reports
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
Regional Strategy: Alpha Picks - July 2025
GREATER CHINA Strategy Alpha Picks: July Conviction Calls: Add CATL, KE Holdings, Longfor, Midea Group, Tencent and TME to our BUY list. Take profit on Prudential. INDONESIA Strategy Alpha Picks: Good Performances In June: Our new Alpha Picks are ANTM, BBCA, ERAA, ICBP, MYOR, MIKA, AMRT and TLKM. MALAYSIA Strategy Alpha Picks: Positioning For Positive US Trade Deals: Our Jun 25 Alpha Picks outperform. Jul 25 picks: Coraza, Duopharma, Eco World, Gamuda, Hume Cement, IJM, Inari and MYEG. SINGAP...
OU8 CENTURION
544 CSE GLOBAL LTD.
CTRA CIPUTRA DEVELOPMENT
EGCO ELECTRICITY GENERATING PUBLIC CO. LTD.
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
V03 VENTURE CORPORATION LIMITED
ERW ERAWAN GROUP
EZQ CHINA MENGNIU DAIRY CO. LTD.
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
01299 AIA GROUP LIMITED
00027 GALAXY ENTERTAINMENT GROUP LIMITED
3816 MISC BHD
BMRI PT BANK MANDIRI (PERSERO) TBK
KBANK KASIKORNBANK PUBLIC CO. LTD.
7113 TOP GLOVE CORPORATION BHD.
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
601668 CHINA STATE CONSTRUCTION ENGINEERING CORP. LTD. CLASS A
X2S SINOPHARM GROUP CO. LTD. CLASS H
599A SANDS CHINA LTD.
CPN CENTRAL PATTANA PUBLIC CO. LTD.
ASII PT ASTRA INTERNATIONAL TBK
00700 TENCENT HOLDINGS LTD.
TRUE TRUE CORP. PUBLIC CO. LTD.
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
03690 MEITUAN CLASS B
RHBBANK RHB BANK BHD
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
3933 THE UNITED LABORATORIES INTE
MYEG MY EG SERVICES BHD
MINT MAPLETREE INDUSTRIAL TRUST
CPALL TB CP ALL
SDPL SIME DARBY PLANTATION BHD
ECW ECO WORLD DEVELOPMENT GROUP
RATCH RATCH GROUP PUBLIC CO. LTD.
2013 WEIMOB INC
RGB RGB INTERNATIONAL BHD
WHA TB WHA CORP PCL
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
3692 HANSOH PHARMACEUTICAL GROUP
MNSO MINISO GROUP HOLDING ADS (N SHARES)
CVL CIVMEC
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02618 JD LOGISTICS INC
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
CMRY PT CISARUA MOUNTAIN DAIRY TBK
ITC I-TAIL CORPORATION PUBLIC COMPANY LIMITED
STM SEATRIUM LTD
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
2232 CRYSTAL INTERNATIONAL GROUP LTD
YINSON YINSON HOLDINGS BHD
09961 CTRIP.COM INTERNATIONAL
BTG BETAGRO PUBLIC COMPANY LIMITED
LAGENDA LAGENDA PROPERTIES BHD
PEKAT PEKAT GROUP BHD
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
GEELY GEELY AUTOMOBILE
EXCL XLSMART TELECOM SEJAHTERA
Regional Morning Meeting Notes: Thursday, July 03, 2025
GREATER CHINA Strategy Alpha Picks: July Conviction Calls Add CATL, KE Holdings, Longfor, Midea Group, Tencent and TME to our BUY list. Take profit on Prudential. Sector Online Games Upcoming new game releases to capitalise on the summer holiday season. INDONESIA Strategy Alpha Picks: Good Performances In June Our new alpha picks are ANTM, BBCA, ERAA, ICBP, MYOR, MIKA...
AEONTS AEON THANA SINSAP (THAILAND) PCL
CK CH. KARNCHANG PCL
KTC KRUNGTHAI CARD PCL
A0M4P7 HAN'S LASER TECHNOLOGY INDUSTRY GROUP CO. LTD. CLASS A
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
ANTM PT ANEKA TAMBANG TBK
BN2 VALUETRONICS HOLDINGS
3K1 KINGSOFT CORP. LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
AMRT SUMBER ALFARIA TRIJAYA TBK PT
AIY IFAST
COM7 COM7
558 UMS HOLDINGS LIMITED
MYOR MAYORA INDAH
C52 COMFORTDELGRO CORPORATION LIMITED
KBANK KASIKORNBANK PUBLIC CO. LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
BBCA PT BANK CENTRAL ASIA TBK
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
ERAA ERAJAYA SWASEMBADA
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
000333 MIDEA GROUP CO. LTD. CLASS A
00700 TENCENT HOLDINGS LTD.
TCAP THANACHART CAPITAL PCL
MIKA MITRA KELUARGA KARYASEHAT
SAWAD SRISAWAD CORPORATION PUBLIC COMPANY LTD
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
01810 XIAOMI CORP. CLASS B
VSI V.S. INDUSTRY BERHAD
MTC MUANGTHAI CAPITAL PCL
SSG SHENG SIONG GROUP LTD
ICBP INDOFOOD CBP SUKSES MAKMUR T
CPALL TB CP ALL
01801 INNOVENT BIOLOGICS INC.
PROP PROPNEX LTD
FEH FOOD EMPIRE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
02618 JD LOGISTICS INC
02423 KE HOLDINGS INC.
CLAR CAPITALAND ASCENDAS REIT
SDG SD GUTHRIE BHD
STECON STECON GROUP PUBLIC COMPANY LIMITED
1698 HK TENCENT MUSIC ENTERTAINMENT GROUP
TIDLOR TIDLOR HOLDINGS PCL
3750 CONTEMPORARY AMPEREX TECHNOLOGY (3750 HK)
- Singapore Research Team
Alpha Picks: Outperforms In Jun 25 And 2Q25; Add UMSH And CLAR; Remove...
Our Alpha Picks portfolio managed to beat a bullish market, surpassing the STI in Jun 25. On an equal-weighted basis, we beat the STI’s 1.8% gain by 1.7ppt. For 2Q25, our Alpha Picks portfolio performed even better, up 5.0% qoq on an equal-weighted basis and beating the STI by 5.2ppt. For Jul 25, we add UMSH and CLAR while removing STM and CENT.
AIY IFAST
558 UMS HOLDINGS LIMITED
C52 COMFORTDELGRO CORPORATION LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
SSG SHENG SIONG GROUP LTD
PROP PROPNEX LTD
FEH FOOD EMPIRE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
CLAR CAPITALAND ASCENDAS REIT
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
Regional Strategy: Alpha Picks - June 2025
GREATER CHINA Strategy Alpha Picks: June Conviction Calls: Add Prudential and Sino Biopharm to our BUY list. Take profit on SHKP and Trip.com. INDONESIA Strategy Alpha Picks: Good Performances In May: Good performances from most with the exception of GOTO and BUKA. MALAYSIA Strategy Alpha Picks: Raising Emphasis On Infrastructure Plays: Our May 25 Alpha Picks outperformed with resounding success. June 25 picks: Duopharma, Eco World, Gamuda, Hume Cement, IJM, MYEG, Northeast Group. SINGAPORE S...
OU8 CENTURION
544 CSE GLOBAL LTD.
CTRA CIPUTRA DEVELOPMENT
EGCO ELECTRICITY GENERATING PUBLIC CO. LTD.
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
V03 VENTURE CORPORATION LIMITED
ERW ERAWAN GROUP
EZQ CHINA MENGNIU DAIRY CO. LTD.
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
01299 AIA GROUP LIMITED
00027 GALAXY ENTERTAINMENT GROUP LIMITED
3816 MISC BHD
BMRI PT BANK MANDIRI (PERSERO) TBK
KBANK KASIKORNBANK PUBLIC CO. LTD.
7113 TOP GLOVE CORPORATION BHD.
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
601668 CHINA STATE CONSTRUCTION ENGINEERING CORP. LTD. CLASS A
X2S SINOPHARM GROUP CO. LTD. CLASS H
599A SANDS CHINA LTD.
CPN CENTRAL PATTANA PUBLIC CO. LTD.
ASII PT ASTRA INTERNATIONAL TBK
00700 TENCENT HOLDINGS LTD.
TRUE TRUE CORP. PUBLIC CO. LTD.
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
03690 MEITUAN CLASS B
RHBBANK RHB BANK BHD
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
3933 THE UNITED LABORATORIES INTE
MYEG MY EG SERVICES BHD
MINT MAPLETREE INDUSTRIAL TRUST
CPALL TB CP ALL
SDPL SIME DARBY PLANTATION BHD
ECW ECO WORLD DEVELOPMENT GROUP
RATCH RATCH GROUP PUBLIC CO. LTD.
2013 WEIMOB INC
RGB RGB INTERNATIONAL BHD
WHA TB WHA CORP PCL
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
3692 HANSOH PHARMACEUTICAL GROUP
MNSO MINISO GROUP HOLDING ADS (N SHARES)
CVL CIVMEC
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02618 JD LOGISTICS INC
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
CMRY PT CISARUA MOUNTAIN DAIRY TBK
ITC I-TAIL CORPORATION PUBLIC COMPANY LIMITED
STM SEATRIUM LTD
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
2232 CRYSTAL INTERNATIONAL GROUP LTD
YINSON YINSON HOLDINGS BHD
09961 CTRIP.COM INTERNATIONAL
BTG BETAGRO PUBLIC COMPANY LIMITED
LAGENDA LAGENDA PROPERTIES BHD
PEKAT PEKAT GROUP BHD
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
GEELY GEELY AUTOMOBILE
EXCL XLSMART TELECOM SEJAHTERA
- Adrian Loh Tzum Yung
Singapore Daily: Wednesday, June 4, 2025
KEY HIGHLIGHTS Update DFI Retail Group Holdings (DFI SP/BUY/US$2.65/Target: US$3.50): Exits RRH stake to fuel higher-margin businesses. Maintain BUY with higher target price of US$3.50. TRADERS’ CORNER AEM Holdings (AEM SP): Trading BUY Thai Beverage (THBEV SP): Trading SELL
- Adrian Loh Tzum Yung
- Desmond Chong Chee Wai
- Greater China Research Team
- Kasemsun Koonnara
- Kong Ho Meng
- Malaysia Research Team
- Roy Chen Chengzhi
- Vincent Khoo Boo Aik
- Willinoy Sitorus
Regional Morning Meeting Notes: Wednesday, June 04, 2025
GREATER CHINA Strategy Alpha Picks: June Conviction Calls Add Prudential and Sino Biopharm to our BUY list. Take profit on SHKP and TCOM. Update Qingdao Port International (6198 HK/NOT RATED/Price: HK$6.54) Key takeaways from NDR. INDONESIA Update Sumber Alfaria Trijaya (AMRT IJ/BUY/Rp2,620/Target: Rp3,000) Synergy potential from Lawson; expansion outside Java remains intact. MALAYSIA Strategy 1Q25 Results Wrap-Up ...
A0M4P7 HAN'S LASER TECHNOLOGY INDUSTRY GROUP CO. LTD. CLASS A
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
PRU PRUDENTIAL PLC
AMRT SUMBER ALFARIA TRIJAYA TBK PT
01177 SINO BIOPHARMACEUTICAL LIMITED
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
01810 XIAOMI CORP. CLASS B
UZMA UZMA BHD
GAM GAMUDA BHD
KPJ KPJ HEALTHCARE BERHAD
HLBK HONG LEONG BANK BERHAD
SWB SUNWAY BHD
01801 INNOVENT BIOLOGICS INC.
DBB DUOPHARMA BIOTECH BHD
09988 ALIBABA GROUP HOLDING LTD.
02618 JD LOGISTICS INC
6198 QINGDAO PORT INTERNATIONAL CO LTD
PEKAT PEKAT GROUP BHD
STECON STECON GROUP PUBLIC COMPANY LIMITED
ECOSHOP MK ECO-SHOP MARKETING BHD
TIET11 AES TIETE ENERGIA SA-UNIT
- Adrian Loh Tzum Yung
DFI Retail Group Holdings (DFI SP) - Exits RRH Stake To Fuel Higher-ma...
DFI’s exit of its minority stake in Robinsons Retail in the Philippines should enable the company to continue its strategic refocus on higher-return core businesses. Despite selling at a discount to its entry cost, the deal supports DFI’s pivot toward ROCEaccretive operations. With 2025 profit growth guided at 14–34% yoy and net debt now eliminated, DFI is well-positioned for growth, improved margins and dividend upside. Maintain BUY. Target price raised to US$3.50.
- Damon Shen
- Jieqi Liu
- Jo Yee Ng
- Johnny Yum
- Keith Wee Teck Keong
- Singapore Research Team
Regional Morning Meeting Notes: Tuesday, June 03, 2025
GREATER CHINA Strategy China Property & Hong Kong Property & Hong Kong Landlord Manageable pressure in mainland property market; improved tourism and retail sales momentum in Hong Kong. INDONESIA Strategy Alpha Picks: Good Performances in May Good performances from most with the exception of GOTO and BUKA. MALAYSIA Results CIMB Group (CIMB MK/HOLD/RM6.93/Target: RM7.70) 1Q25: Earnings in line, underpinned by lower provisions. Mai...
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
00683 KERRY PROPERTIES LIMITED
00016 SUN HUNG KAI PROPERTIES LIMITED
00823 LINK REAL ESTATE INVESTMENT TRUST
ANTM PT ANEKA TAMBANG TBK
1023 CIMB GROUP HOLDINGS BHD
01109 CHINA RESOURCES LAND LIMITED
BN2 VALUETRONICS HOLDINGS
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
AMRT SUMBER ALFARIA TRIJAYA TBK PT
AIY IFAST
00014 HYSAN DEVELOPMENT CO. LTD.
C52 COMFORTDELGRO CORPORATION LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
01997 WHARF REAL ESTATE INVESTMENT CO. LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
MSGB MAH SING GROUP BHD
SSG SHENG SIONG GROUP LTD
ICBP INDOFOOD CBP SUKSES MAKMUR T
PROP PROPNEX LTD
FEH FOOD EMPIRE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
00017 NEW WORLD DEVELOPMENT CO. LTD.
CMRY PT CISARUA MOUNTAIN DAIRY TBK
STM SEATRIUM LTD
DKFT IJ CENTRAL OMEGA RESOURCES
- Singapore Research Team
Alpha Picks: Beat The STI In May 25; Add CD, CSSC, FRKN, FEH, IFAST; R...
Driven by renewed positive investor sentiment, our Alpha Picks portfolio surpassed the STI in May 25, surging by 7.0% mom on an equal-weighted basis and beating the STI by 5.4ppt. On a market cap-weighted basis, our portfolio outperformed as well, up 1.9% mom and beating the STI by 0.3ppt. For Jun 25, we add CD, CSSC, FRKN, FEH and IFAST while removing SCI, MPM, OTEK and SIE.
BN2 VALUETRONICS HOLDINGS
AIY IFAST
C52 COMFORTDELGRO CORPORATION LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
SSG SHENG SIONG GROUP LTD
PROP PROPNEX LTD
FEH FOOD EMPIRE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
STM SEATRIUM LTD
- Singapore Research Team
Singapore Daily: Tuesday, June 03, 2025
KEY HIGHLIGHTS Strategy Alpha Picks: Beat the STI in May 25 A robust 5.4ppt beat by our Alpha Picks portfolio vs the STI in May 25. Add CD, CSSC, FRKN, FEH, IFAST and remove SCI, MPM, OTEK and SIE. TRADERS' CORNER Seatrium (STM SP): Trading SELL First Resources (FR SP): Trading SELL
BN2 VALUETRONICS HOLDINGS
AIY IFAST
C52 COMFORTDELGRO CORPORATION LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
SSG SHENG SIONG GROUP LTD
PROP PROPNEX LTD
FEH FOOD EMPIRE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
STM SEATRIUM LTD
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
Regional Strategy: Alpha Picks - May 2025
GREATER CHINA Strategy Alpha Picks: May Conviction Calls: Add Alibaba, Innovent, Shuanghuan, Trip.com to our BUY list. Take profit on JBM Healthcare and CR Land. INDONESIA Strategy Alpha Picks: Outperformance In Apr 25: Remove ICBP, EXCL and MIKA; add BBTN and GOTO. MALAYSIA Strategy Alpha Picks: Capitalising On Sentiment Turnaround: Our Apr 25 Alpha Picks underperformed. May 25 picks: Duopharma, Gamuda, IJM, IOI Properties, TIME dotCom, MYEG, Nationgate, Northeast Group and RHB Bank. SINGAPO...
OU8 CENTURION
544 CSE GLOBAL LTD.
CTRA CIPUTRA DEVELOPMENT
EGCO ELECTRICITY GENERATING PUBLIC CO. LTD.
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
V03 VENTURE CORPORATION LIMITED
ERW ERAWAN GROUP
EZQ CHINA MENGNIU DAIRY CO. LTD.
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
01299 AIA GROUP LIMITED
00027 GALAXY ENTERTAINMENT GROUP LIMITED
3816 MISC BHD
BMRI PT BANK MANDIRI (PERSERO) TBK
KBANK KASIKORNBANK PUBLIC CO. LTD.
7113 TOP GLOVE CORPORATION BHD.
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
601668 CHINA STATE CONSTRUCTION ENGINEERING CORP. LTD. CLASS A
X2S SINOPHARM GROUP CO. LTD. CLASS H
599A SANDS CHINA LTD.
CPN CENTRAL PATTANA PUBLIC CO. LTD.
ASII PT ASTRA INTERNATIONAL TBK
00700 TENCENT HOLDINGS LTD.
TRUE TRUE CORP. PUBLIC CO. LTD.
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
03690 MEITUAN CLASS B
RHBBANK RHB BANK BHD
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
3933 THE UNITED LABORATORIES INTE
MYEG MY EG SERVICES BHD
MINT MAPLETREE INDUSTRIAL TRUST
CPALL TB CP ALL
SDPL SIME DARBY PLANTATION BHD
ECW ECO WORLD DEVELOPMENT GROUP
RATCH RATCH GROUP PUBLIC CO. LTD.
2013 WEIMOB INC
RGB RGB INTERNATIONAL BHD
WHA TB WHA CORP PCL
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
3692 HANSOH PHARMACEUTICAL GROUP
MNSO MINISO GROUP HOLDING ADS (N SHARES)
CVL CIVMEC
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02618 JD LOGISTICS INC
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
EXCL XL AXIATA TBK PT
CMRY PT CISARUA MOUNTAIN DAIRY TBK
ITC I-TAIL CORPORATION PUBLIC COMPANY LIMITED
STM SEATRIUM LTD
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
2232 CRYSTAL INTERNATIONAL GROUP LTD
YINSON YINSON HOLDINGS BHD
09961 CTRIP.COM INTERNATIONAL
BTG BETAGRO PUBLIC COMPANY LIMITED
LAGENDA LAGENDA PROPERTIES BHD
PEKAT PEKAT GROUP BHD
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
GEELY GEELY AUTOMOBILE
- Adrian Loh Tzum Yung
- Chong Lee Len
- Jo Yee Ng
- Johnny Yum
- Jonathan Koh
- Singapore Research Team
Regional Morning Meeting Notes: Monday, May 05, 2025
INDONESIA Strategy Alpha Picks: Outperformance In Apr 25 Remove ICBP, EXCL, and MIKA; add BBTN and GOTO. MALAYSIA Sector Property Amid tariff overhang concerns, we favour companies with clear earnings visibility, solid exposure to affordable housing, and clear re-rating catalysts. Maintain OVERWEIGHT. Update Axiata (AXIATA MK/BUY/RM2.09/Target: RM2.50) ...
U96 SEMBCORP INDUSTRIES LTD.
BN2 VALUETRONICS HOLDINGS
BBCA PT BANK CENTRAL ASIA TBK
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
ERAA ERAJAYA SWASEMBADA
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
AXIATA AXIATA GROUP BERHAD
SIE SIA ENGINEERING CO LTD
MINT MAPLETREE INDUSTRIAL TRUST
MSGB MAH SING GROUP BHD
SSG SHENG SIONG GROUP LTD
ECW ECO WORLD DEVELOPMENT GROUP
SPSB SP SETIA BHD
SWB SUNWAY BHD
UEMS UEM SUNRISE BHD
PROP PROPNEX LTD
MPM MARCO POLO MARINE LTD
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
BUKA BUKALAPAK.COM PT TBK
MCH MATRIX CONCEPTS HOLDINGS BHD
9CI CAPITALAND INVESTMENT LTD
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
GOTO GOJEK TOKOPEDIA TBK PT
STM SEATRIUM LTD
IOIPG IOI PROPERTIES GROUP BHD
LAGENDA LAGENDA PROPERTIES BHD
OTEK OILTEK INTERNATIONAL (OTEK SP)
- Singapore Research Team
Strategy - Alpha Picks: Adding SSG, CENT; Removing CSSC, CSE, YZJSGD
Despite significant market volatility, our Alpha Picks portfolio outperformed in Apr 25, falling slightly by 0.8% mom on an equal-weighted basis and beating the STI by 2.7ppt. Furthermore, on a market cap-weighted basis, our portfolio dropped by 2.1% mom but still beat the STI by a respectable 1.4ppt. For May 25, we add SSG and CENT and remove CSSC, CSE and YZJSGD.
U96 SEMBCORP INDUSTRIES LTD.
BN2 VALUETRONICS HOLDINGS
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
SIE SIA ENGINEERING CO LTD
SSG SHENG SIONG GROUP LTD
PROP PROPNEX LTD
MPM MARCO POLO MARINE LTD
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
STM SEATRIUM LTD
OTEK OILTEK INTERNATIONAL (OTEK SP)
DFI Retail Group Holdings Limited: 1 director
A director at DFI Retail Group Holdings Limited sold 46,000 shares at 2.440USD and the significance rating of the trade was 57/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last ...
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
Regional Strategy: Alpha Picks - April 2025
GREATER CHINA Strategy Alpha Picks: April Conviction Calls: Add CR Beer, Desay, JBM Healthcare, JD Logistics, Minth, WuXi App Tech and Xiaomi Corp to our BUY list. Take profit on AIA, Hansoh Pharma, JD and Zijin Mining. INDONESIA Strategy Alpha Picks: Outperform In Mar 25: Remove BBNI, BBRI, ASII, JSMR and KLBF; add BBCA, ICBP, ERAA and BUKA. MALAYSIA Strategy Alpha Picks: Pockets of Opportunities: Our Mar 25 Alpha Picks outperform. Apr 25 picks: Alpha IVF, Duopharma, IJM, IOI Properties, TIME...
OU8 CENTURION
544 CSE GLOBAL LTD.
CTRA CIPUTRA DEVELOPMENT
EGCO ELECTRICITY GENERATING PUBLIC CO. LTD.
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
V03 VENTURE CORPORATION LIMITED
ERW ERAWAN GROUP
EZQ CHINA MENGNIU DAIRY CO. LTD.
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
01299 AIA GROUP LIMITED
00027 GALAXY ENTERTAINMENT GROUP LIMITED
3816 MISC BHD
BMRI PT BANK MANDIRI (PERSERO) TBK
KBANK KASIKORNBANK PUBLIC CO. LTD.
7113 TOP GLOVE CORPORATION BHD.
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
601668 CHINA STATE CONSTRUCTION ENGINEERING CORP. LTD. CLASS A
X2S SINOPHARM GROUP CO. LTD. CLASS H
599A SANDS CHINA LTD.
CPN CENTRAL PATTANA PUBLIC CO. LTD.
ASII PT ASTRA INTERNATIONAL TBK
00700 TENCENT HOLDINGS LTD.
TRUE TRUE CORP. PUBLIC CO. LTD.
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
03690 MEITUAN CLASS B
RHBBANK RHB BANK BHD
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
3933 THE UNITED LABORATORIES INTE
MYEG MY EG SERVICES BHD
MINT MAPLETREE INDUSTRIAL TRUST
CPALL TB CP ALL
SDPL SIME DARBY PLANTATION BHD
ECW ECO WORLD DEVELOPMENT GROUP
RATCH RATCH GROUP PUBLIC CO. LTD.
2013 WEIMOB INC
RGB RGB INTERNATIONAL BHD
WHA TB WHA CORP PCL
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
3692 HANSOH PHARMACEUTICAL GROUP
MNSO MINISO GROUP HOLDING ADS (N SHARES)
CVL CIVMEC
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02618 JD LOGISTICS INC
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
EXCL XL AXIATA TBK PT
CMRY PT CISARUA MOUNTAIN DAIRY TBK
ITC I-TAIL CORPORATION PUBLIC COMPANY LIMITED
STM SEATRIUM LTD
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
2232 CRYSTAL INTERNATIONAL GROUP LTD
YINSON YINSON HOLDINGS BHD
09961 CTRIP.COM INTERNATIONAL
BTG BETAGRO PUBLIC COMPANY LIMITED
LAGENDA LAGENDA PROPERTIES BHD
PEKAT PEKAT GROUP BHD
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
GEELY GEELY AUTOMOBILE
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Chong Lee Len
- Damon Shen
- Desmond Chong Chee Wai
- Jieqi Liu
- Johnny Yum
- Kampon Akaravarinchai
- Singapore Research Team
- Tanaporn Visaruthaphong
- Wei Xiang Ku
Regional Morning Meeting Notes: Tuesday, April 08, 2025
GREATER CHINA Strategy China And Hong Kong Property & Hong Kong Landlord Tariffs curtail US rate cuts, thereby hindering the recovery of Hong Kong property and tourism; Maintain OVERWEIGHT on China property. INDONESIA Strategy Alpha Picks: Outperform In Mar 25 Remove BBNI, BBRI, ASII, JSMR and KLBF; add BBCA, ICBP, ERAA and BUKA. MALAYSIA Update Pekat Group (PEKAT MK/BUY/RM1.08/Target: RM1.45) Good earnings visibility over 2025...
FR FIRST INDUSTRIAL REALTY TRUST INC.
AES AES CORPORATION
OU8 CENTURION
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
00683 KERRY PROPERTIES LIMITED
00016 SUN HUNG KAI PROPERTIES LIMITED
FCT FRASERS CENTREPOINT TRUST
00823 LINK REAL ESTATE INVESTMENT TRUST
CC3 STARHUB LTD
CPF CHAROEN POKPHAND FOODS PUBLIC CO. LTD.
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
544 CSE GLOBAL LTD.
D05 DBS GROUP HOLDINGS LTD
01109 CHINA RESOURCES LAND LIMITED
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.
SCNR SUNAC CHINA HOLDINGS LTD.
N2IU MAPLETREE COMMERCIAL TRUST
RLF LONGFOR GROUP HOLDINGS LTD.
AJBU KEPPEL DC REIT
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
GFPT GFPT
00014 HYSAN DEVELOPMENT CO. LTD.
C52 COMFORTDELGRO CORPORATION LIMITED
C6L SINGAPORE AIRLINES LTD.
BBCA PT BANK CENTRAL ASIA TBK
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
PTTEP PTT EXPLORATION & PRODUCTION PLC
Y92 THAI BEVERAGE PUBLIC CO. LTD.
AP4 RIVERSTONE HOLDINGS
BN4 KEPPEL CORPORATION LIMITED
ICBP PT INDOFOOD CBP SUKSES MAKMUR TBK
ERAA ERAJAYA SWASEMBADA
Q5T FAR EAST HOSPITALITY TRUST
MIKA MITRA KELUARGA KARYASEHAT
01997 WHARF REAL ESTATE INVESTMENT CO. LTD.
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
PMAH PRESS METAL ALUMINIUM HOLDIN
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
00017 NEW WORLD DEVELOPMENT CO. LTD.
SE US SEA LIMITED
BUKA BUKALAPAK.COM PT TBK
CVL CIVMEC
9CI CAPITALAND INVESTMENT LTD
EXCL XL AXIATA TBK PT
123F 123FAHRSCHULE SE
BCOW 1895 BANCORP OF WISCONSIN INC
CLAR CAPITALAND ASCENDAS REIT
ITC I-TAIL CORPORATION PUBLIC COMPANY LIMITED
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
STM SEATRIUM LTD
EPIC 1CM INC
Z29 029 GROUP SE
BTG BETAGRO PUBLIC COMPANY LIMITED
PEKAT PEKAT GROUP BHD
PAN SP PAN-UNITED CORPORATION (PAN SP)
- Adrian Loh Tzum Yung
- Singapore Research Team
Singapore Market Strategy - Turbulence To Continue – Stay With Domesti...
The selloff driven by the US’ unprecedented and perplexing tariff plans has liberated many investors of profits this year. Given the fluidity of market conditions, we highlight a number of domestic-focused stocks such as CENT, CD, DFI, HLA, PANU, PROP, RFMD, SSG and SIE as well as Singapore-focused REITS such as CDLHT, FEHT, FCT, KREIT, LREIT and PREIT. In addition, the MAS’ equity market review should inject much needed liquidity in 2H25. We lower our STI target to 3,720 (previously 4,115).
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)
- Adrian Loh Tzum Yung
FCT FRASERS CENTREPOINT TRUST
C52 COMFORTDELGRO CORPORATION LIMITED
Q5T FAR EAST HOSPITALITY TRUST
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
CDREIT CDL HOSPITALITY TRUSTS
KREIT KEPPEL REIT
SIE SIA ENGINEERING CO LTD
PREIT PARKWAYLIFE REAL ESTATE
SSG SHENG SIONG GROUP LTD
RFMD RAFFLES MEDICAL GROUP LTD
PROP PROPNEX LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
HLA HONG LEONG ASIA LTD
PAN SP PAN-UNITED CORPORATION (PAN SP)
- Singapore Research Team
Singapore Daily: Thursday, April 03, 2025
KEY HIGHLIGHTS Strategy Alpha Picks: Strong Beat In Mar 25; Adding OTEK, VALUE, DFI And Removing CD, CENT, RSTON, UMS Our Alpha Picks portfolio bettered the STI in Mar 25, increasing 3.4% mom on an equal-weighted basis. Adding OTEK, VALUE, DFI and Removing CD, CENT, RSTON, UMS. TRADERS' CORNER DFI Retail Group Holdings (DFI SP): Trading BUY Sembcorp Industries (SCI SP): Trading BUY
U96 SEMBCORP INDUSTRIES LTD.
BN2 VALUETRONICS HOLDINGS
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
SIE SIA ENGINEERING CO LTD
PROP PROPNEX LTD
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
STM SEATRIUM LTD
OTEK OILTEK INTERNATIONAL (OTEK SP)
- Adrian Loh Tzum Yung
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Gigi Cheuk
- Julia Pan Mengyao
- Kate Luang
- Keith Wee Teck Keong
- Kenny Yong Hui Lim
- Lester Siew
- Ming San Soong
- Paula Ruth
- Roy Chen Chengzhi
- Sunny Chen
- Thanawat Thangchadakorn
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Tuesday, March 25, 2025
GREATER CHINA Sector Internet Monetisation potential and trends of AI agent from the launch of Manus AI. Results CMOC (3993 HK/BUY/HK$6.72/Target: HK$8.70) 2024: Above expectations; copper output up 55% yoy to 650,161 tonnes. COSCO SHIPPING Holdings (1919 HK/BUY/HK$12.58/Target: HK$11.62) 2024: Results in line; more volatile business environment in 2025 but limited valuation ...
2488 ALLIANCE BANK MALAYSIA BHD.
1295 PUBLIC BANK BHD
3993 CHINA MOLYBDENUM CO. LTD. CLASS H
3K1 KINGSOFT CORP. LTD.
TISCO TISCO FINANCIAL GROUP
X2S SINOPHARM GROUP CO. LTD. CLASS H
ERAA ERAJAYA SWASEMBADA
00700 TENCENT HOLDINGS LTD.
2899 ZIJIN MINING GROUP CO. LTD. CLASS H
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
COSCO SHIPPING HOLDINGS CO. LTD. CLASS H
RHBBANK RHB BANK BHD
HLFG HONG LEONG FINANCIAL GROUP
IOI IOI CORP BHD
AMM AMMB HOLDINGS BHD
HLBK HONG LEONG BANK BERHAD
TXG 10X GENOMICS INC CLASS A
ABANK AFFIN BANK BHD
09988 ALIBABA GROUP HOLDING LTD.
1888 KINGBOARD LAMINATES HOLDINGS LTD
09888 BAIDU INC
123F 123FAHRSCHULE SE
BIMB BANK ISLAM MALAYSIA BHD
EPIC 1CM INC
Z29 029 GROUP SE
MAYBANK MALAYAN BANKING BHD
HUIZ HUIZE HOLDING LIMITED
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