Recent Reports

  • Phillip ETF Model Portfolio: Monthly Updates

    Pei Sai Teng | Phillip Securities Research Pte Ltd | May 25, 2018
    • 10-yr treasury yield crossed above the Rubicon 3% level, technically signifies the end of the 35-year bull market. 
    • A rise in bond yields can be greeted positively by equity markets when it flags higher growth expectations.
    • Geo-political tension remain high as US-China trade negotiating continues to hog headline news. Kim-Trump summit remains an uncertainty.
    • Oil broke up higher on new sanction on Iran and possible sanction on the new Venezuela government.
  • Dasin Retail Trust: Our visit to Zhongshan + A pertinent question answered

    Phillip Research Team |  | May 25, 2018
    • Revenue and NPI for 1Q18 were within expectations. Boost in revenue was from the acquisition of Shiqi Metro Mall in June 2017. Organic growth was 17% YoY.
    • Adjusted DPU downwards to account for adjustments of S$2.7mn, which is set aside for future repayment of interest and related costs on the loan facilities.
    • Site Visit to Zhongshan: 100% occupancy at all four malls plus a look at ROFR assets
    • Pertinent question answered – we believe Dasin can ride out the income support
  • SHS Holdings Ltd: Exporting construction technology

    Phillip Research Team |  | May 25, 2018
    • Expect a surge in modular business sourced from New Zealand
    • Upcoming recurring revenue from a solar project in Bangladesh
    • Recovery in marine and construction sector to support legacy businesses
    • Initiate coverage with BUY rating with TP of S$0.29, based on FY19e EPS of 2.9 SCents and 10x PE multiple
  • 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
  • REIT Symposium 2018 – Are S-REITs ready for the intensifying rate hikes?

    Tan Dehong | Phillip Securities Research Pte Ltd | May 22, 2018
    • Interest rate hikes a headwind, but rate hikes with accompanying economic growth is not a worry.
    • S-REITs returned a CAGR of 26.5% during last rate hike cycle from 2004-06.
    • Domestic economy gaining momentum, 4.3% in 1Q18 outpacing previous quarter. Though not expected to reach levels seen during last rate hike cycle, still a possible catalyst for further yield spread compression.
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