Recent Reports

  • Singapore Telecommunications Limited – Delay in recovery of associates

    Alvin Chia | Phillip Securities Research Pte Ltd | Feb 15, 2019
    • Overall results were within our expectations. Management lowered their guidance for FY19e EBITDA by 1-5%
    • Associates dragged down earnings especially from Airtel, recovery in Telkomsel is moderate and at the lower end of our expectations
    • We revised our FY19e EBITDA and net profit downwards by 8% and 6% respectively in light of the change in guidance. Downgrade to ACCUMULATE with a lower TP of S$3.27 (prev. S$3.40)
  • Singapore REITs Monthly – Monthly Tracker: February 2019

    Tara Wong | Phillip Securities Research Pte Ltd | Feb 15, 2019
    • FTSE S-REIT total return gained +7.5% YTD. Strongest gains from the Commercial sub-sector (+9.06% YTD) and weakest showing at the Industrial sub-sector (+6.54%).
    • Sector yield spread of 268bps over the benchmark 10-year SGS (10YSGS) yield dipped back below the -1 standard deviation (SD) level as at end-January.
    • 3m SOR continued to rise YTD, ending at 1.91% in January.
    • Remain NEUTRAL on S-REITs sector. Sub-sector preferences: Office and Hospitality.
  • Centurion Corporation – Limited Opportunities in Penang (Site Visit Note)

    Natalie Ong | Phillip Securities Research | Feb 15, 2019
    • Site visit note to Centurion’s Westlite Bukit Minyak Centralised Accommodation Transit – Penang’s first workers’ dormitory
    • Government support and policies in favour of worker dormitories
    • Established track record in Malaysia
    • Captive demand from medical device, automobile and E&E manufacturers
  • US Strategy – Earnings Preview

    Edmund Xue | Phillip Securities Research Pte Ltd | Feb 14, 2019

    We expect upside earnings surprise on the following 4 companies:

    • Cisco’s transformation from networking to a software company will open up new revenue streams. As cloud spending remains vibrant, Cisco will be well-positioned to provide advisory services for new and existing customers that embrace the cloud.
    • Nvidia’s lower revenue guidance indicates that it is not spared from a slowing China market and digestion of data centre However, revenue will pick up as more games utilise its RTX technology and it capitalises on its deep learning technology to grow in other verticals.
    • Although Square faces intense competition from Fiserv’s acquisition of First Data Corporation, there is still strong revenue and EBITDA margin expansion as it increases its services and expands into online commerce.
    • Online grocery will be a key revenue driver for Walmart as it expands its operations in China.
  • SATS Ltd – Underlying growth remains intact

    Richard Leow | Phillip Securities Research Pte Ltd | Feb 14, 2019
    • Revenue was within expectation
    • PATMI came in +9.5% higher than we forecast, due to one-off gain of $5.8mn from disposal of JV, DFASS-SATS; PATMI would have been in line without the one-off gain
    • Maintain ACCUMULATE; unchanged target price of $5.47
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