• 宏利美国房地产投资信托(Manulife US REIT): 投资组合抵御短期不确定性

    7th August, 2020

    摘要: 2020上半年,NPI和DPU与我们2020财年的预期一致,分别占2%和47.0%。 2020上半年正租金回归为9%。MUST的投资组合仍保持弹性 – 迄今为止,其资产内转租没有增加,租户也没有提出调整/缩小租赁规模,或搬迁的要求。提供最低限度的租金减免和延期支付。 我们仍对MUST的弹性保持乐观,因为它的WALE较长,20/21财年的租赁到期率较小,租户质量和供应紧俏,MUST在这些...

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  • 新加坡证券交易所 | 火力全开

    7th August, 2020

    摘要: 新交所在持续的业务增长势头下,2020年四季度的收益比我们的预期超出了11.9%。 2020年四季度延续了三季度的出色表现,由于市场交易活跃度上升,现金股同比增长11%,而自2020年三季度收购了Scientific Beta以来,对收益做出了贡献,DCI同比增长39.5%。 随着收购BidFX进入外汇OTC市场,以及与FTSE(富时指数)合作,取代即将到期的MSCI Index Futu...

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  • 中手游 (302 HK) 领先的 IP 游戏营运及发行商

    14th July, 2020

    摘要: 投資概要   中手游为领先的 IP 游戏营运商及发行商 公司主要聚焦于与著名文化产品及艺术作品有关的 IP(例如来自受欢迎的动画、小说和电影的主角或人物),该等 IP 具有庞大的粉丝群体、市场认受性和商业价值。根据招股书,截至 2019 年 6 月 30 日,公司于所有中国独立手游发行商中拥有最大的 IP 储备,并可运用该储备于 IP 游戏开发。通过与第三方游戏开发商合作及透过...

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  • 辉立2020年三季度新加坡策略 | 以压倒性的力量回应

    2nd July, 2020

    摘要: 回顾:STI在2020年二季度上涨了4.4%,但在2020上半年仍处于亏损状态,下跌了19.6%。我们在二季度输给了美国市场20%的大幅反弹。这场疫情大流行给新加坡经济造成了沉重的打击。预计2020年的GDP将同比收缩4% - 7%,这是有纪录以来最严重的收缩。与以往的衰退不同,政策性衰退是必要遏制措施的副产品。我们实施了严格的封锁 (熔断机制) 以遏制疫情大流行的蔓延。而且它已经奏效了。在实施熔...

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  • 黑天鹅之年过半,寻找中国投资的新灯塔

    30th June, 2020

    摘要: 背景: 黑天鹅之年,投资中国A股仍是大趋势  “黑天鹅之年” – 2020年已近过半。上半年中,美股熔断,原油暴跌,我们几乎每天都经历着各种“有生之年”的系列事件。而新冠肺炎疫情作为2020年影响最大,持续时间最长的的“黑天鹅”,已经对全球经济以及金融市场产生深刻影响。   今年3月新型冠状病毒在全球流行,叠加油价崩盘的影响,3月美股市场10天熔断4次,同期全球股市受...

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  • 研报 | 美国 | 技术分析 | 更新

    12th June, 2020

    摘要:   Facebook Inc (美股代码: FB) 股票脉冲强劲的反弹,已突破224.20美元的高点。基于技术面分析来看,Facebook(脸书)将继续其看涨趋势。 Facebook自从突破224.20美元的阻力位高点以来,股价已盘整成看涨三角旗,并且在224.20美元价位得到良好的支撑。此外,周一的蜡烛显示,股价实际上已突破了三角旗的顶部,表明多头已回归。 ...

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  • 研报 | 新加坡 | 电信| 2020年四季度汇报

    4th June, 2020

    摘要: 2020年四季度收益和盈利低于预期。澳洲是拖累收益的最大因素。Optus的收益同比下降了83%。新加坡移动受到漫游收入疲软的影响,但工资抵免额提高了利润率。 印度的联营公司利润扭亏为盈,收益近9800万新元,为一大亮点。 2020财年的末期股息削减49%,至5.45分。没有为2021财年提供收益指引。 维持中性评级,并下调目标价至2.44新元 (先前目标价为3.18新元)。我们将...

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  • 研报 | 博纳房地产公司(PropNex Ltd): 盈利几乎增长了3倍,但前景黯淡

    22nd May, 2020

    摘要: 2020年一季度的税后净利同比跳增近3倍,至760万新元。其增长超出了我们的预期。这一增长来自项目营销(即新项目发售)实现3倍的收入激增。 今年的前景将是疲软的。熔断机制,经济状况疲软和项目定价较高,将导致交易量收缩。我们将2020财年末的收益削减了19%。收益影响仅将记入2020下半年。 2020年一季度,净现金继续累积达到8980万新元 (同比增长1000万新元),几乎占市值的50...

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  • 研报 | 凯德集团: 建立弹性,寻找机会

    12th May, 2020

    摘要: 来自费用的经常性收入,提供了稳定的现金流。 通过多元化减轻了COVID19带来的影响 – 商业和工业板块表现出弹性,而酒店和零售板块受到的影响最大。 在纳入REITs较低的修订估值后,维持买入评级,并下调目标价至3.94新元 (先前目标价为4.20新元)。我们将2020财年末的收益降低了14.1%,因为我们考虑到提供的租金回扣带来的收入下降,以及住宿收入的疲弱。  ...

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  • 研报 | 大华银行有限公司: 迎接未来更艰难的时刻

    12th May, 2020

    摘要: 2020年一季度收益比我们之前的预估低了19%,这是因为这季度的GP(一般准备金)有所提高,以应对在疫情大流行的态势下,加强了津贴的覆盖范围。 NII(净利息收入)持平,因为NIM同比压缩了8个基点,以抵消贷款同比增长3%的影响。 手续费收入持续增长的势头(同比增长8%),这得益于财富管理费用的增加(同比增长28%),以支撑来自交易量和投资下降带来的收入(同比下降17%)。 本季...

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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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