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CGS CIMB |
UOB KAYHIAN |
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Premium smartphones driving growth amid shipment slowdown
We lower our 2025F global smartphone shipment growth forecast to 1% yoy (previously 3%) to reflect US tariff uncertainties but believe this will pick up in 2026F-27F on AI-driven smartphone replacement demand. We believe sales of high-end phones will continue to outperform sales of low- to mid-priced phones in 2025F globally due to ongoing customer upgrades in pursuit of innovative new features.
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Riverstone Holdings (RSTON SP) Key Takeaways From Malaysia NDR
Key takeaways from the NDR with Riverstone and our institutional clients in Malaysia on 11 Jun 25 include the following: a) there are expectations of a stronger recovery in the cleanroom glove segment in 2H25 as trade war uncertainties abate, b) competition in the healthcare glove segment is still intense due to ample supply, and c) Riverstone will focus on product customisation and direct engagement with its end-customers to remain competitive. Maintain HOLD with a target price of S$0.71.
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UOB KAYHIAN |
LIM & TAN |
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Healthcare – China Entering A New Phase Of Accelerated Growth
China's biotechnology sector has entered an accelerated growth phase, with firms expanding their innovative commercial product portfolios, achieving significant outlicensing deals and enjoying unexpected profitability. With an unprecedented showing of 74 oral presentations at ASCO 2025, the sector highlighted its robust pipeline and expanding role in global innovation. Sustained policy support and globalisation efforts will further support this expansion. Upgrade to OVERWEIGHT with Innovent, Hansoh Pharma and Sino Biopharm as our top picks.
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The Business Times: Among the construction players on the Singapore Exchange, some have taken on local airport projects. Below are five that investors might want to look out for as possible beneficiaries of the multibillion-dollar mega Changi East development, which includes the airport’s T5, third runway, as well as cargo complexes and other supporting aviation and ground transport infrastructure. We continue to remain bullish on the construction sector and continue to maintain a BUY on OKP at the backdrop of cheap valuations of 6.6x FY24 PE and strong construction fundamentals despite the share price run up. OKP is further backed by $0.35/cash, $0.26 of investment properties and a record orderbook of $735.8mln. Our target remains at $0.97, representing 8x FY25PE and a 21.2% upside potential. |
| LIM & TAN | MAYBANK KIM ENG |
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CNBC: The Federal Reserve on Wednesday kept interest rates steady amid expectations of higher inflation and lower economic growth ahead, and still pointed to two reductions later this year. Despite President Trump’s pressure to cut rates, the Fed appears to be more hawkish and less dovish on the interest rate outlook due to higher-than-expected inflationary expectations. There are suggestions that tariffs could pose inflationary effects in the US. We have an Accumulate recommendation on Singapore banks (DBS, UOB and OCBC) amidst an elevated interest rate environment which is positive for the sector. Consensus TP for DBS/UOB/OCBC stands at $46.77/$37.99/$17.24, representing a 5.7%/9.1%/7.5% upside respectively
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Singapore Telecommunications (ST SP) Optus penalty implications
Regulatory settlement and penalty overview Optus has reached a settlement with the Australian Competition and Consumer Commission (ACCC) concerning past instances of unconscionable conduct and inappropriate sales practices between Aug 2019 and Jul 2023. The settlement includes a proposed civil penalty of AUD100m along with an Enforceable Undertaking requiring comprehensive reforms to the company’s retail and sales operation.
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