Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul>
<li>Maybank sets Food Empire target at $2.92; CGS holds bullish $2.94.</li>
<li>RHB downgrades APAC Realty, citing support from its dividend yield.</li>
<li>UOBKH's Loh raises Hong Leong Asia target price to $2.82, citing BRC Asia stake.</li>
</ul>


Maybank sets Food Empire target at $2.92; CGS holds bullish $2.94.
RHB downgrades APAC Realty, citing support from its dividend yield.
UOBKH's Loh raises Hong Leong Asia target price to $2.82, citing BRC Asia stake.


Singapore Market Roundup (16-Sep-2025): Maybank Targets Food Empire at $2.92; CGS Sees $2.94.

<ul><li>UOBKH's Loh raises Hong Leong Asia target price to $2.82 due to BRC Asia stake.</li><li>RHB's Jaiswal raises SGX target price to $17.80 amid growing IPO momentum.</li><li>PhillipCapital starts coverage on SIA Engineering amid MRO upcycle.</li></ul>

UOBKH's Loh raises Hong Leong Asia target price to $2.82 due to BRC Asia stake.RHB's Jaiswal raises SGX target price to $17.80 amid growing IPO momentum.PhillipCapital starts coverage on SIA Engineering amid MRO upcycle.

Singapore Market Roundup (15-Sep-2025): UOBKH's Loh raises Hong Leong Asia target to $2.82.

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

<ul>
<li>Airline &amp; airport air cargo data shows moderating demand, Asia &gt; N America</li>
<li>No signs of supply tightness in the system; in fact, reported yields are <em>falling</em>
</li>
<li>Most indicators show that demand is mediocre, space plentiful, pricing weak</li>
</ul>


Airline &amp; airport air cargo data shows moderating demand, Asia &gt; N America
No signs of supply tightness in the system; in fact, reported yields are falling

Most indicators show that demand is mediocre, space plentiful, pricing weak


Monthly Air Cargo Tracker | May-July Data Shows Soft Demand, Ample Capacity, Lower Yields

Equity Bottom-Up

<ul>
<li>Led by Accommodation activity, Q225 net revenue growth was a solid +16% Y/Y </li>
<li>Some progress on OpEx control, but core margins declined <em>again</em> in Q225</li>
<li>Even with big buyback, is it worth US$75/ADS? We think fair value near US$60</li>
</ul>


Led by Accommodation activity, Q225 net revenue growth was a solid +16% Y/Y 
Some progress on OpEx control, but core margins declined again in Q225
Even with big buyback, is it worth US$75/ADS? We think fair value near US$60


Trip.com Q225 Results | Big Buyback a Surprise | But Margins Still Under Pressure | Fair Value US$60

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

<ul>
<li>Public transport and taxi segments in Singapore provide much-needed stability for the group, not much downside surprise is expected. Now 54% of its revenue is generated overseas. </li>
<li>
<a href="https://www.smartkarma.com/entities/comfortdelgro-corp-ltd" target="_blank" data-smartkarma-citation="entities:497:1" rel="noopener">Comfortdelgro Corp (CD SP)</a> subsidiary, <a href="https://www.smartkarma.com/entities/vicom-ltd" target="_blank" data-smartkarma-citation="entities:19020:1" rel="noopener">Vicom Ltd (VCM SP)</a> is in charge of the OBU upgrade in Singapore, providing some high-margin incremental operating profit.</li>
<li>It trades at 14x PE, and its share price is almost at historical low, creating another reason to build positions on this.  </li>
</ul>


Public transport and taxi segments in Singapore provide much-needed stability for the group, not much downside surprise is expected. Now 54% of its revenue is generated overseas. 

Comfortdelgro Corp (CD SP) subsidiary, Vicom Ltd (VCM SP) is in charge of the OBU upgrade in Singapore, providing some high-margin incremental operating profit.
It trades at 14x PE, and its share price is almost at historical low, creating another reason to build positions on this.  


Comfortdelgro (CD): Growth Evident and Cheap

Singapore

Singapore Airlines Limited provides air transportation, engineering, pilot training, air charter, and tour wholesaling services. The Company's airline operation covers Asia, Europe, the Americas, South West Pacific, and Africa.

Price Gauge
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Singapore Airlines (SIA SP)

Singapore Market Roundup (16-Sep-2025): Maybank Targets Food Empire at $2.92; CGS Sees $2.94.

Maybank targets Food Empire at $2.92; CGS at $2.94. RHB downgrades APAC Realty. UOBKH raises Hong Leong Asia target to $2.82, citing BRC Asia stake.

Singapore Market Roundup

Singapore Market Roundup (15-Sep-2025): UOBKH's Loh raises Hong Leong Asia target to $2.82.

UOBKH raises Hong Leong Asia's target price to $2.82; RHB raises SGX to $17.80 with IPO momentum; PhillipCapital begins coverage on SIA Engineering...

Singapore Market Roundup

Monthly Air Cargo Tracker | May-July Data Shows Soft Demand, Ample Capacity, Lower Yields

A look at July yields, load factors, and tonnage growth in July suggests an Asian air cargo market that has plenty of supply to meet moderating...

Tracking Traffic

Trip.com Q225 Results | Big Buyback a Surprise | But Margins Still Under Pressure | Fair Value US$60

Trip.com announced a big share buyback last week, but its Q225 core results were unimpressive. Given modest growth expectations, we put fair value...

Tracking Traffic

Comfortdelgro (CD): Growth Evident and Cheap

Comfortdelgro 54% revenue from overseas. Vicom Ltd's OBU upgrade offers high-margin profit, trading at 14x PE near historical low. Opportunity to...

Henry Soediarko

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Singapore Market Roundup (16-Sep-2025): Maybank Targets Food Empire at $2.92; CGS Sees $2.94.

Maybank targets Food Empire at $2.92; CGS at $2.94. RHB downgrades APAC Realty. UOBKH raises Hong Leong Asia target to $2.82, citing BRC Asia stake.

Singapore Market Roundup

Singapore Market Roundup (15-Sep-2025): UOBKH's Loh raises Hong Leong Asia target to $2.82.

UOBKH raises Hong Leong Asia's target price to $2.82; RHB raises SGX to $17.80 with IPO momentum; PhillipCapital begins coverage on SIA Engineering...

Singapore Market Roundup

Monthly Air Cargo Tracker | May-July Data Shows Soft Demand, Ample Capacity, Lower Yields

A look at July yields, load factors, and tonnage growth in July suggests an Asian air cargo market that has plenty of supply to meet moderating...

Tracking Traffic

Trip.com Q225 Results | Big Buyback a Surprise | But Margins Still Under Pressure | Fair Value US$60

Trip.com announced a big share buyback last week, but its Q225 core results were unimpressive. Given modest growth expectations, we put fair value...

Tracking Traffic

Comfortdelgro (CD): Growth Evident and Cheap

​Comfortdelgro 54% revenue from overseas. Vicom Ltd's OBU upgrade offers high-margin profit, trading at 14x PE near historical low. Opportunity to...

Henry Soediarko

Comfortdelgro 54% revenue from overseas. Vicom Ltd's OBU upgrade offers high-margin profit, trading at 14x PE near historical low. Opportunity to...