·         We value Phillip SING Income ETF (SINGINC) using a combination of historical dividend yield spread and price-to-earnings ratios. Using these two valuation methods, the target prices are S$2.20 and S$1.44, respectively. Applying equal weightage to both valuations, we maintain an ACCUMULATE recommendation with an increased target price of S$1.82 (prev. S$1.59).

·         DBS Group remained a key holding, with its portfolio weight increasing slightly from 10.3% to 10.7%, while Singapore Exchange saw a modest decline from 10.2% to 9.9%. Meanwhile, CapitaLand Integrated Commercial Trust, previously the third-largest holding at 9.7%, dropped out of the top three and was replaced by Oversea-Chinese Banking Corporation, which became the largest holding at 11.4%. Overall, the changes reflect a greater concentration in Singapore’s banking sector among the portfolio’s largest positions.

·         We remain constructive on SINGINC, with its dividend at an all-time high, supported by stronger distributions from the portfolio, particularly its large exposure to Singapore banks. Looking ahead, resilient bank earnings and dividends, alongside a more favourable interest-rate environment for REITs, should continue to support income generation, while Singapore’s market revitalisation initiatives provide an additional catalyst.

Overview BLOKS is a leader in China’s assembly character toys market. The company holds over 500 patents, possesses original IP capabilities, and has non-exclusive licenses for approximately 50 well-known IPs. Its product positioning is “high quality at a reasonable price.” Leveraging its product strength and supply chain advantages, BLOKS maintains cost competitiveness while continuously expanding its product categories. The company has established a multi-channel sales network, and since 2022, has primarily focused on offline channels centered on distributors. According to...
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Overview POP MART is primarily engaged in the design and development of trendy toys. It operates a comprehensive platform covering the entire industry chain of intellectual property (IP) for trendy toys, with businesses including IP incubation and operation, trendy toys and retail, theme park and experiences, and digital entertainment. The company’s products include blind boxes, figurines, ball-jointed dolls (BJD), MEGA, plush toys, and derivatives, among others. Its self-developed products primarily feature artist-owned IPs such as THE MONSTERS, MOLLY, SKULLPANDA, and...
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