• 研报 | 新加坡房地产行业——一套令人惊讶的新降温措施

    11th July, 2018

    摘要:   新加坡房地产行业 新的降温措施:提高额外买家印花税和收紧贷款估值。 短期内对交易量和价格产生负面影响,但随着价格的逐步上涨,会带来更可持续的上行周期。 房地产价格上涨得到了收入增长的支撑,收入增长已超过了房价上涨。 尽管我们降低了选定项目的假定售价,并提高了行业重估净资产值的折扣,但我们仍维持对新加坡房地产行业的增持观点。   ...

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  • 新加坡煤炭每月快讯

    9th July, 2018

    摘要:   中国进口更多的煤炭 中国进口激增:据路透社报道,中国的海运煤炭进口量在2018上半年同比激增14%,估计达到1.266亿吨。印尼成为最大的进口来源国,交付煤炭6180万吨,同比飙升33.5%。同时,从澳洲进口的煤炭在此期间持平在4280万吨 (2017上半年:4260万吨)。 进口限制放宽:2018年6月,由于对价格上涨和地区电力短缺的担忧,中央政府减少了对...

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  • 研报 | 枫叶教育 (1317.HK) – 轻资产模式驱动,内地国际学校前景看好

    5th July, 2018

    摘要: 投资概要 枫叶教育是一家在中国领先的学前教育到12年级教育(K-12)国际学校运营商。由于中国中产阶级的崛起,轻资产发展模式和独特的双文凭课程,我们相信枫叶将成为中国教育界最有前途的公司之一。 因此,我们给予枫叶“增持”评级,并得出目标价15.68港元,基于2019年纯利,并假设1倍PEG(2018-20年的盈利複合增长率为30%),潜在上涨空间为9.7%。(现价截至7月3日) &nb...

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  • 新加坡股票研报 | 新加坡银行

    4th July, 2018

    摘要: 投资概要 新加坡5月的国内贷款同比增长了5.5%,但仍较2018年一季度增长的4.8%略有加快。 5月份香港的贷款增速逐渐降至12%。 6月份,3个月的SIBOR 和HIBOR 接近10年来的高位。 对新加坡银行业维持增持评级。   新加坡5月份的国内贷款同比增长了5.5% 5月份的贷款增长受到商业贷款的推动,上升了5.8%...

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  • 嘉德置地商业信托

    3rd July, 2018

    摘要: 投资概要 CCT 以新元5.16亿出售Twenty Anson,比2017年12月31日的估值高出19%。 有利的撤资收益率为2.7%,相比2017年先前的撤资收益率为3.2%-3.4% 。 在持有Twenty Anson 6年以上的所有权期内,实现了相当好的内部收益率约为7%。 预计租赁收益的损失将以撤资收益来填补。 维持增持评级,目标价不变仍为新元1.88。 ...

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  • 研报 | 云南白药 (000538.SZ) – 回档现买入时机

    29th June, 2018

    摘要: 投资概要 近期市场波动加剧,公司股价回落,出现买入机会。我们重申公司基本面情况良好,一季度营业收入同比增长7.26%,淨利润同比增速11.18%,经营活动产生的现金淨流量同比增加137.75%。公司销售人效在溷改后改善明显。同时,建议关注公司医疗业务进展。我们预测2018年EPS为3.4元/股,维持33倍目标市盈率,目标股价112.0元。(现价截至6月27日) 公司概况 ...

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  • 新加坡股研报 | 竞争激烈的工业板块近期趋势

    7th June, 2018

    摘要: 文章来源:新交所(SGX) 工业板块涵盖制造、工程和运输等多个行业。由于通胀担忧在 2 月初卷土重来,该板块的基准指数在 2018 年年初至今略微上涨,在 2017 年涨势的基础上盘整。 过去 12 个月新加坡市值最大的 10 只资本货物和运输股的表现出现分化。资本货物股年初至今的平均总回报率为 4.8%,12 个月平均总回报率为 14.7%,而运输股 2018 年年初至今和过去 12...

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  • 新加坡股票研报 | 新加坡银行板块分析

    6th June, 2018

    摘要: 新加坡4月份的国内贷款同比增长5.7% 。从2018年一季度增长到4.8%来看,这是一个温和的加速。 香港的贷款增长继续保持强劲。4月份贷款同比增长了17.1% 。 5月份,3个月的SIBOR 接近10年高位,为1.51% 。 油气行业正在改善,但短期复苏仍然低迷。 对新加坡银行业维持增持评级建议。   4月份新加坡国内贷款同比增长5.7% ...

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  • 新加坡股票研报 | 老曾记有限公司 – 强劲的终结,标志着转折点

    4th June, 2018

    摘要: 在产品创新的驱动下,2018财年的收入同期增长了9.1%,与我们的预期相符。 由于经营杠杆率的提高以及英国合资企业启动成本低于预期,2018财年的盈利超过我们预期的13%。 增长势头延续至2019财年末,同时工厂产能的扩张和新工厂设备的收益应该会开始大幅增长。 末期股息为1.50分,与去年持平。 维持买入评级,基于现金流量贴现法- 衍生的目标价不变,仍为新元0.98 ...

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  • 港股研报 | 吉利汽车 (175.HK) – 毛利水准有望随着月销过万车型增多更上台阶

    22nd May, 2018

    摘要:   投资概要 我们认为吉利汽车将继续受益于成功的战略带来的红利,未来公司在外延跨越式发展、出口市场方面看点多多,管理层几次大笔增持显示强烈信心。估值上,我们上调盈利预测,并调整目标价至36港元,对应2018/2019年18/13倍预计市盈率,上调至买入评级。(现价截至5月16日) 四月销量强势依旧 吉利汽车4 月份总销量为128,817辆,同比劲升+49%,...

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