Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul><li>Suntec REIT's future outlook uncertain, with analysts predicting lower estimates for FY2025-FY2026.</li><li>OUE REIT's performance post FY2024 results continues to divide opinions amongst analysts.</li><li>DBS maintains 'buy' rating and $3 target price for Seatrium, while reporting weak overseas assets for MPACT in 3QFY2025.</li></ul>

Suntec REIT's future outlook uncertain, with analysts predicting lower estimates for FY2025-FY2026.OUE REIT's performance post FY2024 results continues to divide opinions amongst analysts.DBS maintains 'buy' rating and $3 target price for Seatrium, while reporting weak overseas assets for MPACT in 3QFY2025.

Singapore Market Roundup (28-Jan-2025): Suntec REIT's FY2024 uncertain, lower estimates for FY2025-FY2026.

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Equity Bottom-Up

Yangzijiang Shipbuilding / Equity Bottom-Up

<ul><li>Over the five trading sessions from Jan 17 to Jan 23, institutions were net sellers of Singapore stocks, leading to net institutional outflow of S$393 million, adding to the S$184 million net outflow over the preceding five sessions.</li><li>Stocks that led the net institutional outflow over the five sessions through January 16 were DBS Group Holdings, CapitaLand Investment, Oversea-Chinese Banking Corp, CapitaLand Ascendas REIT, Yangzijiang Shipbuilding Holdings, SATS, Keppel, Mapletree Industrial Trust, CapitaLand Integrated Commercial Trust, and Singapore Telecommunications.</li><li>As of Jan 23, Top Glove Corporation Bhd recorded the eighth highest net institutional inflow in the Singapore stock market for the month.</li></ul>

Over the five trading sessions from Jan 17 to Jan 23, institutions were net sellers of Singapore stocks, leading to net institutional outflow of S$393 million, adding to the S$184 million net outflow over the preceding five sessions.Stocks that led the net institutional outflow over the five sessions through January 16 were DBS Group Holdings, CapitaLand Investment, Oversea-Chinese Banking Corp, CapitaLand Ascendas REIT, Yangzijiang Shipbuilding Holdings, SATS, Keppel, Mapletree Industrial Trust, CapitaLand Integrated Commercial Trust, and Singapore Telecommunications.As of Jan 23, Top Glove Corporation Bhd recorded the eighth highest net institutional inflow in the Singapore stock market for the month.

Huationg Global’s Patrick Ng enhances stake amid robust business prospects

<ul><li>MPACT's overseas assets underperformed in 3QFY2025 according to analysts, highlighting a weakness in that area of the business.</li><li>DBS has launched ETFs in US equities, AI, small caps, and gold, expecting them to perform well under Trump 2.0 presidency.</li><li>Both RHB and DBS remain optimistic about ESR REIT despite a decrease in DPU, indicating a bullish outlook on the real estate investment trust.</li></ul>

MPACT's overseas assets underperformed in 3QFY2025 according to analysts, highlighting a weakness in that area of the business.DBS has launched ETFs in US equities, AI, small caps, and gold, expecting them to perform well under Trump 2.0 presidency.Both RHB and DBS remain optimistic about ESR REIT despite a decrease in DPU, indicating a bullish outlook on the real estate investment trust.

Singapore Market Roundup (27-Jan-2025): MPACT's overseas assets weak in 3QFY2025.

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

Contemporary Amperex Technology (CATL) / 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 possible A/H listing for <a href="https://www.smartkarma.com/entities/contemporary-amperex-technolog" target="_blank" data-smartkarma-citation="entities:24404:1" rel="noopener">Contemporary Amperex Technology (CATL) (300750 CH)</a>, along with a few large IPOs in India .</li>
<li>On the placements front, while there weren't any large deals launched, we did look at the lockup expiry for <a href="https://www.smartkarma.com/entities/timee-inc" target="_blank" data-smartkarma-citation="entities:43690:1" rel="noopener">Timee Inc (215A JP)</a> and <a href="https://www.smartkarma.com/entities/sanil-electric-co-ltd" target="_blank" data-smartkarma-citation="entities:43687:1" rel="noopener">Sanil Electric (062040 KS).</a>
</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 possible A/H listing for Contemporary Amperex Technology (CATL) (300750 CH), along with a few large IPOs in India .
On the placements front, while there weren't any large deals launched, we did look at the lockup expiry for Timee Inc (215A JP) and Sanil Electric (062040 KS).



ECM Weekly (27th Jan 2025) - CATL, HDB Financial, Dr Agarwal's, Eco-Shop, Vikran, Sanil, Timee

<ul><li>Over the five trading sessions from Jan 10 to Jan 16, institutions were net sellers of Singapore stocks, leading to net institutional outflow of S$184 million, reversing the S$103 million net inflow over the preceding five sessions.</li><li>Stocks that led the net institutional outflow over the five sessions through to Jan 16 were DBS Group Holdings, CapitaLand Integrated Commercial Trust, Singapore Airlines, Singapore Exchange, Genting Singapore, Venture Corporation, Oversea-Chinese Banking Corporation, Hongkong Land Holdings, Centurion Corporation, and CapitaLand Ascendas REIT.</li><li>Between Jan 14 and 15, Centurion Corporation Executive Director and Joint Chairman David Loh Kim Kang acquired 10 million shares in two married deals, at S$0.935 per share.</li></ul>

Over the five trading sessions from Jan 10 to Jan 16, institutions were net sellers of Singapore stocks, leading to net institutional outflow of S$184 million, reversing the S$103 million net inflow over the preceding five sessions.Stocks that led the net institutional outflow over the five sessions through to Jan 16 were DBS Group Holdings, CapitaLand Integrated Commercial Trust, Singapore Airlines, Singapore Exchange, Genting Singapore, Venture Corporation, Oversea-Chinese Banking Corporation, Hongkong Land Holdings, Centurion Corporation, and CapitaLand Ascendas REIT.Between Jan 14 and 15, Centurion Corporation Executive Director and Joint Chairman David Loh Kim Kang acquired 10 million shares in two married deals, at S$0.935 per share.

Centurion joint chairman David Loh raises his stake in the group

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 (28-Jan-2025): Suntec REIT's FY2024 uncertain, lower estimates for FY2025-FY2026.

Analysts divided on Suntec REIT's FY2024 but lower estimates for FY2025-FY2026 with predictions for DBS at $49, UOB at $42, OCBC at $19, OUE REIT...

Singapore Market Roundup

Huationg Global’s Patrick Ng enhances stake amid robust business prospects

Over the five trading sessions from Jan 17 to Jan 23, institutions were net sellers of Singapore stocks, leading to net institutional outflow of...

Singapore Exchange Ltd (SGX)

Singapore Market Roundup (27-Jan-2025): MPACT's overseas assets weak in 3QFY2025.

MPACT's overseas assets disappointing, DBS launches new ETFs under Trump 2.0, RHB & DBS optimistic on ESR REIT despite lower DPU.

Singapore Market Roundup

ECM Weekly (27th Jan 2025) - CATL, HDB Financial, Dr Agarwal's, Eco-Shop, Vikran, Sanil, Timee

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

Centurion joint chairman David Loh raises his stake in the group

Over the five trading sessions from Jan 10 to Jan 16, institutions were net sellers of Singapore stocks, leading to net institutional outflow of...

Singapore Exchange Ltd (SGX)

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