DBS Group Holdings is an investment holding, treasury and funding vehicle for itself and its subsidiaries. Co.'s main subsidiary is DBS Bank Ltd, which is engaged in a range of commercial banking and financial services, principally in Asia. Co.'s various business segments are: Consumer Banking/ Wealth Management, which provides individual customers with a range of banking and related financial services; Institutional Banking, which provides financial services and products to institutional clients; as well as Treasury, which provides treasury services to corporations, institutional and private investors, financial institutions and other market participants.
Singapore Technologies Engineering is an investment holding company. Co. and its subsidiaries have four business sectors: Aerospace, which provides a range of aircraft maintenance, engineering and training services for both military and commercial aircraft operators; Electronics, which engages in the design, development and integration of electronics and communications systems; Land Systems, which delivers integrated land systems, specialty vehicles and their related through-life support; and Marine, which provides customised shipbuilding, repair and conversion services to both naval and commercial vessels, at Co.'s yards in Singapore and the U.S.
Venture Corporation is engaged in the provision of technology services, products and solutions. Co.'s primary activities are to provide manufacturing, product design and development, engineering and supply-chain management services. Through its subsidiaries, Co. is engaged in the trading and manufacturing of electronics products; investment holdings; manufacturing, designing, engineering, customisation and logistic services; the manufacture and sale of terminal units; and the development and marketing of color imaging products for label printing, among other activities. Co.'s segments include: Electronics Services Provider; Retail Store Solutions and Industrial; and Component Technology.
Wilmar International is an investment holding company. Co.'s segments include: merchandising and processing, which include palm and laurics, engaged in merchandising and processing of palm oil and laurics related products and oilseeds and grains, engaged in merchandising and processing of a range of edible oils, oilseeds and grains; consumer products engaged in packaging and sales of consumer pack edible oils, rice, flour and grains; plantation and palm oil mills, engaged in oil palm cultivation and milling; sugar, which includes milling engaged in milling of sugarcane; and others engaged in manufacturing and distribution of fertilizer products and ship-chartering services.
Wilmar International (WIL SP), Asia's largest agribusiness player, plans to raise US$2bn by listing its China unit. The preliminary prospectus was filed this week with the Shenzhen Stock Exchange. This may be the largest Chinese IPO in 2019.
CHINA Sector Property: Embracing megacity clusters. Update Anta Sports (2020 HK/BUY/HK$51.30 /Target: HK$60.00): 2Q19 operational data in line while management rebuts short-seller allegations. INDONESIA Update Erajaya Swasembada (ERAA IJ/SELL/Rp2,090/Target: Rp1,680): 2Q19 results preview: To record higher qoq profit. Downgrade to SELL on high downside risk. MALAYSIA Update My EG Services (MYEG MK/BUY/RM1.57/Target: RM1.66): Long-term prospects remain intact while pending various watershed events to materialise in near term. Serba Dinamik Holdings (SDH MK/BUY/RM4.16/Target: RM5.20): Upgrade...
We expect DBS to report net profit of S$1,452m for 2Q19, up 9% yoy but down 12% qoq (1Q19 boosted by S$100m write-back in general provisions). We expect NIM to expand 2bp qoq due to higher mortgage rates. Wealth management fees were affected by poor market sentiment. Asset quality is stable and specific provisions remain within guidance of 20-25bp. Maintain BUY. Target price: S$30.50.
KEY HIGHLIGHTS CHINA Sector Education Online K12 AST regulations have minimal impact on leading K12 AST players. Small/Mid Cap Highlights China Display Optoelectronics Technology (334 HK/HOLD/HK$0.57/Target: HK$0.65) Margin squeeze concern; processing agreement with parent company. TRADERS’ CORNER CNBM (3323 HK): Trading Buy Range Minth Group (425 HK): Trading Buy Range
The long anticipated online K12 regulations have finally been announced, and remove some of the regulatory overhang on the K12 AST segment. We view the regulations as mildly negative as rules on teaching hours and prepaid fee collection are slightly more stringent than offline K12 AST. Similar to management guidance, we think both leading K12 AST players will be able to meet regulatory requirements and expect strong results to be announced next week. Excluding the post-K12 segment in the education sector, we prefer EDU over TAL. Maintain OVERWEIGHT.
CHINA Sector Automobile: Retail sales growth turns positive in June on destocking of National V cars. Update Alibaba Group (BABA US/BUY/US$174.67/Target: US$206.00): New retail pioneer Hema making stronger contribution. INDONESIA Update Charoen Pokphand Indonesia (CPIN IJ/HOLD/Rp5,050/Target: Rp5,030): Declining raw material cost could help feed segment but DOC and broilers at risk. MALAYSIA Sector Telecommunications: We explore upside to our fair value assuming a successful due diligence exercise for Axiata and Telenor Asia. Our top pick is Axiata. Update Syarikat Takaful (STMB MK/HOLD/RM7...
KEY HIGHLIGHTS Strategy Alpha Picks: Meaningful Changes To Our Portfolio: Our portfolio rises 6.8% mom in June, outperforming the FSSTI. We add CDL Hospitality Trust as a long idea, and Venture and SATS as short ideas. TRADERS’ CORNER Singapore Post (SPOST SP): Trading BUY Venture Corp (VMS SP): Trading SELL
CHINA Economics The Big Picture: Benchmark rate cut unlikely; shadow banking revival may be the lesser of evils. Strategy 2H19 – The Long Road Ahead: Headwinds from trade frictions and efforts at China’s containment will remain; we prefer BUYing domestic exposure. Sector Dairy: Twin positives from raw material deflation and product mix upgrade. Results Bosideng International Holdings (3998 HK/BUY/HK$2.12/Target: HK$2.61): FY19: Upbeat results; reaping the fruits of brand upgrade success. MALAYSIA Results Gamuda Bhd (GAM MK/HOLD/RM3.72/Target: RM3.62): 9MFY19: Above expectations, underpinned by...
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