External broker reports(aggregated public sources), UOB Kay Hian

UOB Kay Hian

External broker reports(aggregated public sources)

Backed by the UOB Group, UOB Kay Hian is one of Asia’s largest brokerage firms. Headquartered in Singapore, we are supported by more than 80 branches worldwide including a growing network of offices across Southeast Asia, Greater China, the United Kingdom and North America. Our global footprint and strong international presence have enabled us to feel the pulse of key financial markets and deliver incisive intelligence across industry sectors and asset classes. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Recent outperformance of SIA's share price is likely driven by fund flows.</li><li>While we appreciate SIA’s outstandingness among regional peers and expect upbeat 1QFY24 results, we caution that SIA’s valuation is very lofty, with its FY24F P/B of 1.58x (2.8 standard deviation above historical mean) matching the historical peak just before the global financial crisis (GFC).</li><li>The second leg of uprun started on 1 Jun 23, coinciding with the sharp share price decline of the three major Chinese Airlines triggered by the China Southern Airlines’ (CSA) surprising announcement (on 31 May 23) of raising up to 25.6% of new shares, which has underlined major risks of more EPS-dilutive equity raisings by the three major Chinese airlines.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Recent outperformance of SIA's share price is likely driven by fund flows.While we appreciate SIA’s outstandingness among regional peers and expect upbeat 1QFY24 results, we caution that SIA’s valuation is very lofty, with its FY24F P/B of 1.58x (2.8 standard deviation above historical mean) matching the historical peak just before the global financial crisis (GFC).The second leg of uprun started on 1 Jun 23, coinciding with the sharp share price decline of the three major Chinese Airlines triggered by the China Southern Airlines’ (CSA) surprising announcement (on 31 May 23) of raising up to 25.6% of new shares, which has underlined major risks of more EPS-dilutive equity raisings by the three major Chinese airlines.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Singapore Airlines - Recognised For Outstandingness, But Valuation Very Stretched

Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul><li>DBS keeps 'buy' rating on UMS Integration with $2.92 target as shares jump 14%.</li><li>RHB keeps 'buy' on AIMS APAC REIT, raises TP to $1.70 due to data centre options.</li><li>CGSI upgrades Hong Leong Asia to 'add', raising TP to $5.50 on strong powertrain and acquisition.</li></ul>

DBS keeps 'buy' rating on UMS Integration with $2.92 target as shares jump 14%.RHB keeps 'buy' on AIMS APAC REIT, raises TP to $1.70 due to data centre options.CGSI upgrades Hong Leong Asia to 'add', raising TP to $5.50 on strong powertrain and acquisition.

Singapore Market Roundup (12-May-2026): DBS maintains 'buy' on UMS Integration; target $2.92.

<ul><li>OCBC, CGSI cut MLT target prices; waiting for China's portfolio to stabilize.</li><li>RHB raises Sheng Siong target price to $3.45 due to earnings growth and strong margins.</li><li>DBS upgrades SIA Engineering to 'buy' but lowers target price due to risk-reward.</li></ul>

OCBC, CGSI cut MLT target prices; waiting for China's portfolio to stabilize.RHB raises Sheng Siong target price to $3.45 due to earnings growth and strong margins.DBS upgrades SIA Engineering to 'buy' but lowers target price due to risk-reward.

Singapore Market Roundup (05-May-2026): OCBC, CGSI lower MLT targets; await China portfolio

<ul><li>Maybank Securities upgrades Wilmar to 'buy' due to stronger earnings and reduced regulatory issues.</li><li>OCBC advises looking at SIA Engineering and China Aviation Oil amid war.</li><li>JPMorgan maintains 'overweight' rating on Singtel as buybacks start early.</li></ul>

Maybank Securities upgrades Wilmar to 'buy' due to stronger earnings and reduced regulatory issues.OCBC advises looking at SIA Engineering and China Aviation Oil amid war.JPMorgan maintains 'overweight' rating on Singtel as buybacks start early.

Singapore Market Roundup (10-Mar-2026): Maybank Securities upgrades Wilmar to 'buy' on strong

<ul><li>OCBC advises to consider SIA Engineering, China Aviation Oil amid war.</li><li>JPMorgan maintains 'overweight' on Singtel as share buybacks start early.</li><li>PhillipCapital maintains 'buy' on 17Live, lowers target price due to growth concerns.</li></ul>

OCBC advises to consider SIA Engineering, China Aviation Oil amid war.JPMorgan maintains 'overweight' on Singtel as share buybacks start early.PhillipCapital maintains 'buy' on 17Live, lowers target price due to growth concerns.

Singapore Market Roundup (09-Mar-2026): OCBC recommends SIA Engineering, China Aviation Oil amid

Singapore

Singapore Airlines is the flag carrier of Singapore, offering full-service international passenger and cargo air transportation. It operates a dual-brand strategy with its premium services and the low-cost carrier Scoot, serving numerous destinations globally. The company is headquartered in Airline House, Changi, Singapore, and was incorporated in 1972.

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Singapore Airlines (SIA SP)

Singapore Airlines - Recognised For Outstandingness, But Valuation Very Stretched

While we appreciate SIA’s outstandingness among regional peers and expect upbeat 1QFY24 results, we caution that SIA’s valuation is very lofty

UOB Kay Hian

Singapore Market Roundup (12-May-2026): DBS maintains 'buy' on UMS Integration; target $2.92.

DBS maintains 'buy' on UMS Integration with a $2.92 target; RHB raises AIMS APAC REIT TP to $1.70; CGSI upgrades Hong Leong Asia to 'add' with TP...

Singapore Market Roundup

Singapore Market Roundup (05-May-2026): OCBC, CGSI lower MLT targets; await China portfolio

OCBC and CGSI lower MLT target prices, awaiting China's stability. RHB raises Sheng Siong to $3.45; DBS upgrades SIA Engineering to 'buy' but...

Singapore Market Roundup

Singapore Market Roundup (10-Mar-2026): Maybank Securities upgrades Wilmar to 'buy' on strong

Maybank upgrades Wilmar to 'buy' for stronger earnings; OCBC suggests SIA Engineering and China Aviation Oil; JPMorgan keeps Singtel at...

Singapore Market Roundup

Singapore Market Roundup (09-Mar-2026): OCBC recommends SIA Engineering, China Aviation Oil amid

OCBC recommends SIA Engineering and China Aviation Oil; JPMorgan keeps 'overweight' on Singtel with early buybacks; PhillipCapital lowers target on...

Singapore Market Roundup

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