SGX Research
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Phillip Capital Market Reports:
Today's Morning Note
https://mailchi.mp/phillip/phillip-morning-note-256003?e=[UNIQID]
US Market
OCBC
DBS
Latest changes: DBS Equity Picks
DBS Equity Picks have consistently outperformed market benchmarks since inception.
NEW REMOVAL(S)
Remove LendLease Global REIT from Dividend category (Singapore)
China/Hong Kong Market Focus
Internet shines amid soft results season
China/HK stocks’ 2Q23 earnings a mixed bag
Upbeat management outlook seen in internet, auto, while the tone was cautious in utilities
Faster policy rollout needed for improvement in macroeconomy and corporate earnings
What are our preferred sectors in this soft market?
Click here to read our views
Digital Core REIT (DCREIT SP)
Leadership changes from within the family
Several changes within the Board of DCREIT as Mr Jeff Tapley takes on an expanded role within Digital Realty
Mr Dan Tith will relinquish his role as CFO of DCREIT as he returns to the US to lead Global Finance for Digital Realty; but will still be working closely with the REIT on its capital-raising and investment initiatives
Mr Dave Craft who is a seasoned finance leader and investment specialist at Digital Realty will assume the role as CFO of DCREIT from 1 October 2023
Is the leadership change a positive?
Click here to read our views
KE Holdings Inc (2423 HK)
Best of both worlds
Key beneficiary of upcoming policy supports with its solid footing in both the primary and existing home businesses
Slightly conservative 3Q23 revenue guidance should be more than offset by a brighter transaction outlook in 4Q23
What are the upcoming catalysts for this company?
Click here to read our views
Tianqi Lithium Corp (9696 HK)
Joining forces with industry leaders
2Q23 revenue up 47.6% y-o-y to RMB13,339m on stronger sales volume; lithium product margins outperforming peers
Lower associate income from SQM and higher minority interest led to a 77.5% drop in earnings to RMB1,572m, at the low-end of expectations
Why we believe the company is a good buy despite sharp correction in lithium prices?
Click here to read our views
DBS Group Research | Equity Picks
Singapore Equity Picks: Read more
Hong Kong Equity Picks: Read more
UOB
Strategy: Alpha Picks – September 2023
Click on the link for details.
SP: Monthly Review and Outlook
Click on the link for details.
UOBKH: Retail Market Monitor: Tuesday, September 05, 2023
Click on the link for details.
Click on the link for Greater China Daily.
Click on the link for Indonesia Daily.
Click on the link for Malaysia Daily.
Click on the link for Singapore Daily.
Click on the link for Thailand Daily.
KGI
Technical Analysis: 5 September 2023
🇸🇬 SG
ISDN Holdings Ltd. (ISDN SP)
City Development Ltd. (CIT SP)
🇭🇰 HK
Jiangxi Copper Co Ltd (358 HK)
China Petroleum & Chemical Corp (386 HK)
Read More: https://www.kgieworld.sg/research/sep05ta23
CIMB
Please refer to below for the technical charts of the day.
SIN
Bearish exhaustion, mean reversion to the upside?
Bullish upside in a possible early stage
HKG
Early signs of bullish rebound
Bullish rebound in sight
MAL
Breakout to 52-week high
Triangle breakout?
Equity Research Reports....
▌ RECOMMENDATION CHANGES & INITIATIONS...
THB: Charoen Pokphand Foods (ADD▲, tp:THB23.40▲) (ESG) - Reaching a turning point (4/9)
THB: Thai Oil (HOLD▼, tp:THB52.50) - First take on the oil spill at Sriracha refinery (4/9)
▌ TARGET PRICE CHANGES...
CHN: Anhui Gujing Distillery (ADD, tp:CNY381.00▲) - Good sales momentum continuing in 2H23F (4/9)
CHN: China Vanke-A (ADD, tp:CNY15.80▼) - Financial health is the most important (4/9)
CHN: Jonjee Hi-Tech Industrial (ADD, tp:CNY41.80▼) - Condiment sales continuing to recover in 2H23F (4/9)
HKG: China Vanke-H (ADD, tp:HKD12.40▼) - Financial health is the most important (4/9)
HKG: Jinke Smart Services (HOLD, tp:HKD10.30▼) - Impairments make EPS recovery uncertain (4/9)
HKG: Yihai (ADD, tp:HKD29.70▲) - Third-party sales growth to accelerate in 2H23F (4/9)
▌ STRATEGY & ECONOMIC NOTES...
MAL: Economic Focus - Upping the long-term industrial prospects (4/9)
▌ SECTOR & COMPANY NOTES...
CHN: Haier Smart Home (ADD, tp:CNY32.00) - Margin improvement expected to accelerate in 2H23F (4/9)
CHN: ICBC-A (REDUCE, tp:CNY3.80) - Pressure from declining demand deposit mix (4/9)
CHN: Property - Overall (OVERWEIGHT) - Strong sales response post policies (4/9)
HKG: ICBC (ADD, tp:HKD3.90) - Pressure from declining demand deposit mix (4/9)
HKG: PICC Property & Casualty (ADD, tp:HKD10.20) - In-line 1H23 results (4/9)
IND: Astra International (ADD, tp:IDR7,925.00) - Gauging concerns over China EV threat (4/9)
IND: Bank Tabungan Pensiunan Nasional Syariah (ADD, tp:IDR3,170.00) - Looking for COC inflection (4/9)
IND: Banks (OVERWEIGHT) - Clarity on government’s interest rate subsidy (4/9)
KR: Semiconductor (OVERWEIGHT) - Memory exports rose 23% qoq in Aug 2023 (4/9)
MAL: Banks (OVERWEIGHT) - Minimal NP impact from weaker loan growth (4/9)
SIN: Banks (NEUTRAL) - Sluggish growth but funding costs stabilising (4/9)
THB: Oil & Gas - Integrated (UNDERWEIGHT) - Quick cut in electricity price promised (4/9)
▌ RECENT 'IDEAs OF THE DAY'...
KR: Samsung Electronics (ADD, tp:KRW115,000.00▲) (HC) - Entering Nvidia’s AI GPU supply chain (1/9)
KR: Amorepacific Corp (ADD▲, tp:KRW160,000.00▲) - Strong travel retail recovery expected (22/8)
MAL: Semiconductor (UNDERWEIGHT) - Risk-reward not appealing (16/8)
IND: Astra International (ADD, tp:IDR7,925.00) - What the competitors are up to (14/8)
IND: Internet Services (OVERWEIGHT) - A new era of rivalry in the making? (4/8)
Lim&Tan
MayBank
HK: DIM SUM DAILY
MY: TRADERS’ ALMANAC
PHILIPPINES DMCI Holdings (DMC PM) by Fiorenzo de Jesus
THAILAND
Digital Telecommunications (DIF TB) by Wasu Mattanapotchanart
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