Recent Reports

  • First REIT: Continues to deliver despite rising interest rate environment

    Tara Wong | Phillip Securities Research Pte Ltd | Jul 19, 2018
    • NPI and DPU were in line with our forecast. All-in finance costs stable at 4%.
    • 3% YoY boost in Gross Revenue and NPI driven by two acquisitions made in 4Q17.
    • Refinanced S$100mn fixed rate notes due May 2018 with six-month term loan facility.
    • Maintain Neutral with an unchanged TP of S$1.31.
  • Keppel DC REIT: Strengthened balance sheet to fuel inorganic growth

    Richard Leow | Phillip Securities Research Pte Ltd | Jul 18, 2018
    • 3.62 cents DPU declared for 1H18, comprising 2.77 cents advance distribution (1 January to 15 May) and 0.85 cents post private placement (16 May to 30 June)
    • 1H18 revenue and DPU met 50% and 47% respectively, of consensus FY18 expectation
    • Maintain Accumulate; new target price of $1.45 (previously $1.51)
  • Singapore REITs Monthly Tracker: July 2018

    Tara Wong | Phillip Securities Research Pte Ltd | Jul 16, 2018
    • FTSE S-REIT Index declined 3.3% YTD. Sector yield spread over the benchmark 10-year SGS (10YSGS) yield remains below the -1SD level at 294bps.
    • 3m SOR crept up to 1.59% as at end June 2018, close to 10-year highs.
    • Remain NEUTRAL on S-REITs sector.
  • Banyan Tree Holdings Limited: Takeaways from our recent marketing event

    Tan Dehong | Phillip Securities Research Pte Ltd | Jul 16, 2018
    • Lapse of options granted to Accor and Vanke for the subscription of an additional 5% stake in BTH each.
    • Management contracts remain key growth catalysts from the partnerships.
    • Other benefits from the partnerships with Accor/Vanke.
    • Strong growth in tourism still expected in Thailand, the largest contributor to Group revenue by geography.
    • China remains the most important target group of tourists for Group.
  • Technical Analysis: The Phillip 20 – June Monthly Review

    Jeremy Ng | Phillip Securities Research Pte Ltd | Jul 16, 2018
    • New Entries: China Sunsine, Japfa, DBS, Haw Par, Singtel, CityDev and Wing Tai
    • Stop Loss: Memtech Intl, DBS, Wing Tai, Chip Eng Seng, Singtel, Frencken and Jardine C&C
    • Take Profit: Japfa
    • Total return since May 17 to June 18 is +2.28%
    • Bullish rejection off the 3200 psychological support with oversold RSI mean reversion suggests a rebound next for the STI
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