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Financial Sector


TP: S$38.90

Dvd. Yield: 5.3%

FY23 DPS was raised 28% YoY to S$1.92. With quarterly dividends of 54 cents, our analysts expect FY24e dividend yield of 6.7% (post bonus share issue). Recovery in loans growth and fee income will sustain earnings momentum.


CapitaLand Investment(SGX: 9CI)

TP: S$3.38

Dvd. Yield: 4.5%

Leasing and lodging operations will be used to recover from the re-opening and recovery in China. Recurring fund management fees continue to grow (+9.3% in FY23). Target to double funds under management to S$200bn in five years.

Cromwell REIT (SGX:CWBU)

TP: S$1.91

Dvd. Yield: 11.4%

Divestment and redevelopment strategies in place to drive organic growth while keeping capital management in check. Our analysts expect a forward dividend yield of c.10%.


Keppel Corp (SGX:BN4)

TP: S$7.98

Dvd. Yield: 4.6%

The near-term share price catalyst would be asset monetisation. Keppel targets to monetise a further S$5-7bn of assets by 2026, after a slow FY23 (S$0.9bn). It has S$12.6bn worth of assets on its balance sheet that can be disposed.

ST Engineering (SGX:S63)

TP: S$4.50

Dvd. Yield: 5.0%

Defence and public security remain key earnings drivers in FY24e, underpinned by digital solutions, AI-enabled command and control, and cybersecurity. Transcore will deliver its first full year of positive contribution from FY24e.

ThaiBev (SGX: Y92)

TP: S$0.67

Dvd. Yield: 4.5%

Our analysts expect a consumption rebound in Thailand led by macro improvement from aggressive fiscal expansion plans. The next phase will be beer recovery in Vietnam, which is dependent on export growth returning to the country.

Valuetronics (SGX: BN2)

TP: S$0.7

Dvd. Yield: 4.2%

Valuations are attractive, as the company trades at 90% of net cash. The company also pays a 6% dividend yield and a share buyback plan of around 58mn shares. Growth is returning with 4 new customers.

China Aviation Oil (SGX: G92)

TP: S$1.05

Dvd. Yield: 5.6%

Our analysts expect margin expansion in the trading operations from higher end-to-end sales directly to airline customers. Shanghai airport volumes have room to grow, with China international flights at 37% below pre-Covid levels


Singtel (SGX:Z74)

TP: S$2.80

Dvd. Yield: 3.9%

Multiple share price catalysts include higher mobile prices (in India, Thailand, Australia, and Indonesia), plans to reduce costs by S$600mn over 3 years, and $4bn of assets to monetize (real estate, data centres, and regional associates).


ComfortDelgro (SGX: C52)

TP: S$1.63

Dvd. Yield: 4.8%

FY24e is another year of growth due to lagged pricing in domestic rail, a rising taxi fleet in China, new Zig platform fees, higher taxi commissions in Singapore, and repricing of UK bus fees.

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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.  

Investments are subject to investment risks including the possible loss of the principal amount invested. The purchase of a unit in a fund is not the same as placing your money on deposit with a bank or deposit-taking company. There is no guarantee as to the amount of capital invested or return received. The value of the units and the income accruing to the units may fall or rise. Past performance is not necessarily indicative of the future or likely performance of the Products. There can be no assurance that investment objectives will be achieved.  

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 <> 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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