Recent Reports

  • 10-Year Treasury Yield – topping over

    Jeremy Ng | Phillip Securities Research Pte Ltd | Aug 20, 2018
    • After threatening the 3% psychological round number since April 2018, the movement from the past four months has shown that the 3% level is still widely respected by the markets.
    • The 10-year yield did initially break above the 3% area in April and May, but the bullish move was unsustainable.
    • More interestingly, it was the false bullish breakout above the 3% psychological level that formed the current Head and Shoulders pattern.
    • Head and Shoulders pattern is a bearish formation that signals a reversal move to the downside.

  • Technical Analysis: The Phillip 20 – July Monthly Review

    Jeremy Ng | Phillip Securities Research Pte Ltd | Aug 20, 2018
    • New Entries: SATS, Singtel, UMS, Venture, UOB and China Sunsine
    • Stop Loss: OCBC, China Sunsine, CityDev, Haw Par, Wing Tai, Allied Tech and China Everbright
    • Total return since May 17 to June 18 is 1.07%
    • 3200 psychological round number needs to hold for the long-term uptrend in the STI to remain intact

  • Golden Energy and Resources Ltd: Production on track but higher costs

    Chen Guangzhi | Phillip Securities Research Pte Ltd | Aug 20, 2018
    • Revenue and net profit met our expectations
    • Production surged 47% while coal prices were flat. Multiple upward pressures on cash cost.
    • We lower FY18e EPS to 3.1 US cents (previously 3.5 US cents) due to a higher expected cash cost. Based on unchanged peer average forward PER of 10x and the FX rate (USD/SGD) of 1.36x, we reiterate our BUY recommendation with a lower target price of S$0.42 (previously S$0.48) for FY18.

  • Thai Beverage: No money, no spirit

    Phillip Research Team |  | Aug 17, 2018
    • 3Q18 revenue and net profit were below expectations
    • Spirits demand hurt by weak rural incomes in Thailand due to soft agriculture prices
    • Minimal earnings contribution from Sabeco due to high interest expense
    • Downgrade to REDUCE with lower SOTP-derived TP of S$0.62 (previously S$1.05). We cut our FY18e earnings by 19%. Our DPS for FY18e also reduced to THB0.41 (previously THB0.52).

  • CNMC Goldmine Holdings Limited: Halfway to production turnaround

    Chen Guangzhi | Phillip Securities Research Pte Ltd | Aug 17, 2018
    • Revenue met expectations but net profit missed due to higher operating expenses and listing expense.
    • Carbon-in-leach (CIL) plant elevated production volume.
    • Operating and non-operating expenses ate up revenue growth.
    • We revise down FY18e and FY19e EPS to 0.3 US cents and 1.7 US cents (previously 1.9 US cents and 2.7 US cents) due to higher operating expenses and one-off listing charges. We maintain our BUY recommendation with a lower TP of S$0.29.
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