Cover Order
Grasping and applying different trading strategies is vital for achieving success in financial markets. Cover Orders, in particular, are a favored approach that provides a combination of risk management and profit opportunities. These orders serve as an effective tool for traders aiming to maneuver through financial markets with assurance. By comprehending the workings and advantages of Cover Orders, investors can refine their trading strategies and effectively reach their financial objectives.
Table of Contents
What is Cover Order?
A Cover Order is a trading strategy that enables investors to place an order in the stock market while also setting a stop-loss order to limit potential losses. This dual arrangement provides traders with a safety net, reducing their risk when entering the market.
When executing a Cover Order, traders define the target price for buying or selling a security and establish a specific stop-loss level. This stop-loss serves as protection, ensuring that losses are minimized if the market moves against them. Additionally, Cover Orders give traders leverage, allowing them to increase their market exposure while using only a portion of their capital. This aspect is especially beneficial for those looking to maximize profit potential while maintaining controlled risk levels.
Understanding Cover Order
Cover Orders operate on the principle of leverage, enabling traders to take larger positions with a relatively smaller capital outlay. By setting a predefined stop-loss level, traders can protect their investments from adverse market conditions.
The beauty of Cover Orders lies in their simplicity and effectiveness. Traders can confidently execute their desired trades, knowing that their downside risk is capped. This approach appeals to both seasoned traders and beginners, providing a level playing field in the dynamic world of financial markets. Understanding Cover Orders empowers traders to navigate the complexities of trading with greater control and efficiency, ultimately leading to more informed investment decisions and enhanced profitability.
Benefits of Cover Order
Cover Orders offer several advantages, including:
Risk Management: Cover Orders provide a robust risk management framework, allowing traders to limit potential losses. By setting a predefined stop-loss level, investors can protect their capital from significant market downturns.
Leverage: Embracing Cover Orders enables traders to leverage their positions effectively. With a relatively smaller capital outlay, investors can access larger trading positions, thereby maximizing profit potential while adhering to risk tolerance levels.
Efficiency: Cover Orders streamline the trading process, offering traders operational efficiency. By combining market orders with stop-loss orders, investors can execute their trading strategies seamlessly, eliminating the need for constant monitoring and manual intervention.
Flexibility: These orders offer flexibility in trading approaches, catering to a diverse range of investment objectives and risk appetites. Whether pursuing short-term gains or long-term growth, Cover Orders empower traders to adapt to evolving market conditions.
Types of Cover Order
Cover Orders can be classified into several types:
- Buy Cover Order: A Buy Cover Order allows traders to place a purchase order for a security while setting a predefined stop-loss level. When placing this order, traders specify both the target purchase price and the stop-loss level. For instance, a trader may want to buy 200 shares of Company A at $50 each with a stop-loss set at $45. If the share price falls to $45, the shares will be automatically sold, thus limiting potential losses.
- Sell Cover Order: A Sell Cover Order enables traders to execute a sell order for security along with a predetermined stop-loss level. Traders define the desired selling price and the stop-loss when placing the order. For example, a trader aiming to sell 150 shares of Company B at $60 each might set a stop-loss at $65. If the price climbs to $65, the shares will be automatically sold, helping to curtail potential losses.
- Intraday Cover Order: Intraday Cover Orders are tailored for traders who engage in intraday trading, where positions are opened and closed within the same trading session. These orders capitalize on intraday price movements while minimizing overnight exposure to market risks. Traders can quickly enter and exit positions, taking advantage of short-term fluctuations in asset prices.
Examples of Cover Order
Examples of Cover Orders showcase their practical application in real-life trading scenarios, catering to investors
Imagine a trader in New York eyeing an opportunity in a tech stock listed on the NASDAQ. Let’s say they want to buy 200 shares of Company A, priced at $100 per share, but are wary of potential downside risk. By placing a Buy Cover Order with a stop-loss at $95, the trader ensures that if the stock price declines to that level, their shares will be automatically sold, limiting potential losses.
Similarly, across the globe in Singapore, an investor is intrigued by the prospects of a pharmaceutical company listed on the Singapore Exchange (SGX). They decide to sell short 150 shares of Company B, currently trading at SGD 50 per share, with a Sell Cover Order and a stop-loss set at SGD 55. In this scenario, if the stock price rises unexpectedly, triggering the stop-loss, the investor’s short position will be automatically covered, mitigating potential losses.
These examples illustrate how Cover Orders empower traders to manage risk effectively while capitalising on market opportunities.
Frequently Asked Questions
Cover Orders work by combining a market order with a stop-loss order. When the market order is executed, the stop-loss order is simultaneously placed, allowing traders to manage risk effectively.
To use a Cover Order, traders need to specify the security, quantity, desired price, and stop-loss level through their brokerage platform. Once the order is executed, the stop-loss order is activated automatically.
The advantages of using a Cover Order in trading are:
- Risk Management: Cover Orders include a built-in stop-loss feature, helping traders limit their potential losses. This reduces exposure to market volatility, providing a safety net for their investments.
- Leverage: Traders can use Cover Orders to increase their market exposure with a smaller amount of capital. This leverage allows traders to maximize potential profits while still managing risk.
- Automated Execution: The stop-loss feature triggers automatically once the price hits a specified level, ensuring that traders don’t need to monitor the market to exit positions actively, reducing emotional trading decisions.
- Reduced Margin Requirement: Since Cover Orders involve a stop-loss, brokers may offer reduced margin requirements. This allows traders to make larger trades with less capital, enhancing their buying or selling power.
- Ideal for Intraday Trading: Cover Orders are especially useful for intraday traders who need to enter and exit positions within a single trading session. It allows them to capitalize on short-term market movements while swiftly limiting risks.
- Efficiency: Cover orders streamline the trading process by combining the buy/sell order and stop-loss in one command, making it quicker and more convenient for traders to execute their strategies.
These advantages make Cover Orders a powerful tool for traders seeking a balance between risk management and profit potential.
These advantages enable traders to optimise their trading strategies.
The drawbacks of using a Cover Order in trading are:
- Limited Flexibility: Cover Orders require both the order price and the stop-loss level to be set upfront, offering less flexibility if market conditions change quickly. Traders cannot adjust the stop-loss or order price once the Cover Order is placed.
- Strict Stop-Loss Requirement: The mandatory stop-loss in Cover Orders may not allow traders to hold onto positions during short-term market volatility, potentially leading to the sale of securities even if prices recover soon after.
- Higher Risk of Stop-Loss Trigger: Due to market fluctuations, the stop-loss may be triggered prematurely, causing traders to exit positions at a loss, even when long-term market conditions remain favorable.
- Limited to Intraday Trading: In many cases, Cover Orders are designed for intraday trading, which restricts traders from holding positions overnight. This limits potential gains from longer-term price movements.
- Leverage Risk: While leverage can magnify profits, it also amplifies losses. If the market moves against the trader’s position, the losses can be significantly higher than the capital invested, especially if the stop-loss isn’t set at an appropriate level.
- Broker-Defined Stop-Loss Range: Some brokers define a minimum stop-loss range, which may not align with the trader’s risk tolerance or strategy. This could force traders to use stop-loss levels that are either too close or too far from the market price, increasing the likelihood of unwanted exits.
These drawbacks highlight the importance of careful planning and strategy when using Cover Orders, as they may not suit all trading styles or market conditions.
The primary difference between Cover Orders and Bracket Orders lies in their complexity. While Cover Orders combine a market order with a stop-loss order, Bracket Orders incorporate additional profit-taking orders, offering more advanced risk management capabilities.
Related Terms
- Cost of Equity
- Capital Adequacy Ratio (CAR)
- Interest Coverage Ratio
- Industry Groups
- Income Statement
- Historical Volatility (HV)
- Embedded Options
- Dynamic Asset Allocation
- Depositary Receipts
- Deferment Payment Option
- Debt-to-Equity Ratio
- Financial Futures
- Contingent Capital
- Conduit Issuers
- Calendar Spread
- Cost of Equity
- Capital Adequacy Ratio (CAR)
- Interest Coverage Ratio
- Industry Groups
- Income Statement
- Historical Volatility (HV)
- Embedded Options
- Dynamic Asset Allocation
- Depositary Receipts
- Deferment Payment Option
- Debt-to-Equity Ratio
- Financial Futures
- Contingent Capital
- Conduit Issuers
- Calendar Spread
- Devaluation
- Grading Certificates
- Distributable Net Income
- Tracking Index
- Auction Rate Securities
- Arbitrage-Free Pricing
- Net Profits Interest
- Borrowing Limit
- Algorithmic Trading
- Corporate Action
- Spillover Effect
- Economic Forecasting
- Treynor Ratio
- Hammer Candlestick
- DuPont Analysis
- Net Profit Margin
- Law of One Price
- Annual Value
- Rollover option
- Financial Analysis
- Currency Hedging
- Lump sum payment
- Annual Percentage Yield (APY)
- Excess Equity
- Fiduciary Duty
- Bought-deal underwriting
- Anonymous Trading
- Fair Market Value
- Fixed Income Securities
- Redemption fee
- Acid Test Ratio
- Bid Ask price
- Finance Charge
- Futures
- Basis grades
- Short Covering
- Visible Supply
- Transferable notice
- Intangibles expenses
- Strong order book
- Fiat money
- Trailing Stops
- Exchange Control
- Relevant Cost
- Dow Theory
- Hyperdeflation
- Hope Credit
- Futures contracts
- Human capital
- Subrogation
- Qualifying Annuity
- Strategic Alliance
- Probate Court
- Procurement
- Holding company
- Harmonic mean
- Income protection insurance
- Recession
- Savings Ratios
- Pump and dump
- Total Debt Servicing Ratio
- Debt to Asset Ratio
- Liquid Assets to Net Worth Ratio
- Liquidity Ratio
- Personal financial ratios
- Payroll deduction plan
- Operating expenses
- Demand elasticity
- Deferred compensation
- Conflict theory
- Acid-test ratio
- Withholding Tax
- Benchmark index
- Double Taxation Relief
- Debtor Risk
- Securitization
- Yield on Distribution
- Currency Swap
- Overcollateralization
- Efficient Frontier
- Listing Rules
- Green Shoe Options
- Accrued Interest
- Market Order
- Accrued Expenses
- Target Leverage Ratio
- Acceptance Credit
- Balloon Interest
- Abridged Prospectus
- Data Tagging
- Perpetuity
- Optimal portfolio
- Hybrid annuity
- Investor fallout
- Intermediated market
- Information-less trades
- Back Months
- Adjusted Futures Price
- Expected maturity date
- Excess spread
- Quantitative tightening
- Accreted Value
- Equity Clawback
- Soft Dollar Broker
- Stagnation
- Replenishment
- Decoupling
- Holding period
- Regression analysis
- Wealth manager
- Financial plan
- Adequacy of coverage
- Actual market
- Credit risk
- Insurance
- Financial independence
- Annual report
- Financial management
- Ageing schedule
- Global indices
- Folio number
- Accrual basis
- Liquidity risk
- Quick Ratio
- Unearned Income
- Sustainability
- Value at Risk
- Vertical Financial Analysis
- Residual maturity
- Operating Margin
- Trust deed
- Profit and Loss Statement
- Junior Market
- Affinity fraud
- Base currency
- Working capital
- Individual Savings Account
- Redemption yield
- Net profit margin
- Fringe benefits
- Fiscal policy
- Escrow
- Externality
- Multi-level marketing
- Joint tenancy
- Liquidity coverage ratio
- Hurdle rate
- Kiddie tax
- Giffen Goods
- Keynesian economics
- EBITA
- Risk Tolerance
- Disbursement
- Bayes’ Theorem
- Amalgamation
- Adverse selection
- Contribution Margin
- Accounting Equation
- Value chain
- Gross Income
- Net present value
- Liability
- Leverage ratio
- Inventory turnover
- Gross margin
- Collateral
- Being Bearish
- Being Bullish
- Commodity
- Exchange rate
- Basis point
- Inception date
- Riskometer
- Trigger Option
- Zeta model
- Racketeering
- Market Indexes
- Short Selling
- Quartile rank
- Defeasance
- Cut-off-time
- Business-to-Consumer
- Bankruptcy
- Acquisition
- Turnover Ratio
- Indexation
- Fiduciary responsibility
- Benchmark
- Pegging
- Illiquidity
- Backwardation
- Backup Withholding
- Buyout
- Beneficial owner
- Contingent deferred sales charge
- Exchange privilege
- Asset allocation
- Maturity distribution
- Letter of Intent
- Emerging Markets
- Consensus Estimate
- Cash Settlement
- Cash Flow
- Capital Lease Obligations
- Book-to-Bill-Ratio
- Capital Gains or Losses
- Balance Sheet
- Capital Lease
Most Popular Terms
Other Terms
- Bond Convexity
- Compound Yield
- Brokerage Account
- Discretionary Accounts
- Industry Groups
- Growth Rate
- Green Bond Principles
- Gamma Scalping
- Funding Ratio
- Free-Float Methodology
- Foreign Direct Investment (FDI)
- Floating Dividend Rate
- Flight to Quality
- Real Return
- Protective Put
- Perpetual Bond
- Option Adjusted Spread (OAS)
- Non-Diversifiable Risk
- Merger Arbitrage
- Liability-Driven Investment (LDI)
- Income Bonds
- Guaranteed Investment Contract (GIC)
- Flash Crash
- Equity Carve-Outs
- Cost Basis
- Deferred Annuity
- Cash-on-Cash Return
- Earning Surprise
- Bubble
- Beta Risk
- Bear Spread
- Asset Play
- Accrued Market Discount
- Ladder Strategy
- Junk Status
- Intrinsic Value of Stock
- Interest-Only Bonds (IO)
- Inflation Hedge
- Incremental Yield
- Industrial Bonds
- Holding Period Return
- Hedge Effectiveness
- Flat Yield Curve
- Fallen Angel
- Exotic Options
- Execution Risk
- Exchange-Traded Notes
- Event-Driven Strategy
- Eurodollar Bonds
- Enhanced Index Fund
Know More about
Tools/Educational Resources
Markets Offered by POEMS
Read the Latest Market Journal
Elite UK REIT Shows Strong Capital Management and Portfolio Growth, BUY Rating with S$0.41 Target
Elite UK REIT, a property investment trust focused on UK commercial real estate, has delivered solid first-quarter performance whilst strengthening its financial position through improved capital management and portfolio revaluation. Strong Financial Performance Drives Growth The REIT reported revenue of £9.4 million and adjusted net property income of £9.1 million for 1Q26, representing increases of 1.2% and 4.0% respectively. These figures constitute 25% and 27% of full-year forecasts, indicating steady progress towards annual targets. Distributable income surged 9.8% year-on-year to £5.3 million, driven by positive rental reversions and contributions from three strategic acquisitions completed in FY25: Priory Court, Custom House, and Merlin House. Capital Management Excellence The company has demonstrated exceptional capital management capabilities, with net gearing declining significantly by 4.8 percentage points to 37.4% - well within management's target range of 35-40%. This improvement stems from both portfolio valuation increases and debt reduction through repayment of approximately £14.7 million in revolving credit facilities. Borrowing costs remain stable at 4.7%, with 92% of debt secured at fixed rates, up from 85% in December. The interest coverage ratio maintains a healthy 2.6x, supported by government tenants who typically pay rents three months in advance. Portfolio Valuation Surge Portfolio valuation has increased substantially by 9.1% since December to £463.2 million, primarily driven by the Department for Work and Pensions (DWP) lease regear rerating. Notable valuation increases include Peel Park (up £4 million or 10%), Parklands Falkirk (up £2.3 million or 28.3%), and Nutwood House Canterbury (up £1.1 million or 16.2%). The Purpose-Built Student Accommodation conversions have particularly benefited Lindsay House, with valuations rising 41% since December 2024. Investment Outlook and Recommendation Phillip Securities Research maintains a BUY recommendation with an unchanged dividend discount model-based target price of S$0.41. The REIT trades at an attractive 9.0% FY26 dividend yield and 0.87x price-to-NAV ratio. With approximately 20% of remaining DWP leases expected to be regeared and potential repositioning or divestment of other assets, Elite UK Reit appears well-positioned for continued value creation. 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.
Strong First Half Performance Drives Confidence Frasers Centrepoint Trust (FCT) has demonstrated resilience in challenging market conditions, delivering a solid first half performance that reinforces its position as a defensive suburban retail specialist. The trust reported a 1.4% year-on-year increase in distribution per unit to 6.14 Singapore cents for 1H26, meeting expectations and representing 49% of the full-year forecast. Net property income surged 20.2% to S$160.8 million, primarily driven by the acquisition of Northpoint City South Wing and higher passing rents, though this was partially offset by the divestment of Yishun 10 Retail Podium and asset enhancement initiative disruptions at Hougang Mall. The Positives: Operational Excellence and Financial Stability FCT's operational metrics showcase the strength of its defensive suburban mall portfolio. Portfolio occupancy improved significantly by 1.7 percentage points quarter-on-quarter to an impressive 99.8%, driven by successful backfilling of cinema spaces at Causeway Point and Century Square. The trust has also secured Xventure, a new indoor sports and adventure park concept, to replace Golden Village at Tiong Bahru Plaza, demonstrating proactive tenant management. Despite broader economic uncertainties, FCT's portfolio anchored by essential services continues to attract shoppers, with traffic rising 2.4% year-on-year whilst tenant sales increased 3.6% in the second quarter. This performance underscores the resilience of suburban malls that cater to everyday needs rather than discretionary spending. The trust has also maintained disciplined capital management, with the average all-in cost of debt improving by 30 basis points quarter-on-quarter to 3.2%. With 66% of borrowings hedged to fixed rates and aggregate leverage improving slightly to 40%, FCT has positioned itself well for continued stability. Having successfully refinanced all maturities due in the current financial year, the trust expects its all-in cost of debt to remain around 3.3% for the full year. Investment Outlook Phillip Securities Research maintains a BUY recommendation with a revised target price of S$2.70, down from S$2.74, reflecting a 1% trim to the distribution forecast to account for partial downtime from the NEX asset enhancement initiative. The trust remains the top pick in the retail sub-sector, supported by expectations of healthy rental reversions of 5% and limited new retail supply. Trading at a forward yield of 5.4%, FCT offers attractive income potential whilst benefiting from organic growth through successful asset enhancement completions. 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.
Company Overview Keppel Ltd operates as a diversified conglomerate with significant exposure to asset management, infrastructure, and energy sectors. The company has positioned itself as a key player in Asian infrastructure investment, managing substantial assets across digital infrastructure, energy, and offshore rig operations. Financial Performance and Asset Management Growth Keppel's recent financial performance reflects a mixed picture with strategic positioning for future growth. The company reported slightly lower net profit year-on-year for its New Keppel operations, primarily attributed to reduced real estate contributions. Overall net profit declined due to the absence of fair value gains and lower asset monetisation gains compared to the previous period. However, the asset management division demonstrated robust growth, with fees increasing 13% year-on-year in the first quarter to S$108 million. This growth trajectory builds on the previous full year's impressive 14.5% increase. The company successfully finalised S$2 billion in commitments, with particular strength in digital infrastructure investments. Notably, fundraising activities remained unaffected by the Middle East conflict, whilst Asian dedicated infrastructure funds continue attracting significant investor interest. Middle East Conflict Creates Opportunities The ongoing Middle East conflict has unexpectedly benefited Keppel's operations through improved electricity spreads. Previously declining blended spark spreads of around S$10 year-on-year have reversed dramatically, climbing to over S$20 following the conflict's onset. This development has enhanced the attractiveness of longer-dated electricity contracts, with customers expected to pay premiums for extended-term security. The conflict has also strengthened prospects for Keppel's S$4.3 billion AssetCo rig portfolio. Rising long-dated oil curves have generated strong inquiries for the company's jackups and rigs, with day rates increasing 10-15% upon renewal. Of the 13 vessels in AssetCo, six jackups are completed with seven others at various completion stages. Challenges and Outlook Despite these positives, Keppel faces minor disruptions to its gas supply due to force majeure declarations on LNG supply. However, the impact remains minimal, affecting only a small percentage of the company's gas requirements. Replacement gas sourcing from GasCo at spot JKM pricing, rather than typical Brent-indexed rates, has normalised blended costs. Looking ahead, second-half earnings will be supported by the 600MW Keppel Sakra commencement, increased funds under management, Bifrost cable sales, and DSS project completions. The company targets S$2-3 billion in asset monetisation for the financial year, supporting potential special dividends. Phillip Securities Research maintains its BUY recommendation with a sum-of-the-parts derived target price of S$13.80, reflecting confidence in Keppel's strategic positioning and growth prospects. 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.
Company Overview OUE REIT is a Singapore-listed real estate investment trust with a diversified portfolio spanning hospitality and office segments. The REIT owns premium properties including hotels and commercial office buildings, positioning itself as a key player in Singapore's property investment landscape. Strong Q1 Performance Driven by Hospitality Recovery OUE REIT delivered robust first-quarter results, with gross revenue rising 6.7% year-on-year to S$70.5 million and net property income increasing 8.4% to S$57.6 million. These figures represent 26% of full-year forecasts, indicating solid momentum. The performance was underpinned by exceptional growth in the hospitality segment and declining financing costs due to reduced interest rates and strategic loan repayments. Hospitality Segment Powers Growth The hospitality division emerged as the standout performer, with revenue surging 15.1% year-on-year to S$26.8 million and net property income climbing 16.8% to S$24.3 million. Revenue per available room (RevPAR) increased 11.7% to S$277, driven by strong meetings, incentives, conferences and exhibitions pipeline activity and strategic focus on corporate travellers with flexible pricing strategies. Hilton Orchard achieved 11.2% RevPAR growth to S$277 through improved business traveller segment performance, whilst Crowne Plaza recorded 11.7% RevPAR growth to S$276, benefiting from resilient transient demand and hosting Disney Cruise crew members. Tourist recovery was led by visitors from the United States, Australia and China, though Indonesian demand faced headwinds due to rupiah weakness. Office Portfolio Maintains Momentum The Singapore office portfolio sustained 95.2% committed occupancy with 6.0% rental reversion, supported by flight-to-quality trends. With 26.8% of office gross rental income expiring in 2026 at average passing rent of S$9.77 per square foot against market rent of S$12.40 per square foot, mid-to-high single-digit reversion is expected to continue. Key opportunities include Deloitte's 150,000 square foot lease at OUE Downtown expiring end-2026, currently contributing approximately 5% of portfolio revenue at sub-S$8 per square foot rent. Additionally, OUE Bayfront received planning approval to convert their level 17 into 22,600 square feet of prime office space, representing an estimated 6% net lettable area increase and potential S$4.3 million annual gross revenue uplift. Financing Costs Decline Significantly Interest expenses fell 17.7% to S$17.2 million, with cost of debt dropping 50 basis points year-on-year to 3.7%. This improvement resulted from repaying a S$100 million highest-cost loan and replacing it with lower-cost facilities maturing in 2029. Further relief is anticipated from refinancing the S$150 million medium-term note due in 2026 with facilities of at least five years maturity. Investment Recommendation Phillip Securities Research maintains a BUY rating with an unchanged dividend discount model-based target price of S$0.45. The REIT trades at a forward dividend yield of 6.2% and price-to-net asset value of 0.65 times. Upside catalysts include OUE Bayfront chiller space conversion, Deloitte rent reversion to at least S$9 per square foot upon contract renewal, and potential capital redeployment from One Raffles Place divestment to acquire additional stake in Salesforce Tower Sydney. 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.
Company Overview The Phillip SGX APAC Dividend Leaders REIT ETF (PAREITS) stands as Singapore's highest dividend-yielding REIT exchange-traded fund, distinguished by its dividend-weighted construction methodology and strategic Asia-Pacific exposure. The ETF provides investors with diversified access to dividend-focused real estate investment trusts across the APAC region. Valuation and Recommendation Phillip Securities Research has maintained its ACCUMULATE recommendation for PAREITS whilst adjusting the target price downward to S$1.14 from the previous S$1.29. The revised valuation employs a dual methodology approach, combining historical dividend yield spread analysis and price-to-book ratios. The dividend yield spread method yields a price target of S$1.23, whilst the price-to-book ratio approach suggests S$1.05. By applying equal weighting to both valuation techniques, analysts arrived at the updated S$1.14 target price. Portfolio Composition and Holdings PAREITS demonstrates robust diversification across five distinct real estate sectors, with retail properties commanding the largest allocation at 39.0% of the portfolio. The diversified sector represents the second-largest exposure at 34.3%, followed by industrial properties at 8.8%, office properties at 8.3%, and other sectors comprising 2.2%. The ETF's top three holdings have remained consistent, though there has been notable repositioning within the leadership ranks. Link REIT has advanced from second position to become the fund's largest holding, reflecting the dynamic nature of the dividend-weighted construction methodology that drives the ETF's composition. Outlook and Growth Drivers The investment outlook for PAREITS appears favourable, supported by anticipated monetary policy developments through 2026. Phillip Securities Research expects potential interest rate cuts during this period, which should create a supportive environment for the ETF's underlying holdings. Lower financing costs are projected to benefit REIT operations by reducing borrowing expenses, thereby supporting distribution per unit growth across the portfolio. The ETF's dividend-weighted construction methodology, combined with its APAC regional focus, positions it as the premier high-yield option among Singapore's REIT ETF offerings. This structural advantage, coupled with the improving interest rate environment, underpins the research house's continued positive stance on the investment opportunity. 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.
Singapore REITs Monthly: Negatives Largely Priced In with Selective Overweight Stance
Market Performance and Sector Overview Singapore REITs (S-REITs) faced continued headwinds in March 2026, with the S-REITs Index declining 6.9% following a 1.9% drop in February. Despite the broader market weakness, Suntec REIT emerged as the sole positive performer, gaining 2.8% after completing the acquisition of its REIT manager by Acrophyte Asset Management. At the other end of the spectrum, KORE US REIT suffered the steepest decline of 17.7% as it resumed dividends in the second half of 2025 with approximately 10% payout. Sector performance varied significantly, with healthcare REITs demonstrating relative resilience by declining only 0.7%, whilst overseas commercial properties bore the brunt of selling pressure, falling 12.9%. The S-REITs Index now trades at a forward dividend yield spread of approximately 3.8% and a price-to-net asset value of 0.9x, representing -1.1 standard deviations below the mean. Valuation Assessment and Market Outlook Current valuations appear to have largely incorporated downside risks stemming from Middle East conflicts, which have contributed to more hawkish interest rate expectations. However, the impact of higher utility costs has been broadly contained, as most expenses are either hedged or passed through to tenants, providing some operational stability. Phillip Securities Research maintains an OVERWEIGHT recommendation on S-REITs whilst adopting a more selective approach. The firm expects approximately 3% distribution per unit growth on average for covered S-REITs in FY26e, supported by higher rents from contractual escalations and positive rental reversions, alongside lower financing costs. This outlook is underpinned by continued SORA rate declines, with 3-month SORA at approximately 1.05%, representing a 150 basis points year-on-year decrease. Investment Strategy and Top Picks The research house favours REITs with strong balance sheets, earnings resilience, and potential for distribution growth. Within sub-sectors, retail properties are preferred, where rental reversions are expected to remain robust in the high single-digits during 2026. Top picks include high-yielding S-REITs above 8.5% with resilient portfolios: Stoneweg Europe Stapled Trust (BUY, target price €1.89), Elite UK REIT (BUY, target price £0.41), and United Hampshire US REIT (BUY, target price US$0.69). Prime US REIT (BUY, target price US$0.32) is also favoured for its attractive valuation at 0.34x price-to-net asset value and cash flow visibility. 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.
Company Overview Suntec REIT is a real estate investment trust with a diversified portfolio spanning Singapore, Australia, and the United Kingdom. The REIT's core strength lies in its Singapore assets, which include premium office properties such as MBFC Towers and ORQ, alongside retail assets including Suntec City Mall. The trust also maintains overseas holdings in Australia and the UK, though these markets present different challenges and opportunities. Strong Quarterly Performance Driven by Singapore Operations Suntec REIT reported impressive first-quarter results for FY26, with distribution per unit (DPU) reaching 1.936 Singapore cents, representing a substantial 23.9% year-on-year increase. This performance aligned with analyst expectations and constituted 25.5% of the full-year forecast. The growth was primarily attributed to a S$5.8 million reduction in finance costs, enhanced performance from Singapore office and retail segments, and a S$2 million decrease in withholding tax provision following the retention of Australia Managed Investment Trust status. The Positives: Singapore Portfolio Demonstrates Resilience Singapore operations remained the standout performer, with office occupancy rising 0.6 percentage points quarter-on-quarter to reach an impressive 98.8%. Rental reversions maintained strength at 9.5%, with particularly strong performances from ORQ and MBFC Towers 1 & 2, which achieved 13.2% rental reversions. The outlook for office properties remains positive, with expected rental reversions of 5% in FY26, supported by limited core CBD supply and tight market vacancies. The retail segment also demonstrated robust fundamentals, with occupancy remaining healthy at 99% despite a slight 0.5 percentage point quarterly decline. Rental reversions stayed strong at 14.3%, led by Suntec City Mall's impressive 15.0% achievement. The retail outlook appears promising with expected 10% rental reversions in FY26, underpinned by resilient tenant sales growth of 5% year-on-year and improved shopper traffic increasing 2% year-on-year. The Negatives: Overseas Portfolio Challenges Persist The overseas portfolio continues to present challenges, though conditions remained stable quarter-on-quarter. In Australia, occupancy improved marginally by 0.1 percentage points to 90.7%, but remains constrained by underperforming assets including 55 Currie Street at 66% occupancy and Southgate Complex at 86.8%. However, stability is expected from fully occupied premium assets 177 Pacific Highway and 477 Collins Street. The UK portfolio shows mixed performance, with Nova Properties maintaining full occupancy whilst The Minster Building faces ongoing vacancy pressures, with occupancy unchanged at 85.4%. Investment Outlook and Recommendation Phillip Securities Research maintains an ACCUMULATE recommendation with an unchanged dividend discount model-based target price of S$1.63. The REIT currently trades at an attractive FY26 dividend yield of 5.2% and price-to-net asset value of 0.72 times. Interest costs decreased to 3.56% but are expected to rise slightly to 3.7% in FY26 as low-cost Australian dollar interest rate swaps expire. The company plans to undertake a strategic portfolio review once its board finalisation is complete. 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.
Tesla Inc. Earnings Beat Masks Underlying Demand Erosion, SELL Rating Maintained with US$220 Target
Strong Financial Performance Amid Operational Concerns Tesla Inc. delivered first-quarter 2026 results that exceeded analyst expectations, with revenue and adjusted profit after tax and minority interest (PATMI) representing 23% and 34% of full-year forecasts respectively. The electric vehicle manufacturer's adjusted PATMI surged 56% year-on-year, driven by increased vehicle deliveries and improved automotive gross margins resulting from lower average cost per vehicle. Company Overview Tesla Inc. operates as a leading electric vehicle manufacturer and clean energy company, producing electric cars, energy storage systems, and solar panels. The company has established itself as a pioneer in the electric vehicle market whilst expanding into autonomous driving technology and energy solutions. The Positives Tesla demonstrated strong margin discipline during the quarter, with earnings rising substantially across both automotive and energy storage segments. Automotive revenue climbed 16% year-on-year to US$16.2 billion, supported by higher post-tax-credit pricing that lifted average selling prices. The company maintained cost discipline on its core automotive business, which helped offset elevated artificial intelligence-related research and development spending on projects including the AI5 chip, Cybercab, and Optimus robot. Automotive gross margins excluding regulatory credits improved quarter-on-quarter for the second consecutive period, with the Juniper Model Y refresh and product mix shifts contributing to enhanced profitability. Tesla highlighted positive operating leverage at the group level despite increased AI investments. Full Self-Driving (FSD) monetisation showed encouraging progress, with active supervised FSD subscribers reaching 1.28 million at quarter-end, representing 16% quarter-on-quarter and 38% year-on-year growth. This metric provides the clearest near-term validation of Tesla's software and AI pivot, supporting the company's premium valuation through meaningful recurring revenue streams. Management confirmed FSD v14.x rollout progress and geographic expansion, including Netherlands approval, with European monetisation targeted for the second half of 2026. Analyst Recommendation Phillip Securities Research maintains its SELL recommendation whilst raising the DCF target price to US$220 from US$215, reflecting a 19% increase in fiscal 2026 earnings estimates due to higher automotive revenue and gross margin projections. The firm expects automotive deliveries to decline in fiscal 2026 due to the removal of the US$7,500 electric vehicle tax credit, accelerating market share loss in China, and softening EV demand in the United States and European Union. The increased capital expenditure guidance exceeding US$25 billion will push free cash flow into negative territory for the remainder of fiscal 2026. 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.
