External broker reports(aggregated public sources), RHB Invest

RHB Invest

External broker reports(aggregated public sources)

RHB Investment Bank is one of the leading capital market players in Malaysia. Supported by an award-winning research team of experienced product specialists, RHB Group Investment Banking offers a full range of investment banking products and services covering primary markets, such as advisory (corporate & debt restructuring, mergers and acquisitions, takeovers), fundraising via both equity and debt instruments, and secondary markets including securities trading for both institutional and retail clients. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Against the backdrop of a weak domestic economy and an uncertain global economic outlook, and an above-mean valuation of 1.4x P/BV, DBS's share price will likely be range-bound in the near term.</li><li>Although the latest S$2.3m penalty imposed by the Monetary Authority of Singapore (MAS) will have an immaterial impact on earnings, this once again highlights DBS’ operational shortcomings.</li><li>Singapore’s non-oil domestic exports (NODX) fell by a sharper-than-expected 14.7% y-o-y in May, resulting in a NODX contraction of 14.6% for Jan-May 2023. y 3% y-o-y in FY24F, before rising 4% y-o-y in FY25F.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Against the backdrop of a weak domestic economy and an uncertain global economic outlook, and an above-mean valuation of 1.4x P/BV, DBS's share price will likely be range-bound in the near term.Although the latest S$2.3m penalty imposed by the Monetary Authority of Singapore (MAS) will have an immaterial impact on earnings, this once again highlights DBS’ operational shortcomings.Singapore’s non-oil domestic exports (NODX) fell by a sharper-than-expected 14.7% y-o-y in May, resulting in a NODX contraction of 14.6% for Jan-May 2023. y 3% y-o-y in FY24F, before rising 4% y-o-y in FY25F.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

DBS Group - Economic Headwinds, Above Mean Valuation

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

Big C Supercenter / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/big-c-supercenter-pcl" target="_blank" data-smartkarma-citation="entities:16801:1" rel="noopener">Big C Supercenter (BIGC TB)</a>  is looking to raise around US$1bn in its upcoming Thailand IPO. </li>
<li>Big C is engaged in modern retail business and wholesale and trade support business. As of Dec 22, it had 1,651 retail stores in Thailand</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Big C Supercenter (BIGC TB)  is looking to raise around US$1bn in its upcoming Thailand IPO. 
Big C is engaged in modern retail business and wholesale and trade support business. As of Dec 22, it had 1,651 retail stores in Thailand
In this note, we talk about the not-so-positive aspects of the deal.


Big C Retail Pre-IPO - The Negatives - Hasn't Recovered from COVID

<ul>
<li>
<a href="https://www.smartkarma.com/entities/big-c-supercenter-pcl" target="_blank" data-smartkarma-citation="entities:16801:1" rel="noopener">Big C Supercenter (BIGC TB)</a> is looking to raise around US$1bn in its upcoming Thailand IPO. </li>
<li>Big C is engaged in modern retail business and wholesale and trade support business. As of Dec 22, it had 1,651 retail stores in Thailand</li>
<li>In this note, we talk about the company background and the positive aspects of the deal.</li>
</ul>



Big C Supercenter (BIGC TB) is looking to raise around US$1bn in its upcoming Thailand IPO. 
Big C is engaged in modern retail business and wholesale and trade support business. As of Dec 22, it had 1,651 retail stores in Thailand
In this note, we talk about the company background and the positive aspects of the deal.


Big C Retail Pre-IPO - The Positives - Has a Strong Presence

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

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

Cross Asset Strategy

<ul>
<li>The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across South East Asia.</li>
<li>The past week saw insights on <a href="https://www.smartkarma.com/entities/puradelta-lestari-tbk-pt" target="_blank" data-smartkarma-citation="entities:428:1" rel="noopener">Puradelta Lestari (DMAS IJ)</a>, <a href="https://www.smartkarma.com/entities/metrodata-electronic-pt" target="_blank" data-smartkarma-citation="entities:7184:1" rel="noopener">PT Metrodata Electronics (MTDL IJ)</a>, <a href="https://www.smartkarma.com/entities/dbs-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:22:1" rel="noopener">DBS (DBS SP)</a>, and <a href="https://www.smartkarma.com/entities/pertamina-geothermal-energy-pt" target="_blank" data-smartkarma-citation="entities:36725:1" rel="noopener">Pertamina Geothermal Energy (PGEO IJ)</a>.</li>
<li>There was also a thematic insight looking at Vietnamese banks, an insight looking at the SET50 rebalance which will see a benefit for financials and real estate.</li>
</ul>


The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across South East Asia.
The past week saw insights on Puradelta Lestari (DMAS IJ), PT Metrodata Electronics (MTDL IJ), DBS (DBS SP), and Pertamina Geothermal Energy (PGEO IJ).
There was also a thematic insight looking at Vietnamese banks, an insight looking at the SET50 rebalance which will see a benefit for financials and real estate.


The Week That Was in ASEAN@Smartkarma - Deltamas on Form, Metrodata Enabling Digital, and DBS & Oil

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>UOB saw bad loans rise 22% during the GFC where DBS saw bad loans rise 146%</li>
<li>During oil price collapse at FY16, DBS saw NPLs up 83%, UOB saw NPLs up 41%</li>
<li>In current downturn, a market capitalization decline may be less at UOB vs DBS</li>
</ul>


UOB saw bad loans rise 22% during the GFC where DBS saw bad loans rise 146%
During oil price collapse at FY16, DBS saw NPLs up 83%, UOB saw NPLs up 41%
In current downturn, a market capitalization decline may be less at UOB vs DBS


UOB & DBS - Major Divergence In Bad Loans Over Past 2 Crises

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)

DBS Group - Economic Headwinds, Above Mean Valuation

Against the backdrop of a weak domestic economy and an uncertain global economic outlook, and an above-mean valuation of 1.4x P/BV, DBS's share...

RHB Invest

Big C Retail Pre-IPO - The Negatives - Hasn't Recovered from COVID

Big C Supercenter (BIGC TB) is looking to raise around US$1bn in its upcoming Thailand IPO. In this note we talk about the not-so-positive aspects...

Sumeet Singh

Big C Retail Pre-IPO - The Positives - Has a Strong Presence

Big C Supercenter (BIGC TB) is looking to raise around US$1bn in its upcoming Thailand IPO. In this note, we talk about the postive aspects of the...

Sumeet Singh

The Week That Was in ASEAN@Smartkarma - Deltamas on Form, Metrodata Enabling Digital, and DBS & Oil

The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity...

Angus Mackintosh

UOB & DBS - Major Divergence In Bad Loans Over Past 2 Crises

UOB and DBS show vastly different rates of NPL growth in the past two crises, favoring the former. UOB's recent provisioning is far higher than...

Daniel Tabbush

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