Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul>
<li>JP Morgan prefers UOB over OCBC.                           </li>
<li>Brokers initiate 'buy' on Coliwoo, citing strong growth potential.</li>
<li>JP Morgan downgrades OCBC to 'neutral' as positives are already reflected.</li>
</ul>


JP Morgan prefers UOB over OCBC.                           
Brokers initiate 'buy' on Coliwoo, citing strong growth potential.
JP Morgan downgrades OCBC to 'neutral' as positives are already reflected.


Singapore Market Roundup (09-Jan-2026): JP Morgan favors UOB instead of OCBC.

<ul><li>CGSI cuts Lum Chang Creations' TP to 72 cents, expecting revenue to load in 2HFY2026.</li><li>JP Morgan raises CDL's target price to $10.75.</li><li>STI could realistically reach 5,000 points, says OCBC's Carmen Lee.</li></ul>

CGSI cuts Lum Chang Creations' TP to 72 cents, expecting revenue to load in 2HFY2026.JP Morgan raises CDL's target price to $10.75.STI could realistically reach 5,000 points, says OCBC's Carmen Lee.

Singapore Market Roundup (07-Jan-2026): CGSI lowers Lum Chang Creations' TP to 72 cents, sees

<ul><li>STI could reach 5,000 points, says OCBC's Carmen Lee.</li><li>CGS International reassesses Raffles Medical Group’s investment outlook for 2HFY2025.</li><li>UOBKH keeps 'buy' on Lendlease Global Commercial REIT, citing PLQ Mall and Jem.</li></ul>

STI could reach 5,000 points, says OCBC's Carmen Lee.CGS International reassesses Raffles Medical Group’s investment outlook for 2HFY2025.UOBKH keeps 'buy' on Lendlease Global Commercial REIT, citing PLQ Mall and Jem.

Singapore Market Roundup (06-Jan-2026): OCBC's Carmen Lee predicts STI may hit 5,000 points.

Mid-market focused investment bank within SE Asia, Evolve Capital Advisory Pte Ltd

Evolve Capital Research

Mid-market focused investment bank within SE Asia

Evolve Capital Advisory Pte Ltd

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zixin-group-holdings-limited" target="_blank" data-smartkarma-citation="entities:7007:1" rel="noopener">Zixin Group (ZXGH SP)</a> is an SGX Catalist-listed, vertically integrated sweet potato value chain operator. </li>
<li>The group harnesses proprietary biotechnology across a closed-loop model spanning seedling research and cultivation, food processing, brand building and distribution, and agricultural waste recovery.</li>
<li>We initiate non-rated coverage on Zixin Group. While Zixin’s post-COVID recovery stood out remarkably amongst SGX Catalist names , a key concern for investors remains the firm’s S-chip overhang.</li>
</ul>



Zixin Group (ZXGH SP) is an SGX Catalist-listed, vertically integrated sweet potato value chain operator. 
The group harnesses proprietary biotechnology across a closed-loop model spanning seedling research and cultivation, food processing, brand building and distribution, and agricultural waste recovery.
We initiate non-rated coverage on Zixin Group. While Zixin’s post-COVID recovery stood out remarkably amongst SGX Catalist names , a key concern for investors remains the firm’s S-chip overhang.


Zixin Group Initiation - Valuations Attractive but S-Chip Concerns Linger

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>HKMA data shows the loss loan ratio in HK is up 7.5x from FY19 to 2Q25. These are the worst of the worst bad loans </li>
<li>Substandard loan ratio in HK is up 4.7x over the same period, and this bucket can gradually migrate to worse buckets, requiring more credit costs</li>
<li>Overdue loan ratio and rescheduled loan ratio in HK is up 5.4x over this period, and these are not technically NPLs</li>
</ul>


HKMA data shows the loss loan ratio in HK is up 7.5x from FY19 to 2Q25. These are the worst of the worst bad loans 
Substandard loan ratio in HK is up 4.7x over the same period, and this bucket can gradually migrate to worse buckets, requiring more credit costs
Overdue loan ratio and rescheduled loan ratio in HK is up 5.4x over this period, and these are not technically NPLs


HSBC - Loss Loans up 7.5x from FY19 to 2Q25 in HKMA Industry Data. Hang Seng Bank Buyout, Now?

Singapore

OCBC Bank is a Singaporean multinational banking and financial services corporation. It offers a comprehensive suite of services including consumer, corporate, investment, and private banking, alongside insurance, asset management, and stockbroking. The company is headquartered in Singapore and was founded on October 31, 1932.

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OCBC Bank (OCBC SP)

Singapore Market Roundup (09-Jan-2026): JP Morgan favors UOB instead of OCBC.

JP Morgan favors UOB over OCBC, downgrading OCBC to 'neutral.' Brokers initiate 'buy' on Coliwoo, highlighting its strong growth potential.

Singapore Market Roundup

Singapore Market Roundup (07-Jan-2026): CGSI lowers Lum Chang Creations' TP to 72 cents, sees

CGSI lowers Lum Chang Creations' target price to 72 cents; JP Morgan raises CDL's to $10.75. OCBC's Carmen Lee sees STI potentially reaching 5,000...

Singapore Market Roundup

Singapore Market Roundup (06-Jan-2026): OCBC's Carmen Lee predicts STI may hit 5,000 points.

STI may hit 5,000 points, says OCBC's Carmen Lee. CGS International reevaluates Raffles Medical Group for 2HFY2025. UOBKH maintains 'buy' on...

Singapore Market Roundup

Zixin Group Initiation - Valuations Attractive but S-Chip Concerns Linger

We initiate non-rated coverage on Zixin Group. While Zixin’s post-COVID recovery stood out remarkably amongst SGX Catalist names , a key concern...

Evolve Capital Advisory Pte Ltd

HSBC - Loss Loans up 7.5x from FY19 to 2Q25 in HKMA Industry Data. Hang Seng Bank Buyout, Now?

HSBC interview with Bloomberg shows another set of cost-cutting efforts. For anybody following this bank for ~20 years, a pattern is clear. It's...

Daniel Tabbush

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