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DBS Equity Picks have consistently outperformed market benchmarks since inception.
NEW ADDITION(S)
Add SIA Engineering to Growth category (Singapore)
Global Aviation
P&W GTF engine woes deepen; narrowbody aircraft shortage to become even more dire as 350 aircraft will be grounded per year from 2024-2026
Revisions to P&W’s fleet management plan for the GTF PW1100 engines will now impact 3,000 engines, up from 1,200 in its previous estimate in July
An average of 350 aircraft will be grounded per year from 2024-2026, with a peak of 600-650 aircraft on ground in 1H2024
Aircraft shortages likely to turn more acute in the near-term, suggesting that airlines may have to moderate capacity plans
Which counters will be the most impacted and the biggest beneficiary?
Click here to read our views
Singapore Property Sector
Cautious turnout at latest government land sales
Developers remain cautious when bidding on latest government land sales even as supply picks up
Champions Way site in Woodlands saw CDL pipping 5 others for the top spot at S$904psf ppr, new launch in the range of S$1,850psf
Lentor turning out to be “Guoco-Town” as Hong Leong-Guocoland tie-up takes a stronghold within the area
What are our thoughts on prices in the medium term?
Click here to read our views
BAIC Motor Corp (1958 HK)
Enhancing EV portfolio crucial to boost sales
Beijing Benz’s advanced EV platform should accelerate rollout of new EV models; volume shipment for 7M23 rose 7% y-o-y
Beijing Brand’s new product offering strategy lifted 7M23 volume shipment by c.90% y-o-y, but remains loss-making
Cut FY23F earnings by 10% on near-term margin pressure from Beijing Benz
Do we expect the luxury car market to stay competitive?
Click here to read our views
DBS Group Research | Equity Picks
Singapore Equity Picks: Read more
Hong Kong Equity Picks: Read more
UOB
REG: Monthly Technical Regional Indices Watch
Click on the link for details.
UOBKH: Retail Market Monitor: Wednesday, September 13, 2023
Click on the link for details.
UOBKH: Country Dailies: Wednesday, September 13, 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.
KGI
TRADING IDEAS: 🇸🇬 SINGAPORE
13 September 2023
🏙 Yangzijiang Shipbuilding (YZJSGD SP): Double bonanzas-record order book and weak RMB
BUY Entry 1.67 – Target 1.80– Stop Loss – 1.61
🏢 ThaiBev (THBEV SP): Expecting a tourism boost in Thailand during China’s upcoming golden week
RE-ITERATE BUY Entry 0.58 – Target – 0.62 Stop Loss – 0.56
➡️ Read More: https://www.kgieworld.sg/research/sep13sg23
Technical Analysis: 13 September 2023
🇸🇬 SG
Sheng Siong (SSG SP)
Frasers Property Ltd. (FPL SP)
🇭🇰 HK
BYD Co Ltd (1211 HK)
Fuyao Glass Industry Group Co Ltd (3606 HK)
Read More: https://www.kgieworld.sg/research/sep13ta23
Top Stories, 13 Sep 2023
1. Stock futures are little changed as Wall Street awaits key consumer inflation data: Live updates
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 jumps 2% to near 10-month high as OPEC predicts tight supplies
4. China property jumps to top credit risk in Bank of America global survey
5. Gold prices close down ahead of U.S. inflation data
6. AUD/USD consolidates in a narrow range around 0.6430 ahead of US CPI data
CIMB
Trendspotter of the day (SIN/HKG/MAL): 13th September 2023
Please refer to below for the technical charts of the day.
SIN
Weakened resistance pave a possible break above
HKG
Bullish reversal at the bottom
MAL
Triangle breakout
Eyes on a breakout
ASEAN: CGS-CIMB ASEAN Daily - 13 September 2023
Equity Research Reports....
▍IDEA OF THE DAY (IOD)...
THB: Oil & Gas Refinery (UNDERWEIGHT) - Diesel-led GRM recovery in 2H23F (12/9)
Gross refining margins (GRMs) in 3Q23F likely to beat our estimates on tighter-than-expected supply caused by unplanned outages globally. Impact from the return of China export could be mitigated by lower cargoes from Russia and India. Higher crude oil cost is the key sector risk, in our view.
▌ TARGET PRICE CHANGES
THB: WHA Corporation (ADD, tp:THB5.82▲) (HC)(ESG) - Well-positioned for FDI recovery (12/9)
▌ SECTOR & COMPANY NOTES
MAL: Constrn & Material - Overall (OVERWEIGHT) - Key takeaways from MyHSR luncheon (12/9)
SIN: Aztech Global Ltd (ADD, tp:SGD1.11) - New products launched (12/9)
▌ RECENT 'IDEAs OF THE DAY'...
THB: Hospitals (OVERWEIGHT) - A race for medical tourism in Thailand (8/9)
THB: Travel & Leisure - Overall (OVERWEIGHT) - Visa requirement may be lifted for Chinese (5/9)
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)
(HC) - High Conviction; (ESG) - ESG picks
APAC: ASIA Pacific Daily - 13 September 2023
Equity Research Reports....
▍IDEA OF THE DAY (IOD)...
THB: Oil & Gas Refinery (UNDERWEIGHT) - Diesel-led GRM recovery in 2H23F (12/9)
Gross refining margins (GRMs) in 3Q23F likely to beat our estimates on tighter-than-expected supply caused by unplanned outages globally. Impact from the return of China export could be mitigated by lower cargoes from Russia and India. Higher crude oil cost is the key sector risk, in our view.
▌ TARGET PRICE CHANGES...
CHN: Marubi Biotechnology (ADD, tp:CNY43.40▼) - Rapid online growth on livestream platforms (12/9)
THB: WHA Corporation (ADD, tp:THB5.82▲) (HC)(ESG) - Well-positioned for FDI recovery (12/9)
▌ SECTOR & COMPANY NOTES...
CHN: Songcheng Performance (ADD, tp:CNY20.00) - Accelerating recovery in theme parks in 2H23F (12/9)
CHN: Autos (OVERWEIGHT) - SEA investors keeping tabs on BYD strength (12/9)
KR: Netmarble (REDUCE, tp:KRW40,000.00) - Deepening worries on bottomline (12/9)
MAL: Constrn & Material - Overall (OVERWEIGHT) - Key takeaways from MyHSR luncheon (12/9)
SIN: Aztech Global Ltd (ADD, tp:SGD1.11) - New products launched (12/9)
▌ RECENT 'IDEAs OF THE DAY'...
THB: Hospitals (OVERWEIGHT) - A race for medical tourism in Thailand (8/9)
THB: Travel & Leisure - Overall (OVERWEIGHT) - Visa requirement may be lifted for Chinese (5/9)
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)
Lim&Tan
MayBank
MY: TRADERS’ ALMANAC MY: GOVERNMENT BOND AUCTION HK: DIM SUM DAILY
Bank Negara Indonesia (BBNI IJ)
Advanced Info Service (ADVANC TB)
Century Pacific Food Inc (CNPF PM) Mitra Adiperkasa (MAPI IJ) Bermaz Auto Berhad (BAUTO MK) Sunway (SWB MK) UEM Sunrise (UEMS MK) Kasikornbank (KBANK TB)
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