Established in 1975, PhillipCapital has grown into an integrated Asian financial house with a global presence. PhillipCapital is headquartered in Singapore, operates in the financial hubs of 15 countries and serves over 1 million clients.
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).
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...
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.