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In today’s briefing:
- Raffles Medical (RFMD SP): Loo Sees A Bargain
- Yangzijiang Shipbuilding (YZJSGD SP): Cheaper than Peers with Index Inclusion Kicker
- Morning Views Asia: China Vanke , Lippo Malls Indonesia Retail Trust
- STI Chalks up 5.7% Total Return in 1H24
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Raffles Medical (RFMD SP): Loo Sees A Bargain
- Shares of integrated private healthcare provider Raffles Medical Group (RFMD SP) are currently languishing around a three low. RMG does look attractive compared to regional healthcare plays.
- FY23 numbers did no favours – top/bottom line y-o-y contraction of 14.1% and 37.1% respectively. Yet its emerging China ops show promise.
- Of interest is Loo Choon Yong, RMG’s founder and major shareholder, who continues adding to his stake, and now holds 54.944%, up from 53.033% at the beginning of the year.
Yangzijiang Shipbuilding (YZJSGD SP): Cheaper than Peers with Index Inclusion Kicker
- The rally in Yangzijiang Shipbuilding (YZJSGD SP) over the last month should result in the stock being added to global passive portfolios late next month.
- Yangzijiang Shipbuilding (YZJSGD SP) trades cheaper than peers on forward PE but there has been a big rally in the stock over the last month.
- There has been an increase in cumulative excess volume since mid-May and there will be positioning for the event, but there could be further gains in the stock.
Morning Views Asia: China Vanke , Lippo Malls Indonesia Retail Trust
Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.
STI Chalks up 5.7% Total Return in 1H24
- The STI generated a 2.9% gain to 3,332.8, with dividends boosting the total return to 5.7% in 1H24.
- The trio of STI Banks, YZJ Shipbuilding & Singtel led the STI gains in 1H24.
- The net institutional flow (NIF) of the stock Sectors in 1H24 are illustrated below, with the Energy Sector seeing S$29 million of net institutional inflow, representing 1.0% of the combined S$2.9 billion Sector market capitalisation as of 30 June, to the S-REIT Sector net institutional outflow representing 1.2% of its Sector market capitalisation as of 30 June.