Let the Money Talk

Jonathan Woo, Senior Research Analyst at Phillip Securities Research, will cover the first quarter 2024 earnings report on Alphabet Inc. dated 3rd May 2024, and titled “Growth accelerating across all segments”

We maintain ACCUMULATE rating on Alphabet Inc. with a raised target price of US$195.00.

Jonathan Woo, Senior Research Analyst at Phillip Securities Research, will cover the first quarter 2024 earnings report on Meta Platforms, dated May 3rd, 2024, and titled “Solid results, but tough comparisons ahead.” 

We maintain ACCUMULATE rating on Meta Platforms Inc. with a lowered target price of US$510.00

Glenn Thum, senior research analyst with Phillip Securities Research, will cover DBS’ first quarter results. The report was dated 3rd May 2024 and titled ‘Net interest income and Fee Income boost earnings’.

Miaomiao, a Research Analyst at Phillip Securities Research will be covering an update report on Suntec REIT, dated April 26th, 2024, titled “Higher-for-longer interest rates continue eroding DPU”.

Miaomiao, a Research Analyst at Phillip Securities Research will be covering an update report on Far East Hospitality Trust, dated May 2nd, 2024, titled “Higher RevPAR by Ramping up Occupancy”.

Jonathan Woo, Senior Research Analyst at Phillip Securities Research, will cover the first quarter 2024 earnings report on Spotify, dated 26 April 2024, titled “Raised prices and subscribers still grew.”

Upgrade BUY on Spotify Technology S.A. with a raised target price of US$340.00

Jonathan Woo, Senior Research Analyst at Phillip Securities Research will cover our first quarter 2024 earnings report on Netflix Incorporated, dated 22nd April 2024, and titled “Pricing power on display.”

Darren Chan, Senior Research Analyst at Phillip Securities Research will cover the report on Keppel DC REIT’s first quarter 2024 results, dated 22nd April 2024, titled “DXC settlement offers partial relief from uncollected rents.”

Maintain ACCUMULATE recommendation.

Miaomiao, a Research Analyst at Phillip Securities Research will be discussing an Initiation report concerning 17LIVE Group Limited, dated April 8, 2023, titled “Back to Growth Mode.”

We initiate coverage on 17LIVE Group with a BUY rating and a price target of S$2.30. Our valuation is based on DCF, using a 14.1% WACC as the group is purely funded by equity and 1% terminal growth rate. We believe the group can further optimise its revenue and operating model, thereby improving profitability from FY24 onwards.

Darren Chan, Senior Research Analyst at Phillip Securities Research will cover our report on the initiation of Cromwell European REIT, dated 1 April 2024, titled “Asset rejuvenation strategy to drive organic growth.”

Paul Chew, Head of Research with Phillip Securities Research will discuss the 2nd quarter 2024 Singapore Equity Strategy report, dated 1st April 2024.

Glenn Thum, senior research analyst with Phillip Securities Research, will cover our recent initiation on the US Banking sector, in particular JP Morgan, Bank of America, and Wells Fargo. Our report, ‘Industry leaders to benefit from peak rates’, was dated 25 March 2024.

Paul Chew, head of research with Phillip Securities Research, will be covering the results note on Q&M Dental Group’s second-half results in 2023. The report was dated 18th March 2024 and titled “Data-driven treatments can commence.”

Results beat expectations and upgrade to BUY from ACCUMULATE.

Ambrish Shah, US Technology Analyst of Phillip Securities Research team, will cover Adobe’s first quarter 2024 earnings results. The report, ‘Revenue growth to decelerate,’ was dated 19th March 2024.

1Q24 results in line with our expectations. We maintain REDUCE.

Darren Chan, Senior Research Analyst at Phillip Securities Research, will cover our report on City Developments Limited’s full-year-23 results, dated 5th March 2024, titled “Record revenue driven by property development.” 

Maintain BUY recommendation.

Darren Chan, Senior Research Analyst at Phillip Securities Research, will cover the report on CapitaLand Investments Limited’s full-year 2023 results, dated March 4, 2024, titled “Targeting to double FUM in 5 years.” 

Maintain BUY recommendation.

Ambrish Shah, US Technology Analyst of Phillip Securities Research team, will cover Salesforce’s 4Q24 earnings results. The report, ‘Further margin expansion,’ was dated 7 March 2024.

4Q24 results met our expectations. We maintain ACCUMULATE recommendation.

Glenn Thum, senior research analyst with Phillip Securities Research, will be covering UOB’s fourth quarter results. The report was dated 26 February 2024 and was titled ‘Net interest income hurt by net interest margin decline and flat loan growth’.

4Q23 results slightly above estimates. Maintain BUY recommendation.

Glenn Thum, senior research analyst with Phillip Securities Research, will be covering OCBC’s fourth quarter results. The report was dated 1st March 2024 and titled ‘Non-interest income driving growth’.

4Q23 results met estimate. Maintain BUY recommendation.

Jonathan Woo, Senior Research Analyst at Phillip Securities Research, will be covering our fourth quarter 2024 earnings report on Nvidia dated the 23rd February 2024, and titled “More upside from AI demand.”

Maintain BUY rating on NVDA Corp. with a raised target price of US$970

Glenn Thum, senior research analyst with Phillip Securities Research, will be covering the Singapore Banking Monthly for January 2024. Our report was dated 19th February 2024 and titled ‘Loans and interest rates dip further’.

Maintain Overweight. We remain positive on banks.

Glenn Thum, senior research analyst with Phillip Securities Research, will be covering Silverlake Axis Limited’s second-quarter results. Our report was dated 19th February 2024 and titled ‘Quality of earnings improving.’

2QFY24 results met estimates. Maintain BUY recommendation.

Helena Wang, Research Analyst at Phillip Securities Research, will discuss the analysis of Amazon's fourth quarter FY23 financial performance. The report was dated 15th February 2024 and titled ‘Improving efficiency through regionalization’.

Helena Wang, Research Analyst at Phillip Securities Research, will discuss the analysis of Apple 1Q24 financial performance. The report was dated 7 February 2024 and was titled ‘Weak demand for products continues.’

Paul Chew, head of research with Phillip Securities Research, will be covering the Singapore Strategy on Budget 2024. Our report was dated 19th February 2024 and titled “The Social Health Ageing Retire Educate or SHARE Budget.”

Miaomiao Liu, a Research Analyst at Phillip Securities Research, will cover the result report on Far East Hospitality Trust, dated 15th February 2024, and tilted “Mega events to drive RevPAR recovery.”

FEHT is currently trading at FY24e dividend yields of 6.8% and 0.7x P/NAV. We expect revenue to be supported by RevPAR recovery and potential inorganic growth. Our DDM-TP remains unchanged at S$0.79, with projected FY24-25e DPUs of 4.35 to 4.45 cents.

Darren Chan, Senior Research Analyst at Phillip Securities Research, will cover a report on Keppel DC REIT’s full year 2023 results dated 9 February 2024, titled “Uncollected rents impact DPU.” Downgrade to ACCUMULATE recommendation.

Darren Chan, Senior Research Analyst at Phillip Securities Research, will cover a report on CapitaLand Ascott Trust’s full year 2023 results dated 9 February 2023, titled “Further upside from occupancy growth.” Downgrade to ACCUMULATE recommendation.

Paul Chew, head of research with Phillip Securities Research, will be covering StarHub’s fourth quarter results. The report was dated 14th February 2024 and titled “Pop in dividends”. 4Q23 results above expectation and a jump in dividends. Maintain ACCUMULATE recommendation.

Peggy Mak, an analyst at Phillip Securities Research, will discuss BRC Asia 1Q24 financial performance. We downgrade our call to ACCUMULATE from buy.

Peggy Mak, an analyst at Phillip Securities Research, will discuss the final results of Pan-United Corporation for the financial year ended December 2023.

Jonathan Woo, Senior Research Analyst at Phillip Securities Research, will be covering our fourth quarter 2023 earnings report on Spotify dated 9th February 2024, and titled “Growth exceeds, monetisation to begin”.

Maintain ACCUMULATE on Spotify Technology S.A. with a raised target price of US$270.00.

Glenn Thum, Senior Research Analyst with Phillip Securities Research, will be covering DBS’ fourth quarter results. Our report was dated 9th February 2024 and titled ‘Fee income recovers; strong dividend growth’.

4Q23 results above expectation. Maintain BUY recommendation.

Jonathan Woo, Senior Research Analyst at Phillip Securities Research, will be covering our fourth quarter 2023 earnings report on Meta Platforms dated the 7th February 2024, and titled “Beats all around”.

We downgrade to ACCUMULATE rating on Meta Platforms Inc. with a raised target price of US$520.00.

Peggy Mak, an analyst at Phillip Securities Research, will give a round-up of the Singapore Air Transport sector for January 2024.

Miaomiao Liu, a Research Analyst at Phillip Securities Research will be discussing a result report of Lendlease Global Commercial REIT, dated Feb 05th, 2023, titled “High rental reversion and rental upside from Sky Complex”.

LREIT is currently trading at FY24 yields of 6.82% and 0.79x Price to NAV. We expect upside from a mark-to-market rental uplift upon successful backfilling of Building 3, Sky Complex, and better- than-expected international travel numbers to support further rental reversion in 313@somerset. Factoring in the higher-for-longer borrowing costs, our DDM-TP has been adjusted downward to S$0.83, with projected FY24-25e DPUs of 4.16-4.59 Singapore cents. We raise our FY24 interest rate assumption by 0.2% points.

Jonathan Woo, Senior Research Analyst at Phillip Securities Research, will be covering our fourth quarter 2023 earnings report on AMD dated 5th February 2024, and titled “AI demand still hot”. We upgrade ACCUMULATE rating on AMD Inc. with a raised target price of US$195.00.

Jonathan Woo, Senior Research Analyst at Phillip Securities Research, will be covering our fourth quarter 2023 earnings report on Alphabet Inc. dated 2nd February 2023, and titled “AI underpinning ad growth”. We downgrade ACCUMULATE rating on Alphabet Inc. with a raised target price of US$154.00.

Glenn Thum, Senior Research Analyst with Phillip Securities Research, will be covering SGX’s first half 2024 results.

Our report was dated 5th February 2024 and titled ‘FICC revenue support growth’ with 1H24 results below expectation. Downgrade to ACCUMULATE recommendation.

Jonathan Woo, Senior Research Analyst at Phillip Securities Research, will be covering the fourth quarter 2023 earnings report on Tesla Inc. dated 29th January 2024, and titled “Intensifying competition to weigh further on margins”. We Downgrade to NEUTRAL rating on Tesla Inc. with reduced target price of US$175.00.

Jonathan Woo, Senior Research Analyst at Phillip Securities Research, will be covering the fourth quarter 2023 earnings report on Netflix Incorporated dated 25th January 2024, and titled “Subscribers and margins re-accelerating”. We maintain ACCUMULATE rating on Netflix Inc. with raised target price of US$570.

Miaomiao Liu, a Research Analyst at Phillip Securities Research will be covering the Suntec REIT - Stock Analyst Research.

SUN is currently trading at FY24e yields of 6% and 0.58x P/NAV. We anticipate strong retail rental reversion to be persistent in FY24 as international visitors gradually return, and the office segment continues to achieve stable reversion in the mid-single digits. Our DDM-TP remains unchanged at S$1.47, with projected FY24-25e DPUs of S$7.30 to S$7.89 cents.

Miaomiao Liu, a Research Analyst at Phillip Securities Research will be covering the Far East Hospitality Trust initiation report.

We initiate coverage on Far East Hospitality Trust with a BUY recommendation and a price target of S$0.79. FEHT is trading at 0.73x P/NAV which is below the average SREIT of 0.84x. Our valuation is based on DDM using the cost of equity of 6.5% and 1.5% terminal growth rate. At our TP of S$0.79, we value FEHT at 4.8% FY23e DPU yield.

Miaomiao Liu, a Research Analyst at Phillip Securities Research will be covering the Elite Commericial REIT update report.

ELITE is currently trading at FY24e yields of 13.2% and 0.73x P/NAV. We have incorporated the effects of these transactions into our calculations and continue to maintain our forecasts. Potential re-development plan such as student accommodation or data center may take place given the enlarged debt headroom of c.£58mn. Our DDM-TP remains unchanged at 0.36 pence, with projected FY24-25e DPUs of 4.16 – 4.72 pence.

Paul Chew, Head of Research with Phillip Securities Research, will be covering the 2024 Singapore Equity Strategy report titled 'The Federal Reserve Got Your Back', dated January 2, 2024.

Ambrish Shah, US Technology Analyst at Phillip Securities Research, will be covering the Salesforce Inc 3Q24 Results with focus on improving earnings. 3Q24 revenue was within expectations but earnings were ahead. We maintain ACCUMULATE recommendation.

Miaomiao Liu, a Research Analyst at Phillip Securities Research will be covering the Lendlease Global Commercial Trust 1Q24 report.

LREIT is currently trading at FY24e yields of 7.82% and 0.7x P/NAV. We anticipate that the strong rental reversion momentum will persist for 313@somerset in FY24 as international visitors gradually return, and Jem continues to achieve stable reversion in the high single digits. Our DDM-TP remains unchanged at S$0.86, with projected FY24-25e DPUs of S$4.38 - 4.63 cents.

Ambrish Shah, US Technology Analyst at Phillip Securities Research will be covering the Block Inc 3Q23 Results with focused on improving earnings. Revenue within expectations but earnings were ahead. Maintain BUY recommendation.

Ambrish Shah, US Technology Analyst at Phillip Securities Research will be covering the PayPal Holdings Inc 3Q23 Results with higher payment volumes. The results were within expectations. Maintain BUY recommendation.

Ambrish Shah, US Technology Analyst at Phillip Securities Research will be covering the Airbnb Inc 3Q23 Results while strong earnings growth as travel rebounds. The results exceeded our expectations. Upgraded to BUY recommendation.