CGS CIMB |
CGS CIMB |
BYD Electronic Deeper integration into Apple’s supply chain
■ We see BYDE’s Apple revenue growth accelerating to 17% in FY26F (vs. 8% in FY25F) aided by a 50% share in the midframe supply for Apple’s foldables. ■ We revise down our FY25F/26F revenue growth forecasts for BYDE’s autorelated business to 30%/25% due to weaker EV sales by BYD. ■ Reiterate Add with a lower TP of HK$51.5, based on 18x FY26F P/E.
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Tencent Likely another set of good results for 3Q25F
■ Tencent will report its 3Q25F results on 13 Nov; we expect another strong quarter. ■ We project yoy growth of 13.6% in 3Q25F total revenue and 16.8% in adjusted net profit, supported by strong growth in its game and ad business and margin expansion. ■ We believe AI technology will boost Tencent's revenue growth and efficiency, and that it will boost its AI-related capex (our forecast: Rmb100bn in FY25F). ■ We reiterate Add, with a higher DCF-based TP of HK$728.
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PHILLIP SECURITIES |
UOB KAYHIAN |
Singapore Banking Monthly 3M-SORA continues to tumble
▪ September’s 3M-SORA was down 21bps MoM to 1.51%, the lowest since August 2022 and fell by 202bps YoY. Singapore loan growth has continued to climb (Aug25: +6.3%), but we expect a slight slowdown due to the trade war. Banks are guiding low to mid-single digit. CASA ratio to total deposits rose (Aug25: 19.4%), 15% YoY, a tailwind for the banks by lowering funding costs.
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Banking 3Q25 Results Preview: Continued NIM Compression
Highlights • We expect 3Q25 to be characterised by continued NIM compression, the resurgence of wealth management fees and benign asset quality. • We expect net profit of S$2,749m for DBS (-9% yoy, -3% qoq) and S$1,808m for OCBC (-8% yoy, flat qoq). • We remain concerned about heightened uncertainties emanating from trade conflict and a prolonged US government shutdown. Maintain MARKET WEIGHT. BUY OCBC (Target: S$20.12), HOLD DBS (Target: S$55.25).
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MAYBANK KIM ENG | MAYBANK KIM ENG |
CSE Global (CSE SP) Large DC orders likely incoming
Maintain BUY; unchanged TP of SGD0.84 We believe that CSE will likely secure large orders towards the end of the year, especially on the data-centre front where they are refocusing their efforts onto, as well as local government contracts. CSE is also in the midst of qualifying for another 1-2 hyperscaler clients and we expect DC order growth to accelerate. Management also remains bullish on a stronger 2H25E. Maintain BUY with an unchanged TP of SGD0.84, based on 16x FY25/26E P/E.
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Grab Holdings (GRAB US) Strong growth warrants premium valuation
Cruising ahead; Raise TP to USD6.62 from USD5.85 We reiterate BUY on Grab and increase our SoTP-based TP by 13% to USD6.62 after rolling forward valuations to FY26E. We forecast GMV growth of 20%/18% YoY in FY25/26, supported by offerings that focus on affordability, and service expansion (eg, dine-outs and GrabMart) even as consumer sentiment weakens in Indonesia, Thailand and the Philippines. Competition remains stable, while early moves to introduce autonomous vehicles position Grab ahead of peers to capture future adoption in markets such as Singapore (link). Robust fintech growth should persist, driven by merchant expansion (ecosystem lending) and the ongoing digibank push. We expect a strong 3Q25, with >20% GMV growth and higher margins, potentially prompting upward guidance revisions by management.
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