Divergence in HK and China’s Covid strategy could pose a challenge to near-term border reopening between the two, delaying HB segment recovery. We expect weaker margins for DFI in FY22F in view of macro challenges and further investments in e-comme....

Reiterate Add; we maintain our SOP-based TP of S$0.81 as we expect earnings pressure to ease in the near term amid consumption recovery. Prices of proteins seem to have stabilised across the board for JAP, with the exception of DOCs in Indonesia, su....

On 17 June, the media reported that Southeast Asian tech giant Sea Ltd (SE) is cutting its headcount in ASEAN and Latam. The layoffs are focused on ShopeeFood and SeaMoney and could amount to a 5% fall in headcount. If so, this would equate to an ave...

We hosted ISDN for a post-1Q22 business update call on Monday, 20 June 2022. The 1Q22 update was released on 10 June 2022. Management believes the worst of the Covid-19 lockdowns in China is over. Reiterate Add and TP of S$0.70 as business activit....

KDC REIT is acquiring two data centres in Guangdong for S$297.1m Deal to be DPU accretive, acquisition to be funded by debt and equity Reiterate Add with a slightly higher DDM-based TP of S$2.63  

1Q22 net profit up 20% yoy to S$9m, making up 31% of our FY22F forecast. Higher share of resale/rental market offset by lower share of new home sales. Reiterate Add rating, with a lower TP of S$0.84.