Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Equity Bottom-Up

Korea Electric Power (KEPCO) / Equity Bottom-Up

<ul>
<li>Tariff turmoil crashed S&amp;P500 by 18% and MSCI Asia ex Japan by 13% over the past couple of weeks. But even amid this carnage, a handful of stocks have appreciated.</li>
<li>These "genuine defensives" are predominantly from utilities, telecommunications and consumer staples. HK/China and Korea dominate with one entry from Singapore. They have cheap valuations, stable earnings estimates and revenue visibility.</li>
<li>In addition to eleven defensives we highlight, there are other stocks that have appreciated - notably few HK pharmaceutical stocks HK and 18 Indian stocks. They are not cheap, however.</li>
</ul>


Tariff turmoil crashed S&amp;P500 by 18% and MSCI Asia ex Japan by 13% over the past couple of weeks. But even amid this carnage, a handful of stocks have appreciated.
These "genuine defensives" are predominantly from utilities, telecommunications and consumer staples. HK/China and Korea dominate with one entry from Singapore. They have cheap valuations, stable earnings estimates and revenue visibility.
In addition to eleven defensives we highlight, there are other stocks that have appreciated - notably few HK pharmaceutical stocks HK and 18 Indian stocks. They are not cheap, however.


Asian Equities: A Few Genuine Defensives in This Bloodbath

Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul><li>Singtel's FY2025 ebit growth guidance may rise to mid-to-high teens from successful cost cuts, according to CGSI.</li><li>IG predicts OCBC will reach $19 and UOB will hit $39.90 in share price.</li><li>SGX reports record revenue and profit in first half, with 1HFY2025 adjusted net profit up 27.3% and increased revenue across all segments. CEO Loh addresses succession concerns.</li></ul>

Singtel's FY2025 ebit growth guidance may rise to mid-to-high teens from successful cost cuts, according to CGSI.IG predicts OCBC will reach $19 and UOB will hit $39.90 in share price.SGX reports record revenue and profit in first half, with 1HFY2025 adjusted net profit up 27.3% and increased revenue across all segments. CEO Loh addresses succession concerns.

Singapore Market Roundup (06-Feb-2025): Singtel poised for strong ebit growth in FY2025 - CGSI

<ul><li>Singtel is considering raising their FY2025 ebit growth guidance to mid-to-high teens, attributed to successful cost cutting efforts according to CGSI.</li><li>IG forecast predicts OCBC stock may reach $19 and UOB may rise to $39.90. RHB increases Centurion's target price and earnings due to higher rate assumptions.</li><li>CGSI maintains 'add' rating for Genting Singapore despite slow tourism recovery. However, DBS and RHB cut CDLHT's target price due to Singapore hotel oversupply.</li></ul>

Singtel is considering raising their FY2025 ebit growth guidance to mid-to-high teens, attributed to successful cost cutting efforts according to CGSI.IG forecast predicts OCBC stock may reach $19 and UOB may rise to $39.90. RHB increases Centurion's target price and earnings due to higher rate assumptions.CGSI maintains 'add' rating for Genting Singapore despite slow tourism recovery. However, DBS and RHB cut CDLHT's target price due to Singapore hotel oversupply.

Singapore Market Roundup (05-Feb-2025): Singtel may raise FY2025 ebit growth guidance.

<ul><li>DBS emphasizes TSV project as a significant initiative for GVT, showcasing its strategic importance for growth and development.</li><li>CGSI forecasts robust earnings for companies like Sembcorp, Seatrium, iFast, FLCT, Singtel, and SIA, indicating a positive outlook for the market.</li><li>DBS reaffirms its positive outlook on OUE REIT, citing improved operating performance as a key factor in maintaining a 'buy' rating for the company.</li></ul>

DBS emphasizes TSV project as a significant initiative for GVT, showcasing its strategic importance for growth and development.CGSI forecasts robust earnings for companies like Sembcorp, Seatrium, iFast, FLCT, Singtel, and SIA, indicating a positive outlook for the market.DBS reaffirms its positive outlook on OUE REIT, citing improved operating performance as a key factor in maintaining a 'buy' rating for the company.

Singapore Market Roundup (24-Jan-2025): DBS TSV project key for GVT.

<ul><li>Food Empire stock should be retained as the company plans to diversify its business, potentially leading to increased profitability.</li><li>HSBC has raised Singtel's target price in anticipation of a potential merger in the telecom industry, suggesting room for growth.</li><li>Investors should consider holding onto Food Empire stock and possibly increasing investment in Singtel due to positive outlooks for both companies.</li></ul>

Food Empire stock should be retained as the company plans to diversify its business, potentially leading to increased profitability.HSBC has raised Singtel's target price in anticipation of a potential merger in the telecom industry, suggesting room for growth.Investors should consider holding onto Food Empire stock and possibly increasing investment in Singtel due to positive outlooks for both companies.

Singapore Market Roundup (23-Jan-2025): Food Empire plans to diversify. Hold stock.

Singapore

Singapore Telecommunications Limited wireless telecommunication services. The Company offers diverse range of services including fixed, mobile, data, internet, TV,  and digital solutions. Singapore Telecommunications serves customers worldwide.

Singtel (Singapore Telecommunications) (ST SP)

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Singtel (Singapore Telecommunications) (ST SP)

Asian Equities: A Few Genuine Defensives in This Bloodbath

Despite tariff turmoil crashing markets, a few stocks in utilities, telecom & consumer staples have appreciated. These genuine defensives have...

Manishi Raychaudhuri

Singapore Market Roundup (06-Feb-2025): Singtel poised for strong ebit growth in FY2025 - CGSI

Singtel may raise FY2025 ebit growth guidance, OCBC and UOB shares expected to rise, SGX reports record revenue and profit in first half of year.

Singapore Market Roundup

Singapore Market Roundup (05-Feb-2025): Singtel may raise FY2025 ebit growth guidance.

Singtel may raise FY2025 ebit growth guidance, OCBC and UOB stocks may rise, Centurion's target price increased, Genting Singapore 'add' rating...

Singapore Market Roundup

Singapore Market Roundup (24-Jan-2025): DBS TSV project key for GVT.

DBS emphasizes TSV project for GVT, CGSI projects strong earnings for Sembcorp, Seatrium, iFast, FLCT, Singtel, and SIA, maintains 'buy' rating on...

Singapore Market Roundup

Singapore Market Roundup (23-Jan-2025): Food Empire plans to diversify. Hold stock.

Food Empire stock should be kept as the company plans to diversify, while HSBC raises target price for Singtel ahead of a possible telco merger.

Singapore Market Roundup

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Asian Equities: A Few Genuine Defensives in This Bloodbath

​Despite tariff turmoil crashing markets, a few stocks in utilities, telecom & consumer staples have appreciated. These genuine defensives have...

Manishi Raychaudhuri

Singapore Market Roundup (06-Feb-2025): Singtel poised for strong ebit growth in FY2025 - CGSI

Singtel may raise FY2025 ebit growth guidance, OCBC and UOB shares expected to rise, SGX reports record revenue and profit in first half of year.

Singapore Market Roundup

Singapore Market Roundup (05-Feb-2025): Singtel may raise FY2025 ebit growth guidance.

Singtel may raise FY2025 ebit growth guidance, OCBC and UOB stocks may rise, Centurion's target price increased, Genting Singapore 'add' rating...

Singapore Market Roundup

Singapore Market Roundup (24-Jan-2025): DBS TSV project key for GVT.

DBS emphasizes TSV project for GVT, CGSI projects strong earnings for Sembcorp, Seatrium, iFast, FLCT, Singtel, and SIA, maintains 'buy' rating on...

Singapore Market Roundup

Singapore Market Roundup (23-Jan-2025): Food Empire plans to diversify. Hold stock.

Food Empire stock should be kept as the company plans to diversify, while HSBC raises target price for Singtel ahead of a possible telco merger.

Singapore Market Roundup

Despite tariff turmoil crashing markets, a few stocks in utilities, telecom & consumer staples have appreciated. These genuine defensives have...