Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul>
<li>HSBC raises Singapore equities outlook to overweight.          </li>
<li>Lim and Tan start 'buy' rating for Beng Kuang Marine.</li>
<li>CGS keeps 'add' rating and $13.52 target on Keppel; M1 sale delays won't affect it.</li>
</ul>


HSBC raises Singapore equities outlook to overweight.          
Lim and Tan start 'buy' rating for Beng Kuang Marine.
CGS keeps 'add' rating and $13.52 target on Keppel; M1 sale delays won't affect it.


Singapore Market Roundup (31-Mar-2026): HSBC boosts Singapore equities outlook to overweight.

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Sep 25th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Zijin Gold Intl, Alibaba, CCB, Trip.Com, Meituan, BOC, Wuxi Apptec, Wanguo Gold Gp.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Sep 25th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Zijin Gold Intl, Alibaba, CCB, Trip.Com, Meituan, BOC, Wuxi Apptec, Wanguo Gold Gp.


HK Short Interest Weekly: Zijin Gold Intl, Alibaba, CCB, Trip.Com, Meituan, BOC, Wuxi Apptec

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Cross Asset Strategy

<ul>
<li>Asia's dependence on Middle Eastern energy and the Strait of Hormuz transit route has driven immense share price volatility - especially in Korea, Japan and pockets of ASEAN.  </li>
<li>The top winners and top losers across market-sectors indicate that the market is most worried about input shortage across industries and potential demand destruction driven by heightened inflation expectation.</li>
<li>Manufacturing sectors and consumer proxies across Asia could continue to underperform if the conflict lingers. Energy, high dividend yield, precious metals and developed Asia financials could be the safe havens.</li>
</ul>


Asia's dependence on Middle Eastern energy and the Strait of Hormuz transit route has driven immense share price volatility - especially in Korea, Japan and pockets of ASEAN.  
The top winners and top losers across market-sectors indicate that the market is most worried about input shortage across industries and potential demand destruction driven by heightened inflation expectation.
Manufacturing sectors and consumer proxies across Asia could continue to underperform if the conflict lingers. Energy, high dividend yield, precious metals and developed Asia financials could be the safe havens.


Asian Equities: What's Being Discounted Now, After the Carnage?

HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>Since 2013, the HSI has lost an average of 0.6% in March, with 2020 being the worst with a 9.7% decline due to the COVID-19 outbreak.</li>
<li>For the March down years, the average loss was 3.9%, similar to MTD (-4.6%). April, however, is generally strong, and aggressive investors can start building a position.</li>
<li>The top 10 worst months for HSI, since 2013, have averaged a return of -10.8%. If we align this March with the average, it will mean another 6.5% downside.  </li>
</ul>


Since 2013, the HSI has lost an average of 0.6% in March, with 2020 being the worst with a 9.7% decline due to the COVID-19 outbreak.
For the March down years, the average loss was 3.9%, similar to MTD (-4.6%). April, however, is generally strong, and aggressive investors can start building a position.
The top 10 worst months for HSI, since 2013, have averaged a return of -10.8%. If we align this March with the average, it will mean another 6.5% downside.  


HK Strategy: What Does March Look Like Historically?

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Oct 2nd based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were HSBC (5 HK), Tencent (700 HK), Bidu (9888 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Bidu (9888 HK), Bilibili (9626 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Oct 2nd based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were HSBC (5 HK), Tencent (700 HK), Bidu (9888 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Bidu (9888 HK), Bilibili (9626 HK).


Hong Kong Buybacks Weekly (Oct 2nd): HSBC, Tencent, Bidu

United Kingdom

HSBC Holdings Plc is a British universal bank and financial services group operating worldwide. It offers a wide range of services including retail and personal banking, wealth management, commercial banking, global banking, and markets and securities services. The company was founded in British Hong Kong in 1865 and is headquartered in London, England.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
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HSBC (HSBA LN)

Singapore Market Roundup (31-Mar-2026): HSBC boosts Singapore equities outlook to overweight.

HSBC upgrades Singapore equities to overweight. Lim and Tan initiate 'buy' on Beng Kuang Marine. CGS maintains 'add' on Keppel with $13.52 target;...

Singapore Market Roundup

HK Short Interest Weekly: Zijin Gold Intl, Alibaba, CCB, Trip.Com, Meituan, BOC, Wuxi Apptec

We analyzed the latest HK SFC report for aggregate short position as of Sep 25th and highlight short interest changes in Zijin Gold Intl (2259 HK),...

Ke Yan, CFA, FRM

Asian Equities: What's Being Discounted Now, After the Carnage?

Asia's equity volatility is driven by its reliance on ME energy. Top worries are about input shortages & demand destruction. Safe havens: Energy,...

Manishi Raychaudhuri

HK Strategy: What Does March Look Like Historically?

Historically, the HSI lost an average of 0.6% in Mar, with 2020 being the worst due to COVID-19. However, Apr tends to be strong, making it a...

Osbert Tang, CFA

Hong Kong Buybacks Weekly (Oct 2nd): HSBC, Tencent, Bidu

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were HSBC (5 HK),...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Singapore Market Roundup (31-Mar-2026): HSBC boosts Singapore equities outlook to overweight.

HSBC upgrades Singapore equities to overweight. Lim and Tan initiate 'buy' on Beng Kuang Marine. CGS maintains 'add' on Keppel with $13.52 target;...

Singapore Market Roundup

HK Short Interest Weekly: Zijin Gold Intl, Alibaba, CCB, Trip.Com, Meituan, BOC, Wuxi Apptec

We analyzed the latest HK SFC report for aggregate short position as of Sep 25th and highlight short interest changes in Zijin Gold Intl (2259 HK),...

Ke Yan, CFA, FRM

Asian Equities: What's Being Discounted Now, After the Carnage?

​Asia's equity volatility is driven by its reliance on ME energy. Top worries are about input shortages & demand destruction. Safe havens: Energy,...

Manishi Raychaudhuri

HK Strategy: What Does March Look Like Historically?

Historically, the ​HSI lost an average of 0.6% in Mar, with 2020 being the worst due to COVID-19. However, Apr tends to be strong, making it a...

Osbert Tang, CFA

Hong Kong Buybacks Weekly (Oct 2nd): HSBC, Tencent, Bidu

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were HSBC (5 HK),...

Ke Yan, CFA, FRM

Asia's equity volatility is driven by its reliance on ME energy. Top worries are about input shortages & demand destruction. Safe havens: Energy,...

Historically, the HSI lost an average of 0.6% in Mar, with 2020 being the worst due to COVID-19. However, Apr tends to be strong, making it a...