Phillip Securities
Phillip Securities is the Singapore stockbroking and wealth management arm of PhillipCapital, a privately held financial group founded by Lim Hua Min. Its research unit, Phillip Securities Research, covers Singapore-listed companies and selected large-cap U.S. stocks.
Activity24M
RatingsPrice targetsKey figures
- Stocks covered
- 112M
- Actions
- 112M
- Ratings / Price targets
- 0 / 1
- Median upside
- −46.4%
- On record
- Jul 2012 – Aug 2026
Overview
Phillip Securities Research, headed by Paul Chew as of 2025, publishes company reports, sector notes and quarterly strategy reports on Singapore's equity market. As of 2026, its U.S. coverage includes technology companies such as Oracle, Adobe and Salesforce.
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.
Milestones
- 1975
Founded in Singapore by Lim Hua Min
- 1985
Survives Pan-Electric crisis as one of three local brokerages
- 1996
Launches POEMS, Singapore's first online retail trading platform
- 2003
Introduces contracts for difference in Singapore
Firm facts
- Legal name
- Phillip Securities Pte Ltd
- Type
- Full-service
- Founded
- 1975
- Headquarters
- Singapore, Singapore
- Parent
- PhillipCapital
- Managing Director
- Luke Lim
- Head of Research
- Paul Chew
- Rating scale
- BuyAccumulateNeutralReduceSell
- Website
- phillip.com.sg
Research philosophy
We should diversify not to avoid volatility – the textbook definition of risk – but major losses, because no analysis of a stock is foolproof.
Paul Chew, head of Phillip Securities Research, told individual investors in 2019 to count on compounding rather than their own stock-picking and suggested treating dividends as the primary source of return; in 2026 he cautioned that rigid price targets can lead to premature selling. The unit's quarterly Phillip Absolute 10 model portfolio, still published as of 2026, seeks absolute returns from a balanced mix of dividend-yield, growth and re-rating stocks.
Rating methodology
Ratings use a five-tier scale based on expected total return, with adjustments for qualitative factors: Buy (above 20%), Accumulate (5% to 20%), Neutral (-5% to 5%), Reduce (-20% to -5%) and Sell (below -20%).
Coverage12M
Sectors
Most covered24M
| Stock | Rating | Target |
|---|---|---|
 Apple Inc.AAPL | Reduce | — |
 Airbnb, Inc.ABNB | Reduce | — |
 Bank of America CorporationBAC | Accumulate | — |
 NVIDIA CorporationNVDA | Accumulate | — |
 PayPal Holdings, Inc.PYPL | Accumulate | — |
 Sea LimitedSE | Reduce | — |
 Space Exploration Technologies Corp.SPCX | — | $75 |
 Spotify Technology S.A.SPOT | Accumulate | — |
 Wells Fargo & CompanyWFC | Accumulate | — |
Most active analysts
- Glenn Thum1 notesSPCX
Recent actions
| Date | Stock | Rating action | Rating | Target | Analyst |
|---|---|---|---|---|---|
| Aug 17 | Space Exploration Technologies Corp.SPCX | Target | $75 | Glenn Thum | |
| Sep 11, 2025 | Apple Inc.AAPL | Downgrade | Neutral →Reduce | ||
| Nov 22, 2024 | NVIDIA CorporationNVDA | Reiterate | Accumulate | ||
| Nov 19, 2024 | Sea LimitedSE | Downgrade | Neutral →Reduce | ||
| Nov 13, 2024 | Spotify Technology S.A.SPOT | Reiterate | Accumulate | ||
| Nov 12, 2024 | Airbnb, Inc.ABNB | Downgrade | Neutral →Reduce | ||
| Nov 1, 2024 | PayPal Holdings, Inc.PYPL | Reiterate | Accumulate | ||
| Oct 18, 2024 | Bank of America CorporationBAC | Upgrade | Neutral →Accumulate | ||
| Oct 15, 2024 | Wells Fargo & CompanyWFC | Upgrade | Neutral →Accumulate | ||
| Aug 30, 2024 |  Salesforce, Inc.CRM | Reiterate | Accumulate | ||
| Sep 23, 2020 | Apple Inc.AAPL | Downgrade | Accumulate →Neutral | ||
| Aug 6, 2013 | ICIcon Energy Corp.ICON | Reiterate | Buy |