Phillip Securities
Phillip Securities Pte Ltd
Phillip Securities is the Singapore stockbroking and wealth arm of PhillipCapital, a privately held financial group founded by Lim Hua Min. Its research unit, Phillip Securities Research, covers Singapore-listed companies and a list of large-cap U.S. stocks.
Company history
Lim Hua Min founded Phillip Securities in 1975 by acquiring a bankrupt broking firm. It was one of three local brokerages left standing after Singapore's 1985 Pan-Electric crisis, launched POEMS, Singapore's first internet trading platform for retail investors, in 1996, and introduced contracts for difference in 2003. The group, PhillipCapital, operates in 15 locations and remains controlled by Lim and his family.
- 1975Founded in Singapore by Lim Hua Min
- 1985Survives Pan-Electric crisis as one of three local brokerages
- 1996Launches POEMS, Singapore's first online retail trading platform
- 2003Introduces contracts for difference in Singapore
Research
Phillip Securities Research, headed by Paul Chew as of 2025, publishes company reports, sector notes and quarterly Singapore strategy, and as of 2026 covers U.S. technology stocks such as Oracle, Adobe and Salesforce. It uses a five-tier scale based on expected total return: Buy (above 20%), Accumulate (5% to 20%), Neutral (-5% to 5%), Reduce (-5% to -20%) and Sell (below -20%), adjusted for qualitative factors.
Coverage12M
- Stocks
- 1
- Ratings
- 0
- Price targets
- 1
- Median upside
- −46.4%
- Upgrades
- 0
- Downgrades
- 0
- Initiations
- 0
- Reiterations
- 0
Sectors
Listing
Activity24M
Most covered24M
| Stock | Rating | Target |
|---|---|---|
 AAPLApple Inc. | Reduce | — |
 ABNBAirbnb, Inc. | Reduce | — |
 BACBank of America Corporation | Accumulate | — |
 NVDANVIDIA Corporation | Accumulate | — |
 PYPLPayPal Holdings, Inc. | Accumulate | — |
 SESea Limited | Reduce | — |
 SPCXSpace Exploration Technologies Corp. | — | $75 |
 SPOTSpotify Technology S.A. | Accumulate | — |
 WFCWells Fargo & Company | Accumulate | — |
Analysts24M
- Glenn ThumSPCX1
Recent actions
| Stock | Rating action | Rating | Target | Date |
|---|---|---|---|---|
| Space Exploration Technologies Corp.SPCX | Target | $75 | Aug 17 | |
| Apple Inc.AAPL | Downgrade | Neutral →Reduce | Sep 11, 2025 | |
| NVIDIA CorporationNVDA | Reiterate | Accumulate | Nov 22, 2024 | |
| Sea LimitedSE | Downgrade | Neutral →Reduce | Nov 19, 2024 | |
| Spotify Technology S.A.SPOT | Reiterate | Accumulate | Nov 13, 2024 | |
| Airbnb, Inc.ABNB | Downgrade | Neutral →Reduce | Nov 12, 2024 | |
| PayPal Holdings, Inc.PYPL | Reiterate | Accumulate | Nov 1, 2024 | |
| Bank of America CorporationBAC | Upgrade | Neutral →Accumulate | Oct 18, 2024 | |
| Wells Fargo & CompanyWFC | Upgrade | Neutral →Accumulate | Oct 15, 2024 | |
 Salesforce, Inc.CRM | Reiterate | Accumulate | Aug 30, 2024 | |
| Apple Inc.AAPL | Downgrade | Accumulate →Neutral | Sep 23, 2020 | |
| ICIcon Energy Corp.ICON | Reiterate | Buy | Aug 6, 2013 |
References
- PhillipCapital - Wikipediaen.wikipedia.org
- Half a century of building financial ecosystems and trust - The Straits Timesstraitstimes.com
- The Edge Singapore: No sunset for Phillip Securitiestheedgemalaysia.com
- Why PhillipCapital - Phillip Securitiesphillip.com.sg
- Phillip 2025 Singapore Strategystocksbnb.com
- Phillip Securities Research report on PropNex (rating definitions, 2026)investor.propnex.com