• 新加坡胜科工业集团 (Sembcorp Industries Ltd)

    9th November, 2018

    摘要:   投资概要   2018年三季度营收超出预期,但由于SMM亏损扩大,净利润未能实现。 公用事业中国表现良好,而公用事业新加坡则遭受点火价差薄弱所拖累。 由于SGPL 的亏损再次扩大,公用事业印度的盈利环比有所减少。 海事部门继续拖累集团的业绩。 由于SMM的长期亏损,我们将2018财年末的每股盈利从新元17.7分降至新元17.1分。在...

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  • 美股市场近期分析及投资机会分享

    1st November, 2018

    摘要: 动荡的市场 在投资者还没来得及为2018年10月初创下的历史新高欢呼之前,市场的动荡接踵而来,为投资者创造了一种梦魇般的情景——或许这是市场以惊骇的方式来庆祝万圣节的到来吧!所有3个指数——标准普尔500指数,道琼斯指数和纳斯达克综合指数,全部进入调整区间;从高点暴跌近10%。随着美国中期选举,美国联邦公开市场委员会 (FOMC) 会议以及G20 峰会都将在2018年11月举行,市场经历着...

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  • 凯德商务产业信托(CapitaLand Commercial Trust)

    29th October, 2018

    摘要:   投资概要   三季度和9个月的NPI/DPU 符合我们的预测。 来自Galileo 的全季度贡献,占CCT今年三季度NPI的5%。 通过提高固定利率的债务比例,使杠杆比率降低了35.3% 。 亚洲广场2座(AST2)提高了近乎整个投资组合的入驻率。 负租金的逆转仍困扰着关键房产。 维持增持评级,目标价为新元1.90 (先前为新...

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  • 新加坡证券交易所:衍生产品在动荡的环境中蓬勃发展

    24th October, 2018

    摘要:   投资概要   2019年一季度的营收和税后净利分别比预期低5.6%和6.5%,原因是来自交易后服务和发行服务的收入比预期要疲弱。 由于新兴市场的疲软以及对经济状况的担忧导致资金流动减弱,证券业务比预期低6.6%。 衍生品业务表现突出,交易量创下强劲的纪录,营收同比激增17%。 中期股息每股飙升50%至7.5 分 (2018年一季度:5 分...

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  • 货币政策支持,财政政策对冲,中国A股四季度值得期待

    18th October, 2018

    摘要:   投资概要   2018年,不断紧张的国际贸易形势以及工业居民消费品价格的超预期上涨,给中国经济蒙上阴影。对中国股市及债市影响巨大。 进入四季度,在较高通胀水平,低增长的轻微类滞涨背景下,我们观察到中国货币政策财政政策目标趋同越加明显。中国政策现阶段着眼于稳定经济增长,未来以补短板为主要发力方向。积极的财政政策,稳健灵活适度的货币政策对于经济的不利因素...

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  • 研报 | 华域汽车 (600741.CH):中期业绩靓丽,産品升级和新兴业务继续推进

    10th October, 2018

    摘要:   投资概要   华域汽车是中国汽车零部件行业的领先者,对具有核心竞争力的业务板块,公司将进一步实行外延式的扩张和内涵式增长相结合的发展途径,以促进转型升级、形成支撑未来可持续发展的核心业务群。我们依旧认爲零部件的系统化,高端化和科技化是中国汽车市场的未来发展趋势,利好公司这样的高品质零部件生産商提高市场份额,维持买入评级。   ...

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  • A股节后补跌,北上资金录大幅单日流出:杠反向产品以及大市表现更新

    9th October, 2018

    摘要:   中国市场近期要点   富时罗素宣佈计画把A股纳入其关键指数,初始阶段预计有100亿美元流入A股,MSCI宣佈计画扩大A股纳入比重和范围。 美国宣佈自9月24日起对2000亿美元中国输美产品加征10%的关税,进而还要採取其他关税升级措施。中国商务部回应称“不得不同步进行反制”。 美国副总统彭斯发表演说,指中国政府干预美国中期选举。 中国央行...

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  • 新加坡银行每月快讯:随着利率越高,定价权越大

    3rd October, 2018

    摘要:   投资概要   8月份新加坡国内贷款同比增长了5.6%。 8月份香港贷款增长放缓至8.4%,为近两年来的最低水平。 9月份3个月的SIBOR达到了预期的新高。 对新加坡银行业维持买入评级。   8月份新加坡国内贷款同比增长了5.6% 8月份,国内贷款增长受到商业贷款同比增长7%的推动,以及来自房屋和建...

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  • 研报 | 华润医药 (3320.HK) – 半年报点评:製药业务高速增长,分销龙头地位稳固

    6th September, 2018

    摘要: 2018年8月28日   投资概要   上半年,公司分销、製药、零售三大业务收入分别同比增长10.2%/32.9%/16.7%。公司的销售网路持续优化,製药板块彷创结合,重点佈局生物药领域,通过外延并购等方式推动化药和中药板块发展。由于两票制的影响将在2018年下半年消除,预计业绩增长更加正面,因此我们上调目标价至15.2港元,对应2018年目标市盈率1...

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  • 研报 | 新加坡银行每月快讯 – SIBOR 和SOR 开始飙升

    5th September, 2018

    摘要:   投资概要   新加坡7月份的国内贷款同比增长了5.5%。 7月份香港的贷款增长下降至9.5%。 8月份3个月的SIBOR飙升至10年的高位。 新加坡银行业升级至买入评级。   7月份新加坡的国内贷款同比增长了5.5% 贷款增长受到商业贷款的推动,同比增长了6.6%。7月份的消费贷款同比增长4.0%,...

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This material is provided by Phillip Capital Management (S) Ltd (“PCM”) for general information only and does not constitute a recommendation, an offer to sell, or a solicitation of any offer to invest in any of the exchange-traded fund (“ETF”) or the unit trust (“Products”) mentioned herein. It does not have any regard to your specific investment objectives, financial situation and any of your particular needs. You should read the Prospectus and the accompanying Product Highlights Sheet (“PHS”) for key features, key risks and other important information of the Products and obtain advice from a financial adviser (“FA“) pursuant to a separate engagement before making a commitment to invest in the Products. In the event that you choose not to obtain advice from a FA, you should assess whether the Products are suitable for you before proceeding to invest. A copy of the Prospectus and PHS are available from PCM, any of its Participating Dealers (“PDs“) for the ETF, or any of its authorised distributors for the unit trust managed by PCM.  

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The regular dividend distributions, out of either income and/or capital, are not guaranteed and subject to PCM’s discretion. Past payout yields and payments do not represent future payout yields and payments. Such dividend distributions will reduce the available capital for reinvestment and may result in an immediate decrease in the net asset value (“NAV”) of the Products. Please refer to <www.phillipfunds.com> for more information in relation to the dividend distributions.  

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