Morgan Stanley Research

Singapore banks could still win despite e-payment disruption: Morgan Stanley

SINGAPORE (Sept 7): The rise of e-payments might create a potentially existential challenge for banks, but two Singapore banks are expected to emerge winners despite the disruption, according to Morgan Stanley Research.

Across Asean, banks are expected to lose between US$13.1 and $15.5 billion ($18.0 and $21.3 billion) in value to non-bank operators by 2022 as a result of this e-payments disruption, Morgan Stanley says in a recent report.

More than half of Singapore companies' total revenues derived from foreign markets

SINGAPORE (June 18): Singaporean companies derive more than half of their total revenues from foreign markets, according to Morgan Stanley Research’s Global Exposure Guide 2018.

The report quantifies the revenue breakdown of companies in the US, Europe, Japan and the emerging markets (EM) to different geographical regions.

In addition, Singapore, Hong Kong and Taiwan companies have the highest exposure to China, accounting for up to more than a quarter of their total revenues.

Asean has less to lose from US trade protectionism than North Asia, says Morgan Stanley

SINGAPORE (Jan 24): Morgan Stanley Research says investors should consider lightening up on North Asia and increasing weightage in Asean amid the re-emergence of US trade protectionism.

This comes after the US this week slapped a 30% tariff on imports of solar panels and a 20-50% tariff on washing machines.

And there could be more potential risk events on trade in the pipeline.

Morgan Stanley initiates coverage on Singapore’s O&M industry with bearish view

SINGAPORE (Aug 25): Morgan Stanley Research has initiated coverage on Singapore’s offshore marine and utility segment with two “underweight” ratings and one “equal weight” call.  

In its ASEAN Energy & Utilities report released on Thursday, the Morgan Stanley research team says while it believes Singapore’s shipyards will benefit from bigger order books resulting from the rising global gas glut, it has yet to see any significant competitive edge that can help the industry drive order book growth above the research house’s base case.

Can Genting Singapore survive shrinking global VIP revenue?

SINGAPORE (Sept 20): Morgan Stanley Research says its 2017 growth estimate of 4% y-o-y for global VIP gambling revenue is at risk, amid a “shrinking VIP world” despite better profitability outside Macau.

The risks are elevated by slowing macro-economic growth in China – the major source of VIP demand, Morgan Stanley says in a report on Sept 12.

Global VIP revenue fell sequentially by 3% in 2Q16, after being flat for the last two quarters, it said.

Morgan Stanley expects adverse China market reaction from A-share delay; ‘overweight’ on high-beta stocks

Morgan Stanley Research

SINGAPORE (June 15): Morgan Stanley Research predicts that the A-share market is “likely to react negatively” to MSCI’s no-go for A-share inclusion in its indices – which has in turn spurred its bottom-up analysts to give A-share listed high-beta stocks, and those covered by the research house, an “overweight” rating.

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