Asia's Leading Online Property Group, PropertyGuru

Bjorn Sprengers

Asia's Leading Online Property Group

PropertyGuru

PropertyGuru Pte Ltd owns and operates a real estate property information website. The Company offers facilities to search for condominiums, apartments, Housing and Development Board (HDB) flats, serviced apartments, houses, and commercial properties to rent and buy in Singapore.

Thematic (Sector/Industry)

Malaysia&rsquo;s government recently rolled out the new Goods &amp; Services Tax (GST) on 1 April 2015. But many people are still unsure as to its full impact on the country&rsquo;s property market, especially the housing sector.To help prospective buyers, PropertyGuru Malaysia has compared the new tax regime with the old one to give consumers an idea of its potential effects.

Malaysia&rsquo;s government recently rolled out the new Goods &amp; Services Tax (GST) on 1 April 2015. But many people are still unsure as to its full impact on the country&rsquo;s property market, especially the housing sector.To help prospective buyers, PropertyGuru Malaysia has compared the new tax regime with the old one to give consumers an idea of its potential effects.

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>A likely Russian credit and currency crisis, the weakening Euro and ineptitude of BoJ &nbsp;combine to create a world of worry in markets and bank stocks in particular. The way this usually plays out is first with liquidity.&nbsp; </li><li>Banks pull credit lines from weaker banks (and weaker companies).&nbsp; </li><li>If a bank has a loan to deposit ratio (LDR) above 100%, it is often difficult to repay the redeemed credit line, as it means disposing of an asset, a loan – immediately. &nbsp; </li></ul>

A likely Russian credit and currency crisis, the weakening Euro and ineptitude of BoJ &nbsp;combine to create a world of worry in markets and bank stocks in particular. The way this usually plays out is first with liquidity.&nbsp; Banks pull credit lines from weaker banks (and weaker companies).&nbsp; If a bank has a loan to deposit ratio (LDR) above 100%, it is often difficult to repay the redeemed credit line, as it means disposing of an asset, a loan – immediately. &nbsp; 

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 downgrade <a href="https://www.smartkarma.com/entities/rhb-bank-bhd" target="_blank" data-smartkarma-citation="entities:24161:1" rel="noopener">RHB Bank Bhd (RHBBANK MK)</a> , our sole buy in Malaysian banks, to a neutral from a buy rating</li>
<li>Despite its attractive valuation credentials, RHB Bank, has not been one of our successful buy picks; nonetheless, quarter-to-date it has delivered a small positive (+2%) USD return</li>
<li>Despite global market relief from another US-China tariff deadline extension, we believe that in the case of Malaysian banks, and RHB in particular, near-term positive catalysts are largely absent</li>
</ul>


We downgrade RHB Bank Bhd (RHBBANK MK) , our sole buy in Malaysian banks, to a neutral from a buy rating
Despite its attractive valuation credentials, RHB Bank, has not been one of our successful buy picks; nonetheless, quarter-to-date it has delivered a small positive (+2%) USD return
Despite global market relief from another US-China tariff deadline extension, we believe that in the case of Malaysian banks, and RHB in particular, near-term positive catalysts are largely absent


RHB Bank (RHBBANK MK) – A Value Stock in Search of Positive Catalysts

<ul>
<li>Of the six Malaysian banks screened, we maintain RHB Bank and CIMB on the buy list; we add funding and liquidity metrics to our screens</li>
<li>RHB Bank is our top pick for its strong post-provision profitability, its high CET1 ratio understating its ROE, and it is attractive valuations on PE multiples and PBV ratios</li>
<li>CIMB remains our deep value pick as we believe it has potential to improve post-provision returns; the constructive return outlook combines positively with CIMB’s modest valuations, including its PEG ratio</li>
</ul>


Of the six Malaysian banks screened, we maintain RHB Bank and CIMB on the buy list; we add funding and liquidity metrics to our screens
RHB Bank is our top pick for its strong post-provision profitability, its high CET1 ratio understating its ROE, and it is attractive valuations on PE multiples and PBV ratios
CIMB remains our deep value pick as we believe it has potential to improve post-provision returns; the constructive return outlook combines positively with CIMB’s modest valuations, including its PEG ratio


Malaysian Banks March 2023 Results Screener; Maintaining RHB Bank and CIMB on Our Buy List

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Press Metal Aluminium Holdin / Equity Capital Markets

<ul>
<li>Press Metal Aluminum Holdings (PMAH) aims to raise around US$233m via a primary placement.</li>
<li>The stock has been doing well on the back of buoyant Aluminum prices over the past few months.</li>
<li>In this note, we will run the deal through our ECM framework and talk about the recent updates.</li>
</ul>


Press Metal Aluminum Holdings (PMAH) aims to raise around US$233m via a primary placement.
The stock has been doing well on the back of buoyant Aluminum prices over the past few months.
In this note, we will run the deal through our ECM framework and talk about the recent updates.


Press Metals Aluminum Holdings Placement - Well Flagged Deal, Stock Has Done Well

Malaysia

RHB Capital Berhad provides commercial and merchant banking services.  Through its subsidiaries, the Company provides finance and leasing services, invests in properties, and trades securities. RHB Capital also provides nominee, unit trust, asset management, and insurance services.

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RHB Capital Bhd (RHBC MK)

How will GST impact Malaysia property?

Malaysia’s government recently rolled out the new Goods & Services Tax (GST) on 1 April 2015. But many people are still unsure as to its full...

PropertyGuru

Be Wary of High LDR Banks at Present

A likely Russian credit and currency crisis, the weakening Euro and ineptitude of BoJ combine to create a world of worry in markets and bank...

Daniel Tabbush

RHB Bank (RHBBANK MK) – A Value Stock in Search of Positive Catalysts

Despite it still retaining some of its value credential, we downgrade RHB Bank to neutral from buy due to lack of near-term positive catalysts;...

Victor Galliano

Malaysian Banks March 2023 Results Screener; Maintaining RHB Bank and CIMB on Our Buy List

RHB Bank and CIMB are our buys; RHB Bank has strong post-provision profitability, a high CET1 ratio and attractive valuations, modestly valued CIMB...

Victor Galliano

Press Metals Aluminum Holdings Placement - Well Flagged Deal, Stock Has Done Well

Press Metal Aluminum Holdings (PMAH) aims to raise around US$233m via a primary placement. In this note, we will run the deal through our ECM...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

How will GST impact Malaysia property?

Malaysia’s government recently rolled out the new Goods & Services Tax (GST) on 1 April 2015. But many people are still unsure as to its full...

PropertyGuru

Be Wary of High LDR Banks at Present

A likely Russian credit and currency crisis, the weakening Euro and ineptitude of BoJ combine to create a world of worry in markets and bank...

Daniel Tabbush

RHB Bank (RHBBANK MK) – A Value Stock in Search of Positive Catalysts

Despite it still retaining some of its value credential, we downgrade ​RHB Bank to neutral from buy due to lack of near-term positive catalysts;...

Victor Galliano

Malaysian Banks March 2023 Results Screener; Maintaining RHB Bank and CIMB on Our Buy List

RHB Bank and CIMB are our buys; RHB Bank has strong post-provision profitability, a high CET1 ratio and attractive valuations, modestly valued CIMB...

Victor Galliano

Press Metals Aluminum Holdings Placement - Well Flagged Deal, Stock Has Done Well

Press Metal Aluminum Holdings (PMAH) aims to raise around US$233m via a primary placement. In this note, we will run the deal through our ECM...

Sumeet Singh

Despite it still retaining some of its value credential, we downgrade RHB Bank to neutral from buy due to lack of near-term positive catalysts;...