• 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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  • 中国2019年投资策略:紧随政策,看好新能源汽车和房地产行业

    21st January, 2019

    摘要: 事件:2018年中央经济工作会议在中国北京召开 2018年12月19日至21日,一年一度的中央经济工作会议在北京举行。该会议是中共中央,国务院召开的最高规格经济会议,其核心任务是总结2018年全年经济工作情况,分析当前经济形势,部署规划2019年的经济重心。   研究概要 • 稳需求将成为2019年政府工作主要目标,2019年GDP增长预计稳定在6.2%左右。 ...

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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 | 2019年全球股票市场展望

    16th January, 2019

    摘要:   美国 虽然预计2019年美国企业的盈利增长将放缓至个位数,但我们预计不会出现经济衰退。这将反映出更高的信贷成本,工资和贸易关税引发的通胀。 关税的影响将适得其反,使投入成本上升,从而降低美国制造商的成本竞争力,并加剧消费者的通胀。这削弱了美联储满足特朗普一再提出的抑制加息要求的能力。因此,我们仍然预计2019年至少有两次加息。 作为一个大型的产油国,201...

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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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  • 研报 | 2019美国银行业展望:市场过于悲观

    7th January, 2019

    摘要:   投资概要   我们对美国银行业提出增持的建议。估值处于25年来的低点。 近期收益率曲线趋平可能已经触底,并且不会预示着明年出现经济衰退。 融资成本的步伐将加快,但会被更快的贷款重新定价和充足的银行资金供应所抵消。 资产质量保持良好,受小企业商业和工业 (C&I) 贷款推动了贷款增长。   ...

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  • 股市资讯 | 鲍威尔”鸽声”提振美股,美科技股领涨大盘

    29th November, 2018

    摘要: 美股 北京时间11月29日凌晨,美股周三收高。道指上涨近620点,重新收复25000点关口,纳指收高逾200点涨幅近3%。美联储主席鲍威尔称联储基准利率已接近中性水平,暗示未来加息次数可能较少。 截止收盘,道指涨617.70点,或2.5%,报25366.43点;标普500指数涨61.61点,或2.3%,报2743.78点;纳指涨208.89点,或2.95%,报7291.59点。 主要...

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  • 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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