reports
- Jonathan Koh
- Jonathan Koh
Singapore Banking - 1Q24 Results Preview: Softer NIM But Resilient Ass...
The steep decline in 3M HIBOR could shave off 4-6bp from NIM in 1Q24 as Hong Kong dollar-denominated loans accounted for 11% and 13% of total loans respectively for DBS and OCBC. Singapore banks are expected to deliver steady net profits of S$2,486m for DBS (-3% yoy but +10% qoq) and S$1,824m for OCBC (-3% yoy but +12% qoq) in 1Q24, supported by resilient asset quality. Maintain OVERWEIGHT. Our top picks are DBS (BUY/Target: S$43.25) followed by OCBC (BUY/Target: S$18.15).
- Adrian Loh Tzum Yung
- Singapore Research Team
Singapore Strategy - The Impact Of Escalating Middle East Tensions: A ...
While Middle East tensions have escalated in the past 72 hours, we believe that the situation remains fluid. Oil prices remain the key worry and could negatively impact Asian growth and thus Singapore’s open economy should it escalate past US$100/bbl. In our view, aviation stocks should be able to pass on any oil price related increases, while near-term sentiment for the upstream and offshore marine sector should remain positive. An overall risk-off sentiment will likely pervade the markets in t...
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
BN2 VALUETRONICS HOLDINGS
C52 COMFORTDELGRO CORPORATION LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
SATS SP SATS LTD.
CDREIT CDL HOSPITALITY TRUSTS
FEHT FAR EAST HOSPITALITY TRUST
BAL BUMITAMA AGRI LTD
MINT MAPLETREE INDUSTRIAL TRUST
FEH FOOD EMPIRE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
CLI CAPITALAND INVESTMENT LTD
STM SEATRIUM LTD
- 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
- Jonathan Koh
- Keith Wee Teck Keong
- Posmarito Pakpahan
- Tanaporn Visaruthaphong
ASEAN Banks – ASEAN Banks: Quarterly Update
OVERWEIGHT on Indonesia banks as they offer the highest earnings growth in 2024/25 and benefit from the recent rally in commodity prices. We like Singapore banks for their attractive dividend yields. Our top BUYs are DBS (Target: S$43.25), CIMB (Target: RM7.33), SCB X (Target: Bt130) and BMRI (Target: Rp7,900). We also like OCBC (Target: S$18.15), RHB (Target: RM6.18) and BBNI (Target: Rp6,300) as attractive yield plays.
1023 CIMB GROUP HOLDINGS BHD
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
D05 DBS GROUP HOLDINGS LTD
KTB KRUNG THAI BANK PUBLIC CO. LTD.
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
TISCO TISCO FINANCIAL GROUP
BMRI PT BANK MANDIRI (PERSERO) TBK
KBANK KASIKORNBANK PUBLIC CO. LTD.
SCB SIAM COMMERCIAL BANK PUBLIC COMPANY LIMITED
BBCA PT BANK CENTRAL ASIA TBK
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
PBBANK PUBLIC BANK BERHAD
RHBBANK RHB BANK BHD
HLFG HONG LEONG FINANCIAL GROUP
AMM AMMB HOLDINGS BHD
HLBK HONG LEONG BANK BERHAD
ABMB ALLIANCE BANK MALAYSIA BHD
ABANK AFFIN BANK BHD
TTB TMBTHANACHART BANK PCL
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
BBYB BANK NEO COMMERCE
BIMB BANK ISLAM MALAYSIA BHD
BTPS BANK TABUNGAN PENSIUNAN NASIONAL SYARIAH TBK PT
MAYBANK MALAYAN BANKING BHD
- Jonathan Koh
- Jonathan Koh
Singapore Banking - Higher For Slightly Longer
We anticipate two rate cuts in 2H24 as opposed to three stipulated by the Fed’s dot plot. Domestic interest rates in Singapore are likely to remain elevated for slightly longer but will start receding in 4Q24, in tandem with rate cuts in the US. Maintain OVERWEIGHT. We raised our 2025 earnings forecasts for DBS by 6% and OCBC by 5%. DBS and OCBC provide 2025 dividend yields of 6.8% and 6.5% respectively. BUY DBS (Target: S$43.25), followed by OCBC (Target: S$18.15).
- Adrian Loh Tzum Yung
- Singapore Research Team
Singapore Strategy - Higher-for-a-lot-longer Interest Rates: Some Comp...
Recent comments by US Fed officials raise the spectre of zero interest rate cuts should the US economy remain robust. We view Singapore corporates’ debt levels as manageable across the companies we cover, with free cash flow generation forecast to remain strong in 2024. Nevertheless, some companies’ profit margins could erode in 2024 should interest rate cuts be deferred into 2025, eg WIL, CDL, CLI, SCI and KEP. Companies with high cash piles (eg VALUE, GENS and YZJ) could benefit.
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
BN2 VALUETRONICS HOLDINGS
C52 COMFORTDELGRO CORPORATION LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
SATS SP SATS LTD.
CDREIT CDL HOSPITALITY TRUSTS
FEHT FAR EAST HOSPITALITY TRUST
BAL BUMITAMA AGRI LTD
MINT MAPLETREE INDUSTRIAL TRUST
FEH FOOD EMPIRE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
CLI CAPITALAND INVESTMENT LTD
STM SEATRIUM LTD
- Adrian Loh Tzum Yung
- Singapore Research Team
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
C52 COMFORTDELGRO CORPORATION LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
VALUE VALUE8 N.V.
SATS SP SATS LTD.
CDREIT CDL HOSPITALITY TRUSTS
FEHT FAR EAST HOSPITALITY TRUST
BAL BUMITAMA AGRI LTD
MINT MAPLETREE INDUSTRIAL TRUST
FEH FOOD EMPIRE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
CLI CAPITALAND INVESTMENT LTD
STM SEATRIUM LTD
- Greater China Research Team
- Johnny Yum
- Kitpon Praipaisarnkit
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
- Vincent Khoo Boo Aik
REG: Strategy: Alpha Picks - April 2024
GREATER CHINA Strategy Alpha Picks: April Conviction Calls: Adding AIA, Midea, Hansoh Pharmaceutical, Shenzhen Inovance and Trip.com to our BUY list, with SELL calls on BYD, EVE Energy, and Li Auto. INDONESIA Strategy Alpha Picks: Outperformance In Mar 24 and 1Q24: Our picks are ACES, BBTN, CMRY, SIDO, EXCL, MAPI, JSMR, CTRA, and AKRA. MALAYSIA Strategy Alpha Picks: Expanding The Variety Of Events Bets: Our Alpha Picks trounced the KLCI in Mar 24. Apr 24 picks: GENM, Inari, Mah Sing, MrDIY, MY...
TFG THAIFOODS GROUP
AS7 ANTA SPORTS PRODUCTS LTD.
300014 EVE ENERGY CO. LTD. CLASS A
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
KKP KIATNAKIN BANK
00016 SUN HUNG KAI PROPERTIES LIMITED
00992 LENOVO GROUP LIMITED
CPF CHAROEN POKPHAND FOODS PUBLIC CO. LTD.
ES ESSO SOCIETE ANONYME FRANCAISE
AKRA PT AKR CORPORINDO TBK
01109 CHINA RESOURCES LAND LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
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
V03 VENTURE CORPORATION LIMITED
ERW ERAWAN GROUP
TOP THAI OIL PUBLIC CO. LTD.
U96 SEMBCORP INDUSTRIES LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
002594 BYD COMPANY LIMITED CLASS A
01299 AIA GROUP LIMITED
KLBF PT KALBE FARMA TBK
EA ENERGY ABSOLUTE PUBLIC CO. LTD.
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
COM7 COM7
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
600585 ANHUI CONCH CEMENT COMPANY LIMITED CLASS A
00027 GALAXY ENTERTAINMENT GROUP LIMITED
C52 COMFORTDELGRO CORPORATION LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
ORI1 ORIENT OVERSEAS (INTERNATIONAL) LIMITED
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
MAPI MITRA ADIPERKASA
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
AP4 RIVERSTONE HOLDINGS
ADRO PT ADARO ENERGY TBK
300124 SHENZHEN INOVANCE TECHNOLOGY CO. LTD CLASS A
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
ACES PT ACE HARDWARE INDONESIA TBK
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
ROTI NIPPON INDOSARI CORPINDO
M4B CHINA MERCHANTS BANK CO. LTD. CLASS H
SE SEA ADS
INRI INARI AMERTRON BHD
PTTEP-R PTT EXPLORATION & PRODUCTION PCL NVDR
BAL BUMITAMA AGRI LTD
SCGB SUNWAY CONSTRUCTION GROUP BH
KPJ KPJ HEALTHCARE BERHAD
SMM SEMBCORP MARINE LTD
BURSA BURSA MALAYSIA BHD
MSGB MAH SING GROUP BHD
IOI IOI CORP BHD
CPALL TB CP ALL
GENM GENTING MALAYSIA BHD
MAHB MALAYSIA AIRPORTS HLDGS BHD
333 MIDEA GROUP
06098 COUNTRY GARDEN SERVICES HOLDINGS CO. LTD.
01801 INNOVENT BIOLOGICS INC.
2013 WEIMOB INC
EKO EKOVEST BHD
RGB RGB INTERNATIONAL BHD
SCB-R SIAM COMMERCIAL BANK PCL NVDR
709 GIORDANO INTERNATIONAL LTD
1093 CSPC PHARMACEUTICAL GROUP LTD
FRKN FRENCKEN GROUP LTD
MPM MARCO POLO MARINE LTD
MRDIY MR DIY GROUP M BHD
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
2696 SHANGHAI HENLIUS BIOTECH INC
KEX KERRY EXPRESS (THAILAND)
OR PTT OIL & RETAIL BUSINESS PCL
TIDLOR NGERN TID LOR PCL
1209 CHINA RESOURCES MIXC LIFESTYLE SERVICES
3692 HANSOH PHARMACEUTICAL GROUP
BUKA BUKALAPAK.COM PT TBK
PDD PINDUODUO PDD US
09888 BAIDU INC
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
EXCL XL AXIATA TBK PT
GOTO GOJEK TOKOPEDIA TBK PT
CMRY PT CISARUA MOUNTAIN DAIRY TBK
CLAS CAPITALAND ASCOTT TRUST
SMGR SEMEN INDONESIA PERSERO TBK
NATGATE NATIONGATE HOLDINGS BHD
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
SUNWAY SUNWAY BHD
ESSO ESSO THAILAND PCL
HUME HUME CEMENT INDUSTRIES BHD
02015 LI AUTO INC
09961 CTRIP.COM INTERNATIONAL
BTG BETAGRO PUBLIC COMPANY LIMITED
- Singapore Research Team
Strategy - Alpha Picks: A Robust End To 1Q24. Add CSE And LREIT; Remo...
Our Alpha Picks portfolio rose 6.0% mom on an equal-weighted basis, outperforming the STI by a material 3.4ppt. The outperformance was driven by broad-based strength across most of our portfolio with the best showing coming from Riverstone, Yangzijiang Shipbuilding and Singtel. In 1Q24, our Alpha Picks portfolio surged by 13.7% qoq, surpassing the STI by a hefty 14.2ppt qoq. For Apr 24, we add CSE and LREIT while removing MINT, CVL and FEH.
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
C52 COMFORTDELGRO CORPORATION LIMITED
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
BAL BUMITAMA AGRI LTD
RSTON RIVERSTONE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
MPM MARCO POLO MARINE LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
RRRP3 3R PETROLEUM OLEO E GAS
CLAS CAPITALAND ASCOTT TRUST
Z29 029 GROUP SE
- Chris Hoare
- Anas Fitri Bin Ahmad
- Carol Dou Xiao Qin
- Chong Lee Len
- Johnny Yum Chung Man
- Jun Sian Tan
- Kasemsun Koonnara
- Limartha Adhiputra
- Llelleythan Tan Tan
- Sunny Chen
Regional Morning Notes - Thursday, March 14, 2024
GREATER CHINA Sector Healthcare: Government’s draft plan seeks to promote a more supportive drug innovation ecosystem. Results Foxconn Industrial Internet (601138 CH/BUY/Rmb24.35/Target: Rmb29.10): 4Q23: Top-line beat but margins miss; raise estimates on the AI business. INDONESIA ASEAN Gems Conference Highlights Jasa Marga (JSMR IJ/BUY/Rp5,250/Target: Rp7,300): Tariff adjustments at 12 toll road sections to drive 19.3% core NPAT growth in 2024. MALAYSIA Results Bermaz Auto (BAUTO MK/BUY/RM2...
- Chong Lee Len
- Llelleythan Tan Tan
Singapore Telecommunications (ST SP) - Illuminating Value In Optus
Responding to The Australian Financial Review article on the potential sale of Optus for A$16b, Singtel stated that there is no impending deal at this juncture. That said, management is regularly reviewing its underlying assets. We believe this news helped illuminate value of its underlying asset as Singtel’s current market capitalisation reflects little value of its Singapore consumer business and Optus asset. Operationally, Optus’ operating trend is on an uptrend. Maintain BUY. Target price: S...
- Chong Lee Len
- Llelleythan Tan Tan
Singapore Daily - Thursday, March 14, 2024
KEY HIGHLIGHTS Update Singapore Telecommunications (ST SP/BUY/S$2.48/Target: S$2.99): Optus: While management focuses on network reach and a search for CEO, news on stake sales has helped to illuminate value on the inherent asset. TRADERS’ CORNER Singapore Telecommunications (ST SP): Trading BUY City Developments (CIT SP): Trading SELL
- Chris Hoare
- Chris Hoare
- Greater China Research Team
- Johnny Yum
- Kitpon Praipaisarnkit
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
- Vincent Khoo Boo Aik
REG: Strategy: Alpha Picks - March 2024
GREATER CHINA Strategy Alpha Picks: March Conviction Call: Adding CMB, COLI, CR Beer, Kuaishou and TUL to our BUY list, closing out SELL calls. INDONESIA Strategy Alpha Picks: Significant Outperformance In Feb 24: Our picks are BBTN, CMRY, SIDO, EXCL, MAPI, JSMR, CTRA, MYOR and AKRA. MALAYSIA Strategy Alpha Picks: Focusing On Earnings Momentum: Our Alpha Picks underperformed the KLCI in Feb 24 (-0.9% vs 2.5%). Mar 24 picks significantly feature companies with good earnings momentum. SINGAPORE...
AS7 ANTA SPORTS PRODUCTS LTD.
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
KKP KIATNAKIN BANK
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
00016 SUN HUNG KAI PROPERTIES LIMITED
00992 LENOVO GROUP LIMITED
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
CPF CHAROEN POKPHAND FOODS PUBLIC CO. LTD.
ES ESSO SOCIETE ANONYME FRANCAISE
AKRA PT AKR CORPORINDO TBK
544 CSE GLOBAL LTD.
01109 CHINA RESOURCES LAND LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
CTRA CIPUTRA DEVELOPMENT
EGCO ELECTRICITY GENERATING PUBLIC CO. LTD.
STEC SINO-THAI ENGINEERING & CONSTRUCTION PCL
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
V03 VENTURE CORPORATION LIMITED
ERW ERAWAN GROUP
TOP THAI OIL PUBLIC CO. LTD.
U96 SEMBCORP INDUSTRIES LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
002594 BYD COMPANY LIMITED CLASS A
RLF LONGFOR GROUP HOLDINGS LTD.
KLBF PT KALBE FARMA TBK
EA ENERGY ABSOLUTE PUBLIC CO. LTD.
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
COM7 COM7
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
600585 ANHUI CONCH CEMENT COMPANY LIMITED CLASS A
00027 GALAXY ENTERTAINMENT GROUP LIMITED
MYOR MAYORA INDAH
C52 COMFORTDELGRO CORPORATION LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
ORI1 ORIENT OVERSEAS (INTERNATIONAL) LIMITED
Z74 MINOR INTERNATIONAL PUBLIC CO. LTD.
MAPI SINGAPORE TELECOMMUNICATIONS LIMITED
O39 MITRA ADIPERKASA
AP4 OVERSEA-CHINESE BANKING CORPORATION LIMITED
ADRO RIVERSTONE HOLDINGS
601888 PT ADARO ENERGY TBK
PTTGC CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
TLKM PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
ROTI PT TELKOM INDONESIA (PERSERO) TBK CLASS B
M4B NIPPON INDOSARI CORPINDO
SE CHINA MERCHANTS BANK CO. LTD. CLASS H
SEA ADS
INRI COSCO SHIPPING HOLDINGS CO. LTD. CLASS H
PTTEP-R INARI AMERTRON BHD
BAL PTT EXPLORATION & PRODUCTION PCL NVDR
SCGB BUMITAMA AGRI LTD
KPJ SUNWAY CONSTRUCTION GROUP BH
SMM KPJ HEALTHCARE BERHAD
3933 SEMBCORP MARINE LTD
MINT THE UNITED LABORATORIES INTE
BURSA MAPLETREE INDUSTRIAL TRUST
MSGB BURSA MALAYSIA BHD
IOI MAH SING GROUP BHD
CPALL TB IOI CORP BHD
ECW CP ALL
GENM ECO WORLD DEVELOPMENT GROUP
MAHB GENTING MALAYSIA BHD
06098 MALAYSIA AIRPORTS HLDGS BHD
01801 COUNTRY GARDEN SERVICES HOLDINGS CO. LTD.
2013 INNOVENT BIOLOGICS INC.
EKO WEIMOB INC
RGB EKOVEST BHD
SCB-R RGB INTERNATIONAL BHD
709 SIAM COMMERCIAL BANK PCL NVDR
FEH GIORDANO INTERNATIONAL LTD
1093 FOOD EMPIRE HOLDINGS LTD
1199 CSPC PHARMACEUTICAL GROUP LTD
601138 COSCO SHIPPING PORTS LIMITED
FRKN FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
MPM FRENCKEN GROUP LTD
MRDIY MARCO POLO MARINE LTD
09988 MR DIY GROUP M BHD
09999 ALIBABA GROUP HOLDING LTD.
2696 NETEASE INC
KEX SHANGHAI HENLIUS BIOTECH INC
OR KERRY EXPRESS (THAILAND)
TIDLOR PTT OIL & RETAIL BUSINESS PCL
1209 NGERN TID LOR PCL
BUKA CHINA RESOURCES MIXC LIFESTYLE SERVICES
CVL BUKALAPAK.COM PT TBK
01024 CIVMEC
PDD KUAISHOU TECHNOLOGY CLASS B
09888 PINDUODUO PDD US
BBTN BAIDU INC
BBNI BANK TABUNGAN NEGARA PERSERO TBK PT
EXCL BANK NEGARA INDONESIA PERSER
GOTO XL AXIATA TBK PT
CMRY GOJEK TOKOPEDIA TBK PT
CLAS PT CISARUA MOUNTAIN DAIRY TBK
SMGR CAPITALAND ASCOTT TRUST
NATGATE SEMEN INDONESIA PERSERO TBK
NCKL NATIONGATE HOLDINGS BHD
SUNWAY PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
ESSO SUNWAY BHD
HUME ESSO THAILAND PCL
09961 HUME CEMENT INDUSTRIES BHD
BTG CTRIP.COM INTERNATIONAL
BETAGRO PUBLIC COMPANY LIMITED
- Singapore Research Team
Strategy - Alpha Picks: Outperformance Led By Small/Mid-Caps; Add RSTO...
Although the FSSTI recorded a decline of 0.4% mom in Feb 24, more than half of our picks, especially the small/mid-caps (Frencken, Marco Polo Marine and Food Empire), recorded decent gains. Our Alpha Picks portfolio rose 1.6% mom on an equal-weighted basis, outperforming the FSSTI by 2.0ppt. For Mar 24, we add Riverstone, and take profit on SATS and Valuetronics.
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
C52 COMFORTDELGRO CORPORATION LIMITED
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
AP4 RIVERSTONE HOLDINGS
BAL BUMITAMA AGRI LTD
MINT MAPLETREE INDUSTRIAL TRUST
FEH FOOD EMPIRE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
MPM MARCO POLO MARINE LTD
CVL CIVMEC
CLAS CAPITALAND ASCOTT TRUST
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Ceilica Su Rui
- Damon Shen
- Desmond Chong Chee Wai
- Heidi Mo Jinghui
- Jieqi Liu
- Jo Yee Ng
- John Cheong Ming Chern
- Jonathan Koh
- Julia Pan Mengyao
- Jun Sian Tan
- Kampon Akaravarinchai
- Keith Wee Teck Keong
- Ming San Soong
- Paula Ruth
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tanaporn Visaruthaphong
- Tham Mun Hon
- Wei Xiang Ku
- Ziv Ang Sze Champ
Regional Morning Notes - Thursday, February 29, 2024
GREATER CHINA Economics 2024/25 Budget: Tough Balancing Act. Sector Property: Government removes all cooling measures on Hong Kong property; upgrade sector to MARKET WEIGHT. Results Baidu Inc (9888 HK/BUY/HK$106.60/Target: HK$128.00): 4Q23: Solid earnings growth; all eyes on AI-powered ads and Ernie Bot in 2024. Galaxy Entertainment Group (27 HK/BUY/HK$42.05/Target: HK$56.00): 4Q23: Market share shrank within expectations; expanding share in 2024. Sun Hung Kai Properties (16 HK/BUY/HK$78.00 /Tar...
1295 PUBLIC BANK BHD
BEM BANGKOK EXPRESSWAY AND METRO PUBLIC COMPANY LIMITED
COM7 COM7
00027 GALAXY ENTERTAINMENT GROUP LIMITED
1155 MALAYAN BANKING BHD.
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
CENTEL CENTRAL PLAZA HOTEL
IJM IJM CORP BHD
PMAH PRESS METAL ALUMINIUM HOLDIN
968 XINYI SOLAR HOLDINGS LTD
FEH FOOD EMPIRE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
TIDLOR NGERN TID LOR PCL
09888 BAIDU INC
AVIA AVIA AVIAN TBK PT
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