• 研报 | 华侨银行有限公司: 受保险和津贴拖累

    12th May, 2020

    摘要: 2020年一季度收益低于我们预期的45%,原因是保险以市值计价的损失暴跌了94%,以及津贴较一年前的49亿新元,提高到6.57亿新元。 同比3%的贷款增长支撑了6%的NII(净利息收入)增长,因为NIM从一年前开始就企稳在76%。 我们维持增持评级,并下调目标价至14新元 (先前目标价为12.10新元)。在未来两年里,信贷成本指引被修订为每年50-60个基点,并在此期间追加了额外的3亿...

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  • 凯德商务产业信托: 稳定投资组合的诱人估值

    8th May, 2020

    摘要: 2020年一季度的收入符合预期,DPU较低,为65分,2020财年的DPU为18.3%,这是由于可分配收入的保留,因为预期租金的延期支付将会扰乱现金流。 升级至增持评级,目标价为74新元 (先前目标价为2.18新元)。2020财年的DPU下调了15%,从9.03分降至7.67分,其收益率为5%。股权成本从6.34%增加至7.25%,贝塔系数提高了13个基点,以反映更高的市场风险,并将我们的终...

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  • 腾飞房产信托: 基业长青

    8th May, 2020

    摘要: 要求减免或延期支付租金的租户占收入的比例不到1%。2.9亿新元的现金和2亿新元的承诺性融资,以满足运营成本和可分配利润的要求。 15%的租户是中小企业或贸易行业,它们均可能受到影响 (航空,餐饮,零售,油气,酒店/休闲)。 维持增持评级,下调目标价至3.18新元 (先前目标价是3.31新元)。我们合并了对28个美国,2个新加坡和1个澳洲商业园的收购,这将使我们2020财年末的DPU提高...

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  • 星展集团控股有限公司: 津贴创纪录削减运营业绩

    8th May, 2020

    摘要: 2020年一季度盈利7亿新元,低于最初预期的15.9亿新元。然而,拨备前营业利润 (PPOP) 为24.7亿新元,较先前的预期高出15%。 针对抵御COVID-19的影响,集团已拨出9亿新元的津贴,以建立资本缓冲。三分之二纳入普通拨备,其余的来自专项拨备。 银行预计,由于COVID-19大流行,未来两年的信贷成本将累计增加30亿-50亿新元 (80-130个基点)。 2020年一...

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  • 昇崧集团: 表现极佳的季度应会持续下去

    4th May, 2020

    摘要: 新加坡 | 消费 | 2020年一季度汇报 2020年一季度的营收和盈利超出了我们的预期。一季度的税后净利同比飙升48%至2900万新元。 2020年一季度,受益于节日期间消费者情绪普遍改善,以及当DORSCON 升级至橙色时,食品储藏量充足。 积极的销售势头应将持续到2020年二季度,因为自新加坡从4月7日起启动熔断机制,并可能于6月1日结束以来,家...

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  • Frasers Centrepoint Trust (星狮地产信托) 驾驭动荡的现金流

    28th April, 2020

    摘要: 新加坡 | 房地产 (REIT) | 2020年二季度汇报 1.61分的DPU,同比下降48.7%,原因是保留了2020年二季度可分配收入的50% (1800万新元)。 预计2020财年需要续约的剩余11%的GRI,租金的复原率较低,谈判期更长;推断出投资组合租赁的复原率约为5%。 维持增持评级,下调目标价至2.24新元。我们下调了预测,以反映租金回扣和疲软的零售前景,并将股...

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  • 新加坡银行快讯 – Hin Leong交易违约的影响

    23rd April, 2020

    摘要: 摘要 Hin Leong Trading (Pte.) Ltd. (简称HLT) 在被揭露未能报告由于衍生品交易造成价值8亿美元的损失后,于4月17日申请破产。 HLT 共计超过36亿美元的担保债务,欠23家不同的贷款机构,而资产仅有7亿美元。 本地银行的DBS,OCBC 和UOB 对HLT的风险敞口分别为2.9亿美元,2.4亿美元和1.4亿美元。 由于额外准备金,本地...

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  • 新加坡银行每月快讯 – 如释重负,度过困难时刻

    20th April, 2020

    摘要: 摘要 尽管美联储在3月总共降息150个基点,但本地利率正出现短期反弹。NIMs(净息差)全年可能会压缩到中期水平,低于先前的预期。 2月贷款同比增长稳定在0.5%。随着COVID-19疫情接踵而至,在企业面临流动性紧缩的态势下,政府采取各种措施鼓励放贷,贷款将可能会维持在当前的增长水平。 由于市场波动性处于2008年全球金融危机以来的最高月度水平,3月份的衍生品交易量同比...

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  • 新加坡房地产投资信托部门 – 给REITs一些喘息的空间 (+ 信贷评论)

    20th April, 2020

    摘要: 摘要 REITS分配至少90%的收益期限从3个月延长至12个月。 杠杆上限从45% 提高到50%;2.5倍 ICR 的先决条件,将杠杆率提高50%延迟至2022年1月1日。 股票和可转换证券的发行限额增至股本的100% (先前是50%) 在这种低利率的环境下,杠杆限制和提高股票发行上限,为REITs进行收购提供了诱人的条件。如果REITs选择利用杠杆净空,可能会被重...

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  • 中国宏观每月快讯 3月经济状况改善,建筑业利好

    20th April, 2020

    摘要: 摘要 我们预计工业和服务业将在3月份复苏。另一个预期将出现反弹的行业,将是建筑材料。 我们增持中国建筑材料和基建行业,因为原材料需求增加,以及基建项目融资规模较大。 供给侧:工业和服务业在3月复苏  工业:2020年前两个月,中国工业增加值同比下降13.5%,其中采矿业同比下降6.5%,制造业同比下降15.7%,公用事业同比下降7.1%。(图1)根据发电日耗煤量的高频数据...

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