Recent Reports

  • SIA Engineering Company Ltd: Surge from JV and associated companies

    Richard Leow | Phillip Securities Research Pte Ltd | Jul 20, 2018
    • Revenue and PATMI met 23.1% and 24.4% respectively of our FY19 estimate
    • YoY higher PATMI driven by increase in associates/JV, partially offset by lower EBIT
    • Maintain Accumulate, new target price of $3.56 (previously $3.57)
  • SATS Ltd: Good turnaround at various levels

    Richard Leow | Phillip Securities Research Pte Ltd | Jul 20, 2018
    • Revenue and PATMI exceeded our expectation by 6.8% and 5.7% respectively
    • Revenue and PATMI met 25.7% and 25.3% respectively of our FY19 estimate
    • Inflight kitchen JV with Turkish Airlines has been terminated
    • Kunshan central kitchen turned profitable ahead of schedule
    • MBCCS has turned profitable as well
    • Maintain Accumulate; unchanged target price of $5.58
  • CapitaLand Commercial Trust: Continued recovery in office rents

    Tan Dehong | Phillip Securities Research Pte Ltd | Jul 20, 2018
    • 1H18 revenue and DPU at 49% of our FY18e expectations.
    • Office rents continue to stage strong recovery, growing 4.1% QoQ in 2Q18.
    • Increase in portfolio valuation due to capitalisation and discount rate compression.
    • Expect negative rental reversion trend to turnaround in 2019.
    • Maintain Accumulate with unchanged TP of S$1.88.
  • First REIT: Continues to deliver despite rising interest rate environment

    Tara Wong | Phillip Securities Research Pte Ltd | Jul 19, 2018
    • NPI and DPU were in line with our forecast. All-in finance costs stable at 4%.
    • 3% YoY boost in Gross Revenue and NPI driven by two acquisitions made in 4Q17.
    • Refinanced S$100mn fixed rate notes due May 2018 with six-month term loan facility.
    • Maintain Neutral with an unchanged TP of S$1.31.
  • Keppel DC REIT: Strengthened balance sheet to fuel inorganic growth

    Richard Leow | Phillip Securities Research Pte Ltd | Jul 18, 2018
    • 3.62 cents DPU declared for 1H18, comprising 2.77 cents advance distribution (1 January to 15 May) and 0.85 cents post private placement (16 May to 30 June)
    • 1H18 revenue and DPU met 50% and 47% respectively, of consensus FY18 expectation
    • Maintain Accumulate; new target price of $1.45 (previously $1.51)
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