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Singapore Banks

Marketing feedback from across the Causeway


Malaysian clients looking to SG banks for yield, quality

We met 15 Malaysian investors last week from a mix of long-only, hedge and private-banking funds to discuss Singapore banks and our stock calls: DBS (DBS SP, SGD24.97, BUY, TP: SGD29.56), UOB (UOB SP, SGD24.90, BUY, TP: SGD29.71) & OCBC (OCBC SP, SGD11.03, HOLD, TP: SGD10.73). They were cautious on regional macros given an unresolved US-China trade war, election uncertainties in Southeast Asia and slower economic growth. There was significant interest in Singapore banks from a flightto-quality angle and for their high dividend yields as the SGD is appreciating. There was very little push-back on our top picks, DBS & UOB. Key sector concerns were over asset quality, rising funding costs and the long-term impact of technology & fintech platforms.


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Parkway Life REIT (PREIT SP)

Takeaways From Taiwan ASEAN Conference


Mitsui has emerged as the largest shareholder of sponsor IHH. There are opportunities for future collaborations between Mitsui and PREIT in the healthcare sphere, especially in Japan. IHH is preoccupied with supporting Fortis Healthcare’s expansion in India and could divest of its 14 hospitals in Malaysia to PREIT. PREIT is defensive with a long WALE of 7.3 years. Maintain BUY. Target price: S$3.25.


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Property Devt & Invt

Holding up


■ Feb monthly sales volumes were higher mom and yoy.

■ We expect transaction volumes to remain stable yoy in 2019.

■ Maintain sector Overweight; preferred picks are CIT, UOL and CAPL.


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Singapore Coal Monthly

Indonesian coal to see a new opportunity



China restricted Australian coal imports. In Feb-19, Dalian Customs imposed an indefinite restriction on Australian coal imports and may implement a quota of 12mn tonnes of the overall coal import for 2019. Five ports under their supervision of the customs executed the ban. The volume of coal import across these five ports totalled at 14mn tonnes in 2018. Meanwhile, China has been slowing down the customs clearance of Australian coal by at least 40 days.


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LionelLim8.16Check out our compilation of Target Prices