• 研报 | 凯德置地集团(CapitaLand Limited):搭乘中国的顺风车

    20th November, 2018

    摘要:   投资概要   营收与税后净利与我们的预测相符。 集团通过RCCIP III 基金,收购美国多户型住宅投资组合和位于上海的第三座来福士城综合开发项目,提高其经常性收入。 凯德集团最大的市场,新加坡和中国的同店租户销售增长稳健。 2018年四季度成为中国住宅预售年度的丰收季;四季度发售至今的入住率已超过90%。 维持增持评级,调整目标价...

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  • 星展集团控股有限公司(DBS):强劲而可持续的表现

    12th November, 2018

    摘要:   投资概要   2018三季度的税后净利为14.1亿新元,比我们的预期低8%;在强劲的交易收入支持下,营收与我们的预期相符。支出高于预期。 净息差同比扩大13个基点至1.86% (2017三季度为:1.73%),而环比扩大1 个基点 (2018二季度为:1.85%)。 受到非贸易企业贷款和消费贷款的推动,贷款保持高个位数增长,同比增长8.2% 。...

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  • 新加坡胜科工业集团 (Sembcorp Industries Ltd)

    9th November, 2018

    摘要:   投资概要   2018年三季度营收超出预期,但由于SMM亏损扩大,净利润未能实现。 公用事业中国表现良好,而公用事业新加坡则遭受点火价差薄弱所拖累。 由于SGPL 的亏损再次扩大,公用事业印度的盈利环比有所减少。 海事部门继续拖累集团的业绩。 由于SMM的长期亏损,我们将2018财年末的每股盈利从新元17.7分降至新元17.1分。在...

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  • 凯德商务产业信托(CapitaLand Commercial Trust)

    29th October, 2018

    摘要:   投资概要   三季度和9个月的NPI/DPU 符合我们的预测。 来自Galileo 的全季度贡献,占CCT今年三季度NPI的5%。 通过提高固定利率的债务比例,使杠杆比率降低了35.3% 。 亚洲广场2座(AST2)提高了近乎整个投资组合的入驻率。 负租金的逆转仍困扰着关键房产。 维持增持评级,目标价为新元1.90 (先前为新...

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  • 新加坡证券交易所:衍生产品在动荡的环境中蓬勃发展

    24th October, 2018

    摘要:   投资概要   2019年一季度的营收和税后净利分别比预期低5.6%和6.5%,原因是来自交易后服务和发行服务的收入比预期要疲弱。 由于新兴市场的疲软以及对经济状况的担忧导致资金流动减弱,证券业务比预期低6.6%。 衍生品业务表现突出,交易量创下强劲的纪录,营收同比激增17%。 中期股息每股飙升50%至7.5 分 (2018年一季度:5 分...

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  • 新加坡银行每月快讯:随着利率越高,定价权越大

    3rd October, 2018

    摘要:   投资概要   8月份新加坡国内贷款同比增长了5.6%。 8月份香港贷款增长放缓至8.4%,为近两年来的最低水平。 9月份3个月的SIBOR达到了预期的新高。 对新加坡银行业维持买入评级。   8月份新加坡国内贷款同比增长了5.6% 8月份,国内贷款增长受到商业贷款同比增长7%的推动,以及来自房屋和建...

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  • 研报 | 新加坡银行每月快讯 – SIBOR 和SOR 开始飙升

    5th September, 2018

    摘要:   投资概要   新加坡7月份的国内贷款同比增长了5.5%。 7月份香港的贷款增长下降至9.5%。 8月份3个月的SIBOR飙升至10年的高位。 新加坡银行业升级至买入评级。   7月份新加坡的国内贷款同比增长了5.5% 贷款增长受到商业贷款的推动,同比增长了6.6%。7月份的消费贷款同比增长4.0%,...

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  • 研报 | 凯德商用新加坡信托(CapitaLand Mall Trust)

    31st August, 2018

    摘要: 2018年8月28日   投资概要   CMT 将以7.9亿新元收购Westgate 剩余70%的股份。 以Westgate的市值为基础,收购价为11.28亿新元 (2,746新元/平方英尺)。 从Sembawang 购物中心回收的资金,将以投入收益率为4.3%的新资产出售。 最新承诺的入住率为98%,从2011年起计,租赁期为99年。...

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  • 新加坡研报 | 全民牙科集团(Q & M Dental Group)

    20th August, 2018

    摘要: 投资概要 2018上半年的营收/税后净利达到我们全年预期的39.3%/ 49.7% ;二季度的有效税率低于我们的假设。 2018上半年新开3家诊所。下半年将在新加坡新开4家诊所,以及在马来西亚新开3家诊所。 采用股息政策,支付至少30% 的核心营业利润。中期股息下降至每股0.4分 (同比下跌43%)。 升级至买入评级,目标价为新元0.65 (先前是新元0.63),这...

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  • 新加坡股票研报 | 嘉德置地集团 (CapitaLand Limited)

    15th August, 2018

    摘要: 投资概要 营收和调整后的净利润符合我们的预期。 在经常性收入增长的推动下,盈利强劲增长。 仅两个季度就实现了30亿新元的年度资产再循环的目标。 中国是CAPL最大的市场,同类型的商场同比的租赁销售增长稳定在5.4% 。 受中国市场强劲表现的推动下,整体服务式公寓的年增长率同比为4%。按投资组合估值计算,中国是集团最大的市场。 维持增持评级,目标价不变仍为新元4....

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