5G is expected to usher greater levels of device interconnectivity and chips are increasingly complex and mission-critical. To test chips efficiently and ...

Although risks in Singapore’s taxi space continue to pile revenue and margin pressure on CDG, we believe our below-consensus -5% taxi-EBIT CAGR for FY18-21E ...

Singapore’s Apr 2019 retail sales were down 1.8% YoY while Supermarket sales fell by 1.1%. Food & beverage sales bucked the trend, up 3.0% YoY. We believe ...

The key takeaway from SATS’ recently held Capital Markets Day was the guidance of spending to rise to c2.5x the level witnessed in recent years. While positive ...

We attended the Singtel Investor Day and came away with a general sense that competition in most of its markets is in a period of calm but the road to repair is ...

We upgrade VMS to BUY from HOLD on a price basis with unchanged earnings estimates and TP. The shares have fallen 18% since late-Apr amid a broad sector ...

We upgrade HIP to HOLD from SELL as the negatives are now priced in based on our unchanged TP after the 22% share price decline since late-Apr. However, the ...

VALUE’s share price has fallen 10 % since late-Apr, in part due to the US-China trade war. We estimate current share price is imputing FY19-22E earnings CAGR of ...

We believe the broader market sell-off due to macro/trade concerns has overshadowed positive developments, such as AEM’s recent upward revision of FY19E revenue ...

With FY19 reported profit propped by an unexpected SGD4m gain, core profit at SGD18m (-19% YoY) was 84% of MKE/consensus estimates. With a 16%-23% cut in our ...

4QFY19 core PATMI of HKD45.8m (-2.5% YoY) was ahead of our and consensus expectations, as we had overestimated the FY19 impact of reduced smart-lighting ...

Our visits to MUST’s properties in Atlanta and New Jersey and meetings with property brokers reaffirm our positive view on its DPU growth profile. We see ...

A strong rebound in Indonesia broiler prices in April should allay market concern of weak ASPs in the prior two months. Separately, management indicated Vietnam ...

North Asia delivers a third of DBS’ income. The intensifying US-China trade war is creating risks. Nevertheless, it has manged to deliver N Asia ROAs ...

FCT’s Waterway Point (33.3% interest) deal should strengthen its DPU growth profile, diversify AUM into another strong suburban mall asset while adding 12.0% to ...

The structural changes DBS underwent post GFC are starting to pay dividends. Its shift to sustainable, more visible earnings sources rather than depending on ...

1Q19 earnings were strong, but driven by line items where external market forces contribute a large share; Structural contributors were weaker. Overall, this ...

NIMs disappointed, again. This was primarily driven off pre-funding efforts by Management as a means to mitigate rising interest rates. With the US Fed ...

ComfortDelGro?s (CDG) 1Q19 net profit of SGD70m (-7% YoY; +8% QoQ) was in line with our/market expectations. The quarter benefitted from the further ramp-up in ...

1Q19 results fell short of our/market expectations mainly on low prices and output. With 2-3 months of inventory at hand, earnings could still play catch up ...