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Financial

DBS (SGX:D05)

ACCUM

TP: S$58.00

Dvd. Yield: 5.4%

• We expect the ordinary dividend step-up of 24cents/year to continue until FY2027e, FY27e dividend yield of 6.1%

OCBC (SGX:O39 )

ACCUM

TP: S$20.00

Dvd. Yield: 5.1%

• Assuming PATMI flat for the next 5 years and dividend policy unchanged, CET-1 will reach ~21.5%
• Optimal CET-1 is 14%, additional 1% = ~S$2.7bn or DPS of ~76cents
• Able to continue capital return dividend of 10% dividend payout ratio or 16cents

Property/REIT

Prime US REIT (SGX:OXMU)

BUY

TP: S$0.30

Dvd. Yield: 1.9%

• 10.8% of occupancy yet to commence cash contribution
• Occupancy is expected to recover to 85% by end-2025 and 90% by end-2026

Stoneweg Trust (EUR) (SGX:SET)

BUY

TP: S$1.86

Dvd. Yield: 8.0%

• €50mn investment in AiOnX, with significant upside potential
• No debt due until 2030
• Resilient earnings with DPU growth expected in 2026

City Developments (SGX:C09)

BUY

TP: S$9.62

Dvd. Yield: 2.2%

• Ongoing asset monetisation + Resilient property development sales with strong development pipeline

Conglomerate

Keppel Ltd (SGX:BN4)

BUY

TP: S$12.20

Dvd. Yield: 3.5%

• Trading within uptrend channel since Jun 2025
  
• Broke out of S$10.38 bullish flag resistance in Jan 2026
• Potential target at S$11.92, to retest uptrend channel resistance area

Geo Energy (SGX:RE4)

BUY

TP: S$0.59

Dvd. Yield: 2.9%

• The completion of the hauling road is a major earnings driver for Geo. It ramps up production to 25mn MT (FY25e: 11.2mn) and generates a new earnings stream from road usage and tug-and-barge transportation fees

Wee Hur Hldgs.(SGX:E3B)

BUY

TP: S$0.90

Dvd. Yield: 1.4%

• Record S$629mn construction order book + 47% increase in worker dorm beds by 4Q25e + portfolio pipeline visibility

Frencken (SGX:E28)

BUY

TP: S$1.87

Dvd. Yield: 1.9%

• Expected WFE spending acceleration in 2H26e + attractive valuations at 15x FY25e P/E

Telecom

Singtel (SGX:Z74)

ACCUM

TP: S$5.35

Dvd. Yield: 3.7%

• Mobile price recovery + S$8bn identifiable monetisation + data centre earnings growth

Join our Singapore Equity Research Community on POEMS Mobile 3 App for the latest research reports, market updates, insights and more Join Community

To view the recording of our Singapore Outlook 3Q2025 webinar, please visit:

Youtube

@PhillipCapital

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To view the recording of our Singapore Outlook 3Q2025 webinar, please visit:

Youtube

@PhillipCapital

Watch Now!

FAQ

How to start investing in stocks on POEMS platform?

Embark your stock trading journey by opening an Account with POEMS. Explore the step-by-step guides and video tutorials on navigating POEMS 2.0, POEMS Mobile 3.0 and POEMS Pro here.

What does a "BUY", "ACCUMULATE" or "Sell" recommendation mean?

“BUY”: A “BUY” recommendation indicates that the analyst believes the stock is likely to increase in value over time and that investors should consider purchasing it. This recommendation often suggests the stock is undervalued or expected to perform well in the near future.

“ACCUMULATE”: This recommendation implies that the stock is anticipated to rise in value but may already have experienced some price appreciation. Analysts recommend gradually buying shares over time, particularly if the stock is trading at a higher price.

“SELL”: A “SELL” recommendation signals that the analyst expects the stock’s value to decrease or considers it overvalued. Investors are advised to sell to avoid potential losses.

How often are stock recommendations updated?

The stock recommendations are updated on a quarterly basis.

What is the difference between short-term and long-term investing?

Key Differences Between Short-Term and Long-Term Investing:

Aspect	Short-Term Investing	Long-Term Investing
Time Horizon	A few months to a couple of years	Several years to decades
Objective	Capitalisze on short-term market movements	Build wealth over time with compound growth
Strategy	Active trading, speculation, reacting to market events	Buy and hold, growth, value, or dividend investing
Risk	Higher risk due to market volatility and unpredictability	Lower risk over time, though still subject to market fluctuations
Returns	Potential for quick, but often volatile returns	Steady, compounding returns over a longer period
Liquidity Needs	High liquidity, able to buy/sell quickly	Lower liquidity, funds are typically tied up for longer periods
Market Sensitivity	Highly sensitive to short-term news, events, and trends	Less sensitive to short-term fluctuations; focused on long-term fundamentals

How do analysts decide which stocks to recommend?

There is no fixed formula but a combination of future earnings growth, valuations, balance sheet strength and attractiveness of the business model.

Should I follow stock recommendations blindly, or should I do my own research?

Analyst stock recommendations are based on their individual views, assumptions, and forecasts, which may differ from actual outcomes, potentially impacting share prices. The types of stocks recommended may not align with your personal financial objectives. It is important to understand the investment rationale and financial assumptions behind any analyst recommendation before making a decision.

What factors should I consider when choosing stocks to invest in?

When choosing stocks to invest in, it’s important to evaluate the company’s fundamentals, such as earnings growth, profit margins, debt levels, and cash flow, as well as its valuation using metrics like P/E ratio and P/B ratio. Consider the industry outlook, including trends, competition, and regulatory risks, and assess the company’s management and governance.

What is diversification, and why is it important in stock investing?

Diversification is the strategy of spreading investments across different stocks, sectors, or asset classes to reduce risk. By holding a variety of investments, you minimise the impact of any single asset’s poor performance, as losses in one area can be offset by gains in another. This helps smooth out volatility, improve the consistency of returns over time, and protect against unforeseen risks, such as market downturns or company-specific issues.

How can I track my stock investments in POEMS?

There are two methods to find your portfolio. You can either head to the ‘Me’ Tab > Select ‘Portfolio’ or head to the ‘Trade’ Tab > Select ‘Positions’ > Select ‘Holdings’.

What is a stock's "target price" and how should I interpret it?

A stock’s target price is an analyst’s estimated price level for the stock over the next 12 months, based on their evaluation of the company’s fundamentals and market conditions. It reflects the expected future value of the stock, with a price below the target suggesting potential for growth (undervalued) and a price above it indicating the stock may be overvalued

What is a stock's "dividend yield" and how should I interpret it?

A stock’s dividend yield is the annual dividend payment divided by the stock’s current price, expressed as a percentage. It indicates how much income an investor can expect to earn from dividends relative to the stock price.

Your Favourite Quarterly Event with POEMS is Back!

Sign Up Now for SG, CNHK, MY, JP, TH & ID Markets Sign Up Now for US Market

About Strategy & Stock Picks

Strategy & Stock Picks is a quarterly event organised specially for investors to gain professional insights into the outlook of the SG, MY, CN & HK, TH, ID, US, and JP markets and their stocks recommendation. Through these curated sessions, we aim to empower you with insights to better plan and develop your personal investment strategies for your financial goals.

We are entering a more tumultuous macro environment. Economic growth is pinned down by US tariff uncertainty and jittery bond markets. Singapore stands out as Asia's sole triple-A-rated sovereign credit, resilient currency, attractive equity valuations, returning more capital to shareholders and fiscal health to support the economy. Our analysts favour high dividend yielding sectors such as banks, conglomerates and REITs (foreign).

Seize this opportunity to learn from our research analysts and register for our Strategy and Stock Picks event!

Join us online to get valuable insights from our Research Analysts:

June 28, Sat, full-day event (Singapore Market, China & HK Markets, US Market)

June 30, Mon, 1 pm – 2 pm (Malaysia Market)

July 1, Tue, 1 pm – 2 pm (Japan Market)

July 2, Wed, 1 pm – 2 pm (Thailand Market)

July 3, Thu, 1 pm – 2 pm (Indonesia Market)

Programme Flow

Days Hours Minutes Seconds

Sat, 5 Apr 2025 | 10 am – 12 pm

Singapore Market

Paul Chew | Head of Research | Phillip Securities Research and his research analysts

Expand for synopsis

In this turbulent ocean of rising geopolitical tension and the threat of a trade war, Singapore equities remain a sea of calm. Companies are returning capital to shareholders at record levels through increased dividend payouts and share buybacks. The government is increasing fiscal spending and setting up a S$5bn fund to support equities. Sectors favoured by our analysts that are experiencing growth include banks, construction, defence, power, real estate and oil and gas services.

 

Days Hours Minutes Seconds

Sat, 28 Jun 2025 | 9 am - 5 pm

50th Anniversary Special

In this full-day event, market outlooks and stock picks for the Singapore Market, China & Hong Kong Markets, and the US Market will be covered.

 

Whether you’re investing in ETFs, DLCs, REITs, or exploring new opportunities, our curated sessions are designed to help you build smarter and make more informed investment decisions aligned with your financial goals. Enjoy fireside chats with top S-REIT management, fun games with prizes, and many more exciting activities happening on the event day. Stay tuned for more details!

China & HK Markets

Singapore Market

US Market

Days Hours Minutes Seconds

Mon, 30 Jun 2025 | 1 pm – 2 pm

Malaysia Market​

JY Tan | Head of Research | Phillip Research Sdn Bhd

Expand for synopsis

Our speaker will present an in-depth analysis of the Malaysian economy, explore key sectors, and offer stock recommendations during the session.

Days Hours Minutes Seconds

Tue, 1 Jul 2025 | 1 pm - 2 pm

Japan Market

Tomoyuki Misumi | Research Analyst | Phillip Securities Japan

Expand for synopsis

Our speaker will present the financial results of major Japanese companies, including his model portfolio companies. He will also highlight key sectors and share strategic updates.

Days Hours Minutes Seconds

Tue, 15 Apr 2025 | 12 pm - 2 pm

China & Hong Kong Markets

Louis Wong | Director | Phillip Securities (HK) Limited

Expand for synopsis

Join us as Louis Wong, Director of Phillip Securities Hong Kong covers the outlook for the China & Hong Kong stock markets and his top stock picks for 2Q2025.

– China & Hong Kong Outlook 2Q2025

– Review of China & Hong Kong stock markets

– Stock Picks

– Q&A

Days Hours Minutes Seconds

Wed, 2 Jul 2025 | 1 pm - 2 pm

Thailand Market

Chutikan Santimetvirul | Head of Equity Strategy | Phillip Securities (Thailand) PCL 

Adisorn Mungparnchon | Assistant Vice President | Phillip Securities (Thailand) PCL

Expand for synopsis

Amid the ongoing trade war, our analysts assess the outlook for the Thai economy to identify which growth engines remain robust, evaluate the potential for policy rate cuts, and highlight equity investment opportunities in fundamentally sound stocks for Q3 2025.

Days Hours Minutes Seconds

Thu, 3 Jul 2025 | 1 pm - 2 pm

Indonesia Market

Jasa Adhimulya | Senior Equity Analyst | Phillip Sekuritas Indonesia

Expand for synopsis

Our speaker would be sharing Indonesia 3Q25 Economic, Market and Investment Insight: Update and Outlook.

Days Hours Minutes Seconds

Thu, 10 Apr 2025 | 7.30 pm - 9 pm

United States Market (Technology Stocks)​

Richard Siaw | Director | Global X ETFs

Glenn Thum | Senior Research Analyst | Phillip Securities Research 

Helena Wang | Research Analyst | Phillip Securities Research  

Zane Aw | Research Analyst | Phillip Securities Research 

Expand for synopsis

Recent policy changes under the new administration are already reshaping the US economy. For example, there is an increased focus on reshoring critical future industries, as well as accelerating electrification to support AI demand through nuclear power. These initiatives are creating new underappreciated investment opportunities. He would also elaborate how to position portfolios in the second quarter for these opportunities, offering insights for investors navigating a quickly evolving landscape and market, followed by our analysts covering various stocks in US big tech and banking sector.

What Others Say

"Better performance in terms of readiness, preparation was more thorough." From Strategy & Stock Picks 1Q2025 “Good practical view and analysis of the market segments as usual.” From Strategy & Stock Picks 2Q2025 “Quite good. Able to justify and explain their analysis and conclusion clearly.” From Strategy & Stock Picks 3Q2024 “Clear explanation on rationale & basis for stock picks & Outlook. Great effort by the team that benefits retail investors keen on Singapore stock market.” From Strategy & Stock Picks 4Q2024

Interested in The Event?

Register Now

Featured Speakers

Paul Chew

Head of Research
Phillip Securities Research Paul has 20 years of experience as a fund manager and sell-side analyst. During his time as a fund manager, he has managed multiple funds and mandates including capital guaranteed, dividend income, renewable energy, single country and regionally focused funds. He graduated from Monash University and has completed both his Chartered Financial Analyst and Australian CPA programme.

Louis Wong

Director
Phillip Securities (HK) Limited Mr. Louis Wong is the Director of Phillip Securities (HK) Limited and Phillip Capital Management (HK) Limited. He is one of the most experienced fund managers in Hong Kong with over 30 years of solid experience and a proven track record in the financial markets. His stock selection criteria are stringent, and he takes pride in his thorough understanding and sophisticated analysis of companies before making investment decisions.

Chutikan Santimetvirul

Head of Equity Strategy
Phillip Securities (Thailand) PCL Ms. Chutikan Santimetvirul started her career as a derivative strategist at Phillip Securities (Thailand) in 2007 after she obtained an MBA in Finance from the National Institute of Development Administration (NIDA). She was recently promoted to Head of Equity Strategy at Phillip Research Thailand. With more than 15 years of investment strategy experience, she employs a top-down investment and technical approach to look for appropriate investment themes at the right times. She also updates both institutional and individual investors about the outlook for the Thai stock market.

Glenn Thum

Senior Research Analyst
Phillip Securities Research Glenn specialise in the Banking and Finance sector, with 3 years of experience as a Credit Analyst at a Bank previously. During this time, he prepared credit proposals by conducting consistent critical analysis on the business, market, country and financial information. Glenn graduated with a Bachelor of Business Management from the University of Queensland with a double major in International Business and Human Resources.

Darren Chan

Senior Research Analyst
Phillip Securities Research Darren has over three years of buy-side experience as a fund manager, when he managed multiple funds and mandates including dividend income, growth, as well as customised, Singapore focused and regionally focused funds. He graduated from the University of London with a First-Class Honours degree in Banking and Finance.

Zane Aw

Research Analyst
Phillip Securities Research Zane analyses the stock market and conducts technical analysis to provide investment recommendations. He graduated from Nanyang Technological University with a Bachelor of Accountancy (Honours).

JY Tan

Head of Research
Phillip Capital Malaysia JY is the Head of Research of Phillip Capital Malaysia. He has 10 years of sell side industry experience covering various industries including Energy, Petrochemical, Manufacturing, Automotive and Small-Cap in Malaysia. He is a fellow member of the Association of Chartered Certified Accountants (ACCA).

Miaomiao Liu

Research Analyst 
Phillip Securities Research Miaomiao mainly covers the Singapore REITs sector and graduated from Singapore Management University with a Bachelor's degree in Business Management.

Adisorn Mungparnchon

Assistant Vice President
Phillip Securities (Thailand) PCL Mr. Adisorn Mungparnchon joined Phillip Research Thailand as a sell-side equity analyst in 2013 and has now risen to the ranks of Assistant Vice President. Current sectors that he covers include banking and finance. Before joining Phillip Research Thailand, he spent more than eight years at Kiatnakin Securities where he specialised in banking and finance sectors. He graduated with a MA degree in Business and Economics from the Thai Chamber of Commerce University.

Helena Wang

Research Analyst
Phillip Securities Research Helena covers Hardware, Marketplaces, and ETFs. Helena graduated with a Master’s degree in Financial Technology from Nanyang Technological University.

Jasa Adhimulya

Senior Equity Analyst 
Phillip Sekuritas Indonesia Mr. Jasa Adhimulya has 15 years of experience in the Indonesian capital market. He graduated from Suffolk University in Boston, USA with a Bachelor of Science in Business Administration. He received his post-graduate degree from Griffith University in Brisbane, Australia.

Tomoyuki Misumi

Research Analyst 
Phillip Securities Japan After gaining experience in the finance department of a business company and completing a fund due diligence assignment in wealth management, Tomoyuki Misumi now works as a research analyst in the research department of Phillip Securities Japan. He focuses on fundamental analysis of small-cap firms listed on the Tokyo Pro Market and contributes to strategic research for Japanese retail investors.

Yik Ban Chong

Research Aalyst
Phillip Securities Research Ben covers fundamental research on construction and semiconductor companies. He graduated from the National University of Singapore with a Second-Upper Honours Degree in Industrial and Systems Engineering.

Frequently Asked Questions

Do I have to register separately for individual webinars?

No, you will be registered for all sessions. However, you may choose to attend certain sessions.

Do I need a Zoom account to join the webinar?

You do not need a Zoom account to join the webinar. Simply click the link in the confirmation email and join the session via Zoom Web Client (works best on Chrome). Alternatively, you can download Zoom on desktop or mobile device before the session starts.

Will I receive a reminder to join the webinar?

Yes, you will receive email reminders 1 day, and 1 hour prior to the webinar. Do check your email for the link.

Will the webinar be recorded?

The recorded webinars will be available on our Facebook page and our YouTube page.

How can I receive a copy of the presentation slides?

You will receive an email within 5 working days after the webinar serie, up attending the respective market.

How does Q&A work?

We are using an up-vote system where Q&A will start from questions with the highest number of votes. Due to time constraints, similar questions will only be answered once. Additionally, speakers will only answer questions specific to the presenting market. We will clear all questions after each session to avoid confusing the next speaker.

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Disclaimer

Please note that by providing your personal data to register for this event, you give consent to (Phillip Securities Pte Ltd(“PSPL”)), its employees and agents, and/or third-party service providers (whether in or out of Singapore) to collect, use, and/or disclose your personal data for the following purposes:

1. To administer your participation in the event;
2. To send information and/or updates by post, email, text messages or social media about our events or those of third parties that we think may interest you.

You also acknowledge that photography and videography may be taken during the event, and you give consent to PSPL to collect, use and/or disclose your photograph, voice, likeness and image in any broadcasts of this event for marketing, advertising, and/or administrative purposes.

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