Mid-market focused investment bank within SE Asia, Evolve Capital Advisory Pte Ltd

Evolve Capital Research

Mid-market focused investment bank within SE Asia

Evolve Capital Advisory Pte Ltd

Thematic (Sector/Industry)

<ul>
<li>There has been a flurry of activity within the SGX in recent months - from heightened trading interest to a pickup in corporate actions and fund flow movements.</li>
<li>Hence, we thought it timely to take a closer look at the SGX. </li>
<li>The local bourse has seen renewed investor attention, underpinned by selective growth stories, valuation gaps, and improving balance sheet quality. We highlight key observations and emerging themes within the SGX. </li>
</ul>


There has been a flurry of activity within the SGX in recent months - from heightened trading interest to a pickup in corporate actions and fund flow movements.
Hence, we thought it timely to take a closer look at the SGX. 
The local bourse has seen renewed investor attention, underpinned by selective growth stories, valuation gaps, and improving balance sheet quality. We highlight key observations and emerging themes within the SGX. 


Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

<ul><li>RHB's Yeo increases HRnetGroup target price to 85 cents.</li><li>JP Morgan upgrades Keppel REIT and MLT due to lower debt costs and strong demand.</li><li>Analysts raise iFast's TPs after record AUA and net profit in 3QFY2025.</li></ul>

RHB's Yeo increases HRnetGroup target price to 85 cents.JP Morgan upgrades Keppel REIT and MLT due to lower debt costs and strong demand.Analysts raise iFast's TPs after record AUA and net profit in 3QFY2025.

Singapore Market Roundup (28-Oct-2025): RHB's Yeo raises HRnetGroup target price to 85 cents.

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

Equity Bottom-Up

<ul>
<li>We focus on the worsening credit metrics at HSBC, especially where stage 2 loan growth is not being matched by ECL</li>
<li>There appears to be great deterioration in 3Q25 alone for its HK and CH commercial real estate lending, just as it raises its investment in Hang Seng Bank</li>
<li>With migration from stage 2 to stage 3 in some regions being likely, there is every likelihood that HSBC will see continued high growth in credit costs</li>
</ul>


We focus on the worsening credit metrics at HSBC, especially where stage 2 loan growth is not being matched by ECL
There appears to be great deterioration in 3Q25 alone for its HK and CH commercial real estate lending, just as it raises its investment in Hang Seng Bank
With migration from stage 2 to stage 3 in some regions being likely, there is every likelihood that HSBC will see continued high growth in credit costs


HSBC - 3Q25 Results Are Out, Major Deterioration in Credit Metrics

<ul><li>Lim &amp; Tan rates KSH Holdings as 'accumulate' with a target price of 51 cents.</li><li>RHB maintains ST Engineering's price target at $9.10 after record order wins.</li><li>Sembcorp faces softer 1HFY2025 earnings, but its long-term growth is stable, says UOBKH.</li></ul>

Lim &amp; Tan rates KSH Holdings as 'accumulate' with a target price of 51 cents.RHB maintains ST Engineering's price target at $9.10 after record order wins.Sembcorp faces softer 1HFY2025 earnings, but its long-term growth is stable, says UOBKH.

Singapore Market Roundup (27-Oct-2025): KSH Holdings rated 'accumulate' by Lim & Tan at 51 cents.

<ul>
<li>The decision to invest a large sum of money to increase Hong Kong and Mainland China banking exposure, seems oddly timed</li>
<li>There is no exceptional discount to drive this decision, and there is unlikely to be any major resumption former times</li>
<li>Granular data on credit metrics from HSB shows marked weakness, deterioration, and with privatization, we may only see this data one more time.</li>
</ul>


The decision to invest a large sum of money to increase Hong Kong and Mainland China banking exposure, seems oddly timed
There is no exceptional discount to drive this decision, and there is unlikely to be any major resumption former times
Granular data on credit metrics from HSB shows marked weakness, deterioration, and with privatization, we may only see this data one more time.


HSBC - Privatization of Hang Seng Bank Should Mean Limits on Granular Credit Metrics After 2H25

Singapore

Oversea-Chinese Banking Corporation Limited offers a comprehensive range of financial services.  The Company's services include deposit-taking, corporate, enterprise and personal lending, international trade financing, investment banking, private banking, treasury, stockbroking, insurance, credit cards, cash management, asset management and other financial and related services.

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OCBC (OCBC SP)

A Timely Review of Our Local Bourse

There has been a flurry of activity within the SGX in recent months - from heightened trading interest to a pickup in corporate actions and fund...

Evolve Capital Advisory Pte Ltd

Singapore Market Roundup (28-Oct-2025): RHB's Yeo raises HRnetGroup target price to 85 cents.

RHB raises HRnetGroup target to 85 cents; JP Morgan upgrades Keppel REIT and MLT; analysts boost iFast TPs after record AUA and net profit in...

Singapore Market Roundup

HSBC - 3Q25 Results Are Out, Major Deterioration in Credit Metrics

With 3Q25 results out just over 1 hour ago, we can see clearly, major deterioration in credit metrics, especially stage 2 loans and relative growth...

Daniel Tabbush

Singapore Market Roundup (27-Oct-2025): KSH Holdings rated 'accumulate' by Lim & Tan at 51 cents.

Lim & Tan rates KSH Holdings 'accumulate' at 51 cents; RHB keeps ST Engineering at $9.10; UOBKH notes Sembcorp's stable long-term growth despite...

Singapore Market Roundup

HSBC - Privatization of Hang Seng Bank Should Mean Limits on Granular Credit Metrics After 2H25

$1.1bn hit from Madoff fraud. None of this is positive for HSBC. There can be increased operational risk req. Front office managers are likely to...

Daniel Tabbush

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