The Monetary Authority of Singapore’s call to cap FY20 dividends at 60% of FY19’s was predicated on shoring up capital amid the uncertain economic climate. Keep watch on expiry of loan moratoriums. Going forward, as JSS gradually rolls off, some businesses may still be unable to churn sufficient cashflow to survive eventually due to structural changes in their respective industries. This has surpassed the number of deals done in the last two years – eight in 2018 and 14 in 2017. Share prices of telecom players might perform well in 1Q20. Singapore banks continue to manage cost of funds. low correlation with the business cycle due to the regulated nature of the business. In our estimation, TPG needs S$120m-150m revenue (5-6% revenue share) to cover its costs. Accordingly, ~S$15bn of mortgage deferments, which account for ~7.5% of outstanding mortgages in the system, have been approved. During 1H20, DBS/OCBC/UOB booked S$1.9bn/S$1.4bn/S$0.7bn of provisions. Support us and give our facebook page a 'like' or 'share' if you like the articles here! 1H20 NIMs for. Stock analysis research and articles on this site are for the purpose of information sharing and do not serve as recommendation of any transactions. This accounts for nearly 80% of mortgage debt relief applications. Support us and give our facebook page a 'like' or 'share' if you like the articles here! Nationwide 5G licences will come with both 3.5GHz spectrum and 26/28GHz spectrum. SingTel Share Price, Singapore banks' 2Q20 net profits declined on lower net interest income (NII), lower fee income and higher provisions. 3.5GHz spectrum is essential for Nationwide coverage. Market Outlook & Strategy Research Report, Price Targets with Substantial Upside / Downside Potential, Average Target Price & Fair Value Recommendations, STI Constituents Price Targets & Stock Ratings, SGinvestors.io - Where SG Investors Share, NetLink NBN Trust - Rally To Continue On Good Results, SingTel - Mobile Tariffs In India To Rise Sharply; Upgrade to BUY, StarHub 3Q19 - Within Expectations, Focus On Near-term Cost Efficiency, Singapore Industrial REITs - DBS Research 2020-09-18: An Eye On Falling Land Leases, Top Glove - UOB Kay Hian 2020-09-18: Only A Sneak Preview To Upcoming Quarters, Singapore Stock Strategy - UOB Kay Hian 2020-09-21: Looking North For Opportunities, Keppel Corporation - UOB Kay Hian 2020-09-23: Small But Important Order, Sembcorp Industries - CGS-CIMB Research 2020-09-18: Need To Sharpen Focus, S-REITs Bi-Weekly - UOB Kay Hian 2020-09-17: S-REITs Embarking On Yield-Accretive Acquisitions, Singapore Office REITs - DBS Research 2020-09-16: China Tech Giants To Spur Office Demand, ComfortDelGro - CGS-CIMB Research 2020-09-18: Turning The Corner, Keppel Corporation - CGS-CIMB Research 2020-09-22: Trough Valuation Unwarranted, Singapore Strategy - CGS-CIMB Research 2020-09-23: Returning To The New Normal, Top Glove - CGS-CIMB Research 2020-09-08: Aiming For Top Results, Sembcorp Industries - Phillip Securities 2020-09-09: Charting A New Course, Sembcorp Industries - UOB Kay Hian 2020-09-08: A Deep Value Utilities Play Trading At 50% Discount To Regional Peers, Singapore Stock Alpha Picks (Sep 2020) - UOB Kay Hian 2020-09-04: Adding In Yangzijiang & Reshuffling Mid Cap Picks, Volume Breakout - SGX Stocks with Surging Volume, Price Target with Substantial Upside /Downside Potential, Price & Volume Breakout - Stocks at 3-Month High, Price & Volume Breakout - Stocks at 3-Month Low. Our base-case scenario assumes 200k subscribers paying S$15 per month, implying S$36m revenue (~1% revenue share) by 1H21. We continue to monitor the credit health of SMEs locally as cessations of business entities slowed in Aug 2020, as we expect some loan losses arising from businesses that become unviable. An earlier measure introduced at end-March 2020 allowed SMEs to defer principal payments on secured term loans till 31 December 2020 subject to banks’ assessment, and also to extend the loan tenures by up to the principal deferment period. Singapore banks saw broad-based net profit declines y-o-y, weighed down by lower net interest income, lower fee income (likely trough for the year as 2Q20 coincides with movement restrictions), and higher provisions, but buffered by stronger non-fee income on favourable market conditions and lower costs.