Banyan Tree Holdings Ltd (BTH SP): Leading Asia Pacific’s evolving travel landscape
BUY Entry – 0.37 Target – 0.41 Stop Loss – 0.35
Banyan Tree Holdings Limited operates as a holding company. The Company, through its subsidiaries, owns and manages hotel groups. The Company focuses on hotels, resorts, spas, galleries, golf courses, and residences, as well as provides investments, design, construction, and project management services. Banyan Tree Holdings serves customers worldwide.
Surging regional travel demand. According to Mastercard Economics Institute’s Travel Trends 2025 report, Asia-Pacific continues to lead global summer travel, with eight of the top 15 trending destinations, including Tokyo, Osaka, and emerging favorite Nha Trang. This momentum is underpinned by favorable exchange rates, enhanced air connectivity, and rising demand for wellness-driven, nature-based, and culinary travel. With China and India at the forefront of outbound tourism growth, travelers are seeking high-value, immersive experiences. These consumer shifts align directly with Banyan Tree Group’s brand ethos and product offerings, reinforcing the Group’s positioning within Asia-Pacific’s thriving travel ecosystem.
Resilient regional mobility. The Association of Asia Pacific Airlines (AAPA) reports robust growth in April 2025, with a 10.5% year-on-year increase in international passengers and a 12.6% rise in revenue passenger kilometres (RPK), signalling strong long-haul travel demand. Air cargo traffic also rose 4.9% despite persistent global trade headwinds. These indicators highlight sustained regional connectivity and tourism demand, which will continue to support Banyan Tree Group’s regional expansion. As international arrivals rise, Banyan Tree is well-positioned to benefit from increasing mobility and consumer interest in experience-led luxury accommodations across key Asia-Pacific markets.
Strategic global expansion. In 2025, Banyan Tree Group is accelerating its growth with the launch of 15 new hotels and five branded residences across diverse geographies. The recent opening of Mandai Rainforest Resort in Singapore marked the Group’s 100th property and its debut in its home market. Other key developments include Ubuyu, its first African safari lodge in Tanzania, and an integrated lifestyle hub in Bangkok. Expansion in the Caribbean and across Asia, China, Korea, Thailand, and the Philippines, underscores the Group’s multi-brand strategy and its focus on delivering authentic, locally inspired hospitality. This global pipeline positions Banyan Tree to meet rising demand for meaningful, destination-driven travel.
FY24 business updates. Banyan Tree Holdings reported a 16% increase in revenue to S$380.6 million, mainly due to robust growth across all business segments. Operating Profit increased by S$13.1 million to S$103.2 million, attributable to higher contributions from the Hotel Investments and Residences segments due to higher revenue. PATMI rose to S$42.1 million from the previous S$31.7 million in FY23 and earnings per share rose to S$0.049 compared to S$0.037 in FY23. As of FY24, the Group recorded a total of 91 hotels and resorts, 73 spas, 68 galleries and 22 branded residences in 22 countries. During the year, the group reported 17 new hotel and resort openings, with six in Japan and South Korea, and eight in China as part of the Group’s multi-brand expansion strategy across Asia.
Market consensus
(Source: Bloomberg)
Keppel Ltd (KEP SP): Powering a smart and greener future
Keppel Limited is an asset manager and operator. The Company focuses on sustainability solutions spanning the areas of energy and environment, urban development, and digital connectivity, as well as provides critical infrastructure and services through its investment platforms and asset portfolios. Keppel serves clients worldwide.
District cooling system expansion into healthcare. Keppel is exploring the integration of its upcoming district cooling system (DCS) plant in Jurong Lake District with Ng Teng Fong General Hospital and Jurong Community Hospital. If implemented, it would mark Singapore’s first DCS deployment in a healthcare redevelopment, enhancing energy efficiency, operational resilience, and freeing up critical space for patient care. This positions Keppel as a frontrunner in sustainable infrastructure for mission-critical sectors, with potential to scale DCS solutions regionally amid rising demand for low-carbon urban utilities.
Strategic energy partnership with Huawei. Keppel Infrastructure’s collaboration with Huawei aims to co-develop solar PV and battery energy storage solutions across Southeast Asia, targeting interconnected power grids, data centres, and industrial parks. With real-time system monitoring and a smart demand response programme, the initiative enhances grid stability and renewable energy efficiency. As Southeast Asia accelerates its energy transition, this partnership strengthens Keppel’s position as a regional leader in smart, low-carbon energy infrastructure with long-term growth potential.
1Q25 Business Updates. Keppel reported 25% YoY growth in net profit, excluding legacy O&M assets, driven by strong and steady performance in the infrastructure segment, higher contributions from the real estate segment, and stronger performance in asset management. Recurring income made up more than 80% of Keppel’s 1Q25 net profit, excluding legacy assets. Asset management fees rose 9% YoY to S$96 million, from S$88 million in 1Q24.
Market consensus
(Source: Bloomberg)
Jiangxi Copper Co Ltd. (358 HK): Optimism in the economy
Jiangxi Copper Co Ltd is a China-based company mainly engaged in the mining, smelting and processing of copper and gold. The Company mainly conducts businesses through two segments. The Copper-related Industry segment is mainly engaged in the production and sales of copper and copper-related products. The Gold-related Industry segment is mainly engaged in the production and sales of gold and gold-related products. The Company’s products mainly include cathode copper, gold, silver, sulfuric acid, copper rods, copper tubes, copper foil, selenium, tellurium, rhenium and bismuth. The Company’s products are mainly used in electrical, electronic, light industry, machinery manufacturing, construction, transportation, military industry and other industries. The Company principally conducts its businesses in the domestic market.
Market optimism rises following Trump–Xi phone call. Investor sentiment improved after a phone call between U.S. President Donald Trump and Chinese President Xi Jinping last Thursday, during which both leaders agreed to resume trade negotiations in an effort to avoid a full-blown tariff war. Key concerns—such as tariffs on rare earth materials, U.S. restrictions on chip exports, and limitations on student visas—were reportedly addressed. The call, which Trump described as “very good,” helped ease fears of prolonged trade tensions and raised hopes for a near-term resolution. The renewed optimism also lifted regional equity markets and is expected to support copper prices on expectations of stronger economic activity.
Copper demand expected to outstrip supply in the long term. The International Energy Agency (IEA) projects a significant copper supply gap by 2035, estimating that supply could lag demand by as much as 30%. Global copper demand is forecast to grow around 2% in 2025, driven by the accelerating adoption of renewable energy, electric vehicles (EVs), and digital infrastructure. As a critical material in nearly all electrical systems, copper is poised to face sustained demand growth, putting upward pressure on prices. With China processing over 70% of the world’s top 20 energy transition minerals—including copper—Chinese producers such as Jiangxi Copper are well-positioned to benefit from the tightening market and rising prices.
Copper Prices
(Source: Bloomberg)
More stake in SolGold and potential access to strategic assets. Earlier this year,Jiangxi Copper acquired about 157mn shares in SolGold. Following the investment, Jiangxi Copper, through its subsidiary Jiangxi Copper (Hong Kong) Investment Company Limited, would increase its holding in SolGold from 6.95% to 12.19% of the company’s total issued share capital. By increasing its stake in SolGold, Jiangxi Copper gains a larger ownership share and consequently, more influence over SolGold’s decisions. This is particularly important concerning the Cascabel project, a major copper/gold asset. This strategic increase in ownership aligns with JCC’s objective of securing access to vital copper resources.
1Q25 earnings. Revenue fell by 8.90% YoY to RMB111.6bn in 1Q25, compared to RMB122.5bn in 1Q24. Net profit increased by 37.1% to RMB2.48bn in 1Q25, compared to RMB1.81bn in 1Q24. Basis EPS rose to RMB0.57 in 1Q25, compared to RMB0.50 in 1Q24.
Market consensus.
(Source: Bloomberg)
Yeahka Ltd. (9923 HK): Stablecoins as a cross-border payment tool
Yeahka Ltd is an investment holding company. Through its subsidiaries, the Company is principally engaged in the provision of one-stop payment services, merchant solution services and in-store e-commerce services to retail merchants and consumers. The Company operates three businesses. One-stop payment services business provides merchants for their acceptance of non-cash payments from consumers, through connecting the merchants with the payment networks. Merchant solutions services business includes the provision of various SaaS products with scenario-specific functionalities integrated with the payment services, data analysis services or SaaS terminals with operating system can be customized by customers as needed, agency services to customers, online marketing services to customers, technology services to insurance companies, small-sized loans. The Company also provides in-store e-commerce services. The Company conducts its businesses in the domestic market.
Hong Kong stablecoins positioned as a cross-border payment solution. Hong Kong recently announced progress on regulating stablecoins, with new legislation set to take effect later this year. Under the upcoming law, issuers must obtain a license from the Hong Kong Monetary Authority (HKMA) and adhere to stringent requirements, including those related to reserve assets and operational standards. These stablecoins are expected to become a key enabler of cross-border payments, particularly benefiting issuers in Hong Kong and Chinese enterprises expanding internationally. With the potential to reduce settlement times from days to minutes, stablecoins aim to address longstanding inefficiencies in cross-border transactions, such as high costs, delays, and limited transparency. This structural improvement in payment infrastructure is expected to spur demand for cross-border payment services, directly benefiting Yeahka, which offers comprehensive payment solutions, merchant services, and in-store e-commerce capabilities.
Expansion of payment licenses to accelerate global growth. Yeahka recently announced that it has been granted a Money Transmitter License (MTL) by financial regulators in Arizona, USA. This follows the earlier acquisition of a Money Services Business (MSB) license, marking another key milestone in the company’s international expansion strategy. With both licenses in place, Yeahka is now positioned to provide secure, compliant, and efficient payment services in the U.S., supporting its broader goal of scaling operations in overseas markets.
Capital raise to fuel strategic initiatives. Earlier this year, Yeahka successfully raised US$25 million in equity capital. Approximately 40% of the proceeds will be allocated to expanding the company’s presence across Asia, while another 40% will be invested in research and development—particularly in the integration of artificial intelligence into its proprietary platforms. These investments are expected to enhance Yeahka’s digital ecosystem and support long-term growth.
FY24 results review. Revenue fell by 21.9% YoY to RMB3.09bn in FY25, compared with RMB3.95bn in FY24. Net profit rose to RMB73.0mn in FY25, compared to RMB10.1mn in FY24. Basic EPS increased to RMB0.22 in FY25, compared to RMB0.03 in FY24.
Market consensus.
(Source: Bloomberg)
Barclays PLC. (BCS US): Loan book to drive growth
BUY Entry – 18.0 Target – 19.4 Stop Loss – 17.3
Barclays Bank is a global financial institution headquartered in London, UK, providing a diverse range of financial services, including retail banking, credit cards, wholesale banking, investment banking, wealth management, investment management, various lending products, and securities trading.
UK enters rate cut cycle. In May, the Bank of England cut the benchmark interest rate by 25 basis points to 4.25%, marking the fourth rate cut since August 2024. UK inflation is on a downward trend, and monetary policy is shifting towards easing. Additionally, the UK’s first-quarter growth leads the G7 nations at 0.71%.
Strong demand for mortgages in the UK. According to forecasts from the EY ITEM Club, the UK’s mortgage growth rate is expected to rise from 1.5% in 2024 to 3.1% in 2025, indicating a rebound in market activity. UK Finance predicts that total mortgage lending in 2025 will reach £260 billion, with home loans at £148 billion, and remortgaging activity is expected to grow by 30% to £76 billion.
Significant growth in mortgage loan book. Barclays’ mortgage loan book has grown rapidly over the past few quarters. In Q1 of FY25, the total loan amount reached £8.5 billion, the highest level in three years. The bank maintains a strategy of increasing mortgage credit risk, with the proportion of high loan-to-value ratios (85% or above) rising to 22% in the first quarter.
1Q25 results. In Q1 of FY25, revenue increased by 11% year-on-year to £7.71 billion. Pre-tax profit grew by 19% year-on-year to £2.7 billion, exceeding market expectations of £2.49 billion. Earnings per share rose by 26% year-on-year to 13 pence, with a return on equity of 14%.
Deutsche Bank AG is a global financial service provider delivering commercial, investment, private, and retail banking. The Bank offers debt, foreign exchange, derivatives, commodities, money markets, repo and securitization, cash equities, research, equity prime services, loans, convertibles, advice on M&A and IPO’s, trade finance, retail banking, asset management, and corporate investments.
Navigating lower rates. With Eurozone inflation easing to 1.9% in May, just below the European Central Bank’s (ECB) 2% target, the ECB initiated a rate cut, lowering its deposit facility rate by 25 basis points to 2%. As interest rates in Europe trend lower, Deutsche Bank has demonstrated its ability to adapt by growing fee-based revenue streams. This is reflected in its robust Q1 results, including strong performance in Fixed Income and Currencies revenue, as well as a €95 billion increase in assets under management across its Private Bank and Asset Management divisions over the past year. Deutsche Bank remains resilient as it strategically shifts toward a more diversified and sustainable revenue growth model in a lower-margin environment.
Mastercard partnership and open banking focus. Deutsche Bank’s strategic partnership with Mastercard leverages open banking and account-to-account (A2A) payments to enhance its Request to Pay (R2P) services. This collaboration introduces real-time, direct-from-account payment options for merchants, improving transaction transparency, reconciliation, and cost-efficiency. The move aligns with growing demand for flexible, secure digital payments and positions Deutsche Bank at the forefront of Europe’s payments modernization. As adoption of A2A and open banking accelerates, the partnership could become a cornerstone of Deutsche Bank’s long-term digital infrastructure strategy. Deutsche Bank’s strategic partnership with Mastercard strengthens its position in Europe’s evolving payments ecosystem and reinforces its push into scalable, digital-first financial infrastructure.
1Q25 results. Revenue rose 10% YoY to €8.5bn. Both profit before tax and net profit increased by 39% YoY to €2.8bn and €2.0bn respectively. It also achieved net inflows of €26bn across its Private Bank and Asset Management business. For FY25, the bank anticipates revenue of about €32bn.
