Featured Reports

Ascott Residence Trust – The beauty of diversification

Natalie Ong | Phillip Securities Research | Aug 2, 2019

Revenue was in line with our forecast. DPU was +6.2% higher due to realised FX gains on loan repayment, excluding which DPU would be in line.
Diversification and hedging strategy kept earnings stable
Lower gearing of 32.8% (-2.9ppts QoQ), debt headroom increased to c.$1.1bn
Maintain ACCUMULATE; target price of $1.36 unchanged

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Oversea-Chinese Banking Corp Ltd – Catch-up in NIM expansion

Tin Min Ying | Phillip Securities Research Pte Ltd | Aug 5, 2019

2Q19 revenue/PATMI was in line with our estimates.
Strong NIM expansion of 12bps YoY and 3bps QoQ to 1.79%, due to a catch-up in loan repricing and better utilisation of deposits.
Wealth management fees surged 17% YoY to $262mn, its highest level in five quarters.
Life insurance profit from GEH fell 26% YoY due to decline in discount rate used to value long-term insurance contract liabilities.
Credit costs normalised to 15bps after higher provision was taken in 1Q for the OSV sector. NPL ratio remained stable at 1.5% (2Q18: 1.4%).
Declared interim dividend of 25 cents/share, 25% higher than a year ago.
We maintain ACCUMULATE at a lower target price of S$12.50 (previously S$12.70). Our TP is based on target price-to-book of 1.3x, derived from the Gordon Growth model. We toned down terminal growth from 2.5% to 2.0%.

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Penguin International Ltd – Record flight for this bird

Paul Chew | Phillip Securities Research Pte Ltd | Aug 7, 2019

Record quarterly revenue and earnings. No changes to our earnings forecast.
No order book details but the outlook is positive based on the jump in inventories, assets held for sale and other payables.
Balance sheet in net cash position of S$47.8mn, or 44% of the market capitalisation.
Our BUY recommendation and target price of S$0.61 is unchanged.

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Singapore Banking Monthly – 2Q19 Banking Wrap

Tin Min Ying | Phillip Securities Research Pte Ltd | Aug 8, 2019

Singapore’s loans growth stable at 2.1% YoY. Consumer loans (-0.6% YoY) contracted for the third consecutive month, dragged by persistent weakness in housing loans.
Domestic deposits rose 8.8% YoY, held up by sustained the strength in fixed deposits that expanded 21.8% YoY.
Meanwhile, CASA stopped contracting for the first time in 9 months with a 1.2% YoY growth in June.
3M SIBOR stable at 1.998%, while 3M SOR dipped 7 bps to 1.758%.
Maintain the Singapore Banking Sector at Overweight. While the trade war affects investor sentiments in the near term, we believe the banks’ fundamentals remain intact to withstand risks and deliver growth.

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