• 新加坡股票研报 | 中国光大水务有限公司

    14th August, 2018

    摘要: 投资概要 2018年二季度的营收和税后净利均达到了预期。 截至2018年6月,CEWL 有100个项目组合,86个正在运营,7个在建工程,以及7个尚在筹备阶段。 通过上调水价和项目升级持续实现有机增长。 镇江海绵城市项目的竣工可能要推迟至2019年。 登陆香港上市时,预计会有更高的估值。 我们将2018财年末的每股盈利调整至新元5.0 分 (先前为新元4.8 分...

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  • 新加坡股票 – 新加坡证券交易所(SGX)

    1st August, 2018

    摘要: 投资概要 2018财年的营收符合预期,而税后净利则比预期低了3.7%,原因是新交所-印度衍生品禁令和波罗的海交易所合并所产生的法律费用令运营支出增加。2018财年的营收为8.45亿新元,达到了上市以来的最高水平。 2018财年衍生品业务继续推动收入增长;交易量同比飙升20%。外汇期货创下1430万份合约的新高,几乎是2017财年的两倍。 末期股息拟为每股15分 (2017年四季度...

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  • 研报 | 新加坡房地产行业——一套令人惊讶的新降温措施

    11th July, 2018

    摘要:   新加坡房地产行业 新的降温措施:提高额外买家印花税和收紧贷款估值。 短期内对交易量和价格产生负面影响,但随着价格的逐步上涨,会带来更可持续的上行周期。 房地产价格上涨得到了收入增长的支撑,收入增长已超过了房价上涨。 尽管我们降低了选定项目的假定售价,并提高了行业重估净资产值的折扣,但我们仍维持对新加坡房地产行业的增持观点。   ...

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  • 新加坡煤炭每月快讯

    9th July, 2018

    摘要:   中国进口更多的煤炭 中国进口激增:据路透社报道,中国的海运煤炭进口量在2018上半年同比激增14%,估计达到1.266亿吨。印尼成为最大的进口来源国,交付煤炭6180万吨,同比飙升33.5%。同时,从澳洲进口的煤炭在此期间持平在4280万吨 (2017上半年:4260万吨)。 进口限制放宽:2018年6月,由于对价格上涨和地区电力短缺的担忧,中央政府减少了对...

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  • 新加坡股票研报 | 新加坡银行

    4th July, 2018

    摘要: 投资概要 新加坡5月的国内贷款同比增长了5.5%,但仍较2018年一季度增长的4.8%略有加快。 5月份香港的贷款增速逐渐降至12%。 6月份,3个月的SIBOR 和HIBOR 接近10年来的高位。 对新加坡银行业维持增持评级。   新加坡5月份的国内贷款同比增长了5.5% 5月份的贷款增长受到商业贷款的推动,上升了5.8%...

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  • 嘉德置地商业信托

    3rd July, 2018

    摘要: 投资概要 CCT 以新元5.16亿出售Twenty Anson,比2017年12月31日的估值高出19%。 有利的撤资收益率为2.7%,相比2017年先前的撤资收益率为3.2%-3.4% 。 在持有Twenty Anson 6年以上的所有权期内,实现了相当好的内部收益率约为7%。 预计租赁收益的损失将以撤资收益来填补。 维持增持评级,目标价不变仍为新元1.88。 ...

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  • 新加坡股研报 | 竞争激烈的工业板块近期趋势

    7th June, 2018

    摘要: 文章来源:新交所(SGX) 工业板块涵盖制造、工程和运输等多个行业。由于通胀担忧在 2 月初卷土重来,该板块的基准指数在 2018 年年初至今略微上涨,在 2017 年涨势的基础上盘整。 过去 12 个月新加坡市值最大的 10 只资本货物和运输股的表现出现分化。资本货物股年初至今的平均总回报率为 4.8%,12 个月平均总回报率为 14.7%,而运输股 2018 年年初至今和过去 12...

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  • 新加坡股票研报 | 新加坡银行板块分析

    6th June, 2018

    摘要: 新加坡4月份的国内贷款同比增长5.7% 。从2018年一季度增长到4.8%来看,这是一个温和的加速。 香港的贷款增长继续保持强劲。4月份贷款同比增长了17.1% 。 5月份,3个月的SIBOR 接近10年高位,为1.51% 。 油气行业正在改善,但短期复苏仍然低迷。 对新加坡银行业维持增持评级建议。   4月份新加坡国内贷款同比增长5.7% ...

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  • 新加坡股票研报 | 老曾记有限公司 – 强劲的终结,标志着转折点

    4th June, 2018

    摘要: 在产品创新的驱动下,2018财年的收入同期增长了9.1%,与我们的预期相符。 由于经营杠杆率的提高以及英国合资企业启动成本低于预期,2018财年的盈利超过我们预期的13%。 增长势头延续至2019财年末,同时工厂产能的扩张和新工厂设备的收益应该会开始大幅增长。 末期股息为1.50分,与去年持平。 维持买入评级,基于现金流量贴现法- 衍生的目标价不变,仍为新元0.98 ...

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  • 新加坡研报 | 泰国酿酒

    21st May, 2018

    摘要: 2018上半年的收入/核心息税折旧摊销前利润达到我们全年预期的55%/50% ;财务成本和有效税率高于预期,导致盈利错失。 近期收购带来的强劲业绩,无法抵消泰国啤酒市场持续疲软的影响。 自2018年1月26日起,为老年基金开征2%的新消费税。 拟下调中期派息每股为0.15泰铢 (2017上半年:0.20 泰铢) 维持买入评级,目标价不变,分类加总估值法-衍生目标价为新元1....

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