Recent Reports

  • Sembcorp Industries Ltd: Renewing portfolio and a spark in India

    Chen Guangzhi | Phillip Securities Research Pte Ltd | Sep 21, 2018
    • Singapore runs an integrated utilities facility with stable earning despite general weakness from the power
    • An additional source of income from the sale of renewable credit to Facebook
    • Utilities’ China benefited from seasonality in 1H18.
    • Utilities’ India is turning around due to improvement in the power
  • Singapore REITs Monthly Tracker: September 2018

    Tara Wong | Phillip Securities Research Pte Ltd | Sep 19, 2018
    • FTSE S-REIT Index declined 2.6% YTD. Weakness across all sub-sectors over the past month, with Starhill Global REIT being the top performer (+5.1% MTD) and OUE Commercial REIT being the worst performer (-11.7% MTD).
    • Sector yield spread of 296bps over the benchmark 10-year SGS (10YSGS) yield remains close to the -1 standard deviation (SD) level as at end-August.
    • 3m SOR rose to 1.65% as at end-August, near 10-year highs.
    • Remain NEUTRAL on S-REITs sector. Sub-sector preferences: Office and Hospitality.
  • First REIT: A new dawn

    Tara Wong | Phillip Securities Research Pte Ltd | Sep 19, 2018
    • OUE Limited and OUE Lippo Healthcare (OUELH) collectively acquiring 100% of the shares in Bowsprit Capital Corporation Limited (Bowsprit), the Manager of First REIT (FIRT), from Lippo Karawaci (LPKR).
    • OUELH also acquiring 10.63% of FIRT units from Bridgewater International Limited (Bridgewater) (subsidiary of LPKR).
    • OUELH and LPKR will each have 10.63% stake in FIRT upon completion of transaction.
    • New ROFR pipeline from OUELH – which includes healthcare assets in Japan, China, Malaysia – in addition to existing ROFR pipeline from LPKR.
    • Cash infusion from LPKR’s divestment of stake in Bowsprit and FIRT through its holding companies, will ease its cash flow status and potentially improve receivables at FIRT.
    • Maintain Neutral with an unchanged TP of S$1.31.
  • Combine Will International Holdings Ltd: Diversification out of China

    Alvin Chia | Phillip Securities Research Pte Ltd | Sep 18, 2018
    • Cost savings from cheaper labour force in Indonesia
    • Diversifying out of China gives Combine Will an edge over other vendors
    • Current share price of $1.05 represents a PE of 10.2 based on 1H18 annualised earnings
  • Sugar: Prolonged downtrend might be coming to an end

    Jeremy Ng | Phillip Securities Research Pte Ltd | Sep 17, 2018
    • Since hitting a high of 23.90 in October 2016, Sugar has been stuck in a brutal downtrend.
    • It has fallen ‑58% over the past two years to the current low of 9.91.
    • Nonetheless, the severe bearish sentiment in Sugar might also be the reason for a significant rebound as the outlook appears extremely dreadful and a short squeeze from the speculator perspective is imminent.
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Market Watch

Market Watch: OUE C-REIT Rights Issuance (Proposed)

PhillipCapital | September 19, 2018 See All Videos

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