Recent Reports

  • First REIT: Kicking off FY18 on a clear path

    Tara Wong | Phillip Securities Research Pte Ltd | Apr 19, 2018
    • NPI and DPU were in line with our forecast.
    • 8% y-o-y boost in Gross Revenue and NPI driven by two acquisitions made in FY18.
    • Locked-in forward organic growth stemming from uptick in Singapore CPI for 2017.
    • Maintain Neutral due to rich valuations vs post-GFC average, with an adjusted TP of S$1.31 on different set of assumptions following a change of analyst.
  • Keppel DC REIT: Stable portfolio to start the year

    Richard Leow | Phillip Securities Research Pte Ltd | Apr 17, 2018
    • Gross revenue 4.8% higher than we expected and DPU 10.4% lower than we expected, due to net tax and adjustments
    • Gross revenue and DPU met 25% and 23% respectively, of consensus FY18 estimates
    • Acquisition of maincubes Data Centre in Germany was completed on March 30, growing the portfolio QoQ from S$1.51bn to S$1.66bn
    • Maintain Neutral; unchanged target price of $1.47
  • Dollar Index: Currently in a secular downtrend

    Jeremy Ng | Phillip Securities Research Pte Ltd | Apr 16, 2018

    Despite the current interest rate hike cycle that began in December 2015, the dollar index (DXY) has been on a decline. Since 2017, the FED has hiked the Fed Funds Rate (FFR) four times, lifting the FFR from 0.75% to 1.75% but the DXY went into a selloff instead.

  • Offshore & Marine Monthly: Extended soft conditions

    Chen Guangzhi | Phillip Securities Research Pte Ltd | Apr 16, 2018
    • Banks as de facto owners of vessels prolonging the supply imbalance
    • Upstream production activities recover modestly but still depressed
    • Offshore support vessels market is still in a predicament
    • The rally of oil price will speed down as glut is coming back
  • Singapore Consumer Monthly: Set for stronger growth in 2018

    Soh Lin Sin | Phillip Securities Research Pte Ltd | Apr 16, 2018
    • Rosier picture in Hong Kong, Singapore, Philippines and Vietnam; Impending elections in Malaysia, Indonesia and Thailand could reignite consumer sentiment
    • Thailand’s beer demand declines for the 5th month post-excise tax in Sep-17; Will review assumptions for ThaiBev after the release of March and April data
    • FNN should benefit from the fast-growing dairy market in Vietnam
    • We maintained our OVERWEIGHT view on Singapore Consumer Sector
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