Welcome to the Let the Money Talk podcast.

In this episode, Phillip Securities Research's analyst, Natalie Ong, reports on City Developments Limited – Promising turnaround

1. FY21 revenue of S$2.6bn grew 24.5% YoY, forming 106% of our forecast. PATMI underperformed due to higher-than-expected taxes, excluding which, performance would have been in line with our forecasts. PATMI returned to positive territory due to strong residential sales and recovery in the hospitality segment, which has turned EBITDA positive.

2. CDL sold 2,185 units in Singapore in FY21, 66% higher than FY20, with total sales value of S$4.3bn up 131% YoY. This exceeded our FY21 sales forecast of 1,600 units. Hotel segment turned EBITDA positive, but till 40% below 2019 levels. RevPAR jumped 49% YoY, with significant pick-up observed in 2Q/3Q21. Portfolio occupancy improved YoY from 38.6% to 51.0%, widening gross operating margin from 3.7% to 21.8%, but still below 2019's margin of 39%.

3. Unlocking value through the opportunistic divestment of Millennium Hilton Seoul and Tanglin Shopping Centre, and upcoming redevelopment of Central Mall under the URA’s Strategic Development Incentive Scheme, which will yield a 67% GFA uplift. S$529mn in divestment gains will be recognised for the sale of Millennium Hilton Seoul in FY22.

We maintain our BUY recommendation on CDL, with an unchanged RNAV-TP of S$9.19. We view CDL as proxy for the Singapore residential market and hospitality recovery play. Asset monetisation, unlocking value through AEIs and redevelopments, and faster-than-expected recovery in hospitality portfolio are potential catalyst for CDL, which could help narrow the discount between CDL’s share price and RNAV

Listen to this podcast to learn more about the latest corporate updates. Alternatively, visit www.stocksbnb.com for the full report.

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Welcome to the Let the Money Talk podcast.

In this episode, Phillip Securities Research's analyst, Natalie Ong, reports on CapitaLand Investment Limited – Commendable recycling and FUM growth.

1. FY21 PATMI of S$1,349mn was 52% above our forecast due to higher than forecasted performance of JV & Associates and portfolio gains. FY21 DPS of 15 Scts was a positive surprise, exceeding our DPS forecast of 8.3 Scts.

2. Revenue, which comprises real estate investments and fee-related earnings, grew 15.6% YoY to S$2.3bn. FY21 was stellar year of capital recycling. CLI divested a record S$13.6bn in assets at an average 13% premium to book value, driving 10% growth in FUM. Lodging segment recovering steadily - RevPAU rose 19% YoY, as occupancy improved to c.60%, up from c.50% in FY20. Revenue from the lodging segment grew 27%, on the back of recovery in operations and 8.2k keys turning operational.

3. China showing recovery; Singapore stabilizing. The only negative is the 8ppt YoY occupancy decline in India business and logistic parks. Despite this, Indian new economy asset managed to secure positive reversions.

We maintain our ACCUMULATE recommendation, raising our SOTP-TP from S$4.00 to S$4.05 as we raise FY22e investment management PATMI as we bake in faster FUM growth as well as higher EBITDA from the lodging segment. CLI maintains its S$3bn p.a. divestment target while growing FUM by 10% p.a.. At current growth rates, CLI is on track to hitting its 2023 lodging target of 160k keys under management and S$100bn 2024 FUM target.

Listen to this podcast to learn more about the latest corporate updates. Alternatively, visit www.stocksbnb.com for the full report.

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Welcome to the Let the Money Talk podcast.

In this episode, Phillip Securities Research's senior analyst, Terence Chua, Pan-United Corporation Limited's 2H21 results that beat our estimates. We revise our profit for FY22 higher by 11%.

The group reported 2H21 revenue which grew 45% on a year-on-year basis driven by a recovery in the construction sector. Seasoned Traders. Company report.

Listen to this podcast to learn more about the latest corporate updates. Alternatively, visit www.stocksbnb.com for the full report.

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Welcome to the Let the Money Talk podcast.

In this episode, one of our top Financial Services Associate Manager, Elijah Lee, shares the important aspect of wealth management.

Listen to this podcast to learn more about deconstructing world-class tactics, tools and routines.

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Welcome to the Let the Money Talk podcast. 

In this episode, one of our top Financial Services Director, Alvin Tan, explains why is asset allocation important to you and me?  

Listen to this podcast to learn more about deconstructing world-class tactics, tools and routines. 

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Welcome to the Let the Money Talk podcast.

In this episode, Phillip Securities Research's analyst, Natalie Ong, reports on Ascott Residence Trust – Recovery and rebalancing.

We maintain our ACCUMULATErecommendation, raising our DDM-TP from S$1.19 to S$1.23 as we roll forward our estimates. ART remains our top pick in the sector owing to its mix of stable and growth revenue and geographical diversification.

Listen to this podcast to learn more about the latest corporate updates. Alternatively, visit www.stocksbnb.com for the full report.

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Welcome to the Let the Money Talk podcast.

In this episode, Phillip Securities Research's analyst, Natalie Ong, reports on Ascendas REIT – Leveraging scale for growth.

We reiterate our BUY recommendation, lowering our DDM-TP slightly from $3.65 to S$3.52. FY22-25e DPUs have dipped 2.1-4.9% after factoring in higher OPEX. Our DDM-based TP is lowered by 3.6% to S$3.52 due to lower DPUs and higher COE, which was raised from 6% to 6.12% after factoring in a higher risk-free rate. AREIT remains our top pick for the sector in view of its scale and diversification.

Listen to this podcast to learn more about the latest corporate updates. Alternatively, visit www.stocksbnb.com for the full report.

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Welcome to the Let the Money Talk podcast.

In this episode, Phillip Securities Research's analyst, Natalie Ong, reports on Manulife US REIT's leasing recovery overpowered by occupancy loss.

We upgrade our recommendation from Accumulate to BUY, raising the target price from US$0.84 to US$0.86 as we roll forward our DPU estimates, incorporating a new financial year. The US office market appears to be at an inflection point, showing improvement in net effective rents, longer lease tenures signed, declining subleasing and more positive rental outlook.

Listen to this podcast to learn more about the latest corporate updates. Alternatively, visit www.stocksbnb.com for the full report.

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Singapore stocks ended the day lower on Tuesday amid escalating tensions between Russia and Ukraine. The benchmark Straits Times Index, or STI, was a sea of red as all 30 of its constituents either fell or ended flat, closing 1 per cent or 35.78 points lower to hit a 1-week low of 3,400.58. Elsewhere, major indices in Japan, Hong Kong and South Korea closed with deeper losses of between 1.4 per cent and 2.7 per cent.

Wall Street stocks fell sharply on Tuesday after US President Joe Biden announced new sanctions on Russia following its latest escalations in the Ukraine crisis. Biden, in a White House address, said the penalties on Russia would go "far beyond" existing sanctions and include moves to cut the country off from Western financing by targeting Moscow's sovereign debt. The Dow Jones Industrial Average finished down 1.4 per cent, or about 480 points, at 33,596.61. The broad-based S&P 500 dropped 1.0 per cent to 4,304.76, while the tech-rich Nasdaq Composite Index slid 1.2 per cent to 13,381.52.

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Singapore stocks ended the day slightly higher on Monday, bucking the regional trend on the first trading day after the government rolled out another expansionary Budget. The benchmark Straits Times Index climbed much of the day to close 0.2 per cent or 7.46 points higher at 3,436.36.

European shares dropped to a four-month low on Monday, with auto and technology stocks leading the losses after comments from the Kremlin quelled hopes of a resolution to Europe's biggest military crisis in decades. The pan-European Stoxx 600 slid 1.3 per cent to its lowest level since October over concerning headlines related to the Russia-Ukraine conflict. The technology sub-index shed 2.6 per cent to its lowest since March last year and marked a fourth straight day of losses. The sector, along with the European benchmark, has spent seven of eight weeks in negative territory so far this year.

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