SG Banks: Credit Suisse examines the potential relaxation of property cooling measures in Singapore and how it would impact the banking industry.
Possible property price declines of 5-10% in 2016E arguably sets the stage for recalibration of stringent property measures in 2H16E. With home ownership rate of 90%, large corrections in property prices would not be tolerated. This is especially when residential property represents 46% of household assets.
Overall mortgage affordability remains manageable even if rates do increase. This is unlikely to have any significant effect such as distressed sales and price declines in the secondary market. After eight rounds of property cooling measures implanted by the government from 2009 the time is right to ease off these cooling measures as the policies have been successful in decreasing speculative activity in the market. The Monthly sub- sales now at 2-4% and foreign demand being curbed significantly as overall foreigner demand only at 4%.
The government has recently highlighted that property prices have increased at a faster rate compared to income and that gap must be closed. However from the long term perspective incomes have generally kept up with the property prices.
A potential relaxation of market cooling measures would bring about positive sentiment around
Overall, DBS remains the most mortgage resilient asset quality performance with a current share price of $16.90 and a TP of $22.00. While the house has a neutral rating on UOB with TP of $22.80. OCBC is rated at neutral with a TP of $9.90.
This transmission has been issued by a member of the UOB Kay Hian Group for the information of the addressee only and should not be reproduced and/or distributed to any other person. Each page attached hereto must be read in conjunction with any disclaimer which forms part of it. Unless otherwise stated, this transmission is neither an offer nor the solicitation of an offer to sell or purchase any investment. Its comments are based on information obtained from sources believed to be reliable but UOB Kay Hian Group makes no representations and accepts no responsibility or liability as to its completeness or accuracy.
30 November 2015
25 November 2015
SP: Money Talk: Jumbo Group (JUMBO SP): A Chilli-Hot Consumer Play
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SP: Weekly Support and Resistance Watch: Wednesday, November 25, 2015
Morning,
As mentioned previously, please note that this is for reference only. It is not 100%
This should serve as a guide in your decision making.
Click on the link for details.
https://research.uobkayhian.com/content_download.jsp?id=31441&h=6bf3f9188c022dc72696c329a4d47b8f
This transmission has been issued by a member of the UOB Kay Hian Group for the information of the addressee only and should not be reproduced and/or distributed to any other person. Each page attached hereto must be read in conjunction with any disclaimer which forms part of it. Unless otherwise stated, this transmission is neither an offer nor the solicitation of an offer to sell or purchase any investment. Its comments are based on information obtained from sources believed to be reliable but UOB Kay Hian Group makes no representations and accepts no responsibility or liability as to its completeness or accuracy.
As mentioned previously, please note that this is for reference only. It is not 100%
This should serve as a guide in your decision making.
Click on the link for details.
https://research.uobkayhian.com/content_download.jsp?id=31441&h=6bf3f9188c022dc72696c329a4d47b8f
This transmission has been issued by a member of the UOB Kay Hian Group for the information of the addressee only and should not be reproduced and/or distributed to any other person. Each page attached hereto must be read in conjunction with any disclaimer which forms part of it. Unless otherwise stated, this transmission is neither an offer nor the solicitation of an offer to sell or purchase any investment. Its comments are based on information obtained from sources believed to be reliable but UOB Kay Hian Group makes no representations and accepts no responsibility or liability as to its completeness or accuracy.
SP: 1H16 Strategy: Picking Up After Hitting Bottom
STRATEGY
1H16: Picking Up After Hitting Bottom
l Back to stock picking after recent bounce. With FSSTI bouncing close to 5% from its recent Sep 15 lows, the market appears to be range bound in 1H16. FSSTI looks inexpensive but the 18-29% discounts to long-term mean valuations (PE and P/B) look appropriate given the mixed outlook and structurally weaker domestic growth prospects. We have a year-end target of 3,240 for the FSSTI.
l Hoping for earnings recovery in 2016 but downside risks remain. After a disappointing 2015, investors will be hoping for a recovery but we think any signs are only likely in 2H16 as near-term headwinds persist. We forecast 2016 market EPS growth of 8% yoy, but we see potential downside. Consensus continues to trend down and forecasts 5.4% EPS growth (-1.8ppt) after lacklustre 3Q15 reporting season.
l Buy on pull-backs as volatility remains elevated. With limited earnings visibility, growing geo-political risks, rising rates and uneven growth, we think investors should buy on pull-backs when VIX rises. We look for companies with the potential to surprise on earnings, newsflows or deep discounts to intrinsic value.
l Investment themes to consider in 1H16 include: a) capacity-driven growth, b) secular trend winners, c) growth at reasonable prices (GARP), and d) regulatory changes. Investors should remain defensive, stay nimble and buy selectively on pull-backs.
l Our picks for a profitable 1H16. Large-cap BUYs include Ascott Residence Trust, City Developments, DBS Group Holdings, Raffles Medical, Sembcorp Industries, SATS, Singapore Post, Singapore Telecommunications and First Resources. Mid-cap picks include Wing Tai Holdings, Singapore O&G, Ezion Holdings and Triyards Holdings. SELL SIA Engineering, Sembcorp Marine and Nam Cheong.
TOP CALLS
Share
|
Target
|
FY16
|
Share
|
Target
|
FY16
| ||||
Ticker
|
Price
|
Price
|
PE
|
Ticker
|
Price
|
Price
|
PE
| ||
(S$)
|
(S$)
|
(x)
|
(S$)
|
(S$)
|
(x)
| ||||
Top BUYs
| |||||||||
- Big Cap
|
- Mid Cap
| ||||||||
Ascott Residence Trust
|
ART SP
|
1.195
|
1.39
|
18.6
|
Ezion Holdings
|
EZI SP
|
0.64
|
1.01
|
3.6
|
City Developments
|
CIT SP
|
7.53
|
10.75
|
10.5
|
Singapore O&G
|
SOG SP
|
0.70
|
0.90
|
19.8
|
DBS Group Holdings
|
DBS SP
|
16.81
|
22.34
|
9.4
|
Triyards Holdings
|
ETL SP
|
0.42
|
0.88
|
3.0
|
First Resources
|
FR SP
|
1.945
|
2.40
|
11.6
|
Wing Tai Holdings
|
WINGT SP
|
1.705
|
2.50
|
19.4
|
Raffles Medical
|
RFMD SP
|
4.28
|
5.05
|
31.7
| |||||
SATS
|
SATS SP
|
3.95
|
4.50
|
18.2
|
Top SELLs
| ||||
Sembcorp Industries
|
SCI SP
|
3.30
|
4.07
|
9.3
|
Nam Cheong
|
NCL SP
|
0.146
|
0.12
|
17.7
|
Singapore Post
|
SPOST SP
|
1.805
|
2.18
|
22.0
|
Sembcorp Marine
|
SMM SP
|
2.20
|
1.72
|
14.6
|
Singapore Telecommunications
|
ST SP
|
3.80
|
4.56
|
14.9
|
SIA Engineering
|
SIE SP
|
3.74
|
3.30
|
27.1
|
* FY17 PE for SATS, SPOST, ST, SIE
Note: Closing prices as at 18 Nov 2015
Click on the link for details.
https://research.uobkayhian.com/content_download.jsp?id=31490&h=1894ea678da89602948e674a85fbfe09
This transmission has been issued by a member of the UOB Kay Hian Group for the information of the addressee only and should not be reproduced and/or distributed to any other person. Each page attached hereto must be read in conjunction with any disclaimer which forms part of it. Unless otherwise stated, this transmission is neither an offer nor the solicitation of an offer to sell or purchase any investment. Its comments are based on information obtained from sources believed to be reliable but UOB Kay Hian Group makes no representations and accepts no responsibility or liability as to its completeness or accuracy.
21 November 2015
SG Technicals: SingTel (breaks out of the channel); S$3.92 is the near term focus for further upside..
fyi
Best regards,
Jeffrey Tan
UOB Kay Hian Research
DID +65 6590 6629
Please refer to the last page of our Retail Market Monitor for the disclaimer notice
This transmission has been issued by a member of the UOB Kay Hian Group for the information of the addressee only and should not be reproduced and/or distributed to any other person. Each page attached hereto must be read in conjunction with any disclaimer which forms part of it. Unless otherwise stated, this transmission is neither an offer nor the solicitation of an offer to sell or purchase any investment. Its comments are based on information obtained from sources believed to be reliable but UOB Kay Hian Group makes no representations and accepts no responsibility or liability as to its completeness or accuracy.
Best regards,
Jeffrey Tan
UOB Kay Hian Research
DID +65 6590 6629
Please refer to the last page of our Retail Market Monitor for the disclaimer notice
This transmission has been issued by a member of the UOB Kay Hian Group for the information of the addressee only and should not be reproduced and/or distributed to any other person. Each page attached hereto must be read in conjunction with any disclaimer which forms part of it. Unless otherwise stated, this transmission is neither an offer nor the solicitation of an offer to sell or purchase any investment. Its comments are based on information obtained from sources believed to be reliable but UOB Kay Hian Group makes no representations and accepts no responsibility or liability as to its completeness or accuracy.
20 November 2015
UOBKH: Singapore Daily: Friday, November 20, 2015 [Strategy: 3Q15 Report Card – Lacking Beats]
SG might be facing a possible recession given the previous weak data. As such there will be much speculation and short term trading in the market right now. In theory, speculation leads to higher trading activity. Unfortunately based on STI volume, it is decreasing even when the price is low. Thus I have been suggesting to take profits when possible, if preferred.
The current market condition is very largely dependent on external news and information; oil prices, US, Hang seng futures, SG gdp, and major global news.
I know many clients have been asking me if there will be a crash or not. I think it is not an answer of Yes or No. It will be more appropriate and logical to flow with the market and observe the trends and news along the way.
On the other hand, before any major movements, there will be a lot of whipsaw movements in the market. Of which, based on stock market cycle and trading signs, it seems to be happening now.
Lastly, please spread your purchases and buy at each support level of STI. Aim for bluechip shares and avoid mid cap or penny shares in such times.
attached is a weekly chart of STI.
my 2 cents
KEY HIGHLIGHTS
This transmission has been issued by a member of the UOB Kay Hian Group for the information of the addressee only and should not be reproduced and/or distributed to any other person. Each page attached hereto must be read in conjunction with any disclaimer which forms part of it. Unless otherwise stated, this transmission is neither an offer nor the solicitation of an offer to sell or purchase any investment. Its comments are based on information obtained from sources believed to be reliable but UOB Kay Hian Group makes no representations and accepts no responsibility or liability as to its completeness or accuracy.
The current market condition is very largely dependent on external news and information; oil prices, US, Hang seng futures, SG gdp, and major global news.
I know many clients have been asking me if there will be a crash or not. I think it is not an answer of Yes or No. It will be more appropriate and logical to flow with the market and observe the trends and news along the way.
On the other hand, before any major movements, there will be a lot of whipsaw movements in the market. Of which, based on stock market cycle and trading signs, it seems to be happening now.
Lastly, please spread your purchases and buy at each support level of STI. Aim for bluechip shares and avoid mid cap or penny shares in such times.
attached is a weekly chart of STI.
my 2 cents
KEY HIGHLIGHTS
Strategy
3Q15 Report Card – Lacking Beats
The 3Q15 reporting season ended with only 13% exceeding expectations and others mainly in line. Consensus and our estimates continue
to suffer downward revisions. Stay selective on mixed macro outlook and earnings downside.
At A Glance
Corporate
First REIT: To acquire stakes in Indonesian hospital and mall for S$70m.
Frasers Hospitality: Launches second Tianjin property.
Sembcorp Marine: Scores newbuild FSO vessel win.
SGX: To launch SGX-listed FX block futures on EBS market.
Click on the link for details
https://research.uobkayhian.com/content_download.jsp?id=31380&h=28906041af66e9058de9fde01d54540d
This transmission has been issued by a member of the UOB Kay Hian Group for the information of the addressee only and should not be reproduced and/or distributed to any other person. Each page attached hereto must be read in conjunction with any disclaimer which forms part of it. Unless otherwise stated, this transmission is neither an offer nor the solicitation of an offer to sell or purchase any investment. Its comments are based on information obtained from sources believed to be reliable but UOB Kay Hian Group makes no representations and accepts no responsibility or liability as to its completeness or accuracy.
19 November 2015
US Dollar May Reverse Drop as Markets Rethink Fed Rate Hike Chances
For my FX clients.
Source: http://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/euro_open/2015/11/19/US-Dollar-May-Reverse-Drop-as-Markets-Rethink-Fed-Rate-Hike-Chances.html
The US Dollar underperformed in overnight trade amid continued fallout following the release of minutes from October's Fed policy meeting. The Australian and New Zealand Dollars outperformed as risk appetite firmed, driving the sentiment-linked currencies upward. The MSCI Asia Pacific regional benchmark stock index rose over 1 percent.
Traders latched on to comments from a dovish minority on the rate-setting FOMC committee that remained dubious about the likelihood of a December rate hike. That seemed to inspire hopes that liftoff may yet be delayed. This was presumably seen as supportive as markets continue to fear stimulus withdrawal at a time when overall global growth is slowing.
S&P 500 futures are pointing firmly higher in late Asian trade, hinting the risk-on mood is poised to carry forward. The move may swiftly fizzle however as cooler heads prevail over knee-jerk optimism. The Minutes document showed that almost all Fed officials agreed on a need to assess labor market strength. That seemed to set the stage for what was needed to cement rate hike chances. The subsequent 271k surge in nonfarm payrolls may have delivered precisely what Janet Yellen and company were looking for.
Scheduled commentary from Atlanta Fed President Dennis Lockhart and Fed Vice Chair Stanley Fischer – both of whom seemingly lean toward December liftoff based on recent commentary – may drive this point home in the hours ahead. That could trigger a swift reversal in the greenback's fortunes, reversing overnight losses.
This transmission has been issued by a member of the UOB Kay Hian Group for the information of the addressee only and should not be reproduced and/or distributed to any other person. Each page attached hereto must be read in conjunction with any disclaimer which forms part of it. Unless otherwise stated, this transmission is neither an offer nor the solicitation of an offer to sell or purchase any investment. Its comments are based on information obtained from sources believed to be reliable but UOB Kay Hian Group makes no representations and accepts no responsibility or liability as to its completeness or accuracy.
Source: http://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/euro_open/2015/11/19/US-Dollar-May-Reverse-Drop-as-Markets-Rethink-Fed-Rate-Hike-Chances.html
The US Dollar underperformed in overnight trade amid continued fallout following the release of minutes from October's Fed policy meeting. The Australian and New Zealand Dollars outperformed as risk appetite firmed, driving the sentiment-linked currencies upward. The MSCI Asia Pacific regional benchmark stock index rose over 1 percent.
Traders latched on to comments from a dovish minority on the rate-setting FOMC committee that remained dubious about the likelihood of a December rate hike. That seemed to inspire hopes that liftoff may yet be delayed. This was presumably seen as supportive as markets continue to fear stimulus withdrawal at a time when overall global growth is slowing.
S&P 500 futures are pointing firmly higher in late Asian trade, hinting the risk-on mood is poised to carry forward. The move may swiftly fizzle however as cooler heads prevail over knee-jerk optimism. The Minutes document showed that almost all Fed officials agreed on a need to assess labor market strength. That seemed to set the stage for what was needed to cement rate hike chances. The subsequent 271k surge in nonfarm payrolls may have delivered precisely what Janet Yellen and company were looking for.
Scheduled commentary from Atlanta Fed President Dennis Lockhart and Fed Vice Chair Stanley Fischer – both of whom seemingly lean toward December liftoff based on recent commentary – may drive this point home in the hours ahead. That could trigger a swift reversal in the greenback's fortunes, reversing overnight losses.
This transmission has been issued by a member of the UOB Kay Hian Group for the information of the addressee only and should not be reproduced and/or distributed to any other person. Each page attached hereto must be read in conjunction with any disclaimer which forms part of it. Unless otherwise stated, this transmission is neither an offer nor the solicitation of an offer to sell or purchase any investment. Its comments are based on information obtained from sources believed to be reliable but UOB Kay Hian Group makes no representations and accepts no responsibility or liability as to its completeness or accuracy.
US: Oct FOMC Minutes Inserted Dec Possibility But Little Else (19 Nov 2015) - SG-UOB Global Economics & Markets Research
US: Oct FOMC Minutes Inserted Dec Possibility But Little Else
Purposeful inclusion Of December Possibility And Conveying Of Shallow Trajectory In Oct FOMC, But Lack Of Strong FOMC Consensus In Favor For Dec Hike Did Not Add/Remove Market Conviction For December Liftoff
Our Fed Outlook – Latest FOMC Minutes Do Not Change Our December Fed Liftoff Projection
The October FOMC minutes put the December FOMC meeting as a very live date for policy action as we have already noted from the October FOMC statement on 28 Oct 2015 and more recently, comments from senior Fed officials including FOMC Chair Janet Yellen (4 Nov), New York Fed President William Dudley (permanent FOMC voter) and Atlanta Fed President Dennis Lockhart (voter in 2015 FOMC). However, other that the very live possibility of seeing policy action in the December FOMC, the latest minutes does not really alter our Fed outlook.
Things could turn quiet for the US next week (23-27 Nov) as we will have the US Thanksgiving holiday on Thursday (26 Nov). The next 2 key events to watch in our view that closely relates to the Fed's December FOMC are happening in the subsequent week. The first to watch is on 3 December when FOMC Chair Janet Yellen will first deliver a speech to the Economic Club of Washington and then testify before the congressional joint Economic Committee in an annual appearance to discuss economic outlook on the same day, and the second is the US November labor market report due on 4 December.
Global Economics & Markets Research
UOB Plaza | 80 Raffles Place #05-00 Singapore 048624
Email • GlobalEcoMktResearch@uobgroup.com
URL • www.uob.com.sg/research
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17 November 2015
Midas: (S$0.315) Improved 3Q15 results a herald to the future?
To my friends who are into Midas
Midas' 3Q15 net profit soared more than 9x y/y from a low base to Rmb13.9m meeting the street's expectations on a quarterly basis. For 9M15, the group chalked up a net profit of Rmb36.4m, 70.8% higher than the same period in the previous year.
Revenue jumped 27.2% to Rmb412.2m, driven by higher contributions from its aluminium alloy extruded products, with 84.6% of demand derived from the transport industry. But gross margin slipped 1.1ppt to 25.9% due a different product mix.
Other operating income, comprising interest income and the disposal of scrap materials, jumped 78.6% to Rmb4.7m and helped shave the 17.6% rise in admin expenses to Rmb42.9m.
Bottom line was boosted by its share of profit from 32.5% associate, Nanjing SR Puzhen Rail Transport, which soared 650% to Rmb2.5m from 3Q14's Rmb0.3m.
Prospects in the Chinese rail industry have picked up after an acceleration of rail investment by the central government in 2H15. According to the National Development and Reform Commission, 2015 could see rail spending exceeding its target of Rmb800b on a traditionally peak season of construction in 4Q15.
In Sep and Oct alone, China approved the construction of 12 new rail projects worth a total of Rmb575b. Coupled with the pursuit of international rail projects, Midas is counting on its links in China to benefit from the surge in government investment.
With this in mind, the latest batch of results could be a herald of a potential turnaroud in its financial performance. The counter sits on Market Insight's Growth portfolio.
Midas is currently trading at 32.1x forward P/E and 0.55x P/B.
This transmission has been issued by a member of the UOB Kay Hian Group for the information of the addressee only and should not be reproduced and/or distributed to any other person. Each page attached hereto must be read in conjunction with any disclaimer which forms part of it. Unless otherwise stated, this transmission is neither an offer nor the solicitation of an offer to sell or purchase any investment. Its comments are based on information obtained from sources believed to be reliable but UOB Kay Hian Group makes no representations and accepts no responsibility or liability as to its completeness or accuracy.
Midas' 3Q15 net profit soared more than 9x y/y from a low base to Rmb13.9m meeting the street's expectations on a quarterly basis. For 9M15, the group chalked up a net profit of Rmb36.4m, 70.8% higher than the same period in the previous year.
Revenue jumped 27.2% to Rmb412.2m, driven by higher contributions from its aluminium alloy extruded products, with 84.6% of demand derived from the transport industry. But gross margin slipped 1.1ppt to 25.9% due a different product mix.
Other operating income, comprising interest income and the disposal of scrap materials, jumped 78.6% to Rmb4.7m and helped shave the 17.6% rise in admin expenses to Rmb42.9m.
Bottom line was boosted by its share of profit from 32.5% associate, Nanjing SR Puzhen Rail Transport, which soared 650% to Rmb2.5m from 3Q14's Rmb0.3m.
Prospects in the Chinese rail industry have picked up after an acceleration of rail investment by the central government in 2H15. According to the National Development and Reform Commission, 2015 could see rail spending exceeding its target of Rmb800b on a traditionally peak season of construction in 4Q15.
In Sep and Oct alone, China approved the construction of 12 new rail projects worth a total of Rmb575b. Coupled with the pursuit of international rail projects, Midas is counting on its links in China to benefit from the surge in government investment.
With this in mind, the latest batch of results could be a herald of a potential turnaroud in its financial performance. The counter sits on Market Insight's Growth portfolio.
Midas is currently trading at 32.1x forward P/E and 0.55x P/B.
This transmission has been issued by a member of the UOB Kay Hian Group for the information of the addressee only and should not be reproduced and/or distributed to any other person. Each page attached hereto must be read in conjunction with any disclaimer which forms part of it. Unless otherwise stated, this transmission is neither an offer nor the solicitation of an offer to sell or purchase any investment. Its comments are based on information obtained from sources believed to be reliable but UOB Kay Hian Group makes no representations and accepts no responsibility or liability as to its completeness or accuracy.
16 November 2015
ComfortDelGro (CD SP) 9M15 Results Flash: In Line. Recent profit taking provide reasonable entry opportunity
Morning,
Given the recent news Paris attacks and this morning's weak japan data, this week should be another round of selldowns, if not jittery trading to say the least.
At times as such, we should focus and spot for great blue chip shares at a discounted price. In other words giving an extreme example, if DBS were to be S$15.00, it's a very good bargain to buy some and hold for capital and dividend gains in the long run.
if you are intending to short the market, please remember be aware of breaking news and ensure sufficient cash to avoid margin call.
Personally i am looking to see if STI were to test, 2850 this week and 2740 within the next 3 weeks. If the support at 2740 were to be broken again, the next support will be 2700 and 2650
my 2 cents.
ComfortDelGro (CD SP) BUY
9M15: In Line. Recent profit taking provide reasonable entry opportunity
Analyst: Andrew Chow Tel: (65) 6590 6633
9MFY15 results highlights
Regards and great weekend!
Andrew Chow, CFA
UOB Kay Hian Research
DID: +65-6590 6633
Email: andrewchow@uobkayhian.com
This transmission has been issued by a member of the UOB Kay Hian Group for the information of the addressee only and should not be reproduced and/or distributed to any other person. Each page attached hereto must be read in conjunction with any disclaimer which forms part of it. Unless otherwise stated, this transmission is neither an offer nor the solicitation of an offer to sell or purchase any investment. Its comments are based on information obtained from sources believed to be reliable but UOB Kay Hian Group makes no representations and accepts no responsibility or liability as to its completeness or accuracy.
Given the recent news Paris attacks and this morning's weak japan data, this week should be another round of selldowns, if not jittery trading to say the least.
At times as such, we should focus and spot for great blue chip shares at a discounted price. In other words giving an extreme example, if DBS were to be S$15.00, it's a very good bargain to buy some and hold for capital and dividend gains in the long run.
if you are intending to short the market, please remember be aware of breaking news and ensure sufficient cash to avoid margin call.
Personally i am looking to see if STI were to test, 2850 this week and 2740 within the next 3 weeks. If the support at 2740 were to be broken again, the next support will be 2700 and 2650
my 2 cents.
ComfortDelGro (CD SP) BUY
9M15: In Line. Recent profit taking provide reasonable entry opportunity
Analyst: Andrew Chow Tel: (65) 6590 6633
| Company | Share price(S$) | Recommendation | Our Target Price(S$) | Within Expectation (Y/N) | 9MFY15 net profit (S$m) | 1QFY16 yoy | Highlights of Results |
| CD SP | 2.98 | BUY | 3.30 | Y | 233.7 | +6.3% | See comments below |
9MFY15 results highlights
- Delivering as expected. 9M15 net profits rose 6% yoy to S$233.7m and accounted for 74% of our full-year estimates. Revenue growth was broad-based across main key segment as core businesses continued to improve.
- Balancing costs pressure well, leading to steady margins. Despite the upward pressure in costs, we feel CD has managed costs well, with 9M15 operating margins holding up at 11.6% (vs 11.5% for 9M14). Staff costs and depreciation costs went up 3.9% and 9.0% respectively but this was mitigated by a 9.6% yoy fall in fuel costs.
- Fuel hedging updates. As of 9M15, the group hedged 60% and 30% of its 2015 and 2016 fuel requirements respectively.
- Maintaining earnings. The group continues to deliver and we forecast CD to register a net profit growth of 9% yoy in FY16F.
- Maintain BUY with a DCF-based target price of S$3.30. CD's prospects remain steady, with a 3-year net profit CAGR of 11%. The group has a strong balance sheet and could be ready to pounce on potentially accretive M&A should the opportunities arise in the next 1-2 years. We see the recent share price pull-back offering investors a potential decent entry opportunity into CD.
Regards and great weekend!
Andrew Chow, CFA
UOB Kay Hian Research
DID: +65-6590 6633
Email: andrewchow@uobkayhian.com
This transmission has been issued by a member of the UOB Kay Hian Group for the information of the addressee only and should not be reproduced and/or distributed to any other person. Each page attached hereto must be read in conjunction with any disclaimer which forms part of it. Unless otherwise stated, this transmission is neither an offer nor the solicitation of an offer to sell or purchase any investment. Its comments are based on information obtained from sources believed to be reliable but UOB Kay Hian Group makes no representations and accepts no responsibility or liability as to its completeness or accuracy.
13 November 2015
Trading Game For All to Win For Real
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If you are interested and have time to trade, try it and sign it up.
For big winners, you will be winning REAL cash too.
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If you are interested and have time to trade, try it and sign it up.
For big winners, you will be winning REAL cash too.
So there you go! Have fun!
https://www.oanda-toptrader.com/?refer=0de0f675-0608-4a0e-8391-95df55e1c052
Valuetronics (VALUE SP) 2QFY16 Results Flash (sent on behalf of Brandon): In Line with our estimates but below consensus. Maintain BUY
Singapore: Valuetronics Holdings/2QFY16 Results Flash Note (below consensus but within our expectations)
| Company | Share Price | Recommendation | Our target price | Within our Expectation | 2QFY16 Profit yoy | 2QFY16 Profit QoQ | Highlights of Results |
| Valuetronics Holdings | 0.42 | BUY | 0.56 | Y | -11.3% | -3.8% | See attached comments |
Valuetronics reported 1HFY16 net profit of HK$65.7m forming 49% of our full year forecast but only 44% of consensus estimates.
1) 2QFY16 net profit continued to be affected by a slowdown in the consumer electronics (CE) business, however this was partially offset by the strong growth from the higher margin industrial and commercial electronics (ICE) segment due to increase in demand from existing and new ICE cusotmers. Revenue from the ICE segment increased 27.7% yoy while CE revenue plunged 40.6% yoy.
2) Robust free cash flow generation. Cash flow generation continued to remain strong as Valuetronics generated S$17.8m (S$0.047/share) of free cash flow, boosting its net cash position to S$92.4m (S$0.243/share). If we include the Group's AFS assets (which include mostly short-term investable-grade US$ fixed-income bonds), Valuetronic will have net cash + AFS assets of S$0.284/share.
Pending our results briefing next week, we maintain our BUY recommendation and target price of S$0.56.
Link to results: http://infopub.sgx.com/FileOpen/VHL_Results%20Q2%20FY2016.ashx?App=Announcement&FileID=378080
Link to press release: http://infopub.sgx.com/FileOpen/VHL_MR%20Q2%20FY2016.ashx?App=Announcement&FileID=378081
Thanks
Andrew Chow, CFA
UOB Kay Hian Research
DID: +65-6590 6633
Email: andrewchow@uobkayhian.com
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Silverlake (SILV SP) 1QFY16 Results Flash: In Line But Focus is Elsewhere, Namely The Deloitte Report. Maintain HOLD
Silverlake Axis (SILV SP) HOLD
1QFY16: In Line But Focus is Elsewhere, Namely The Deloitte Report. Maintain HOLD
Analyst: Andrew Chow Tel: (65) 6590 6633
| Company | Share price(S$) | Recommendation | Our Target Price(S$) | Within Expectation (Y/N) | 1QFY16 net profit (RMm) | 1QFY16 yoy | Highlights of Results |
| SILV | 0.665 | HOLD | 0.66 | Y | 68.6 | +15% | See comments below |
1QFY16 results highlights
- No surprises. The group's 1QFY16 net profit of RM68.6m (+15% yoy) was in line with our expectations, accounting for 23% of our full year estimates. The group enjoyed an unrealised foreign exchange gain of RM13.5m in 1QFY16 owing to the RM weakness against the SGD and USD.
- Healthy revenue growth. 1QFY16 revenue grew a healthy 13% yoy, underpinned by a 23% yoy growth in its maintenance segment. The only negative was a 42% decline in software licensing but this segment only accounts for less than 20% of group revenue.
- Lower margins due to different revenue mix. The group's gross margin declined 4.5ppt to 60% as a result of a shift in revenue mix towards maintenance, which carries a lower gross margin (of circa 60%) compared to licensing (90% gross margin).
- Maintaining earnings pending analyst briefing on Friday. No change in our earnings estimates pending a briefing tomorrow at 9am
- Still awaiting the Deloitte report and its implications. The in line results are not likely to excite the market as investors eagerly await the release of the Deloitte report. Investors will be waiting to see the recommendations of Deloitte and whether Silverlake management will take steps to address investor concerns over its corporate structure that involves a significant amount of related party transactions. Until there are more details and developments, we maintain our HOLD rating and a DCF-derived target price of S$0.66/share.
Regards
Andrew Chow, CFA
UOB Kay Hian Research
DID: +65-6590 6633
Email: andrewchow@uobkayhian.com
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12 November 2015
SINGAPORE: SingTel 2QFY16 Results Flash Note
fyi
best regards,
Jonathan Koh, CFA
DID: 65-6590 6620
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- Singtel reported underlying net profit of S$974m, in line with our forecast of S$964m.
- Consumer business in Singapore did well with revenue from mobile and fixed broadband increasing 2.3% and 4.7% yoy respectively. Revenue from mobile business in Australia increased by 3.3% yoy in local currency terms. Optus added 57,000 post-paid subscribers, confounding recent harsh critics that Optus is loosing competitiveness in Australia.
- Earnings contributions from regional mobile associates increased 4.5% yoy to S$684m. Growth was primarily driven by Telkomsel, where contributions increased 21.1% yoy to S$299m.
- The quarter witnessed significant headwinds from volatility in foreign exchange rates. In particular, the Australian Dollar and Indonesian Rupiah depreciated 12.8% and 6% against the Singapore Dollar on a yoy basis. On a constant currency basis, group operating revenue, EBITDA and net profit would have increased 3%, 5% and 3% yoy respectively.
- Singtel maintained interim dividend at 6.8 cents/share, representing payout ratio of 58%.
best regards,
Jonathan Koh, CFA
DID: 65-6590 6620
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SP: Wilmar International - 3Q15: Strong Contribution From China Operations Amid Renminbi Depreciation (BUY/Target Price: S$3.60) by Singapore Research Team
For clients who are into Wilmar.
Commodities has fallen over the past months. Given the slow down in China, I think the recovery will take some time gradually.
my 2 cents
Singapore: Wilmar International (WIL SP) BUY
Wilmar reported 3Q15 core net profit of US$359m and 9M15 core net profit of US$816m, both of which were in line with our expectations. Oilseeds & grains reported better-than-expected results which compensated for the weaker contribution from the tropical oils and sugar divisions. 4Q15 could see better results on better palm downstream margins from the recent Indonesian biodiesel contract awards and improvement in sugar prices. Maintain BUY. Target price: S$3.60.
WHAT'S NEW
· Results within expectations. Wilmar International (Wilmar) reported 3Q15 core net profit of US$359m (+85.4% qoq, -16.5% yoy) and 9M15 core net profit of US$816m (+1.1% yoy). The results were in line with our core net profit estimate. Despite the significant depreciation in regional currencies against the US dollar, Wilmar saw a net forex loss of US$47.1m in 3Q15 (vs 3Q14: US$23.8m loss), which is relatively small for its high exposure to the ringgit, rupiah and renminbi thanks to its effective hedging.
Source: Wilmar International, UOB Kay Hian
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Commodities has fallen over the past months. Given the slow down in China, I think the recovery will take some time gradually.
my 2 cents
Singapore: Wilmar International (WIL SP) BUY
Price/Tgt: S$3.05/3.60 Mkt Cap: US$13.5b Avg Val: US$19.1m Hi/Lo: S$3.42/2.52
3Q15: Strong Contribution From China Operations Amid Renminbi Depreciation
Wilmar reported 3Q15 core net profit of US$359m and 9M15 core net profit of US$816m, both of which were in line with our expectations. Oilseeds & grains reported better-than-expected results which compensated for the weaker contribution from the tropical oils and sugar divisions. 4Q15 could see better results on better palm downstream margins from the recent Indonesian biodiesel contract awards and improvement in sugar prices. Maintain BUY. Target price: S$3.60.
WHAT'S NEW
· Results within expectations. Wilmar International (Wilmar) reported 3Q15 core net profit of US$359m (+85.4% qoq, -16.5% yoy) and 9M15 core net profit of US$816m (+1.1% yoy). The results were in line with our core net profit estimate. Despite the significant depreciation in regional currencies against the US dollar, Wilmar saw a net forex loss of US$47.1m in 3Q15 (vs 3Q14: US$23.8m loss), which is relatively small for its high exposure to the ringgit, rupiah and renminbi thanks to its effective hedging.
· Strong growth in the oilseeds & grains segment. This segment recorded better-than-expected performance and brought in higher PBT margins. PBT margin also improved substantially, coming in at 5.0% in 3Q15 (vs 2.8% in 2Q15 and 3.8% in 3Q14). This was attributable to the improving margins in soybean crushing (higher utilisation rates) and consumer products (on lower raw material costs). Sales volume increased on festive demand.
3Q15 Results
| Year to 31 Dec | 3Q15 | yoy % | 9M15 | yoy % | Remarks |
| Dec (US$m) | chg | chg | |||
| Turnover | 10,649 | (7.6) | 29,345 | (9.2) | |
| PBT | 414 | (25.8) | 998 | 0.2 | |
| Tropical Oils | 105 | (45.9) | 433 | (35.7) | Weaker than expected due to weaker margins despite higher sales volume |
| Oilseeds and Grains | 244 | 38.6 | 526 | >100.0 | Better than expected on higher margins. Sales volume was in line with expectation. |
| Sugar | 109 | (31.4) | 3 | (96.1) | In line with expectation. Results partly dragged by AUD depreciation against US$. |
| Net Profit | 276 | (34.7) | 719 | (4.8) | Mark-to-market losses in investment securities. |
| Core Net Profit | 359 | (16.5) | 816 | 1.1 | In line with expectation |
Source: Wilmar International, UOB Kay Hian
EARNINGS REVISION/RISK
· No change to our earnings forecasts. We are expecting an EPS of 17.4 US cents, 20.7 US cents and 22.0 US cents for 2015-17 respectively
VALUATION/RECOMMENDATION
· Maintain BUY. We roll over valuation to 2016 and maintain our SOTP-based target price of S$3.60. Key assumptions include 15x PE for its palm upstream, consumer pack and sugar divisions, 13x PE for its palm refining and soybean crushing and 10x PE for the rest of its operations. Our SOTP target price translates into a blended 12.4x 2016F PE (5-year mean).
SEGMENTAL SALES VOLUME BREAKDOWN
| Year to 31 Dec | 3Q15 | qoq % chg | yoy % chg | 9M15 | yoy % chg |
| Pre-tax margin (US$/tonne) | |||||
| Oilseeds and Grains | 30.4 | 81.4 | 26.0 | 24.7 | >100.0 |
| Sugar | 23.2 | n.m. | (48.7) | 0.4 | (97.1) |
| Sales Volume ('000 tonnes) | |||||
| Tropical Oils | |||||
| - Manufacturing | 6,373 | 13.5 | (2.0) | 17,539 | (2.9) |
| Oilseeds and Grains | 8,008 | 15.8 | 25.2 | 21,281 | 17.0 |
| - Manufacturing | 6,635 | 12.2 | 31.8 | 17,377 | 22.3 |
| - Consumer Products | 1,373 | 37.0 | 0.9 | 3,904 | (2.1) |
| Sugar | 4,688 | >100.0 | 33.8 | 8,794 | 36.1 |
| - Milling | 1,940 | >100.0 | 19.5 | 2,294 | 24.2 |
| - Merchandising & Processing | 2,748 | 37.1 | 46.1 | 6,500 | 40.8 |
Source: Wilmar
Regards,
Singapore Research Team
____________________________________________________
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11 November 2015
SP: Weekly Support and Resistance Watch: Wednesday, November 11, 2015
Stocks to note: QnM, Midas, Sinograndness.
for details, feel fee to contact me.
my personal preference.
Click on the link for details.
https://research.uobkayhian.com/content_download.jsp?id=31207&h=3ee84a1d752ef2d6bf779aa019023863
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for details, feel fee to contact me.
my personal preference.
Click on the link for details.
https://research.uobkayhian.com/content_download.jsp?id=31207&h=3ee84a1d752ef2d6bf779aa019023863
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09 November 2015
Riverstone
I have mentioned Riverstone in my previous email as i like the defensive business nature. This stock has broken and reached a new high of 2.26 now
I suggest to pick up some when price is low. no rush.
A
Riverstone's 3Q15 results blew out expectations as net profit more than doubled to RM35.3m. This pushed 9M15 earnings to RM89.3m, achieving 84% of FY15 consensus estimates.
Quarterly revenue jumped 46.7% to RM150.6m, underpinned by stronger demand for cleanroom and healthcare gloves.
Gross margin expanded 6.1ppt to 31.9% as Riverstone benefited from the stronger USD/MYR exchange rate as well as low material prices.
Bottom line was boosted by a RM17.3m FX gain, but partially offset by RM12.5m of fair value loss on derivatives as well as increases in its operating expenses (+67.9% to RM12.2m) on increased business activity.
Notably, operating cash flows grew more than 2.5x to RM54.7m, strengthening its net cash position to RM136.5m. Riverstone has no outstanding debt.
Maybank-KE remains bullish on the counter and notes that new capacity of 1b gloves is expected to contribute more than last year's addition due to earlier commencement of production in Oct (FY14: Dec).
Riverstone is expected to continue to benefit from the strong USD/MYR, low material prices, and contributions from new capacity. Coupled with a tax benefit of RM3m to be realised in 4Q15, the house is raising its earnings forecasts for 4Q15 as well as the next two years.
Maybank-KE maintains its Buy rating and raises its TP to $2.36 from $2.12. Additional catalysts could come in the form of possible action to boost stock liquidity.
This transmission has been issued by a member of the UOB Kay Hian Group for the information of the addressee only and should not be reproduced and/or distributed to any other person. Each page attached hereto must be read in conjunction with any disclaimer which forms part of it. Unless otherwise stated, this transmission is neither an offer nor the solicitation of an offer to sell or purchase any investment. Its comments are based on information obtained from sources believed to be reliable but UOB Kay Hian Group makes no representations and accepts no responsibility or liability as to its completeness or accuracy.
I suggest to pick up some when price is low. no rush.
A
Riverstone's 3Q15 results blew out expectations as net profit more than doubled to RM35.3m. This pushed 9M15 earnings to RM89.3m, achieving 84% of FY15 consensus estimates.
Quarterly revenue jumped 46.7% to RM150.6m, underpinned by stronger demand for cleanroom and healthcare gloves.
Gross margin expanded 6.1ppt to 31.9% as Riverstone benefited from the stronger USD/MYR exchange rate as well as low material prices.
Bottom line was boosted by a RM17.3m FX gain, but partially offset by RM12.5m of fair value loss on derivatives as well as increases in its operating expenses (+67.9% to RM12.2m) on increased business activity.
Notably, operating cash flows grew more than 2.5x to RM54.7m, strengthening its net cash position to RM136.5m. Riverstone has no outstanding debt.
Maybank-KE remains bullish on the counter and notes that new capacity of 1b gloves is expected to contribute more than last year's addition due to earlier commencement of production in Oct (FY14: Dec).
Riverstone is expected to continue to benefit from the strong USD/MYR, low material prices, and contributions from new capacity. Coupled with a tax benefit of RM3m to be realised in 4Q15, the house is raising its earnings forecasts for 4Q15 as well as the next two years.
Maybank-KE maintains its Buy rating and raises its TP to $2.36 from $2.12. Additional catalysts could come in the form of possible action to boost stock liquidity.
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SP: Neptune Orient Lines [NOL SP] - CMA CGM, Maersk in Talks to Buy NOL
Neptune Orient Lines (NOL SP) HOLD
Price/Tgt: S$1.045 / S$1.06 Mkt Cap: US$1,910.8m 52-wk avg daily value: US$5.6m 1-Yr Hi/Lo: S$1.20/S$0.74
CMA CGM, Maersk in Talks to Buy Singapore's Neptune Orient Lines
Analysts: Foo Zhiwei Tel: (65) 6590 6626
What's New?
- Bloomberg News reported that French carrier CMA-CGM had made a preliminary offer for NOL.
- AP Moeller -Maersk (Maersk) also highlighted to be in discussions for NOL.
- Link: http://www.bloomberg.com/news/articles/2015-11-06/cma-cgm-said-in-talks-to-buy-singapore-shipper-neptune-orient
Our Take
- According to a foreign bank report, CMA-CGM's bid was apparently S$1.50 per share, which was rejected by Temasek.
- In the same report, it was highlighted that Temasek's asking price was said to be S$3.00 per share.
- NOL's book value of S$1.36 per share (as of 3Q15) does not take into account the fall in book value of its vessels: market prices for container ships have fallen by at least 20%. Assuming a 20% decline in its vessels' book value of US$4.7b would imply a revalued book value of S$0.85 per share. As such, the high premium demanded by Temasek makes no commercial sense, on top of the industry slump and NOL's poor earnings.
- Maersk had in October issued a profit warning for FY15. A few week later, it had announced reductions in capacity, a 4,000 job cut and deferment of new vessel purchases to cope with the worsening industry outlook. As such, we think it is unlikely that Maersk will be making an offer for NOL.
- Any eventual offer would be months down the road as the process is still in the preliminary stages.
- We do not discount the possibility of Temasek accepting a lower offer despite the rumored rejection at S$1.50.
Valuation/ Recommendation
Our current recommendation is a HOLD, with target price of S$1.06
Zhiwei Foo
Equity Research
UOB Kay Hian (Singapore) Pte Ltd
8 Anthony Road, Singapore 229957
Tel: +65 6535 6868
Dir: +65 6590 6626
E-mail: zhiwei@uobkayhian.com
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07 November 2015
06 November 2015
Riverstone (RSTON SP) 9MFY15 Results Flash: Keeps on delivering. Maintain BUY
This is a defensive counter which will always in the spotlight whenever there is a health crisis, ie SARS and etc
Riverstone (RSTON SP) BUY
9M15: Keeps on delivering. Maintain BUY
Analyst: Andrew Chow Tel: (65) 6590 6633
9MFY15 results highlights
Regards
Andrew Chow, CFA
UOB Kay Hian Research
DID: +65-6590 6633
Email: andrewchow@uobkayhian.com
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Riverstone (RSTON SP) BUY
9M15: Keeps on delivering. Maintain BUY
Analyst: Andrew Chow Tel: (65) 6590 6633
| Company | Share price(S$) | Recommendation | Our Target Price(S$) | Within Expectation (Y/N) | 3QFY15 EPS (RM cents) | 3QFY16 yoy | Highlights of Results |
| RSTON | 2.09 | BUY | 2.27 | Y | 9.52 | +114% | See comments below |
9MFY15 results highlights
- Solid 9MFY15. Excluding exceptional items (mainly from forex), underlying 9MFY15 net profits grew 64% yoy to RM82.5m. This accounts for 73% of our full year forecast and looks to be in line with our and market expectations.
- Firing on all cycliners. 9MFY15 turnover grew 42% yoy, helped by its capacity expansion. A 5.1ppt rise in net margin to 22% led to a 84% rise in net profit to RM89.3m. However, if we strip out the net foreign exchange gain of RM6.8m, 9M15 recurrent net profit would have grew a solid 64% yoy.
- Cash machine. The group's cash generation capabilities remain strong, with operating cashflow of RM108.4m, which is enough to fund its capacity expansion in FY15. Despite a capex of RM44m YTD, the group remains in a net cash position of RM136.5m (S$0.12/share).
- Maintaining earnings pending analyst briefing on Friday. No change in our earnings estimates pending a briefing.
- A solid company that is delivering; BUY. We continue to have a BUY rating (with a target price of S$2.27) on Riverstone and see the potential for an expansion in its valuation due to management's solid execution. We project a 3 year net profit CAGR of 30% (FY14-17) on the back of: a) strong take-up of its cleanroom gloves in the tablet and mobile segments, b) resilient demand from the healthcare sector, and c) production capacity expansion from 4.2b pieces in 2014 to 8.2b pieces in 2018.
Regards
Andrew Chow, CFA
UOB Kay Hian Research
DID: +65-6590 6633
Email: andrewchow@uobkayhian.com
This transmission has been issued by a member of the UOB Kay Hian Group for the information of the addressee only and should not be reproduced and/or distributed to any other person. Each page attached hereto must be read in conjunction with any disclaimer which forms part of it. Unless otherwise stated, this transmission is neither an offer nor the solicitation of an offer to sell or purchase any investment. Its comments are based on information obtained from sources believed to be reliable but UOB Kay Hian Group makes no representations and accepts no responsibility or liability as to its completeness or accuracy.
04 November 2015
CapitaLand (CAPL SP) 3Q15 Results Flash: Net Profit of S$192.7m , +48.3%yoy, In Line with Expectations
in other news, The Ascott signs four new management contracts in China
personally i prefer Ascott over Capitaland.
http://www.businesstimes.com.sg/companies-markets/the-ascott-signs-four-new-management-contracts-in-china
CapitaLand (CAPL SP) BUY
3Q15 Results Flash: Net Profit of S$192.7m, up 48.3% yoy in line with expectations
Analyst: Vikrant Pandey / Derek Chang Tel: (65) 6590 6623/ (65) 6590 6614
CAPL SP 3Q15
This transmission has been issued by a member of the UOB Kay Hian Group for the information of the addressee only and should not be reproduced and/or distributed to any other person. Each page attached hereto must be read in conjunction with any disclaimer which forms part of it. Unless otherwise stated, this transmission is neither an offer nor the solicitation of an offer to sell or purchase any investment. Its comments are based on information obtained from sources believed to be reliable but UOB Kay Hian Group makes no representations and accepts no responsibility or liability as to its completeness or accuracy.
personally i prefer Ascott over Capitaland.
http://www.businesstimes.com.sg/companies-markets/the-ascott-signs-four-new-management-contracts-in-china
CapitaLand (CAPL SP) BUY
3Q15 Results Flash: Net Profit of S$192.7m, up 48.3% yoy in line with expectations
Analyst: Vikrant Pandey / Derek Chang Tel: (65) 6590 6623/ (65) 6590 6614
| Company | Share price(S$) | Recommendation | Our Target Price(S$) | Within Expectation (Y/N) | 3Q15 Net Profit (S$m) | 3Q15 yoy | Highlights of Results |
| CAPL | 3.12 | BUY | 4.08 | Y (79.7% of full year) | 192.7 | 48.3% | See attached comments |
CAPL SP 3Q15
- Results in line with Expectations. 3Q15 PATMI of S$192.7m leapfrogged 48.3% yoy as topline growth saw a 17.1% jump yoy on higher project sales in China, while PATMI grew 48%, underpinned by realised forex gains from China and divestment gains in Japan. Stripping exceptional and revaluation gains, 9M15 core PATMI of S$567.5m is within our expectations at 79.7% of full year forecast.
- Topline growth underpinned by healthy sales in China. Development projects in China saw 129% yoy growth in residential units sold in 3Q15, at 2,422 units. In terms of sales value, 3Q15 saw 135% growth with China sales at 11.59 bn RMB.
- Talks cease on potential Asia Square acquisition. CAPL has stated that negotiations on the potential acquisition have ceased for the time being. The company has stated that it will not detract from exploring acquisition opportunities in line with management's strategy.
- Remaining focused on core markets Singapore and China. Management continues to stress the paramount importance of these two markets, noting that 2,000 residential units should see completion come 4Q15 in China, mainly The Metropolis, Vista Garden and Parc Botanica. We note that China and Singapore make up 46% and 37% of portfolio value respectively in 3Q15. These two markets also jointly accounted for 75.2% of total EBIT in 3Q15, with Singapore making up 41.1% and China at 34.1%
- Valuation. We have a BUY recommendation with a target price of S$4.08/share, pegged at a 20% discount to our RNAV of S$5.11/share.
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03 November 2015
SP : FX TRADING IDEA
For my FX clients.
And for non-FX clients, you can use this as a reference to judge the expectations and speculations of the country's economy.
normally in a very board sense, FX will move first, followed by futures, then indexes.
fyi
Click on the link for details.
https://research.uobkayhian.com/content_download.jsp?id=31072&h=9e106e26d5ec709ce1b63d12c5447791
This transmission has been issued by a member of the UOB Kay Hian Group for the information of the addressee only and should not be reproduced and/or distributed to any other person. Each page attached hereto must be read in conjunction with any disclaimer which forms part of it. Unless otherwise stated, this transmission is neither an offer nor the solicitation of an offer to sell or purchase any investment. Its comments are based on information obtained from sources believed to be reliable but UOB Kay Hian Group makes no representations and accepts no responsibility or liability as to its completeness or accuracy.
And for non-FX clients, you can use this as a reference to judge the expectations and speculations of the country's economy.
normally in a very board sense, FX will move first, followed by futures, then indexes.
fyi
Click on the link for details.
https://research.uobkayhian.com/content_download.jsp?id=31072&h=9e106e26d5ec709ce1b63d12c5447791
This transmission has been issued by a member of the UOB Kay Hian Group for the information of the addressee only and should not be reproduced and/or distributed to any other person. Each page attached hereto must be read in conjunction with any disclaimer which forms part of it. Unless otherwise stated, this transmission is neither an offer nor the solicitation of an offer to sell or purchase any investment. Its comments are based on information obtained from sources believed to be reliable but UOB Kay Hian Group makes no representations and accepts no responsibility or liability as to its completeness or accuracy.
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