• 新加坡研报股票 | 中国尚舜化工控股有限公司

    3rd May, 2018

    摘要: 中国尚舜化工控股有限公司 2018年一季度的收入与预期相符,同时净利润超过14.2%。GPM比预期的要高。 高平均售价和销量延续至2018年一季度。GPM和NPM达到了历史最高水平。 新产能的试运行预计将在2018年二季度获得批准。 随着我们提高对利润的假设,我们将2018财年末的每股盈利上调45%至新元23.3分,以及将2019财年末的每股盈利上调26%至新元22.4分。...

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  • ETF研报 | 未来五大宏观趋势

    2nd May, 2018

    摘要: 未来五大宏观趋势 在这个经济、文化和政治不断变革的时代,我们的日常生活方式已经被逐步改变。传统行业将被新兴企业取代,企业只有不断适应时代的变化,才能更好的生存,并且获得成功。 宏观趋势的变化导致许多投资者开始寻求回报更高的投资方式,而不是单单依赖以传统指数为基准的投资(如投资新加坡海峡时报指数或S&P 500指数中的蓝筹股) 主题式投资策略是指投资者观察宏观趋势,发现能从...

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  • 股票研报 | 联美控股 (600167.SH) – 内生外延驱动未来高成长

    30th April, 2018

    摘要: 投资概要 全年净利润增长超出市场预期 供暖主业驱动业绩高增长 战略佈局3D成像,外延扩张加速 全年净利润增长超出市场预期 2017年联美控股实现营业收入23.76亿元,同比增长16.24%,归母净利润9.22亿元,同比增长31.93%,对应每股收益1.157元,同比增长12.6%。其中Q1/Q2/Q3/Q4归母净利润分别为4.52/-1.43/1.72...

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  • 新加坡股票研报 | 凯德商务产业信托(CapitaLand Commercial Trust)

    27th April, 2018

    摘要: NPI 和DPU 在我们的预测范围内。 甲级写字楼的租金继续复苏,2018年一季度环比上涨3.2% 。 2018年尚余的最低限额的租约到期 (占总租金收入的5% )。 全额再融资的债务在2018年到期。增加融资成本是我们唯一主要的关注。 升级至增持级别,目标价上调至新元1.88 (原来的目标价为新元1.80)。   积极方面 甲级...

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  • 新加坡股票研报 | 腾飞房产投资信托(Ascendas REIT)

    26th April, 2018

    摘要: 总收入和DPU与我们的预测相符 2017/18财年下半年的DPU为7.880分,相比2016/17财年下半年的DPU则为 7.845 分/17 (同比增长0.45% ) 投资组合在估值,入住率和总杠杆率方面保持稳定 维持增持评级;上调目标价至新元2.91 (先前是新元2.89) 积极方面 投资组合价值保持稳定,资本化率略有收紧。同店126套物业...

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  • 新加坡股票研报 | 凯德商用新加坡信托(CapitaLand Mall Trust)

    25th April, 2018

    摘要: 凯德商用新加坡信托 2018年一季度的房地产净利和每单位分红在我们预测范围内。 较高的入住率和较低的运营支出支持DPU的同比增长1.8%。 整体承租销售仍然低迷,但有几个分部门的表现出色。 Sembawang 购物中心(SSC) 以2017财年1.97倍的估值出售,给我们一个正面的惊喜。 维持中性评级,考虑到撤资收益,目标价上调至新元2.05 (原先为新元2.03)。...

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  • 新加坡股票研报 | 新加坡证券交易所(SGX)- 谢谢你的波动

    24th April, 2018

    摘要: 投资概要 2018年三季度的税后净利比我们的预测超出11%。2.22亿新元的收入是上市 以来的最高收益。证券方面的收益超出我们的预期。 衍生品业务推动了收入增长,销量同比增长了34%。外汇衍生品的交易量飙升了89%。 新交所将于2018年6月推出新的印度股票衍生品,与所谓的“公开参考价格”挂钩。 维持买入评级。我们上调目标价至新元9.20 (先前为新元8.89),与我们20...

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  • 宇通客车 (600066.CH) – 行业洗牌利好龙头扩张

    23rd April, 2018

    摘要: 投资概要 因为行业政策变动影响,宇通客车2017 年的业绩下滑超过两成,补贴政策退坡、账期拉长,以及产品促销削弱了公司盈利能力。不过公司市占率逆势上升,坏账有望转回有利于2018年公司业绩回暖,海外市场也值得期待。我们下调目标价,但维持增持评级。 2017年业绩下滑逾两成 宇通客车2017 年实现营业收入 332.22 亿元,同比减少 7.33%;归母淨利润 31...

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  • 新加坡股研报 | 吉宝数据中心(Keppel DC REIT)

    19th April, 2018

    摘要: 投资概要 由于净税和调整,总收入比我们预期的高出4.8%,DPU比我们预期的下降10.4%。 与2018财年的预测一致,总收入和DPU分别达到25%和23%。 3月30日,德国maincubes 数据中心的收购已完成,将投资组合的环比由15.1亿新元增长至16.6亿新元。 维持中性评级;目标价不变,仍为1.47新元。 积极方面 投资组合W...

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  • 港股研报 | 云南白药 (000538.SZ)

    18th April, 2018

    摘要: 投资概要 公司医药商业实现平稳增长,医药工业方面,健康产品增长显着。销售费用大幅上升,行销力度不断加大。溷改进一步落地,有望进一步激发未来增长动力。考虑到销售费用等支出可能增加,我们调低2018年EPS预测至3.4元/股(原3.55元/股)。对比历史市盈率和行业市盈率水准,我们给予33倍目标市盈率,目标股价112.0元。(现价截至4月13日)   溷改加速发展 ...

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