Freelance Research Analyst

Tay Hock Meng

Thematic (Sector/Industry)

We often hear people asking each other whether now is the good time to upgrade or buy the private condominium or apartment they have always wanted given that developers are offering many so-called &lsquo;star&rsquo; buys of properties in the hope of clearing their housing inventories, and the spectre of higher interest rates, such as the three-month Singapore Interbank Offered Rate (SIBOR) which could rise to an expected 2% this year (As of Oct 9, three-month SIBOR stands at 1.13%). Could this be an opportunity to enter the market, before the market turns for the worst?

We often hear people asking each other whether now is the good time to upgrade or buy the private condominium or apartment they have always wanted given that developers are offering many so-called &lsquo;star&rsquo; buys of properties in the hope of clearing their housing inventories, and the spectre of higher interest rates, such as the three-month Singapore Interbank Offered Rate (SIBOR) which could rise to an expected 2% this year (As of Oct 9, three-month SIBOR stands at 1.13%). Could this be an opportunity to enter the market, before the market turns for the worst?

Has the private housing market reached stability?

The Urban Redevelopment Authority (URA) has released its overall 3Q2015 flash property price index (PPI) showing a quarter-on-quarter (q-o-q) decline of 1.3% against 2Q2015, as compared to 0.9% decline in 2Q2015. The city centre or core central region (CCR) prices declined 1.3% versus 0.6% in 2Q2015, while city fringe (RCR) and suburban (OCR) prices declined 1.5% and 1.6% q-o-q respectively. 2Q2015 RCR and OCR prices showed 0.6% and 1.1% declines respectively.

The Urban Redevelopment Authority (URA) has released its overall 3Q2015 flash property price index (PPI) showing a quarter-on-quarter (q-o-q) decline of 1.3% against 2Q2015, as compared to 0.9% decline in 2Q2015. The city centre or core central region (CCR) prices declined 1.3% versus 0.6% in 2Q2015, while city fringe (RCR) and suburban (OCR) prices declined 1.5% and 1.6% q-o-q respectively. 2Q2015 RCR and OCR prices showed 0.6% and 1.1% declines respectively.

Has Singapore's private residential prices bottomed out?

Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

Download the Morningstar Fact Sheet : http://corporate.morningstar.com/US/documents/MarketingFactSheets/AboutMorningstarFactsheet.pdf

Equity Bottom-Up

iShares MSCI Global Min Vol Factor ETF / Equity Bottom-Up

<ul><li>The Best Ideas list is a compilation of stock ideas sourced from Morningstar&rsquo;s global equity research team.</li><li>With more than 100 analysts covering nearly 1,500 companies, we&rsquo;re able to provide a wide variety of what we believe are attractively priced securities looking across sectors, industries, and geographies.</li><li>Best Ideas are nominated by analysts and approved by managers in addition to the normal due diligence processes that precede our published research and ratings.</li><li>Pan Asian names are particularly focussed this month on the Gaming, Materials, Financials and Consumer Discretionary sectors.&nbsp;</li><li>Analysts: Michael Holt, CFA; Alex Morozov, CFA; Elizabeth Collins, CFA; Lorraine Tan CFA.</li><li>Full report below the fold. In addition subscribers will find in-depth notes and commentary published on several of these names easily available on the platform.</li></ul>

The Best Ideas list is a compilation of stock ideas sourced from Morningstar&rsquo;s global equity research team.With more than 100 analysts covering nearly 1,500 companies, we&rsquo;re able to provide a wide variety of what we believe are attractively priced securities looking across sectors, industries, and geographies.Best Ideas are nominated by analysts and approved by managers in addition to the normal due diligence processes that precede our published research and ratings.Pan Asian names are particularly focussed this month on the Gaming, Materials, Financials and Consumer Discretionary sectors.&nbsp;Analysts: Michael Holt, CFA; Alex Morozov, CFA; Elizabeth Collins, CFA; Lorraine Tan CFA.Full report below the fold. In addition subscribers will find in-depth notes and commentary published on several of these names easily available on the platform.

Asia's Leading Online Property Group, PropertyGuru

Bjorn Sprengers

Asia's Leading Online Property Group

PropertyGuru

PropertyGuru Pte Ltd owns and operates a real estate property information website. The Company offers facilities to search for condominiums, apartments, Housing and Development Board (HDB) flats, serviced apartments, houses, and commercial properties to rent and buy in Singapore.

With prices of landed homes falling faster than their non-landed counterparts, should prospective buyers take advantage of the slow market to secure their dream home? We investigate:<ul><li>Prices and volumes for landed property have come down since the implementation of the cooling measures, and are likely to remain stagnant unless affordability increases</li><li>Freehold landed property weathers the market downturn a little better than leasehold landed property, but this does not mean leasehold landed property has become more affordable</li><li>Landed enclaves along the upcoming Thomson-East Coast MRT line are seeing increased popularity on PropertyGuru, and should enjoy higher prices and a higher volume of transactions in the medium term</li></ul>

With prices of landed homes falling faster than their non-landed counterparts, should prospective buyers take advantage of the slow market to secure their dream home? We investigate:Prices and volumes for landed property have come down since the implementation of the cooling measures, and are likely to remain stagnant unless affordability increasesFreehold landed property weathers the market downturn a little better than leasehold landed property, but this does not mean leasehold landed property has become more affordableLanded enclaves along the upcoming Thomson-East Coast MRT line are seeing increased popularity on PropertyGuru, and should enjoy higher prices and a higher volume of transactions in the medium term

Landed property ownership looking more like a reality

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

<ul><li>Perhaps the old thinking, of DBS Group Holdings being safe and conservative is outdated.</li><li>Its bad loan experience in China is amongst the worst in the country.</li><li>There are 59 banks there with a lower bad loan ratio than DBS Bank (China).</li><li>While in India it is reporting a loss, with bad loans at nearly 8% of total.</li><li>Its credit costs in India have been higher than operating profit for the past two years.</li><li>Perhaps its time to look a bit closer at these subsidiaries, and at the same time, reconsider the long-held perception of this stalwart SE Asian bank?</li></ul>Full report below the fold....

Perhaps the old thinking, of DBS Group Holdings being safe and conservative is outdated.Its bad loan experience in China is amongst the worst in the country.There are 59 banks there with a lower bad loan ratio than DBS Bank (China).While in India it is reporting a loss, with bad loans at nearly 8% of total.Its credit costs in India have been higher than operating profit for the past two years.Perhaps its time to look a bit closer at these subsidiaries, and at the same time, reconsider the long-held perception of this stalwart SE Asian bank?Full report below the fold....

Singapore

Oversea-Chinese Banking Corporation Limited offers a comprehensive range of financial services.  The Company's services include deposit-taking, corporate, enterprise and personal lending, international trade financing, investment banking, private banking, treasury, stockbroking, insurance, credit cards, cash management, asset management and other financial and related services.

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OCBC (OCBC SP)

Has the private housing market reached stability?

We often hear people asking each other whether now is the good time to upgrade or buy the private condominium or apartment they have always wanted...

Tay Hock Meng

Has Singapore's private residential prices bottomed out?

The Urban Redevelopment Authority (URA) has released its overall 3Q2015 flash property price index (PPI) showing a quarter-on-quarter (q-o-q)...

Tay Hock Meng

Morningstar: Global Equity Best Ideas

The Best Ideas list is a compilation of stock ideas sourced from Morningstar’s global equity research team. With more than 100 analysts covering...

Morningstar, Inc.

Landed property ownership looking more like a reality

With prices of landed homes falling faster than their non-landed counterparts, should prospective buyers take advantage of the slow market to...

PropertyGuru

DBS surprises with risk in China, India

Perhaps the old thinking, of DBS Group Holdings being safe and conservative is outdated. Its bad loan experience in China is amongst the worst in...

Daniel Tabbush

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