UK economy grew 0.2% m-o-m in August, in line with expectations
September CPI increased 0.4% in the month and 3.7% from a year ago, above estimates of 0.3% and 3.6% respectively
US 10-year treasury jumped 11 bps higher to 4.70% on fresh inflation data

Frasers Property Ltd (FPL SP)

Profit Warning with FY23F profits impacted by fair value losses

Reported a profit warning that fair value losses stemming from selected properties in UK, Europe in FY23F
A bummer to near-term share price; but DBS estimates are more conservative with no significant drop in dividends expected
Financial metrics remain comfortable even up to a 30% decline in value for c.40% of its Australia and European properties
What are our views for asset valuations for Fraser Group REITs?
Click here to read our views

Anta Sports (2020 HK)

3Q23 data on track with sequential improvement m-o-m

Anta 3Q23 retail sales by brand for Anta/ Fila/ All other brands recorded growth of high-single digit/ low-teens/ 45-50% y-o-y respectively, on-track with expectations
Retail discount recorded an improvement on a y-o-y basis, with slight increase on a q-o-q basis
Are offline sales and online sales growth tracking in line with our estimates?
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: Friday, October 13, 2023

Click on the link for details.

https://research.uobkayhian.com/content_download.jsp?id=75563&h=ae0918118b489c3ee3d1e44a1e0d8798

UOBKH: Regional Morning Meeting Notes: Friday, October 13, 2023 [GC Automobile, 2020 HK, 6078 HK, 1024 HK, 1833 HK, MIKA IJ, MAL Technology, T MK, ISO SP]

Click on the link for details.

https://research.uobkayhian.com/content_download.jsp?id=75562&h=654994917d3301946da8540d7d560004

UOBKH: Country Dailies: Friday, October 13, 2023

Click on the link for Greater China Daily.

https://research.uobkayhian.com/content_download.jsp?id=75569&h=15f7da5ab1a779d3e328cf8211a55fab

Click on the link for Indonesia Daily.

https://research.uobkayhian.com/content_download.jsp?id=75571&h=70a5521de63b170c394b0397e7fe25a8

Click on the link for Malaysia Daily.

https://research.uobkayhian.com/content_download.jsp?id=75585&h=688a2082bc726c52d8c6bf3f88df6a42

Click on the link for Singapore Daily.

https://research.uobkayhian.com/content_download.jsp?id=75564&h=9e6550c5143b3a5291b16e1e65ce80e2

Thailand: Closed

KGI

Top Stories, 13 Oct 2023

1. South Korea stocks close at two-week highs as Samsung rallies: Asia markets largely higher

https://www.kgieworld.sg/research/o2k5

2. Micro Ether Futures now live on CME Group. Enjoy the same features of CME's larger Ether futures (ETH) at a fraction of the size and with lower margins, enabling traders of all sizes to manage ether price risk and add diversification.

Find out more: https://www.kgieworld.sg/futures/cme-micro-ether-futures

3. US stocks slip after sticky inflation report

https://www.kgieworld.sg/research/78az

4. Marketmind: After US, inflation focus turns to China

https://www.kgieworld.sg/research/3ph5

5. Oil reverses gains after US posts large crude build

https://www.kgieworld.sg/research/hqpg

6. USD/JPY climbing back towards 150.00 after US CPI inflation beat kicks off a round of risk aversion

https://www.kgieworld.sg/research/wb2t

TRADING IDEAS: 🇸🇬 SINGAPORE

13 October 2023

🏙 Oversea-Chinese Banking Corp Ltd (OCBC SP): Keeping wealth under lock and key

BUY Entry 12.85 – Target – 13.40 Stop Loss – 12.58

🏢 Singapore Airlines Ltd. (SIA SP): Expecting a seasonal rebound

BUY Entry 6.50 – Target – 6.90 Stop Loss – 6.30

Technical Analysis: 13 October 2023

🇸🇬 SG

Aztech Global Ltd. (AZTECH SP)

ST Engineering Ltd. (STE SP)

🇭🇰 HK

Ganfeng Lithium Group Co. Ltd. (1772 HK)

Tianqi Lithium Corp. (9696 HK)

CIMB

ASEAN: CGS-CIMB ASEAN Daily - 13 October 2023

Equity Research Reports....

▌ SECTOR & COMPANY NOTES

MAL: IJM Corp Bhd (ADD, tp:MYR2.15) - May beat order win forecast with RTS win (12/10)

THB: CP All (ADD, tp:THB76.50) (HC)(ESG) - Performance remained strong (12/10)

▌ RECENT 'IDEAs OF THE DAY'...

THB: Hana Microelectronics (ADD▲, tp:THB80.00▲) (ESG) - Multiple tailwinds to drive OP growth (10/10)

MAL: Strategy Note - One step at a time (4/10)

MAL: Economic Focus - Budget 2024 Preview: Tightening purses (2/10)

SIN: Singapore Post Ltd (ADD▲, tp:SGD0.60▲) - What’s next? (18/9)

THB: Retail (OVERWEIGHT) (ESG) - Stronger after the storm (15/9)

APAC: ASIA Pacific Daily - 13 October 2023

Equity Research Reports....

▌ SECTOR & COMPANY NOTES...

HKG: Anta Sports (ADD, tp:HKD134.00) - Anta brand sales slightly below expectation in 3Q23 (12/10)

HKG: China Overseas Property Holdings (ADD, tp:HKD14.50) (HC) - Share price correction overdone (13/10)

HKG: Sunny Optical Technology (ADD, tp:HKD88.00) (ESG) - 2H23F shipments recovery on track (12/10)

KR: CJ Freshway Corp (ADD, tp:KRW33,000.00) - Solid growth despite headwinds (12/10)

KR: KT&G (ADD, tp:KRW95,000.00) - New shareholder return policy expected (12/10)

MAL: IJM Corp Bhd (ADD, tp:MYR2.15) - May beat order win forecast with RTS win (12/10)

THB: CP All (ADD, tp:THB76.50) (HC)(ESG) - Performance remained strong (12/10)

▌ RECENT 'IDEAs OF THE DAY'...

THB: Hana Microelectronics (ADD▲, tp:THB80.00▲) (ESG) - Multiple tailwinds to drive OP growth (10/10)

MAL: Strategy Note - One step at a time (4/10)

MAL: Economic Focus - Budget 2024 Preview: Tightening purses (2/10)

HKG: Property - Overall - Time to lift some of the “harsh measures” (27/9)

CHN: Navigator-Strategy - Ride out of the bottom (25/9)

CGS-CIMB SG/MY Preview - FPL; IJM

SINGAPORE

DOW -174pts (-0.5%) NDQ -85pts (-0.6%) SPX -27pts (-0.6%) WTI (-0.7%) GOLD (+0.1%)

US stks edged lower on the back of hotter-than-expected CPI data (3.7% vs 3.6% est), causing sentiment to take a hit. 9/11 S&P sectors recorded losses with Utilities and Real Estate leading, while Energy and Tech stood on the opposite end. US 10Y rose 14bps to 4.70%. FSSTI poised for a positive opening with CPI coming in higher-than-expected.

OTHER NEWS

* SG CPI 3Q GDP grew higher than expected (+0.7% y/y vs 0.4% est), (+1.0% q/q vs 0.6% est). MAS to maintain slope, width and center of currency band, and expects 2023 Core inflation at around 4%.

* Keppel Corp (KEP SP) Keppel Education Asset Fund acquires two education assets in Sydney for A$198M (c.S$175M).

* Frasers Property (FPL SP) expects to report significant decrease in profit for FY2023. Results to be released aft mkt on 10 Nov 23.

* Capland China Tr (CLCT SP) subsidiary ,CLCT MTN Pte Ltd, to issue CNY600M bonds due 2026 with 3.80% coupon.

* Fortress Mineral (FMIL SP) 2QFY24 revenue +11.6%, NPAT -5.8%, EBIDTA margins at 48%. Upsurge in steel demand anticipated in China for coming years.

* Kingsmen Creative (KMEN SP) subsidiary to sell a freehold ppty in Malaysia for RM$13M.

MALAYSIA

The Bursa Malaysia market continued its positive trend in line with most Asian stock markets, notably Hong Kong's HSI, which gained 1.93%. The KLCI rose by 0.51% to close at 1,443.82, with the majority of sectors posting gains, except for plantation and energy. Trading volume increased to 3.38bn shares, but trading value slightly decreased to RM2.03bn. Market breadth remained positive for the third consecutive day, with 587 gainers outnumbering 341 decliners. The benchmark index broke above both the 50-day and 200-day Exponential Moving Averages with a strong upward candle, suggesting that the 1,450 resistance level could be the next target for the bullish momentum. OIL Oil fell after US crude stockpiles increased, providing a buffer against heightened geopolitical risks in Israel and Gaza. WTI: 82.91 (-0.69%) Brent: 86.00 (0.21%) PLANTATIONS Palm oil jumped from the lowest level in four months on expectations that demand for Malaysian shipments will improve in October. 3rd MONTH FCPO: 3,638.00 (2.45%) CGS-CIMB HIGHLIGHTS *IJM Corp Bhd (IJM MK) - May beat order win forecast with RTS win (Maintain ADD;TP of RM2.15) https://bit.ly/3FgPQFc CORPORATE NEWS *IJM Corp Bhd (IJM MK) announced has accepted a RM1.1bn contract from Malaysia Rapid Transit System Sdn Bhd for the construction of an immigration, customs and quarantine complex (ICQC) for the Johor Bahru–Singapore Rapid. *Sime Darby Bhd (SIME MK) to collaborate with Gentari Sdn Bhd, Petroliam Nasional Bhd's clean energy subsidiary, to explore opportunities in building electric vehicle (EV) charging infrastructure and various other initiatives. *Wasco Bhd (WSC MK) indirect wholly-owned subsidiary, Wasco AgroTech Sdn Bhd, has disposed of a piece of freehold land in Klang, Selangor for RM40mil. *SAM Engineering & Equipment Bhd (SEQB MK) plans to inject another RM200mil into its equipment business in Thailand in FY2024 and the following year. *Capital A Bhd (CAPITALA MK) is seeking a RM1.8bn loan, half of it from private credit funds, to refinance debt, according to people familiar with the matter. *KNM Group Bhd (KNM MK) sued Flavio Porro and Terence Tan Koon Ping, after KNM called off the disposal of Borsig to Vorsprung Industries GMBH for €220.8m (RM1.107bn) in December 2022. *SSF Home Group Bhd (SSF MK) ended its maiden trading day at 26.5 sen on Thursday, up 1.5 sen or 6% from its IPO price of 25 sen, making its market debut one of the most lacklustre IPOs this year.