Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul><li>PhillipCapital's Chew maintains 'accumulate' rating for HRnetGroup, target 78 cents.</li><li>RHB maintains DBS as its top banking choice in challenging 2QFY2025.</li><li>DBS raises Yanlord's target price, noting improved debt repayment progress.</li></ul>

PhillipCapital's Chew maintains 'accumulate' rating for HRnetGroup, target 78 cents.RHB maintains DBS as its top banking choice in challenging 2QFY2025.DBS raises Yanlord's target price, noting improved debt repayment progress.

Singapore Market Roundup (19-Aug-2025): Chew rates HRnetGroup 'accumulate', target 78 cents.

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>MAS releases quarterly granular data on Singapore banks' credit card charge-offs and the figures are rising sharply</li>
<li>It is not easily visible in banks' own interim results, so that we must use the MAS data as a window on card credit metrics</li>
<li>Credit card charge off rates are now (4Q24) 5.4% vs 4.2% YoY while the total charge-offs are now SGD110.0m in 4Q24 vs SGDm74.7m in 4Q23</li>
</ul>


MAS releases quarterly granular data on Singapore banks' credit card charge-offs and the figures are rising sharply
It is not easily visible in banks' own interim results, so that we must use the MAS data as a window on card credit metrics
Credit card charge off rates are now (4Q24) 5.4% vs 4.2% YoY while the total charge-offs are now SGD110.0m in 4Q24 vs SGDm74.7m in 4Q23


Singapore Banks - Charge off Rates on Cards Are Rising Substantially Through 4Q24

<ul>
<li>Newest monthly release from MAS gives insight into 1Q25 for Singapore's banks and it is not particularly positive </li>
<li>The aggregate loan-to-deposit ratio (LDR) continues to move lower, a year ago it was 69.3% and now it's at 67.3%</li>
<li>Singapore's banks added deposits of SGD125bn in the past 12 months through February compared with SGD48bn of loans</li>
</ul>


Newest monthly release from MAS gives insight into 1Q25 for Singapore's banks and it is not particularly positive 
The aggregate loan-to-deposit ratio (LDR) continues to move lower, a year ago it was 69.3% and now it's at 67.3%
Singapore's banks added deposits of SGD125bn in the past 12 months through February compared with SGD48bn of loans


Singapore Banks - Credit Growth Overshadowed by Deposit Growth, New Monthly HFD

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>Malaysian ownership continues its upward trend after a 10-year bear market in positioning from 2014 to 2023</li>
<li>Longer-Term ownership declines in Malaysian Financials and Industrials are starting to reverse.</li>
<li>Only 3 companies are owned by more than 10% of funds, with CIMB Group Holdings (CIMB MK)  the clear leader.</li>
</ul>


Malaysian ownership continues its upward trend after a 10-year bear market in positioning from 2014 to 2023
Longer-Term ownership declines in Malaysian Financials and Industrials are starting to reverse.
Only 3 companies are owned by more than 10% of funds, with CIMB Group Holdings (CIMB MK)  the clear leader.


Malaysia: Sentiment Change Drives Positioning Off the Lows

<ul>
<li>The idea of investing in banks is to put your capital to work by lending to corporates or consumer in any given economy or several at once</li>
<li>Singapore's banks are telling us with their more than SGD11bn of dividends announced, that they are not able to deploy their capital</li>
<li>We must expect that lending growth will remain subdued in the Singapore home market, in Malaysia, and in Greater China</li>
</ul>


The idea of investing in banks is to put your capital to work by lending to corporates or consumer in any given economy or several at once
Singapore's banks are telling us with their more than SGD11bn of dividends announced, that they are not able to deploy their capital
We must expect that lending growth will remain subdued in the Singapore home market, in Malaysia, and in Greater China


Singapore Banks - Giving Back Many Billions of Capital, Suggests Outlook for Lending, Not Great

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 (19-Aug-2025): Chew rates HRnetGroup 'accumulate', target 78 cents.

PhillipCapital rates HRnetGroup as 'accumulate' with a target of 78 cents. RHB favors DBS in tough 2QFY2025, while DBS raises Yanlord's target price.

Singapore Market Roundup

Singapore Banks - Charge off Rates on Cards Are Rising Substantially Through 4Q24

MAS data shows consistently rising charge-offs and charge-off rates for credit cards in Singapore. Some may be normalization, but not likely all of...

Daniel Tabbush

Singapore Banks - Credit Growth Overshadowed by Deposit Growth, New Monthly HFD

Singapore's banks new monthly data shows worsening LDR as deposit growth continues to outpace loan growth. There is risk to net interest income...

Daniel Tabbush

Malaysia: Sentiment Change Drives Positioning Off the Lows

Among active Emerging Market funds, Malaysian ownership continues its upward trend after a 10-year bear market in positioning from 2014 to 2023.

Steven Holden

Singapore Banks - Giving Back Many Billions of Capital, Suggests Outlook for Lending, Not Great

Singapore's banks are all giving back lots of capital to shareholders. This may appear to be good for yield, but it suggests to us that lending...

Daniel Tabbush

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