reports
- Wedbush Research
WDC WESTERN DIGITAL CORPORATION
TRIP TRIPADVISOR INC.
SIMON SILICON MOTION TECHNOLOGY CORPORATION SPONSORED ADR
PSTG PURE STORAGE INC. CLASS A
PANW PALO ALTO NETWORKS INC.
NVDA NVIDIA CORPORATION
NTAP NETAPP INC.
MU MICRON TECHNOLOGY INC.
MELI MERCADOLIBRE INC.
INTC INTEL CORPORATION
GOOGL ALPHABET INC. CLASS A
FB FACEBOOK INC. CLASS A
EXPE EXPEDIA GROUP INC.
ETSY ETSY INC.
EBAY EBAY INC.
BBY BEST BUY CO. INC.
AXTI AXT INC.
2330 TAIWAN SEMICONDUCTOR MANUFACTURING CO. LTD.
2303 UNITED MICROELECTRONICS CORP.
SE SEA ADS
AMZN AMAZON.COM INC.
AMD ADVANCED MICRO DEVICES INC.
MSFT MICROSOFT CORPORATION
BKNG BOOKING HOLDINGS INC.
LYFT LYFT
PINS PINTEREST INC. CLASS A
UBER UBER TECHNOLOGIES INC.
CHWY CHEWY INC. CLASS A
SMCI SUPER MICRO COMPUTER
U INC.
DASH UNITY SOFTWARE
ABNB DOORDASH
PLTR AIRBNB INC. CLASS A
RBLX PALANTIR TECHNOLOGIES
STX ROBLOX
YOU SEAGATE TECHNOLOGY HLDGS PLC
NUVL CLEAR SECURE INC
RUM NUVALENT INC
CART RUMBLE INC
MAPLEBEAR INC.
- Chase Tohanczyn
- Matthew Weiss
- Scott Devitt
Counting Clicks: October '25 Traffic Trends
Report Overview: Our analysis includes total web visits (desktop and mobile) to U.S. and international web domains, mobile app monthly active users (MAUs), daily active users (DAUs), and total time spent (where applicable). Throughout the report, we display Y/Y changes across each of these key metr
TRIP TRIPADVISOR INC.
MELI MERCADOLIBRE INC.
GOOGL ALPHABET INC. CLASS A
FB FACEBOOK INC. CLASS A
EXPE EXPEDIA GROUP INC.
ETSY ETSY INC.
EBAY EBAY INC.
SE SEA ADS
AMZN AMAZON.COM INC.
BKNG BOOKING HOLDINGS INC.
LYFT LYFT
PINS PINTEREST INC. CLASS A
UBER UBER TECHNOLOGIES INC.
CHWY CHEWY INC. CLASS A
DASH DOORDASH
ABNB AIRBNB INC. CLASS A
YOU CLEAR SECURE INC
RUM RUMBLE INC
CART MAPLEBEAR INC.
- Wedbush Research
SHOP SHOPIFY INC.
WDC WESTERN DIGITAL CORPORATION
TSLA TESLA INC
TRIP TRIPADVISOR INC.
SIMON SILICON MOTION TECHNOLOGY CORPORATION SPONSORED ADR
PSTG PURE STORAGE INC. CLASS A
PEGA PEGASYSTEMS INC.
PANW PALO ALTO NETWORKS INC.
NVDA NVIDIA CORPORATION
NTAP NETAPP INC.
MU MICRON TECHNOLOGY INC.
MELI MERCADOLIBRE INC.
INTC INTEL CORPORATION
GOOGL ALPHABET INC. CLASS A
FB FACEBOOK INC. CLASS A
EXPE EXPEDIA GROUP INC.
ETSY ETSY INC.
EBAY EBAY INC.
CHKP CHECK POINT SOFTWARE TECHNOLOGIES LTD.
AXTI AXT INC.
ASND ASCENDIS PHARMA A/S SPONSORED ADR
2330 TAIWAN SEMICONDUCTOR MANUFACTURING CO. LTD.
2303 UNITED MICROELECTRONICS CORP.
CVNA CARVANA CO. CLASS A
ARGX ARGENX ADS
SE SEA ADS
AMZN AMAZON.COM INC.
AMD ADVANCED MICRO DEVICES INC.
AAPL APPLE INC.
MSFT MICROSOFT CORPORATION
IBM INTERNATIONAL BUSINESS MACHINES CORPORATION
BKNG BOOKING HOLDINGS INC.
LYFT LYFT
PINS PINTEREST INC. CLASS A
UBER UBER TECHNOLOGIES INC.
SMCI SUPER MICRO COMPUTER
DASH INC.
ABNB DOORDASH
PHVS AIRBNB INC. CLASS A
XMTR PHARVARIS NV
STX XOMETRY
TTD INC.
GFS SEAGATE TECHNOLOGY HLDGS PLC
CINT THE TRADE DESK
YOU INC.
MLTX GLOBALFOUNDRIES INC
RUM CI&T INC
CART CLEAR SECURE INC
ORKA MOONLAKE IMMUNOTHERAPEUTICS
SERV RUMBLE INC
BBOT MAPLEBEAR INC.
ORUKA THERAPEUTICS INC
SERVE ROBOTICS INC
BRIDGEBIO ONCOLOGY THERAPEUTICS INC
- Chase Tohanczyn
- Matthew Weiss
- Scott Devitt
3Q25 Postmortem: Sentiment Guide Following Results
Post-results, we think the disconnect between fundamentals and investor sentiment offers attractive upside for the highest-quality names in our coverage. We’ve become more constructive on the companies below:META (Outperform) - We are adding Meta Platforms to the Best Ideas List and maintain our $9
SHOP SHOPIFY INC.
TRIP TRIPADVISOR INC.
MELI MERCADOLIBRE INC.
GOOGL ALPHABET INC. CLASS A
FB FACEBOOK INC. CLASS A
EXPE EXPEDIA GROUP INC.
ETSY ETSY INC.
EBAY EBAY INC.
CVNA CARVANA CO. CLASS A
SE SEA ADS
AMZN AMAZON.COM INC.
BKNG BOOKING HOLDINGS INC.
LYFT LYFT
PINS PINTEREST INC. CLASS A
UBER UBER TECHNOLOGIES INC.
DASH DOORDASH
ABNB AIRBNB INC. CLASS A
XMTR XOMETRY
TTD INC.
YOU THE TRADE DESK
RUM INC.
CART CLEAR SECURE INC
RUMBLE INC
MAPLEBEAR INC.
- Jin Yoon
SE 3Q25 Results: Topline Growth Momentum Continues in 4Q25
What’s new: SE’s reported 3Q25 top-line results that were above consensus and our expectations. Rev growth momentum could continue in 4Q where Shopee GMV could grow more than 25% YoY, and Garena remains on track to achieve more than 30% YoY growth in bookings for FY25. We maintain our PT at USD200. Analysts: Jin Yoon
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Kai Jie Tang
Singapore Daily: Wednesday, November 12, 2025
Top Stories Company Results | Riverstone Holdings (RSTON SP/BUY/S$0.81/Target: S$1.05) Riverstone’s 3Q25 results were in line, with earnings of RM52m (+15% qoq) as stronger cleanroom demand was driven by AI-related industries. Maintain BUY with a 7% higher target price of S$1.05. Current share price weakness presents a good buying opportunity, as the market may have overlooked the lumpy dividend payout in 4Q25. The stock is trading at a >7% yield for 2025. Company Results | SEA (SE US/BUY/...
- Alden Gabriel Lam
- Andrew Agita Buntoro
- Damon Shen
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Jieqi Liu
- John Cheong Ming Chern
- Kai Jie Tang
- Kasemsun Koonnara
- Tanapon Cholkadidamrongkul
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Wednesday, November 12, 2025
Greater China Sector Update | China And Hong Kong Property On 10 November, the State Council vowed to expand C-REITs for POEs. However, demand stays weak: home sales from 1-10 November in 28 mainland cities fell 45% yoy, with prices trending down. In Hong Kong, the potential supply of private homes rose 1% qoq, yet property prices and rents showed improving fundamentals. Maintain MARKET WEIGHT; favour mainland developers with strong retail portfolios (CR Land, Longfor); in Hong Kong, favour SHKP...
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Kai Jie Tang
SEA (SE US) - 3Q25: Minor Reinvestment To Unlock Bigger Potential
SEA reported a softer 3Q25 as Shopee’s reinvestment in marketing and logistics compressed margins, offsetting robust growth in Monee and Garena. While near-term profitability moderates, core fundamentals remain strong. We cut 2025-27 earnings by 25-28% and lower our target price by 2% to US$200.18. Maintain BUY on SEA’s long-term growth prospects, supported by continued user acquisition and logistics enhancement.
- Chase Tohanczyn
- Matthew Weiss
- Scott Devitt
Solid Results But Investments Temper Enthusiasm; Outperform, $190 PT
Figure 1. 3Q25 ResultsSource: Company reports, Wedbush estimates, VisibleAlpha consensusHealthy results in 3Q. Total revenue of $6.0B (+38.3% Y/Y) was ~6% above the Street's $5.6B (+30.2% Y/Y) estimate, with upside across all core segments relative to expectations. Specifically, the eCommerce segme
- Jin Yoon
SE 3Q25 Preview: Lowering Estimates for 2H
What’s New: We lower 3Q25 top line estimates partly due to higher “changes in deferred revs” amid a stronger booking trend for Free Fire. Margins for both Shopee and Monee could also sequentially decline in 3Q partly due to continued investments to drive growth. Analysts: Jin Yoon
- Wedbush Research
XENE XENON PHARMACEUTICALS INC
WDC WESTERN DIGITAL CORPORATION
TSLA TESLA INC
TRIP TRIPADVISOR INC.
SIMON SILICON MOTION TECHNOLOGY CORPORATION SPONSORED ADR
PSTG PURE STORAGE INC. CLASS A
PEGA PEGASYSTEMS INC.
NVDA NVIDIA CORPORATION
NTAP NETAPP INC.
NBIX NEUROCRINE BIOSCIENCES INC.
MU MICRON TECHNOLOGY INC.
MELI MERCADOLIBRE INC.
KURA KURA ONCOLOGY INC.
INTC INTEL CORPORATION
GOOGL ALPHABET INC. CLASS A
FB FACEBOOK INC. CLASS A
EXPE EXPEDIA GROUP INC.
ETSY ETSY INC.
EBAY EBAY INC.
BIIB BIOGEN INC.
AXTI AXT INC.
ARDX ARDELYX INC
2330 TAIWAN SEMICONDUCTOR MANUFACTURING CO. LTD.
2303 UNITED MICROELECTRONICS CORP.
ISR ISORAY
SE SEA ADS
AMZN AMAZON.COM INC.
AMD ADVANCED MICRO DEVICES INC.
AAPL APPLE INC.
MSFT MICROSOFT CORPORATION
IBM INTERNATIONAL BUSINESS MACHINES CORPORATION
BKNG BOOKING HOLDINGS INC.
LYFT LYFT
PINS PINTEREST INC. CLASS A
UBER UBER TECHNOLOGIES INC.
CHWY CHEWY INC. CLASS A
STOK STOKE THERAPEUTICS
SMCI SUPER MICRO COMPUTER
IDYA INC.
PRAX IDEAYA BIOSCIENCES
TVTX PRAXIS PRECISION MEDICINES
TLS TRAVERE THERAPEUTICS INC
DASH TELOS
ABNB DOORDASH
SNOW AIRBNB INC. CLASS A
STX SNOWFLAKE INC. CLASS A
VERA SEAGATE TECHNOLOGY HLDGS PLC
GFS VERA THERAPEUTICS INC
PL GLOBALFOUNDRIES INC
YOU PLANET LABS PBC
EWTX CLEAR SECURE INC
RUM EDGEWISE THERAPEUTICS INC
CRBP RUMBLE INC
CART CORBUS PHARMACEUTICALS HOLDINGS INC.
MAZE MAPLEBEAR INC.
JBIO MAZE THERAPEUTICS INC
JADE BIOSCIENCES INC
- Chase Tohanczyn
- Matthew Weiss
- Scott Devitt
Counting Clicks: September '25 Traffic Trends
Report Overview: Our analysis includes total web visits (desktop and mobile) to U.S. and international web domains, mobile app monthly active users (MAUs), daily active users (DAUs), and total time spent (where applicable). Throughout the report, we display Y/Y changes across each of these key metr
TRIP TRIPADVISOR INC.
MELI MERCADOLIBRE INC.
GOOGL ALPHABET INC. CLASS A
FB FACEBOOK INC. CLASS A
EXPE EXPEDIA GROUP INC.
ETSY ETSY INC.
EBAY EBAY INC.
SE SEA ADS
AMZN AMAZON.COM INC.
BKNG BOOKING HOLDINGS INC.
LYFT LYFT
PINS PINTEREST INC. CLASS A
UBER UBER TECHNOLOGIES INC.
CHWY CHEWY INC. CLASS A
DASH DOORDASH
ABNB AIRBNB INC. CLASS A
YOU CLEAR SECURE INC
RUM RUMBLE INC
CART MAPLEBEAR INC.
- Wedbush Research
WDC WESTERN DIGITAL CORPORATION
TTWO TAKE-TWO INTERACTIVE SOFTWARE INC.
TRIP TRIPADVISOR INC.
SIMON SILICON MOTION TECHNOLOGY CORPORATION SPONSORED ADR
RARE ULTRAGENYX PHARMACEUTICAL INC.
PSTG PURE STORAGE INC. CLASS A
NVDA NVIDIA CORPORATION
NTAP NETAPP INC.
MU MICRON TECHNOLOGY INC.
MELI MERCADOLIBRE INC.
INTC INTEL CORPORATION
GOOGL ALPHABET INC. CLASS A
FB FACEBOOK INC. CLASS A
EXPE EXPEDIA GROUP INC.
ETSY ETSY INC.
EBAY EBAY INC.
BIIB BIOGEN INC.
AXTI AXT INC.
7974 NINTENDO CO. LTD.
2330 TAIWAN SEMICONDUCTOR MANUFACTURING CO. LTD.
2303 UNITED MICROELECTRONICS CORP.
EA ELECTRONIC ARTS INC.
ARGX ARGENX ADS
SE SEA ADS
AMZN AMAZON.COM INC.
AMD ADVANCED MICRO DEVICES INC.
AAPL APPLE INC.
MSFT MICROSOFT CORPORATION
BKNG BOOKING HOLDINGS INC.
LYFT LYFT
PINS PINTEREST INC. CLASS A
UBER UBER TECHNOLOGIES INC.
CHWY CHEWY INC. CLASS A
SMCI SUPER MICRO COMPUTER
DASH INC.
ABNB DOORDASH
STX AIRBNB INC. CLASS A
GFS SEAGATE TECHNOLOGY HLDGS PLC
YOU GLOBALFOUNDRIES INC
MLTX CLEAR SECURE INC
RUM MOONLAKE IMMUNOTHERAPEUTICS
EMBRAC B RUMBLE INC
CART EMBRACER GROUP AB
MAPLEBEAR INC.
- Chase Tohanczyn
- Matthew Weiss
- Scott Devitt
Counting Clicks: August '25 Traffic Trends
Report Overview: Our analysis includes total web visits (desktop and mobile) to U.S. and international web domains, mobile app monthly active users (MAUs), daily active users (DAUs), and total time spent (where applicable). Throughout the report, we display Y/Y changes across each of these key metr
TRIP TRIPADVISOR INC.
MELI MERCADOLIBRE INC.
GOOGL ALPHABET INC. CLASS A
FB FACEBOOK INC. CLASS A
EXPE EXPEDIA GROUP INC.
ETSY ETSY INC.
EBAY EBAY INC.
SE SEA ADS
AMZN AMAZON.COM INC.
BKNG BOOKING HOLDINGS INC.
LYFT LYFT
PINS PINTEREST INC. CLASS A
UBER UBER TECHNOLOGIES INC.
CHWY CHEWY INC. CLASS A
DASH DOORDASH
ABNB AIRBNB INC. CLASS A
YOU CLEAR SECURE INC
RUM RUMBLE INC
CART MAPLEBEAR INC.
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Benyamin Mikael
- Colin Lee
- Johnny Yum Chung Man
- Kenny Yong Hui Lim
- Kong Ho Meng
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Monday, September 08, 2025
Greater China Initiation Coverage | Metasurface Technologies Holdings (8637 HK/BUY/HK1.48/Target: HK2.90) Metasurface is set to benefit from robust investment in the semi supply chain. As chip fabrication grows in complexity, more time is required to fabricate wafers and more wafer fabrication equipment is needed. Aerospace engineering is set to drive long-term growth as airline capacity continues to face shortages, forcing airlines to rely on their existing fleets and bo...
FCT FRASERS CENTREPOINT TRUST
CC3 STARHUB LTD
PTT PTT PUBLIC COMPANY LIMITED
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
D05 DBS GROUP HOLDINGS LTD
C09 CITY DEVELOPMENTS LIMITED
S68 SINGAPORE EXCHANGE LTD.
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
F34 WILMAR INTERNATIONAL LIMITED
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
N2IU MAPLETREE COMMERCIAL TRUST
AJBU KEPPEL DC REIT
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
3816 MISC BHD
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
Q5T FAR EAST HOSPITALITY TRUST
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
CDREIT CDL HOSPITALITY TRUSTS
YNS YINSON HOLDINGS BHD
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
DLG DIALOG GROUP BHD
RFMD RAFFLES MEDICAL GROUP LTD
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
HMN ASCOTT RESIDENCE TRUST
WDH WATERDROP INC
SE US SEA LIMITED
9CI CAPITALAND INVESTMENT LTD
CLAR CAPITALAND ASCENDAS REIT
STM SEATRIUM LTD
ARCI IJ ARCHI INDONESIA (ARCI IJ)
8637 HK METASURFACE TECHNOLOGIES HOLDINGS LTD (8637 HK)
- Adrian Loh Tzum Yung
- Singapore Research Team
Singapore Market Strategy - Yield-ing To Temptation: Yields Over Bonds
Attractive yield differentials. With Singapore government bond yields trending lower, the yield differential between fixed income and equities has narrowed in 2025, thus reinforcing the relative appeal of companies offering high, sustainable dividend payouts. Equity yields in the 4-6% range now offer a compelling pickup versus the 10-year Singapore Government Bond yield (1.8579% as at 4 Sep 25), while also providing potential for capital gains. In our view, this widening yield gap should support...
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)
- Wedbush Research
WDC WESTERN DIGITAL CORPORATION
TRIP TRIPADVISOR INC.
SIMON SILICON MOTION TECHNOLOGY CORPORATION SPONSORED ADR
PSTG PURE STORAGE INC. CLASS A
NVDA NVIDIA CORPORATION
NTAP NETAPP INC.
MU MICRON TECHNOLOGY INC.
MELI MERCADOLIBRE INC.
INTC INTEL CORPORATION
GOOGL ALPHABET INC. CLASS A
FB FACEBOOK INC. CLASS A
EXPE EXPEDIA GROUP INC.
ETSY ETSY INC.
EBAY EBAY INC.
AXTI AXT INC.
2330 TAIWAN SEMICONDUCTOR MANUFACTURING CO. LTD.
2303 UNITED MICROELECTRONICS CORP.
EA ELECTRONIC ARTS INC.
SE SEA ADS
AMZN AMAZON.COM INC.
AMD ADVANCED MICRO DEVICES INC.
BKNG BOOKING HOLDINGS INC.
LYFT LYFT
PINS PINTEREST INC. CLASS A
UBER UBER TECHNOLOGIES INC.
CHWY CHEWY INC. CLASS A
SMCI SUPER MICRO COMPUTER
DASH INC.
ABNB DOORDASH
PLTR AIRBNB INC. CLASS A
RBLX PALANTIR TECHNOLOGIES
STX ROBLOX
YOU SEAGATE TECHNOLOGY HLDGS PLC
RUM CLEAR SECURE INC
CART RUMBLE INC
MAPLEBEAR INC.
- Adrian Loh Tzum Yung
- Singapore Research Team
Results Roundup : A Resilient Earnings Season With Banks Carrying The ...
Singapore’s 1H25 results season was resilient, with 75% of companies meeting or beating expectations despite tariff uncertainty and strength of the Singapore dollar. Banks delivered stable earnings and attractive yields, underpinning the STI. Consumer names like DFI and SSG stood out, while REITs showed positive rental reversions. Capital recycling drove upgrades for CIT and VMS. We raise our end-25 STI target to 4,602, reflecting 8% upside and attractive valuations versus history and peers.
U96 SEMBCORP INDUSTRIES LTD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
BN4 KEPPEL CORPORATION LIMITED
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
MINT MAPLETREE INDUSTRIAL TRUST
SE US SEA LIMITED
9CI CAPITALAND INVESTMENT LTD
YZJFH YANGZIJIANG FINANCIAL HOLDING
- Adrian Loh Tzum Yung
- Alden Gabriel Lam
- Bella Lu Yifei
- Benyamin Mikael
- Carol Dou Xiao Qin
- Chong Lee Len
- Desmond Chong Chee Wai
- Ejann Hiew
- Jack Goh Tooan Orng
- Jonathan Koh
- Ken Lee
- Posmarito Pakpahan
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Singapore Research Team
- Stella Guo Yuting
- Sunny Chen
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Monday, August 25, 2025
GREATER CHINA Results CSPC Pharmaceutical Group (1093 HK/BUY/HK$10.51/Target: HK$12.00) 1H25: Results miss; expects hoh sales recovery and two more BD deals in 2H25. Ganfeng Lithium (1772 HK/BUY/HK$30.80/Target: HK$40.00) 2Q25: Net loss in line; 3Q25 turnaround on the back of lithium carbonate price recovery. Maintain BUY, target price: HK$40.00. Li Ning (2331 HK/HOLD/HK$19.70/Target: HK$18.90) 1H25: Results beat but challenges remain in 2H25; fa...
ANTM PT ANEKA TAMBANG TBK
01093 CSPC PHARMACEUTICAL GROUP LIMITED
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
V03 VENTURE CORPORATION LIMITED
02331 LI NING COMPANY LIMITED
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
BMRI PT BANK MANDIRI (PERSERO) TBK
BBCA PT BANK CENTRAL ASIA TBK
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
7153 KOSSAN RUBBER INDUSTRIES BHD.
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
BN4 KEPPEL CORPORATION LIMITED
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
Q5T FAR EAST HOSPITALITY TRUST
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
PREIT PARKWAYLIFE REAL ESTATE
MINT MAPLETREE INDUSTRIAL TRUST
1772 GANFENG LITHIUM CO. LTD. CLASS H
1093 CSPC PHARMACEUTICAL GROUP LTD
UHU UNITED HAMPSHIRE US REIT
GREATEC GREATECH TECHNOLOGY BHD
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
SE US SEA LIMITED
9CI CAPITALAND INVESTMENT LTD
BBNI BANK NEGARA INDONESIA PERSER
BRIS BANK BRISYARIAH TBK
MXNU ELITE COMMERCIAL REIT MGNT PTE LTD
CLAR CAPITALAND ASCENDAS REIT
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
PEKAT PEKAT GROUP BHD
BRMS IJ BUMI RESOURCES MINERALS
ZETRIX MK ZETRIX AI (ZETRIX MK)
ARCI IJ ARCHI INDONESIA (ARCI IJ)
- Adrian Loh Tzum Yung
- Jonathan Koh
- Singapore Research Team
Singapore Daily: Monday, August 25, 2025
Strategy Results Roundup 1H25 results roundup: A resilient earnings season with banks carrying the load, REITs upping rents. Raising STI target to 4,602. Sector REITs Jackson Symposium provides turnaround momentum. TRADERS' CORNER Singapore Telecommunications (ST SP): Trading BUY First Resourc...
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
BN4 KEPPEL CORPORATION LIMITED
Q5T FAR EAST HOSPITALITY TRUST
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
PREIT PARKWAYLIFE REAL ESTATE
MINT MAPLETREE INDUSTRIAL TRUST
UHU UNITED HAMPSHIRE US REIT
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
SE US SEA LIMITED
9CI CAPITALAND INVESTMENT LTD
MXNU ELITE COMMERCIAL REIT MGNT PTE LTD
CLAR CAPITALAND ASCENDAS REIT
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
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