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Product DescriptionThe first book to offer a comprehensive framework for conducting the venture capital due diligence processVenture capitalists and other professional investors use due diligence to uncover all of the critical aspects of a company in which they are considering investing in an attempt to estimate the ROI of this decision. The state of the ...
3Q11 PATMI of S$406m in line with our expectations, above consensus; 9M11 makes up 75% of our FY11F O&M shines while the offshore market continues to firm up Maintain BUY, TP lowered to S$10.14 Keppel Corporation 3Q11 in line; O&M shines again. KEP posted 3Q11 recurring PATMI of S$406m (+33% y-o-y) and 9M2011 PATMI of ...
Recycling $1.57bn of proceeds through sale of OFC Attributable net gain of S$492.7m Maintain Buy, S$4.18 TP Divests OFC on a 99-year basis. Keppel Land is proposing to divest its 87.5% stake in Ocean Financial Centre (OFC) on a 99-year interest to K-Reit for S$2.013bn or S$2600psf, inclusive of up to S$170m of income support ...
Primary sales crossed the 2000 mark, prompted in part by more launches But price momentum slowing Adopt stock picking strategy. Preferred picks : UOL and Keppel Land Crossing the 2,000 mark. Sept primary home sales continued to hold up. Including ECs, sales stood at 2,064 units, the highest YTD. This is a 26%increase from August ...
BROADWAY (34.5 cents, down 1/2 cent) Broadway warned that it will be in the red for 3Q’11 (expected to be announced on 2 Nov’11) due to unrealized losses arising from the changes in fair value of certain forward foreign exchange contracts that have been negatively impacted by the recent volatility in USD/SGD and USD/CNY exchange ...
AZTECH Aztech warned that it will be loss making for 3Q’11 due to the increase in unrealized exchange loss due to the sudden appreciation of the US dollar in the month of Sept’11 and the increase in operating costs of its marine logistics business resulting from additional expenses incurred in gearing up its operations for ...
NERA TEL (35 cents, up 1/2 cent) Nera Tel did well in 3Q’11 with profit rising 77% yoy and 6.4% qoq to $2.66mln, pulling 9 months profit up 12% to $7.45mln, underpinned by increased contributions from higher margined service contracts with key telecommunication and info-communication customers in Asia. And cash flow generation was also robust ...
S-CHIPS : To Beware A local press article on S-Chips on Saturday Oct 15th is worth reading on 3 scores: (a) the 18 stocks featured sport PEs ranging from 1.09x to 2.85x, suggesting a deep skepticism towards earnings of these companies; (b) Sky China‘s CFO saying he is “still” in China, verifying the company’s cash ...
3Q11 DPU of 1.08 Scts (+6% qoq) in line Deployment of cash to develop projects/new purchases; FY12/13 earnings continue to grow Offers F Y11-13F yields of over c10-11%, BUY! Results in line; DPU growth continued in 3Q11 Gross revenues and net property income were up by 13.9% and 10.3% to S$20.7 m and S$17.6m respectively. ...
New shipbuilding orders of S$267m almost doubling orderbook; book-to-bill ratio up to 2.2x from 1.7x. Raised FY12/13 order wins to S$350m/S$250m; and corresponding earnings by 6%/17%. Upgrade to BUY, with 35% upside to revised S$0.66 TP. Significant order wins. ASL Marine Holdings has secured 5 new shipbuilding contracts worth S$267m, comprising 2 PSVs, 1 dredger, ...
Upgrade to BUY. Stock is oversold and offers trading potential with 51% upside to our TP. Valuation undemanding at GFC trough level. Short-term catalyst from robust 3Q net profit growth of …
2008/09 global crisis caused FY09 earnings to tumble 89% y-o-y on weaker margins, despite 16% higher volumes Raised equity risk premium (ERP) on slower global GDP growth; TP cut to S$0.19 FY11-13F earnings adjusted by -4% to +35% after revision to rubber prices and FX rates Maintain Fully Valued; 16% potential downside Natural rubber (NR) ...
Investors who do not want to spend time and energy weighing the prospects of nickel over palladium, or of wheat over crude oil, can choose exchange-traded funds (ETFs) that profit from a basket of commodities. Usually, these are ETFs that track one of the two popular indices – the Standard and Poor’s-Goldman Sachs Commodity Index ...
The turmoil in the markets has left many investors with the feeling that they have to do something – but that could be a very bad idea Since mid-August, world markets have repeatedly moved with stomach-churning ups and downs. And in response, many investors feel they must take action, for fear that doing nothing will ...
In the last GFC, FY09 earnings fell 12% on lower demand for natural rubber (NR) and 50% jump in overheads Higher share in synthetic rubber implies greater vulnerability to recession Raised …
Acquisition of an additional 50% in JWMS is positive for earnings Expect licensing revenue to be strong FY12/13F earnings raised by 56%/34% China catalyst still to come. Upgrade to Buy, TP …
A number of S-chips have fallen close to or below their 2009 lows in recent days. They include: (a) China XLX (maker of urea and compound fertilizer that got so many so excited over dual listings when it got listed in HK; 25.5 cents); (b) China Taisan, maker of knitted fabrics that was described barely ...
SAR is operationally on track to achieve volume growth and earnings growth in FY12 However, we cut FY12 earnings by 8% as we moderate our coal price assumptions Downgrade to HOLD and lower …
Trading volumes and value to be subdued before clear signs of recovery are visible Cutting volume and value assumptions; earnings trimmed by 16-25% over FY12-13 Downgrade to Fully Valued, TP lowered to S$5.40. Challenging environment ahead. Trading volumes tend to increase as de-risking takes place but as recessionary risks accelerate, trading volumes and values tend ...
CHINA ESSENCE (20 cents, unchanged) With reference to the previous statement dated 13 Aug’11 where management said that they are in the process of finalizing the refinancing of the HK$250mln zero coupon guaranteed convertible bonds (CB) due 2011 and that the refinancing was expected to be concluded within 2 months (13 Oct’11), in an update ...
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