Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul>
<li>RHB boosts OCBC target price to $33.70 following Fed rate hike.                    </li>
<li>Citi cuts SGX target price and starts 90-day watch for P/E de-rating risks.</li>
<li>RHT Capital sets ISDN Holdings target price at 73 cents.</li>
</ul>


RHB boosts OCBC target price to $33.70 following Fed rate hike.                    
Citi cuts SGX target price and starts 90-day watch for P/E de-rating risks.
RHT Capital sets ISDN Holdings target price at 73 cents.


Singapore Market Roundup (05-Oct-2026): RHB raises OCBC target price to $33.70 after Fed hike.

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>HSBC holds 19% of BoCom and still carries it with a value of USD23.3bn despite the stock market valuation putting it closer to USD8.1bn on YE22 figures. </li>
<li>The bank cites its Value In Use testing as the justifiable reason for this gap, and this testing will include major assumptions like discount rates and long term growth rates.</li>
<li>Goodwill and other intangible charges were USD10.6bn in FY08, USD3.4bn in FY16, and USD7.4bn in FY19 for HSBC. </li>
</ul>


HSBC holds 19% of BoCom and still carries it with a value of USD23.3bn despite the stock market valuation putting it closer to USD8.1bn on YE22 figures. 
The bank cites its Value In Use testing as the justifiable reason for this gap, and this testing will include major assumptions like discount rates and long term growth rates.
Goodwill and other intangible charges were USD10.6bn in FY08, USD3.4bn in FY16, and USD7.4bn in FY19 for HSBC. 


HSBC - Gap of USD15bn on Carrying Value Vs Fair Value of BoCom, as China Economy Weakens More

<ul><li>Privium fund management identifies Multi-Chem's growth from digital transformation.</li><li>RHB maintains 'neutral' stance on telcos; M1 deal may reduce price erosion.</li><li>JP Morgan: MAS EQDP fund allocation could boost SMIDs' performance.</li></ul>

Privium fund management identifies Multi-Chem's growth from digital transformation.RHB maintains 'neutral' stance on telcos; M1 deal may reduce price erosion.JP Morgan: MAS EQDP fund allocation could boost SMIDs' performance.

Singapore Market Roundup (01-Oct-2026): Privium fund sees Multi-Chem's growth via digital changes.

<ul><li>JP Morgan: MAS's new EQDP fund could boost SMIDs' performance.</li><li>Lim &amp; Tan rates Aedge Group as 'buy' with a target price of 29.5 cents.</li><li>UMS sees more dividend potential after RM450 million placement, says Citi.</li></ul>

JP Morgan: MAS's new EQDP fund could boost SMIDs' performance.Lim &amp; Tan rates Aedge Group as 'buy' with a target price of 29.5 cents.UMS sees more dividend potential after RM450 million placement, says Citi.

Singapore Market Roundup (30-Sep-2026): JP Morgan: MAS's EQDP fund may enhance SMIDs' performance.

<ul>
<li>CGS International keeps 'add' rating on CSE Global, deepening ties beyond AWS.</li>
<li>UOBKH raises Yangzijiang Shipbuilding target price to $5.90.</li>
<li>UOBKH keeps 'buy' on LHN, lowering target price to 59.1 cents due to limited earnings.</li>
</ul>


CGS International keeps 'add' rating on CSE Global, deepening ties beyond AWS.
UOBKH raises Yangzijiang Shipbuilding target price to $5.90.
UOBKH keeps 'buy' on LHN, lowering target price to 59.1 cents due to limited earnings.


Singapore Market Roundup (25-Sep-2026): CGS International maintains 'add' rating on CSE Global

United States

Citigroup Inc. is a diversified financial services holding company that provides a broad range of financial services to consumer and corporate customers. The Company services include investment banking, retail brokerage, corporate banking, and cash management products and services. Citigroup serves customers globally.

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Citigroup Inc (C US)

Singapore Market Roundup (05-Oct-2026): RHB raises OCBC target price to $33.70 after Fed hike.

RHB raises OCBC target price to $33.70 post-Fed rate hike; Citi lowers SGX target and starts 90-day watch for P/E de-rating; RHT sets ISDN at 73...

Singapore Market Roundup

HSBC - Gap of USD15bn on Carrying Value Vs Fair Value of BoCom, as China Economy Weakens More

HSBC still carries its 19% investment in BoCom at a very high value compared with the market value and with a far weaker China outlook, we are not...

Daniel Tabbush

Singapore Market Roundup (01-Oct-2026): Privium fund sees Multi-Chem's growth via digital changes.

Privium sees growth in Multi-Chem from digital transformation. RHB stays 'neutral' on telcos; M1 deal may curb price drops. JP Morgan notes MAS...

Singapore Market Roundup

Singapore Market Roundup (30-Sep-2026): JP Morgan: MAS's EQDP fund may enhance SMIDs' performance.

JP Morgan notes MAS's EQDP fund may enhance SMIDs' performance. Lim & Tan rates Aedge Group a 'buy' at 29.5 cents. UMS shows more dividend...

Singapore Market Roundup

Singapore Market Roundup (25-Sep-2026): CGS International maintains 'add' rating on CSE Global

CGS International maintains 'add' rating for CSE Global, expanding ties beyond AWS. UOBKH raises Yangzijiang Shipbuilding target to $5.90.

Singapore Market Roundup

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