• 研报 | 辉立新加坡策略:为经济复苏继续投资

    11th April, 2019

    摘要: 2019年4月9日   STI 在2019年一季度上涨4.7%。它所有的收益都在1月份刷新纪录。在接下来的两个月里,表现平平。REITs (图1) 和周期股 (图2) 领涨,而银行股则受阻 (图3)。2019年将以两个政策风险拉开帷幕;美联储的立场强硬,中美贸易紧张局势不断升级。 当这两种风险开始消退时,STI 出现反弹。当美联储强调需要对货币政策有耐心时,加息的风险降低了。...

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  • 新加坡银行每月快讯:抵押贷款重新定价以抵消贷款增长放缓的影响

    4th April, 2019

    摘要: 2019年4月1日   2月份抵押贷款同比增长继续放缓至1.2%,低于上月同比增长1.6%的17年来的低点。 2月份贷款总额同比增长持平在3.3%,主要受房屋和建筑贷款的支撑 (同比增长12.7%)。 2月份国内存款同比增长6.3%,受定期存款同比增长18.9%的推动,为11年来的最快增速。CASA 收缩1.0%。 3月份3个月SIBOR 和SO...

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  • 研报 | 新加坡房产投资信托(REITs)每月快讯

    21st March, 2019

    摘要:   富时新加坡房产投资信托月初至今和年初至今的总回报,分别上涨1.5% 和10.4%。商业板块的涨幅最大 (年初至今上涨12.3%) ,而零售板块涨幅最弱 (年初至今上涨7.8%)。 与10年期SGS (10YSGS) 基准的收益率相比,截至2月底,板块的收益率差进一步跌破 -1 标准差 (s.d.) 水平,至261个基点。 年初至今,3个月SOR 继续上涨,2月份收于1.95...

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  • 股票研报 | 昇松集团(Sheng Siong):新门店将支持增长

    7th March, 2019

    摘要:   投资概要   2018年四季度的收入和盈利符合我们的预期。2018年四季度,由于政府拨款减少230万新元,使税后净利的整体表现受损。 毛利润很可观,但同店销售的萎缩,拖累了部分营收。 预计2018财年,随着零售空间增长23%之后,公司将迎来强劲的收入增长势头。 我们的预测维持不变。当我们将目标价滚存到2019财年末的估值时,我们将上调...

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  • 研报 | 新加坡银行每月快讯:抵押贷款增长创17年来新低

    6th March, 2019

    摘要:   1月份国内贷款增长持平,同比增长3.16%,受房屋和建筑贷款支撑,而抵押贷款增长为17年来的最低水平。 1月份国内存款同比增长4.8%,受定期存款同比增长15.1% 的推动,这是11年来的最快增速。 2月份,3个月SIBOR 仍在上升。现在的利率为1.953%,超过上个月11年以来的高位。 香港1月份贷款增长持平,同比增长3.1%。 新加坡银行业维持增持...

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  • 股市研报 | 新加坡银行每月快讯

    7th February, 2019

    摘要:   12月份的国内贷款同比增速放缓至3.0%。受商业贷款同比增长4.1%的推动,消费贷款同比增长1.5%,增速为12年来最慢。 2月份国内存款同比增长3.5%,受定期存款同比增长10.5%的推动,为两年来最快的增长。 2018年5月达到峰值后,抵押贷款增长继续放缓至2.0%。 香港的贷款增长在10月暴跌至2.0%之后,在12月份同比增长恢复至4.4%。 1月份3...

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  • 腾飞房地产信托(Ascendas REIT)

    1st February, 2019

    摘要:   总收益和DPU 与我们的预期相符。 26个物流资产来自英国的第二投资组合,收入几乎贡献了整个季度。 为Grab位于one-north的新总部打造量身定制的开发项目。 维持增持评级。由于DPU的估值提高,上调目标价至新元2.88 (先前目标价为新元2.78) 对新加坡的医疗保健部门维持中性评级。   积极方面 新加坡...

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  • 研报 | 新加坡医疗保健每月快讯:公共医疗仍然处于领先地位

    24th January, 2019

    摘要:   2018年11月,新加坡的医院入住率同比增长4.3%,其中公共部门所占的份额更大。 2018年9月,新加坡的出生率同比下降4.9%,这已是出生率第四个月缩减了。 2018年,新加坡年满65岁及以上的公民人数同比增长6.0%,与2017年同比增长的6.0% 持平。 马来西亚的B40 健康保险基金计划将为占人口40%的最底收入人群提供保险保障。 对新加坡的医疗保健部门维...

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  • 研报 | 凯德置地有限公司(Capitaland):踏上另一个庞大的台阶

    17th January, 2019

    摘要:   凯德置地宣布拟议110亿新元收购腾飞-星桥集团 (ASB) 的计划。 这笔交易将增加凯德置地对工业和物流资产以及如印度等新兴市场的风险。它还将进一步提高该集团的经常性收益。 立即使每股盈利增加 (+4%) 以及净资产收益率增加 (+9%), 但对资产净值略有摊薄 (-4%)。 维持增持评级,目标价为新元4.00。   有什么新鲜资讯吗...

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  • 研报 | 辉立2019 新加坡策略:资金流逆转

    8th January, 2019

    摘要:   评论 2018年对STI来说是动荡的一年,该指数下跌了9.8%。从5月份的3641点的高峰,它在六个月内调整了19%,降至3000点左右的低位。30只STI 成分股中只有6只股票获得任何收益。我们一直对2018年持乐观态度。经济的发展势头良好,利率上升对我们沉重的金融加权STI是利好的。然而,随着时间的推移,我们遇到很多问题。 首先,当美国总统开始对中国商品征收...

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