Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul><li>CGSI maintains buy rating on Genting Singapore despite slow tourism recovery, indicating confidence in long-term prospects.</li><li>DBS and RHB lower CDLHT target price due to Singapore hotel oversupply, reflecting concerns about industry saturation.</li><li>Market may be overreacting to Digital Core REIT's Linton Hall data centre, according to DBS, suggesting potential undervaluation.</li></ul>

CGSI maintains buy rating on Genting Singapore despite slow tourism recovery, indicating confidence in long-term prospects.DBS and RHB lower CDLHT target price due to Singapore hotel oversupply, reflecting concerns about industry saturation.Market may be overreacting to Digital Core REIT's Linton Hall data centre, according to DBS, suggesting potential undervaluation.

Singapore Market Roundup (04-Feb-2025): CGSI keeps buy rating on Genting S'pore despite tourism outlook.

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.

<ul>
<li>There is increased collateral risk for banks in Hong Kong and China considering ongoing stresses in real estate in both regions</li>
<li>China Vanke just issued a Profit Alert indicating a loss during FY24 compared with a profit in preceding year</li>
<li>Land mark downs are to blame and worsening profit margins and additional provisions for impairments</li>
</ul>


There is increased collateral risk for banks in Hong Kong and China considering ongoing stresses in real estate in both regions
China Vanke just issued a Profit Alert indicating a loss during FY24 compared with a profit in preceding year
Land mark downs are to blame and worsening profit margins and additional provisions for impairments


HK Banks - China Vanke FY24 EPS Profit Alert: Loss RMB3.79 Vs Profit RMB1.03, Bank Collateral Risk

<ul><li>DBS to kick off bank results on Feb 10, emphasis on capital management; Maybank anticipates surprises from DBS and UOB.</li><li>DBS maintained 'buy', while OCBC downgraded Starhill Global REIT to 'hold' after 1HFY2025 results, resulting in a lowered TP.</li><li>DBS raised Yangzijiang Shipbuilding's TP to $3.80 due to improved margins and robust orderbook, reflecting an upgrade.</li></ul>

DBS to kick off bank results on Feb 10, emphasis on capital management; Maybank anticipates surprises from DBS and UOB.DBS maintained 'buy', while OCBC downgraded Starhill Global REIT to 'hold' after 1HFY2025 results, resulting in a lowered TP.DBS raised Yangzijiang Shipbuilding's TP to $3.80 due to improved margins and robust orderbook, reflecting an upgrade.

Singapore Market Roundup (03-Feb-2025): DBS reports Feb 10, Maybank predicts surprises.

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, we had a look at the valuations for <a href="https://www.smartkarma.com/entities/dr-agarwal-s-eye-hospital" target="_blank" data-smartkarma-citation="entities:23713:1" rel="noopener">Dr. Agarwal’s Eye Hospital</a> and <a href="https://www.smartkarma.com/entities/seoul-guarantee-insurance-co" target="_blank" data-smartkarma-citation="entities:40123:1" rel="noopener">Seoul Guarantee Insurance (031210 KS)</a>. </li>
<li>On the placements front, given the holiday shortened week, there were no placements this week.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, we had a look at the valuations for Dr. Agarwal’s Eye Hospital and Seoul Guarantee Insurance (031210 KS). 
On the placements front, given the holiday shortened week, there were no placements this week.


ECM Weekly (3rd Feb 2025) - Seoul Guarantee, Dr Agarwal's, Ather Energy, Hexaware, Visen Pharma

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>As we had forecast in Sep'24, the S$NEER has depreciated since the Oct'24 policy statement (despite officially unchanged policy). SS$NEER likely to depreciate further, with SGD reaching S$1.39/US$ by end-Mar'25. </li>
<li>The productivity rebound, bolstered by 10%YoY growth in machinery investment in Q3/24, enabled ULCs to moderate, rising just 0.9%YoY economy-wide (slowest in 4 years), helping contain headline and core inflation.</li>
<li>We expect inflation to remain below 2%YoY in 2025, while real GDP grows 3.2% (above the government's "1 to 3%" growth forecast), driven by investment and productivity growth in H1.</li>
</ul>


As we had forecast in Sep'24, the S$NEER has depreciated since the Oct'24 policy statement (despite officially unchanged policy). SS$NEER likely to depreciate further, with SGD reaching S$1.39/US$ by end-Mar'25. 
The productivity rebound, bolstered by 10%YoY growth in machinery investment in Q3/24, enabled ULCs to moderate, rising just 0.9%YoY economy-wide (slowest in 4 years), helping contain headline and core inflation.
We expect inflation to remain below 2%YoY in 2025, while real GDP grows 3.2% (above the government's "1 to 3%" growth forecast), driven by investment and productivity growth in H1.


Singapore: Early to Ease Amid Receding Inflation, Helped by Productivity Rebound

Singapore

DBS Group Holdings Limited and its subsidiaries provide a variety of financial services.  The Company offers services including mortgage financing, lease and hire purchase financing, nominee and trustee, funds management, corporate advisory and brokerage .  DBS Group also acts as the primary dealer in Singapore government securities.

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DBS (DBS SP)

Singapore Market Roundup (04-Feb-2025): CGSI keeps buy rating on Genting S'pore despite tourism outlook.

CGSI maintains buy on Genting Singapore despite slow tourism recovery; DBS and RHB lower CDLHT target price; market may be overreacting to Digital...

Singapore Market Roundup

HK Banks - China Vanke FY24 EPS Profit Alert: Loss RMB3.79 Vs Profit RMB1.03, Bank Collateral Risk

The new profit alert from China Vanke highlights ongoing risks to banks, as land is their primary collateral. Real estate stresses are also evident...

Daniel Tabbush

Singapore Market Roundup (03-Feb-2025): DBS reports Feb 10, Maybank predicts surprises.

DBS announces bank results, Maybank predicts surprises; OCBC downgrades Starhill Global REIT, DBS upgrades Yangzijiang Shipbuilding.

Singapore Market Roundup

ECM Weekly (3rd Feb 2025) - Seoul Guarantee, Dr Agarwal's, Ather Energy, Hexaware, Visen Pharma

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Singapore: Early to Ease Amid Receding Inflation, Helped by Productivity Rebound

Strong productivity growth reduces ULCs & inflation. S$NEER likely to depreciate further, inflation to stay below 2% in 2025, with RGDP growth of...

Prasenjit K. Basu

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Singapore Market Roundup (04-Feb-2025): CGSI keeps buy rating on Genting S'pore despite tourism outlook.

CGSI maintains buy on Genting Singapore despite slow tourism recovery; DBS and RHB lower CDLHT target price; market may be overreacting to Digital...

Singapore Market Roundup

HK Banks - China Vanke FY24 EPS Profit Alert: Loss RMB3.79 Vs Profit RMB1.03, Bank Collateral Risk

The new profit alert from China Vanke highlights ongoing risks to banks, as land is their primary collateral. Real estate stresses are also evident...

Daniel Tabbush

Singapore Market Roundup (03-Feb-2025): DBS reports Feb 10, Maybank predicts surprises.

DBS announces bank results, Maybank predicts surprises; OCBC downgrades Starhill Global REIT, DBS upgrades Yangzijiang Shipbuilding.

Singapore Market Roundup

ECM Weekly (3rd Feb 2025) - Seoul Guarantee, Dr Agarwal's, Ather Energy, Hexaware, Visen Pharma

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Singapore: Early to Ease Amid Receding Inflation, Helped by Productivity Rebound

Strong productivity growth reduces ULCs & inflation. ​S$NEER likely to depreciate further, inflation to stay below 2% in 2025, with RGDP growth of...

Prasenjit K. Basu

Strong productivity growth reduces ULCs & inflation. S$NEER likely to depreciate further, inflation to stay below 2% in 2025, with RGDP growth of...