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>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.

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

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

<ul><li>Singapore’s visitor arrivals surpassed 1 million in April 2023, the highest in a month since the pandemic, bringing the total number of visitor arrivals to over 4 million in the year-to-date (YTD).</li><li>The 10 stocks booked net institutional inflows of S$186.7 million, while the broader Singapore stock market recorded over S$2.3 billion of net institutional outflows.</li><li>In the YTD ending 18 May 2023, Genting booked the highest net institutional inflows across the Singapore stock market.</li></ul>

Singapore’s visitor arrivals surpassed 1 million in April 2023, the highest in a month since the pandemic, bringing the total number of visitor arrivals to over 4 million in the year-to-date (YTD).The 10 stocks booked net institutional inflows of S$186.7 million, while the broader Singapore stock market recorded over S$2.3 billion of net institutional outflows.In the YTD ending 18 May 2023, Genting booked the highest net institutional inflows across the Singapore stock market.

Tourism and Hospitality Stocks Benefit from Recovery Momentum

<ul><li>The Industrial Sector has ranked among the five strongest performing global Sectors in the YTD, with gains extending to the Asia Pacific.</li><li>Last week the 20 stocks booked S$34 million of net institutional inflow, reducing their combined YTD net institutional outflow to S$55 million.</li><li>Singapore’s 20 most traded Industrial stocks have booked net institutional fund outflows of S$54.5 million over the past 20 weeks, however last week saw S$33.6 million of net institutional fund inflows.</li></ul>

The Industrial Sector has ranked among the five strongest performing global Sectors in the YTD, with gains extending to the Asia Pacific.Last week the 20 stocks booked S$34 million of net institutional inflow, reducing their combined YTD net institutional outflow to S$55 million.Singapore’s 20 most traded Industrial stocks have booked net institutional fund outflows of S$54.5 million over the past 20 weeks, however last week saw S$33.6 million of net institutional fund inflows.

Industrial Sector Recently Led by Marco Polo Marine, YZJSH & SIA 

<ul><li>Upgrade SIA to HOLD with a higher target price of S$5.75.</li><li>SIA’s FY23 (Apr 2022 to Mar 2023) core net profit was in line with our expectations at 99% of our forecast.</li><li>The final dividend of 28 cents was a positive surprise, leading to a 6.3% full-year yield for FY23. (See SIA's dividend date)</li></ul>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.

Upgrade SIA to HOLD with a higher target price of S$5.75.SIA’s FY23 (Apr 2022 to Mar 2023) core net profit was in line with our expectations at 99% of our forecast.The final dividend of 28 cents was a positive surprise, leading to a 6.3% full-year yield for FY23. (See SIA's dividend date)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 (SIA) - FY23 Results In Line; Strong Final Dividend A Key Surprise

<ul><li>Dyna-Mac CEO adds to stake at S$0.188 per share Overall, institutions were net buyers of Singapore stocks for the five sessions ending Nov 17, with S$139 million of net inflows.</li><li>On Nov 16, Dyna-Mac Holdings executive director and chief executive officer Lim Ah Cheng acquired 500,000 shares of the company at S$0.188 per share.</li></ul>

Dyna-Mac CEO adds to stake at S$0.188 per share Overall, institutions were net buyers of Singapore stocks for the five sessions ending Nov 17, with S$139 million of net inflows.On Nov 16, Dyna-Mac Holdings executive director and chief executive officer Lim Ah Cheng acquired 500,000 shares of the company at S$0.188 per share.

Dyna-Mac CEO adds to stake at S$0.188 per share

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

Tourism and Hospitality Stocks Benefit from Recovery Momentum

Singapore’s visitor arrivals surpassed 1 million in April 2023, the highest in a month since the pandemic, bringing the total number of visitor...

Singapore Exchange Ltd (SGX)

Industrial Sector Recently Led by Marco Polo Marine, YZJSH & SIA

The Industrial Sector has ranked among the five strongest performing global Sectors in the YTD, with gains extending to the Asia Pacific. Last...

Singapore Exchange Ltd (SGX)

Singapore Airlines (SIA) - FY23 Results In Line; Strong Final Dividend A Key Surprise

Upgrade SIA to HOLD with a higher target price of S$5.75. SIA’s FY23 (Apr 2022 to Mar 2023) core net profit was in line with our expectations at...

UOB Kay Hian

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Tourism and Hospitality Stocks Benefit from Recovery Momentum

Singapore’s visitor arrivals surpassed 1 million in April 2023, the highest in a month since the pandemic, bringing the total number of visitor...

Singapore Exchange Ltd (SGX)

Industrial Sector Recently Led by Marco Polo Marine, YZJSH & SIA

The Industrial Sector has ranked among the five strongest performing global Sectors in the YTD, with gains extending to the Asia Pacific. Last...

Singapore Exchange Ltd (SGX)

Singapore Airlines (SIA) - FY23 Results In Line; Strong Final Dividend A Key Surprise

Upgrade SIA to HOLD with a higher target price of S$5.75. SIA’s FY23 (Apr 2022 to Mar 2023) core net profit was in line with our expectations at...

UOB Kay Hian

Dyna-Mac CEO adds to stake at S$0.188 per share

Dyna-Mac CEO adds to stake at S$0.188 per share Overall, institutions were net buyers of Singapore stocks for the five sessions ending Nov 17,...

Singapore Exchange Ltd (SGX)