OCBC Investment Research
15 May 2025
Navigating Market Volatility: Insights and Opportunities from OCBC Investment Research
Market Commentary
United States:
- US stocks experienced a slight increase on Wednesday, driven by gains in chipmakers’ shares following significant deals announced during President Donald Trump’s tour of the Persian Gulf [[1]].
- The S&P 500 Index rose by 0.1%, and the Nasdaq 100 Index increased by 0.6%. Both indices recovered their year-to-date losses after a multiweek rally fueled by expectations of less severe tariffs on China and other US trading partners [[1]].
- The technology and communications sectors performed well, with Nvidia Corp. rising by 4.1% after securing a deal to supply chips to Saudi Arabian AI company Humain for a data center project. Super Micro Computer was the top performer in the S&P 500, surging 16% after DataVolt, a Saudi Arabia-based data center company, signed a multi-year partnership agreement [[1]].
- However, eight of the 11 sectors in the S&P 500 experienced declines, led by health care, real estate, and materials [[1]].
- Risk appetite has increased on Wall Street due to US-China trade talks, which resulted in temporary tariff reductions. The S&P 500’s 14-day relative strength index reached its highest point since early December, nearing the 70 level, which some market technicians view as a sign of overheating. Nearly 70% of S&P 500 shares are trading above their 50-day moving average [[1], [2]].
Europe:
- The Stoxx Europe 600 Index decreased by 0.2% at the close. Consumer products and health care stocks underperformed, while banks and construction shares outperformed. Burberry Group Plc jumped 17% after reporting better-than-expected retail sales in the fourth quarter and announcing job cuts [[2]].
- The main regional index is up over 7% so far this year, recovering all of its losses since US President Donald Trump unleashed his trade tariffs on April 2. The trade negotiations between the US and China have also boosted investor sentiment [[2]].
Asia:
- The MSCI Asia Pacific Index advanced as much as 1.1%, with Tencent and Alibaba among the biggest boosts. Chipmakers TSMC and SK Hynix also drove gains, following US peers higher after news that Nvidia and Advanced Micro Devices will supply semiconductors for a large Saudi Arabian data-center project [[2], [3]].
- Hong Kong, South Korea, Taiwan and Indonesia led gains in the region. Japanese stocks bucked the trend, with the benchmark Topix snapping a 13-day win streak, as worries about the nation’s continued lack of a tariff deal with the US and weak earnings from the auto sector drove profit-taking [[3]].
Singapore Market Statistics [[3]]
- Straits Times Index: 3,871.1 (-10.0, -0.3%)
- FTSE ST Financials: 1,539.3 (-6.0, -0.4%)
- FTSE ST REITs: 630.4 (-3.6, -0.6%)
- FTSE ST Real Estate: 619.8 (-3.1, -0.5%)
- Volume (m): 1,088.2 (-263.8, -19.5%)
- Turnover (m): 1,326.0 (-705.3, -34.7%)
- 52 week range: 3,198.4 – 4,005.2
- Gainers / losers: 292 / 223
World Indices [[3]]
- S&P 500: 5,892.6 (6.0, 0.1%)
- DJI: 42,051.1 (-89.4, -0.2%)
- Nasdaq Comp: 19,146.8 (136.7, 0.7%)
- FTSE 100: 8,585.0 (-17.9, -0.2%)
- STOXX Europe 600: 543.9 (-1.3, -0.2%)
- Nikkei 225: 38,128.1 (-55.1, -0.1%)
- Hang Seng Index: 23,640.7 (532.4, 2.3%)
- SHSE Comp Index: 3,403.9 (29.1, 0.9%)
- SZSE Comp Index: 2,010.6 (10.4, 0.5%)
- SHSE SZSE CSI 300: 3,943.2 (47.0, 1.2%)
- KLCI: 1,583.5 (1.1, 0.1%)
- JCI: 6,979.9 (147.1, 2.2%)
- SET: 1,216.7 (2.3, 0.2%)
- KOSPI: 2,640.6 (32.2, 1.2%)
- TWSE: 21,782.9 (452.7, 2.1%)
FX & Commodities [[3]]
- USDSGD: 1.3024 (-0.1%)
- USDJPY: 146.75 (0.5%)
- USDCNY: 7.208 (-0.1%)
- USDHKD: 7.807 (-0.1%)
- WTI Crude USD/bbl.: 63.15 (-0.8%)
- Brent USD/bbl.: 66.09 (-0.8%)
- Gold USD/oz.: 3,177.3 (-2.2%)
- Silver USD/oz.: 32.23 (-2.1%)
Research Ideas
DBS Group Holdings Ltd (DBS SP) – Lower 1Q25 Earnings Within Expectations
- Higher allowances in 1Q25 were expected due to an uncertain outlook and potentially slower economic growth [[4]].
- Well-capitalized banks with healthy balance sheets are better positioned to navigate market volatility [[4]].
- Management is seeking opportunities in intra-regional trades [[4]].
1QFY25 Performance:
- DBS posted 1QFY25 net earnings of SGD2,897m, down 2% year-on-year (YoY), but higher than Bloomberg consensus expectations of SGD2,840m [[4]].
- Net interest income (NII) rose 5% YoY to SGD3,681m [[4]].
- Non-interest Income (NI) improved 8% to SGD2,224m [[4]].
- Allowances for credit and other losses increased from SGD135m in 1Q24 to SGD325m in 1Q25, reflecting a prudent stance due to the trade tariff situation [[4]].
Guidance:
- DBS management is guiding for FY25 net profit to be lower than FY24, largely impacted by the global minimum tax [[4], [5]].
- The group expects three US Federal Reserve (Fed) rate cuts in 2025 (up from two), which could reduce its NIM. NIM is expected to be lower than FY24 which was at 2.13% [[5]].
- Loans growth expectation of 5-6% in FY25, but this may be affected if the trade situation worsens [[5]].
- Cost-to-income ratio is estimated to be in the 40% range [[5]].
- Management is positioning the group for more intra-regional trades given the current US-China tariff situation [[5]].
Market Impact and Recommendation:
- Trade tensions have caused wide fluctuations in global equities. DBS’s share price dipped to SGD36.30 on 7 Apr 2025 but has since recovered 21.8% [[5]].
- OCBC reiterated its BUY call for DBS on 10 April 2025, and the stock price has since rebounded 19% [[5]].
- The SGD3.00 dividend and capital payouts translate to an attractive yield of 6.8% [[5]].
- Volatility is expected to remain due to trade tensions. While a trade war could dent loans demand, DBS is well-capitalized and its healthy balance sheet should enable it to manage current uncertainties [[5]].
- Attractive yearly payouts should continue to provide good price support [[6]].
ESG Updates:
- DBS leads most global peers in corporate governance, especially for board structure [[6]].
- Its three-year (FY19-21) average staff turnover rate of 12% is above the industry average of ~9.3% [[6]].
- The Social and Governance pillars contribute 54% and 33% respectively to its overall ESG rating, while the Environmental pillar is assigned a 13% weight [[6]].
- DBS is rated higher than the industry average in Environment and Governance. In the Social pillar, the bank scores below industry average due to concerns relating to human capital development, access to finance and privacy & data security [[6]].
- Recommendation: BUY [[6]].
JD.com (9618 HK / JD US) – Solid Core Business
- Positive momentum in core business [[6]].
- Uncertainties remain in food delivery business despite faster-than-expected ramp up [[6]].
- Trading close to trough valuation [[6]].
1Q25 Performance:
- JD reported strong 1Q25 results with both revenue and adjusted net profit beating consensus estimates and rising 16% and 43% year-on-year (YoY), which was 4% and 20% ahead of consensus estimates respectively [[6]].
- The better-than-expected results were driven by ongoing growth acceleration and margin expansion in core business [[6]].
- Overall gross profit margin expanded to 15.9% largely driven by improving category mix and increasing service revenue [[6], [7]].
- Adjusted net profit margin was 4.2%, expanding further from 3.4% in 1Q24 and 3.3% in 4Q24 [[7]].
Key Positives:
- Accelerating momentum in electronics and home appliances revenue growth to +17% YoY (vs +16% YoY in 4Q24) [[7]].
- Accelerating general merchandise revenue growth to +15% YoY (vs +11% YoY in 4Q24) [[7]].
- Improving ad and marketplace revenue growth to +16% YoY [[7]].
- Steady margin expansion thanks to efficiency improvements and a favourable product mix [[7]].
Food Delivery Business:
- JD’s investment in the food delivery business has seen a faster-than-expected ramp up with food delivery order volumes rising close to 20m/day recently, representing about one-third of Meituan (3690 HK) and around the same level with Alibaba’s (9988 HK) Eleme [[7], [8]].
- Positive user, traffic and cross selling opportunities being observed for JD App. Management views food delivery as a natural extension of its core retail business and is part of JD’s ecosystem, creating synergies with its current business in terms of users, supply chain and fulfilment [[8]].
- Management highlighted that investments in food delivery are mostly variable costs and will be adjusted based on order volume, gross merchandise value (GMV), user and rider experiences and return on investment (ROI) trends [[8]].
- Five regulators, including the State Administration for Market Regulation (SAMR), met with major food delivery platforms, including JD, Meituan and Alibaba’s Ele.me, emphasising rational and fair competition [[8]].
- Despite the fast-than-expected ramp up, management did not give guidance for food delivery budgets and the impact on overall group profit on the back of dynamic competitive landscape in food delivery business [[8]].
Shareholder Return:
- JD has demonstrated its commitment in delivering shareholder return. It repurchased USD1.5b worth of shares year-to-date, representing about 2.8% outstanding shares as of end-2024 [[8], [9]].
- The outstanding amount under its current USD5b share buyback program, which lasts till August 2027, is about USD3.5b [[9]].
Valuation and Recommendation:
- JD has demonstrated solid growth across its core business segments. Management highlighted improving consumer sentiment on the back of the upsized and expanded consumer goods trade-in program and expect positive momentum in electronics and home appliance categories will sustain in 2Q25 [[9]].
- Management is confident in sustaining the double-digit YoY growth in in supermarkets and fashion categories in light of the 618 campaign, which will commence on 31 May [[9]].
- JD should continue to be a key beneficiary to the upsized consumer goods trade-in program with an expanded product category despite high-base effect will kick-in in 2H25 [[9]].
- Concerns about its food delivery investment remains in place despite a faster-than-expected ramp up [[9]].
- Management raised revenue growth target to a double-digits percentage YoY increase this year but no guidance on profit growth. That said, it reiterated its long-term target in achieving high single-digit net margin [[9]].
- The stock is trading at 7x (9618 HK) / 8.2x (JD US) forward price-to-earnings (P/E), which is close to its trough valuation and is lower than its e-commerce peers of 8-12x (9618 HK) / 8-13x (JD US) forward P/E [[9]].
- The depressed valuation should have more or less reflect concerns about potential earnings drag from food from food delivery investment and the risk-reward remains attractive [[9], [10]].
- Recommendation: BUY. Adjust fair value estimate to KHD200 (9618 HK) / USD52 (JD US), reflecting initial investment in food delivery business, which is based on sum-of-the-parts (SOTP) methodology, implying a 11x forward P/E multiple [[10]].
ESG Updates:
- Relatively strong cybersecurity measures; weaknesses in governance practices [[10]].
- JD handles substantial volumes of personal data, and may thus be exposed to regulatory risks in case of data breaches. The company lags most global peers in overall governance practices [[10]].
- JD’s large workforce (522,561 in 2023 vs industry average of 92,836, as of October 2024) may increase its exposure to labour-related challenges [[10], [11]].
- JD’s retail operations have moderate exposure to the risk of incurring higher input costs tied to volatile energy prices [[11]].
- JD’s chair is a former CEO; his ties to management may limit his ability to provide independent leadership of the board. The allegation of sexual assault against the chair still weighs on the assessment, as of November 2024 [[11]].
- Recommendation: BUY [[11]].
Thai Beverage (THBEV SP) – Soft Consumption
- Strong beer sales in Thailand, driven by tourism recovery [[11]].
- Sabeco was a key drag in 2QFY25 [[11]].
- Soft economic outlook in Thailand and Vietnam could weigh on beer and spirits’ sales in 2HFY25 [[11]].
2QFY25 Performance:
- ThaiBev’s revenue was marginally down by 0.6% year-on-year (YoY) to THB85.4b in 2QFY25, driven by weaker sales of beer (-2.4% YoY), NAB (-1.9% YoY) and food business (-0.9% YoY), partly offset by stronger sales from the spirits business (+2.1% YoY) [[11], [12]].
- EBITDA fell 7.6% YoY to THB14.7b while EBITDA margin was down from 18.5% in 2QFY24 to 17.2% in 2QFY25 [[12]].
- PATMI decreased 3.2% YoY to THB6.7b [[12]].
- An interim dividend per share of THB0.15 was declared, same as last year [[12]].
Segment Performance:
- The revenue of the spirit business rose 2.1% YoY due to a 2.6% YoY increase in sales volume, but EBITDA fell 5.4% YoY in 2QFY25, mainly due to higher raw material and marketing costs [[12]].
- Spirits’ consumption has been negatively impacted by weak consumer sentiment, though management noted an uptick since early 2025 and during the Songkran festival [[12]].
- Beers’ revenue and EBITDA fell 2.4% and 3.1% YoY, dragged by weaker consumption in overseas market. Beer sales in Thailand was strong, supported by the tourism rebound, but was weaker in Vietnam [[12], [13]].
- Management remains focused on controlling costs and maintaining profitability of the beer business. We expect continued weakness in Vietnam in 2HFY25 due to softer economic growth outlook, though Sabeco could benefit from consumer trade-down trends [[13]].
- For NAB, its revenue was down 1.9% YoY while EBITDA fell 16.6% YoY during the quarter, due to an unfavourable product mix and lower contribution from associates [[13]].
- Separately, the sales revenue of the food business increased 0.7% YoY while EBITDA fell 12.0% YoY due to higher raw material, labour and marketing expenses [[13]].
Recommendation:
- Given weak consumer sentiment in Thailand and Vietnam and ongoing concerns around tariffs, we reduce our growth forecasts and margin assumptions. We also revise assumptions in our sum of-the-parts (SOTP) valuation. As such, we lower our fair value estimate from SGD0.69 to SGD0.60 [[13]].
- Recommendation: BUY [[13]].
Sea Limited (SE US) – Delivered Strong Profitability Ahead of Expectations
- Broadly in-line revenue but a strong profitability beat. Management’s tone on 2025 guidance continues to be confident [[13]].
- Increasing penetration across products in Monee and Garena [[13], [14]].
- We see growth potential in the Brazilian market. Overall, we increase fair value (FV) estimate to USD180 (from USD164) [[14]].
1Q25 Performance:
- Sea reported broadly in-line revenue against consensus, EBITDA across its three divisions came in ahead of consensus. Total GAAP revenue increased by ~29.6% year-on-year (YoY) to ~USD4.84b (vs consensus of ~USD4.89b) [[14]].
- Total adjusted EBITDA came in at ~USD947m beating consensus of ~USD690m, driven by its e-commerce segment and Garena [[14]].
Segment Results:
- E-commerce (Shopee): GAAP revenue grew ~28.3% YoY to ~USD3.5b, and adjusted EBITDA came in at ~USD264m (ahead of consensus ~USD167m). Shopee has delivered a record high gross merchandise value (GMV)(21.5% YoY) and gross order volume (20.5% YoY) [[14]].
- Digital Financial Services: GAAP revenue was up by ~57.6% YoY to ~USD787m, and adjusted EBITDA improved by ~62.4% YoY to ~USD241m (slightly ahead of consensus ~USD239m). As of 31 March 2025, consumer and SME loans principal outstanding grew by over 76.5%, mainly driven by healthy expansion of its user base [[14], [15]].
- Digital Entertainment (Garena): GAAP revenue improved ~8.2% to ~USD496m, adjusted EBITDA improved ~56.8% to ~USD458m (ahead of consensus ~USD329m), and bookings grew ~51.4% YoY. Garena’s active user base and paying base expanded to highs seen at the end of 2021, with majority of growth attributed to Free Fire’s collaboration with Naruto Shippuden [[15]].
Growth Factors:
- Better seasonality with Ramadan falling fully into the first quarter [[14]].
- Shopee continued to improve its ad take rate, which grew 50bps compared to last year [[15]].
- Shopee continued to optimise its costs over time. Management noted that shipping costs have decreased significantly, along with continued optimisation in sales and marketing [[15]].
- Implementing various initiatives such as using artificial intelligence (AI) solutions to automate customer service and listing management further reduced operating cost and contributed to margin improvement [[15]].
Guidance:
- Management reiterated its guidance of achieving a 20% growth in full year GMV while improving profitability. Furthermore, in the long term, management targets around 2% to 3% EBITDA over GMV (with ~0.9% margins in 1Q25 with improvement from ~0.5% margins in 4Q24) [[15]].
- Management remains confident of achieving guidance of loan book size to grow faster than Shopee’s GMV annual growth rate in 2025 [[15], [16]].
- Management remains optimistic in achieving double-digit growth YoY for Garena’s user base and bookings in 2025 [[16]].
Brazil Market:
- We see sustainable growth in Brazil for several reasons. First, Shopee continues to build up pricing advantage in the market for its core mass user groups. Having invested significantly in its infrastructure, especially Shopee Express (SPX) logistics, it is able to lower costs and shorten delivery times [[16]].
- Management noted that the competitive landscape appears to be relatively stable, with no big movements. While TikTok Shop has recently launched in Brazil, the core focus for Shopee Brazil is to ensure competitive pricing, and good infrastructure to deliver lower costs and better experiences [[16]].
- Management believes that Shopee Brazil has more room to grow given the relatively lower e-commerce penetration compared to its South Asia market [[16]].
Recommendation:
- We reiterate our BUY rating on the name and increase our FV estimate from USD164 to USD180. We have updated our assumptions to include a higher growth potential across its 3 business segments, and higher margins to account for optimisation initiatives that have helped to lower its operating costs [[16], [17]].
- Recommendation: BUY [[17]].
ESG Updates:
- As a global game developer and e-commerce company, Sea relies on skilled and creative developers. ESG notes that its competitive welfare packages appear limited in comparison with those of leading peers, and that it appears to trail leading peers in talent management [[17]].
- ESG has also highlighted that the company’s governance practices appear weak relative to global peers, and that there is limited evidence of management practices to address carbon emissions with no disclosed carbon reduction targets [[17]].
- Recommendation: BUY [[17]].
Singapore Market Strategy: What a Difference a Month Makes!
- Following our Singapore Strategy report titled “Don’t waste a crisis!” dated 10 April 2025, markets have rebounded strongly, despite occasional sporadic minor corrections [[17]].
- After the Straits Times Index (STI) saw a sharp single-day decline of 7.5% on 7 Apr 2025, the index has since recovered 9.6% to close at 3,881.05 on 13 May 2025 [[17]].
- The recovery for the Singapore market was broad-based with gains for almost all sectors. The highest gain was recorded from the energy index, with stocks posting an average gain of 25.4% from the recent low on 7 April 2025 [[17], [18]].
- Financials recovered 10%, real estate regained 11.7%, and industrials rose 16.5% for the same period [[18]].
- At current levels, the STI is just 2.5% away from the all-time historical closing high of 3,981.57 [[18]].
Key Changes:
- A tariff war seems to have been averted as trade tensions eased following negotiations between the world’s two largest economies, US and China, to temporarily lower tariffs. This has also lowered the probability of a US recession [[18]].
- The knee-jerk reaction was buoyed by optimism that a global slowdown could be averted, and this will have wider implications for corporate earnings and growth [[18]].
- In Singapore, the political baton was successfully handed to the new 4th generation team at the recent election, with an overwhelming majority win of 65.6% for the ruling party – an improvement of 4.34% over the previous election in 2020 [[18], [19]].
- The ruling party also secured 87 out of 97 seats in Parliament. With this clear mandate, we believe that political stability and policy will continue. This will also provide businesses with the confidence that the investment climate here remains positive [[19]].
Singapore as a Safer Haven:
- In our previous Singapore Strategy report, we reiterated our call for Singapore stocks, despite looming trade war. This was premised on Singapore’s healthy fundamentals and pro-business policies, strong infrastructure, and undemanding valuations for Singapore equities with exceptionally high dividend yields for selective blue chips as a result of the recent price corrections [[19]].
- Singapore banks are pivotal as these are key index component stocks. For example, at the recent closing low of SGD37.16, DBS’s estimated SGD3.00 dividend per share for FY25 worked out to a remarkably high dividend yield of 8.1%! [[19], [20]].
- At the recent close of SGD44.23 (on 13 May 2025), the dividend yield has since come off to a still high level of 6.8% – and this excludes the price gains of 19% in the last month [[20]].
Strategic Outlook:
- Singapore is in a significantly stronger position as stable domestic policies should ensure that should a tariff war resume, intra-regional trades and partnerships, and a more service-focused economy will help to cushion the impact from higher prices [[20], [21]].
- We expect short-term volatility to remain, but healthy fundamentals will continue to provide some support over the longer term. Singapore banks should form a core part of a well-diversified portfolio as healthy yearly dividends and share buyback programmes should provide good price support [[21]].
- Since our last report on 10 April 2025, Singapore stocks under our coverage have shown significant price recovery [[21]].
Performance of Singapore Stocks:
- Keppel Ltd gained 19.1%, Keppel REIT rose 9.0%, Mapletree Industrial Trust moved up 7.1%, Nanofilm Technologies International Ltd surged 22.0%, OUE Real Estate Investment Trust rose 16.0%, SATS Ltd gained 20.7%, Sembcorp Industries Ltd rose 8.8%, Sheng Siong Group Ltd moved up 16.1%, SIA Engineering Co Ltd rose 21.5%, Singapore Airlines Ltd gained 14.2%, Singapore Exchange Ltd rose 15.9%, Singapore Post Ltd increased 27.6%, Singapore Technologies Engineering Ltd gained 12.5%, Singapore Telecommunications Ltd improved 9.1% and United Overseas Bank Ltd gained 14.1% [[21]].
Valuation:
- At current levels and just 2.5% away from historical high, valuations for Singapore’s blue chips as measured by the STI are still inexpensive. The current price-earnings is at 12.2x (versus 10-year average of 12.5x), price-book of 1.26x (versus 10-year average of 1.17x) and estimated dividend yield of 5.6% (versus 10-year average of 4.44%) [[21], [22]].
Latest OIR Reports [[22]]
Key Recommendations
- DBS Group Holdings Ltd: BUY with Fair Value SGD 50.00
- JD.com: BUY with Fair Value HKD 200.00 / USD 52.00
- Thai Beverage: BUY with Fair Value SGD 0.60
- Sea Limited: BUY with Fair Value USD 180.00
STI Stocks Sorted by Market Capitalisation (US\$m) [[23]]
| Code |
Company |
Price on
14 May 2025 |
Mkt Cap
US\$m |
Eqy
Beta |
Div Yield (%)
Hist |
Div Yield (%)
F1 |
P/E Ratio (x)
Hist |
P/E Ratio (x)
F1 |
P/E Ratio (x)
F2 |
Recommendation
Buy |
Recommendation
Hold |
Recommendation
Sell |
Recommendation
Total |
| DBS SP |
DBS Group Holdings Ltd |
SGD 44.25 |
96,653 |
1.2 |
6.8 |
6.9 |
11 |
11 |
11 |
11 |
8 |
0 |
19 |
| OCBC SP |
Oversea-Chinese Banking Corp Ltd |
SGD 16.18 |
55,984 |
1.0 |
5.3 |
6.0 |
10 |
10 |
10 |
7 |
10 |
1 |
18 |
| ST SP |
Singapore Telecommunications Ltd |
SGD 3.75 |
47,593 |
0.9 |
4.5 |
4.5 |
– |
24 |
21 |
15 |
2 |
1 |
18 |
| UOB SP |
United Overseas Bank Ltd |
SGD 35.27 |
45,291 |
1.1 |
5.1 |
6.2 |
10 |
10 |
9 |
11 |
7 |
0 |
18 |
| STE SP |
Singapore Technologies Engineering Ltd |
SGD 7.19 |
17,263 |
0.8 |
2.4 |
2.5 |
32 |
27 |
23 |
11 |
3 |
1 |
15 |
| SIA SP |
Singapore Airlines Ltd |
SGD 6.86 |
15,677 |
1.0 |
7.0 |
4.6 |
7 |
9 |
14 |
2 |
10 |
2 |
14 |
| WIL SP |
Wilmar International Ltd |
SGD 3.05 |
14,644 |
0.7 |
5.2 |
5.8 |
12 |
10 |
9 |
5 |
9 |
0 |
14 |
| JM SP |
Jardine Matheson Holdings Ltd |
USD 48.13 |
14,201 |
0.8 |
4.7 |
4.8 |
– |
9 |
8 |
5 |
2 |
0 |
7 |
| CICT SP |
CapitaLand Integrated Commercial Trust |
SGD 2.04 |
11,476 |
0.8 |
3.2 |
5.4 |
15 |
18 |
17 |
14 |
3 |
0 |
17 |
| SGX SP |
Singapore Exchange Ltd |
SGD 13.86 |
11,401 |
0.7 |
2.6 |
2.7 |
23 |
24 |
23 |
7 |
6 |
3 |
16 |
| HKL SP |
Hongkong Land Holdings Ltd |
USD 5.06 |
11,138 |
0.8 |
4.5 |
4.7 |
– |
17 |
16 |
8 |
5 |
0 |
13 |
| CLI SP |
CapitaLand Investment Ltd/Singapore |
SGD 2.5
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