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3Q12 below expectations on higher costs Expect lackluster 4Q earnings due to macro headwinds FY12/13F earnings cut by 12%/7%, but high cash level is eye candy for potential payout Maintain Hold, TP lowered to S$2.48 3Q12 weak on higher costs. 3Q12 net profit declined by 25% y-o-y to S$38.2m on flat revenue as expenses rose ...
Chongqing, touted as ‘the next Shanghai’ has been attracting new projects by prominent Asian property developers As an incumbent and early entrant, Ying Li is well positioned to ride on Ch …
Secures maiden drillship order from Petrobras worth US$792.5m; a major breakthrough for SMM Raise FY12F order wins to S$6bn; FY13F earnings raised by 4% Maintain BUY, TP lifted to S$5.75 Drillship breakthrough with Petrobras. SMM has secured a contract from Guarapari Drilling BV, Netherlands, a subsidiary of Sete Brasil Participacoes S.A., for the design and ...
4Q11 earnings should improve q-o-q with NIM reversion but loan growth will be slower 2012 outlook is challenging but there are bright spots Keeping our Buys on the Singapore banks; prefer OCBC to UOB at this juncture Loan growth to moderate, NIM to recover. After the strong loan growth of 8% per quarter in 2Q11 ...
Seeks approval to buy 50% stake in Chengdu Longemont Mall Attractive pricing, financing flexibility minimises risk, strong total return potential Maintain Buy and S$0.83 TP Acquiring Cheng …
Earnings nadir; rebound to pick up in 1Q12 as capacity is restored New customer and stable USD could drive earnings With the worst over and an improving outlook, Broadway deserves a re-rating to its historical mean of 0.87xPB or TP of S$0.44 Upgrade to Buy for 35% price upside and 6% dividend yield Earnings poised ...
Strong 4Q11 results Payout ratio cut to 90% for FY11, a prudent capital management strategy in our view Downgrade to HOLD on valuation grounds, TP adjusted slightly to S$1.82 based on DDM A strong 4Q11. CDL HT achieved 4Q11 gross revenue and net property income of S$37.8m (+13% y-o-y) and S$35.5m (+13% y-o-y) – in ...
Under-utilisation of fleet and high fuel costs lead to another quarter of losses for Tiger Airways Fleet deployment options open up with investment in Indonesian low cost carrier PT Mandala Airlines Tiger is unlikely to re-rate unless it is able to turnaround its core Singapore operations Maintain HOLD with TP of S$0.70 More red ink. ...
Acquires 75% interest in RUSMOLCO for development of Russian dairy and grains farming Phase 1 of project to rear 20k heads of dairy cows and 106k ha of grain cultivation FY12F-14F core earnings adjusted by -5% to 10% on updated FX rates Maintain Hold, TP raised to S$2.60 from S$2.35 Dairy and grain framing in ...
Acquisition of Changi North Warehouse at initial yield of 7.7% Accretive to earnings, gearing to head up to 32.6% BUY, TP raised to S$1.13 Strategic acquisition of Changi North warehouse for S$35.2m. Cache Logistics Trust (Cache) announced the acquisition of a 4-storey ramp-up warehouse in Changi North International LogisPark for S$35.18m (all in cost of ...
URA 4Q11 price index showed q-o-q moderation across all segments Inflexion points for residential and office sectors Selective stock picking, maintain Buy on Capitaland, CMA and GLP Slowing momentum. Latest statistics from URA showed a continued slowdown in rentals and capital values growths across all property segments. The private residential segment posted a 0.2% q-o-q ...
3Q12 results exhibited strong resilience Maiden asset enhancement programs to be embarked over next two years BUY, with slightly higher TP of S$1.26 Results in line. Gross rental and net property income of S$65.7m and S$45.6m were 23% and 24% above IPO forecasts respectively. This strong growth was largely due to full quarter contribution from ...
Record recurring PATMI ofS$1.5bn in FY11, in line with our expectations, ahead of consensus O&M order pipeline remains healthy, underpinned by high oil prices and oil companies’ raise …
Disposing 60% stake in Yuyao Highway for HK$552m and gain of HK$270m Earnings contribution is c. 5% in FY12F, and should not affect dividends Strengthens balance sheet with debt capacity for acquisitions up to HK$1.7bn (>15% of total assets) Maintain BUY with TP raised to S$1.10 for >60% upside and >8% yield Decent asset sold ...
“Debunk” street’s view that CDL H’s portfolio RevPAR has been lagging industry peers in recent quarters Positive data points; we remain cautiously optimistic on prospects in 2012 Maintain BUY and DDM-based TP of S$1.85 Not as bad as what street thinks. The recent stellar hotel performances from the two integrated resorts in 2Q/3Q 2011 have ...
Expect 2QFY12 core profit of S$110-152m Financial close on urea project expected in 3Q12 – slightly longer than expectations On track to achieve FY15F earnings of US$454m; push back US$1bn …
Venturing into ship-owning with Peter Döhle Move into ship-owning may not be well received by the market. Yangzijiang (YZJ) is venturing into ship-owning activities in a joint venture with …
A lower DPS could be additional de-rating catalyst for the counter in light of challenges faced Lowered our FY13F yield projections to 4.1% Negative profit growth, regulatory risks, management changes are reasons not to hold on Cut earnings by 11%/12%; Downgrade to Fully Valued, TP lowered to S$1.50 Lowering our DPS in FY13F. We believe ...
Management at post-results luncheon meeting affirms healthy operational outlook Investments to bear fruit in coming quarters. Maintain FY13-14F earnings growth of c2-4%. Maintain HOLD and …
FY11 DPU was 3% below our estimates, after a $5.1m income retention Completion of JCUbe and positive rental reversion to offset lower occupancies AEI works at Clarke Quay to yield 13% ROI Maintain BUY at a lower TP of S$2.05 Full year DPU is 97% of our forecast. 4Q11 gross revenue rose by 4.3% y-o-y ...
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