buysellhold july.23



Aztech Global Ltd

New products launched


■ Aztech issued a press release on 28 Aug 2023 announcing the launch of new vision technology-related products.

■ These products will be available from Sep 2023 in Singapore first, and in the international market by end-FY23F.

■ Reiterate Add. TP unchanged at S$1.11.



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Oil & Gas Refinery

Diesel-led GRM recovery in 2H23F


■ Gross refining margins (GRMs) in 3Q23F likely to beat our estimates on tighter-than-expected supply caused by unplanned outages globally.

■ Impact from the return of China export could be mitigated by lower cargoes from Russia and India. Higher crude oil cost is the key sector risk, in our view.

Supply outages and seasonal demand driving diesel price in 3Q23F

Asian diesel crack spread of US$30.8/bbl in Aug 23 beat our expectation, mainly due to multiple outages at European refineries and lower export cargoes from Russia and US refineries. For gasoline, the permanent shutdown of some US refineries’ upgrading units and the shortage of blendstock amid high seasonal demand led to resilient gasoline crack spread in Aug 23. The hurricane season in the US Gulf Coast started at end-Aug 23; this could support refined petroleum product crack spreads, given that 54% of US refiners are located on the Gulf Coast.



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Constrn & Material - Overall

Key takeaways from MyHSR luncheon


■ Key takeaways i) government may fund land acquisition; ii) all interest parties start on a clean slate, and iii) the southern corridor is a key alignment area.

■ We expect more clarity on the project’s structure, cost, TOD and timeline after the RFI concludes on 15 Nov 2023.

■ We continue to see YTL, MCement and HSS as potential key beneficiaries. Maintain sector Overweight due to potential rollout of larger scale projects.



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China/HK: An influx of Chinese firms seeking to list in Hong Kong will drive a recovery in the city’s office space market over the next two to four years, according to the head of Gaw Capital Partners. Chinese investment banks and securities firms eyeing business from stock listings will replace multinational companies that are reducing their footprint, said Goodwin Gaw, chairman of the Hong Kong-based private equity firm that has about US$36 billion in assets under management.

“Hong Kong is going through a structural change” as the city becomes more integrated with mainland China, giving it an edge over cities like Shanghai, Gaw said. “A lot of this demand will come back, but it may not come from the multinationals or the US banks.” His firm is also seeking to increase its presence in South-east Asian markets like Vietnam, and is looking at “oversold” office space in San Francisco.

-- BCA Research / Blg






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