Featured Reports

Ascott Residence Trust – Best of both worlds- stability and growth

Natalie Ong | Phillip Securities Research | Apr 9, 2019

Income stability through geographic diversification and lease structure
Inorganic growth from S$880mn debt headroom, ROFR pipeline of 20 properties and tapping on sponsor’s growth trajectory
Less Capex and Opex intensive requirements for Serviced Residences
Initiate coverage with BUY rating and S$1.36 target price, implying a 21.5% upside

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Clearbridge Health Ltd – Rolling up profits centres in healthcare

Phillip Research Team | | Apr 1, 2019

Penetrating high-growth in Indonesian and Phillippine healthcare markets
Acquires asset-light healthcare franchises that yield recurrent revenues and revitalised through expansion in capacity, network and capabilities
Initiate with a BUY recommendation and target price of S$0.28. We used a DCF valuation to capture the full benefits of CBH’s impressive growth trajectory over the next five years.

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Netlink NBN Trust – The fibre landlord

Alvin Chia | Phillip Securities Research Pte Ltd | Mar 27, 2019

Sole network provider of residential fibre broadband in Singapore
Stable and recurrent cash-flows from a customer base of 1.3mn
Future growth from NBAP and non-residential end-user connections
We initiate coverage on NLT with a target price of S$0.89. We used a DCF approach in our valuation because of the regular stream of cash generated from NLT’s fibre business. Our valuation is based on a WACC of 6% and a terminal growth rate of 1%.

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US Strategy – Equities rally despite yield curve inversion

Edmund Xue | Phillip Securities Research Pte Ltd | Mar 28, 2019

Equity market still rallies for an average of 22 months after the first inversion of the 10-year – 3-month yield curve (3m10y).
On average, it took 22 months after the first inversion before a recession occurs.
Our Phillip Recession Indicators, along with the corporate credit spread are still at healthy levels.

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PSR 2019-04-15 2019 Strategy Update, Ascott Residence Trust, US Weekly & China Weekly Musings

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