Recent Reports

  • Singapore Industrial REITs: Stabilising average occupancy, average rent decline slowing

    Richard Leow | Phillip Securities Research Pte Ltd | May 22, 2018
    • Maintain Equal Weight view on Industrial REITs sub-sector
    • Marginal QoQ improvement in sector occupancy, while Rental Index is lower QoQ.
    • Rental Index across the board yet to bottom, but Business Park rental made new high
    • Tapering of new supply in 2018 is a tailwind for the sector, but absorption of vacant space is still slow
    • History being made with the first industrial REIT acquisition of VIT by ESR-REIT
  • Golden Energy and Resources Ltd: Strong production on track

    Chen Guangzhi | Phillip Securities Research Pte Ltd | May 18, 2018
    • Revenue and net profit exceeded expectations due to higher than expected sales volume and an average selling price (ASP)
    • Benefited from the buoyant coal prices in 1Q18
    • Upgrading the port loading capacity
    • Cash cost was higher than expected in 1Q18
    • We maintained our FY18e EPS at 3.5 US cents as we expect the higher capex to offset higher profits.
    • Based on unchanged peer average forward PER of 10x and the FX rate (USD/SGD) of 1.36x, we keep the target price at S$0.48 and reiterate our BUY recommendation.
  • CNMC Goldmine Holdings Limited: Satisfactory CIL results

    Chen Guangzhi | Phillip Securities Research Pte Ltd | May 17, 2018
    • Revenue and net profit exceeded expectations due to contribution from the Carbon-in-leach (CIL) plant.
    • The first gold pour from CIL plant delivered a substantial improvement in production.
    • Business remains intact under the new federal administration.
    • Both operating and non-operating costs will surge.
    • We revise up FY18e and FY19e EPS to 1.9 US cents and 2.7 US cents (previously 1.3 US cents and 1.7 US cents) due to the substantial improvement from CIL plant which will be operational in 2Q18.
    • We upgrade our recommendation to BUY with a higher TP of S$0.42 as we expect production and earnings will rebound strongly this year.
  • Banyan Tree Holdings Limited: Improved profitability across major business segments

    Tan Dehong | Phillip Securities Research Pte Ltd | May 17, 2018
    • Revenue and earnings outperformed our forecasts due to stronger performance from Group-owned hotels.
    • Better operating performance from Group-owned hotels in biggest market Thailand offset weakness in Maldives.
    • Improved profitability in Fee-based segment.
    • Property sales segment turned in losses even with 155% YoY increase in revenue.
    • Maintain ACCUMULATE with higher target price of S$0.73 after factoring in divestment gains.
  • Asian Pay Television Trust: Non-subscription revenue caused the damage

    Paul Chew | Phillip Securities Research Pte Ltd | May 16, 2018
    • 1Q18 revenue and EBITDA disappointed, after declining by 7% YoY. Our expectations were flat revenue and EBITDA.
    • Revenue was negatively affected by weaker selling prices from TV prepaid packages and a significant drop in non-subscription revenue sourced from TV channel leasing.
    • We have cut our target price to S$0.52 (previously S$0.62). This is after lowering our earnings forecast and terminal growth rate assumptions.
    • The yield is attractive, but capital appreciation will be challenged until there are more stability in revenues. The share price decline has triggered an upgrade to BUY.
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