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CGS CIMB |
CGS CIMB |
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Banks 3Q24F: Waiting on wealth
■ We expect wealth management fee momentum to be a key feature of 3Q24F earnings as NIMs stay stable to slightly softer qoq as asset yields drift lower. ■ Key focus topics for 3Q24F earnings briefings will likely be FY25F outlook, wealth management growth prospects, credit cost writeback/normalisation. ■ Reiterate sector Neutral. We think UOB could outperform peers in 3Q24F as NIMs hold steady. DBS could be a wealth and dividend pick (c.6% in CY25F).
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Property Devt & Invt Pick up in Sep home sales
■ Sales of private homes (ex-ECs) rose 93% mom and 85% yoy in Sep 2024 ■ We think more upcoming project launches could spur a pick-up in sales volume in 4Q24F. ■ Retain sector Neutral. Our sector picks, ranked by preference: CLI, CIT, UOL.
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UOB KAYHIAN |
UOB KAYHIAN |
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Singapore Exchange (SGX SP) Stellar Month For All Business Segments
For Sep 24, SGX reported strong operating statistics which saw SDAV reaching a twoyear high, driven by increased market turnover value for China-linked SGX-listed companies. Total derivative traded volumes also surged to a four-year high, driven by the equity derivatives and commodities segments. However, with a lack of near-term catalysts, we still opine that SGX is fairly valued at current price levels. Maintain HOLD but with a higher PE-based target price of S$11.83 (S$11.62 previously).
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JD.com (9618 HK) 3Q24 Results Preview: Promising Outlook; Benefitting From Trade-In Programme
JD’s top-line growth is guided to be solid at 4.8% yoy for 3Q24, on par with JD Retail’s growth and in line with our expectation. JD also saw resilient user growth and GMV growth in 3Q24 as it is well positioned to benefit from a gradual consumption recovery in 2H24 on the back of the government stimulus and trade-in programme. We also expect the 11.11 campaign that kicked off on 14 Oct 24 to boost consumption demand. Maintain BUY with a higher target price of HK$197.00 (US$49.00).
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