Let the Money Talk

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.

Listen to this podcast to stay updated on the latest corporate news. Additionally, you can visit ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠www.poems.com.sg/stock-research⁠⁠⁠⁠⁠ to access the full report and gain more insights.

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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.

Listen to this podcast to stay updated on the latest corporate news. Additionally, you can visit ⁠⁠⁠⁠⁠⁠⁠www.poems.com.sg/stock-research⁠⁠⁠⁠⁠⁠⁠ to access the full report and gain more insights.

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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.

Listen to this podcast to stay updated on the latest corporate news. Additionally, you can visit ⁠⁠⁠⁠⁠⁠⁠www.poems.com.sg/stock-research⁠⁠⁠⁠⁠⁠⁠ to access the full report and gain more insights.

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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.

Listen to this podcast to stay updated on the latest corporate news. Additionally, you can visit ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠www.poems.com.sg/stock-research⁠⁠⁠⁠⁠ to access the full report and gain more insights.

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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.

Listen to this podcast to stay updated on the latest corporate news. Additionally, you can visit ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠www.poems.com.sg/stock-research⁠⁠⁠⁠⁠ to access the full report and gain more insights.

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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.

Listen to this podcast to stay updated on the latest corporate news. Additionally, you can visit ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠www.poems.com.sg/stock-research⁠⁠⁠⁠⁠ to access the full report and gain more insights.

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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.

Listen to this podcast to stay updated on the latest corporate news. Additionally, you can visit ⁠⁠⁠⁠⁠⁠⁠www.poems.com.sg/stock-research⁠⁠⁠⁠⁠⁠⁠ to access the full report and gain more insights.

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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.

Listen to this podcast to stay updated on the latest corporate news. Additionally, you can visit ⁠⁠⁠⁠⁠⁠⁠www.poems.com.sg/stock-research⁠⁠⁠⁠⁠⁠⁠ to access the full report and gain more insights.

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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.

Listen to this podcast to stay updated on the latest corporate news. Additionally, you can visit ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠www.poems.com.sg/stock-research⁠⁠⁠⁠⁠ to access the full report and gain more insights.

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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.

Listen to this podcast to stay updated on the latest corporate news. Additionally, you can visit ⁠⁠⁠⁠⁠⁠⁠www.poems.com.sg/stock-research⁠⁠⁠⁠⁠⁠⁠ to access the full report and gain more insights.

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