Recent Reports

  • Microsoft Corp: Buy Trade – Position Open

    Ho Kang Wei & Jeremy Ng | Phillip Securities Research Pte Ltd | Mar 16, 2018

    Description Microsoft Corporation develops, licenses and supports a range of software products, services and devices. The Company’s segments include Productivity and Business Processes, Intelligent Cloud and More Personal Computing. The…
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  • Singapore Consumer Monthly: The Chinese New Year effect

    Soh Lin Sin | Phillip Securities Research Pte Ltd | Mar 16, 2018
    • The timing of Chinese New Year has distorted the Jan-18 data points; Await Feb-18 data for a clearer picture
    • Expect 2018 FIFA World Cup to boost beer sales in Thailand and Vietnam; ThaiBev and FNN would benefit from the strong demand in Vietnam
    • We maintained our Overweight view on Singapore Consumer Sector
  • Golden Energy and Resources Ltd: Great quarter to end a stunning year

    Chen Guangzhi | Phillip Securities Research Pte Ltd | Mar 16, 2018
    • Revenue beat our forecast by 23.5% due to higher than expected sales volume and average selling price (ASP). On the flip side, net profit missed by 6% due to higher cash cost and income tax expenses.
    • 6mn tonnes of production volume in FY17 (+64.2% YoY). FY17 ASP grew a healthy 25.7% YoY.
    • 4Q17 cash cost was higher than expected (+139.5% YoY).
    • We lower FY18e to EPS 3.5 US cents (previous 4.3 US cents) due to the expectation of higher cash costs and interest burden. Based on unchanged average 12-month forward PER of 10x (the average of regional peers) and the FX rate (USD/SGD) of 1.36x, we lower our target price to S$0.48 for FY18 (previous S$0.59) and reiterate our BUY recommendation.
  • PHILLIP ABSOLUTE 10 – February Update

    Phillip Research Team |  | Mar 14, 2018
    • Our portfolio underperformed this month, hurt by the performance of Geo Energy, Chip Eng Seng and Micro-Mechanics
    • Only DBS managed to generate positive gains for us in February
    • Our portfolio for March will exit DBS and replace it with OCBC
  • Silver: Waking up from the slumber

    Jeremy Ng | Phillip Securities Research Pte Ltd | Mar 12, 2018

    Silver has been trading tightly within the 18.50 to 15.60 range since October 2017, and we believe it is waking up from the slumber as the Speculators (hedge funds, individual investors and large financial institutions) bet excessively on a lower Silver price.

    Based on the Commitment of Traders (COT) report, the net positions of the Non-Commercial (speculators) are once again in the extreme short side. In other words, the market is heavily tilted to the short side where everyone is expecting a lower Silver price

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