1.97) FR’s firm earnings momentum is set to carry on into 2H25, with strong output growth led by both its pre-existing and newly-acquired plantations. Maintain BUY with a higher target price of S$1.97 (from S$1.85), based on 8.5x 2026F PE. Its dividend yield remains appealing at an implied 6.8% for 2025. Company Update | Keppel (KEP SP/BUY/S$9.01/Target: S$10.85) Strong 3Q with its portfolio streamlined, execution risk re...
- Adrian Loh Tzum Yung
- Audrey Celia
- Benjaphol Suthwanish
- Chong Lee Len
- Damon Shen
- Jieqi Liu
- Julia Pan Mengyao
- Kitpon Praipaisarnkit
- Kong Ho Meng
- Lester Siew
- Ming San Soong
- Thanawat Thangchadakorn
- Willinoy Sitorus
Regional Morning Meeting Notes: Wednesday, October 15, 2025
Greater China Sector Update | Property Jinling Residence’s strong sell-out highlights resilient end-user demand despite weaker investment sentiment, while major cities’ October data showed yoy declines in both new and secondary home sales. We maintain MARKET WEIGHT. We upgrade Kerry Properties to BUY after the recent correction, with an unchanged target price of HK$22.80. Company Update | Alibaba Group (9988 HK/BUY/HK$155.20/Target: HK$203.00) We expect solid 2QFY26 results, despite marg...
FR FIRST INDUSTRIAL REALTY TRUST INC.
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
00683 KERRY PROPERTIES LIMITED
00016 SUN HUNG KAI PROPERTIES LIMITED
01109 CHINA RESOURCES LAND LIMITED
TISCO TISCO FINANCIAL GROUP
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
JPFA JAPFA COMFEED INDONESIA
3816 MISC BHD
5347 TENAGA NASIONAL BHD
BN4 KEPPEL CORPORATION LIMITED
MLK MALAKOFF CORP BHD
KCE KCE ELECTRONICS PUBLIC CO. LTD.
GMB GAS MALAYSIA BHD
09988 ALIBABA GROUP HOLDING LTD.
09618 JD.COM INC. CLASS A
00017 NEW WORLD DEVELOPMENT CO. LTD.
SVI SVI PCL
DELTA DELTA CORP
PEKAT PEKAT GROUP BHD
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