Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul>
<li>DBS chooses CapitaLand Ascott Trust as top choice for 2025, no property market bubble, no need for cooling measures.</li>
<li>Medical tourism drives growth in Asean hospitals, RHB suggests looking beyond index for strong performance.</li>
<li>DBS maintains 'buy' rating on CapitaLand Investment, OCBC predicts support for DBS shares, tips retail REITs for 2025.</li>
</ul>


DBS chooses CapitaLand Ascott Trust as top choice for 2025, no property market bubble, no need for cooling measures.
Medical tourism drives growth in Asean hospitals, RHB suggests looking beyond index for strong performance.
DBS maintains 'buy' rating on CapitaLand Investment, OCBC predicts support for DBS shares, tips retail REITs for 2025.


Singapore Market Roundup (17-Dec-2024): By 2025, Singapore Hotels Moderate

Chief Economist & Political Strategist, CrossASEAN Research

Prasenjit K. Basu

Chief Economist & Political Strategist

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Macroeconomics

<ul>
<li>After 8 quarters of employment-led growth, productivity grew 1.5%YoY in Q2CY24, as machinery investment grew 3.8%YoY. The large pipeline of unfulfilled investment commitments from 2022 should boost machinery investment further. </li>
<li>NODX rebounded to 13.2%YoY growth (16.1%YoY volume growth) in Jul-Aug'24, and the BoP current account surplus was 20% of GDP in H1CY24. As productivity accelerates, inflation will moderate. </li>
<li>We expect real GDP to grow 3.7% in 2024. But lower inflation will allow S$NEER's pace of appreciation to be reduced (Oct'24) and S$NEER re-centered lower (Mar'25). Bullish. </li>
</ul>


After 8 quarters of employment-led growth, productivity grew 1.5%YoY in Q2CY24, as machinery investment grew 3.8%YoY. The large pipeline of unfulfilled investment commitments from 2022 should boost machinery investment further. 
NODX rebounded to 13.2%YoY growth (16.1%YoY volume growth) in Jul-Aug'24, and the BoP current account surplus was 20% of GDP in H1CY24. As productivity accelerates, inflation will moderate. 
We expect real GDP to grow 3.7% in 2024. But lower inflation will allow S$NEER's pace of appreciation to be reduced (Oct'24) and S$NEER re-centered lower (Mar'25). Bullish. 


Singapore: Productivity-Led Cyclical Recovery Will Dampen Inflation, Ease Policy

Alpha-Centric ESG Research

Kyle Rudden

<ul>
<li>The Monetary Authority of Singapore (MAS) recently launched a public consultation regarding a Code of Conduct for ESG ratings providers and ESG data product providers in Singapore.</li>
<li>It is the right approach for Singapore – a <em>voluntary</em> best-practices framework furthering one of the world's most credible "green" economies, not a regulatory force-fix of something broken.</li>
<li>No surprise ratings methodology changes. No <em>en masse</em> upgrades/downgrades. No acute shocks to the system. Just slow and steady progress for ESG investing and finance in Singapore.</li>
</ul>


The Monetary Authority of Singapore (MAS) recently launched a public consultation regarding a Code of Conduct for ESG ratings providers and ESG data product providers in Singapore.
It is the right approach for Singapore – a voluntary best-practices framework furthering one of the world's most credible "green" economies, not a regulatory force-fix of something broken.
No surprise ratings methodology changes. No en masse upgrades/downgrades. No acute shocks to the system. Just slow and steady progress for ESG investing and finance in Singapore.


Singapore Code of Conduct for ESG Ratings Is Less Risk and More Reward

Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

Headquartered in Singapore, SooChow CSSD Capital Markets (Asia) is an investment bank focusing on emerging growth companies across Asia, providing a full suite of investment banking services, including corporate finance, mergers and acquisitions advisory, equity capital markets, institutional equities sales and trading and equities research.

SooChow CSSD Capital Markets (Asia)

<ul><li><a href="https://www.smartkarma.com/entities/capitaland-investment-ltd-si" target="_blank" data-smartkarma-citation="entities:33774" rel="noopener">CapitaLand Investment (CLI SP)</a> 1H22 operating PATMI +31% YoY; REIB and Lodging mgmt. business shine brighter</li><li><a href="https://www.smartkarma.com/entities/city-developments-ltd" target="_blank" data-smartkarma-citation="entities:57" rel="noopener">City Developments (CIT SP)</a> 1H22 core PATMI returned to black; Boosted by recovering hospitality segment</li><li>Condo resale prices rose 1.2% MoM in Jul22; Volumes dipped by 6.7% MoM</li></ul>

CapitaLand Investment (CLI SP) 1H22 operating PATMI +31% YoY; REIB and Lodging mgmt. business shine brighterCity Developments (CIT SP) 1H22 core PATMI returned to black; Boosted by recovering hospitality segmentCondo resale prices rose 1.2% MoM in Jul22; Volumes dipped by 6.7% MoM

ASEAN Builder's Scoop (11Aug22) - CLI Lodging and REIB Shines Brighter

<ul><li><a href="https://www.smartkarma.com/entities/city-developments-ltd" target="_blank" data-smartkarma-citation="entities:57" rel="noopener">City Developments (CIT SP)</a> 1Q22 Business Updates – Home sales fell 41% due to wait and see approach by homebuyers</li><li><a href="https://www.smartkarma.com/entities/esr-reit" target="_blank" data-smartkarma-citation="entities:10934" rel="noopener">ESR-REIT (EREIT SP)</a> to divest 3 Sanitarium Drive in AUS</li><li><a href="https://www.smartkarma.com/entities/ciputra-development-tbk-pt" target="_blank" data-smartkarma-citation="entities:5513" rel="noopener">Ciputra Development (CTRA IJ)</a> allocates IDR800bn in CapEx for land acquisition</li></ul>

City Developments (CIT SP) 1Q22 Business Updates – Home sales fell 41% due to wait and see approach by homebuyersESR-REIT (EREIT SP) to divest 3 Sanitarium Drive in AUSCiputra Development (CTRA IJ) allocates IDR800bn in CapEx for land acquisition

ASEAN Builder's Scoop (25May22) - CIT 1Q22 Home Sales Fell 41% YoY

Singapore

City Developments Limited (CDL) is a Singaporean multinational real estate operating company. It develops, owns, and manages a diversified portfolio of residential, commercial, and hospitality properties, including offices, hotels, serviced apartments, shopping malls, and integrated developments. CDL was founded on September 7, 1963, and is headquartered in Singapore.

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City Developments (CIT SP)

Singapore Market Roundup (17-Dec-2024): By 2025, Singapore Hotels Moderate

In 2025, Singapore hotels and property market expected to remain steady, with DBS recommending CapitaLand Ascott Trust and office S-REITs as top...

Singapore Market Roundup

Singapore: Productivity-Led Cyclical Recovery Will Dampen Inflation, Ease Policy

Productivity is accelerating amid a machinery investment-led cyclical rebound. ULCs & inflation are declining, even as RGDP accelerates to 3.7%...

Prasenjit K. Basu

Singapore Code of Conduct for ESG Ratings Is Less Risk and More Reward

Singapore's Code of Conduct for ESG ratings is more light-handed than other regulation-based approaches, but therein lies the "less risk and more...

Kyle Rudden

ASEAN Builder's Scoop (11Aug22) - CLI Lodging and REIB Shines Brighter

CIT boosted by recovering hospitality; Condo resale price +1.2% MoM in Jul22; RLC sustained recovery; GTCAP-Nomura RE launches JV firm in Phils

SCCM Asia Research

ASEAN Builder's Scoop (25May22) - CIT 1Q22 Home Sales Fell 41% YoY

EREIT sold 3 Sanitarium Drive; CTRA allocates IDR800bn for land acquisition; PWON saw +56.6% YoY in 1Q22 net profit; Phils's office occupancy...

SCCM Asia Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Singapore Market Roundup (17-Dec-2024): By 2025, Singapore Hotels Moderate

In 2025, Singapore hotels and property market expected to remain steady, with DBS recommending CapitaLand Ascott Trust and office S-REITs as top...

Singapore Market Roundup

Singapore: Productivity-Led Cyclical Recovery Will Dampen Inflation, Ease Policy

​Productivity is accelerating amid a machinery investment-led cyclical rebound. ULCs & inflation are declining, even as RGDP accelerates to 3.7%...

Prasenjit K. Basu

Singapore Code of Conduct for ESG Ratings Is Less Risk and More Reward

Singapore's Code of Conduct for ESG ratings is more light-handed than other regulation-based approaches, but therein lies the "less risk and more...

Kyle Rudden

ASEAN Builder's Scoop (11Aug22) - CLI Lodging and REIB Shines Brighter

CIT boosted by recovering hospitality; Condo resale price +1.2% MoM in Jul22; RLC sustained recovery; GTCAP-Nomura RE launches JV firm in Phils

SCCM Asia Research

ASEAN Builder's Scoop (25May22) - CIT 1Q22 Home Sales Fell 41% YoY

EREIT sold 3 Sanitarium Drive; CTRA allocates IDR800bn for land acquisition; PWON saw +56.6% YoY in 1Q22 net profit; Phils's office occupancy...

SCCM Asia Research

Productivity is accelerating amid a machinery investment-led cyclical rebound. ULCs & inflation are declining, even as RGDP accelerates to 3.7%...