Singapore

• Thai Beverage (THBEV SP) has trended lower over the last couple of years and the stock is trading very close to its lows.
• There has been a contraction in multiples and Thai Beverage (THBEV SP) trades cheaper than a lot of its Asia listed peers.
• A potential index inclusion could bring in significant passive inflows and result in a rerating of the stock.

• Golden Agri Resources (GGR SP) has traded lower over the last year and trades cheaper than some of its peers.
• Revenue, income and net profit margins have been moving higher over the last few years and EPS/DPS have increased sharply over the last two years.
• Potential passive buying could result in Golden Agri Resources (GGR SP) outperforming peers in the near term.

• Evo Commerce owns two brands: bback focuses on post-party recovery aids, while Stryv specialises in the affordable luxury segment for personal care electronics

• Evo Commerce, a direct-to-consumer health & beauty startup based in Singapore, has secured US$2.8 million in equity and debt financing.

• Shanghai-based firm IJK Capital led the round, with participation from Carousell Co-Founder and CEO Quek Siu Rui, Fave Co-Founder Joel Neoh, and Tipsy Collective.

• Please note that this Market Update is only available in Chinese. 本地投资者也可以关注新加坡市场上的油气投资标的，近期它们的表现相当不俗，比如https://investors.sgx.com/securities/stocks?security=T13、https://investors.sgx.com/securities/stocks?security=5WH以及https://investors.sgx.com/securities/adrs?security=TPED等。 同时，在新加坡上市的https://investors.sgx.com/securities/adrs?security=TPED 的趋势和动能也在图表上表现出相当的强劲。.

• Kopi-C with StarHub’s CEO: “There’s no other telco like ours” StarHub’s CEO Nikhil Eapen shares how reinvention and diversification can help firms to retain and attract more customers for long-term growth After nearly a year at the helm, Eapen launched StarHub’s new DARE+ initiative in late 2021, a visionary plan to offer new products and services to connect customers’ digital lives.

• Last week, the trio of DBS, UOB and OCBC averaged 3.4% gains, bringing their average 3Q23-to-date total return to 8.7%.
• The 3Q23-to-date has seen the trio of DBS, UOB & OCBC report combined 2Q23 Net Interest Income (NII) of S$8.26 billion, marking the third-consecutive quarter that combined quarterly NII has been above the S$8.0 billion mark.
• DBS Group Holdings (DBS), United Overseas Bank (UOB) and Oversea-Chinese Banking Corporation (OCBC) also moved in tandem averaging a 4% gain on the week.

• Coverage of climate-related disclosures by S-Reits vs global real estate sector average for each TCFD pillar The S-Reits industry, as with all other sectors, is experiencing growing pressure from investors, tenants, regulators, and other stakeholders to report key environment, social and governance (ESG) information.
• The study reviewed the coverage and quality of disclosures by S-Reits against global peers and best practices based on the Task Force on Climate-related Financial Disclosures (TCFD) recommendations.

• INSTITUTIONS were net buyers of Singapore stocks over the five trading sessions through to Sep 14, with S$18.4 million of net institutional inflow, while 24 primary-listed companies conducted buybacks with a total consideration of S$25.9 million. led the share buyback consideration tally, buying back 1.2 million shares at an average price of S$12.58 per share, followed by which bought back 5.36 million shares at an average price of S$1.13 per share.
• The five trading sessions saw 60 changes to director interests and substantial shareholdings filed for close to 30 primary-listed stocks.

• With global focus to a lower carbon and more climate resilient future, multiple Singapore-listed stocks have continued to press ahead with pivots to sustainable energy which include solar and wind assets, or more fuel-efficient transportation solutions.
• To support the global energy transition, it aims to grow net profit contribution from its sustainable solutions portfolio to 70% by 2025.
• In 2022, Sembcorp Industries renewables capacity grew 60% to 9.8GW and Sembcorp Industries commissioned Southeast Asia’s largest energy storage system in six months.

• Top 10 retail net buy Reits in August (S$M) Top 10 institution net sell Reits in August (S$M) Some of the top net buy sectors by retail investors were diversified Reits (+S$104.8 million), hospitality Reits (+S$40.6 million), and industrial Reits (+S$22.0 million).

• Directors building stakes in XMH, Huationg, Green Build Tech, Union Steel OCBC led the share buyback consideration tally, buying back 1.2 million shares at an average price of S$12.61 per share, followed by UOB which bought back 276,000 shares at an average price of S$28.59 per share.
• Acquisitions were filed for directors or CEOs of Green Build Technology, Union Steel Holdings, Huationg Global, XMH Holdings, SunMoon Food Company, Alset International and Darco Water Technologies.

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.

In this Insight:

1. Country Garden Holdings Co
2. Hopson Development
3. Greentown China
4. ReNew Energy Global
5. China Jinmao Holdings

and more…

• Since the launch of Thai Singapore Depository Receipts in May, the three inaugural Thai SDRs – Airports of Thailand (AOT) , CP All and PTT Exploration & Production (PTTEP) – collectively traded over S$11 million on the Singapore Exchange.
• The top traded SDR was PTTEP on the back of volatility in oil prices with max and daily trading ranges of (20 ticks) and 1% (7 ticks), respectively.
• Airports of Thailand PLC is the largest publicly traded company in Thailand and the world’s largest airport operator by market capitalization.

• Sea Ltd began to step on the gas in terms of promotions in 2Q2023, even warning of potential quarterly losses, mainly due to perceived threats in Indonesia from TikTop Shop.
• Reports that TikTok Shop will be banned in Indonesia will provide significant relief in terms of competition as it is targeted for unfair competition versus local MSMEs through cheap imports.
• Sea Ltd has also relaunched FreeFire in India, which could become a significant catalyst for the recovery of the gaming business.  Valuations are attractive on both sales and earnings.

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.

• Country Garden Holdings Co
• Greentown China
• Hopson Development
• Innergex Renewable Energy
• Yanlord Land

• kopi-C with Japfa’s CEO: “To succeed, we cannot be complacent” Japfa’s CEO Tan Yong Nang says that investing in efficiency, staff development and long-term partnerships is key to endurance and growth For Japfa chief executive officer and executive director Tan Yong Nang, helming a firm is a lot like steering a ship.

• For the first three weeks of August, the STI declined 6.5% in-line with the FTSE China A50 Index losing 6.6%, before the STI retraced 2.5% of those losses to finish the month down 4.2%.
• Singapore stocks booked net institutional inflows of S$408 million and net retail inflows of S$600 million over the month.
• As tabled above, Singapore Telecommunications (Singtel) booked S$163 million of net retail inflows in August, taking the accumulated net retail inflows for the first eight months of 2023 to S$201 million.