Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul>
<li>Maybank sets Food Empire target at $2.92; CGS holds bullish $2.94.</li>
<li>RHB downgrades APAC Realty, citing support from its dividend yield.</li>
<li>UOBKH's Loh raises Hong Leong Asia target price to $2.82, citing BRC Asia stake.</li>
</ul>


Maybank sets Food Empire target at $2.92; CGS holds bullish $2.94.
RHB downgrades APAC Realty, citing support from its dividend yield.
UOBKH's Loh raises Hong Leong Asia target price to $2.82, citing BRC Asia stake.


Singapore Market Roundup (16-Sep-2025): Maybank Targets Food Empire at $2.92; CGS Sees $2.94.

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>We visited a “Busy for You” store near a university in Shanghai.</li>
<li>We believe Busy Ming can attract young customers because of low prices and small packages.</li>
<li>However, we also believe the company does employ enough shop assistants.</li>
</ul>


We visited a “Busy for You” store near a university in Shanghai.
We believe Busy Ming can attract young customers because of low prices and small packages.
However, we also believe the company does employ enough shop assistants.


Busy Ming (鸣鸣很忙) Pre-IPO: A Visit to Store – See Young Customers and Busy Clerk

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hesai-group" target="_blank" data-smartkarma-citation="entities:36743:1" rel="noopener">Hesai Group (HSAI US)</a> raised around US$530m in its secondary listing in Hong Kong.</li>
<li>We have looked at the deal dynamics in our previous note. </li>
<li>In this note, we talk about the ADS movement and trading dynamics.</li>
</ul>



Hesai Group (HSAI US) raised around US$530m in its secondary listing in Hong Kong.
We have looked at the deal dynamics in our previous note. 
In this note, we talk about the ADS movement and trading dynamics.


Hesai Secondary Trading - Decent Demand, Despite Lack of Correction

<ul><li>UOBKH's Loh raises Hong Leong Asia target price to $2.82 due to BRC Asia stake.</li><li>RHB's Jaiswal raises SGX target price to $17.80 amid growing IPO momentum.</li><li>PhillipCapital starts coverage on SIA Engineering amid MRO upcycle.</li></ul>

UOBKH's Loh raises Hong Leong Asia target price to $2.82 due to BRC Asia stake.RHB's Jaiswal raises SGX target price to $17.80 amid growing IPO momentum.PhillipCapital starts coverage on SIA Engineering amid MRO upcycle.

Singapore Market Roundup (15-Sep-2025): UOBKH's Loh raises Hong Leong Asia target to $2.82.

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Bottom-Up

<ul>
<li>HK-Listed SF Intra is a leading player in Chinese on-demand delivery</li>
<li>H1 results show strong top-line growth, but thin margins, -ive OpCF</li>
<li>SF Intra's structure suggests no fat to cut in local eComm fulfillment expense</li>
</ul>


HK-Listed SF Intra is a leading player in Chinese on-demand delivery
H1 results show strong top-line growth, but thin margins, -ive OpCF
SF Intra's structure suggests no fat to cut in local eComm fulfillment expense


Checking in With On-Demand Delivery Leader SF Intra-City (9699 HK) | Strong Growth, Thin Margins

China

Alibaba Group Holding Limited provides online sales services. The Company provides internet infrastructure, electronic commerce, online financial, and internet content services through its subsidiaries. Alibaba Group Holding offers its products and services worldwide.

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Alibaba (BABA US)

Singapore Market Roundup (16-Sep-2025): Maybank Targets Food Empire at $2.92; CGS Sees $2.94.

Maybank targets Food Empire at $2.92; CGS at $2.94. RHB downgrades APAC Realty. UOBKH raises Hong Leong Asia target to $2.82, citing BRC Asia stake.

Singapore Market Roundup

Busy Ming (鸣鸣很忙) Pre-IPO: A Visit to Store – See Young Customers and Busy Clerk

We visited a “Busy for You” store in Shanghai. We believe Busy Ming can attract young customers. However, we also believe the company does not...

Ming Lu

Hesai Secondary Trading - Decent Demand, Despite Lack of Correction

Hesai Group (HSAI US) raised around US$530m in its secondary listing in Hong Kong. In this note, we talk about the trading dynamics.

Sumeet Singh

Singapore Market Roundup (15-Sep-2025): UOBKH's Loh raises Hong Leong Asia target to $2.82.

UOBKH raises Hong Leong Asia's target price to $2.82; RHB raises SGX to $17.80 with IPO momentum; PhillipCapital begins coverage on SIA Engineering...

Singapore Market Roundup

Checking in With On-Demand Delivery Leader SF Intra-City (9699 HK) | Strong Growth, Thin Margins

SF Intra's H125 results give us some valuable insights into China's on-demand retail segment, which has shown strong growth in recent periods.

Tracking Traffic

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