PhillipCapital
PhillipCapital

PhillipCapital

Coverage: Singapore
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.
Location: Singapore

Analysts

Latest articles from PhillipCapital

Thai Beverage: Hail spirits and cost savings

+ Resilient spirits divisions. The major driver to earnings growth has been aggressive cost cuts. Bulk of the operating cost cuts came from beer division, where slashed a massive THB1.3bn of cost (or down 26.5% YoY. - Sabeco still suffering. The re-o...
PhillipCapital Paul
Paul Chew @ PhillipCapital 17 February 2021

Singapore Telecommunications: Some bright spots

+ Enterprise earnings resilient. EBITDA at group enterprise was flat YoY. This was commendable, given macro weakness. + Australia consumer stable. + Turnaround at Bharti continued. Net loss at Bharti shrank 95% YoY to S$4mn. Australia’s 3Q21 EBIT was...
PhillipCapital Paul
Paul Chew @ PhillipCapital 17 February 2021

DBS Group Holdings: Tenacity in adversity

Fees and commissions grew 1% YoY in 4Q20 from S$741mn to S$747mn. We forecast 12% growth in fees and commissions for FY21e as economic conditions improve. 4Q20 allowances of S$577mn ticked up 4% QoQ. They included S$183mn of GP from its consolidation...
PhillipCapital Tay Wee
Tay Wee Kuang @ PhillipCapital 17 February 2021

Lendlease Global Commercial REIT: Returning momentum

DPU exceeded estimates by 5.7%, aided by better 313 operations and higher revenue from Sky Complex. 313’s sales recovery is expected to sustain in FY21. A 1.6% YoY improvement in NPI was attributed to better 313 operations, higher revenue from Sky Co...
PhillipCapital Tan
Tan Jie Hui @ PhillipCapital 17 February 2021

Manulife US Real Estate Investment Trust: Outperforming market occupancy & sub-leasing

+ Rental collections improved from 94% to 97% in 4Q20. Half of its credit provision was attributed to this retail tenant. In February 2021, MUST managed to get the tenant to agree to repay the arrears in full. Writing back the arrears, collection rat...
PhillipCapital Natalie Ong
Natalie Ong Pei Fong @ PhillipCapital 10 February 2021

BHG Retail REIT: Initiation – Harnessing the mighty Chinese consumer

Retail sales in the five cities where BHG REIT operates - Beijing, Chengdu, Hefei, Dalian, Xining - grew by a 8.3% CAGR in the past decade, reaching RMB3,080bn in 2020. BHG Retail REIT was listed on the SGX on 11 December 2015. BHG distributed 100% o...
PhillipCapital Vivian
Vivian Ye @ PhillipCapital 8 February 2021