HKkav
kav key 时间:2021-02-22 阅读:()
Page|1|PHILLIPSECURITIESRESEARCH(SINGAPORE)MCI(P)006/10/2019Ref.
No.
:SG2020_0031ECWorldREITProtectedbymasterleasesSINGAPORE|REALESTATE(REIT)|FY19RESULTS4Q19andFY19NPIandDPUwereinlinewithourforecastHighincomevisibilityduetoportfoliooccupancyof99.
9%andWALEof4.
1yearsFY19DPUdown2.
1%YoY;accretionfromFuzhouE-commerceacquisitionwipedoutduetoFXandtiminglagbetweendrawdownofloansandacquisitionMaintainBUYwithalowerTPofS$0.
83(prevS$0.
84).
OurTPtranslatestoaFY20eDPUyieldof8.
7%ThePositives+Solidportfoliotoweatherturbulence.
Highincomevisibilityduetoportfoliooccupancyof99.
9%,andWALEbyGRIof4.
1years.
Post-acquisitionofFuzhouE-Commerce,84.
4%ofFY20erevenueissecuredthrough4masterleasestotheSponsor,withbuild-inrentalescalationsranging1%to3%.
HengdeLogistics,thespecialisedlogisticassetcustomizedforandleasedtoastate-ownedtobaccocompany,contributesc.
8%toNPI.
Thisbringsthepercentageof"stable"leasesto91%.
TheNegatives-AccretionfromtheacquisitionofFuzhouE-commercewipedout.
DPU-3.
8%/-2.
1%in4Q19/FY19duetoFXandhigherfinanceexpenseand5%retentionofdistributableincome(DI)in4Q19.
HigherfinanceexpensewasduetothetimingmismatchofdrawdownofloansandtheacquisitionofFuzhouE-Commerceandthehigherloanquantum.
AcquisitionfinancingforFuzhouE-commerce(completedon8August2019)wasdoneinconjunctionwiththerefinancingoftheIPOloans(28Juneand8August).
DPUwouldhavebeen6.
13centsif100%of4Q19DIwaspaidout,butthiswouldstillhavebeen0.
8%lowerthanFY18DPUof6.
18cents.
5%ofDIwasretainedforworkingcapitalpurposedandunforeseencircumstances.
OutlookThemanagementreceivednotificationofnon-renewalof24,929sqmofspaceonaleaseexpiringin2Q20atWuhanMeiluote.
Thisrepresents50%ofWuhanMeiluote'sNLAof48,695sqm.
Occupancyisexpectedtofallfrom97.
7%to46.
7%.
Thisassetcontributes1.
6%togrossrentalincome(GRI)andwillnotaffectDPUmaterially.
Mutedleasingdemandisexpectedinthenearterm.
15.
7%ofleasesbyGRIisupforrenewalinFY20.
OneoftheleasesexpiringisforspaceatHengdeLogisticswhichisleasedouttoastate-ownedtobaccocompanyatbelow-marketrentals.
Withthecountryinastateofflux,broughtonbytheCovid-19outbreak,managementisguidingforflattishrentalreversionsonleasesexpiringinFY20.
5March2020Page|2|PHILLIPSECURITIESRESEARCH(SINGAPORE)ECWORLDREITRESULTSKeyrisktoourvaluationremainstheweakeningoftheRMB.
Themanagerhasreviseditshedgingstrategyfromaputspreadtoaplainvanillacalloption.
TheprevioushedgingstrategyemployedwouldonlyprotectECWifFXfluctuatedwithinacollar-exchangemovementsoutsideofthecollarwouldmeanthatECWwouldhavetotaketheprevailingmarketrate.
Theamendedstrategyeffectivelylocksinaworst-caseexchangerate.
MaintainBUYwithlowerTPofS$0.
83(prev.
S$0.
84).
WemaintainourBUYcallwithamarginallylowerTPofS$0.
83.
ThistranslatestoaFY20e/FY21eDPUyieldof8.
9%/9.
3%.
Page|3|PHILLIPSECURITIESRESEARCH(SINGAPORE)ECWORLDREITRESULTSPage|4|PHILLIPSECURITIESRESEARCH(SINGAPORE)ECWORLDREITRESULTSPage|5|PHILLIPSECURITIESRESEARCH(SINGAPORE)ECWORLDREITRESULTSHeadofResearchResearchAdminPaulChew–paulchewkl@phillip.
com.
sgSitiNursyazwina-syazwina@phillip.
com.
sgProperty|REITsSmall-MidCapBanking&Financials|HealthcareNatalieOng-natalieongpf@phillip.
com.
sgTanJieHui-tanjh@phillip.
com.
sgTayWeeKuang-taywk@phillip.
com.
sgTechnicalAnalystChina/HKEquityCreditAnalyst(Bonds)ChuaWeiRen–chuawr@phillip.
com.
sgZhengJieyuan–zhengjy@phillip.
com.
sgTimothyAng–timothyang@phillip.
com.
sgContactInformation(RegionalMemberCompanies)SINGAPOREPhillipSecuritiesPteLtdRafflesCityTower250,NorthBridgeRoad#06-00Singapore179101Tel+6565336001Fax+6565356631Website:www.
poems.
com.
sgMALAYSIAPhillipCapitalManagementSdnBhdB-3-6BlockBLevel3MeganAvenueII,No.
12,JalanYapKwanSeng,50450KualaLumpurTel+60321628841Fax+60321665099Website:www.
poems.
com.
myHONGKONGPhillipSecurities(HK)Ltd11/FUnitedCentre95QueenswayHongKongTel+85222776600Fax+85228685307Websites:www.
phillip.
com.
hkJAPANPhillipSecuritiesJapan,Ltd.
4-2NihonbashiKabuto-choChuo-ku,Tokyo103-0026Tel+81-336662101Fax+81-336666090Website:www.
phillip.
co.
jpINDONESIAPTPhillipSecuritiesIndonesiaANZTowerLevel23B,JlJendSudirmanKav33AJakarta10220–IndonesiaTel+62-2157900800Fax+62-2157900809Website:www.
phillip.
co.
idCHINAPhillipFinancialAdvisory(Shanghai)CoLtdNo550YanAnEastRoad,OceanTowerUnit2318,Postalcode200001Tel+86-2151699200Fax+86-2163512940Website:www.
phillip.
com.
cnTHAILANDPhillipSecurities(Thailand)PublicCo.
Ltd15thFloor,VorawatBuilding,849SilomRoad,Silom,Bangrak,Bangkok10500ThailandTel+66-26351700/22680999Fax+66-222680921Websitewww.
phillip.
co.
thFRANCEKing&ShaxsonCapitalLimited3rdFloor,35RuedelaBienfaisance75008ParisFranceTel+33-145633100Fax+33-145636017Website:www.
kingandshaxson.
comUNITEDKINGDOMKing&ShaxsonCapitalLimited6thFloor,CandlewickHouse,120CannonStreet,London,EC4N6ASTel+44-2074265950Fax+44-2076261757Website:www.
kingandshaxson.
comUNITEDSTATESPhillipCapitalInc141WJacksonBlvdSte3050TheChicagoBoardofTradeBuildingChicago,IL60604USATel+1-3123569000Fax+1-3123569005Website:www.
phillipusa.
comAUSTRALIAPhillipCapitalLimitedLevel10,330CollinsStreetMelbourne,Victoria3000,AustraliaTel+61-0386339803Fax+61-0386339899Website:www.
phillipcapital.
com.
auSRILANKAAshaPhillipSecuritiesLimitedNo.
60,5thLane,Colombo3,SriLankaTel:(94)112429100Fax:(94)112429199Website:www.
ashaphillip.
netINDIAPhillipCapital(India)PrivateLimitedNo.
1,18thFloor,UrmiEstate95,GanpatraoKadamMargLowerParelWest,Mumbai400-013Maharashtra,IndiaTel:+91-22-23002999/Fax:+91-22-23002969Website:www.
phillipcapital.
inTURKEYPhillipCapitalMenkulDegerlerDr.
CemilBengüCad.
HakIsMerkeziNo.
2Kat.
6ACaglayan34403Istanbul,TurkeyTel:02122968484Fax:02122336929Website:www.
phillipcapital.
com.
trDUBAIPhillipFuturesDMCCMemberoftheDubaiGoldandCommoditiesExchange(DGCX)UnitNo601,PlotNo58,WhiteCrownBldg,SheikhZayedRoad,P.
O.
Box212291Dubai-UAETel:+971-4-3325052/Fax:+971-4-3328895CAMBODIAPhillipBankPlcGroundFloorofB-OfficeCentre,#61-64,NorodomBlvdCornerStreet306,SangkatBoeungKengKang1,KhanChamkamorn,PhnomPenh,CambodiaTel:855(0)77966151/855(0)16200769Website:www.
phillipbank.
com.
khPage|6|PHILLIPSECURITIESRESEARCH(SINGAPORE)ECWORLDREITRESULTSImportantInformationThisreportispreparedand/ordistributedbyPhillipSecuritiesResearchPteLtd("PhillipSecuritiesResearch"),whichisaholderofafinancialadviser'slicenseundertheFinancialAdvisersAct,Chapter110inSingapore.
Byreceivingorreadingthisreport,youagreetobeboundbythetermsandlimitationssetoutbelow.
Anyfailuretocomplywiththesetermsandlimitationsmayconstituteaviolationoflaw.
Thisreporthasbeenprovidedtoyouforpersonaluseonlyandshallnotbereproduced,distributedorpublishedbyyouinwholeorinpart,foranypurpose.
Ifyouhavereceivedthisreportbymistake,pleasedeleteordestroyit,andnotifythesenderimmediately.
Theinformationandanyanalysis,forecasts,projections,expectationsandopinions(collectively,the"Research")containedinthisreporthasbeenobtainedfrompublicsourceswhichPhillipSecuritiesResearchbelievestobereliable.
However,PhillipSecuritiesResearchdoesnotmakeanyrepresentationorwarranty,expressorimpliedthatsuchinformationorResearchisaccurate,completeorappropriateorshouldberelieduponassuch.
AnysuchinformationorResearchcontainedinthisreportissubjecttochange,andPhillipSecuritiesResearchshallnothaveanyresponsibilitytomaintainorupdatetheinformationorResearchmadeavailableortosupplyanycorrections,updatesorreleasesinconnectiontherewith.
Anyopinions,forecasts,assumptions,estimates,valuationsandpricescontainedinthisreportareasofthedateindicatedandaresubjecttochangeatanytimewithoutpriornotice.
Pastperformanceofanyproductreferredtointhisreportisnotindicativeoffutureresults.
Thisreportdoesnotconstitute,andshouldnotbeusedasasubstitutefor,tax,legalorinvestmentadvice.
Thisreportshouldnotberelieduponexclusivelyorasauthoritative,withoutfurtherbeingsubjecttotherecipient'sownindependentverificationandexerciseofjudgment.
Thefactthatthisreporthasbeenmadeavailableconstitutesneitherarecommendationtoenterintoaparticulartransaction,norarepresentationthatanyproductdescribedinthisreportissuitableorappropriatefortherecipient.
Recipientsshouldbeawarethatmanyoftheproducts,whichmaybedescribedinthisreportinvolvesignificantrisksandmaynotbesuitableforallinvestors,andthatanydecisiontoenterintotransactionsinvolvingsuchproductsshouldnotbemade,unlessallsuchrisksareunderstoodandanindependentdeterminationhasbeenmadethatsuchtransactionswouldbeappropriate.
Anydiscussionoftheriskscontainedhereinwithrespecttoanyproductshouldnotbeconsideredtobeadisclosureofallrisksoracompletediscussionofsuchrisks.
Nothinginthisreportshallbeconstruedtobeanofferorsolicitationforthepurchaseorsaleofanyproduct.
Anydecisiontopurchaseanyproductmentionedinthisreportshouldtakeintoaccountexistingpublicinformation,includinganyregisteredprospectusinrespectofsuchproduct.
PhillipSecuritiesResearch,orpersonsassociatedwithorconnectedtoPhillipSecuritiesResearch,includingbutnotlimitedtoitsofficers,directors,employeesorpersonsinvolvedintheissuanceofthisreport,mayprovideanarrayoffinancialservicestoalargenumberofcorporationsinSingaporeandworldwide,includingbutnotlimitedtocommercial/investmentbankingactivities(includingsponsorship,financialadvisoryorunderwritingactivities),brokerageorsecuritiestradingactivities.
PhillipSecuritiesResearch,orpersonsassociatedwithorconnectedtoPhillipSecuritiesResearch,includingbutnotlimitedtoitsofficers,directors,employeesorpersonsinvolvedintheissuanceofthisreport,mayhaveparticipatedinorinvestedintransactionswiththeissuer(s)ofthesecuritiesmentionedinthisreport,andmayhaveperformedservicesfororsolicitedbusinessfromsuchissuers.
Additionally,PhillipSecuritiesResearch,orpersonsassociatedwithorconnectedtoPhillipSecuritiesResearch,includingbutnotlimitedtoitsofficers,directors,employeesorpersonsinvolvedintheissuanceofthisreport,mayhaveprovidedadviceorinvestmentservicestosuchcompaniesandinvestmentsorrelatedinvestments,asmaybementionedinthisreport.
PhillipSecuritiesResearchorpersonsassociatedwithorconnectedtoPhillipSecuritiesResearch,includingbutnotlimitedtoitsofficers,directors,employeesorpersonsinvolvedintheissuanceofthisreportmay,fromtimetotimemaintainalongorshortpositioninsecuritiesreferredtoherein,orinrelatedfuturesoroptions,purchaseorsell,makeamarketin,orengageinanyothertransactioninvolvingsuchsecurities,andearnbrokerageorothercompensationinrespectoftheforegoing.
InvestmentswillbedenominatedinvariouscurrenciesincludingUSdollarsandEuroandthuswillbesubjecttoanyfluctuationinexchangeratesbetweenUSdollarsandEuroorforeigncurrenciesandthecurrencyofyourownjurisdiction.
Suchfluctuationsmayhaveanadverseeffectonthevalue,priceorincomereturnoftheinvestment.
Totheextentpermittedbylaw,PhillipSecuritiesResearch,orpersonsassociatedwithorconnectedtoPhillipSecuritiesResearch,includingbutnotlimitedtoitsofficers,directors,employeesorpersonsinvolvedintheissuanceofthisreport,mayatanytimeengageinanyoftheaboveactivitiesassetoutaboveorotherwiseholdaninterest,whethermaterialornot,inrespectofcompaniesandinvestmentsorrelatedinvestments,whichmaybementionedinthisreport.
Accordingly,informationmaybeavailabletoPhillipSecuritiesResearch,orpersonsassociatedwithorconnectedtoPhillipSecuritiesResearch,includingbutnotlimitedtoitsofficers,directors,employeesorpersonsinvolvedintheissuanceofthisreport,whichisnotreflectedinthisreport,andPhillipSecuritiesResearch,orpersonsassociatedwithorconnectedtoPhillipSecuritiesResearch,includingbutnotlimitedtoitsofficers,directors,employeesorpersonsinvolvedintheissuanceofthisreport,may,totheextentpermittedbylaw,haveacteduponorusedtheinformationpriortoorimmediatelyfollowingitspublication.
PhillipSecuritiesResearch,orpersonsassociatedwithorconnectedtoPhillipSecuritiesResearch,includingbutnotlimiteditsofficers,directors,employeesorpersonsinvolvedintheissuanceofthisreport,mayhaveissuedothermaterialthatisinconsistentwith,orreachdifferentconclusionsfrom,thecontentsofthisreport.
Theinformation,toolsandmaterialpresentedhereinarenotdirected,intendedfordistributiontooruseby,anypersonorentityinanyjurisdictionorcountrywheresuchdistribution,publication,availabilityorusewouldbecontrarytotheapplicablelaworregulationorwhichwouldsubjectPhillipSecuritiesResearchtoanyregistrationorlicensingorotherrequirement,orpenaltyforcontraventionofsuchrequirementswithinsuchjurisdiction.
Thisreportisintendedforgeneralcirculationonlyanddoesnottakeintoaccountthespecificinvestmentobjectives,financialsituationorparticularneedsofanyparticularperson.
Theproductsmentionedinthisreportmaynotbesuitableforallinvestorsandapersonreceivingorreadingthisreportshouldseekadvicefromaprofessionalandfinancialadviserregardingthelegal,business,financial,taxandotheraspectsincludingthesuitabilityofsuchproducts,takingintoaccountthespecificinvestmentobjectives,financialsituationorparticularneedsofthatperson,beforemakingacommitmenttoinvestinanyofsuchproducts.
Thisreportisnotintendedfordistribution,publicationtoorusebyanypersoninanyjurisdictionoutsideofSingaporeoranyotherjurisdictionasPhillipSecuritiesResearchmaydetermineinitsabsolutediscretion.
IMPORTANTDISCLOSURESFORINCLUDEDRESEARCHANALYSESORREPORTSOFFOREIGNRESEARCHHOUSESWherethereportcontainsresearchanalysesorreportsfromaforeignresearchhouse,pleasenote:(i)recipientsoftheanalysesorreportsaretocontactPhillipSecuritiesResearch(andnottherelevantforeignresearchhouse)inSingaporeat250NorthBridgeRoad,#06-00RafflesCityTower,Singapore179101,telephonenumber+6565336001,inrespectofanymattersarisingfrom,orinconnectionwith,theanalysesorreports;and(ii)totheextentthattheanalysesorreportsaredeliveredtoandintendedtobereceivedbyanypersoninSingaporewhoisnotanaccreditedinvestor,expertinvestororinstitutionalinvestor,PhillipSecuritiesResearchacceptslegalresponsibilityforthecontentsoftheanalysesorreports.
No.
:SG2020_0031ECWorldREITProtectedbymasterleasesSINGAPORE|REALESTATE(REIT)|FY19RESULTS4Q19andFY19NPIandDPUwereinlinewithourforecastHighincomevisibilityduetoportfoliooccupancyof99.
9%andWALEof4.
1yearsFY19DPUdown2.
1%YoY;accretionfromFuzhouE-commerceacquisitionwipedoutduetoFXandtiminglagbetweendrawdownofloansandacquisitionMaintainBUYwithalowerTPofS$0.
83(prevS$0.
84).
OurTPtranslatestoaFY20eDPUyieldof8.
7%ThePositives+Solidportfoliotoweatherturbulence.
Highincomevisibilityduetoportfoliooccupancyof99.
9%,andWALEbyGRIof4.
1years.
Post-acquisitionofFuzhouE-Commerce,84.
4%ofFY20erevenueissecuredthrough4masterleasestotheSponsor,withbuild-inrentalescalationsranging1%to3%.
HengdeLogistics,thespecialisedlogisticassetcustomizedforandleasedtoastate-ownedtobaccocompany,contributesc.
8%toNPI.
Thisbringsthepercentageof"stable"leasesto91%.
TheNegatives-AccretionfromtheacquisitionofFuzhouE-commercewipedout.
DPU-3.
8%/-2.
1%in4Q19/FY19duetoFXandhigherfinanceexpenseand5%retentionofdistributableincome(DI)in4Q19.
HigherfinanceexpensewasduetothetimingmismatchofdrawdownofloansandtheacquisitionofFuzhouE-Commerceandthehigherloanquantum.
AcquisitionfinancingforFuzhouE-commerce(completedon8August2019)wasdoneinconjunctionwiththerefinancingoftheIPOloans(28Juneand8August).
DPUwouldhavebeen6.
13centsif100%of4Q19DIwaspaidout,butthiswouldstillhavebeen0.
8%lowerthanFY18DPUof6.
18cents.
5%ofDIwasretainedforworkingcapitalpurposedandunforeseencircumstances.
OutlookThemanagementreceivednotificationofnon-renewalof24,929sqmofspaceonaleaseexpiringin2Q20atWuhanMeiluote.
Thisrepresents50%ofWuhanMeiluote'sNLAof48,695sqm.
Occupancyisexpectedtofallfrom97.
7%to46.
7%.
Thisassetcontributes1.
6%togrossrentalincome(GRI)andwillnotaffectDPUmaterially.
Mutedleasingdemandisexpectedinthenearterm.
15.
7%ofleasesbyGRIisupforrenewalinFY20.
OneoftheleasesexpiringisforspaceatHengdeLogisticswhichisleasedouttoastate-ownedtobaccocompanyatbelow-marketrentals.
Withthecountryinastateofflux,broughtonbytheCovid-19outbreak,managementisguidingforflattishrentalreversionsonleasesexpiringinFY20.
5March2020Page|2|PHILLIPSECURITIESRESEARCH(SINGAPORE)ECWORLDREITRESULTSKeyrisktoourvaluationremainstheweakeningoftheRMB.
Themanagerhasreviseditshedgingstrategyfromaputspreadtoaplainvanillacalloption.
TheprevioushedgingstrategyemployedwouldonlyprotectECWifFXfluctuatedwithinacollar-exchangemovementsoutsideofthecollarwouldmeanthatECWwouldhavetotaketheprevailingmarketrate.
Theamendedstrategyeffectivelylocksinaworst-caseexchangerate.
MaintainBUYwithlowerTPofS$0.
83(prev.
S$0.
84).
WemaintainourBUYcallwithamarginallylowerTPofS$0.
83.
ThistranslatestoaFY20e/FY21eDPUyieldof8.
9%/9.
3%.
Page|3|PHILLIPSECURITIESRESEARCH(SINGAPORE)ECWORLDREITRESULTSPage|4|PHILLIPSECURITIESRESEARCH(SINGAPORE)ECWORLDREITRESULTSPage|5|PHILLIPSECURITIESRESEARCH(SINGAPORE)ECWORLDREITRESULTSHeadofResearchResearchAdminPaulChew–paulchewkl@phillip.
com.
sgSitiNursyazwina-syazwina@phillip.
com.
sgProperty|REITsSmall-MidCapBanking&Financials|HealthcareNatalieOng-natalieongpf@phillip.
com.
sgTanJieHui-tanjh@phillip.
com.
sgTayWeeKuang-taywk@phillip.
com.
sgTechnicalAnalystChina/HKEquityCreditAnalyst(Bonds)ChuaWeiRen–chuawr@phillip.
com.
sgZhengJieyuan–zhengjy@phillip.
com.
sgTimothyAng–timothyang@phillip.
com.
sgContactInformation(RegionalMemberCompanies)SINGAPOREPhillipSecuritiesPteLtdRafflesCityTower250,NorthBridgeRoad#06-00Singapore179101Tel+6565336001Fax+6565356631Website:www.
poems.
com.
sgMALAYSIAPhillipCapitalManagementSdnBhdB-3-6BlockBLevel3MeganAvenueII,No.
12,JalanYapKwanSeng,50450KualaLumpurTel+60321628841Fax+60321665099Website:www.
poems.
com.
myHONGKONGPhillipSecurities(HK)Ltd11/FUnitedCentre95QueenswayHongKongTel+85222776600Fax+85228685307Websites:www.
phillip.
com.
hkJAPANPhillipSecuritiesJapan,Ltd.
4-2NihonbashiKabuto-choChuo-ku,Tokyo103-0026Tel+81-336662101Fax+81-336666090Website:www.
phillip.
co.
jpINDONESIAPTPhillipSecuritiesIndonesiaANZTowerLevel23B,JlJendSudirmanKav33AJakarta10220–IndonesiaTel+62-2157900800Fax+62-2157900809Website:www.
phillip.
co.
idCHINAPhillipFinancialAdvisory(Shanghai)CoLtdNo550YanAnEastRoad,OceanTowerUnit2318,Postalcode200001Tel+86-2151699200Fax+86-2163512940Website:www.
phillip.
com.
cnTHAILANDPhillipSecurities(Thailand)PublicCo.
Ltd15thFloor,VorawatBuilding,849SilomRoad,Silom,Bangrak,Bangkok10500ThailandTel+66-26351700/22680999Fax+66-222680921Websitewww.
phillip.
co.
thFRANCEKing&ShaxsonCapitalLimited3rdFloor,35RuedelaBienfaisance75008ParisFranceTel+33-145633100Fax+33-145636017Website:www.
kingandshaxson.
comUNITEDKINGDOMKing&ShaxsonCapitalLimited6thFloor,CandlewickHouse,120CannonStreet,London,EC4N6ASTel+44-2074265950Fax+44-2076261757Website:www.
kingandshaxson.
comUNITEDSTATESPhillipCapitalInc141WJacksonBlvdSte3050TheChicagoBoardofTradeBuildingChicago,IL60604USATel+1-3123569000Fax+1-3123569005Website:www.
phillipusa.
comAUSTRALIAPhillipCapitalLimitedLevel10,330CollinsStreetMelbourne,Victoria3000,AustraliaTel+61-0386339803Fax+61-0386339899Website:www.
phillipcapital.
com.
auSRILANKAAshaPhillipSecuritiesLimitedNo.
60,5thLane,Colombo3,SriLankaTel:(94)112429100Fax:(94)112429199Website:www.
ashaphillip.
netINDIAPhillipCapital(India)PrivateLimitedNo.
1,18thFloor,UrmiEstate95,GanpatraoKadamMargLowerParelWest,Mumbai400-013Maharashtra,IndiaTel:+91-22-23002999/Fax:+91-22-23002969Website:www.
phillipcapital.
inTURKEYPhillipCapitalMenkulDegerlerDr.
CemilBengüCad.
HakIsMerkeziNo.
2Kat.
6ACaglayan34403Istanbul,TurkeyTel:02122968484Fax:02122336929Website:www.
phillipcapital.
com.
trDUBAIPhillipFuturesDMCCMemberoftheDubaiGoldandCommoditiesExchange(DGCX)UnitNo601,PlotNo58,WhiteCrownBldg,SheikhZayedRoad,P.
O.
Box212291Dubai-UAETel:+971-4-3325052/Fax:+971-4-3328895CAMBODIAPhillipBankPlcGroundFloorofB-OfficeCentre,#61-64,NorodomBlvdCornerStreet306,SangkatBoeungKengKang1,KhanChamkamorn,PhnomPenh,CambodiaTel:855(0)77966151/855(0)16200769Website:www.
phillipbank.
com.
khPage|6|PHILLIPSECURITIESRESEARCH(SINGAPORE)ECWORLDREITRESULTSImportantInformationThisreportispreparedand/ordistributedbyPhillipSecuritiesResearchPteLtd("PhillipSecuritiesResearch"),whichisaholderofafinancialadviser'slicenseundertheFinancialAdvisersAct,Chapter110inSingapore.
Byreceivingorreadingthisreport,youagreetobeboundbythetermsandlimitationssetoutbelow.
Anyfailuretocomplywiththesetermsandlimitationsmayconstituteaviolationoflaw.
Thisreporthasbeenprovidedtoyouforpersonaluseonlyandshallnotbereproduced,distributedorpublishedbyyouinwholeorinpart,foranypurpose.
Ifyouhavereceivedthisreportbymistake,pleasedeleteordestroyit,andnotifythesenderimmediately.
Theinformationandanyanalysis,forecasts,projections,expectationsandopinions(collectively,the"Research")containedinthisreporthasbeenobtainedfrompublicsourceswhichPhillipSecuritiesResearchbelievestobereliable.
However,PhillipSecuritiesResearchdoesnotmakeanyrepresentationorwarranty,expressorimpliedthatsuchinformationorResearchisaccurate,completeorappropriateorshouldberelieduponassuch.
AnysuchinformationorResearchcontainedinthisreportissubjecttochange,andPhillipSecuritiesResearchshallnothaveanyresponsibilitytomaintainorupdatetheinformationorResearchmadeavailableortosupplyanycorrections,updatesorreleasesinconnectiontherewith.
Anyopinions,forecasts,assumptions,estimates,valuationsandpricescontainedinthisreportareasofthedateindicatedandaresubjecttochangeatanytimewithoutpriornotice.
Pastperformanceofanyproductreferredtointhisreportisnotindicativeoffutureresults.
Thisreportdoesnotconstitute,andshouldnotbeusedasasubstitutefor,tax,legalorinvestmentadvice.
Thisreportshouldnotberelieduponexclusivelyorasauthoritative,withoutfurtherbeingsubjecttotherecipient'sownindependentverificationandexerciseofjudgment.
Thefactthatthisreporthasbeenmadeavailableconstitutesneitherarecommendationtoenterintoaparticulartransaction,norarepresentationthatanyproductdescribedinthisreportissuitableorappropriatefortherecipient.
Recipientsshouldbeawarethatmanyoftheproducts,whichmaybedescribedinthisreportinvolvesignificantrisksandmaynotbesuitableforallinvestors,andthatanydecisiontoenterintotransactionsinvolvingsuchproductsshouldnotbemade,unlessallsuchrisksareunderstoodandanindependentdeterminationhasbeenmadethatsuchtransactionswouldbeappropriate.
Anydiscussionoftheriskscontainedhereinwithrespecttoanyproductshouldnotbeconsideredtobeadisclosureofallrisksoracompletediscussionofsuchrisks.
Nothinginthisreportshallbeconstruedtobeanofferorsolicitationforthepurchaseorsaleofanyproduct.
Anydecisiontopurchaseanyproductmentionedinthisreportshouldtakeintoaccountexistingpublicinformation,includinganyregisteredprospectusinrespectofsuchproduct.
PhillipSecuritiesResearch,orpersonsassociatedwithorconnectedtoPhillipSecuritiesResearch,includingbutnotlimitedtoitsofficers,directors,employeesorpersonsinvolvedintheissuanceofthisreport,mayprovideanarrayoffinancialservicestoalargenumberofcorporationsinSingaporeandworldwide,includingbutnotlimitedtocommercial/investmentbankingactivities(includingsponsorship,financialadvisoryorunderwritingactivities),brokerageorsecuritiestradingactivities.
PhillipSecuritiesResearch,orpersonsassociatedwithorconnectedtoPhillipSecuritiesResearch,includingbutnotlimitedtoitsofficers,directors,employeesorpersonsinvolvedintheissuanceofthisreport,mayhaveparticipatedinorinvestedintransactionswiththeissuer(s)ofthesecuritiesmentionedinthisreport,andmayhaveperformedservicesfororsolicitedbusinessfromsuchissuers.
Additionally,PhillipSecuritiesResearch,orpersonsassociatedwithorconnectedtoPhillipSecuritiesResearch,includingbutnotlimitedtoitsofficers,directors,employeesorpersonsinvolvedintheissuanceofthisreport,mayhaveprovidedadviceorinvestmentservicestosuchcompaniesandinvestmentsorrelatedinvestments,asmaybementionedinthisreport.
PhillipSecuritiesResearchorpersonsassociatedwithorconnectedtoPhillipSecuritiesResearch,includingbutnotlimitedtoitsofficers,directors,employeesorpersonsinvolvedintheissuanceofthisreportmay,fromtimetotimemaintainalongorshortpositioninsecuritiesreferredtoherein,orinrelatedfuturesoroptions,purchaseorsell,makeamarketin,orengageinanyothertransactioninvolvingsuchsecurities,andearnbrokerageorothercompensationinrespectoftheforegoing.
InvestmentswillbedenominatedinvariouscurrenciesincludingUSdollarsandEuroandthuswillbesubjecttoanyfluctuationinexchangeratesbetweenUSdollarsandEuroorforeigncurrenciesandthecurrencyofyourownjurisdiction.
Suchfluctuationsmayhaveanadverseeffectonthevalue,priceorincomereturnoftheinvestment.
Totheextentpermittedbylaw,PhillipSecuritiesResearch,orpersonsassociatedwithorconnectedtoPhillipSecuritiesResearch,includingbutnotlimitedtoitsofficers,directors,employeesorpersonsinvolvedintheissuanceofthisreport,mayatanytimeengageinanyoftheaboveactivitiesassetoutaboveorotherwiseholdaninterest,whethermaterialornot,inrespectofcompaniesandinvestmentsorrelatedinvestments,whichmaybementionedinthisreport.
Accordingly,informationmaybeavailabletoPhillipSecuritiesResearch,orpersonsassociatedwithorconnectedtoPhillipSecuritiesResearch,includingbutnotlimitedtoitsofficers,directors,employeesorpersonsinvolvedintheissuanceofthisreport,whichisnotreflectedinthisreport,andPhillipSecuritiesResearch,orpersonsassociatedwithorconnectedtoPhillipSecuritiesResearch,includingbutnotlimitedtoitsofficers,directors,employeesorpersonsinvolvedintheissuanceofthisreport,may,totheextentpermittedbylaw,haveacteduponorusedtheinformationpriortoorimmediatelyfollowingitspublication.
PhillipSecuritiesResearch,orpersonsassociatedwithorconnectedtoPhillipSecuritiesResearch,includingbutnotlimiteditsofficers,directors,employeesorpersonsinvolvedintheissuanceofthisreport,mayhaveissuedothermaterialthatisinconsistentwith,orreachdifferentconclusionsfrom,thecontentsofthisreport.
Theinformation,toolsandmaterialpresentedhereinarenotdirected,intendedfordistributiontooruseby,anypersonorentityinanyjurisdictionorcountrywheresuchdistribution,publication,availabilityorusewouldbecontrarytotheapplicablelaworregulationorwhichwouldsubjectPhillipSecuritiesResearchtoanyregistrationorlicensingorotherrequirement,orpenaltyforcontraventionofsuchrequirementswithinsuchjurisdiction.
Thisreportisintendedforgeneralcirculationonlyanddoesnottakeintoaccountthespecificinvestmentobjectives,financialsituationorparticularneedsofanyparticularperson.
Theproductsmentionedinthisreportmaynotbesuitableforallinvestorsandapersonreceivingorreadingthisreportshouldseekadvicefromaprofessionalandfinancialadviserregardingthelegal,business,financial,taxandotheraspectsincludingthesuitabilityofsuchproducts,takingintoaccountthespecificinvestmentobjectives,financialsituationorparticularneedsofthatperson,beforemakingacommitmenttoinvestinanyofsuchproducts.
Thisreportisnotintendedfordistribution,publicationtoorusebyanypersoninanyjurisdictionoutsideofSingaporeoranyotherjurisdictionasPhillipSecuritiesResearchmaydetermineinitsabsolutediscretion.
IMPORTANTDISCLOSURESFORINCLUDEDRESEARCHANALYSESORREPORTSOFFOREIGNRESEARCHHOUSESWherethereportcontainsresearchanalysesorreportsfromaforeignresearchhouse,pleasenote:(i)recipientsoftheanalysesorreportsaretocontactPhillipSecuritiesResearch(andnottherelevantforeignresearchhouse)inSingaporeat250NorthBridgeRoad,#06-00RafflesCityTower,Singapore179101,telephonenumber+6565336001,inrespectofanymattersarisingfrom,orinconnectionwith,theanalysesorreports;and(ii)totheextentthattheanalysesorreportsaredeliveredtoandintendedtobereceivedbyanypersoninSingaporewhoisnotanaccreditedinvestor,expertinvestororinstitutionalinvestor,PhillipSecuritiesResearchacceptslegalresponsibilityforthecontentsoftheanalysesorreports.
tmhhost(100元/季)自带windows系统,香港(三网)cn2 gia、日本cn2、韩国cn2、美国(三网)cn2 gia、美国cn2gia200G高防
tmhhost可谓是相当熟悉国内网络情况（资质方面：ISP\ICP\工商齐备），专业售卖海外高端优质线路的云服务器和独立服务器，包括了：香港的三网cn2 gia、日本 cn2、日本软银云服务器、韩国CN2、美国三网cn2 gia 云服务器、美国 cn2 gia +200G高防的。另外还有国内云服务器：镇江BGP 大连BGP数据盘和系统盘分开，自带windows系统，支持支付宝付款和微信，简直就是专...
阿里云服务器绑定域名的几个流程整理
今天遇到一个网友，他之前一直在用阿里云虚拟主机，我们知道虚拟主机绑定域名是直接在面板上绑定的。这里由于他的网站项目流量比较大，虚拟主机是不够的，而且我看他虚拟主机已经有升级过。这里要说的是，用过阿里云虚拟主机的朋友可能会比较一下价格，实际上虚拟主机价格比云服务器还贵。所以，基于成本和性能的考虑，建议他选择云服务器。毕竟他的备案都接入在阿里云。这里在选择阿里云服务器后，他就蒙圈不知道如何绑定域名。这...
易探云香港vps主机价格多少钱?香港云服务器主机租用价格
易探云香港vps主机价格多少钱?香港vps主机租用费用大体上是由配置决定的，我们选择香港vps主机租用最大的优势是免备案vps。但是，每家服务商的机房、配置、定价也不同。我们以最基础配置为标准，综合比对各大香港vps主机供应商的价格，即可选到高性能、价格适中的香港vps主机。通常1核CPU、1G内存、2Mbps独享带宽，价格在30元-120元/月。不过，易探云香港vps主机推出四个机房的优惠活动，...
kav key为你推荐
-
安装程序配置服务器失败win10安装程序配置服务器失败怎么办51自学网站网上自学网站有哪些？最好是免费的，我想学习网页设计天天酷跑刷积分教程天天酷跑积分怎么刷最快？万网核心代理我想买个域名和空间，我一朋友给我介绍万网代理环宇网络空间商，他们的空间稳定吗，价格怎么样，咨询师的服bluestacksbluestacks怎么用？二叉树遍历写出二叉树的先序遍历、中序遍历、后序遍历。网站运营我想成为网站运营的人我该学什么？?ios7固件下载iphone自动下载IOS7固件版本怎么删除宽带接入服务器宽带接入服务器的五大功能是什么?服务器连接异常手机WIFI检查显示主服务器连接异常，怎么办