In today’s briefing:
- Preview AEM Holdings: Loss-Making Quarter Ahead For First Time in 10 Years
- DBS – Fines, Negative Loan Growth, Greater China CRE Risks, UOB & STAN & HSBC Illustrative
Preview AEM Holdings: Loss-Making Quarter Ahead For First Time in 10 Years
- AEM (AEM SP) will report 3Q23 results on 10/11/23. This will be the first loss-making quarter since 4Q14.
- We expect a loss as AEM will have to recognize the 26.7M SGD arbitration expense to settle with Advantest Corp (6857 JP).
- Investors will be looking for an early read on the FY24 outlook to determine if AEM’s stock has bottomed.
DBS – Fines, Negative Loan Growth, Greater China CRE Risks, UOB & STAN & HSBC Illustrative
- The MAS is not at all happy with the frequent digital banking services outages at DBS (DBS SP). There will be fines and higher required capital.
- The outlook for the home market lending is already poor, with negative loan growth in recent months. Probes of money laundering will likely make lending even more sparse.
- UOB (UOB SP) , Standard Chartered (STAN LN) , HSBC Holdings (HSBA LN) results are all illustrative of risks facing DBS (DBS SP) before results come out, especially credit costs.
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