Wilson Er

A forward-looking conversation on Singapore’s equities market took center stage at the BofA Singapore EES Client Roundtable 2025. 🔥   Earlier this week, BofA Securities hosted the Singapore EES Client Roundtable 2025, convening an evening of discussion amongst the institutional trading community. A key highlight was the fireside chat between our Head of Equities, Yao Loong Ng and Michael Bok, Head of Trading, Asia at Schroders.   The conversation offered a grounded yet forward-looking view of Singapore’s capital markets, advocating for a more collaborative ecosystem to attract high-quality listings and encourage greater market vibrancy.   Retail investors featured prominently in the dialogue. Their growing influence is reshaping market dynamics, and SGX is responding with initiatives aimed at improving accessibility — such as partnerships with intermediaries, digital dissemination of research reports through the GEMS grant, and efforts to upgrade the remisier profession.   Momentum in the small- and mid-caps continues to build, supported by six consecutive months of net institutional purchasing. In July alone, liquidity of the segment nearly doubled, largely driven by retail participation.    The session underscored a shared commitment to advance Singapore’s equities market, thanks to BofA Securities and all participants for the engaging exchange! #SGXSecurities #Equities #Partnerships Bank of America Business

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With the 32nd CITIC CLSA Investors’ Forum moments away, Shaun Cochran, Head of Research at #CLSA on Bloomberg TV today provided his views on China’s stock rally driven by two key drivers: cheap valuations and the rapid rise of DeepSeek — underscoring China’s growing role as a fundamental player in global tech. Building on the AI theme, Shaun highlighted a recent report from CLSA “Tokens Tale” containing a framework projection for AI compute. Today, AI models consume one quadrillion tokens each month. Our analyst projects that could rise to 80 quadrillion a month driving both huge opportunities and volatility in AI stocks. With GPUs expected to deliver 27x efficiency gains and smarter algorithms reducing token use, the AI journey is only just beginning. AI is a key theme at the 32nd CITIC CLSA Investors’ Forum. Catch Shaun’s full insights on Bloomberg TV: https://lnkd.in/gfmhNR82 #CLSANews #CLSAInsights #CITICCLSAForums #CITICCLSAInvestorsForum #CITICCLSAIF25

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💥 Singapore banks: earnings growth is going negative this year — here’s why I’m not panicking. It’s 2Q reporting season and the picture isn’t all rosy: 📉 Domestic rates are falling fast → margins under pressure 📈 Loan growth? Better than expected, but not enough to offset margin squeeze 💡 Bright spots: Wealth Management & other fee income 🛡 Asset quality? Still holding strong The big question for investors: How clear and committed are the banks’ capital return objectives? As policy rates fall, the gap between dividend yields and risk-free rates is widening — and that spread could be the safety net for share prices even if earnings stall. I shared these views with CNA this week ahead of results. 📄 For our full earnings expectations → https://lnkd.in/gygVctvf #SingaporeBanks #Investing #Dividends #EarningsSeason #STI #WealthManagement #ASEANSpeaks #Markets #maybank #SGX #equities

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We saw really strong treasury gains in Q1FY26 and Q4FY25, it was a great comfort for banks amid pressure on net interest margins. Will it be the same in Q2? Definitely not, analysts say. And NIM pressures are expected to continue Bond yields have moved adversely, and there’s absence of OMOs. OMOs help boost treasury gains because banks can sell their bonds to a large buyer like the central bank at a profitable rate When results are announced, we’ll get to see which banks have smart treasury teams from the gains they make in this quarter Read the full report below - https://lnkd.in/dcJhEepD

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📚 𝗔𝗹𝘁𝗲𝗿𝗻𝗮𝘁𝗶𝘃𝗲 𝗔𝘀𝘀𝗲𝘁 𝗧𝗵𝗲𝗺𝗲𝘀 — 𝗧𝗵𝗲 𝗡𝗲𝘄 𝗣𝗹𝗮𝘆𝗯𝗼𝗼𝗸 𝟮𝟬𝟮𝟱 𝘋𝘰𝘸𝘯𝘭𝘰𝘢𝘥 𝘔&𝘈 𝘗𝘳𝘰𝘮𝘱𝘵 𝘗𝘢𝘤𝘬 👉 https://lnkd.in/gvgqNTXe ✅ 𝗪𝗵𝗼’𝘀 𝗶𝘁 𝗳𝗼𝗿? • LPs, family offices, institutional allocators seeking diversification. • PE/VC investors assessing secondaries, credit, or niche growth opportunities. • Asset managers and advisors evaluating thematic allocations. ✅ 𝗪𝗵𝗮𝘁’𝘀 𝗶𝗻𝘀𝗶𝗱𝗲? • 4 central themes shaping alternatives in 2025: PE rebound, private credit growth, sports/AI/entertainment innovation, and structural market shifts. • Macro lens on trade, tariffs, deregulation, and Fed policy — and how these impact entry points, valuations, and liquidity. • Case for alternatives as portfolio ballast: diversification, risk premium capture, downside protection. ✅ 𝗣𝗿𝗼𝗰𝗲𝘀𝘀 𝗶𝗻 𝟯 𝗺𝗶𝗻𝘂𝘁𝗲𝘀: • 𝗣𝗿𝗶𝘃𝗮𝘁𝗲 𝗘𝗾𝘂𝗶𝘁𝘆: Lower valuations + easing rates set the stage for mid-market buyouts, growth equity, VC, and secondaries. • 𝗣𝗿𝗶𝘃𝗮𝘁𝗲 𝗖𝗿𝗲𝗱𝗶𝘁: Resilient income potential across cycles; asset-backed lending expected to expand. • 𝗜𝗻𝗻𝗼𝘃𝗮𝘁𝗶𝗼𝗻: New channels — AI, machine learning, healthcare, sports & live entertainment. • 𝗦𝘁𝗿𝘂𝗰𝘁𝘂𝗿𝗮𝗹 𝗦𝗵𝗶𝗳𝘁𝘀: Secondaries, democratization of access, and regulatory change widening investor participation. ✅ 𝗞𝗲𝘆 𝗱𝗮𝘁𝗮 𝗽𝗼𝗶𝗻𝘁𝘀: • ~$3.2T in unsold PE assets sitting in GP portfolios. • PE deal activity up 22% YoY in 2024; IPOs surged 38%. • Secondaries volume reached ~$160B in 2024 (vs. $108B in 2022). 💡 𝗪𝗵𝘆 𝗶𝘁 𝗺𝗮𝘁𝘁𝗲𝗿𝘀 Alternative assets are positioned to provide both diversification and return potential in a year defined by policy shifts, lingering inflation, and persistent volatility. For allocators, 2025 may be the moment to reassess exposure and seize entry points created by the reset in valuations. Credit: BNY #PrivateEquity #PrivateCredit #Alternatives #VentureCapital #AssetManagement #Investing — 💰 𝗠&𝗔 𝗥𝗲𝘀𝗼𝘂𝗿𝗰𝗲𝘀 - https://lnkd.in/gsvG2eDh  📊 𝗜𝗕 𝗗𝗲𝗰𝗸𝘀 𝗗𝗮𝘁𝗮𝗯𝗮𝘀𝗲 - https://lnkd.in/gJEGnBC7  📚 𝗣𝗿𝗶𝘃𝗮𝘁𝗲 𝗘𝗾𝘂𝗶𝘁𝘆 𝗖𝗼𝘂𝗿𝘀𝗲 - https://lnkd.in/gNNZBude —

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Hedge funds are beefing up their presence in Asia and seeking to diversify their portfolios and sources of returns, as regional markets have chalked up strong gains.US hedge fund giant Citadel and Singapore’s Dymon Asia Capital are adding talent in Asia, as they look to expand business in the region.Both Singapore and Hong Kong, which are hubs for global money managers, recorded strong growth in total assets under management last year. This trend keeps continuing in 2025.#Hedgefunds #AsiaPacific #expansion #alternativeinvestment

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Our Deputy CIO and Head of Fixed Income, Angus Hui was on the panel, "China’s Bond Market Opening-Up Over 20 years” at China Central Depository & Clearing's China Bond Market International Investors Event. Angus provided an overview of China’s bond market development, the growth of the offshore bond space (CNH) – contrasting the dynamics with previous cycles, and discussed the factors leading to the rising appeal of China’s onshore government bonds in providing diversification benefits. He also expanded on Fullerton Fund Management's investment journey in these markets, and the reasons underpinning his constructive outlook on China fixed income. #fixedincome #China #opportunities #diversification #yield Mingyu Qu Samuel Gan Boon-Hiong Chan

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