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Market View Update
Singapore Market Focus: Survival guide for US election outcome
- Preparing for 3 key events - US election outcome, FOMC policy statement, and China fiscal policy details
- Expect volatile markets under US Republican party ‘red sweep’, with relief rally likely on a Democrat win
- Upcoming results – Positive watch on ComfortDelGro, SATS, DFI Retail and AEM Holdings; cautious on Frasers Hospitality Trust and Genting Singapore
Trending Sector
Singapore Banks
- Expect robust q/q earnings performance by Singapore banks driven by non-interest income; keep watch on commercial real estate (CRE) portfolio’s valuations
- NIM divergence continues – UOB likely the outperformer in 3Q24, with active NIM management
- High long-end yields continue to bode well for banks
- Attractive dividends remain a bright spot; maintain BUY on UOB with TP of SGD34.50
Stocks to Watch
Hongkong Land – TP (+)
New corporate strategies unveiled
- To unlock value of up to USD10bn over the next ten years through winding down build-to-sell segment and recycling selected investment properties
- Proceeds from portfolio recycling to fund portfolio expansion, comprising ultra-premium commercial properties in Asia’s gateway cities
- Potential share buyback and mid-single digit DPS growth to support share price
- Multiple catalysts in place; BUY with higher TP of USD5.34
Wilmar
Earnings recovery delayed until next year
- Wilmar reported 3Q24 net profit of USD208m (-35.7% y/y, -24.9% q/q), below expectations due to slower-than-anticipated recovery in China operations
- Meanwhile, palm oil refining and soy crushing margins performed better than expected
- Earnings in 4Q24 may improve q/q but could still fall short of our current expectations
- We are reviewing our earnings forecast. Our current rating and target price (TP) are BUY and SGD4.30
First REIT
3Q24 DPU a miss on FX impact, watch for MPU rental overhang; Recommendation under review
- 3Q24 DPU of 0.58Scts (-3% q/q, -6% y/y) missed our/street's expectations by 3% on negative FX impact
- Key positives: (i) Siloam's 1H24 +14% revenue growth y/y points to firm hospital operations, (ii) stable gearing of ~39% with unchanged interest cost at 5.0%
- Key to watch: (i) MPU rentals outstanding, (ii) persistent weakness in IDR and JPY, (iii) divestment of non-core asset (likely delayed to 2025)
- We previously had a BUY call with TP of S$0.29; Recommendation under review, more updates post briefing
Legend
| (+) | (-) |
Earnings | Positive earnings revision | Negative earnings revision |
Recommendation | Upgrade | Downgrade |
TP | Increase | Decrease |
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