Recent Reports

  • Phillip Macro Update: 5 key points for December FOMC Meeting

    Pei Sai Teng | Phillip Securities Research Pte Ltd | Dec 15, 2017
    • S. Federal Reserve (Fed) has increased its benchmark interest rate by 25bps to a range of 1.25% – 1.50%.
    • It would adhere to the plan of stepping up the pace in shrinking its balance sheet as scheduled.
    • This would be Janet Yellen second last meeting and her last scheduled press conference as the Chairwoman.
    • Jerome Powell is set to succeed Janet Yellen as the next Chairman.
    • Multiple changes at the FOMC make it more challenging to anticipate monetary policy direction.
  • Thai Beverage: A US$5bn acquisition is in sight

    Soh Lin Sin | Phillip Securities Research Pte Ltd | Dec 13, 2017
    • Tapping into Vietnam’s US$6.5bn beer market via acquisition of over 25% of Sabeco
    • Sole bidder with advantage via Vietnamese-incorporated associate
    • 25% stakes in Sabeco costs at least THB36bn, an implied trailing PER of 47.5x
    • Maintain Buy with SOTP-derived TP of S$1.18
  • City Developments Limited: Putting the cash hoard to good use – Final offer for M&C

    Tan Dehong | Phillip Securities Research Pte Ltd | Dec 12, 2017
    • Privatisation of M&C to be RNAV-accretive, if the deal goes through. Consolidation of M&C will lift RNAV by c.10.6% to S$15.75/share, with a corresponding adjusted TP of S$13.39 (from S$12.10).
    • Final offer of 620 pence/share is 12% higher than previously mooted offer price. Despite a 39% premium to pre-offer last close price, it represents an attractive value for CDL as it is pegged at 0.75x P/BV. The hotels are valued at cost in the books.
    • Positive for CDL regardless if privatisation goes through as positive sentiment buoys M&C share price. Maintain ACCUMULATE with unchanged target price of $12.10, pending conclusion of the deal.
  • ComfortDelGro Corp Ltd: From competitors to partners

    Richard Leow | Phillip Securities Research Pte Ltd | Dec 11, 2017
    • Entering into a JV by acquiring 51% stake in LCR from Uber
    • Sale consideration of S$295mn based on NAV of 12,450 vehicles
    • No changes to our forecast, pending more details and conclusion of the deal
    • Maintain Buy; unchanged target price of $2.69
  • Phillip ETF Model Portfolio – November 2017

    Pei Sai Teng | Phillip Securities Research Pte Ltd | Dec 7, 2017
    • A Tax Reform bill was passed by Senate in November. A reconciliation with the Congress version is required before President Trump can sign it into legislation.
    • Jerome Powell is nominated to be the new Federal Reserve Chairman and will succeed Janet Yellen in January 2018.
    • Portfolio Changes – Commodity was added to our asset allocation to hedge against risk of inflation.
  • 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!