Freelance Research Analyst

Tay Hock Meng

Thematic (Sector/Industry)

Chip Eng Seng Corporation Limited (CES) was declared as the winner for the 262,577 sq ft land site at New Upper Changi Road/Bedok South Avenue 3 (Parcel B) after beating out seven other competitors with a bid of $419.38 million, or $761 psf per plot ratio (psf ppr). However, when facing an existing supply of 2,056 units coming mainly from three relatively new condominium projects, including Eco, Urban Vista, and The Glades, CES might need to price the units that will at least allow them to at least breakeven, or earn a small profit.

Chip Eng Seng Corporation Limited (CES) was declared as the winner for the 262,577 sq ft land site at New Upper Changi Road/Bedok South Avenue 3 (Parcel B) after beating out seven other competitors with a bid of $419.38 million, or $761 psf per plot ratio (psf ppr). However, when facing an existing supply of 2,056 units coming mainly from three relatively new condominium projects, including Eco, Urban Vista, and The Glades, CES might need to price the units that will at least allow them to at least breakeven, or earn a small profit.

Chip Eng Seng Wins Site at New Upper Changi Road

Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

Download the Morningstar Fact Sheet : http://corporate.morningstar.com/US/documents/MarketingFactSheets/AboutMorningstarFactsheet.pdf

Equity Bottom-Up

Narrow-moat DBS reported a good fourth-quarter result, which was in line with our expectations.Net profit was down 6% to SGD 1 billion against the third quarter, on higher provisioning and a one-off disposal gain in the previous period.Analysts: Michael Wu &amp; Iris Tan

Narrow-moat DBS reported a good fourth-quarter result, which was in line with our expectations.Net profit was down 6% to SGD 1 billion against the third quarter, on higher provisioning and a one-off disposal gain in the previous period.Analysts: Michael Wu &amp; Iris Tan

DBS' Q4 Result In Line; Net Interest Margin Improvement and Steady Bad Debt Are Highlights

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.

It’s as if the bank had no idea about the credit cycle in the first few quarters of last year. HSBC was expensing about US$700 million a quarter very steadily – which is also curious. It feels to us the bank was caught out, trying to keep profit respectable, but the economics of its clients made it impossible to continue.

It’s as if the bank had no idea about the credit cycle in the first few quarters of last year. HSBC was expensing about US$700 million a quarter very steadily – which is also curious. It feels to us the bank was caught out, trying to keep profit respectable, but the economics of its clients made it impossible to continue.

The results for DBS could have been a lot worse. This is often a recurring theme with banks, as credit costs are limited in the hope of an ensuing recovery. But even so, the details of the data released by DBS are telling, even if not yet dire.  The bank’s Greater China region turned to loss of S$5 million in 4Q15. This was mostly due to less top line, rather than credit costs though. The limit in credit costs is already a red flag. It is unclear how the bank’s China lending requires only…

The results for DBS could have been a lot worse. This is often a recurring theme with banks, as credit costs are limited in the hope of an ensuing recovery. But even so, the details of the data released by DBS are telling, even if not yet dire.  The bank’s Greater China region turned to loss of S$5 million in 4Q15. This was mostly due to less top line, rather than credit costs though. The limit in credit costs is already a red flag. It is unclear how the bank’s China lending requires only…

Despite the huge pipeline supply of land for executive condominium (EC) construction, developers appear to be unfazed by the lack of demand and are looking to replenish their land bank. The latest EC tender exercise is no different with ten bidders coming in with quite competitive tender prices, but a homegrown private developer, Hoi Hup Realty came in a sole bid that triumphed the rest.

Despite the huge pipeline supply of land for executive condominium (EC) construction, developers appear to be unfazed by the lack of demand and are looking to replenish their land bank. The latest EC tender exercise is no different with ten bidders coming in with quite competitive tender prices, but a homegrown private developer, Hoi Hup Realty came in a sole bid that triumphed the rest.

Hoi Hup Emerged as Top Bidder for Yio Chu Kang EC Land Site

Singapore

Oversea-Chinese Banking Corporation Limited offers a comprehensive range of financial services.  The Company's services include deposit-taking, corporate, enterprise and personal lending, international trade financing, investment banking, private banking, treasury, stockbroking, insurance, credit cards, cash management, asset management and other financial and related services.

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OCBC (OCBC SP)

Chip Eng Seng Wins Site at New Upper Changi Road

Chip Eng Seng Corporation Limited (CES) was declared as the winner for the 262,577 sq ft land site at New Upper Changi Road/Bedok South Avenue 3...

Tay Hock Meng

DBS' Q4 Result In Line; Net Interest Margin Improvement and Steady Bad Debt Are Highlights

Narrow-moat DBS reported a good fourth-quarter result, which was in line with our expectations.Net profit was down 6% to SGD 1 billion against the...

Morningstar, Inc.

Spectacular Loss for HSBC

It’s as if the bank had no idea about the credit cycle in the first few quarters of last year. HSBC was expensing about US$700 million a quarter...

Daniel Tabbush

DBS Moves to Loss in Greater China

The results for DBS could have been a lot worse. This is often a recurring theme with banks, as credit costs are limited in the hope of an ensuing...

Daniel Tabbush

Hoi Hup Emerged as Top Bidder for Yio Chu Kang EC Land Site

Despite the huge pipeline supply of land for executive condominium (EC) construction, developers appear to be unfazed by the lack of demand and are...

Tay Hock Meng

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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