16+ hour, 28+ min ago   (189+ words) ■ We believe PAN is a beneficiary of Singapore's ESG mandate & long-term pipeline of infrastructure/industrial builds requiring more specialised concrete. ■ Reiterate Add on its strong positioning as a leader in low carbon/specialised concrete solutions, which should help it capture…...

5+ day, 16+ hour ago   (232+ words) ■ On 8 Sep 2026, PBB proposed to take its 73.2%-owned PFH private, which could cost it HK$734.9m (or RM382.1m). ■ We estimate that the proposal would have negligible positive impact of RM6.2m on PBB’s FY26F net profit. ■ Reiterate Add on PBB, premised on its capital management…...

6+ day, 16+ hour ago   (156+ words) China Sunsine Chemical (CSSC SP) 1H26: Lacklustre Environment Offset By Decent 5% Yield • Sunsine’s 1H26 revenue of Rmb2.01b (+19% yoy) and PATMI of Rmb254.3m (+5% yoy) were ahead of expectations. • Record volumes (+9% yoy), driven by strong growth in accelerators and insoluble sulphur as well as increase in…...

1+ week, 16+ hour ago   (269+ words) Tai Sin Electric Ltd ■ FY6/26 core PATMI rose 27% yoy to c.S$32.8m; healthy C&W and RES demand should support continued FY27F earnings growth. ■ While the lack of clarity on tariffs has led to elevated copper prices, we expect copper prices to…...

1+ week, 4+ day ago   (382+ words) Malaysia could kick in earlier than expected ■ We raise our FY6/27F order win assumptions to S$170m (from S$140m), as we believe there are opportunities for LUCC to win tenders in Malaysia. ■ Niche project mix and execution should support elevated FY27F/28F GPM of…...

2+ week, 5+ day ago   (317+ words) ■ We address some investor queries post-1H26 results, including DPS growth (1H26: +3.2% yoy), OPAT per share (1H26: +9% yoy) and NBV, as well as outlook. ■ While Ping An broadly links OPAT and DPS, the dividend payout ratio based on OPAT has declined slightly since…...

2+ week, 6+ day ago   (314+ words) All eyes on orders in 2H26F ■ We increase our FY26F order wins to S$6bn (previously S$4.3bn), on the back of STM’s recent FLNG LOI and potential for more gas-related orders. ■ We also raise our FY26F-28F EPS estimates by 1-8%, reflecting higher order wins in 2026F, lower…...

3+ week, 16+ hour ago   (490+ words) Dark Clouds Gathering On The Horizon • The US and Japan are confronted with rising bond yields and a surge in interest payments. Both the US and Japan have not entered a fiscal or sovereign debt crisis, but they are starting…...

3+ week, 4+ day ago   (248+ words) Firing on multiple cylinders ■ HKEX reported strong 2Q26 results, with 2Q26 net profit up 21% yoy, beating Bloomberg consensus forecast by 9.6%. ■ 1H26 net profit growth was driven by strong performances across cash, derivatives and commodities, which saw record market volumes in 1H26. ■ The four programmes…...

3+ week, 5+ day ago   (287+ words) Better 2H26F and payout catalysts ahead ■ 1H26 net profit of US$41m missed expectations as jet fuel cost inflation and impairment losses hit gross profit, partly offset by a strong SPIA contribution. ■ Better 2H26F ahead; US$589m net cash, lowest payout among Sinopec subsidiaries provides…...