Paul Chew


Head of Research @ PhillipCapital

Paul has almost 20 years of experience as a fund manager and sell-side analyst. During his time as fund manager, he has managed multiple funds and mandates including capital guaranteed, dividend income, renewable energy, single country and regionally focused funds.

He graduated from Monash University and had completed both his Chartered Financial Analyst and Australian CPA programme.

Paul Chew
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Latest from Paul Chew

Q&M Dental Group Singapore Ltd: Hurt by upfront and uneven expenses

1H22 revenue and PATMI were 52%/37% of our FY22e forecast. Earnings from COVID-19 PCR tests swung from $3mn net profit a year ago to S$50k net loss. The target price is lowered to S$0.60 (prev. S$0.71).
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Paul Chew @ PhillipCapital 22 August 2022

Asian Pay Television Trust: Stable with early signs of 5G

1H revenue and EBITDA were at 49%/48% of our FY22e estimates. 5G backhaul revenue was S$2.2mn annualised (FY21: S$1.6mn). No change to our FY22e EBITDA forecast and target price of S$0.15.
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Paul Chew @ PhillipCapital 16 August 2022

ComfortDelGro Corp Ltd: Recovery is underway, except China

Results were below expectations due to taxi rebates of S$10mn in China due to the lockdown. Excluding government relief and non-recurring items, operating profit in 2Q22 jumped 2.5-fold to S$62mn. Return to office and other activities started only in...
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Paul Chew @ PhillipCapital 16 August 2022

Thai Beverage: Recovery except for spirits

Beer recovered on both volume and price increases. Our target is pegged at 18x FY22e earnings, its 5-year average. No change to our FY22e forecast.
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Paul Chew @ PhillipCapital 15 August 2022

HRnetGroup Ltd: Faster growth outside Singapore

1H22 revenue and PATMI was 51%/48% of our FY22e forecast. 1H22 PATMI grew 12% YoY to S$32.6mn, excluding fair value losses and one-off reversal of trade accruals. Maiden interim DPS of 3 cents was announced.
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Paul Chew @ PhillipCapital 15 August 2022

Raffles Medical Group Ltd: Huge earnings beat from foreign patients and electives

+ Resilient revenue despite less COVID related revenue. Revenue expanded 11% YoY despite the decline in PCR testing services. + Surge in operating margins. Operating margins surged 6% bps to 22.6%. + Growth in China despite lockdown. 1H22 free cash f...
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Paul Chew @ PhillipCapital 3 August 2022

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