Select criteria to filter your search results
UOB
David Lee Gao Peng ...
  • Ivy Xu Da
  • Jonathan Koh
  • Julia Cheung Pui Man
  • K Ajith
  • Katrina Chen Chucan
  • Kong Ho Meng
  • Lee Yuk Kei
  • Loke Pei Hao
  • Philip Wong
  • Robin Yuen
  • Shaun Tan
  • Silvia Dwiputri
  • Zhifeng Shen

Regional Morning Notes - Thursday, October 17, 2019

GREATER CHINA Sector Property: 2019 policy address: Measures announced more beneficial than punitive to developers. Wind Power: Low wind resources in Sep 19; possible way to solve subsidy payment delay. Update Anta Sports (2020 HK/BUY/HK$75.65/Target: HK$81.00): 3Q19 operational data in line. Asian Gems Corporate Highlights BOC Aviation (2588 HK/HOLD/HK$73.20/Target: HK$73.50): Impressive ytd returns; ABS structure further reduces residual value risk. Huifu Payment (1806 HK/BUY/HK$2.85/Target: HK$4.44): Investing for a brighter future. INDONESIA Update Indocement TP (INTP IJ/HOLD/Rp19,875/Targ...

UOB
Jonathan Koh

Oversea-Chinese Banking Corporation (OCBC SP) - 3Q19 Results preview: Moderation in loan growth. Uptick in credit cost

We expect loan growth to moderate to 3.2% yoy and credit cost to rise to 22bp (due to higher general provisions) in 3Q19 in light of the clouded and uncertain outlook for Singapore and regional economies. We forecast net profit of S$1,132m for 3Q19, down 9.1% yoy and 7.5% qoq. Valuation is attractive at 1.0x 2019F P/B and dividend yield at 4.6%. Maintain BUY. Target price: S$14.45.

UOB
Jonathan Koh ...
  • Loke Pei Hao

Keppel REIT (KREIT SP) - 3Q19: Strong positive rental reversion

KREIT reported good results with maiden full-quarter contribution of s$3.5m from T Tower. Contributions from MBFC and ORQ also increased by 7.5% and 6.2% yoy respectively. KREIT achieved signing rents of S$12.35psf pm and retention rate is higher at 78% in 9M19. Management expressed confidence in maintaining positive double-digit rental reversion in 2020. KREIT trades at P/B of 0.92x. Maintain HOLD. Target price lowered to S$1.20. Entry price: S$1.10.

UOB
David Lee Gao Peng ...
  • Jonathan Koh
  • K Ajith
  • Loke Pei Hao

Singapore Daily - Thursday, October 17, 2019

KEY HIGHLIGHTS Results Keppel REIT (KREIT SP/HOLD/S$1.24/Target: S$1.20): 3Q19: Strong positive rental reversion. Update Oversea-Chinese Banking Corporation (OCBC SP/BUY/S$10.78/Target: S$14.45): 3Q19 results preview: Moderation in loan growth. Uptick in credit cost. Singapore Airlines (SIA SP/HOLD/S$9.06/Target: S$9.50): Broad-based improvement in load factors could lift 2QFY20 results. TRADERS’ CORNER CITIC Envirotech Ltd (CEL SP): Trading Buy Venture Corp Ltd (VMS SP): Trading Buy

UOB
Adrian Loh Tzum Yung ...
  • Arandi Ariantara
  • Jayson Kong
  • Jonathan Koh
  • Julia Cheung Pui Man
  • Katrina Chen Chucan
  • Keith Wee Teck Keong
  • Lee Yuk Kei
  • Loke Pei Hao
  • Peerawat Dentananan
  • Tham Mun Hon
  • Thananchai Jittanoon
  • Zhifeng Shen

Regional Morning Notes - Wednesday, October 16, 2019

GREATER CHINA Economics Inflation: Falling PPI inflation points to further earnings pressure. Money Supply: Signs of stabilisation; expect gradual improvement ahead. Asian Gems Corporate Highlights China Gas Holdings (384 HK/BUY/HK$31.90/Target: HK$36.39): Multiple engines to drive growth. Xiabuxiabu Catering Management (520 HK/BUY/HK$10.50/Target: HK$13.50): Recovery on track. INDONESIA Sector Construction: WIKA could book 67% yoy net income growth in 9M19; maintain MARKET WEIGHT. MALAYSIA Update Syarikat Takaful Malaysia Keluarga (STMB MK/HOLD/RM6.21/Target: RM6.50): We expect a mild qoq rec...

UOB
Adrian Loh Tzum Yung ...
  • Jonathan Koh
  • Loke Pei Hao

Singapore Daily - Wednesday, October 16, 2019

KEY HIGHLIGHTS Sector Property: A stellar September for new-home sales. Results Mapletree Commercial Trust (MCT SP/HOLD/S$2.35/Target: S$2.38): 2QFY20: VivoCity is crown jewel and bedrock. TRADERS’ CORNER Hi-P International Ltd (HIP SP): Trading Buy Japfa Ltd (JAP SP): Trading Buy

UOB
Jonathan Koh ...
  • Loke Pei Hao

Mapletree Commercial Trust (MCT SP) - 2QFY20: VivoCity is crown jewel and bedrock

MCT’s 2QFY20 results were in line with our expectations. Crown jewel VivoCity continued to perform with revenue growth of 5.1% yoy and positive rental reversion of 6.8%. NTUC FairPrice made a full-month contribution starting Aug 19, along with F&B tenants and Uniqlo that occupy 24,000sf of recovered anchor space. MCT is a prime beneficiary of the development of tourist attractions on Pulau Brani and the rejuvenation of Sentosa. Maintain HOLD. Target price: S$2.38. Entry: S$2.16.

UOB
Arandi Ariantara ...
  • Chong Lee Len
  • Ivy Xu Da
  • Jie Ying Chloe Tan
  • Jonathan Koh
  • Julia Cheung Pui Man
  • Kowit Pongwinyoo
  • Lee Yuk Kei
  • Loke Pei Hao
  • Robin Yuen

Regional Morning Notes - Thursday, October 10, 2019

GREATER CHINA Sector Sportswear: Concerns overblown on NBA incident. Initiate Coverage Pentamaster International (1665 HK/BUY/HK$1.99/Target: HK$2.95): Master of smart solutions. INDONESIA Update AKR Corporindo (AKRA IJ/BUY/Rp4,200/Target: Rp4,700): Core net income growth of 16% yoy expected in 2020, helped by Freeport’s full lease payment and low oil prices. MALAYSIA Update Axiata (AXIATA MK/HOLD/RM4.26/Target: RM4.50): Focus on near-term profitability while preserving war chest for the next investment cycle. Stock trades at undemanding valuation, -2SD below its 5-year average EV/EBITDA of...

UOB
Jonathan Koh

United Overseas Bank - Takeaways from Asian Gems Conference

UOB has lowered interest rates for fixed deposits (52% of total deposits) from 1.8% to 1.5% in 3Q19. While NIM could be resilient in Singapore, overall NIM could be dragged marginally lower due to lower policy interest rates in the region. UOB launched its mobile-only digital bank TMRW in Thailand in March. It targets 3m-5m digital customers in five markets over the next five years. The objective is to increase engagement with customers through more transactions, thereby creating a sticky relationship.

UOB
Jonathan Koh ...
  • Loke Pei Hao

Mapletree Industrial Trust - High growth from data centres at a reasonable price

MINT persists in its rapid repositioning towards high-tech buildings and data centres. The acquisition of 13 data centres in North America (3 turnkey hyper-scale data centres and 10 powered shell data centres) through a 50:50 JV with its sponsor adds nine established tenants with a long WALE of 9.1 years. Three of the tenants are in the top-10 list of US technology companies. We see value in MINT as an entry into high-growth data centres at a reasonable price. Maintain BUY. Target price: S$2.69.

UOB
Jonathan Koh ...
  • Loke Pei Hao

Singapore Daily - Thursday, October 10, 2019

KEY HIGHLIGHTS Update Mapletree Industrial Trust (MINT SP/BUY/S$2.50/Target: S$2.69): High growth from data centres at a reasonable price. Asian Gems Conference Highlights United Overseas Bank (UOB SP/NOT RATED/S$25.36): Takeaways from Asian Gems Conference. MONTHLY TECHNICAL – INDICES OUTLOOK FTSE Straits Times Index (STI IND): Moving within a triangle pattern

UOB
Jayson Kong ...
  • Jonathan Koh
  • Kader Farhan Bin Kader Ridzwan
  • Keith Wee Teck Keong
  • Kong Ho Meng
  • Loke Pei Hao
  • Silvia Dwiputri
  • Tham Mun Hon
  • Thananchai Jittanoon

Regional Morning Notes - Monday, September 30, 2019

GREATER CHINA Economics The Big Picture: Promising PPP project pipeline to facilitate FAI growth recovery. INDONESIA Update Sampoerna Agro (SGRO IJ/HOLD/Rp2,180/Target: Rp2,000): Better earnings only in 2020. MALAYSIA Results Gamuda (GAM MK/HOLD/RM3.56/Target: RM3.65): FY19: Results above expectations; awaiting government nod for toll takeover. Gamuda hopes to replenish orderbook from PTMP and projects in Australia. Sapura Energy (SAPE MK/HOLD/RM0.29/Target: RM0.27): 1HFY20: Losses greater than expected. We assume earnings turnaround being delayed to 2HFY21 on slow rig recovery, PLSV replenish...

UOB
Jonathan Koh ...
  • Loke Pei Hao

Mapletree Commercial Trust (MCT SP) - Strengthens foothold in the HarbourFront area; Downgrade to HOLD

MBC2 is a solid asset with grade-A quality business park space, blue chip tenants such as Google, and high occupancy rate of 99.4%. On a pro forma basis, the acquisition enhances FY19 DPU and NAV per unit by 4.0% and 2.2% respectively. The size of equity fund raising is slightly larger than anticipated at 500m new units and would reduce gearing from 33% to 31%. Share price has gained 41.8% ytd and could consolidate in the near term. Downgrade to HOLD. Target price: S$2.38. Entry price: S$2.16.

UOB
Jonathan Koh ...
  • Loke Pei Hao

Singapore Daily - Monday, September 30, 2019

KEY HIGHLIGHTS Update Mapletree Commercial Trust (MCT SP/HOLD/S$2.34/Target: S$2.38): Strengthens foothold in the HarbourFront area; downgrade to HOLD.

UOB
Chong Lee Len ...
  • Jacquelyn Yow Hui Li
  • Jie Ying Chloe Tan
  • Jonathan Koh
  • Leow Huey Chuen
  • Loke Pei Hao
  • Malaysia Research Team
  • Nick Liu Sunliang
  • Peerawat Dentananan
  • Robin Yuen
  • Shaun Tan

Regional Morning Notes - Friday, September 13, 2019

GREATER CHINA Sector Macau Gaming: 1H19 sector review and 2H19 outlook. Property: Limited impact from renminbi fluctuation. Results Sun Hun Kai Properties (16 HK/BUY/HK$116.90/Target: HK$148.00): FY19: Results in line; strong balance sheet and positioning allow company to capitalise on opportunities. INDONESIA Update Astra Agro Lestari (AALI IJ/BUY/Rp10,325/Target: Rp11,700): Expect 61.8% yoy net profit growth in 2020; upgrade to BUY. MALAYSIA Sector Telecommunications: 1H19 earnings affected by 4% yoy decline in service revenue. Telcos to continue focusing on customer acquisition and good...

UOB
Jonathan Koh ...
  • Loke Pei Hao

Mapletree Industrial Trust - High-tech transformation powered by data centres; Upgrade to BUY

MINT’s strategy to grow its high-tech buildings segment is transformational. It has expanded exposure to high-tech buildings to 43.3% of portfolio valuation, much larger than flatted factories’ at 33.1%. We view acquisitions to further increase exposure to data centres as a positive catalyst. MINT provides growth from data centres at a reasonable price. Its FY20F distribution yield of 5.5% is higher than 5.2% for AREIT and 4.5% for Keppel DC REIT. Upgrade to BUY. Target price: S$2.58.

UOB
Jonathan Koh ...
  • Loke Pei Hao

Singapore Daily - Friday, September 13, 2019

KEY HIGHLIGHTS Update Mapletree Industrial Trust (MINT SP/BUY/S$2.30/Target: S$2.58): High-tech transformation powered by data centres; Upgrade to BUY. TRADERS’ CORNER Jardine Cycle & Carriage (JCNC SP): Trading BUY Singapore Airlines (SIA SP): Trading BUY

UOB
Abdul Hadi Bin Abdul Manaf ...
  • Benyamin Mikael
  • Jacquelyn Yow Hui Li
  • Johnny Yum Chung Man
  • Jonathan Koh
  • Julia Pan Mengyao
  • Ken Lee
  • Leow Huey Chuen
  • Loke Pei Hao
  • Neo Chen Wentao
  • Oscar Jiang
  • Sandra Huang Jieqiong
  • Tham Mun Hon
  • Thunya Sutavepramochanon

Regional Morning Notes - Wednesday, September 11, 2019

GREATER CHINA Economics Inflation: Falling core inflation points to room for further stimulus in 2H19. Sector Automobile: PV sales deteriorated further in August. Results Ctrip.com International (CTRP US/HOLD/US$34.93/Target: US$36.00): 2Q19: In line; soft revenue outlook but higher margins expected for 2H19. Update China Oriental Group (581 HK/BUY/HK$3.05/Target: HK$3.60): Heading to the southern coastal area of China; Upgrade to BUY. INDONESIA Small/Mid Cap Highlights Blue Bird (BIRD IJ/NOT RATED/Rp2,680): Transitioning beyond just taxis. MALAYSIA Sector Building Materials: Earnings disapp...

UOB
Jonathan Koh ...
  • Loke Pei Hao

Ascendas REIT - Resiliency from business parks and high-specification buildings

AREIT is better able to weather the uncertainties created by escalation in trade conflict due to its focus on business parks and high-specification buildings, where rents were on a gradual uptrend (53% of portfolio valuation). It continues to create value through developing Grab’s new HQ at one-north and a high-specification building at 25 & 27 Ubi Road 4. AREIT provides a 2020F distribution yield of 5.2%. Maintain HOLD. Target price: S$3.25. Entry price: S$2.98.

UOB
Jonathan Koh ...
  • Loke Pei Hao

Singapore Daily - Wednesday, September 11, 2019

KEY HIGHLIGHTS Update Ascendas REIT (AREIT SP/HOLD/S$3.14/Target: S$3.25): Resiliency from business parks and high-specification buildings. TRADERS’ CORNER Keppel Corp (KEP SP): Trading Buy Yangzijiang Shipbuilding (YZJSGD SP): Trading Buy

Loading...
New interest

Save your current filters as a new Interest

Please enter a name for this interest

Email alerts

Would you like to receive real-time email alerts when a new report is published under this interest?

Save This Search

These search results will show up under 'Saved searches' in the left panel

Please enter a name for this saved search

ResearchPool Subscriptions

Get the most out of your insights

Get in touch