• 新加坡研报 | 泰国酿酒

    21st May, 2018

    摘要: 2018上半年的收入/核心息税折旧摊销前利润达到我们全年预期的55%/50% ;财务成本和有效税率高于预期,导致盈利错失。 近期收购带来的强劲业绩,无法抵消泰国啤酒市场持续疲软的影响。 自2018年1月26日起,为老年基金开征2%的新消费税。 拟下调中期派息每股为0.15泰铢 (2017上半年:0.20 泰铢) 维持买入评级,目标价不变,分类加总估值法-衍生目标价为新元1....

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  • 辉立宏观观测报告 | 寻找10年期国债收益率的上限

    16th May, 2018

    摘要: 10 年期美国国债收益率突破了3 %的关键水平 2018年4月24日,10 年期美国国债 (UST) 的收益率自2013年12月以来,首次接近突破3%的关键阻力位。10年期UST 的3%收益率,在很大程度上被市场参与者视为决定30年期债券市场牛市终结的关键水平。 自从险破3%以来,10 年期的UST 收益率已下降了50个基点至2.95%左右,并围绕3%作水平波动。随着美联储继续...

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  • 新加坡股票研报 | 中国航油 (新加坡)

    15th May, 2018

    摘要: 由于联营企业的利润增长高于预期,2018年一季度的净利润超出我们预期的11.8%。 贸易量处于健康水平,并且联营企业的利润创新高。 现货溢价持续,压缩了贸易利润。 CAO 采用了SFRS (I) 9会计准则,报告预计信贷损失和变化。2018年一季度,公司对应收账款的减值拨备达到157万美元。 在采用了SFRS (I) 9 会计准则的影响后,我们适度调整了2018财年末的每股...

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  • 新加坡股票研报 | 新加坡胜科工业集团

    14th May, 2018

    摘要: 2018年一季度的收入符合我们的预期,而净利润却大幅下滑,主要原因是来自海事业务的业绩不佳。 新加坡公用事业的运营持平,正面临着利润的压缩。 印度公用事业的业绩受到SGPL和SGIL的负面影响,因为在2018年一季度,在SGPL和SGIL中,大多数或是短期的能源采购协议都是在低关税下以及低风期下签订的。 海事业务继续削弱集团的盈利能力。 由于SMM长期以来的盈利能力较弱,我...

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  • 新加坡股票 | 凯德置地有限公司(Capitaland)——经常性收入稳定

    11th May, 2018

    摘要: 收入和净利润与我们的预测相符。 在中国这个CAPL最大的市场上, 同类型商场的承租销售增长稳定在6.2% 。 2018年一季度,由于待售的单位减少,中国住宅的销售减少了一半。只有4% 的单位尚未出售。  服务式公寓的收益同比增长了5%,延续了2017年四季度的势头。 维持增持评级,目标价不变仍为新元4.19。   积极方面 ...

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  • 新加坡股票研报 | 莱佛士医疗集团有限公司

    10th May, 2018

    摘要: 2018年一季度的收入/税后净利达到23.5%/23.1% ,符合我们全年的预期。 2018年一季度,私人医疗保健服务的需求上涨,表现强劲。 新加坡和中国方面的新产能,在满足日益增长的地区医疗服务方面的需求。 维持增持评级,目标价不变,仍为新元1.32   积极方面 受到本地患者负荷增加的驱动,医疗保健服务恢复。2018...

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  • 新加坡股研报 | 昇菘集团启动扩张模式,50之前不止步

    9th May, 2018

    摘要: 2018年一季度的收入/税后净利达到了我们全年估值的26.6%/25.3% 新店贡献带动盈利增长,在有利的宏观背景下产生顺差和提高毛利率。 从目前48家门店起计,到2018上半年实现开业50家门店的目标 ;将继续拓展其销售网络,以抢占市场份额。 基于近期股价上涨,下调至增持评级;目标价不变,仍为新元1.13 积极方面 由新店贡献和...

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  • 新加坡研报 |Micro-Mechanics (Holdings) Ltd

    8th May, 2018

    摘要: 2018年三季度收入和税后净利没有达到我们的预期。我们正在对2018财年末的盈利预测削减10%。 利润率受到由于产能扩张和会计变更带来成本上涨的影响。 与我们降低的盈利预测保持一致,我们将目标价下调至新元2.30 (先前目标价为新元2.50)。基于最近股价的调整后,我们提出升级至买入评级。 积极方面 前端半导体工具 (或者是美国) 销售增长了近30%...

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  • 新加坡股研报 | 星展集团控股有限公司(DBS)

    7th May, 2018

    摘要: 2018年一季度的税后净利符合预期 (剔除了8600万新元的处置收益) 表现突出的是集团的净息差收入,财富管理和香港业务。 净利息收入的增长势头为盈利提供了可持续性和可见性。剔除处置收益后,净资产收益率为12.5%。 我们上调目标价至新元32.70 (先前目标价为新元29.30)。由于股价的表现,我们已将评级下调至增持级别。     ...

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  • 新加坡股票研报 | 凯德商用中国信托(CapitaLand Retail China Trust)

    4th May, 2018

    摘要: NPI 和DPU 在我们的预期范围内。 零售销售改善,同比增长2.1% ,而2017财年的增长为0.8%。 从 CapitaMall Anzhen 的撤资中收益,获得300万新元的资本分配,以增加可分配收入。 018年没有再融资需求。 升级至增持评级,根据股利贴现模型-衍生目标价不变,仍为新元1.66 积极方面 零售销售改善,同比增长2.1%,而...

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