Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul>
<li>Maybank sets Food Empire target at $2.92; CGS holds bullish $2.94.</li>
<li>RHB downgrades APAC Realty, citing support from its dividend yield.</li>
<li>UOBKH's Loh raises Hong Leong Asia target price to $2.82, citing BRC Asia stake.</li>
</ul>


Maybank sets Food Empire target at $2.92; CGS holds bullish $2.94.
RHB downgrades APAC Realty, citing support from its dividend yield.
UOBKH's Loh raises Hong Leong Asia target price to $2.82, citing BRC Asia stake.


Singapore Market Roundup (16-Sep-2025): Maybank Targets Food Empire at $2.92; CGS Sees $2.94.

<ul>
<li>UOBKH raises Pan-United target price to $1.33 due to Terminal 5 contract and demand.</li>
<li>OCBC raises Nanofilm's fair value to 79 cents, but outlook is uncertain.</li>
<li>Maybank and DBS boost Sea Limited's target prices due to Shopee and gaming growth.</li>
</ul>


UOBKH raises Pan-United target price to $1.33 due to Terminal 5 contract and demand.
OCBC raises Nanofilm's fair value to 79 cents, but outlook is uncertain.
Maybank and DBS boost Sea Limited's target prices due to Shopee and gaming growth.


Singapore Market Roundup (12-Sep-2025): UOBKH lifts Pan-United target to $1.33 on Terminal 5 deal.

<ul>
<li>OCBC's Lim raises Nanofilm's fair value to 79 cents, citing uncertain outlook.</li>
<li>Brokers’ Digest: Suntec REIT, BRC Asia, YZJ Financial, CNMC Goldmine, Prime US REIT.</li>
<li>Maybank and DBS lift Sea Limited target prices due to higher Shopee take-rates.</li>
</ul>


OCBC's Lim raises Nanofilm's fair value to 79 cents, citing uncertain outlook.
Brokers’ Digest: Suntec REIT, BRC Asia, YZJ Financial, CNMC Goldmine, Prime US REIT.
Maybank and DBS lift Sea Limited target prices due to higher Shopee take-rates.


Singapore Market Roundup (11-Sep-2025): OCBC's Lim Ups Nanofilm's Fair Value to 79 Cents

Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Financials & FinTech research

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

Equity Bottom-Up

<ul>
<li>We stick with RHB Bank only as our buy in Malaysian banks, for its fundamental value credentials</li>
<li>We downgrade two banks to neutral from buy ratings; we believe that there is limited share re-rating potential at CIMB and PB Bank going forward</li>
<li>We upgrade Maybank to a neutral from a sell rating, largely based on valuation; the extent of its de-rating can be seen in this report’s PBV and PE charts</li>
</ul>


We stick with RHB Bank only as our buy in Malaysian banks, for its fundamental value credentials
We downgrade two banks to neutral from buy ratings; we believe that there is limited share re-rating potential at CIMB and PB Bank going forward
We upgrade Maybank to a neutral from a sell rating, largely based on valuation; the extent of its de-rating can be seen in this report’s PBV and PE charts


Malaysian Banks; Narrowing Down Our Buy to Only RHB Bank, Lifting Sell on Maybank

<ul><li>RHB's Yeo lifts Venture Corp target price to $15 after lower Malaysia tariffs.</li><li>UOBKH remains ‘overweight’ on S-REITs, favoring CLAR, CLAS, and LREIT as top picks.</li><li>OCBC's Lim starts coverage of Hong Leong Asia with 'buy' and $3.40 target.</li></ul>

RHB's Yeo lifts Venture Corp target price to $15 after lower Malaysia tariffs.UOBKH remains ‘overweight’ on S-REITs, favoring CLAR, CLAS, and LREIT as top picks.OCBC's Lim starts coverage of Hong Leong Asia with 'buy' and $3.40 target.

Singapore Market Roundup (26-Aug-2025): RHB's Yeo raises Venture Corp target price to $15.

Malaysia

Malayan Banking Berhad operates as a bank. The Company provides financial services such as insurance, asset management, stock broking, nominee services, venture capital, leasing, and Internet banking. Malayan Banking Berhad serves customers in South East Asia.

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Maybank (MAY MK)

Singapore Market Roundup (16-Sep-2025): Maybank Targets Food Empire at $2.92; CGS Sees $2.94.

Maybank targets Food Empire at $2.92; CGS at $2.94. RHB downgrades APAC Realty. UOBKH raises Hong Leong Asia target to $2.82, citing BRC Asia stake.

Singapore Market Roundup

Singapore Market Roundup (12-Sep-2025): UOBKH lifts Pan-United target to $1.33 on Terminal 5 deal.

UOBKH raises Pan-United's target price to $1.33, while OCBC increases Nanofilm's fair value to 79 cents amid an uncertain outlook.

Singapore Market Roundup

Singapore Market Roundup (11-Sep-2025): OCBC's Lim Ups Nanofilm's Fair Value to 79 Cents

OCBC's Lim raises Nanofilm's fair value to 79 cents amid uncertainty. Maybank and DBS increase Sea Limited target prices due to higher Shopee take...

Singapore Market Roundup

Malaysian Banks; Narrowing Down Our Buy to Only RHB Bank, Lifting Sell on Maybank

We stick with RHB Bank only as our buy in Malaysian banks, for its value attributes; we downgrade CIMB and PB Bank to neutral from buy ratings, and...

Victor Galliano

Singapore Market Roundup (26-Aug-2025): RHB's Yeo raises Venture Corp target price to $15.

RHB's Yeo raises Venture Corp target to $15; UOBKH favors CLAR, CLAS, and LREIT in S-REITs. OCBC's Lim initiates coverage of Hong Leong Asia with a...

Singapore Market Roundup

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