Insights and Analysis

  • Economics
  • Industry
  • Equities
  • Economics
  • Industry
  • Equities
China / Currency

Understanding China: RMB internationalisation 2.0

January 22, 2021
Understanding China: RMB internationalisation 2.0

Present conditions offer Beijing a window to revive its RMB internationalisation process.

Global / Economics & Strategy

Research Library

January 21, 2021
Research Library

Economics and Macro Strategy

Global / Economics & Strategy

The case for and against inflation

January 20, 2021
The case for and against inflation

The new year has begun with renewed focus on the reflation trade, with yield curves steepening and inflation expectations rising. We examine the case (watch video here)

China / Industrials

China Infrastructure Sector: Recovering from trough

January 21, 2021
China Infrastructure Sector: Recovering from trough

We see a recovery in China’s infrastructure sector going forward as we expect investments in the mainland’s railway and urban rail transit to surprise on the upside.

Hong Kong / Financials

HK Banking Sector: The worst is behind us

January 20, 2021
HK Banking Sector: The worst is behind us

We believe the worst is behind Hong Kong’s banks and expect their earnings to rebound by 4-7% y-o-y in FY21F.

China / Communication

China Telecom Sector: Time to bottom fish

January 18, 2021
China Telecom Sector: Time to bottom fish

The panic sell-off on Chinese telecom operators due to a US executive order offers an attractive buying opportunity as we expect the sector’s earnings outlook to improve in 2021.

Hong Kong / Equities

Hong Kong 2021 Strategy: Getting back on track

January 05, 2021
Hong Kong 2021 Strategy: Getting back on track

As vaccine developments ease fears, the rise in global risk appetite bodes well for the underperforming Hong Kong market.

Asia / Equities

The case for ESG investing

December 17, 2020
The case for ESG investing

Environmental, social and governance (ESG) issues may unleash a crisis affecting a company’s financial strength and valuation. But that’s not all.

Hong Kong / Equities

Risk rally in Hong Kong set to continue into 2021

December 04, 2020
Risk rally in Hong Kong set to continue into 2021

Given the inexpensive valuation and relatively underperformance of the Hong Kong market versus the US market and A-shares, we believe the risk rally should continue.

Economics Daily

  • Economics
  • Macro Strategy
  • Economics
  • Macro Strategy
Global / Oil, Inflation

Oil: The bulls are back

January 22, 2021
Oil: The bulls are back

We revise up our average Brent crude oil price forecast for 2021 to US$55-60/bbl and introduce 2022 Brent crude oil price forecast of US$60-65/bbl.

South Korea / GDP

South Korea & Taiwan: Semiconductor sector continues to shi...

January 21, 2021
South Korea & Taiwan: Semiconductor sector continues to shine

Semiconductor demand surged further in Dec20 and the momentum would carry forward into the beginning of 2021.

India / Fiscal, Budget

India budget: To align with pandemic-led shifts

January 18, 2021
India budget: To align with pandemic-led shifts

Fiscal consolidation in FY22 will be backed by strong nominal growth and higher revenue assumptions.

Global / Credit,FX

Macro Strategy: China credit watch

January 22, 2021
Macro Strategy: China credit watch

China to manage leverage risks

Global / FX

FX Daily: Looking over shoulder

January 22, 2021
FX Daily: Looking over shoulder

Topping out with Biden optimism

Singapore / Interest Rates

SGD Rates: Opportunity Arises

January 21, 2021
SGD Rates: Opportunity Arises

Longer-term SGS sold off ahead of auction. We think that the 15Y offers the most relative value.

Market Movers

  • Daily Digest
  • Strategy
  • Daily Digest
  • Strategy
Developed Markets / Equities

US equities rise to record on hope for new aid bill

January 21, 2021
US equities rise to record on hope for new aid bill

Investors are counting on more economic spending under President Biden

Global / Currencies

Dollar kicks off Biden era with losses

January 21, 2021
Dollar kicks off Biden era with losses

Short bets are back

Asia / Equities

China blows past clean energy record with wind capacity jum

January 21, 2021
China blows past clean energy record with wind capacity jump

It added more than double the previous record of wind energy in 2020

Global / Perspectives

A haven of yields in SGD Credit

January 21, 2021
A haven of yields in SGD Credit

Gains are expected from a combination of higher yields and FX, as SGD credit yields remain above USD comparables while SGD appreciation remains the consensus forecast.

Global / Perspectives

Growth vs Value from an Asia ex-Japan context

January 20, 2021
Growth vs Value from an Asia ex-Japan context

We expect selected Value sectors to pick up pace especially in industrials, consumer staples, and materials

Global / Perspectives

Persistence of low bond yields and the need for a robust cr...

January 15, 2021
Persistence of low bond yields and the need for a robust cross-asset income strategy

To enhance portfolio returns, supplement credit strategies with exposure to high dividend equities

Featured Publications

Singapore / Consumer

Singapore Downstream F&B: Mass-market F&B set to sizzle

October 22, 2019
Singapore Downstream F&B: Mass-market F&B set to sizzle

Our analysts took a deep dive exploring the F&B business environment in Singapore, and examined how businesses can thrive in this lucrative, yet ever changing landscape.

China / Real Estate

China Property Management: Catch the rising stars

October 09, 2019
China Property Management: Catch the rising stars

Our analysts took a deep dive exploring China’s property management sector as interest in property investment continues to grow along with the country’s burgeoning economy.

Vietnam / Equities

Understanding Vietnam: A Rising Star

September 19, 2019
Understanding Vietnam: A Rising Star

Vietnam has found itself in a sweet spot as the prime beneficiary of the US-China Trade War, so much so that its economy is set to be bigger than that of Singapore’s within a decade.