Let the Money Talk

Welcome to the Let the Money Talk podcast.

In this episode, Phillip Securities Research's head of research, Paul Chew, report on 2Q22 Singapore Equity Strategy. Singapore equity market stands out in current stagflation environment.

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 discusses a recently announced delay in the proposed merger of Keppel Corp and Sembcorp Marine. Keppel T&T announced it will be selling its logistics operations.

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 Director, Zac Ng, shares 5 reasons why you need a Financial Doctor.

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 Advisory Consultant, Tan Hong Wei, 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, Phillip Securities Research's analyst, Vivian Ye, reports on Del Monte 3Q22 Results: Temporary dip in margins.

3Q22 results above expectations. Revenue from Americas exceed expectations, but gross profit lower than expected due to inflationary pressures.

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 Lendlease Global Commercial REIT – Delivering a JEM as promised

1. Proposed acquisition of the remaining 68% stake in JEM is marginally accretive at 0.1% according to our forecast, in line with the pro-forma DPU accretion of 0.1-3.0%.

2. The acquisition will add a resilient property to the portfolio. The six-storey retail mall accounts 65.1% of NLA with the remaining 34.9% in a 12-storey Grade A office space which is fully leased to the Ministry of National Development of Singapore until 2045.

3. The acquisition will double LREIT’s AUM and market capitalization, increasing its visibility and investor relevance. Post-acquisition, JEM will anchor the LREIT's portfolio and account for 58% of FY23e's NPI.

We maintain our ACCUMULATE recommendation and DDM-TP of S$0.94. The current share price implies FY22e DPU yields of 6.0%. Pipeline assets for LREIT include Paya Lebar Quarters and Parkway Parade.

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 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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