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 from PhillipCapital

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).
PhillipCapital Paul
Paul Chew @ PhillipCapital 22 August 2022

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).
PhillipCapital Terence
Terence Chua @ PhillipCapital 17 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.
PhillipCapital Paul
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...
PhillipCapital Paul
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.
PhillipCapital Paul
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.
PhillipCapital Paul
Paul Chew @ PhillipCapital 15 August 2022