Terence Chua

PhillipCapital

Equity Research Senior Analyst @ PhillipCapital

Terence specialises in the consumer and industrials sector. He has over five years of experience as an analyst in the buy- and sell-side. As an institutional fund management analyst, he sat on the China-Hong Kong desk. Terence was ranked top 3 for Best Analyst under the small caps and energy category in the Asia Money poll 2018.

He graduated from the Singapore Management University with a major in Finance (Honours), and is the honoured recipient of the CFA scholarship

Terence Chua
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Latest from Terence Chua

Sembcorp Industries Ltd: Conventional and renewable energy lift 1H22 profits

One-off hedging gain of $92mn also lifted overall profits. Its gross renewables capacity stands at 7.1GW as at 1H22. We maintain NEUTRAL with higher target price of $3.27 (prev. $2.96).
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Terence Chua @ PhillipCapital 17 August 2022

BRC Asia Ltd: Construction sector recovery remains on track

9MFY22 revenue and net profit was in line with our expectations at 75%/75% of FY22e. Strong demand for public housing and infrastructure projects in Singapore continued to drive up the Group’s order books. Net reversal for onerous contracts made in 3...
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Terence Chua @ PhillipCapital 5 August 2022

Keppel Corporation: Transforming into asset light recurring income business model

1H22 net profit below expectations, at 43% of FY22e profit but interim dividend of 15 cents exceeds expectations. Net profit of $498mn (+66% YoY) was slightly under our expectations as Urban Development dragged due to headwinds from China’s property ...
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Terence Chua @ PhillipCapital 1 August 2022

Sembcorp Industries Ltd: Conventional Energy to lift 1H22 profits

The average Uniform Singapore Energy Price (USEP) prices rose 239% YoY in 1H22 driven by the conflict in Ukraine. Our target price is raised to $2.96, still based on 1.2x FY22e P/BV, the average of its peers. But we downgrade to Neutral after the rec...
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Terence Chua @ PhillipCapital 21 July 2022

Keppel Corporation: 1Q22 sees drag from Urban Development

The update mentioned 1Q22 net profit was higher YoY, with improved performance from all its business segments except Urban Development. Significant progress made on advancing the sale of KOM legacy rigs and associated receivables, working towards def...
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Terence Chua @ PhillipCapital 27 April 2022

Keppel Corporation: Another delay to potential combination of Keppel O&M and Sembcorp Marine

+ Significant progress made on advancing the sale of KOM’s legacy rigs and associated receivables. For FY21, the Keppel Logistics entities being divested to GEODIS registered a net loss after tax of $5.2mn. We believe that Keppel T&T’s priority will ...
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Terence Chua @ PhillipCapital 1 April 2022

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