Recent Reports

  • Thai Beverage PLC – A spirited recovery

    Paul Chew | Phillip Securities Research Pte Ltd | Feb 19, 2019
    • Revenue and EBITDA were above expectations but was offset by higher than expected interest expense and weaker earnings from Sabeco.
    • Recovery in spirits volume was better than expected despite moderate improvement in farm income. Thailand rice aid scheme has boosted farm incomes. 
    • Upgrade to NEUTRAL and increased our SOTP-derived TP to S$0.81 (previously S$0.57). Our aggressive upgrade in share price is due to: (i) We raised our earnings by 7% as we expect demand to remain vibrant over the next few quarters; (ii) We raised our SOTP valuation to the middle (from lower) EV/EBITDA band of global peers.
  • DBS Group Holdings Ltd – Stellar ROE supported by recurrent interest income

    Tin Min Ying | Phillip Securities Research Pte Ltd | Feb 19, 2019
    • FY18 Revenue and PATMI met our estimates.
    • FY18 NIM expanded 13 bps YoY to 1.85% (FY17: 1.75%). 4Q18 NIM rose 1 bps QoQ to 1.87% (3Q18: 1.86%).
    • Loans grew 6.7% YoY, driven by non-trade corporate loans across the region.
    • Allowances declined 71.0% YoY due to accelerated provisions made for weak oil and gas support service last year. NPL ratio improved to 1.6% (4Q17: 1.7%).
    • Full-year ROE rose 2.4% to 12.1%, the highest since FY2007.
    • A proposed final dividend of $0.60/share, bringing full-year dividend to $1.20/share.
    • Maintain BUY at an unchanged target price of S$29.00.
  • StarHub Limited – Triple whammy, only enterprise shines

    Alvin Chia | Phillip Securities Research Pte Ltd | Feb 18, 2019
    • Results were below our expectations. EBITDA and net profit disappointed 13% and 20% respectively.
    • Switching from fixed to variable dividend policy and to at least pay 80% of net profit each year. Cuts dividend to 9 cents per share from current 16 cents.
    • We revised our FY19e EBITDA and net profit downwards by 12% and 16% respectively due to the results. Downgrade to NEUTRAL with a lower target price of S$1.58 (prev. S$1.88).
  • Singapore Telecommunications Limited – Delay in recovery of associates

    Alvin Chia | Phillip Securities Research Pte Ltd | Feb 15, 2019
    • Overall results were within our expectations. Management lowered their guidance for FY19e EBITDA by 1-5%
    • Associates dragged down earnings especially from Airtel, recovery in Telkomsel is moderate and at the lower end of our expectations
    • We revised our FY19e EBITDA and net profit downwards by 8% and 6% respectively in light of the change in guidance. Downgrade to ACCUMULATE with a lower TP of S$3.27 (prev. S$3.40)
  • Singapore REITs Monthly – Monthly Tracker: February 2019

    Tara Wong | Phillip Securities Research Pte Ltd | Feb 15, 2019
    • FTSE S-REIT total return gained +7.5% YTD. Strongest gains from the Commercial sub-sector (+9.06% YTD) and weakest showing at the Industrial sub-sector (+6.54%).
    • Sector yield spread of 268bps over the benchmark 10-year SGS (10YSGS) yield dipped back below the -1 standard deviation (SD) level as at end-January.
    • 3m SOR continued to rise YTD, ending at 1.91% in January.
    • Remain NEUTRAL on S-REITs sector. Sub-sector preferences: Office and Hospitality.
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Market Watch: US - Russia Tensions

PhillipCapital | February 14, 2019 See All Videos

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