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>We maintain our NEUTRAL call, as Frencken’s 1Q23 update indicated weak demand and higher operating costs amid on-going excess inventory in the chip sector.</li><li>We see low utilisation rates from expanded capacities straining near-term margins, as the semiconductor market waits for inventory levels undergo a correction.</li><li>Frencken (SGX:E28)'s 1Q23 net profit was below our estimate, at S$5.2m (-60% y-o-y).</li></ul>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.

We maintain our NEUTRAL call, as Frencken’s 1Q23 update indicated weak demand and higher operating costs amid on-going excess inventory in the chip sector.We see low utilisation rates from expanded capacities straining near-term margins, as the semiconductor market waits for inventory levels undergo a correction.Frencken (SGX:E28)'s 1Q23 net profit was below our estimate, at S$5.2m (-60% y-o-y).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.

Frencken - Awaiting The Semiconductor Recovery To Kick In

External broker reports(aggregated public sources), UOB Kay Hian

UOB Kay Hian

Backed by the UOB Group, UOB Kay Hian is one of Asia’s largest brokerage firms. Headquartered in Singapore, we are supported by more than 80 branches worldwide including a growing network of offices across Southeast Asia, Greater China, the United Kingdom and North America. Our global footprint and strong international presence have enabled us to feel the pulse of key financial markets and deliver incisive intelligence across industry sectors and asset classes. 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.

<ul><li>Frencken’s 1Q23 earnings of S$5.2m (-60% y-o-y) was below expectation, meeting only 11% of our full-year estimate mainly due to gross margin compression caused by continuing inflationary cost pressure and higher depreciation.</li><li>Frencken expects the business environment to remain challenging in 2023.</li><li>We cut our 2023 earnings forecast for Frencken by 44%. </li></ul>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.

Frencken’s 1Q23 earnings of S$5.2m (-60% y-o-y) was below expectation, meeting only 11% of our full-year estimate mainly due to gross margin compression caused by continuing inflationary cost pressure and higher depreciation.Frencken expects the business environment to remain challenging in 2023.We cut our 2023 earnings forecast for Frencken by 44%. 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.

Frencken - 1Q23 Earnings Below Expectation Due To Weaker Margin, Outlook Remains Cautious

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.

<ul>
<li>Raffles Medical executive chair continues acquisitions, CDL leads buyback consideration Institutions were net sellers of Singapore stocks over the five trading sessions through to Mar 14, with S$156 million of net institutional outflow, as 24 primary-listed companies conducted buybacks with a total consideration of S$35.3 million, up from the S$24.4 million in buyback consideration for the preceding five sessions.</li>
<li>Between Mar 7 and 13, Raffles Medical Group executive chairman Loo Choon Yong acquired 2.7 million shares at an average price of S$1.02 per share.</li>
</ul>


Raffles Medical executive chair continues acquisitions, CDL leads buyback consideration Institutions were net sellers of Singapore stocks over the five trading sessions through to Mar 14, with S$156 million of net institutional outflow, as 24 primary-listed companies conducted buybacks with a total consideration of S$35.3 million, up from the S$24.4 million in buyback consideration for the preceding five sessions.
Between Mar 7 and 13, Raffles Medical Group executive chairman Loo Choon Yong acquired 2.7 million shares at an average price of S$1.02 per share.


Raffles Medical executive chair continues acquisitions, CDL leads buyback consideration

<ul><li>Director filings and buybacks continue at stronger pace INSTITUTIONS were net sellers of Singapore stocks over the five trading sessions through to Mar 7, with S$224 million of net institutional outflow, as 26 primary-listed companies conducted buybacks with a total consideration of S$24.4 million, quadrupling the buyback consideration of the preceding five sessions.</li><li>This increased his total interest from 53.27 per cent to 53.61 per cent.</li><li>This followed his acquisition of 4.5 million shares between Feb 27 and 28.</li></ul>

Director filings and buybacks continue at stronger pace INSTITUTIONS were net sellers of Singapore stocks over the five trading sessions through to Mar 7, with S$224 million of net institutional outflow, as 26 primary-listed companies conducted buybacks with a total consideration of S$24.4 million, quadrupling the buyback consideration of the preceding five sessions.This increased his total interest from 53.27 per cent to 53.61 per cent.This followed his acquisition of 4.5 million shares between Feb 27 and 28.

Director Filings & Buybacks Continue Stronger Pace

<ul><li>Director filings and buyback momentum return Singapore Technologies Engineering (ST Engg) led the buyback consideration tally, repurchasing 500,000 shares at an average price of S$3.97 each on Feb 29.</li><li>On Feb 26, LHT Holdings managing director Yap Mui Kee acquired 61,000 shares at an average price of S$1.05 per share.</li></ul>

Director filings and buyback momentum return Singapore Technologies Engineering (ST Engg) led the buyback consideration tally, repurchasing 500,000 shares at an average price of S$3.97 each on Feb 29.On Feb 26, LHT Holdings managing director Yap Mui Kee acquired 61,000 shares at an average price of S$1.05 per share.

Director filings and buyback momentum return

Singapore

Frencken Group Limited designs, develops, and produces complex and advanced modules and systems, based on precision mechanics, hardware and software.

Frencken (FRKN SP)

Frencken - Awaiting The Semiconductor Recovery To Kick In

We maintain our NEUTRAL call, as Frencken’s 1Q23 update indicated weak demand and higher operating costs amid on-going excess inventory in the chip...

RHB Invest

Frencken - 1Q23 Earnings Below Expectation Due To Weaker Margin, Outlook Remains Cautious

Frencken expects the business environment to remain challenging in 2023. We cut our 2023 earnings forecast for Frencken by 44%.

UOB Kay Hian

Raffles Medical executive chair continues acquisitions, CDL leads buyback consideration

Raffles Medical executive chair continues acquisitions, CDL leads buyback consideration Institutions were net sellers of Singapore stocks over the...

Singapore Exchange Ltd (SGX)

Director Filings & Buybacks Continue Stronger Pace

Director filings and buybacks continue at stronger pace INSTITUTIONS were net sellers of Singapore stocks over the five trading sessions through...

Singapore Exchange Ltd (SGX)

Director filings and buyback momentum return

Director filings and buyback momentum return Singapore Technologies Engineering (ST Engg) led the buyback consideration tally, repurchasing...

Singapore Exchange Ltd (SGX)