Daily Brief Singapore: Raffles Medical Group, Yangzijiang Shipbuilding, China Vanke , Singtel and more

• 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.

• 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.

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.

• China Vanke
• Lippo Malls Indonesia Retail Trust

• 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.