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Phillip Securities Research Morning Call
1st February 2021
Stock Counter Updates Macro/Sector Outlook
Singapore Weekly
Phillip on the ground- Keppel REIT & Suntec
Phillip Absolute 10
REIT
Keppel Corporation
Keppel DC REIT
Ascott Residence Trust
Phillip Securities Research Pte Ltd (A member of PhillipCapital) Co. Reg. No. 198803136N © PhillipCapital 2021. All Rights Reserved. For internal circulation only.
Disclaimer: The information contained in this document is intended only for use during the presentation and should not be disseminated or distributed to parties outside the presentation.
Phillip Securities accepts no liability whatsoever with respect to the use of this document or its contents.
Disclaimer The information contained in this presentation has been obtained from public sources which Phillip Securities Pte Ltd (“PSPL”) has no reason to believe are unreliable and any analysis, forecasts, projections, expectations and opinions (collectively the “Research”) contained in this presentation are based on such information and are expressions of belief only. PSPL has not verified this information and no representation or warranty, express or implied, is made that such information or Research is accurate, complete or verified or should be relied upon as such. Any such information or Research contained in this presentation is subject to change, and PSPL shall not have any responsibility to maintain the information or Research made available or to supply any corrections, updates or releases in connection therewith. In no event will PSPL be liable for any special, indirect, incidental or consequential damages which may be incurred from the use of the information or Research made available, even if it has been advised of the possibility of such damages. This presentation is intended for general circulation only and does not take into account the specific investment objectives, financial situation or particular needs of any particular person. You should seek advice from a financial adviser regarding the suitability of the investment product, taking into account your specific investment objectives, financial situation or particular needs, before making a commitment to invest in such products. Phillip Securities Research Pte Ltd (A member of PhillipCapital) Co. Reg. No. 198803136N © PhillipCapital 2021. All Rights Reserved. For internal circulation only. Disclaimer: The information contained in this document is intended only for use during the presentation and should not be disseminated or distributed to parties outside the presentation. Phillip Securities accepts no liability whatsoever with respect to the use of this document or its contents.
Keppel Corporation
O&M unit restructured
Terence Chua
Senior Research Analyst
Phillip Securities Research Pte Ltd
1st February 2021
Phillip Securities Research Pte Ltd (A member of PhillipCapital) Co. Reg. No. 198803136N © PhillipCapital 2021. All Rights Reserved. For internal circulation only.
Disclaimer: The information contained in this document is intended only for use during the presentation and should not be disseminated or distributed to parties outside the presentation.
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Keppel Corporation (BUY - Maintained), TP: S$6.12, Last: S$5.01
FY20 results summary
• Group revenue declined by 13% y-y, coming ahead of
our estimates of S$6.1bn by S$435mn helped by better
than expected results from Urban Development
• Net loss was S$506mn (S$16mn ahead of our
expectations) vs. net profit of S$707mn last year. All key
business units profitable, except for O&M
Source: PSR, Company
• Excluding impairments in both years, FY20 net profit was
S$446mn vs. S$828mn in FY2019.
• Net gearing was 0.91x as at end-Dec 2020 vs. 0.96x as at
end-Sept 2020. Had the Keppel Tower transaction been
completed in December 2019, net gearing would be
0.81x.
Source: PSR, Company
• Proposed final dividend of 7.0 cents per share.
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Disclaimer: The information contained in this document is intended only for use during the presentation and should not be disseminated or distributed to parties outside the presentation.
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Restructuring of Keppel O&M unit
Restructuring of Keppel O&M
• Keppel O&M to be restructured into
three units.
• Transient entities created to hold legacy
completed and uncompleted rig assets
valued at S$2.9bn. Capital expenditure
requirements capped at S$500mn going
forward.
• Op co will focus on higher value-adding
floating infrastructure projects like FPSO
Source: Company
and FSRUs.
• Inorganic options still on the table.
Catalyst will come from spin-off or
monetisation of asset.
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Strategic Review: Logistics Business to be divested
• Keppel T&T has completed the strategic review and is
currently engaging potential buyers through a
competitive bidding process.
• Good interest with many potential buyers signing NDAs;
first bids expected in Feb 2021.
• Options on the table include (1) Full divestment or (2)
Retain a minority stake.
Phillip Securities Research Pte Ltd (A member of PhillipCapital) Co. Reg. No. 198803136N © PhillipCapital 2021. All Rights Reserved. For internal circulation only.
Disclaimer: The information contained in this document is intended only for use during the presentation and should not be disseminated or distributed to parties outside the presentation.
Phillip Securities accepts no liability whatsoever with respect to the use of this document or its contents.Maintained BUY
1. Our TP is based on sum-of-the-parts valuation with a 10% holding-company discount. We value O&M at 0.6x
book value (discount to peers), Property segment at 40% discount to RNAV, Infrastructure at 12x FY21e
earnings, M1 at 12x FY21e earnings and Sino-Singapore Tianjin Eco-city at 1.5x book value.
2. Book value of Keppel for FY20e and FY21e is S$10.7bn and S$11.2bn, or S$5.90 and S$6.14. TP translates to
1.0x FY21e book value.
3. Initiate with BUY and TP of S$6.12.
Source: PSR
Phillip Securities Research Pte Ltd (A member of PhillipCapital) Co. Reg. No. 198803136N © PhillipCapital 2021. All Rights Reserved. For internal circulation only.
Disclaimer: The information contained in this document is intended only for use during the presentation and should not be disseminated or distributed to parties outside the presentation.
Phillip Securities accepts no liability whatsoever with respect to the use of this document or its contents.Keppel DC REIT
Riding technology growth
Natalie Ong
Research Analyst
Phillip Securities Research Pte Ltd
1st February 2021
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Disclaimer: The information contained in this document is intended only for use during the presentation and should not be disseminated or distributed to parties outside the presentation.
Phillip Securities accepts no liability whatsoever with respect to the use of this document or its contents.Keppel DC REIT
ACCCUMULATE (Upgraded), TP: S$3.20 (prev. S$2.91), Last: S$2.95
Results at a glance - The Negative
(SGD mn) FY20 FY19 YoY Comments
Gross revenue 265.6 194.8 36.3% Mainly due to contribution from KDC SGP 4 Natural decay of leases reduced WALE to 6.8 years (FY19:
(acquired 31 Oct 19), DC1 (acquired 21 Nov 2019)
8.6 years)
and Kelsterbach acquired 1 May 2020), and higher
occupancy at KDC1, KDC2, KDC5 and Dub1.
Net property income 244.2 177.3 37.7%
Outlook
Distributable income 156.9 113.2 38.6% Evaluating potential acquisitions with cap rates of 5-7%
DPU (cents) 9.17 7.61 20.5%
Demand-supply gap to push up market rents
Source: Company , PSR
Many of its leases have built-in periodic rental escalations
+ The Positives averaging 2-4% p.a.
FY20 NPI and DPU grew 37.7% and 20.5% YoY
respectively on the back of acquisitions and higher Upgrade to ACCUMULATE, TP raised from S$2.91 to S$3.20
portfolio occupancy
TP has been raised to reflect higher occupancy and asset
Portfolio occupancy improved QoQ from 96.7% to 97.8% productivity following AEI
(FY19: 94.9%)
We assume S$500mn of acquisitions in our forecasts (NPI
Acquired Amsterdam DC on 24 Dec 2020 for S$48.1mn; yield 6% and LTV 30%)
initial NPI yield of 5.1%
Phillip Securities Research Pte Ltd (A member of PhillipCapital) Co. Reg. No. 198803136N © PhillipCapital 2021. All Rights Reserved. For internal circulation only.
Disclaimer: The information contained in this document is intended only for use during the presentation and should not be disseminated or distributed to parties outside the presentation.
Phillip Securities accepts no liability whatsoever with respect to the use of this document or its contents.Keppel DC REIT
ACCCUMULATE (Upgraded), TP: S$3.20 (prev. S$2.91), Last: S$2.95
Scenario analysis: with and without acquisitions
DPU (cents) FY19 FY21e FY22e FY23e
With Acquisition 9.85 11.31 11.67
9.17
No Acquisition 10.41 10.74 11.09
Difference (with acq. vs. no acq.) -5.4% 5.3% 5.2%
DPU Growth
With Acquisition 7.4% 14.9% 3.2%
25.3%
No Acquisition 13.5% 3.2% 3.3%
Source: PSR
We forecast DPU yields of 3.3%/3.8% for
FY20e/21e, which should deliver a
forward yield spread of 220bps
Phillip Securities Research Pte Ltd (A member of PhillipCapital) Co. Reg. No. 198803136N © PhillipCapital 2021. All Rights Reserved. For internal circulation only.
Disclaimer: The information contained in this document is intended only for use during the presentation and should not be disseminated or distributed to parties outside the presentation.
Phillip Securities accepts no liability whatsoever with respect to the use of this document or its contents.Ascott Residence Trust
Riding technology growth
Natalie Ong
Research Analyst
Phillip Securities Research Pte Ltd
1st February 2021
Phillip Securities Research Pte Ltd (A member of PhillipCapital) Co. Reg. No. 198803136N © PhillipCapital 2021. All Rights Reserved. For internal circulation only.
Disclaimer: The information contained in this document is intended only for use during the presentation and should not be disseminated or distributed to parties outside the presentation.
Phillip Securities accepts no liability whatsoever with respect to the use of this document or its contents.Ascott Residence Trust
ACCCUMULATE (Downgraded), TP: S$1.15 (unchanged), Last: S$1.05
Results at a glance
+ The Positives
(SGD mn) 2H20 2H19 YoY FY20 FY19 YoY Comments
Divesting at above book value despite COVID-
Gross revenue 161.4 266.5 -39.5% 369.9 515.0 -28.2% Lower revenue due to COVID-19 and leases 19
renewed on variable terms, decreased
Divested Somerset Azabu East Tokyo for
contributions from divestment of Somerset c.S$76, 63% above book valuation
West Lake Hanoi (Oct 19) and Somerset Liang Divested Ascott Guangzhou for c.S$159mn,
Court (July 20), partially offset by acquisition 52% above book
of AHTRUST portfolio (Jan 20), Quest Divested Citadines Didot Montparnasse Paris
Macquarie Park Sydney (Feb 20) and Citadines for c.S$36mn, 69% above book
Connect Sydney Airport (May 19).
Gross Profit 61.0 130.3 -53.2% 149.6 252.6 -40.8%
Balance sheet remains robust; cost of
Distributable 68.5 101.1 -32.3% 109.8 185.3 -40.8% Includes S$45mn in divestment gains (FY19: borrowing fell from 2.3% to 1.8%
Income S$17.5mn)
S$487mn cash on-hand, able to cover c.3 years
DPS (cents) 1.99 4.18 -52.4% 3.03 7.61 -60.2% Distribution from divestment gains of operational cost
contributed 47.8% of DPU. (FY19: 27.6%) S$200mn in divestments proceeds to be
Source: Company, PSR deployed
Phillip Securities Research Pte Ltd (A member of PhillipCapital) Co. Reg. No. 198803136N © PhillipCapital 2021. All Rights Reserved. For internal circulation only.
Disclaimer: The information contained in this document is intended only for use during the presentation and should not be disseminated or distributed to parties outside the presentation.
Phillip Securities accepts no liability whatsoever with respect to the use of this document or its contents.Ascott Residence Trust
ACCCUMULATE (Downgraded), TP: S$1.15 (unchanged), Last: S$1.05
- The Negatives What’s New?
2H/FY20 RevPAU down 69%/61% YoY Proposed acquisition of Purpose-built Student
RevPAU 7 of ART’s key market was down between 56% to Accommodation (PBSA) in Atlanta, USA.
86% in 2H20
Portfolio valuation fell 7% YoY Located within 5-10 minutes’ walk from Georgia Institute of
Technology (Georgia Tech) in Atlanta, USA
S$18mn in rental rebates were offered to tenants
183 unit/525 bed PBSA is S$130mn, EBITDA yield of c.5%
ART also benefitted from S$17.3mn in wage subsidies
4.4% DPU accretion on a proforma basis
Domestic student account for 95% of the US student
Outlook population, with 80% of students living in student
accommodation assets
Boost from rollout of the vaccine and domestic tourism
campaigns High occupancy and relatively long average length of stay
(c.1 year) will help to increase the income stability
Full recovery expected in 2023/24
Downgrade to ACCUMULATE , unchanged TP of S$1.15
Phillip Securities Research Pte Ltd (A member of PhillipCapital) Co. Reg. No. 198803136N © PhillipCapital 2021. All Rights Reserved. For internal circulation only.
Disclaimer: The information contained in this document is intended only for use during the presentation and should not be disseminated or distributed to parties outside the presentation.
Phillip Securities accepts no liability whatsoever with respect to the use of this document or its contents.Keppel REIT
Phillip on the Ground
Tan Jie Hui
Research Analyst
Phillip Securities Research Pte Ltd
1st February 2021
Phillip Securities Research Pte Ltd (A member of PhillipCapital) Co. Reg. No. 198803136N © PhillipCapital 2021. All Rights Reserved. For internal circulation only.
Disclaimer: The information contained in this document is intended only for use during the presentation and should not be disseminated or distributed to parties outside the presentation.
Phillip Securities accepts no liability whatsoever with respect to the use of this document or its contents.KREIT’s portfolio comprises interest in 10 office assets in
Keppel REIT Singapore (4), key Australian cities (5), as well as South
Non-Rated, Last: S$1.22 Korea (1).
Results at a glance
(S$’mn) 2H20 2H19 YoY FY20 FY19 YoY
Revenue 94.7 84.1 12.6% 170.2 164.1 3.7%
NPI 76.5 66.5 15.0% 135.5 128.9 5.1%
DI 99.8 94.6 5.5% 194.6 189.3 2.8%
DPU (c) 2.93 2.8 4.6% 5.73 5.58 2.7%
Rental collection at 98%, deferrals: S$1.9mn (1.1%),
tenant relief measures out of pocket: S$4.7mn (2.8%)
Occupancy: 97.9%; WALE by NLA: 6.7 years (SG: 2.9, AU:
12.8, SK: 2.0)
Leasing activity: Renewal & rent review: 76%, new: 24%. Limited supply in the market, possible resurgence of net demand in
Bulk of new leases come from FIs (36.5%), real estate FY21. Single digit positive rent reversion expected.
(34.2%) and tech, media and telecoms (13.5%) Market rent in FY20: S$11.02 psfpm
Main bulk of 2021 lease expiries (12.2% of portfolio NLA) Expiring rents in FY21: S$9.76 psfpm
come from UBS space in ORQ Growth plans: Keppel Bay Tower to be completed in 2Q21
60% backfilled, negotiating 30% Seeking to acquire more over the next 12-18 months in
overseas markets like Korea and Australia
Valuation: SG portfolio (-1.5%), AU (-2.3%), SK (+0.5%)
Phillip Securities Research Pte Ltd (A member of PhillipCapital) Co. Reg. No. 198803136N © PhillipCapital 2021. All Rights Reserved. For internal circulation only.
Disclaimer: The information contained in this document is intended only for use during the presentation and should not be disseminated or distributed to parties outside the presentation.
Phillip Securities accepts no liability whatsoever with respect to the use of this document or its contents.Suntec REIT
Phillip on the Ground
Tan Jie Hui
Research Analyst
Phillip Securities Research Pte Ltd
1st February 2021
Phillip Securities Research Pte Ltd (A member of PhillipCapital) Co. Reg. No. 198803136N © PhillipCapital 2021. All Rights Reserved. For internal circulation only.
Disclaimer: The information contained in this document is intended only for use during the presentation and should not be disseminated or distributed to parties outside the presentation.
Phillip Securities accepts no liability whatsoever with respect to the use of this document or its contents.Suntec REIT Suntec’s portfolio comprises interest in Suntec, ORQ,
Non-Rated, Last: S$1.60 the MBFC properties and 9 Penang Road in SG, as well
Results at a glance as 5 properties in AU and 1 in the UK.
(S$’mn) 2H20 2H19 YoY FY20 FY19 YoY
Revenue 165.9 188.7 -12.1% 315.4 366.7 -14.0% Pressure on office rents expected due to WFH
NPI 109 121.6 -10.4% 199.9 236.2 -15.4% arrangements, slightly mitigated by tight supply and
demand
DI 106.1 119.2 -11.0% 209.2 236.7 -11.6%
DPU (c) 4.109 4.712 -12.8% 7.402 9.507 -22.1% Leasing demand to be subdued in Australia, but this is
supported by strong occupancy, long WALE and minimal
SG Office occupancy: 96.7%; WALE by NLA: 2.97 years, upcoming expiries
FY21 expiry: 26.6%. Valuation: .-1%
Leasing activity: 70% renewals, 30% new leases. New Retail will be supported by domestic consumption in 2021,
tenants from tech, media and telecom (34%), FIs rent reversion to remain weak due to cautious sentiments
(28%) and real estate (20%). of retailers.
Australia and UK occupancy: 94%, 100%. WALE by NLA: 6.8
years, FY21 expiry: 9.9%, valuation +0.7% Suntec convention to see slow recovery as international
SG mall occupancy: 90.1%, WALE by NLA: 2.49 years, FY21 travel continues to be weak, and Safe Management
expiry: 31.7%, valuation: -3% Measures for events to remain
Suntec Convention valuation: -15.9%
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Phillip Securities accepts no liability whatsoever with respect to the use of this document or its contents.Week 5 - Phillip Singapore Weekly
Paul Chew
Head Of Research
Phillip Securities Research Pte Ltd
1 February 2021
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Phillip Securities accepts no liability whatsoever with respect to the use of this document or its contents.Week 5 – Tactical Views Phillip Securities Research Pte Ltd (A member of PhillipCapital) Co. Reg. No. 198803136N © PhillipCapital 2021. All Rights Reserved. For internal circulation only. Disclaimer: The information contained in this document is intended only for use during the presentation and should not be disseminated or distributed to parties outside the presentation. Phillip Securities accepts no liability whatsoever with respect to the use of this document or its contents.
Pandemic continues to bend to November levels
COVID-19 New Daily Cases (7DMA) • AstraZeneca
400,000 800,000 vaccine EU
approval
300,000 600,000 • 1 dose J&J
vaccine 66%
effective + 1bn
200,000 400,000 production 2021
100,000 200,000
Mar-20 May-20 Jun-20 Jul-20 Sep-20 Oct-20 Nov-20 Dec-20
Europe United States World (RHS)
Source: CEIC, PSR, WHO
Phillip Securities Research Pte Ltd (A member of PhillipCapital) Co. Reg. No. 198803136N © PhillipCapital 2021. All Rights Reserved. For internal circulation only.
Disclaimer: The information contained in this document is intended only for use during the presentation and should not be disseminated or distributed to parties outside the presentation.
Phillip Securities accepts no liability whatsoever with respect to the use of this document or its contents.Japan bending infection curve
COVID-19 New daily cases: JP, KR, MY (7DMA)
• Cases in Malaysia
7,000
surging to 5000+
6,000
5,000
4,000
3,000
2,000
1,000
0
Feb-20 Apr-20 Jun-20 Aug-20 Oct-20 Dec-20
Japan S Korea Malaysia
Source: CEIC, PSR, WHO
Phillip Securities Research Pte Ltd (A member of PhillipCapital) Co. Reg. No. 198803136N © PhillipCapital 2021. All Rights Reserved. For internal circulation only.
Disclaimer: The information contained in this document is intended only for use during the presentation and should not be disseminated or distributed to parties outside the presentation.
Phillip Securities accepts no liability whatsoever with respect to the use of this document or its contents.Lumpy infections
SG: Daily new community cases • 3 unlinked cases
120
Phase 2: 19 Jun
Phase 3: 28 Dec
Phase 1: 2 Jun
Circuit Breaker: 7 Apr
• 113k vaccinated
100
• Vaccinated by
80 3Q/4Q21
60 • Uncertainty over the
duration of
56
40 protection and
7 vaccinated can
5 transmit
20
• Urbanization will
0
Jan-20 Mar-20 May-20 Jul-20 Sep-20 Nov-20 Jan-21 continue
1 week before Daily Cases 7 Day Moving Average
Source: PSR, MOH, 30Jan21
Phillip Securities Research Pte Ltd (A member of PhillipCapital) Co. Reg. No. 198803136N © PhillipCapital 2021. All Rights Reserved. For internal circulation only.
Disclaimer: The information contained in this document is intended only for use during the presentation and should not be disseminated or distributed to parties outside the presentation.
Phillip Securities accepts no liability whatsoever with respect to the use of this document or its contents.Spike in electronics
SG: Industrial production (3MMA YoY) • 4Q20 +11.4% YoY
(3Q20: +11.7%)
50%
• Electronics:
4Q20 +24.8% YoY
(3Q20: +25.4%)
0% • Momentum sustained
even without pent-up
spike in 3Q20
-50%
2008 2010 2012 2014 2016 2018 2020
IPI Electronics
Source: PSR, EDB
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Disclaimer: The information contained in this document is intended only for use during the presentation and should not be disseminated or distributed to parties outside the presentation.
Phillip Securities accepts no liability whatsoever with respect to the use of this document or its contents.Liquid conditions in Singapore
SGD Deposit • Cash hoarding
800,000 30% similar to GFC
700,000 25%
20%
600,000
15%
500,000
10%
400,000
5%
300,000 0%
200,000 -5%
2006 2008 2010 2012 2014 2016 2018 2020
SGD Deposits (S$mn - LHS) YoY
Source: PSR, CEIC, MAS
Phillip Securities Research Pte Ltd (A member of PhillipCapital) Co. Reg. No. 198803136N © PhillipCapital 2021. All Rights Reserved. For internal circulation only.
Disclaimer: The information contained in this document is intended only for use during the presentation and should not be disseminated or distributed to parties outside the presentation.
Phillip Securities accepts no liability whatsoever with respect to the use of this document or its contents.Employment is healing
SG: Quarterly Employment Change (000s) • 4Q20: manufacturing
60 and construction
40
declined 26.8k;
services +13.4k
20
-13.5
0
-20
-25.5
-40 -34.3
-60
-80
-100
-113.4
-120
Dec-12 Jun-14 Dec-15 Jun-17 Dec-18 Jun-20
Source: PSR, CEIC, MoM
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Phillip Securities accepts no liability whatsoever with respect to the use of this document or its contents.Thai Beverage – Beer IPO, but much lower valuations
Company 1 Mth 3 Mth YTD Share Px Mkt. Cap. PE P/BV Dividend ROE EV/ EBITDA
Perf. Perf. Perf. Local Crcy (US$ m) Yr 0 Yr + 1 Yr + 2 Yr 0 Yield Yr 0 EBITDA Margin
• Media: US$10bn
Global Beer
AB Inbev -8.8% 16.7% -8.8% 51.98 127,338 13.9 33.5 19.9 1.7 3.8% 1.9% 13.2 39.7% valuation + raise
Heineken -5.8% 12.8% -5.8% 85.94 60,055 22.9 40.3 24.9 3.6 2.0% 6.5% 16.8 23.3% US$2bn
Budweiser 1.8% 14.3% 1.8% 26.05 44,495 49.5 72.8 41.5 35.1 0.1% 9.0% 27.6 31.1%
China Resources -4.1% 42.6% -4.1% 68.50 28,662 140.4 73.4 50.0 10.3 0.2% 7.2% 33.7 11.7%
Carlsberg -7.7% 11.3% -7.7% 900.20 21,756 20.3 23.1 20.9 3.4 2.3% 15.3% 11.9 23.1% • PATMI only US$28mn
Asahi -0.8% 30.7% -0.8% 4212 20,396 15.0 23.3 14.9 1.5 2.4% 8.7% 15.5 15.1%
Kirin -7.7% 19.5% -7.7% 2246 19,607 34.4 23.1 16.9 2.3 2.8% 12.3% 13.8 12.0%
Sabeco -17.1% -12.3% -17.1% 161700 4,499 22.0 19.2 16.4 5.2 2.2% 24.4% 12.8 19.8% • Interest expense
-5.6% 18.5% -5.6% 302,702 19.7 37.3 23.5 7.9 2.4% 5.8% 18.0 29.7%
burden of Bt5.2bn (or
30-Sep FY18 FY19 FY20
PATMI Bt mn 1,291 954 825
US$174mn)
US$ mn 43.0 31.8 27.5
Market Cap - 30x PE US$ mn 1291 954 825
PAT
Interest expense
Bt mn
Bt mn
3,519
5,143
3,281
5,242
• Debt of Bt152bn (or
EBITDA Bt mn 12,826 12,462 US$5bn)
Atrributable - EBITDA (est) Btmn 3477 3134
Debt Bt mn 152,111 152,388
• Unless low debt spin-
Enterprise value 180,731 177,138
EV/EBITDA (est) x 52.0 56.5
PATMI -exclude interest Bt mn 5068 5019 off
US$ mn 169 167
Market Cap - 30x PE US$ mn 5068 5019
EV/EBITDA (est) x 43.7 48.0
Source: PSR, CEIC, MoM
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Phillip Securities accepts no liability whatsoever with respect to the use of this document or its contents.PHILLIP ABSOLUTE 10 – Jan21 Performance
Phillip Singapore Sectors 1 Mth 3 Mth YTD
(97 companies) Perf. Perf. Perf.
Cyclicals surged on vaccine news, yield underperformed Commodities - Plant./Others 13.0% 29.5% 13.0%
Conglomerate/Utilities 3.1% 24.0% 3.1%
Company 1M 3M YTD Rating Target Px (S$) Share Px (S$) Upside Mkt Cap (US$m) Dvd. Yield
Consumer - F&B/Gaming/Media 6.9% 31.0% 6.9%
Yield Finance 2.3% 22.6% 2.3%
As cott REIT -2.8% 26.5% -2.8% Buy 1.15 1.050 10% 2,455 3.7% Healthcare -1.8% 0.8% -1.8%
As ian PayTV -4.2% -3.4% -4.2% Buy 0.15 0.114 32% 155 8.8% Industrial - Electronics/Others 1.2% 12.3% 1.2%
Manulife US REIT -1.3% 2.8% -1.3% Buy 0.92 0.735 25% 1,163 8.7% Property/Construction 0.8% 20.3% 0.8%
REIT - Hospitality -3.4% 22.4% -3.4%
REIT - Industrial 1.7% 4.7% 1.7%
Dividend / Earnings Growth REIT - Office 6.8% 20.8% 6.8%
Fras ers Centrepoint Tr. 5.3% 22.7% 5.3% Buy 2.79 2.59 8% 3,310 5.4% REIT/Trust - Retail -0.2% 20.3% -0.2%
PropNex 0.6% 24.6% 0.6% Buy 0.85 0.79 8% 219 5.1% REIT - Others/Foreign/Biz Trust 3.3% 14.0% 3.3%
Thai Beverage 12.2% 42.2% 12.2% Buy 0.86 0.83 4% 15,589 3.2% Shipping - Yards/Vessel owners 2.8% 12.7% 2.8%
Telecommunications 1.7% 14.5% 1.7%
Re-rating Plays Transportation -4.0% 21.7% -4.0%
2.8% 20.6% 2.8%
CapitaLand -2.1% 24.9% -2.1% Buy 3.82 3.21 19% 12,541 3.7%
Straits Times Index 2.1% 19.7% 2.1%
ComfortDelgro -5.4% 17.0% -5.4% Buy 1.83 1.58 16% 2,576 3.9%
Keppel Corp. -6.9% 14.1% -6.9% Buy 6.12 5.01 22% 6,851 1.7% Absolute STI
10 • Wilmar +13%
Yoma -5.2% 7.8% -5.2% Buy 0.46 0.28 67% 463 0.0% Jan21 -0.8% 2.1% • Golden Agri +13%
Average -0.77% 17.0% -0.8% 22% 42,865 4.5% Feb21 • First Resources +21%
Mar21 • Riverstone +35^
Apr21 • UG Healthcare +24%
May21
Source: PSR, Bloomberg
Jun21
• UMS +20%
Jul21 • Micro-Mechanics +35%
Aug21 • Keppel REIT +9%
Sep21 • Suntec REIT +7%
Oct21
Nov21
Note# As at end January 2021, performance is for illustration purposes only. It excludes the cost of monthly rebalancing, transaction Dec21
fees and dividend income. YTD -0.8% 2.1%
Out/(Under)perf. -2.8%
Phillip Securities Research Pte Ltd (A member of PhillipCapital) Co. Reg. No. 198803136N © PhillipCapital 2021. All Rights Reserved. For internal circulation only.
Disclaimer: The information contained in this document is intended only for use during the presentation and should not be disseminated or distributed to parties outside the presentation.
Phillip Securities accepts no liability whatsoever with respect to the use of this document or its contents.SG: Corporate Results Week 5 (1Feb – 7Feb21)
Name Ticker Date Time Period
Elite Commercial REIT ELITE SP 1-Feb-21 Y 20
Ascendas Real Estate Investmen AREIT SP 2-Feb-21 Aft-mkt Y 20
China Aviation Oil Singapore C CAO SP 2-Feb-21 Y 20
Frasers Logistics & Commercial FLT SP 3-Feb-21 Aft-mkt Q1 21
Lian Beng Group Ltd LBG SP 3-Feb-21 Q2 21
Fraser and Neave Ltd FNN SP 4-Feb-21 Aft-mkt Q1 21
Singapore Airlines Ltd SIA SP 4-Feb-21 Aft-mkt Q3 21
UG Healthcare UGHC SP 4-Feb-21 Aft-mkt Q2 21
First Resources Ltd FR SP 4-Feb-21 Y 20
iFAST Corp Ltd IFAST SP 5-Feb-21 Aft-mkt Y 20
Singapore Post Ltd SPOST SP 5-Feb-21 Q3 21
First Ship Lease Trust FSLT SP 5-Feb-21 Bef-mkt Y 20
Creative Technology Ltd/Singap CREAF SP 5-Feb-21 Q2 21
Source: PSR, Bloomberg,
Phillip Securities Research Pte Ltd (A member of PhillipCapital) Co. Reg. No. 198803136N © PhillipCapital 2021. All Rights Reserved. For internal circulation only.
Disclaimer: The information contained in this document is intended only for use during the presentation and should not be disseminated or distributed to parties outside the presentation.
Phillip Securities accepts no liability whatsoever with respect to the use of this document or its contents.SG: Corporate Results Week 6 (8Feb – 14Feb21)
Name Ticker Date Time Period
Manulife US Real Estate Invest MUST SP 8-Feb-21 Bef-mkt Y 20
Vicom Ltd VCM SP 8-Feb-21 Y 20
Genting Singapore Ltd GENS SP 9-Feb-21 Aft-mkt Y 20
SBS Transit Ltd SBUS SP 9-Feb-21 Aft-mkt Y 20
SATS Ltd SATS SP 10-Feb-21 Aft-mkt Q3 21
Asian Pay Television Trust APTT SP 10-Feb-21 Y 20
Oxley Holdings Ltd OHL SP 10-Feb-21 Q2 21
Lendlease Global Commercial RE LREIT SP 10-Feb-21 Bef-mkt S1 21
DBS Group Holdings Ltd DBS SP 10-Feb-21 Bef-mkt Y 20
First Sponsor Group Ltd FSG SP 11-Feb-21 Y 20
iX Biopharma Ltd IXBIO SP 11-Feb-21 Q2 21
Silverlake Axis Ltd SILV SP 11-Feb-21 Q2 21
IREIT Global IREIT SP 11-Feb-21 Y 20
Sunmoon Food Co Ltd SMOON SP 11-Feb-21 Q3 21
Far East Hospitality Trust FEHT SP 11-Feb-21 Bef-mkt Y 20
mm2 Asia Ltd MM2 SP 15-Nov-20 Q2 21
Source: PSR, Bloomberg,
Phillip Securities Research Pte Ltd (A member of PhillipCapital) Co. Reg. No. 198803136N © PhillipCapital 2021. All Rights Reserved. For internal circulation only.
Disclaimer: The information contained in this document is intended only for use during the presentation and should not be disseminated or distributed to parties outside the presentation.
Phillip Securities accepts no liability whatsoever with respect to the use of this document or its contents.ANALYST COVERAGE EMAIL
Paul Chew Head of Research paulchewkl@phillip.com.sg
Terence Chua Consumer terencechuatl@phillip.com.sg
Natalie Ong REITs |Property natalieongpf@phillip.com.sg
Tay Wee Kuang Banking | Healthcare taywk@phillip.com.sg
Tan Jie Hui Small-Mid Cap tanjh@phillip.com.sg
Vivian Ye Small-Mid Cap yeqw@phillip.com.sg
Chua Wei Ren Technical chuawr@phillip.com.sg
Timothy Ang Credit (Bonds) timothyang@phillip.com.sg
Siti Nursyazwina Research Admin syazwina@phillip.com.sg
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Phillip Securities Research Pte Ltd (A member of PhillipCapital) Co. Reg. No. 198803136N © PhillipCapital 2021. All Rights Reserved. For internal circulation only.
Disclaimer: The information contained in this document is intended only for use during the presentation and should not be disseminated or distributed to parties outside the presentation.
Phillip Securities accepts no liability whatsoever with respect to the use of this document or its contents. 30Phillip Securities Research Pte Ltd (A member of PhillipCapital) Co. Reg. No. 198803136N © PhillipCapital 2021. All Rights Reserved. For internal circulation only. Disclaimer: The information contained in this document is intended only for use during the presentation and should not be disseminated or distributed to parties outside the presentation. Phillip Securities accepts no liability whatsoever with respect to the use of this document or its contents.
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