Recent Reports

  • Singapore REITs Monthly – Monthly Tracker: November 2018

    Tara Wong | Phillip Securities Research Pte Ltd | Nov 20, 2018
    • FTSE S-REIT total return declined 4.9% YTD. Weakness across all sub-sectors – save for hospitality over the past month – with Frasers Hospitality Trust being the top performer (+5.6% MTD) and Keppel-KBS US REIT being the worst performer (-17.0% MTD).
    • Sector yield spread of 273bps over the benchmark 10-year SGS (10YSGS) yield remains close to the -1 standard deviation (SD) level as at end-October.
    • 3m SOR continued to rise YTD, ending at 1.73% in October.
    • Remain NEUTRAL on S-REITs sector. Sub-sector preferences: Office and Hospitality.
  • Singapore Industrial REITs – Industrialists’ outlook clouded by trade protectionism

    Richard Leow | Phillip Securities Research Pte Ltd | Nov 20, 2018
    • Maintain Equal Weight view on Industrial REITs sector
    • 9M 2018 sector occupancy has been stable and Rental Index trend lower in smaller increments
    • Demand-side looks fragile, as manufacturing and export data are moderating
    • Maintaining our view that rental bottom is likely to be delayed to 2019, and generally negative reversions to persist for at least 1H 2019
  • Banking Sector – The exciting fintech in Myanmar

    Tin Min Ying | Phillip Securities Research Pte Ltd | Nov 20, 2018
    • We attended “Wave Money: Defining and Leading Mobile Money in Myanmar”. Brad Jones, CEO of Wave Money and Melvyn Pun, CEO of Yoma Strategic provided insights into the growth potential and trajectory of Myanmar’s FinTech and Real Estate sectors.
    • Wave Money is Myanmar’s first non-bank organization to provide mobile financial services since 2016.
    • 36,000 agents in 289 townships
    • 5 million active users as at end October 2018
    • Achieved cash flow breakeven in September 2018
    • First licensed provider under the Central Bank of Myanmar’s mobile financial services regulation in October 2016
  • SHS Holdings Ltd – A setback in Solar plant

    Alvin Chia | Phillip Securities Research Pte Ltd | Nov 20, 2018
    • Revenue improved 43.5% YoY, but earnings dragged down operational expenses.
    • The construction of the Bangladesh solar farm is delayed three quarters and is estimated to complete end FY19e.
    • We revised FY19e earnings downwards by 36% due to delay in the solar plant. Downgrade to ACCUMULATE with a lower target price of S$0.24. Our valuation is derived from a 10X PE of FY19 earnings.
  • Q & M Dental Group – Dialling back our growth expectations

    Tin Min Ying | Phillip Securities Research Pte Ltd | Nov 20, 2018
    • 9M18 Revenue met only 59% of our FY18e estimates due to lower than expected revenue from clinics. We previously modelled 20% YoY revenue growth for FY18e.
    • 9M18 PATMI met 70% of our FY2018 estimates due to margin expansion.
    • Currently has 72 dental outlets, 4 medical outlets in Singapore, 16 dental outlets in Malaysia and 1 dental outlet in PRC.
    • Downgrade to NEUTRAL with a lower TP of S$0.51 (previously S$0.65). With a more moderate pace of clinics expansion as well as lesser CHAS claims made by patients due to the government’s tightening measures, we lowered our FY18-FY19 revenue and PATMI estimates by 18-32% and 10-14% respectively. We reduce PER to 25x from 27x, which is line with peers’ average FY18e and FY19e PER (excluding hospitals).
  • See All

Technical Pulse

See All

Get access to all the latest market news, reports, technical analysis
by signing up for a free account today!