SGX
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DBS
Latest changes: DBS Equity Picks
DBS Equity Picks have consistently outperformed market benchmarks since inception.
NEW ADDITION(S)
Add Venture to Dividend category (Singapore)
Regional Plantation
Palm oil is lagging gasoil price
Recent rally on gasoil price to >US$100 per bbl should bode well for palm oil
Meanwhile, soybean oil price is still trading at > US$500 per MT premium to crude palm oil (CPO)
Drought season will keep supply in check while demand set to recover on CPO restocking trend
What are our top picks?
Click here to read our views
Singapore Property Sector
Tengah EC prices to hit new benchmark
Keen competition for Tengah executive condominium site saw Hoi Hup Sunway coming out tops with a S$348.5m bid
Bid price translates to a land rate of S$703 psf ppr, marking a new high for executive condominium land prices
Potential break-even at around S$1,350 psf; launch prices could touch S$1,500 psf
How much higher can prices go?
Click here to read our views
China Banking Sector
Aug Total Social Financing slightly above expectation
By the end of Aug 2023, outstanding Total Social Financing (TSF) balance increased by 9% y-o-y to Rmb 368.6tr
New TSF increment in Aug 2023 was reported as Rmb 3.12tr, above consensus expectation of c.Rmb 2.52tr
Outstanding balance of Rmb loan to real economy by the end of Aug 2023 was Rmb 230.2tr, representing 10.9% y-o-y growth. The growth is 0.1ppt lower vs that in Jul
New increment of Rmb loan to real economy in Aug was Rmb 1.36tr, slightly above consensus expectation of c.Rmb 1.19tr
What remains as a key challenge for China banks?
Click here to read our views
Venture Corporation (VMS SP)
Depressed valuation offers favourable entry point
Industry leaders in Venture’s technology domain expect a better 2024, which will benefit Venture’s earnings outlook
Not immune to macro-economic headwinds in the near term; longer term growth strategies in place
Trading at trough valuation despite solid financials; potential upside for higher distribution per share (DPS) given high cash level
Does Venture’s upside risk outweigh the downside?
Click here to read our views
CapitaLand India (CLINT SP)
Nvidia gives a nod to India’s growing IT services ecosystem
Latest development for Nvidia to supply and build IT-/AI-related infrastructure for conglomerates Tata Group and Reliance attests to the strength and potential of India’s IT services ecosystem, which bodes well for CLINT’s IT-centric portfolio
Recent share price actions suggest investors’ focus on the strong fundamentals that CLINT offers
What are our thoughts on CLINT’s DPU CAGR of 7%?
Click here to read our views
DBS Group Research | Equity Picks
Singapore Equity Picks: Read more
Hong Kong Equity Picks: Read more
UOB
UOBKH: Retail Market Monitor: Tuesday, September 12, 2023
Click on the link for details.
UOBKH: Country Dailies: Tuesday, September 12, 2023
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.
UOBKH: Regional Morning Meeting Notes: Tuesday, September 12, 2023
Click on the link for details.
KGI
Technical Analysis: 12 September 2023
🇸🇬 SG
Sheng Siong (SSG SP)
Frasers Property Ltd. (FPL SP)
🇭🇰 HK
Innovent Biologics Inc (1801 HK)
MMG Ltd (1208 HK)
Read More: https://www.kgieworld.sg/research/sep12ta23
Top Stories, 12 Sep 2023
1. Asia markets rise across the board as Wall Street sees tech rally
2. HKEX’s Hang Seng TECH Index Futures and Options are the first exchange-traded derivatives contracts to track the Index, providing investors with a new tool to manage risks in their exposures to Hong Kong-listed technology companies
Find out more: https://www.kgieworld.sg/futures/hkex-hang-seng-tech-index
3. Oil prices settle mostly flat ahead of monthly oil forecasts
4. China’s economic headwinds could hit region, US treasury deputy says
5. Gold prices rise as dollar retreats, copper rallies on China hopes
6. US Treasury's Adeyemo: There had been no significant credit pullback
Market Insights
Directors Building Stakes in XMH, Green Build Tech, Union Steel, Huationg Global Institutions were net buyers of Singapore stocks over the four trading sessions through to September 7, with S$6.3 million of net institutional inflow, while 26 primary-listed companies conducted buybacks with a total consideration of S$37.8 million. The four trading sessions saw more than 50 changes to director interests and substantial shareholdings filed for close to 20 primary-listed stocks. This included seven company director acquisitions with two disposals filed, while substantial shareholders filed three acquisitions and three disposals. Click here to read more.
REIT Watch - Retail and Institutions net bought Industrial and Retail S-REITs in August Retail investors were net buyers of S-REITs in August, with net fund flows exceeding S$187 million, while institutional investors net sold the sector at S$94 million. The top net buy sectors by retail investors were Diversified REITs, Hospitality REITs, and Industrial REITs, while Industrial REITs and Retail REITs were the only two net buy sectors for institutional investors. Across the 40 actively traded S-REITs, CapitaLand Ascendas REIT, ESR-LOGOS REIT and Mapletree Logistics Trust were the three S-REITs that saw inflows from both retail and institutional investors. Click here to read more.
5 in 5 with Trendlines - Refining narratives for investors The Trendlines Group invests in innovations in agrifood and healthcare, leveraging the Group's experience, partnerships network, and resources to go from seed to market. Trendlines integrates ESG considerations into its investment life cycle, using a 3-step process: 1) Identify the macro ESG issues within sectors in its mandate; 2) Evaluate how portfolio companies are impacted by ESG risks and opportunities; 3) Review governance policies & processes. Click here to read more.
kopi-C with Japfa’s CEO: “To succeed, we cannot be complacent” This week, we spoke with Tan Yong Nang, CEO and Executive Director of leading vertically integrated agri-food company, Japfa. Read on to find out how Mr Tan nurture people in his team in identifying potential areas of growth and grew regionally with a strong base in Indonesia, and diversified into other proteins, to give Japfa more pillars of growth. Click here to read more.
CIMB
Bullish break out of accumulative range
HKG
Bullish rebound in place
Bullish trend in early phase
MAL
New 52-week high
Gaining momentum
Lim&Tan
MayBank
GBL: FX WEEKLY MY: TRADERS’ ALMANAC MY: MALAYSIA MONTHLY GDP ESTIMATE, JULY 2023 MY: MALAYSIA LABOUR STATISTICS, JULY 2023
Metro Pacific Investments (MPI PM)
Evergreen Max Cash Capital (EMCC MK) PLDT Inc. (TEL PM)
Charoen Pokphand Foods (CPF TB)
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