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

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

Sheng Siong Group Ltd: Sales normalising, but with exceptional margins

1H22 PATMI beat expectations at 59% of our FY22 forecast. We are lifting our FY22e earnings by 6%, from higher gross margins. New store openings of three to five per year, rising market share and improving gross margins will help stem part of the ear...
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Paul Chew @ PhillipCapital 1 August 2022

Hyphens Pharma International Ltd: Digital healthcare catalyst emerges

Raised $6mn for a 10% stake in Hyphens Pharma digital assets – DocMed Technology. DocMed Technology owns POM (B2B digital hypermart) and WellAway (Singapore’s first and only HSA registered e-pharmacy). Our DCF target price is raised from S$0.345 to S...
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Paul Chew @ PhillipCapital 6 June 2022

UG Healthcare Corp: Below book value and earnings stable

3Q22 PATMI fell 69% YoY to S$10.7mn. UGHC can ramp up its trading business to take advantage of these weak prices. Our BUY recommendation and FY22e earnings forecast are unchanged. We find valuations attractive. New capacity is earmarked for latex gl...
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Paul Chew @ PhillipCapital 19 May 2022

Sheng Siong Group Ltd: Reopening minus and inflation plus

1Q22 revenue/PATMI was within expectations at 28%/31% of our forecast. Margins continue to climb. Our BUY recommendation and target price of S$1.75 are unchanged. A possible implication of rising inflation is consumers downgrading to home dining or s...
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Paul Chew @ PhillipCapital 29 April 2022

Singapore Strategy: A stagflation shelter

Review: The STI was up 9.1% in 1Q22. Banks (Figure 1) and conglomerates (Figure 3) led the gainers. On the flip side, REITs retreated (Figure 2) as higher rates can affect dividend growth and lower the attractiveness of their leveraged dividend yield...
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Paul Chew @ PhillipCapital 4 April 2022

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