Featured Reports

Dasin Retail Trust – AEIs and acquisitions to spearhead growth

Phillip Research Team | | Mar 9, 2020 365

FY19 NPI and DPU came in within our forecasts despite weaker RMB in FY19.
Income growth expected from the contribution of Shunde and Tianbei malls in 1H20, AEI on 13% of space at Ocean Metro Malls clocking in 42.9% of rental reversions and built-in rental reversions averaging 5% p.a. on 80% of the leases.
Maintain ACCUMULATE with an unchanged TP of S$0.88.

Singapore Banking Monthly – Steadfast amidst two-pronged threats

Tay Wee Kuang | Phillip Securities Research | Mar 9, 2020 264

Federal Reserve cut benchmark rates by 50 bps to 1.00% – 1.25% range in response to the macroeconomic uncertainty brought about by the Covid-19 outbreak. NIM may face further compression pressures in upcoming quarters.
Domestic loans continue slowing (+2.97% YoY) in January, and FY20 loans performance will continue to depend on growth in business loans.
Short term spike in volatility with escalating threat from Covid-19 will see derivative volumes benefit.
Maintain Singapore Banking Sector at Overweight. All 3 local banks turned in a set of strong results for 4Q19. The challenging macroeconomic conditions will weigh in on future earnings, but sector remains attractive on dividend guidance.

Singapore Strategy – Additional S$48bn to fight the virus

Paul Chew | Phillip Securities Research Pte Ltd | Mar 27, 2020 160

S$48bn Resilience (Supplementary) budget plus S$6.4bn Unity Budget 2020 (18 Feb 20) totalling $55bn or 11% GDP. In 2009, the resilience package was S$20.5bn and wth less direct payments to businesses and households.
Additional S$15.1 bn to enhance the Job Support Scheme. A four-fold jump to fund monthly wages for all local employees.
Additional S$3bn for direct payments to Singaporeans under the enhanced Care and Support package.
Transportation sector is a primary focus in this budget. From an equity standpoint, the support package does not raise the attractiveness of the sector when demand is disappearing. It will, however, improve the solvency and viability of the entire supply chain to ride out this downturn. The sectors that benefit from the budget will be: (i) Banks as it helps soften the fallout in the economy; (ii) Necessity spend sectors such as telecommunications and consumer staples as more cash payouts are directed to households.

Clearbridge Health Limited – Building up the regional footprint

Phillip Research Team | | Mar 10, 2020 450

FY19 revenue and earnings were below expectation. FY19 revenue more than tripled to S$21mn. CBH turned EBITDA* positive in 2H19.
The ramp-up from IGM and Philippines post-acquisition and post-renovation respectively was slower than we expected. IGM accounts for 48% of group sales.
CBH has built an impressive regional footprint of healthcare services across the region including Singapore, Indonesia, Philippines, Malaysia and Hong Kong. The lab test and renal care services in Indonesia are the largest contributor to revenues.
Maintain BUY with an unchanged target price of S$0.26. Growth in FY20e will be underpinned by acquisition IGM and Dental Focus and recovery in the Philippines. While still loss-making, we expect the company to clock another year of positive EBITDA in FY20e.

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Featured Reports

Dasin Retail Trust – AEIs and acquisitions to spearhead growth

Singapore Banking Monthly – Steadfast amidst two-pronged threats

Singapore Strategy – Additional S$48bn to fight the virus

Clearbridge Health Limited – Building up the regional footprint

Dasin Retail Trust – AEIs and acquisitions to spearhead growth

Singapore Banking Monthly – Steadfast amidst two-pronged threats

Singapore Strategy – Additional S$48bn to fight the virus

Clearbridge Health Limited – Building up the regional footprint

Dasin Retail Trust – AEIs and acquisitions to spearhead growth

Singapore Banking Monthly – Steadfast amidst two-pronged threats

Singapore Strategy – Additional S$48bn to fight the virus

Clearbridge Health Limited – Building up the regional footprint

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Market Outlook: (PSR) 16-03-2020 CDL, CapitaLand, EC World REIT, Dasin, REITs Monthly, Banking Monthly, SG Weekly & Technicals

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