Asia ex-Japan Equities
A round up of Asia ex-Japan equities to watch
Group Research - Equities31 Jan 2025
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Company

Sector

DBS Rating

DBS Target Price (LCY)

1Y perf (%)

Market cap
(USD b)

Fwd. P/E (x)

Div. yield (%)

P/B (x)

ROE (%)

Hong Kong / Mainland China

 

 

 

 

 

 

 

 

 

Agricultural Bank of China

Financials

Buy

HKD3.90

41.7

244.1

5.2

8.7

0.5

10.4

AIA Group

Financials

Buy

HKD100.00

-11.0

75.1

11.7

3.0

2.0

11.9

Alibaba Group

Consumer Discretionary

Buy

HKD108.00

28.1

215.6

10.5

1.8

-

8.6

Aluminum Corp of China

Materials

Buy

HKD5.60

30.5

16.7

6.3

3.5

1.2

16.7

ANTA Sports 

Consumer Discretionary

Buy

HKD108.00

25.7

29.9

16.6

2.8

3.8

24.9

Baidu Inc (HK)

Communication Services

Hold

HKD78.00

-13.4

31.6

9.1

-

-

8.4

Bank of China

Financials

Buy

HKD4.20

36.7

201.6

5.0

9.5

0.5

9.7

Bank of China Hong Kong

Financials

Buy

HKD28.50

34.9

34.3

7.2

6.8

0.8

10.9

Bank of Communications

Financials

Hold

HKD5.90

36.1

67.5

4.9

9.5

0.4

9.1

BOC Aviation Ltd

Industrials

Buy

HKD82.00

-0.2

5.2

6.8

6.3

0.9

16.9

BYD Co

Consumer Discretionary

Buy

HKD372.00

56.6

107.1

19.2

1.2

4.8

23.8

Cathay Pacific

Industrials

Buy

HKD12.00

31.7

8.7

8.5

6.0

1.3

17.5

Champion REIT

Real Estate

Hold

HKD1.79

-10.8

1.3

10.6

9.4

0.2

-2.1

China Construction Bank

Financials

Buy

HKD7.00

36.4

206.6

4.5

10.1

0.5

10.9

China Life Insurance

Financials

Buy

HKD20.00

60.1

130.4

3.5

4.7

0.7

21.7

China Merchants Bank

Financials

Buy

HKD52.20

49.4

140.8

7.0

5.0

1.0

15.2

China Mobile

Communication Services

Buy

HKD93.00

13.9

214.1

10.9

6.6

1.1

10.3

China Overseas Land

Real Estate

Buy

HKD15.30

5.1

17.4

5.9

6.1

0.3

6.0

China Petroleum & Chem (Sinopec)

Energy

Buy

HKD5.40

5.4

94.8

8.4

8.8

0.6

6.1

China Resources Beer

Consumer Staples

Buy

HKD46.10

-15.9

9.8

13.4

4.7

2.2

16.4

China Resources Land

Real Estate

Buy

HKD35.00

-0.2

21.6

5.9

6.6

0.6

11.1

China Telecom

Communication Services

Buy

HKD6.10

21.1

84.3

12.4

5.7

0.9

7.1

China Unicom

Communication Services

Buy

HKD8.70

32.3

27.8

9.8

5.9

-

-

China Vanke

Real Estate

Hold

HKD4.60

-5.7

11.4

-

-

0.3

-8.0

CITIC Securities

Financials

Buy

HKD35.00

38.5

52.4

13.2

3.7

1.1

7.7

CK Asset Holdings

Real Estate

Buy

HKD37.80

-7.9

14.6

8.0

6.2

0.3

4.1

CNOOC

Energy

Buy

HKD22.00

27.5

116.7

5.6

7.6

1.1

21.0

Country Garden

Real Estate

Sell

HKD0.55

-31.0

1.6

-

-

0.8

-168.4

Country Garden Services Holdings

Real Estate

Hold

HKD5.80

3.8

2.2

7.8

6.3

0.4

-1.7

Fortune REIT

Real Estate

Buy

HKD4.95

-10.7

1.0

13.3

9.1

0.3

-1.7

GDS Holdings Ltd

Information Technology

Buy

HKD26.00

304.4

4.2

-

-

-

-19.7

Geely Automobile Holdings

Consumer Discretionary

Buy

HKD19.80

93.9

18.5

9.1

1.5

1.6

17.8

Greentown Service Group

Real Estate

Buy

HKD5.20

49.8

1.5

14.7

4.2

1.4

9.4

Hang Lung Properties

Real Estate

Buy

HKD7.09

-32.3

3.8

9.9

11.7

0.2

1.6

Hang Seng Bank

Financials

Hold

HKD90.00

19.9

23.5

10.8

7.0

1.2

11.7

Henderson Land

Real Estate

Buy

HKD30.50

6.1

13.4

10.0

8.3

0.3

2.0

HK Exchanges & Clearing

Financials

Buy

HKD390.00

27.6

49.1

29.7

2.7

7.6

23.9

HSBC Holdings

Financials

Buy

HKD84.20

33.7

183.2

8.0

8.0

1.1

13.3

Hysan Development

Real Estate

Buy

HKD14.38

-16.6

1.5

6.8

9.6

0.2

-0.9

ICBC

Financials

Buy

HKD5.30

38.5

312.6

5.0

9.1

0.5

10.6

JD.com Inc

Consumer Discretionary

Buy

HKD186.00

80.8

65.2

10.1

1.9

-

15.2

JD Logistics Inc

Industrials

Buy

HKD18.00

96.2

11.3

11.8

-

1.6

7.2

Kerry Properties

Real Estate

Buy

HKD20.35

23.4

2.8

6.4

8.8

0.2

2.2

Lenovo Group

Information Technology

Buy

HKD12.70

13.7

14.8

11.9

4.1

2.7

22.4

Li Auto Inc

Consumer Discretionary

Buy

HKD138.00

-13.3

25.0

18.4

-

-

16.9

Li Ning

Consumer Discretionary

Buy

HKD24.40

-2.5

5.3

12.5

3.8

1.5

11.8

Link REIT

Real Estate

Buy

HKD45.30

-18.1

10.6

12.1

8.3

0.5

-1.3

Meituan

Consumer Discretionary

Buy

HKD223.00

136.9

115.0

19.7

-

4.7

20.6

MTR Corporation

Industrials

Buy

HKD31.40

-4.1

19.5

10.6

5.4

0.8

5.4

NetEase Inc

Communication Services

Buy

HKD267.00

6.3

66.6

15.3

2.4

-

21.8

New World Development

Real Estate

Hold

HKD6.82

-56.5

1.3

-

4.8

0.1

-10.4

NIO Inc

Consumer Discretionary

Buy

HKD58.00

-22.8

9.1

-

-

-

-156.1

PetroChina

Energy

Buy

HKD6.90

6.0

202.3

6.1

8.2

0.7

11.1

Ping An Insurance

Financials

Buy

HKD72.00

33.3

117.2

5.4

6.0

0.8

13.0

PDD Holdings

Consumer Discretionary

Hold

HKD102.00

-9.0

160.3

10.2

-

4.2

49.2

PRADA

Consumer Discretionary

Buy

HKD79.29

29.0

20.6

24.3

1.8

5.1

20.2

PSBC

Financials

Buy

HKD5.90

23.7

71.0

5.1

9.4

0.5

11.0

Sands China

Consumer Discretionary

Buy

HKD29.30

-9.3

19.3

19.6

-

36.7

-

Sino Land

Real Estate

Buy

HKD9.93

-8.5

8.6

12.4

7.8

0.4

2.7

Sun Art Retail Group Ltd

Consumer Staples

Hold

HKD2.10

77.1

2.1

40.5

11.2

0.7

-4.7

Sun Hung Kai Properties

Real Estate

Buy

HKD104.00

-4.2

26.0

8.6

5.4

0.3

3.2

Swire Properties

Real Estate

Buy

HKD21.86

5.3

11.4

12.2

6.9

0.3

0.8

Tencent

Communication Services

Buy

HKD495.00

48.3

475.0

16.9

0.8

3.8

20.2

Tianqi Lithium Corp

Materials

Buy

HKD35.00

-34.7

6.7

-

6.5

0.6

14.1

Trip.com Group Ltd

Consumer Discretionary

Buy

HKD784.00

95.4

45.3

19.9

-

2.4

12.4

Tsingtao Brewery

Consumer Staples

Buy

HKD71.40

7.3

10.8

13.6

4.5

2.0

15.0

Wharf

Real Estate

Buy

HKD25.05

-16.7

7.5

15.5

2.1

0.4

-1.7

Xiaomi Corp

Information Technology

Buy

HKD36.00

210.9

123.4

38.7

-

5.0

11.5

XPeng Inc

Consumer Discretionary

Buy

HKD67.00

82.4

14.4

-

-

3.3

-19.1

Zhongan Online P&C Insurance

Financials

Buy

HKD21.20

-0.8

2.3

32.4

-

0.8

21.5

Singapore

 

 

 

 

 

 

 

 

 

AEM Holdings Ltd

Information Technology

Buy

SGD1.72

-44.8

0.3

49.0

-

1.0

-4.2

APAC Realty

Real Estate

Buy

SGD0.50

-2.1

0.1

18.4

5.0

1.0

6.9

Bumitama Agri

Consumer Staples

Buy

SGD1.30

40.4

1.1

8.7

8.0

1.4

16.7

Capitaland Ascendas REIT

Real Estate

Buy

SGD3.25

-11.3

8.4

17.5

5.9

1.1

1.5

Capitaland Ascott Trust

Real Estate

Buy

SGD1.15

-6.8

2.5

18.6

7.3

0.8

5.1

CapitaLand China Trust

Real Estate

Buy

SGD0.95

-12.0

0.9

15.3

8.2

0.6

0.7

CapitaLand Integrated Commercial Trust

Real Estate

Buy

SGD2.30

-2.2

10.6

17.7

4.9

0.9

5.9

Capitaland Investment Ltd

Real Estate

Buy

SGD3.85

-16.9

9.1

17.2

4.9

0.9

1.2

CDL Hospitality Trusts

Real Estate

Buy

SGD1.20

-16.5

0.8

20.5

6.6

0.6

0.8

City Developments

Real Estate

Buy

SGD10.50

-16.9

3.3

16.5

2.0

0.5

3.7

ComfortDelGro

Industrials

Buy

SGD1.80

0.0

2.2

14.4

5.2

1.2

7.6

Daiwa House Logistics Trust

Real Estate

Buy

SGD0.70

-9.3

0.3

13.0

8.6

0.8

7.8

DFI Retail Group Holdings Ltd

Consumer Staples

Buy

USD3.00

16.5

3.2

15.7

3.6

3.3

12.8

Digital Core REIT

Real Estate

Buy

USD0.75

-14.0

0.7

19.1

3.2

0.8

-10.8

ESR-LOGOS REIT

Real Estate

Buy

SGD0.34

-17.7

1.5

12.8

11.8

0.9

-5.5

Frasers Centrepoint Trust

Real Estate

Buy

SGD2.75

-6.5

2.9

18.5

5.6

0.9

4.9

Frasers Hospitality Trust

Real Estate

Hold

SGD0.45

24.6

0.8

28.8

2.0

0.9

1.6

Frasers Logistics & Commercial Trust

Real Estate

Buy

SGD1.30

-19.8

2.5

15.5

7.7

0.8

3.4

Frasers Property Ltd

Real Estate

Buy

SGD1.14

-0.6

2.5

20.1

5.2

0.4

1.7

Genting Singapore

Consumer Discretionary

Buy

SGD0.95

-25.7

6.7

15.0

5.3

1.1

8.5

Grab Holdings Ltd

Industrials

Hold

USD5.16

51.1

18.7

-

-

2.9

-1.5

Guocoland

Real Estate

Buy

SGD2.00

-1.4

1.3

-

4.1

1.2

2.6

Hongkong Land

Real Estate

Buy

USD5.34

40.3

9.7

19.1

5.0

0.3

-3.5

IHH Healthcare

Health Care

Buy

MYR8.50

17.4

14.2

32.8

1.4

2.2

9.4

Keppel DC REIT

Real Estate

Buy

SGD2.20

31.4

3.6

22.6

4.3

1.4

9.5

Keppel Infrastructure Trust

Materials

Buy

SGD0.57

-8.5

2.0

75.8

7.9

1.8

2.6

Keppel Limited

Industrials

Buy

SGD9.00

-4.9

9.1

14.6

5.0

1.2

7.0

Keppel REIT

Real Estate

Buy

SGD1.15

-7.0

2.4

20.0

6.6

0.7

2.0

LendLease Global Commercial REIT

Real Estate

Buy

SGD0.75

-13.5

1.0

17.0

9.0

0.6

1.8

Mapletree Industrial Trust

Real Estate

Buy

SGD2.75

-14.3

4.4

15.3

5.8

1.1

2.2

Mapletree Logistics Trust

Real Estate

Buy

SGD1.75

-21.3

4.5

18.9

6.6

0.9

4.0

Nanofilm Technologies International Limited

Materials

Hold

SGD0.75

2.9

0.3

41.8

0.9

1.2

1.9

NetLink NBN Trust

Communication Services

Buy

SGD0.98

1.2

2.5

32.9

6.2

1.4

3.9

OCBC Bank

Financials

Hold

SGD16.10

35.3

57.8

10.2

4.9

1.4

14.1

OUE REIT

Real Estate

Buy

SGD0.33

3.5

1.2

16.4

6.7

0.5

-2.1

Parkway Life REIT

Real Estate

Buy

SGD4.80

9.9

1.9

23.3

1.3

1.6

7.4

SATS Ltd

Industrials

Buy

SGD4.40

24.0

3.7

20.3

0.9

2.0

8.2

SEA Ltd

Communication Services

Buy

USD157.00

223.5

70.6

84.0

-

8.9

1.3

Seatrium Limited

Industrials

Buy

SGD3.00

11.0

5.5

48.3

-

1.2

-23.6

Sembcorp Industries

Utilities

Buy

SGD7.35

-1.4

7.3

10.5

2.5

2.0

20.0

Sheng Siong Group Ltd

Consumer Staples

Buy

SGD1.80

5.1

1.8

16.9

3.9

4.9

29.5

SIA Engineering

Industrials

Hold

SGD2.50

3.0

2.0

24.7

3.4

1.6

6.4

Singapore Exchange

Financials

Buy

SGD12.80

30.7

9.7

22.2

2.8

6.7

32.7

Singapore Airlines

Industrials

Hold

SGD6.00

-4.8

14.0

9.0

7.5

1.4

14.1

ST Engineering

Industrials

Buy

SGD5.40

30.3

11.2

21.4

3.3

5.9

25.6

StarHub

Communication Services

Buy

SGD1.54

15.1

1.5

13.1

5.9

5.5

41.9

Singtel

Communication Services

Buy

SGD3.82

40.0

40.9

22.1

5.0

2.3

-0.4

Thai Beverage Public Company

Consumer Staples

Buy

SGD0.77

1.0

9.8

11.0

4.3

2.2

15.5

UOB

Financials

Buy

SGD37.90

32.4

46.3

10.5

4.6

1.3

12.4

UOL Group

Real Estate

Buy

SGD8.40

-18.0

3.2

14.3

3.9

0.4

6.5

Venture Corporation

Information Technology

Buy

SGD15.10

-5.2

2.7

14.6

5.9

1.3

9.0

Wilmar International

Consumer Staples

Buy

SGD3.80

-5.5

14.4

10.9

5.4

0.7

7.9

Yangzijiang Shipbuilding (Holdings) Ltd

Industrials

Buy

SGD2.88

83.9

9.0

10.4

2.1

2.9

26.7

India

 

 

 

 

 

 

 

 

 

HDFC Bank

Financials

Buy

USD74.00

9.25

150.3

18.7

74.0

-

14.8

ICICI Bank Ltd

Financials

Buy

USD36.00

13.48

97.5

18.0

36.0

-

18.3

Infosys Ltd

Information Technology

Buy

USD25.60

10.06

90.4

29.2

25.6

-

32.8

Wipro Ltd

Information Technology

Sell

USD2.90

31.69

39.2

26.0

2.9

-

15.7

WNS -Holdings Ltd

Industrials

Buy

USD66.00

-12.91

2.6

14.0

66.0

3.5

16.6

Indonesia

 

 

 

 

 

 

 

 

 

Astra International

Industrials

Buy

IDR6300.00

-5.8

12.0

6.1

10.7

0.9

17.1

Bank Central Asia

Financials

Buy

IDR12000.00

-1.6

71.0

19.5

3.0

4.4

21.7

Bank Mandiri

Financials

Buy

IDR7000.00

-6.8

35.5

10.2

5.7

2.1

22.5

Bank Rakyat Indonesia

Financials

Hold

IDR3600.00

-25.8

39.3

10.5

8.7

2.0

19.4

Charoen Pokphand Indonesia

Consumer Staples

Buy

IDR5400.00

4.7

4.7

22.6

0.6

2.7

7.0

Indofood CBP Sukses Makmur

Consumer Staples

Buy

IDR14900

-1.7

8.3

14.4

1.7

2.9

18.6

Indofood Sukses Makmur

Consumer Staples

Buy

IDR9500

22.4

4.2

6.5

3.4

1.1

15.9

Mayora Indah

Consumer Staples

Buy

IDR3200.00

5.5

3.4

18.0

2.2

3.5

21.4

Perusahaan Gas Negara

Utilities

Hold

IDR1500.00

37.8

2.4

8.9

9.2

0.9

12.8

Telekomunikasi Indonesia

Communication Services

Buy

IDR4100.00

-32.6

16.2

11.0

6.7

1.9

17.1

Unilever Indonesia

Consumer Staples

Fully Valued

IDR1500.00

-46.8

3.9

17.0

7.2

18.3

82.2

Thailand

 

 

 

 

 

 

 

 

 

Advanced Info Service

Communication Services

Buy

THB290.00

28.3

24.8

24.6

3.0

9.5

38.3

Airports of Thailand

Industrials

Buy

THB72.00

-6.7

23.6

34.6

1.3

6.4

16.3

Amata Corporation PCL

Real Estate

Buy

THB34.00

18.5

0.9

12.0

2.3

1.4

10.4

Bangkok Bank

Financials

Buy

THB196.00

9.6

8.8

6.4

4.1

0.5

8.3

Bangkok Dusit Medical Services

Health Care

Buy

THB36.00

-14.2

11.1

23.7

2.7

3.9

16.8

Bangkok Expressway and Metro PCL

Industrials

Buy

THB11.30

-6.8

3.0

27.7

1.8

2.8

10.3

Bumrungrad Hospital

Health Care

Hold

THB253.00

-25.4

4.2

18.9

2.6

5.6

31.9

CP ALL

Consumer Staples

Buy

THB84.00

1.9

14.2

19.7

1.7

4.0

21.0

Charoen Pokphand Foods

Consumer Staples

Hold

THB27.50

19.4

5.4

10.0

1.8

0.7

6.9

Kasikorn Bank

Financials

Buy

THB195.00

33.8

11.3

7.5

4.2

0.7

8.9

Krung Thai Bank

Financials

Buy

THB25.50

44.0

9.5

7.1

3.4

0.7

10.4

Minor International

Consumer Discretionary

Buy

THB38.50

-21.0

4.1

18.1

2.1

2.9

10.9

PTT

Energy

Buy

THB40.00

-7.4

26.5

8.9

5.8

0.8

10.1

PTT Exploration & Production

Energy

Buy

THB169.00

-15.0

15.0

7.6

6.9

1.0

14.7

PTT Global Chemical

Materials

Fully Valued

THB21.00

-35.8

2.9

-

3.1

0.4

-4.8

SCB X PCL

Financials

Hold

THB124.00

20.7

12.5

9.3

7.1

0.9

9.1

Siam Cement

Materials

Hold

THB182.00

-41.9

6.3

14.7

3.4

0.5

1.8

Taiwan

 

 

 

 

 

 

 

 

 

Taiwan Semiconductor Manufacturing Co Ltd

Information Technology

Buy

USD223.00

84.3

1,079.6

22.8

0.9

-

30.3

United Microelectronics Corp

Information Technology

Buy

USD10.00

-24.3

14.7

10.2

6.0

-

14.5


Source: Bloomberg, DBS

Valuation as of 30 Jan 2025
Disclaimers and Important Notices


GENERAL DISCLOSURE/DISCLAIMER 

The information herein is published by DBS Bank Ltd and/or DBS Bank (Hong Kong) Limited (each and/or collectively, the “Company”). This report is intended for “Accredited Investors” and “Institutional Investors” (defined under the Financial Advisers Act and Securities and Futures Act of Singapore, and their subsidiary legislation), as well as “Professional Investors” (defined under the Securities and Futures Ordinance of Hong Kong) only. It is based on information obtained from sources believed to be reliable, but the Company does not make any representation or warranty, express or implied, as to its accuracy, completeness, timeliness or correctness for any particular purpose. Opinions expressed are subject to change without notice. This research is prepared for general circulation.  Any recommendation contained herein does not have regard to the specific investment objectives, financial situation and the particular needs of any specific addressee. The information herein is published for the information of addressees only and is not to be taken in substitution for the exercise of judgement by addressees, who should obtain separate legal or financial advice. The Company, or any of its related companies or any individuals connected with the group accepts no liability for any direct, special, indirect, consequential, incidental damages or any other loss or damages of any kind arising from any use of the information herein (including any error, omission or misstatement herein, negligent or otherwise) or further communication thereof, even if the Company or any other person has been advised of the possibility thereof. The information herein is not to be construed as an offer or a solicitation of an offer to buy or sell any securities, futures, options or other financial instruments or to provide any investment advice or services. The Company and its associates, their directors, officers and/or employees may have positions or other interests in, and may effect transactions in securities mentioned herein and may also perform or seek to perform broking, investment banking and other banking or financial services for these companies.  The information herein is not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident of or located in any locality, state, country, or other jurisdiction (including but not limited to citizens or residents of the United States of America) where such distribution, publication, availability or use would be contrary to law or regulation.  The information is not an offer to sell or the solicitation of an offer to buy any security in any jurisdiction (including but not limited to the United States of America) where such an offer or solicitation would be contrary to law or regulation.

This report is distributed in Singapore by DBS Bank Ltd (Company Regn. No. 196800306E) which is Exempt Financial Advisers as defined in the Financial Advisers Act and regulated by the Monetary Authority of Singapore. DBS Bank Ltd may distribute reports produced by its respective foreign entities, affiliates or other foreign research houses pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Singapore recipients should contact DBS Bank Ltd at 65-6878-8888 for matters arising from, or in connection with the report.

DBS Bank Ltd., 12 Marina Boulevard, Marina Bay Financial Centre Tower 3, Singapore 018982. Tel: 65-6878-8888. Company Registration No. 196800306E.  

DBS Bank Ltd., Hong Kong Branch, a company incorporated in Singapore with limited liability.  18th Floor, The Center, 99 Queen’s Road Central, Central, Hong Kong SAR.

DBS Bank (Hong Kong) Limited, a company incorporated in Hong Kong with limited liability.  13th Floor One Island East, 18 Westlands Road, Quarry Bay, Hong Kong SAR.