Recent Reports

  • 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.
  • 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
  • Dow Jones Industrial Average: Triple Bottom, Vaulting Higher Next

    Jeremy Ng | Phillip Securities Research Pte Ltd | May 21, 2018
    • The Dow Jones Industrial Average (DJIA) had the longest winning streak since September 2017 after rallying eight consecutive days in a row since 3 May 2018.
    • However, the spell was broken last week after the bulls stumbled near the 24,827 immediate resistance area.
    • Despite the minor setback, this is just part of the market dynamics where the uptrend establishes the uptrend structure of higher highs (HH) and higher lows (HL).
    • The near-term outlook in the DJIA remains bullish as the market stayed relatively flat last week.
  • Golden Energy and Resources Ltd: Strong production on track

    Chen Guangzhi | Phillip Securities Research Pte Ltd | May 18, 2018
    • Revenue and net profit exceeded expectations due to higher than expected sales volume and an average selling price (ASP)
    • Benefited from the buoyant coal prices in 1Q18
    • Upgrading the port loading capacity
    • Cash cost was higher than expected in 1Q18
    • We maintained our FY18e EPS at 3.5 US cents as we expect the higher capex to offset higher profits.
    • Based on unchanged peer average forward PER of 10x and the FX rate (USD/SGD) of 1.36x, we keep the target price at S$0.48 and reiterate our BUY recommendation.
  • CNMC Goldmine Holdings Limited: Satisfactory CIL results

    Chen Guangzhi | Phillip Securities Research Pte Ltd | May 17, 2018
    • Revenue and net profit exceeded expectations due to contribution from the Carbon-in-leach (CIL) plant.
    • The first gold pour from CIL plant delivered a substantial improvement in production.
    • Business remains intact under the new federal administration.
    • Both operating and non-operating costs will surge.
    • We revise up FY18e and FY19e EPS to 1.9 US cents and 2.7 US cents (previously 1.3 US cents and 1.7 US cents) due to the substantial improvement from CIL plant which will be operational in 2Q18.
    • We upgrade our recommendation to BUY with a higher TP of S$0.42 as we expect production and earnings will rebound strongly this year.
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