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2009 topline supported by resilient office and retail incomeStrong, diversified portfolioNear term refinancing concerns removedBuy with TP $0.97Year of stability.The main message that emerged from the meetings was that FY2009 would be a stable year. Topline would be supported by positive office rental reversions and stable retail rental receipts. This would more than offset …
Results in line, expect a stronger 2H09.No change in forecasts or assumptions.Maintain HOLD, Target Price raised to S$0.38.Oceanus’ 2Q09 results were in line with our expectations.For 1H0 …
Improvement felt across development and recurrent operationsLeveraging on improved sentiment, bring forward launchesMaintain Hold with TP of $2.24Results ahead of expectations.Keppel Land reported a 10% yoy rise in net profit to $58.2m on a 34% jump in revenue to $250m. The better performance was due to strong development profits as the group moved 24 units ...
3.62 Scts DPU, higher than expectationsPortfolio occupancy levels likely to remain stableMaintain BUY, TP S$1.73 based on DCF- total return of 18%, backed by a stable 8% dividend yield1Q10 results ahead of projections.Distributable income grew by 18% to S$61m, (DPU of 3.62 Scts) ahead of projections, largely due to a better than expected operational performance. ...
Speculation rife on next potential for dual listing or privatization/relisting post China XLXWidest valuations gap noted in water and consumer stocks.Likely candidates are Epure and China …
Purpose of SRPIThe National University of Singapore (NUS) Institute of Real Estate Studies launched the SRPI yesterday. This initiative was intended to serve as a resource for structuring of property derivative products and also help market participants make more informed decisions for their direct exposure and hedge their portfolio risks. Aside from the SRPI, two ...
2Q09 results above expectations on strong core operationsEuropean operations are still loss making (-US$2.2m); losses expected to narrow in 2HRaising earnings by 33%-38% in FY09F-10FUpgrade to Hold, TP revised up to S$0.94.Strong core operations in 2Q.2Q net profit, up 56% yoy to US$6.1m, was above our expectations. This arose from a strong contribution from its ... 
Distribution of 1.75 Scts per share flat q-o-q/y-o-y, was in line with expectations.Cash earnings of S$13.9m down 22% y-o-y and 35% q-o-q, largely owing to lower tariffs at CityGasBasslink Telecoms commercialized in July, should benefit from Australian NBN network rollout over next 2-3 yearsMaintain HOLD, TP revised up to S$0.75CitySpring maintained its DPU payout of ...
Wilmar International Ltd. (F34.SG) is aiming to list its China operations on the Hong Kong market in the fourth quarter, a person familiar with the situation said Monday. According to the person, the palm-oil producer has chosen Hong Kong over Shanghai for the initial public offering, which is expected to fetch $2 billion to $3 ...
SPH’s JV put in a bid of S$542m for Clementi Mall, 42% above second bidderCostly at c. S$3,055 psf NLA, vs other bids and latest valuation of other suburban retail mallsDowngrade to Hold; …
Sales recovery with margin expansion in 2Q09.Undervalued @ 6×09F P/E, 0.6x P/B and 8% yield. FY09F CPS of 12cts is 47% of share price.Upgrade to Buy with 37% price upside to new TP of S$0.352Q09 boosted by restocking bounce and margin expansion.We expect Q2 sales to rebound 10% sequentially to S$80m after two quarters of ...
2Q10 core earnings up 39% y-o-y to S$67.8m, in line. Declares interim dividend for the first time – 2 SctsContribution from recent acquisition marginal except SK Food;US$31.5m greenfield project in Ghana wheat mill announcedFY10F revised up 33% to account for S$91.1m negative goodwill from acquisition of SK Foods assetsExpect continued investments backed by recent ...
We project 106% net profit CAGR for Ezion in FY09-11.Delivery of 4 liftboats is the key earnings driver, with charter contracts at >60% EBIT margin.Participation in Australia’s Gorgon Proj …
Genting Singapore (Genting) posted a less muted set of 2Q09 results; both revenue and net loss improved QoQ, aided by an improvement in its UK operations. While the UK operations may conti …
All Green With Envy2Q09 PATMI up 36% yoy to S$23m; 1H09 PATMI forms c.51% of our FY09F and 53% of consensusBalance sheet still strong, with gearing of 0.5xDemonstrated good timing with recent launches; future mid-tier launches will be catalyst for stockReiterate BUY, TP S$1.39; Allgreen remains our top mid-cap pick in the sectorSteady Earnings.Allgreen reported ...
Purest play on Singapore residential, with nearly 100% of RNAV attributed to this sub-segmentUnlocking value from its 4mil sqft landbank in Singapore, 2nd largest among listed developers with 74% of landbank being low-cost legacy sitesDeeply undervalued at 0.5x P/RNAV, lowest in sectorInitiate coverage with a BUY; TP of S$6.02, based on 30% discount to RNAV ...
Fully underwritten 9-for-20 rights share issue.Raising equity in preparation of asset acquisition.Distressed assets purchase could occur in 3-6 months.Maintain BUY, with higher S$1.71 target price.9-for-20 rights share issue.Mermaid has announced 9-for-20 rights share issue to raise gross proceeds of S$156m, or net proceeds of S$152m. Therights shares will represent 31% of …
Chartered close to breakeven with an expected US$4m loss in Q3ATIC proposes US$3.9b takeover bidRecommend Accept offer as entire deal priced at 2.5x P/BRecovery narrow losses to US$4m in 3Q09.Chartered raised revenue estimates by 5.6% to US$410m (-12% y-o-y, +22% q-o-q), thanks to higher than expected wafer shipment of mature technologies. Shipment would increase …
2Q09 results above street expectationsRobust occupancy of 98%Offers growth on top of stabilityMaintain BUY, TP S$0.70 based on DCF, offering 26% total returnResults slightly above.MLT reported a good set of 2Q09 results, beating market expectations. 2Q09 distributable income came in 26% higher atS$28.6m (DPU of 1.48 Scts), underpinned by 19% growth in topline and net ...
FY09 core earnings of S$55m right in lineProvision of S$18m taken on Rochelle At NewtonNo more unlaunched sites, urgent need to landbankLack of liquidity limits institutional interest; retain 40% discount to RNAV of S$0.87 for TP of S$0.52, downgrade to HOLD with landbanking as catalystFY09 Core S$55m Right In Line.Sim Lian reported a FY09 PATMI ...
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