• 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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  • 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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  • 美股研报 | 美国银行业:贷款攀升,估值低廉

    10th April, 2019

    摘要: 推介日期:2019年4月8日 Invesco KBW Bank ETF 股票代码:KBWB 收盘价:USD 50.32 | 年初至今回报:15.0% First Trust Nasdaq Bank ETF 股票代码:FTXO 收盘价:USD 25.47 | 年初至今回报:14.9% SPDR S&P Bank ETF 股票代码:KBE ...

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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 | 中国策略:中长期外国资金将持续流入

    22nd March, 2019

    摘要:   北京时间2019年3月1日,MSCI公布了提高A股纳入因子(Inclusion Factors)的结果;MSCI决定分三步提升A股在MSCI 新兴市场指数中的纳入因子,使纳入因子从5%增至20%。   点评 • A股纳入MSCI新兴市场指数的纳入因素分三步提高至20%,预计将带来超过500亿美元的资金进入A股市场。 • 2019...

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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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