Recent Reports

  • Dasin Retail Trust: Grounding on healthy operating metrics

    Tara Wong | Phillip Securities Research Pte Ltd | Aug 15, 2018
    • Revenue in line with and NPI exceeded our expectations for 2Q18. Boost in revenue from the acquisition of Shiqi Metro Mall in June 2017. Organic growth was 10.4% YoY.
    • Strong 100% occupancy and well-spread WALE (by GRI) of 4.07 years.
    • Increase in gearing due to revaluation of investment properties.

  • S&P 500 Index: Growing industrial production to support further upside in the equity market

    Jeremy Ng | Phillip Securities Research Pte Ltd | Aug 13, 2018
    • The general equity market in the US continues to edge higher despite the ongoing trade tension.
    • For example, the S&P 500 index is just 1% away from the January record high of 2,872 points while the Nasdaq 100 index has recently broken another new record high in July at 7,530 points.
    • We expect this bullish sentiment to sustain moving forward as overall economic data continues to support the bullish narrative.
    • For instance, consumer sentiments are at their multi-year high and unemployment rate is at their multi-year low.

  • Ho Bee Land Limited: Banking on recurring rental income to ride out near term uncertainties

    Tan Dehong | Phillip Securities Research Pte Ltd | Aug 13, 2018
    • Gross revenue and profits adjusted for revaluation gains within our forecast.
    • S$28.3mn revaluation gain as a result of the sale of a 30-year leasehold interest in its 999-year Bukit Timah petrol station site.
    • 16% increase in total recurring rental income mainly as a result of new acquisitions.
    • 44% increase in financing costs along with rise in net gearing ratio to 0.76x.
    • Potential delay again in launch of Sentosa properties.
    • Maintain ACCUMULATE with unchanged RNAV-derived target price of S$2.98.

  • Singapore O&G Ltd: Gaining market share

    Phillip Research Team |  | Aug 13, 2018
    • 2Q18 Revenue/adjusted PATMI met 52.0%/61.1% of our full year estimations (Excluding the settlement fee receipt and legal fees from the dispute)
    • O&G segment performed well; 6M18 profitability +23.4% YoY despite. Number of deliveries increased despite a decline in industry deliveries. Dermatology a drag to group earnings.
    • Strong performance from cancer-related segment; 6M18 profitability +142.9% YoY.
    • Upgrade to BUY (previously ACCUMULATE) with an unchanged TP of S$0.42.

  • China Sunsine Chemical Holdings Ltd: Aim for the long-term prosperity

    Chen Guangzhi | Phillip Securities Research Pte Ltd | Aug 13, 2018
    • 2Q18 revenue and net profit exceeded our full year expectation due to higher ASP and GPM, as well as a one-off tax credit
    • Uptrend in ASP and sales volume continued in 2Q18.
    • GPM and NPM reached a record high in 2Q18.
    • New capacity is expected to get approval by 3Q18.
    • See All

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Market Outlook – Singapore Company Results update

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Market Watch: The US - Turkey Impasse

 PhillipCapital | August 15, 2018 See All Videos

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