Riding on ecosystem synergies, we expect SE’s digital bank in Singapore to reach the initial regulatory deposit cap rapidly with minimal acquisition costs. Similarly, Shopee’s vast customer and merchant base allows SeaMoney to easily cross-sell its.....

Following the reported regulatory action effecting the takeover of Credit Suisse (CS) by UBS, we seek to address key questions on investors’ minds. We highlight that the write-off/conversion of CS’s AT1 securities are idiosyncratic and do not repre....

FY22 net profit of Rmb219m (-20% yoy) was in line with expectations. Weak topline was cushioned by margin expansion. We believe tailwinds are in place for a cyclical rebound with China’s Covid-policy pivot and potential stimulus measures to support.....

FY22 core PATMI of S$44m (-11% yoy) disappointed on weaker building materials margins, while Yuchai was hurt by Covid-impacts in China. Tailwinds are in place for a cyclical rebound for Yuchai in FY23F, in our view. We are also cautiously optimistic....

4Q22 core net profit of S$2.9m brings FY22 net profit to S$16.5m, below expectations at 90.0% of our estimates, on narrower net profit margin. Weaker profitability was a result of declining contribution from Covid-19 testing, and gestation losses f....