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IN : Siemens Ltd - Positives likely priced in

Siemens’ 4QFY21 EBITDA missed on higher input & logistic costs, but expects the trend to improve with pricing actions and higher share of short cycle orders. Government’s continued thrust on infrastructure and uptick in the private sector should....
CGS-CIMB Sachin
Sachin Maniar @ CGS-CIMB 4 December 2021

SG : CapitaLand Integrated Commercial - Foray into Australia

CICT has announced the acquisition of two Sydney office properties. Deal further boosts portfolio diversification, in addition to providing DPU and BV uplift. Reiterate Add rating with a slightly higher DDM-based TP of S$2.57.  
CGS-CIMB Karmei
Karmei Eing @ CGS-CIMB 3 December 2021

SG : Strategy - Navigating Singapore

The general consensus is that a domestic lockdown is unlikely for now. The FSSTI had declined c.6% over the week, after news of Omicron Covid-19 variant broke. We sense that in the very short term, market momentum is likely to lose steam. The perio....
CGS-CIMB Siewkhee
Siewkhee Lim @ CGS-CIMB 3 December 2021

TAV Airports Holding: Another value enhancing deal completed in 2021

TAVHL-Fraport JV has won the tender, with an EUR7.25bn offer, held by State Airports Authority (DHMI) in Dec 2021. Starting from 2027E, JV will collect EUR1.5/PAX security fee from international PAX. We assumed 4 equal payments of EUR150 between 2022...
ATA Invest Aytunc
Aytunc Uz @ ATA Invest 3 December 2021

HK : Strategy - Short Selling Analysis for November 26

The HKSFC released the aggregate short positions data for November 26. Yeahka (9923.HK) and Cimc Enric Holdings (3899.HK) require close monitoring, based on the latest short positions outstanding. There was a sizable decline in short positions in Ka....
CGS-CIMB Mark
Mark Po @ CGS-CIMB 3 December 2021

MY : Alliance Bank Malaysia Berhad - Exiting the stockbroking business

AIBB has entered into an agreement with Phillip Futures for the proposed disposal of its stockbroking business; this came as a surprise to us. We are neutral on the deal given the minimal one-off disposal gain, and insignificant earnings contributi....
CGS-CIMB Winson
Winson Ng @ CGS-CIMB 3 December 2021