Recent Reports

  • Technical Analysis: Agriculture – Get ready for a secular uptrend

    Ho Kang Wei & Jeremy Ng | Phillip Securities Research Pte Ltd | Mar 19, 2018
    • Bloomberg Agriculture Subindex Total Return overdue for a cyclical upturn based on our cyclical study
    • Current multi-decade low price in the Bloomberg Agriculture Subindex Total Return signals physical shortage building up
    • Our cyclical forecast points to limited downside in the Agriculture index with strong upside gain of up to 100% over the next 3 – 5 years
    • Several factors may hamper global supply’s ability to meet growing global demand in the long-term
    • Current conditions such as weather might provide a short-term boost for crop prices
  • EC World REIT: Foothold in Hangzhou’s specialised logistics arena

    Tara Wong | Phillip Securities Research Pte Ltd | Mar 19, 2018
    • Direct exposure to burgeoning e-commerce sector
    • Strong backing from sponsor
    • Hangzhou key pillar of e-commerce logistics blueprint in China
  • Geo Energy Resources Ltd: Gloomy 4Q but will be a bright FY18

    Chen Guangzhi | Phillip Securities Research Pte Ltd | Mar 19, 2018
    • FY17 revenue was in line with our expectations but net profit missed our expectations by 16.6% due to the accrual interest expenses of the Senior Notes.
    • FY17 production was in line with the adjusted target; average selling price (ASP) enjoyed a healthy YoY rise of 22%.
    • Not subject to the new domestic production and price regulation in Indonesia.
    • We maintain forecasted 10.8mn tonnes of sales volume and US$39/tonne of ASP in FY18.
    • Meanwhile, we revise the cash cost upward to US$27.6/tonne (previous US$26/tonne). Accordingly, FY18e EPS are updated to 3.5 US cents (previous 4.4 US cents).
    • Based on unchanged forward PER of 10.0x (the average of regional peers) and 1.36x of exchange rate (USD/SGD), we roll over the target price to FY18e earnings and maintain our BUY call with a higher price of S$0.47.
  • German DAX Index: Rebound higher in sight

    Jeremy Ng | Phillip Securities Research Pte Ltd | Mar 19, 2018

    After the VIX index explosion incident in early February, the risk-off sentiment from the US spread to the rest of the world including the EU and Germany. The German DAX index fell as much as -13% from the 13,596 peak to the 11,725 trough for the past two months, mirroring the US counterpart where the S&P 500 index also fell as much as -12% intra-month.

  • Microsoft Corp: Buy Trade – Position Open

    Ho Kang Wei & Jeremy Ng | Phillip Securities Research Pte Ltd | Mar 16, 2018

    Description Microsoft Corporation develops, licenses and supports a range of software products, services and devices. The Company’s segments include Productivity and Business Processes, Intelligent Cloud and More Personal Computing. The…
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