reports
- Jack Goh Tooan Orng
Singapore Gaming – MBS 1Q24: Record High Earnings Lifted By Robust Tou...
MBS’ 1Q24 net gaming revenue rose 15% qoq, achieving a record high at about 156% of pre-pandemic levels. This mainly reflects a continuously strong VIP market segment (volume exceeded 2019’s level) and mass market segment (all-time high gaming revenue). 1Q24’s record-high results were also boosted by higher tourist arrivals and spending, driven by mega entertainment events such as Taylor Swift’s six concerts. Maintain OVERWEIGHT. BUY Genting Singapore.
- 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
- 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
- Arsit Pamaranont
- Bella Lu Yifei
- Chong Lee Len
- Damon Shen
- Desmond Chong Chee Wai
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Jacquelyn Yow Hui Li
- Jieqi Liu
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Ken Lee
- Leow Huey Chuen
- Ming San Soong
- Stevanus Juanda
- Tanaporn Visaruthaphong
- Wei Xiang Ku
Regional Morning Notes - Friday, February 23, 2024
GREATER CHINA Sector Automobile: Weekly: BYD’s price cuts trigger a new round of price war between EVs and ICE-cars. Maintain UNDERWEIGHT. Top SELLs: BYD, XPeng and Li Auto. Top BUY: CATL. Results Hysan Development (14 HK/BUY/HK$13.80/Target: HK$17.99): 2023: In-line results with lower DPS; higher growth visibility of retail in 2024. Lenovo Group (992 HK/BUY/HK$8.84/Target: HK$10.50): 3QFY24: Solid results; recovery in FY25 could be slower than expected. Trip.com (9961 HK/BUY/HK$331.40/Target: H...
BCP THE BANGCHAK PETROLEUM PCL
MAJOR MAJOR CINEPLEX GROUP PCL
G13 GENTING SINGAPORE
00992 LENOVO GROUP LIMITED
V03 VENTURE CORPORATION LIMITED
F34 WILMAR INTERNATIONAL LIMITED
00014 HYSAN DEVELOPMENT CO. LTD.
7153 KOSSAN RUBBER INDUSTRIES BHD.
AXIATA AXIATA GROUP BERHAD
PENT PENTAMASTER CORP BHD
SIDO INDUSTRI JAMU DAN FARMASI SI
SDPL SIME DARBY PLANTATION BHD
IFAST IFAST CORP LTD
09961 CTRIP.COM INTERNATIONAL
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Jacquelyn Yow Hui Li
- John Cheong Ming Chern
- Jonathan Koh
- Leow Huey Chuen
Singapore Daily - Friday, February 23, 2024
KEY HIGHLIGHTS Results iFAST Corp (IFAST SP/HOLD/S$8.34/Target: S$8.56): 4Q23: Second consecutive record AUA; HK ePension division drives growth. Genting Singapore (GENS SP/BUY/S$1.03/Target: S$1.25): 4Q23: Qoq weaker set of results within our expectations, but 2024 outlook remains appealing. Maintain BUY and target price of S$1.25. United Overseas Bank (UOB SP/NOT RATED/S$28.50): 4Q23: Building regional franchise for consumer businesses. Venture Corporation (VMS SP/BUY/S$14.10/Target: S$16....
- Jack Goh Tooan Orng
Genting Singapore (GENS SP) - 4Q23: Ending 2023 With A Slight Bump
Tracing MBS, GENS’ 4Q23 results reflect operational normalisation from 3Q23’s high base due to an absence of mega entertainment events and lower visitations. That said, we observed higher regional tourist arrivals and consumption moving into 2024, especially during the CNY period. We remain convinced that such a growth trend will be sustained throughout 2024, backed by intra-regional tourism ramp-up, a solid concerts pipeline, and RWS’ premiumisation. Maintain BUY. Target price: S$1.25.
- Adrian Loh Tzum Yung
- Singapore Research Team
Singapore Strategy - 2024 Budget – An Attractive Budget For The People
The Budget 2024 unveiled by Deputy Prime Minister and Minister of Finance Lawrence Wong continued its strategy of helping Singaporeans contend with the rising costs of living, lending support for mid-career and lower income workers to upskill, investing in the country’s energy transition, and making slight changes to taxes for property developers. Importantly, Singapore has set aside S$1b to invest in new AI initiatives.
G13 GENTING SINGAPORE
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
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
G13 GENTING SINGAPORE
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
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
Singapore Market Strategy - Searching For Golden Needles In The Haysta...
While we forecast a modest 2.4% EPS growth for 2024, we nevertheless see a number of stocks within our universe that should deliver strong returns, backed by sustainable dividend yields. On a top-down basis, our 2024 year-end target of 3,290 for the STI implies 6% upside from current levels, with the index’s current valuation looking inexpensive at 2024F PE and P/B of 9.9x and 1.0x respectively. Our top large-cap picks are CLI, CD, FR, GENS, MINT, OCBC, SATS, STM, SCI and VMS.
G13 GENTING SINGAPORE
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
MINT MAPLETREE INDUSTRIAL TRUST
FEH FOOD EMPIRE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
CLI CAPITALAND INVESTMENT LTD
ABLD ABL DIAGNOSTICS
STM SEATRIUM LTD
- Adrian Loh Tzum Yung
- Singapore Research Team
Singapore Market Strategy - Searching For Golden Needles In The Haysta...
While we forecast a modest 2.4% EPS growth for 2024, we nevertheless see a number of stocks within our universe that should deliver strong returns, backed by sustainable dividend yields. On a top-down basis, our 2024 year-end target of 3,290 for the STI implies 6% upside from current levels, with the index’s current valuation looking inexpensive at 2024F PE and P/B of 9.9x and 1.0x respectively.
G13 GENTING SINGAPORE
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
MINT MAPLETREE INDUSTRIAL TRUST
FEH FOOD EMPIRE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
CLI CAPITALAND INVESTMENT LTD
ABLD ABL DIAGNOSTICS
STM SEATRIUM LTD
- Benjaphol Suthwanish
- Chong Lee Len
- Jack Goh Tooan Orng
- Jacquelyn Yow Hui Li
- Jo Yee Ng
- Johnny Yum Chung Man
- Jonathan Koh
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Kate Luang
- Kochakorn Sutaruksanon
- Leow Huey Chuen
- Ming San Soong
- Paula Ruth
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tanaporn Visaruthaphong
- Tham Mun Hon
- Wei Xiang Ku
Regional Morning Notes - Tuesday, November 14, 2023
GREATER CHINA Economics Money Supply: A little less to cheer. Strategy Small-Mid Cap Biweekly: Riding on the wave of AI PC; Thunder Software Technology is a beneficiary. Sector Internet: 3Q23 results preview: Solid e-commerce ad growth to drive sector growth; potential positive surprise from online game grossing. Internet: Muted growth acceleration from 11.11 campaign. Update Xtep International Holdings (1368 HK/BUY/HK$6.43/Target: HK$9.50): Revenue guidance revised down yet sales target maintai...
FR FIRST INDUSTRIAL REALTY TRUST INC.
G13 GENTING SINGAPORE
PTT PTT PUBLIC COMPANY LIMITED
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
BEM BANGKOK EXPRESSWAY AND METRO PUBLIC COMPANY LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
CENTEL CENTRAL PLAZA HOTEL
MAXIS MAXIS BHD
1368 XTEP INTERNATIONAL HOLDINGS
MTEL IJ PT DAYAMITRA TELEKOMUNIKASI
- Jack Goh Tooan Orng
Genting Singapore (GENS SP) - 3Q23: Painting A Vibrant Landscape
GENS’ 3Q23 results reflect operational refinement across both gaming and non-gaming segments. Earnings exceeded pre-pandemic levels, boosted by higher operating capacity following Hotel Ora’s reopening in May, ramp-up of regional tourist arrivals, the F1 event and RWS’ premiumisation. We remain convinced that GENS offers meaningful capital upside, given its steep valuation discount and vibrant earnings prospects. Maintain BUY and target price of S$1.25.
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Jacquelyn Yow Hui Li
- John Cheong Ming Chern
- Jonathan Koh
- Leow Huey Chuen
- Roy Chen Chengzhi
Singapore Daily - Tuesday, November 14, 2023
KEY HIGHLIGHTS Sector Banking: 3Q23 round-up: Building buffers to weather heightened geopolitical uncertainties. Results AEM Holdings (AEM SP/BUY/S$3.34/Target:S$3.63): 9M23: Revenue in line with forecast; recovery expected in late-24. CSE Global (CSE SP/BUY/S$0.435/Target: S$0.61): 3Q23: Results in line; growth backed by strong orderbook. First Resources (FR SP/BUY/S$1.43/Target: S$1.65): 3Q23: Results slightly below expectation on lower-than-expected sales volume. This was mainly due to sh...
- Jack Goh Tooan Orng
- Vincent Khoo Boo Aik
Gaming – Singapore: MBS 3Q23: Strong Earnings Momentum Continues With ...
MBS’ 3Q23 net gaming revenue further surged 8% qoq to about 126% of pre-pandemic levels, mainly reflecting a strong comeback by the VIP market segment (volume exceeded 2019’s level) and stellar mass market segment (all-time high gaming revenue). The strong 3Q23 results were also boosted by higher tourist arrivals from China, elevated by an improvement in scheduled flight seat capacity from China (reaching about 77% of 2019’s level). OVERWEIGHT the sector. BUY Genting Singapore.
- Jack Goh Tooan Orng
- Jacquelyn Yow Hui Li
- Leow Huey Chuen
Singapore Daily - Thursday, October 19, 2023
KEY HIGHLIGHTS Sector Gaming: MBS 3Q23: Strong earnings momentum continues with record high revenue. Update Wilmar International (WIL SP/HOLD/S$3.58/Target: S$3.80): 3Q23 results preview: Downgrade earnings, and downgrade to HOLD after adjusting for weaker 2H23 performance on weaker palm refining margin and slower YKA recovery. TRADERS’ CORNER Yangzijiang Financial Holding (YZJFH SP): Trading BUY DBS Group Holdings (DBS SP): Trading SELL
- Adrian Loh Tzum Yung
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- John Cheong Ming Chern
- Jonathan Koh
- Llelleythan Tan Tan
- Vincent Khoo Boo Aik
Singapore Daily - Friday, August 11, 2023
KEY HIGHLIGHTS Results City Developments (CIT SP/BUY/S$6.99/Target: S$8.00): 1H23: Strong EBITDA growth overshadowed by financing costs and one-off items. CSE Global (CSE SP/BUY/S$0.47/Target: S$0.61): 1H23: Results above expectations; record orderbook to drive better 2H23. Genting Singapore (GENS SP/BUY/S$0.92/Target: S$1.25): 2Q23: Within expectations. We remain optimistic on further earnings recovery in 2H23. Maintain BUY. Prime US REIT (PRIME SP/BUY/US$0.196/Target: US$0.59): 1H23: Closi...
- Jack Goh Tooan Orng
- Vincent Khoo Boo Aik
Genting Singapore (GENS SP) - 2Q23: Lucky Charm Returns
GENS’ 2Q23 results reflect a broad spectrum of operational improvement across all business segments. Gaming revenue charted solid recovery as VIP luck factor normalised from 1Q23’s low base. Non-gaming revenue was also boosted (+26% qoq) by Hotel Ora’s reopening and higher international patronage. We remain upbeat on better earnings momentum for 2H23, as elevated airfares and flight capacity constraints ease gradually. Maintain BUY and target price of S$1.25.
- Jack Goh Tooan Orng
- Vincent Khoo Boo Aik
Flash Note: Gaming - MBS 2Q23: Highest Adjusted Property EBITDA Since ...
MBS’ 2Q23 net gaming revenue surged 10% qoq to about 136% of pre-pandemic levels, mainly reflecting a stellar mass market segment (all-time high gaming revenue) and strong recovery of the VIP market segment (volume recovered to 84% of 2Q19 level). The strong 2Q23 results were also lifted by higher international tourist arrivals, with May’s passenger volume in Changi Airport reaching about 89% of the 2019 level. OVERWEIGHT the sector. BUY Genting Singapore.
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.