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.

Thematic (Sector/Industry)

<ul>
<li>The UBS acquisition of Credit Suisse includes the write-off of CHF15.8bn (USD17bn) of Additional Tier 1 (AT1) bonds, despite there being residual equity value for CS shareholders in the deal</li>
<li>AT1s are the most junior, loss absorbing of bonds; precedent exists for the zeroing of AT1s in Spain’s Banco Popular 2017 failure, but importantly this also included shareholders being zeroed</li>
<li>The Credit Suisse AT1 write-off is by far the biggest so far and this unconventional treatment of shareholders versus junior bondholders should lead European banks’ cost of equity to rise</li>
</ul>


The UBS acquisition of Credit Suisse includes the write-off of CHF15.8bn (USD17bn) of Additional Tier 1 (AT1) bonds, despite there being residual equity value for CS shareholders in the deal
AT1s are the most junior, loss absorbing of bonds; precedent exists for the zeroing of AT1s in Spain’s Banco Popular 2017 failure, but importantly this also included shareholders being zeroed
The Credit Suisse AT1 write-off is by far the biggest so far and this unconventional treatment of shareholders versus junior bondholders should lead European banks’ cost of equity to rise


Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

iShares MSCI ACWI ETF / Technical Analysis

<ul>
<li>With the MSCI ACWI (ACWI-US) approaching the top-end of our expected 2023 trading range at $93, we see limited upside from here, and we believe caution is warranted.</li>
<li>We want to remain overweight Europe and the UK, but we prefer to buy only on pullbacks.</li>
<li>The Hang Seng and MSCI China (MCHI-US) are both getting rejected at their important resistances discussed last week, and we would expect to see a basing process develop below resistance.</li>
</ul>


With the MSCI ACWI (ACWI-US) approaching the top-end of our expected 2023 trading range at $93, we see limited upside from here, and we believe caution is warranted.
We want to remain overweight Europe and the UK, but we prefer to buy only on pullbacks.
The Hang Seng and MSCI China (MCHI-US) are both getting rejected at their important resistances discussed last week, and we would expect to see a basing process develop below resistance.


Caution Warranted; ACWI-US At $93 Resistance; Buys in Communications, Staples, Materials, Financials

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

<ul><li>The bank runs in the global banking system will continue to pose downside risk to global banking stocks, including Thai banks, until the Fed and the ECB can come up with systematic solutions, and a worsening of the situation would lead to huge unrealized losses from investment in government bonds.</li><li>A temporary full-deposit guarantee is another potential way to address the banking crisis; note that the US guarantees around USD10trn out of total deposits of USD18trn, and the FDIC incurs costs of just USD100bn.</li><li>The longer the banking crisis is drawn-out, the greater the risks related to a credit crunch and the higher the chance of a global economic recession.</li></ul>

The bank runs in the global banking system will continue to pose downside risk to global banking stocks, including Thai banks, until the Fed and the ECB can come up with systematic solutions, and a worsening of the situation would lead to huge unrealized losses from investment in government bonds.A temporary full-deposit guarantee is another potential way to address the banking crisis; note that the US guarantees around USD10trn out of total deposits of USD18trn, and the FDIC incurs costs of just USD100bn.The longer the banking crisis is drawn-out, the greater the risks related to a credit crunch and the higher the chance of a global economic recession.

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.

Equity Bottom-Up

<figure>
 <img src='https://api2.sgx.com/sites/default/files/2022-05/Fu%20yu%20MD.PNG' alt='Fu Yu - MD' />
 </figure>
 <div class='content-caption'>Fu Yu - MD</div>
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For banking and finance veteran David Seow, the African proverb “If you want to run fast, run alone. If you want to run far, run together” carries a particular resonance - it encapsulates his core management values of teamwork, communication, innovation and action. 
“Each person’s contribution matters, but only if we work together,” said the Group Managing Director of SGX-listed precision plastic components manufacturer Fu Yu Corporation Ltd. 
“Teamwork is key for an organisation to flourish. We need people who are able to complement each other’s diverse skillsets, and people who do their part properly to derive the right outcomes for everyone in the organisation.” 
In turn, good communication forms the bedrock of strong teamwork. “We should be unafraid to give constructive feedback, to seek advice to learn and improve, and work together to achieve common goals,” he added. 
This is where innovation plays a critical role. “In this fast-evolving world, you either adapt to stay ahead of the curve, or risk being left behind. Innovation does not have to be in technology - it can also be in changing the ways we do business and transforming mindsets.” 
Last but not least, it’s all about action, Seow pointed out. “Anyone who has worked with me will know that I get things done, and I do things the right way. I also prefer working with people who deliver results rather than excuses. It’s about taking action yourself, and not resting on your laurels, or waiting for someone else to do it for you.” 
A Bachelor of Science in Economics graduate from Singapore Management University, Seow spent nearly a decade of his career as a Senior Banker and Vice President of Structured Trade &amp; Commodity Finance in Societe Generale, Singapore.  He was appointed Fu Yu’s Group Managing Director in August 2021. 
“I learnt that regardless of my education and earlier work experience, I should avoid pigeonholing myself in a single industry to achieve success,” Seow recalled. 
“I went to a business school where most of the students aspired to be “investment bankers”. While I happily took that route for 10 years, I wanted to do more than what my colleagues and clients expected of me, and never shied away from working with others on projects outside my regular job. In hindsight, these experiences made me realise I had a penchant for business management, troubleshooting issues and creating solutions.” 
Although Seow may be seen as a “textbook finance expert”, he attributes much of his finance basics and business acumen to his experiences with start-ups, including co-founding and managing a restaurant in 2013, which has achieved and retained a Michelin star since 2017. 
“Nothing beats the “real-life” exposure of preparing and executing business plans, setting up accounts, managing capital expenditure and working cash cycles, retaining and motivating employees, as well as fire-fighting to ensure business continuity,” he added. In Growth Gear 
These cumulative experiences have equipped Seow well for his current role. “Fu Yu is a stable and classic manufacturing company that has been in operation for more than four decades,” he noted. 
“As Managing Director, I bring my go-getter, entrepreneurial, and proactive mindset to transform Fu Yu from a company that has been sailing steadily to one that is forward-thinking, innovative and in growth mode.” 
Starting out in 1978 as a small tooling design, fabrication and fitting shop, Fu Yu Corporation has since grown into a market leader, providing vertically integrated services for the manufacture of precision plastic components and the fabrication of precision moulds and dies. The Group was listed on SGX Mainboard in June 1995. 
Today, the Group has an established presence in the region with manufacturing facilities located in Singapore, Malaysia and China. It has built a broad and diversified customer base of blue-chip companies in the printing and imaging, networking and communications, consumer, medical, automotive as well as power tool sectors. 
Its comprehensive capabilities range from precision tool design and fabrication and precision injection moulding to secondary processes, such as silk screen printing, ultrasonic welding, heat staking and spray painting, as well as sub-assembly.  
Looking ahead, Fu Yu targets to boost growth in two ways - strengthening the Group’s capabilities and beefing up its talent pool. 
“We’ve launched several initiatives to expand our capabilities, such as technology and machine upgrades, a new innovation arm to work on modern products and designs, as well as improving efficiencies,” Seow said. 
“These “hardware” upgrades will work hand in hand with our corresponding “software” upgrades, as we upskill our employees and hire fresh talent to drive innovation within the Group.” 
With these initiatives, Seow expects a long growth runway for Fu Yu, where the organisation will not only be a manufacturer, but also a front-runner in advanced manufacturing and technology.  
“While we’ve always been known as a reliable pair of hands in manufacturing, these upgraded capabilities will enable us to work with our customers even more closely in areas of complex manufacturing and material science.” 
In parallel with its strategy to build a diversified product portfolio for business resilience and stability, Fu Yu intends to optimise its business mix to keep pace with current market trends, Seow noted. 
This will see the Group channelling greater resources towards boosting its business in market segments that display longer term stability and growth potential, such as medical, automotive, as well as eco-friendly and smart home consumer products. 
The Group’s manufacturing operations will also shift into higher gear as the redevelopment of its new factory in Singapore enters the final stages of completion. The plant is scheduled to begin operations in the third quarter of 2022, barring unforeseen circumstances. 
“With its adoption of Industry 4.0, this new “smart factory” will serve as a showcase of the Group’s advanced manufacturing capabilities,” he pointed out.  
“In addition to higher precision manufacturing capabilities and increased automation, our new factory will also feature seamless workflow across its tooling, moulding and assembly operations to achieve higher operational efficiencies and a reduced carbon footprint.” 
The Group is also in the process of broadening value-added services to customers. Its new division - Corporate Development - will work with research institutes in Singapore and other partners in the region to explore research and development (R&amp;D) programs, as well as identify commercially viable technologies to augment its manufacturing services. A Proactive Approach 
In this respect, COVID-19 has been a game-changer of sorts, Seow admitted. “COVID-19 was a timely reminder that we can never predict or pre-empt external conditions. However, we can control our own actions by proactively and continuously upgrading,” he added. 
“I want Fu Yu to be proactive and stay ahead of the curve, rather than be reactive, as that will then be too late. This is a mindset change which I am incorporating throughout the Group.” 
The pandemic also emphasised the need to have a greater control of one’s supply chain, or at least, have the ability to mitigate disruptions.  
“We’re taking things into our own hands to better manage our supply chain by centralising our procurement, which was previously done on a per site basis. To do this, we have already acquired and integrated a procurement company into the Group,” Seow noted. 
“We believe this is a differentiating factor from our competitors as it allows us to better manage our raw material prices and shorten lead times for delivery, which ultimately will benefit our customers and potentially attract new ones.” 
As for the Group’s Environmental, Social and Governance (ESG) goals, Seow is focused on optimising the Group’s energy consumption, which will help shrink its carbon footprint.  
“Some of the initiatives we’re working on include exploring the installation of solar panels in our factories, and integrating IoT technologies to improve real-time monitoring of utilities usage and machinery performance,” he said. 
“The challenge is to collect accurate data points that can be translated into useful information for our engineers to work on. With this, we can better measure and improve energy consumption by building an energy data model as a baseline which can be used to detect irregular utilities usage.” 
Apart from work, this 37-year-old father of a four-month-old son is passionate about golf. 
“I like how each game is different, even if you play at the same course. It doesn’t matter where your ball lands, because what matters most is the next shot, and how you proceed from the position you’re at, to the next position you want to get to. This applies in life as well.” 
Seow is also inspired by “a better me tomorrow”. “I try to be present in everything I do, which means being deliberate about learning from everything I experience, and making sure I am maturing and wiser every day.” 
And his advice to staff? “Be a do-er, don’t procrastinate and don’t make excuses,” he said. “Work hard, work smart, and always do the right thing.” Fu Yu Corporation Ltd 
Fu Yu provides vertically integrated services for the manufacture of precision plastic components and the fabrication of precision moulds and dies. Since its inception in 1978, the Group has grown to become one of the largest manufacturers of high precision plastic parts and moulds in Asia. Today, the Group has established a strong presence in the region with manufacturing facilities located in Singapore, Malaysia and China. Leveraging on over 40 years of operating history, the Group has built a broad and diversified customer base of blue-chip companies in the printing and imaging, networking and communications, consumer, medical, automotive and power tool sectors. 
The company website is: <a href="https://www.fuyucorp.com/">www.fuyucorp.com</a> 
Click <a href="https://www.sgx.com/securities/equities/F13">here</a> for the company's StockFacts page. 
For the year ended 31 December 2021 financial results, click <a href="https://links.sgx.com/1.0.0/corporate-announcements/NQ9V9NZN2W9OT5F1/703919_Fu%20Yu%20-%20FY2021%20News%20Release.pdf">here</a>. 
 

About kopi-C: the Company brew

Text: Jennifer Tan-Stanisic Photo: Company file kopi-C is a regular column on the SGX Research website that features C-level executives of leading companies listed on Singapore Exchange. These interviews are profiles of senior management aimed at helping investors better understand the individuals who run these corporations. 
For previous editions of kopi-C: the Company brew, please click <a href="https://www.sgx.com/research-education/market-dialogues">here</a>.   
For more information, or if you would like your senior executives to be featured on SGX Market Dialogues, please send suggestions to <a href="https://c/Users/tanje/Desktop/Working%20Files/kopi-C/jennifer.t@sgx.com">jennifer.t@sgx.com</a>.
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    Fu Yu - MD


For banking and finance veteran David Seow, the African proverb “If you want to run fast, run alone. If you want to run far, run together” carries a particular resonance - it encapsulates his core management values of teamwork, communication, innovation and action.  
“Each person’s contribution matters, but only if we work together,” said the Group Managing Director of SGX-listed precision plastic components manufacturer Fu Yu Corporation Ltd.  
“Teamwork is key for an organisation to flourish. We need people who are able to complement each other’s diverse skillsets, and people who do their part properly to derive the right outcomes for everyone in the organisation.”  
In turn, good communication forms the bedrock of strong teamwork. “We should be unafraid to give constructive feedback, to seek advice to learn and improve, and work together to achieve common goals,” he added.  
This is where innovation plays a critical role. “In this fast-evolving world, you either adapt to stay ahead of the curve, or risk being left behind. Innovation does not have to be in technology - it can also be in changing the ways we do business and transforming mindsets.”  
Last but not least, it’s all about action, Seow pointed out. “Anyone who has worked with me will know that I get things done, and I do things the right way. I also prefer working with people who deliver results rather than excuses. It’s about taking action yourself, and not resting on your laurels, or waiting for someone else to do it for you.”  
A Bachelor of Science in Economics graduate from Singapore Management University, Seow spent nearly a decade of his career as a Senior Banker and Vice President of Structured Trade &amp; Commodity Finance in Societe Generale, Singapore.  He was appointed Fu Yu’s Group Managing Director in August 2021.  
“I learnt that regardless of my education and earlier work experience, I should avoid pigeonholing myself in a single industry to achieve success,” Seow recalled.  
“I went to a business school where most of the students aspired to be “investment bankers”. While I happily took that route for 10 years, I wanted to do more than what my colleagues and clients expected of me, and never shied away from working with others on projects outside my regular job. In hindsight, these experiences made me realise I had a penchant for business management, troubleshooting issues and creating solutions.”  
Although Seow may be seen as a “textbook finance expert”, he attributes much of his finance basics and business acumen to his experiences with start-ups, including co-founding and managing a restaurant in 2013, which has achieved and retained a Michelin star since 2017.  
“Nothing beats the “real-life” exposure of preparing and executing business plans, setting up accounts, managing capital expenditure and working cash cycles, retaining and motivating employees, as well as fire-fighting to ensure business continuity,” he added.  In Growth Gear   
These cumulative experiences have equipped Seow well for his current role. “Fu Yu is a stable and classic manufacturing company that has been in operation for more than four decades,” he noted.  
“As Managing Director, I bring my go-getter, entrepreneurial, and proactive mindset to transform Fu Yu from a company that has been sailing steadily to one that is forward-thinking, innovative and in growth mode.”  
Starting out in 1978 as a small tooling design, fabrication and fitting shop, Fu Yu Corporation has since grown into a market leader, providing vertically integrated services for the manufacture of precision plastic components and the fabrication of precision moulds and dies. The Group was listed on SGX Mainboard in June 1995.  
Today, the Group has an established presence in the region with manufacturing facilities located in Singapore, Malaysia and China. It has built a broad and diversified customer base of blue-chip companies in the printing and imaging, networking and communications, consumer, medical, automotive as well as power tool sectors.  
Its comprehensive capabilities range from precision tool design and fabrication and precision injection moulding to secondary processes, such as silk screen printing, ultrasonic welding, heat staking and spray painting, as well as sub-assembly.   
Looking ahead, Fu Yu targets to boost growth in two ways - strengthening the Group’s capabilities and beefing up its talent pool.  
“We’ve launched several initiatives to expand our capabilities, such as technology and machine upgrades, a new innovation arm to work on modern products and designs, as well as improving efficiencies,” Seow said.  
“These “hardware” upgrades will work hand in hand with our corresponding “software” upgrades, as we upskill our employees and hire fresh talent to drive innovation within the Group.”  
With these initiatives, Seow expects a long growth runway for Fu Yu, where the organisation will not only be a manufacturer, but also a front-runner in advanced manufacturing and technology.   
“While we’ve always been known as a reliable pair of hands in manufacturing, these upgraded capabilities will enable us to work with our customers even more closely in areas of complex manufacturing and material science.”  
In parallel with its strategy to build a diversified product portfolio for business resilience and stability, Fu Yu intends to optimise its business mix to keep pace with current market trends, Seow noted.  
This will see the Group channelling greater resources towards boosting its business in market segments that display longer term stability and growth potential, such as medical, automotive, as well as eco-friendly and smart home consumer products.  
The Group’s manufacturing operations will also shift into higher gear as the redevelopment of its new factory in Singapore enters the final stages of completion. The plant is scheduled to begin operations in the third quarter of 2022, barring unforeseen circumstances.  
“With its adoption of Industry 4.0, this new “smart factory” will serve as a showcase of the Group’s advanced manufacturing capabilities,” he pointed out.   
“In addition to higher precision manufacturing capabilities and increased automation, our new factory will also feature seamless workflow across its tooling, moulding and assembly operations to achieve higher operational efficiencies and a reduced carbon footprint.”  
The Group is also in the process of broadening value-added services to customers. Its new division - Corporate Development - will work with research institutes in Singapore and other partners in the region to explore research and development (R&amp;D) programs, as well as identify commercially viable technologies to augment its manufacturing services.  A Proactive Approach  
In this respect, COVID-19 has been a game-changer of sorts, Seow admitted. “COVID-19 was a timely reminder that we can never predict or pre-empt external conditions. However, we can control our own actions by proactively and continuously upgrading,” he added.  
“I want Fu Yu to be proactive and stay ahead of the curve, rather than be reactive, as that will then be too late. This is a mindset change which I am incorporating throughout the Group.”  
The pandemic also emphasised the need to have a greater control of one’s supply chain, or at least, have the ability to mitigate disruptions.   
“We’re taking things into our own hands to better manage our supply chain by centralising our procurement, which was previously done on a per site basis. To do this, we have already acquired and integrated a procurement company into the Group,” Seow noted.  
“We believe this is a differentiating factor from our competitors as it allows us to better manage our raw material prices and shorten lead times for delivery, which ultimately will benefit our customers and potentially attract new ones.”  
As for the Group’s Environmental, Social and Governance (ESG) goals, Seow is focused on optimising the Group’s energy consumption, which will help shrink its carbon footprint.   
“Some of the initiatives we’re working on include exploring the installation of solar panels in our factories, and integrating IoT technologies to improve real-time monitoring of utilities usage and machinery performance,” he said.  
“The challenge is to collect accurate data points that can be translated into useful information for our engineers to work on. With this, we can better measure and improve energy consumption by building an energy data model as a baseline which can be used to detect irregular utilities usage.”  
Apart from work, this 37-year-old father of a four-month-old son is passionate about golf.  
“I like how each game is different, even if you play at the same course. It doesn’t matter where your ball lands, because what matters most is the next shot, and how you proceed from the position you’re at, to the next position you want to get to. This applies in life as well.”  
Seow is also inspired by “a better me tomorrow”. “I try to be present in everything I do, which means being deliberate about learning from everything I experience, and making sure I am maturing and wiser every day.”  
And his advice to staff? “Be a do-er, don’t procrastinate and don’t make excuses,” he said. “Work hard, work smart, and always do the right thing.”  Fu Yu Corporation Ltd  
Fu Yu provides vertically integrated services for the manufacture of precision plastic components and the fabrication of precision moulds and dies. Since its inception in 1978, the Group has grown to become one of the largest manufacturers of high precision plastic parts and moulds in Asia. Today, the Group has established a strong presence in the region with manufacturing facilities located in Singapore, Malaysia and China. Leveraging on over 40 years of operating history, the Group has built a broad and diversified customer base of blue-chip companies in the printing and imaging, networking and communications, consumer, medical, automotive and power tool sectors.  
The company website is: www.fuyucorp.com  
Click here for the company's StockFacts page.  
For the year ended 31 December 2021 financial results, click here. 
 

About kopi-C: the Company brew

Text: Jennifer Tan-Stanisic Photo: Company file  kopi-C is a regular column on the SGX Research website that features C-level executives of leading companies listed on Singapore Exchange. These interviews are profiles of senior management aimed at helping investors better understand the individuals who run these corporations.  
For previous editions of kopi-C: the Company brew, please click here.    
For more information, or if you would like your senior executives to be featured on SGX Market Dialogues, please send suggestions to jennifer.t@sgx.com.



Fu Yu: Staying Ahead of the Manufacturing Curve

<ul>
<li>Commodities (ex. precious metals) and global yields are on the rise as the US dollar (DXY) deteriorates. Additionally, EM equities (EEM-US) display a bullish RS reversal relative to MSCI ACWI. </li>
<li>These are all important risk-on signals for global equities that continue to support our neutral yet constructive outlook. We expect more consolidation and mixed markets ahead.</li>
<li>Two Sectors that stand to benefit most from rising rates include Energy and Financials. We recommend adding exposure to these Sectors as we see a shift in favor of value.</li>
</ul>


Commodities (ex. precious metals) and global yields are on the rise as the US dollar (DXY) deteriorates. Additionally, EM equities (EEM-US) display a bullish RS reversal relative to MSCI ACWI. 
These are all important risk-on signals for global equities that continue to support our neutral yet constructive outlook. We expect more consolidation and mixed markets ahead.
Two Sectors that stand to benefit most from rising rates include Energy and Financials. We recommend adding exposure to these Sectors as we see a shift in favor of value.


Value Sectors Take The Lead On Rising Global Yields; Buying Energy and Financials

France

Societe Generale SA attracts deposits and offers commercial, retail, investment, and private banking services.  The Bank offers consumer credit, vehicle lease financing, information technology equipment leasing, life and non-life insurance, custodian services, trade and project financing, currency exchange, treasury services, and financial and commodities futures brokerage services.

Societe Generale Sa (GLE FP)

AT1 Bonds; Life After Credit Suisse

The CS AT1 write-off due to UBS's acquisition is an unconventional action on bondholders versus shareholders, implying a rising banks' cost of...

Victor Galliano

Caution Warranted; ACWI-US At $93 Resistance; Buys in Communications, Staples, Materials, Financials

With the MSCI $ACWI approaching the top-end of our expected 2023 trading range at $93, we see limited upside from here and believe caution is...

Vermilion Research

Special Report: Bank Runs

The longer the banking crisis is drawn-out, the greater the risks related to a credit crunch and the higher the chance of a global economic recession.

Krungthai XSpring

Fu Yu: Staying Ahead of the Manufacturing Curve

For banking and finance veteran David Seow, the African proverb “If you want to run fast, run alone. If you want to run far,...

Singapore Exchange Ltd (SGX)

Value Sectors Take The Lead On Rising Global Yields; Buying Energy and Financials

Two Sectors that stand to benefit most from rising rates include Energy and Financials. We recommend adding exposure to these Sectors as we see a...

Vermilion Research