• 新加坡策略 | 额外480亿新元用于抗击病毒

    27th March, 2020

    摘要: 摘要 480亿新元的助力 (补充) 预算加上64亿新元的2020统一预算(于2020年2月18日公布),总计550亿新元或占GDP的11%。2009年,当时的助力一揽子计划为205亿新元,而对企业和家庭的直接支出较少。 额外151亿新元用于加强就业支援计划。资金激增四倍,用于所有当地雇员的月薪支持。 额外30亿新元,用于加强关怀和支持一揽子计划,直接支付给新加坡人。&nb...

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  • 研报 | 新加坡银行策略:股价比全球金融危机期间

    25th March, 2020

    摘要: 2020年3月19日星展集团控股:增持 (维持) 彭博代码:DBS SP | 收盘价:SGD 17.90 预测DIV:SGD 1.32 | 目标价:SGD 27.30 历史收益率:6.87% | 总回报:59.89%华侨银行集团:增持 (维持) 彭博代码:OCBC SP | 收盘价:SGD 8.49 预测DIV:SGD 0.56 | 目标价 :SGD 12.10 历史收益率:6.24%...

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  • 研报 | 新加坡银行业每月快讯:在双重威胁中,坚定不移

    17th March, 2020

    摘要: 2020年3月9日 | 增持 (维持)星展集团控股 | 增持 (维持)彭博代码: DBS SP EQU | 收盘价: SGD 21.43 预测DIV: SGD 1.32 | 目标价: SGD 27.30 总回报: 33.55%     华侨银行集团 |&n...

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  • 研报 | 凯德置地有限公司 (CapitaLand): 超光速 – 新常态

    9th March, 2020

    摘要: 2020年3月4日 买入 (维持) 收盘价: SGD 3.54 | 预测DIV:SGD 0.12 目标价:SGD 4.20 | 总回报:22.1%   摘要 2019财年的收入与我们的预期大致相符,为105.6%,而DPS 持平,达到了我们12分的预测。 一系列强劲的业绩表现 – 10年后实现了10%的ROE(净资产收益率),这是因为所有部门的税...

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  • 研报 | 新加坡证券交易所(SGX)

    2nd March, 2020

    摘要: PSR 建议:中性 状态:维持 收盘价:S$8.7 | 目标价:S$8.52 研报摘要 2020年二季度,新交所实现的营收和净利润符合我们的预期。 预期多个领域的商业前景均表现乐观;FICC 同比增长20%,而DCI 业务同比温和增长4%至2670万新元。股票业务表现平平。 以1.86亿欧元收购了 ‘Smart Beta’ 指数公司Scientific Beta,以推动DCI 业务...

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  • 2020年中港股市投资策略展望

    2nd March, 2020

    摘要: 中港股市2019年走势回顾 回顾中港股市的历史表现,我们发现中港股市在过去一年,特别是第三和第四季度的表现发生较大分化,从数据来看:恆生指数2019年收益为9.07%,恆生国企指数2019年收益为10.30%,上证综指2019年收益为22.30%,深证综指2019年收益为35.89%。通过比较发现,A股2019年全年收益大幅跑赢港股收益,而第三第四季度由于受中美贸易战消息面的刺激,港股第三季度跑...

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  • 研报 |新加坡银行每月快讯:准备逆风而上

    2nd March, 2020

    摘要: 投资摘要 美联储将利率维持在1.5% – 1.75%的范围内。新加坡银行的NIM(净息差)预计将面临压力,特别是3个月期SIBOR,至2019年12月底,同比下降11个基点至1.78%。 2019年12月,新加坡国内贷款增速稳定在3.1%。 数字银行牌照于2019年12月31日截止申请。根据MAS(金管局)的时间安排,数字银行可能要到2021年才会开始运营。 对新加坡银行业维持增持评级。通...

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  • 研报 | 泰国酿酒(Thai Beverage)全线烈酒-创纪录的季度

    2nd March, 2020

    摘要: 2020年2月17日 买入 (升级) 收盘价 SGD 0.785 | 预测DIV SGD 0.025 目标价 SGD 0.950 | 总回报 24.2% 摘要 收入在我们的预期之内,但盈利超出了预期。啤酒业务令人失望,但烈酒业务表现良好。 2020年一季度,烈酒部门净利润同比激增25%,原因是销量增加和利润率提高了。烈酒在集团的税后净利中占比84%。销量达到创纪录的...

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  • 研报 | 新加坡策略:大幅增加财政支出以援助救济

    2nd March, 2020

    摘要: 2020财政预算:专款64亿新元分类列表 40亿新元的稳定和支持计划包括: 就业支援计划(13亿新元) 加薪补贴计划(11亿新元) 企业融资计划:退税,加速资本津贴,运营资金贷款 (16亿新元) 16亿新元用于家庭关怀和支持一揽子计划 8亿新元用于卫生部支援前线机 摘要 2020年新加坡GDP预测被MTI下调为 ...

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  • 那些你不可不知的社交媒体巨头交易所交易基金(ETFs)

    2nd March, 2020

    摘要: 摘要 万维网 (WWW) 向 Web 2.0 的过渡,使内容创建普及化,导致了社交媒体的兴起。 社交媒体行业的竞争优势使其成为对各种规模的企业均具有吸引力的广告渠道。 随着用户增长放缓,以及并购增加,社交媒体行业正显示出步入成熟期的迹象。 为了应对用户增长放缓的影响,社交媒体公司必须想出不同的货币化策略,以补充其核心广告收入。 货币化策略可能会颠覆传统行业,并为投...

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IMPORTANT INFORMATION

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.  

An ETF is not like a typical unit trust as the units of the ETF (the “Units“) are to be listed and traded like any share on the Singapore Exchange Securities Trading Limited (“SGX-ST”). Listing on the SGX-ST does not guarantee a liquid market for the Units which may be traded at prices above or below its NAV or may be suspended or delisted. Investors may buy or sell the Units on SGX-ST when it is listed. Investors cannot create or redeem Units directly with PCM and have no rights to request PCM to redeem or purchase their Units. Creation and redemption of Units are through PDs if investors are clients of the PDs, who have no obligation to agree to create or redeem Units on behalf of any investor and may impose terms and conditions in connection with such creation or redemption orders. Please refer to the Prospectus of the ETF for more details.  

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Where applicable, fund(s) may invest in financial derivatives and/or participate in securities lending and repurchase transactions for the purpose of hedging and/or efficient portfolio management, subject to the relevant regulatory requirements. PCM reserves the discretion to determine if currency exposure should be hedged actively, passively or not at all, in the best interest of the Products.  

The regular dividend distributions, out of either income and/or capital, are not guaranteed and subject to PCM’s discretion. Past payout yields and payments do not represent future payout yields and payments. Such dividend distributions will reduce the available capital for reinvestment and may result in an immediate decrease in the net asset value (“NAV”) of the Products. Please refer to <www.phillipfunds.com> for more information in relation to the dividend distributions.  

The information provided herein may be obtained or compiled from public and/or third party sources that PCM has no reason to believe are unreliable. Any opinion or view herein is an expression of belief of the individual author or the indicated source (as applicable) only. PCM makes no representation or warranty that such information is accurate, complete, verified or should be relied upon as such. The information does not constitute, and should not be used as a substitute for tax, legal or investment advice.  

The information herein are not for any person in any jurisdiction or country where such distribution or availability for use would contravene any applicable law or regulation or would subject PCM to any registration or licensing requirement in such jurisdiction or country. The Products is not offered to U.S. Persons. PhillipCapital Group of Companies, including PCM, their affiliates and/or their officers, directors and/or employees may own or have positions in the Products. Any member of the PhillipCapital Group of Companies may have acted upon or used the information, analyses and opinions herein before they have been published. 

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Phillip Capital Management (S) Ltd (Co. Reg. No. 199905233W)  
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