Capital Lease Obligations

When a lease agreement is finalized, there are two main parties in the agreement. Through capital lease obligation, lessees can obtain a particular asset from the lessor without purchasing the property. Generally, the capital lease obligation is for a 1 year or more. These are always the present values of all the payments made by lessee to the lessor. Read on to learn more about capital lease obligation and how you can calculate it.

Table of Contents

What are Capital Lease Obligations?
Qualifying Criteria for a Capital Lease
Capital Lease Obligations: Example and How to calculate it?
Frequently Asked Questions

What are Capital Lease Obligations?

A capital lease obligation is a contract between two parties – a lessor and a lessee. In this contract, the lessor offers a property to the lessee for usage. This means that it is a lease signed by two parties that rent a property/asset of one party to another. This type of agreement can benefit both parties. In the initial days of lease agreement, there is no legal transfer of property from one party to another. On the contrary, in accounting and economic terms, it looks like the actual transfer of property has happened. When the lessee offers payments to the lessor for the property, these payments are known as lease obligations. At the start of the lease, both the parties agree on what the lessee will pay to the lessor. Also, the time period for which the payments are made is calculated and recorded in the lease agreement. A balance sheet is also prepared that features the complete details of the lease agreement.

Qualifying Criteria for a Capital Lease

Capital lease is regarded as a long term lease in which the assets have the form of owned assets rather than leasing assets. However, not all leases fall into the category of capital lease. If, in case, any of the below mentioned characteristics are absent, the lease isn’t considered as a capital lease. Let us take a look at the qualifying criteria for a capital lease. If one or all the conditions are satisfied, then the lease is termed a capital lease.

Property in the underlying assets is always transferred at the end of lease term from lessor to lessee.
For capital lease, the bargain purchase option is available in the lease treatment. At the end of the lease term, the asset is always purchased at a value below the market price.
At least 75% of an asset’s economic life is covered in the whole lease period.
Asset’s present value is also taken into consideration. This value should be 90% of the asset’s value at inception.

For any lease to be counted as a capital lease, the lease agreement must satisfy the above conditions. Even if one of the points is satisfied, it is regarded as a capital lease. But if the lease doesn’t satisfy any of the above conditions, the lease term isn’t considered a capital lease.

Capital Lease Obligations: Example and How to calculate it?

The purchase of an asset is often considered as a capital lease. A capital lease obligation is the payment that is done by a lessee to lessor for a particular capital asset and for a specific period of time. There are two main components of the payment made by the lessee. The first component is regarded as the principal amount of the capital lease. It is always deducted from the capital lease obligation in the balance sheet. The second component is the interest that the lessee pays on the lease amount. It is the financial expense that is covered under the financial lease statements. To understand the concept better, let’s look at an example of capital lease obligation.

Example: – If a lessor ABC lends machinery to XYZ for a period of 5 years. As part of the capital lease, the lessor ABC has to pay $10,000 as a year-end payment. As already stated, the lease is of 5 years and is therefore considered as a capital lease. Before calculating the capital lease obligation, you need to first calculate the present lease value. The lessee assumes a 10% discount rate during the time of lease.

When the value for each year is calculated, the value works out to be 9,090 for first year, 8,260 for second year, 7,510 for third year, 6,830 for fourth year and 6,210 for fifth year. XYZ records $37,900 as a capital lease obligation instead of $50,000.

Frequently Asked Questions

What is a capital lease obligation on a balance sheet?

When a particular capital asset is transferred from lessee to lessor, the amount of rent owed by the lessee is shown on the balance sheet. Using this method the lessee company can purchase highly expensive property without spending large amounts of money.

Is capital lease obligation an asset?

Yes, a capital lease obligation is considered a purchase of an asset. The different payments are shown on the balance sheet. In the capital lease, the lessor finances the leased assets. On the other hand, the rights of ownership are transferred to the lessee. As a result, the property of the lessee is considered to be an asset.

How do you record a capital lease obligation?

When both the parties agree on the lease conditions, it is known as a capital lease obligation. To calculate or record a capital lease obligation, the present value of all the lease payments is calculated. The calculated cost is considered to be the recorded cost of a particular property asset. The obtained amount is recorded under the capital lease liability account as credit and fixed asset account as credit. When the lessor sends the invoice to the lessee, one portion of the invoice is considered as an interest whereas the other portion is recorded under the balance sheet. If there is any difference in the end amount from the sale price, it is recorded under the loss or profit in the same period.

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Maximizing Retirement Wealth: How to Invest CPF-OA and SRS in SGX ETFs

Published on Oct 20, 2026 18

For working professionals in Singapore, building a comfortable retirement nest egg requires more than just relying on monthly salary savings. The Singapore government offers two powerful retirement savings vehicles: the Central Provident Fund Ordinary Account (CPF-OA) and the Supplementary Retirement Scheme (SRS). While keeping cash in these accounts guarantees safety, holding idle funds during inflationary periods risks eroding your long-term purchasing power. By strategically investing CPF-OA and SRS funds into Exchange-Traded Funds (ETFs) listed on the Singapore Exchange (SGX), you can harness market growth while enjoying tax efficiency. 1. The Baseline: Understanding Your Minimum Target Returns Before investing, consider both the returns you may gain by keeping your money in its existing account and the potential benefits and risks of investing it instead. As a rule of thumb, your expected investment returns should be higher than the risk-free interest rate guaranteed by each account since investing involves taking on greater risks: · CPF-OA Target Return (2.50% p.a. base): CPF-OA provides a risk-free guaranteed return of 2.5% per year (and up to 3.5% on the first S$20,000 of OA balance via extra CPF interest). Additional CPF interest may also apply to eligible balances, depending on your age and total CPF savings. However, additional interest earned on OA savings is credited to your Special Account or Retirement Account, rather than retained in the OA. Investing your CPF-OA only makes sense if your target portfolio can consistently yield 5.0%–7.0% per year over a long horizon (10+ years). · SRS Target Return (0.05% p.a. base): The SRS is a voluntary retirement savings scheme that offers tax benefits to eligible contributors. Uninvested cash in an SRS account earns a basic bank savings rate of just 0.05% per year. Leaving SRS funds idle will result in a loss of buying power to inflation over time. The Power of Compounding S$10,000 Over 20 Years Investment Strategy Projected Return (p.a.) Value After 20 Years Idle in SRS 0.05% ~S$10,100 Idle in CPF-OA (Base Rate) 2.50% ~S$16,386 Core SGX ETF Strategy 6.50% (Projected) ~S$35,236 Investing SRS funds gives you the opportunity to seek higher returns over time, although this comes with investment risk. The choice of investments should reflect your financial objectives, risk tolerance and retirement timeline. 2. Option 1: Investing CPF-OA via CPFIS Rules & Eligibility To invest CPF-OA funds under the CPF Investment Scheme (CPFIS-OA), you must: Be at least 20 years old and not an undischarged bankrupt. Maintain a mandatory minimum balance of S$20,000 in your CPF-OA (only funds above S$20,000 can be invested). Complete the online CPFIS Self-Assessment Test (SAT). Opened a CPF Investment Account with one of the three approved agent banks Note: Not all investments are eligible under CPFIS. Investors should check the scheme's requirements and the eligibility of specific products before committing their savings. Popular CPFIS-Approved SGX ETFs CPFIS sets strict limits on management fees and risk levels. Top approved ETFs on SGX include: Ticker ETF Name Asset Class / Focus CPFIS Risk Level ES3.SI SPDR Straits Times Index ETF Top 30 Singapore Listed Companies Low to Medium Risk G3B.SI Nikko AM Singapore STI ETF Top 30 Singapore Listed Companies Low to Medium Risk A35.SI ABF Singapore Bond Index Fund Singapore Government & AAA-Rated Bonds Low Risk 3. Option 2: Supercharging Retirement with the Supplementary Retirement Scheme (SRS) Tax Relief Mechanics SRS is a voluntary account that helps you save on taxes today while building wealth for tomorrow. Annual Contribution Caps: Up to S$15,300 for Singaporeans/PRs (and S$35,700 for foreigners). Tax Benefit: Every dollar contributed directly reduces your taxable income for that year (e.g., contributing $15,300 to SRS reduces your taxable assessable income for the year by $15,300). Tax-Free Withdrawals at Retirement: 50% of SRS withdrawals are tax-exempt if made on or after the statutory retirement age (age 63, moving to 64 in July 2026 and 65 by 2030). Broader Choice of Investments Unlike CPF-OA, SRS funds can be invested in a wider range of eligible products, such as any ETF listed on SGX, allowing for broader global and sector exposure. e available choices differ from those under CPFIS, so investors should verify whether a particular product is eligible before investing. Examples of ETFS to research include: Regional Technology: Lion-OCBC Securities Hang Seng TECH ETF (HST.SI) Real Estate Income (S-REITs): Lion-Phillip S-REIT ETF (CLR.SI) or NikkoAM-STC Asia REIT ETF (CFA.SI) Global / US Equities: SPDR S&P 500 ETF (S27.SI) 4. Sample Model Portfolios for CPF-OA & SRS The appropriate allocation depends on your retirement horizon, financial circumstances, risk tolerance and existing investments. The following examples illustrate how investors might approach portfolio construction Strategy A: Conservative Growth & Income (CPF-OA Focus) Designed for stability with steady dividend income: 70% Allocation: SPDR STI ETF (ES3.SI) — Captures ~3.5%–4.5% annual dividend yield from Singapore's top banks and companies. 30% Allocation: ABF Singapore Bond Index Fund (A35.SI) — Provides fixed income backed by Singapore Government Securities. Strategy B: Global Growth & Yield (SRS Focus) Designed for long-term wealth growth and income: 50% Allocation: SPDR S&P 500 ETF (S27.SI) — Broad exposure to the top 500 US companies. 30% Allocation: Lion-OCBC Hang Seng TECH ETF (HST.SI) — Targeted growth exposure to major Asian tech leaders. 20% Allocation: Lion-Phillip S-REIT ETF (CLR.SI) — Generates regular dividend payouts from Singapore Real Estate Investment Trusts. 5. Key Considerations & Best Practices Mind the Transaction Fees: Transaction fees, agent bank charges and other applicable costs can affect your net returns, particularly when making smaller investments. For example, CPFIS trades incur agent bank clearing fees ($2 to $2.50 per transaction for CPFIS). Review the full fee schedule and consider how frequently you trade. Investing larger amounts less frequently may reduce the proportion of costs relative to the amount invested, although this should not come at the expense of an appropriate investment strategy. Reinvest Dividend Distributions: Dividends and fund distributions can contribute to long-term portfolio growth. If your objective is to accumulate retirement savings, reinvesting these proceeds may help your investments compound over time. Cash dividends from CPFIS and SRS investments flow back into your agent bank account. Set a calendar reminder to manually reinvest these funds periodically so your wealth keeps compounding. Avoid Early SRS Withdrawals: Withdrawing SRS cash before reaching your statutory retirement age incurs a 5% penalty, and 100% of the withdrawn amount will be taxed as income. Plan your contributions with your expected cash-flow needs in mind, and avoid committing money that you may need access to before retirement. 5. Key Takeaways CPF-OA and SRS serve different purposes, and investing through either scheme involves trade-offs. Beat the Hurdle Rates: CPF-OA provides a base interest rate (2.5% p.a.) and additional interest may apply under CPF rules, while SRS offers potential tax benefits and access to eligible investments. The decision is not simply about seeking the highest possible return. It is about understanding the benefits you may be giving up, the risks you are taking, and how each investment fits into your broader retirement plan. Optimise Taxes & Costs: Utilise SRS for immediate dollar-for-dollar tax deductions and batch your CPFIS trades to keep agent bank fees low. Stay Invested: Automate dividend reinvestments and hold your SRS positions until reaching the statutory retirement age to avoid early withdrawal penalties. As always, before investing, review your financial needs, compare the costs and investment options available, and ensure that your portfolio is appropriate for your circumstances. A well-considered strategy should support your retirement goals without exposing you to risks you cannot afford to take. Disclaimer These commentaries are intended for general circulation and do not have regard to the specific investment objectives, financial situation and particular needs of any person. Accordingly, no warranty whatsoever is given and no liability whatsoever is accepted for any loss arising whether directly or indirectly as a result of any person acting based on this information. You should seek advice from a financial adviser regarding the suitability of any investment product(s) mentioned herein, taking into account your specific investment objectives, financial situation or particular needs, before making a commitment to invest in such products. Opinions expressed in these commentaries are subject to change without notice. Investments are subject to investment risks including the possible loss of the principal amount invested. 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Lion-Phillip S-REIT ETF: Analysts Maintain Positive Outlook Despite Rate Headwinds

Published on Oct 15, 2026 85

Brief Overview Phillip Securities Research maintains its ACCUMULATE recommendation on Lion-Phillip S-REIT ETF (SREITS) with a reduced target price of S$0.85, down from S$0.90. The ETF has undergone portfolio changes with Keppel DC REIT becoming the top holding, replacing CapitaLand Ascendas REIT, while Mapletree Logistics Trust remains the third-largest position. The fund continues to offer diversified exposure across retail, commercial, industrial and data-centre assets, balancing stable income with growth opportunities. Investment Positives The ETF's strongest advantage lies in its well-diversified portfolio structure across eight property sectors. Industrial assets form the largest allocation at 35.6%, followed by retail at 17.5%, providing investors with broad exposure across Singapore's REIT market while reducing concentration risk in any single sector. The diversified exposure to retail, commercial, industrial, and data-centre assets create a balanced investment proposition that combines stable rental income streams with structural growth opportunities. This diversificiation allows the ETF to benefit from different property cycles and tenant demand patterns across various sectors. Looking ahead, analysts expect organic rental growth to support the ETF's performance. In addition, easing domestic financing costs should provide tailwinds for the underlying REITs, contributing to a gradual recovery in distribution per unit (DPU) through FY27. Challenges The primary concern facing the ETF is uncertainty over the interest-rate outlook, which may limit near-term valuation upside. Interest rate movements typically have an inverse relationship with REIT valuations, and the current uncertain environment creates headwinds for immediate price appreciation. Outlook Despite near-term challenges from interest rate uncertainty, the analysts maintain a constructive medium-term outlook. The combination of organic rental growth and easing domestic financing costs is expected to support a gradual recovery in DPU throughFY27, providing a pathway for improved performance as interest rate concerns subside. Recommendation & Target Price Phillip Securities Research maintains its ACCUMULATE recommendation for Lion-Phillip S-REIT ETF. The analysts have lowered their target price to S$0.85 from the previous S$0.90, derived using a combination of historical dividend yield spread and price-to-book ratio methodologies, with equal weighting applied to both valuation approaches. Frequently Asked Questions [market_journal_faq] This article has been auto-generated using PhillipGPT. It is based on a report by a Phillip Securities Research analyst. Disclaimer These commentaries are intended for general circulation and do not have regard to the specific investment objectives, financial situation and particular needs of any person. Accordingly, no warranty whatsoever is given and no liability whatsoever is accepted for any loss arising whether directly or indirectly as a result of any person acting based on this information. You should seek advice from a financial adviser regarding the suitability of any investment product(s) mentioned herein, taking into account your specific investment objectives, financial situation or particular needs, before making a commitment to invest in such products. Opinions expressed in these commentaries are subject to change without notice. Investments are subject to investment risks including the possible loss of the principal amount invested. The value of units in any fund and the income from them may fall as well as rise. 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Any such information or Research contained in these commentaries are subject to change, and PSPL shall not have any responsibility to maintain the information or Research made available or to supply any corrections, updates or releases in connection therewith. In no event will PSPL be liable for any special, indirect, incidental or consequential damages which may be incurred from the use of the information or Research made available, even if it has been advised of the possibility of such damages. The companies and their employees mentioned in these commentaries cannot be held liable for any errors, inaccuracies and/or omissions howsoever caused. Any opinion or advice herein is made on a general basis and is subject to change without notice. The information provided in these commentaries may contain optimistic statements regarding future events or future financial performance of countries, markets or companies. 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Semiconductor Sector Shows Strong Growth Acceleration Led by Custom ASIC Players

Published on Oct 15, 2026 41

Brief Overview The semiconductor sector has demonstrated mixed performance over the past three months, with the Semiconductor ETF rising 2.4% but underperforming the S&P500's 4.1% gain. Equipment players faced headwinds due to elevated valuations, while memory companies declined amid HBM4 shipment uncertainties. However, enterprise and sovereign AI buildout is driving higher demand, with Coreweave and Nebius' combined remaining performance obligations reaching US$141 billion in June 2026. Investment Positives The semiconductor sector presents compelling growth opportunities across multiple segments. Custom ASIC companies are leading the acceleration, with Broadcom and Marvell guiding 3Q26e revenue to surge 89% year-on-year to a combined US$38 billion, surpassing the combined growth guidance of 83% from NVIDIA and AMD. Equipment manufacturers are experiencing robust demand, with their combined 3Q26e revenue guided to reach 52% year-on-year growth to US$31.4 billion, representing potentially the largest growth since 2021. This equipment demand is underpinned by TSMC's increased capital expenditure guidance of US$62 billion, marking a 15% increase, alongside memory players' higher equipment spending as new fabrication facilities ramp up production. The broadening customer base strengthens the sector's resilience. Coreweave and Nebius have expanded their client roster to include major enterprises such as Caterpillar, Grammarly, Databricks, Reflection, AI neolabs and quantitative trading firms. This diversification across AI neoclouds, enterprises and sovereign nations makes NVIDIA and AMD's growth more resilient should hyperscaler capital expenditure moderate. From a valuation perspective, large-cap SaaS companies are trading at roughly -1 standard deviation, with an EV/Sales multiple of 9.5x versus their 3-year average of 10.8x, suggesting attractive valuations despite strong performance. Enterprise and sovereign nations' AI buildout continues to drive substantial demand growth, with Coreweave and Nebius' combined remaining performance obligations increasing 72% from December 2025 to reach US$141 billion by June 2026. Challenges Valuation concerns persist in certain segments of the semiconductor sector. Equipment players AMAT and Lam Research have experienced significant pullbacks, declining 10.6% and 3.7% respectively, as they trade at elevated forward price-to-earnings ratios of 40x and 34x, compared with the sector average of 27x. Memory companies face headwinds from currency fluctuations and product transition uncertainties. SK Hynix declined 17% while Samsung fell 1.9%, laregly due to uncertainty surrounding HBM4 shipment timelines and the impact of a stronger Korean won on their financial performance. Outlook The outlook for the semiconductor sector remains positive, supported by accelerating growth across the custom ASIC, equipment and foundry segments. Revenue growth acceleration is expected in 3Q26e across these key areas, with custom ASIC companies leading the charge. The diversification of AI demand across multiple customer segments provides additional stability to the growth trajectory. Recommendation & Target Price Phillip Securities Research maintains an OVERWEIGHT recommendation on the semiconductor sector, reflecting confidence in the strong growth momentum of custom ASIC companies, equipment manufacturers and foundry operations. Frequently Asked Questions [market_journal_faq] This article has been auto-generated using PhillipGPT. It is based on a report by a Phillip Securities Research analyst. Disclaimer These commentaries are intended for general circulation and do not have regard to the specific investment objectives, financial situation and particular needs of any person. Accordingly, no warranty whatsoever is given and no liability whatsoever is accepted for any loss arising whether directly or indirectly as a result of any person acting based on this information. You should seek advice from a financial adviser regarding the suitability of any investment product(s) mentioned herein, taking into account your specific investment objectives, financial situation or particular needs, before making a commitment to invest in such products. Opinions expressed in these commentaries are subject to change without notice. Investments are subject to investment risks including the possible loss of the principal amount invested. The value of units in any fund and the income from them may fall as well as rise. 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Software Sector Stages Strong Recovery as AI Concerns Subside

Published on Oct 15, 2026 15

Brief Overview The software industry has experienced a significant re-rating, with the iShares Software ETF (IGV) rebounding 17% in 3Q26 and now sitting just 7% below its September 2025 peak. SaaS LTM revenue growth accelerated to 17.5% YoY in 2Q26, marking the strongest growth in 15 quarters. Phillip Securities Research maintains an OVERWEIGHT stance on software, favouring SaaS infrastructure, data analytics, and cybersecurity as key AI beneficiaries. Investment Positives The software sector's recovery has been driven by easing concerns over AI disruption, with market leader Microsoft surging 30% following its 4Q26 results. Microsoft's performance was supported by Azure growth exceeding 40% YoY, no unexpected incremental capital expenditure announcements despite peers raising spending, and the introduction of usage-based billing. The rebound has also extended to data and AI platform companies, with Palantir gaining 61% and Snowflake rising 35% during the quarter. Salesforce also advanced following the launch of Claudeforce, its joint application with Anthropic, reinforcing the value of proprietary enterprise data despite increasingly capable AI models. Large-cap SaaS companies continue to outperform, benefiting from AI-tier upgrades, usage-based pricing, and seat expansion. These companies are enjoying higher sales growth of 18.2%, which is 0.7 percentage points higher year-on-year, as enterprises spend more on higher-priced AI tiers, increase adoption of usage-based pricing, and expand seat usage. Excluding Microsoft and Oracle, growth remained healthy at 16.3%. From a valuation perspective, large-cap SaaS companies are trading at roughly -1 standard deviation, with an EV/Sales multiple of 9.5x versus their 3-year average of 10.8x, suggesting attractive valuations despite strong performance. Challenges Cybersecurity valuations remain elevated, with companies trading at stretched multiples. This has led to concerns about sustainability of current price levels in this subsector, despite its strong year-to-date performance. Outlook The software sector appears to be emerging from what the research describes as the "SaaSpocalypse", with growth rates expected to persist in 3Q26e. The preferred investment areas include SaaS infrastructure, data analytics, and cybersecurity as key AI beneficiaries. Top picks are supported by strong AI adoption, expanding backlog conversion, and rising enterprise data demand. Recommendation & Target Price Phillip Securities Research maintains an OVERWEIGHT recommendation on the software sector. Preferred names include Microsoft, Oracle, Palantir, and Snowflake. However, the firm has downgraded Palo Alto Networks to NEUTRAL, as its valuation appears stretched, trading at 97x P/E versus its 5-year average of 54x. Frequently Asked Questions [market_journal_faq] This article has been auto-generated using PhillipGPT. It is based on a report by a Phillip Securities Research analyst. Disclaimer These commentaries are intended for general circulation and do not have regard to the specific investment objectives, financial situation and particular needs of any person. Accordingly, no warranty whatsoever is given and no liability whatsoever is accepted for any loss arising whether directly or indirectly as a result of any person acting based on this information. You should seek advice from a financial adviser regarding the suitability of any investment product(s) mentioned herein, taking into account your specific investment objectives, financial situation or particular needs, before making a commitment to invest in such products. Opinions expressed in these commentaries are subject to change without notice. Investments are subject to investment risks including the possible loss of the principal amount invested. The value of units in any fund and the income from them may fall as well as rise. Past performance figures as well as any projection or forecast used in these commentaries are not necessarily indicative of future or likely performance. Phillip Securities Pte Ltd (PSPL), its directors, connected persons or employees may from time to time have an interest in the financial instruments mentioned in these commentaries. The information contained in these commentaries has been obtained from public sources which PSPL has no reason to believe are unreliable and any analysis, forecasts, projections, expectations and opinions (collectively the “Research”) contained in these commentaries are based on such information and are expressions of belief only. PSPL has not verified this information and no representation or warranty, express or implied, is made that such information or Research is accurate, complete or verified or should be relied upon as such. Any such information or Research contained in these commentaries are subject to change, and PSPL shall not have any responsibility to maintain the information or Research made available or to supply any corrections, updates or releases in connection therewith. In no event will PSPL be liable for any special, indirect, incidental or consequential damages which may be incurred from the use of the information or Research made available, even if it has been advised of the possibility of such damages. The companies and their employees mentioned in these commentaries cannot be held liable for any errors, inaccuracies and/or omissions howsoever caused. Any opinion or advice herein is made on a general basis and is subject to change without notice. The information provided in these commentaries may contain optimistic statements regarding future events or future financial performance of countries, markets or companies. You must make your own financial assessment of the relevance, accuracy and adequacy of the information provided in these commentaries. Views and any strategies described in these commentaries may not be suitable for all investors. Opinions expressed herein may differ from the opinions expressed by other units of PSPL or its connected persons and associates. Any reference to or discussion of investment products or commodities in these commentaries is purely for illustrative purposes only and must not be construed as a recommendation, an offer or solicitation for the subscription, purchase or sale of the investment products or commodities mentioned. This advertisement has not been reviewed by the Monetary Authority of Singapore.

Stoneweg Europe Stapled Trust Pursues Growth Through Management Internalisation

Published on Oct 15, 2026 16

Brief Overview Stoneweg Europe Stapled Trust (SERT) is proposing to internalise its manager for €114 million at a 14% discount to independent valuation, creating a fully integrated European logistics and digital infrastructure platform with approximately €3.2 billion of assets under management. The transaction will be funded through issuing 40 million stapled securities to sponsor SWI Group at €2.00 each, representing a 33% premium to the last traded price of €1.50. Phillip Securities Research maintains a BUY recommendation with an unchanged target price of €1.89, highlighting the deal's immediate distribution per stapled security (DPS) accretion and growth potential. Investment Positives The internalisation presents compelling value creation opportunities for SERT. The acquisition pricing appears attractive at 7.1x P/EBIT based on the effective consideration of €94mn, significantly below the independent valuer's 10.1x multiple. This favourable valuation provides SERT with immediate financial benefits. The transaction is expected to deliver substantial DPS accretion of 5.9%, supported by approximately €11 million in third-party asset management fees and the elimination of external management fees. Even when excluding third-party asset management contracts, the deal remains 3.1% DPS accretive, demonstrating the inherent value of the internalisation structure. Strategically, the transaction brings SERT's pan-European logistics and light-industrial operating capabilities in-house while preserving access to growth opportunities. Strategic cooperation agreements maintain exclusive access to SWI Group's European logistics and light-industrial opportunitie, as well as preferred access to specialist data centre capabilities. This supports SERT's ambition to increase its logistics and light-industrial exposure towards 70% of its portfolio from the current 55.7%. Upon completion, SERT will manage approximately €3.2 billion of AUM and combine recurring property income with asset management earnings. The internalisation allows SERT to retain acquisition and asset management fees from future acquisitions, creating additional revenue streams and enhancing long-term profitability. Challenges The completion of this transaction faces several hurdles, remaining subject to regulatory and third-party consents, as well as securityholder approval at an extraordinary general meeting. These requirements introduce execution risk and potential delays to the anticipated benefits. Outlook The internalisation represents a significant strategic shift for SERT, positioning the trust as a fully integrated platform capable of capturing both property income and asset management earnings. The transaction also provides potential for further growth through data centre conversions and SERT's stake in AiOnX, while maintaining access to SWI Group's pipeline of opportunities. Recommendation & Target Price Phillip Securities Research maintains a BUY recommendation with an unchanged dividend discount model-derived target price of €1.89. The research house remains positive on the transaction given its immediate DPS accretion and potential to capture additional earnings from the integrated operating platform. Frequently Asked Questions [market_journal_faq] This article has been auto-generated using PhillipGPT. It is based on a report by a Phillip Securities Research analyst. Disclaimer These commentaries are intended for general circulation and do not have regard to the specific investment objectives, financial situation and particular needs of any person. Accordingly, no warranty whatsoever is given and no liability whatsoever is accepted for any loss arising whether directly or indirectly as a result of any person acting based on this information. You should seek advice from a financial adviser regarding the suitability of any investment product(s) mentioned herein, taking into account your specific investment objectives, financial situation or particular needs, before making a commitment to invest in such products. Opinions expressed in these commentaries are subject to change without notice. Investments are subject to investment risks including the possible loss of the principal amount invested. The value of units in any fund and the income from them may fall as well as rise. Past performance figures as well as any projection or forecast used in these commentaries are not necessarily indicative of future or likely performance. Phillip Securities Pte Ltd (PSPL), its directors, connected persons or employees may from time to time have an interest in the financial instruments mentioned in these commentaries. The information contained in these commentaries has been obtained from public sources which PSPL has no reason to believe are unreliable and any analysis, forecasts, projections, expectations and opinions (collectively the “Research”) contained in these commentaries are based on such information and are expressions of belief only. PSPL has not verified this information and no representation or warranty, express or implied, is made that such information or Research is accurate, complete or verified or should be relied upon as such. Any such information or Research contained in these commentaries are subject to change, and PSPL shall not have any responsibility to maintain the information or Research made available or to supply any corrections, updates or releases in connection therewith. In no event will PSPL be liable for any special, indirect, incidental or consequential damages which may be incurred from the use of the information or Research made available, even if it has been advised of the possibility of such damages. The companies and their employees mentioned in these commentaries cannot be held liable for any errors, inaccuracies and/or omissions howsoever caused. Any opinion or advice herein is made on a general basis and is subject to change without notice. The information provided in these commentaries may contain optimistic statements regarding future events or future financial performance of countries, markets or companies. You must make your own financial assessment of the relevance, accuracy and adequacy of the information provided in these commentaries. Views and any strategies described in these commentaries may not be suitable for all investors. Opinions expressed herein may differ from the opinions expressed by other units of PSPL or its connected persons and associates. Any reference to or discussion of investment products or commodities in these commentaries is purely for illustrative purposes only and must not be construed as a recommendation, an offer or solicitation for the subscription, purchase or sale of the investment products or commodities mentioned. This advertisement has not been reviewed by the Monetary Authority of Singapore.

Frasers Logistics & Commercial Trust Positioned for Growth Through Strong Portfolio and Acquisition Pipeline

Published on Oct 15, 2026 37

Brief Overview Phillip Securities Research has initiated coverage on Frasers Logistics & Commercial Trust (FLCT) with a BUY recommendation and a target price of S$1.01. The research highlights FLCT's resilient logistics and industrial portfolio, substantial acquisition pipeline from sponsor FPL, and attractive forward dividend yields of 6.8%. The trust is currently trading at a 21% discount to NAV. Investment Positives FLCT's logistics and industrial portfolio forms the cornerstone of its investment appeal, comprising 75.3% of portfolio value with an exceptional occupancy of 99.7%. The portfolio benefits from predominantly freehold and long leasehold assets, providing stable foundations for earnings generation. Rental growth prospects remain strong, with rental reversions reaching 11.9% in 3Q26 on an incoming-versus-outgoing basis and an impressive 23.8% on an average-versus-average basis. This reflects strong rental uplift amid tight market conditions and resilient domestic demand. The portfolio also benefits from built-in rental escalations, including annual increases averaging 3.2% in Australia and CPI-linked leases in Europe, supporting recurring rental income and organic DPU growth. The trust's acquisition capabilities represent a significant growth driver. FLCT has access to a sizeable ROFR pipeline exceeding S$5 billion from sponsor FPL, representing approximately 70% of its existing portfolio value. This provides substantial opportunities for inorganic DPU growth. The trust has demonstrated execution capability through its recent €294.9 million (S$441.5 million) acquisition of four logistics properties in Germany and the Netherlands, expected to be 1.7% DPU accretive. The commercial portfolio offers additional upside potential through backfilling opportunities. ATP is now 85.3% occupied following successful backfilling of approximately 83% of space previously vacated by Google, whilst UK business parks achieved occupancy rates between 81.5% and 87.6%. Further backfilling of remaining vacancies could provide meaningful earnings enhancement. Challenges The research notes that FLCT's commercial portfolio currently operates at an occupancy rate of 88.4%, indicating that vacancy challenges remain and need to be addressed to optimise returns. Outlook The analysts forecast FY26e and FY27e DPU of 5.90 cents and 5.93 cents respectively, translating to attractive forward dividend yields of 6.8%. Potential re-rating catalysts include DPU-accretive acquisitions, divestments of mature non-core assets for capital recycling, and continued commercial portfolio backfilling. Recommendation & Target Price Phillip Securities Research has initiated coverage with a BUY recommendation and DDM-derived target price of S$1.01. The trust trades at a 21% discount to NAV, representing a level that is 1.4 standard deviations below its historical mean P/NAV. Frequently Asked Questions [market_journal_faq] This article has been auto-generated using PhillipGPT. It is based on a report by a Phillip Securities Research analyst. Disclaimer These commentaries are intended for general circulation and do not have regard to the specific investment objectives, financial situation and particular needs of any person. Accordingly, no warranty whatsoever is given and no liability whatsoever is accepted for any loss arising whether directly or indirectly as a result of any person acting based on this information. You should seek advice from a financial adviser regarding the suitability of any investment product(s) mentioned herein, taking into account your specific investment objectives, financial situation or particular needs, before making a commitment to invest in such products. Opinions expressed in these commentaries are subject to change without notice. Investments are subject to investment risks including the possible loss of the principal amount invested. The value of units in any fund and the income from them may fall as well as rise. Past performance figures as well as any projection or forecast used in these commentaries are not necessarily indicative of future or likely performance. Phillip Securities Pte Ltd (PSPL), its directors, connected persons or employees may from time to time have an interest in the financial instruments mentioned in these commentaries. The information contained in these commentaries has been obtained from public sources which PSPL has no reason to believe are unreliable and any analysis, forecasts, projections, expectations and opinions (collectively the “Research”) contained in these commentaries are based on such information and are expressions of belief only. PSPL has not verified this information and no representation or warranty, express or implied, is made that such information or Research is accurate, complete or verified or should be relied upon as such. Any such information or Research contained in these commentaries are subject to change, and PSPL shall not have any responsibility to maintain the information or Research made available or to supply any corrections, updates or releases in connection therewith. In no event will PSPL be liable for any special, indirect, incidental or consequential damages which may be incurred from the use of the information or Research made available, even if it has been advised of the possibility of such damages. The companies and their employees mentioned in these commentaries cannot be held liable for any errors, inaccuracies and/or omissions howsoever caused. Any opinion or advice herein is made on a general basis and is subject to change without notice. The information provided in these commentaries may contain optimistic statements regarding future events or future financial performance of countries, markets or companies. You must make your own financial assessment of the relevance, accuracy and adequacy of the information provided in these commentaries. Views and any strategies described in these commentaries may not be suitable for all investors. Opinions expressed herein may differ from the opinions expressed by other units of PSPL or its connected persons and associates. Any reference to or discussion of investment products or commodities in these commentaries is purely for illustrative purposes only and must not be construed as a recommendation, an offer or solicitation for the subscription, purchase or sale of the investment products or commodities mentioned. This advertisement has not been reviewed by the Monetary Authority of Singapore.

JEP Holdings Ltd Positioned for Multi-Year Growth in Semiconductors and Aerospace

Published on Oct 12, 2026 106

Brief Overview Phillip Securities Research has initiated coverage of JEP Holdings Ltd with a positive outlook, highlighting the company's strategic pivot from traditional aerospace manufacturing to specialised semiconductor components. The analyst expects the company to benefit from a new partnership with a major semiconductor customer, continued aerospace recovery, and organic growth through its parent company, UMS Integration. Net profit is projected to almost quadruple from FY25 to FY27e. Investment Positives The most significant growth driver identified is JEP's partnership with a major front-end semiconductor customer to supply specialised plastic components. These components are believed to be used in wet etch, deposition and plating processes of advanced semiconductor packaging for next-generation AI chips. JEP has proactively invested in new capacity ahead of what the analyst expects to be a multi-year ramp, with the company increasing capex spending by more than 2x year-on-year to S$20.6 million in FY25 to expand capabilities in Singapore. Mass production of these specialised plastic components is expected to drive equipment revenue in FY27e up by more than 100% year-on-year to approximately S$50 million. The aerospace segment presents another compelling opportunity, with stronger demand emerging from improved aircraft deliveries. Bottlenecks in aircraft deliveries are easing, and widebody deliveries are expected to increase by 13% CAGR over the next three years. Boeing has increased its 787 Dreamliner production target from 8 to 10 jets monthly by 2026 and expects the first delivery of its 777X widebody jet programme by 2027e. JEP's aerospace revenue rose 37.5% year-on-year to S$15.8 million in 1H26, driven by stronger widebody aircraft deliveries. The company also benefits from its relationship with its parent company UMS Integration, with approximately 30% of JEP's semiconductor metal part orders coming from UMS. The analyst notes that JEP's aerospace-grade machining capabilities can be applied to manufacturing semiconductor parts. In 1H26, semiconductor revenue surged 23% year-on-year to S$8.4 million, driven by AI-led semiconductor capex upcycle. Challenges The report does not explicitly identify significant investment challenges or risks facing JEP Holdings. Outlook The analyst maintains an optimistic outlook, expecting JEP to ride on the organic growth of its parent company UMS Integration. As both UMS and JEP's key semiconductor front-end equipment customers have raised expectations for 2026 WFE spend to approximately US$150 billion (previously US$135-140 billion), this is expected to drive demand for JEP's semiconductor revenue. Recommendation & Target Price Phillip Securities Research initiates coverage with a BUY recommendation and target price of S$0.83. The target price is based on 28x FY27e P/E, representing a 7% discount to peers' average forward P/E of 30x. Frequently Asked Questions [market_journal_faq] This article has been auto-generated using PhillipGPT. It is based on a report by a Phillip Securities Research analyst. Disclaimer These commentaries are intended for general circulation and do not have regard to the specific investment objectives, financial situation and particular needs of any person. Accordingly, no warranty whatsoever is given and no liability whatsoever is accepted for any loss arising whether directly or indirectly as a result of any person acting based on this information. You should seek advice from a financial adviser regarding the suitability of any investment product(s) mentioned herein, taking into account your specific investment objectives, financial situation or particular needs, before making a commitment to invest in such products. Opinions expressed in these commentaries are subject to change without notice. Investments are subject to investment risks including the possible loss of the principal amount invested. The value of units in any fund and the income from them may fall as well as rise. Past performance figures as well as any projection or forecast used in these commentaries are not necessarily indicative of future or likely performance. Phillip Securities Pte Ltd (PSPL), its directors, connected persons or employees may from time to time have an interest in the financial instruments mentioned in these commentaries. The information contained in these commentaries has been obtained from public sources which PSPL has no reason to believe are unreliable and any analysis, forecasts, projections, expectations and opinions (collectively the “Research”) contained in these commentaries are based on such information and are expressions of belief only. PSPL has not verified this information and no representation or warranty, express or implied, is made that such information or Research is accurate, complete or verified or should be relied upon as such. Any such information or Research contained in these commentaries are subject to change, and PSPL shall not have any responsibility to maintain the information or Research made available or to supply any corrections, updates or releases in connection therewith. In no event will PSPL be liable for any special, indirect, incidental or consequential damages which may be incurred from the use of the information or Research made available, even if it has been advised of the possibility of such damages. The companies and their employees mentioned in these commentaries cannot be held liable for any errors, inaccuracies and/or omissions howsoever caused. Any opinion or advice herein is made on a general basis and is subject to change without notice. The information provided in these commentaries may contain optimistic statements regarding future events or future financial performance of countries, markets or companies. You must make your own financial assessment of the relevance, accuracy and adequacy of the information provided in these commentaries. Views and any strategies described in these commentaries may not be suitable for all investors. Opinions expressed herein may differ from the opinions expressed by other units of PSPL or its connected persons and associates. Any reference to or discussion of investment products or commodities in these commentaries is purely for illustrative purposes only and must not be construed as a recommendation, an offer or solicitation for the subscription, purchase or sale of the investment products or commodities mentioned. This advertisement has not been reviewed by the Monetary Authority of Singapore.

Snowflake Inc – Growth from Rising Coding and AI Agent Activities

Published on Oct 9, 2026 73

Brief Overview Phillip Securities Research highlights that rising enterprise data volumes and AI adoption are accelerating cloud-native platform adoption, with the global data lake market projected to reach US$45.8 billion by 2030. AI products contributed roughly half of 2Q27 growth acceleration, with CoCo and CoWork surpassing 9,100 and 5,800 adopted accounts respectively, helping drive 37% YoY product revenue growth. The firm initiates coverage with a BUY recommendation and DCF-based target price of US$423. Investment Positives The investment case for Snowflake is anchored on several compelling growth drivers. Rising enterprise data volumes and AI adoption are accelerating the shift from on-premises infrastructure to cloud-native data platforms. Enterprises increasingly require scalable, cost-efficient storage and compute capabilities to manage growing datasets and support AI workloads, driving demand for modern data architectures. IBM estimates the global data lake market will reach US$45.8 billion by 2030, representing a 23.9% CAGR from 2024, supporting a sizeable long-term growth opportunity for Snowflake. AI products are proving to be a significant catalyst, contributing roughly half of growth acceleration in 2Q27. This was driven by the rising adoption of CoCo and CoWork, with over 9,100 and 5,800 adopted accounts respectively. Expanding AI coding, agent, and application development workloads helped drive 37% YoY product revenue growth to US$1.5 billion in 2Q27 and contributed to Snowflake's strongest revenue growth in three years. The consumption-based model provides significant leverage to AI adoption. With 95% of revenue being consumption-based, usage is directly linked to revenue. Growing analytics and AI workloads drive higher compute usage, with AI being far more compute-intensive than traditional analytics. Growth is driven by both new customers and higher consumption from existing customers. Customers purchase credits upfront and consume them as workloads run, whilst higher-value products drive greater usage, credit consumption, and spending. Challenges The report does not explicitly outline specific investment challenges or risks facing Snowflake. Outlook The analyst forecasts strong growth momentum, projecting product revenue to grow 36% YoY to US$6.08 billion in FY27e, with adjusted EPS rising 63% YoY and an adjusted FCF margin of 23.8%. The consumption-based revenue model directly links AI-driven compute usage to revenue growth as customers consume more credits and increase spending on higher-value workloads. Recommendation & Target Price Phillip Securities Research initiates coverage with a BUY recommendation and a DCF-based target price of US$423, based on a 5.7% WACC and 5.1% terminal growth rate. Frequently Asked Questions [market_journal_faq] This article has been auto-generated using PhillipGPT. It is based on a report by a Phillip Securities Research analyst. Disclaimer These commentaries are intended for general circulation and do not have regard to the specific investment objectives, financial situation and particular needs of any person. Accordingly, no warranty whatsoever is given and no liability whatsoever is accepted for any loss arising whether directly or indirectly as a result of any person acting based on this information. You should seek advice from a financial adviser regarding the suitability of any investment product(s) mentioned herein, taking into account your specific investment objectives, financial situation or particular needs, before making a commitment to invest in such products. Opinions expressed in these commentaries are subject to change without notice. Investments are subject to investment risks including the possible loss of the principal amount invested. The value of units in any fund and the income from them may fall as well as rise. Past performance figures as well as any projection or forecast used in these commentaries are not necessarily indicative of future or likely performance. Phillip Securities Pte Ltd (PSPL), its directors, connected persons or employees may from time to time have an interest in the financial instruments mentioned in these commentaries. The information contained in these commentaries has been obtained from public sources which PSPL has no reason to believe are unreliable and any analysis, forecasts, projections, expectations and opinions (collectively the “Research”) contained in these commentaries are based on such information and are expressions of belief only. PSPL has not verified this information and no representation or warranty, express or implied, is made that such information or Research is accurate, complete or verified or should be relied upon as such. Any such information or Research contained in these commentaries are subject to change, and PSPL shall not have any responsibility to maintain the information or Research made available or to supply any corrections, updates or releases in connection therewith. In no event will PSPL be liable for any special, indirect, incidental or consequential damages which may be incurred from the use of the information or Research made available, even if it has been advised of the possibility of such damages. The companies and their employees mentioned in these commentaries cannot be held liable for any errors, inaccuracies and/or omissions howsoever caused. Any opinion or advice herein is made on a general basis and is subject to change without notice. The information provided in these commentaries may contain optimistic statements regarding future events or future financial performance of countries, markets or companies. You must make your own financial assessment of the relevance, accuracy and adequacy of the information provided in these commentaries. Views and any strategies described in these commentaries may not be suitable for all investors. Opinions expressed herein may differ from the opinions expressed by other units of PSPL or its connected persons and associates. Any reference to or discussion of investment products or commodities in these commentaries is purely for illustrative purposes only and must not be construed as a recommendation, an offer or solicitation for the subscription, purchase or sale of the investment products or commodities mentioned. This advertisement has not been reviewed by the Monetary Authority of Singapore.

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【辉立周末报】金融股反弹撑恒指重回二万四｜OpenAI收入逊于市场预期触发科技股沽压｜辉立周末报｜黄玮杰、章晶