• 新加坡 | 综合企业 | 2020财年汇报

    3rd February, 2021

    摘要: 2020财年的营收和利润分别为35亿新元和1500万新元,业绩超过我们的预期。 吉宝O&M(运营与维护)重组为三个部门(分别是Op co, Rig co 和Dev co),而Rigco着眼于潜在的撤资或盈利。 仍有望在未来三年内释放30-50亿新元的资产,目前已宣布释放的资产规模达到了12亿新元。15%的净资产收益率目标已确认。 维持买入评级,按SOTP计算的目标价为12...

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  • 研报 | 新加坡 | 电信| 2020年四季度汇报

    4th June, 2020

    摘要: 2020年四季度收益和盈利低于预期。澳洲是拖累收益的最大因素。Optus的收益同比下降了83%。新加坡移动受到漫游收入疲软的影响,但工资抵免额提高了利润率。 印度的联营公司利润扭亏为盈,收益近9800万新元,为一大亮点。 2020财年的末期股息削减49%,至5.45分。没有为2021财年提供收益指引。 维持中性评级,并下调目标价至2.44新元 (先前目标价为3.18新元)。我们将...

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  • 研报 | 博纳房地产公司(PropNex Ltd): 盈利几乎增长了3倍,但前景黯淡

    22nd May, 2020

    摘要: 2020年一季度的税后净利同比跳增近3倍,至760万新元。其增长超出了我们的预期。这一增长来自项目营销(即新项目发售)实现3倍的收入激增。 今年的前景将是疲软的。熔断机制,经济状况疲软和项目定价较高,将导致交易量收缩。我们将2020财年末的收益削减了19%。收益影响仅将记入2020下半年。 2020年一季度,净现金继续累积达到8980万新元 (同比增长1000万新元),几乎占市值的50...

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  • 研报 | 凯德集团: 建立弹性,寻找机会

    12th May, 2020

    摘要: 来自费用的经常性收入,提供了稳定的现金流。 通过多元化减轻了COVID19带来的影响 – 商业和工业板块表现出弹性,而酒店和零售板块受到的影响最大。 在纳入REITs较低的修订估值后,维持买入评级,并下调目标价至3.94新元 (先前目标价为4.20新元)。我们将2020财年末的收益降低了14.1%,因为我们考虑到提供的租金回扣带来的收入下降,以及住宿收入的疲弱。  ...

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  • 研报 | 大华银行有限公司: 迎接未来更艰难的时刻

    12th May, 2020

    摘要: 2020年一季度收益比我们之前的预估低了19%,这是因为这季度的GP(一般准备金)有所提高,以应对在疫情大流行的态势下,加强了津贴的覆盖范围。 NII(净利息收入)持平,因为NIM同比压缩了8个基点,以抵消贷款同比增长3%的影响。 手续费收入持续增长的势头(同比增长8%),这得益于财富管理费用的增加(同比增长28%),以支撑来自交易量和投资下降带来的收入(同比下降17%)。 本季...

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  • 研报 | 华侨银行有限公司: 受保险和津贴拖累

    12th May, 2020

    摘要: 2020年一季度收益低于我们预期的45%,原因是保险以市值计价的损失暴跌了94%,以及津贴较一年前的49亿新元,提高到6.57亿新元。 同比3%的贷款增长支撑了6%的NII(净利息收入)增长,因为NIM从一年前开始就企稳在76%。 我们维持增持评级,并下调目标价至14新元 (先前目标价为12.10新元)。在未来两年里,信贷成本指引被修订为每年50-60个基点,并在此期间追加了额外的3亿...

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  • 腾飞房产信托: 基业长青

    8th May, 2020

    摘要: 要求减免或延期支付租金的租户占收入的比例不到1%。2.9亿新元的现金和2亿新元的承诺性融资,以满足运营成本和可分配利润的要求。 15%的租户是中小企业或贸易行业,它们均可能受到影响 (航空,餐饮,零售,油气,酒店/休闲)。 维持增持评级,下调目标价至3.18新元 (先前目标价是3.31新元)。我们合并了对28个美国,2个新加坡和1个澳洲商业园的收购,这将使我们2020财年末的DPU提高...

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  • 星展集团控股有限公司: 津贴创纪录削减运营业绩

    8th May, 2020

    摘要: 2020年一季度盈利7亿新元,低于最初预期的15.9亿新元。然而,拨备前营业利润 (PPOP) 为24.7亿新元,较先前的预期高出15%。 针对抵御COVID-19的影响,集团已拨出9亿新元的津贴,以建立资本缓冲。三分之二纳入普通拨备,其余的来自专项拨备。 银行预计,由于COVID-19大流行,未来两年的信贷成本将累计增加30亿-50亿新元 (80-130个基点)。 2020年一...

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  • 昇崧集团: 表现极佳的季度应会持续下去

    4th May, 2020

    摘要: 新加坡 | 消费 | 2020年一季度汇报 2020年一季度的营收和盈利超出了我们的预期。一季度的税后净利同比飙升48%至2900万新元。 2020年一季度,受益于节日期间消费者情绪普遍改善,以及当DORSCON 升级至橙色时,食品储藏量充足。 积极的销售势头应将持续到2020年二季度,因为自新加坡从4月7日起启动熔断机制,并可能于6月1日结束以来,家...

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  • Frasers Centrepoint Trust (星狮地产信托) 驾驭动荡的现金流

    28th April, 2020

    摘要: 新加坡 | 房地产 (REIT) | 2020年二季度汇报 1.61分的DPU,同比下降48.7%,原因是保留了2020年二季度可分配收入的50% (1800万新元)。 预计2020财年需要续约的剩余11%的GRI,租金的复原率较低,谈判期更长;推断出投资组合租赁的复原率约为5%。 维持增持评级,下调目标价至2.24新元。我们下调了预测,以反映租金回扣和疲软的零售前景,并将股...

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