• 研报 | 昇崧集团(Sheng Siong):开新店 + 市场份额 + 更高利润 = 利润创新高

    4th November, 2019

    摘要: 2019年11月1日 增持 (维持) 收盘价:SGD 1.17 | 预测DIV:SGD 0.037 目标价:SGD 1.32 | 总回报:16.0%   摘要 2019年三季度的收入在我们的预期之内。由于获得更高的毛利率以及其他收入(津贴)的增加,净收益超过了我们的预期。因为新鲜食品销售组合的增加,三季度的新店推动收入增长11%,而毛利率也...

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  • 研报 | 吉宝数据中心投资信托(KEPPEL DC REIT)

    17th October, 2019

    摘要: 2019年10月16日 增持 (维持) 收盘价:SGD 1.990 | 预测DIV:SGD 0.078 目标价:SGD 2.060 | 总回报:7.4%   摘要 2019年三季度NPI 和DPU 与我们的预测相符。9个月DPU 占2019财年预估值的74.2%。 投资组合指标健康;出租率上升0.7%,而收购后的杠杆率将稳...

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  • 研报 | 凯德置地有限公司(CapitaLand):一齐准备就绪

    27th August, 2019

    摘要: 2019年8月19日 买入 (升级) 收盘价:SGD 3.40 | 预测DIV:SGD 0.12 目标价:SGD 4.20 | 总回报:27.1%   摘要 2019年二季度同比下降-19.3% ,这是因为中国和越南住宅移交的时间差异所致 (后续要到2019下半年,见图1和2)。中国逐步放宽价格上限,致使今年二季度的销售价格环比上涨19% ...

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  • 新加坡银行业每月快讯:消费疲软被商业贷款抵消

    4th July, 2019

    摘要: 2019年7月2日 增持 (维持)   星展集团控股 :增持 (维持) 彭博代码:DBS SP 收盘价:SGD 26.40 | 预测DIV:SGD 1.20 目标价:SGD 29.00 | 总回报:14.39%   华侨银行集团:增持 (维持) 彭博代码:OCBC SP 收盘价:SGD 11.46 | 预测DIV:SG...

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  • 研报 | 中国光大水务有限公司:正在进行扩张 (China Everbright Water)

    23rd May, 2019

    摘要: 2019年5月17日 买入 (维持) 收盘价: SGD 0.385 | 预测DIV: SGD 0.011 目标价:SGD 0.500 | 总回报: 32.7%   摘要 2019年一季度的营收和税后净利均达到了我们的预期。 两个项目已落实,14个在建项目以及1个项目在2019年一季度期间已开始运作。7个污水处理项目在2019年一季度上调了水价。 两地上...

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  • 研报 | 中国航油 China Aviation Oil (新加坡):表现持平

    6th May, 2019

    摘要: 2019年5月2日 买入 (维持) 收盘价:SGD 1.370 | 预测DIV:SGD 0.004 目标价:SGD 1.670 | 总回报:22.2%   摘要 2019年一季度收入和净利润符合我们的预期。中间馏分油的产量温和增长,但其它石油产品的产量暴跌。由于平均油价下跌,浦东的表现不佳。基于12个月的市盈率为11.5倍,我们将2019财年末的每股盈利维...

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  • 研报 | 昇崧集团(Sheng Siong):仍在抢占市场份额

    3rd May, 2019

    摘要: 2019年5月2日 增持 (升级) 收盘价:SGD 1.03 | 预测DIV:SGD 0.037 目标价:SGD 1.30 | 总回报:29.8%   摘要 2019年一季度的收入超出我们的预期。税后净利低于预期,因为运营支出略高于预期。与去年相比,毛利润率相对持平。今年新增3家门店,店面总面积增加了3% 。我们的预测保持不变。评级从买入升级至增持,而...

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  • 研报 | 新加坡煤炭每月快讯:没有迹象显示中国放宽进口限制

    30th April, 2019

    摘要: 2019年4月25日 Golden Energy & Resources 买入 (维持) 彭博代码:GER SP | 收盘价:SGD 0.215 预测DIV:SGD 0.010 | 目标价:SGD 0.300 总回报:44.2% Geo Energy Resources 增持 (维持) 彭博代码:GERL SP | 收盘价:SGD 0...

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  • 研报 | 凯德商用新加坡信托(CapitaMall Trust):期待预期

    29th April, 2019

    摘要: 2019年4月25日 中性 (维持) 收盘价:SGD 2.36 | 预测DIV:SGD 0.116 目标价:SGD 2.21 | 总回报:-1.4%   2019年一季度的NPI 和DPU 符合我们的预期。 稳定的投资组合入驻率和较高的租户保留率。 Funan 的预租率达到90% – 按计划将于2019下半年开业。 受更广泛的贸易类别组合拖...

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  • 研报 | 吉宝数据中心投资信托(Keppel DC REIT)通过积极的管理播种

    23rd April, 2019

    摘要: 推介日期:2019年4月17日 投资建议:增持 (维持) 收盘价:SGD 1.480 | 预测DIV:SGD 0.087 目标价:SGD 1.590 | 总回报:13.3%   健康投资组合的入驻率为93.2%,长期WALE 为8年。 由于新发行的MTN和贷款的提前再融资,使债务成本降低。 从2 个AEI的 预承诺租赁和电力使用增加,以及1个 A...

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