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...
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...
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).
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
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 ...
DFI’s sale of its Singapore food business, which had only recently returned to profitability in 4Q24, was unsurprising given its various divestments in this segment in China, Indonesia and Malaysia in the past two years. We expect the company to announce a gain from the sale after its completion in 2H25 with capital to be deployed towards higher ROCE businesses and to support its DPS this year. Maintain BUY. Target price: US$2.80.
KEY HIGHLIGHTS Update DFI Retail Group Holdings (DFI SP/BUY/US$2.34/Target: US$2.80): Retail reinvention continues with a farewell to food. Maintain BUY with an unchanged target price of US$2.80. TRADERS’ CORNER Olam Group (OLG SP): Trading SELL Jardine Cycle & Carriage (JCNC SP): Trading SELL
KEY HIGHLIGHTS Results DFI Retail Group Holdings (DFI SP/BUY/US$2.10/Target: US$2.80): 2024: A return to growth in 2024 with bullish guidance for more to come this year. Maintain BUY with a higher target price of US$2.80. TRADERS’ CORNER Oversea-Chinese Banking Corp (OCBC SP): Trading SELL Dbs Group Holdings (DBS SP): Trading SELL
GREATER CHINA Sector Property Shenzhen and Guangzhou seeing notable improvement in demand-supply dynamics. Results ECARX Holdings Inc (ECX US/BUY/US$2.67/Target: US$3.40) 4Q24: Net loss narrows due to revenue growth. Maintain BUY. Target price: US$3.40. INDONESIA Update XL Axiata (EXCL IJ/BUY/Rp2,260/Target: Rp3,300) XLSmart estimates potential cost synergies of US$300-...
DFI reported stronger-than-expected results with underlying net profit up 30% yoy to US$201m although the bottom line was impacted by impairments and losses related to the sale of Yonghui in China. The company’s convenience and H&B segments continue to do well. The company guided a 14-34% earnings growth in 2025 with perhaps the monetisation of its yuu and media platforms potentially providing juice to its profits over the next 12 months. Maintain BUY. Target price raised to US$2.80.
GREATER CHINA Strategy Alpha Picks: March Conviction Calls: Add Geely, JD, SHKP and Zijin Mining to our BUY list. Take profit on CATL, Desay, JD Logistics, Mengniu, Plover Bay and Tencent. INDONESIA Strategy Alpha Picks: Underperformance In Feb 25: Our picks are BBNI, BBRI, MIKA, EXCL, KLBF, JSMR and ASII. MALAYSIA Strategy Alpha Picks: Unprecedented Combo Of Disappointments: Our Feb 25 Alpha Picks sorely underperformed. Mar 25 picks: 99SpeedMart, Alpha IVF, KPJ Healthcare, MrDIY, MYEG, RHB Ba...
GREATER CHINA Strategy Alpha Picks: February Conviction Calls: Add AIA, CR Land, Haier and Han’s Laser to our BUY list. Take profit on Crystal, Geely, Trip.com and Weimob. INDONESIA Strategy Alpha Picks: Slight Underperformance In Jan 25: Our picks are ISAT, KLBF, BMRI, BBRI, EXCL, CTRA, JSMR, BBNI and ASII. MALAYSIA Strategy Alpha Picks: Spotlight On The Upcoming Results Winners: Our Alpha Picks outperformed in Jan 25. Feb 25 picks: Gamuda, GENM, Kossan, MrDIY, MYEG, Pekat, RGB, RHB Bank, VSI...
GREATER CHINA Strategy Alpha Picks: January Conviction Calls: Add CATL, JD Logistics, Miniso and Plover Bay to our BUY list, and Weimob to our SELL list. INDONESIA Strategy Alpha Picks: Our Selections Outperform In 2024: Our picks are ISAT, KLBF, BMRI, BBRI, EXCL, CTRA, JSMR, BBNI, CMRY and ASII. MALAYSIA Strategy Alpha Picks: Still Ample Domestic Catalysts: Our Alpha Picks outperformed in Dec 24. Jan 25 picks: Gamuda, GENM, MrDIY, MYEG, Pekat, RGB, RHB Bank, SP Setia, VSI and Yinson. SINGAP...
GREATER CHINA Strategy Alpha Picks: November Conviction Calls: Add Hansoh Pharma, Sands China, CSCEC and BYDE to our BUY list. Add Sinopharm to our SELL list. INDONESIA Strategy Alpha Picks: Underperformance in Oct 24: Our picks are NCKL, BBTN, BMRI, BBRI, EXCL, CTRA, JSMR, BBNI, CMRY and ASII. MALAYSIA Strategy Alpha Picks: Gearing Up For The Reporting Season: Our Alpha Picks outperformed in Oct 24. Nov 24 picks: EcoWorld, Gamuda, Lagenda, MYEG, Pekat, RGB, RHB Bank, Top Glove, VSI and Yinson...
KEY HIGHLIGHTS Strategy Alpha Picks: Solid Beat For Oct 24 Our Alpha Picks portfolio beat the STI by 1.1ppt in Oct 24, rising 0.4% mom on an equal-weighted basis. Add MPM and remove SATS, FRKN and CLI for Nov 24. Sector REITs S-REITs monthly update (Oct 24). Results Mapletree Industrial Trust (MINT SP/BUY/S$2.40/Target: S$3.05) 2QFY25: Generating positive reversions and stable occupancies. Wilmar Intern...
Despite the STI’s negative performance in Oct 24, our Alpha Picks portfolio outperformed the STI by 1.1ppt, rising 0.4% mom on an equal-weighted basis. The outperformance was driven by SPOST, CVL and DFI while FRKN, CLI and SCI underperformed. Our Alpha Picks portfolio has now outperformed the STI in 12 out of the past 13 months.
KEY HIGHLIGHTS Strategy Alpha Picks: Outperforming For Sep 24 And 3Q24 Our Alpha Picks portfolio beat the STI, rising 5.4% mom in Sep 24 and 7.9% qoq on an equal-weighted basis. Add CLI, CSSC, DFI and SATS, and remove ST for Oct 24. Update Mapletree Industrial Trust (MINT SP/BUY/S$2.50/Target: S$3.05) Further expansion in Japan with potential for redevelopment. TRADERS' CORNER Oversea-Chinese Banking Corp (OCBC SP): Trading BUY Keppel DC REIT (KD...
GREATER CHINA Strategy Alpha Picks: October Conviction Calls: Adding CATL, Geely and Plover Bay to our BUY list. INDONESIA Strategy Alpha Picks: Defensive Stance Worked In Sep 24: Our picks are ASII, BBNI, BMRI, BBRI, EXCL, CTRA, BBTN, CMRY, SIDO and JSMR. MALAYSIA Strategy Alpha Picks: A Variety of Event Drivers: Our Alpha Picks outperforms as hoped. Oct 24 picks: EcoWorld, Gamuda, Lagenda, MYEG, Pekat, RGB, RHB Bank, Sime Darby, VSI and Yinson. SINGAPORE Strategy Alpha Picks: Outperforming ...
Our Alpha Picks portfolio outperformed in Sep 24, rising 5.4% mom on an equal-weighted basis and beating the STI by 1.3ppt. On a quarterly basis, our portfolio also outperformed the STI by 0.3ppt for 3Q24. The outperformance in Sep 24 was driven by STM, SCI and GENS, while CSE and MINT underperformed. Our Alpha Picks portfolio has now outperformed the STI in 11 out of the past 12 months and six out of the past eight quarters.
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