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Earnings rebounded in 2009, led by its PRC businesses, and is set to continue growing into 2010Main businesses seem undervalued while potential sale or listing of Xinfei could unlock valueResume coverage, BUY, sum-of-parts TP: S$ 4.08.Earnings rebounded, by 63% y-o-y on the back of 18% growth of revenue in 9M09, driven by robust sales and ...
Sembcorp Industries (SCI) announced this morning that its 60%-owned joint venture (JV), Sembcorp Salalah Power & Water Company (SSPW), has won the Salalah Independent Water and Power Project in Oman via an international bidding.Implications:1) SSPW will invest US$1b to develop, build, own and operate the Salalah Independent Water and Power Plant (Salalah IWPP) in Oman. ...
To the surprise of many, SingTel managed to clinch the 2010-2012 broadcast rights for the English Premier League from the incumbent StarHub [under review]; this after just one round of bidding, which suggests that SingTel may have paid handsomely for these rights. In addition, SingTel has scored another coup over StarHub by securing the exclusive ...
2Q09 net losses narrowed sequentially; helped by net forex gain of US$29m.Expect losses to narrow in 3Q but widen in 4Q in anticipation of a retreat in BDI.Maintain FULLY VALUED and TP of S$10.00.Another loss-making quarter. STX Pan Ocean (STX) reported a net loss of US$36m in 2Q09. Excluding ...
Results in line – 2Q09 PATMI of S$140m down 15% yoy; 1H09 PATMI of S$223m is 43% of our FY09F and 50% of consensusRecent spate of successful launches provide forward earnings visibil …
4Q10 net profit above, driven by higher base maintenance volumesFinal dividend of 13Scts (FY09 11 Scts)Return of heavy maintenance checks, deferred during downturn, is positiveFY11 EPS revised up by 8.4%; Maintain BUY with higher TP of S$4.304Q10 surprises on the upside.4Q10 net profit at S$73.9m was significantly above ours and consensus estimates of S$50-55m, even ...
3Q10 results were above expectations.Raised FY10-11 earnings by 8-12% on higher margins and stronger order flows in 2H10.Maintain BUY; Our target price of S$0.94 offers 52% potential price …
Stability through the crisisDiversified exposure ensures resilienceMaintain BUY, TP S$0.86, offering a total return of 16Results in line.Mapletree Logistics Trust (MLT) reported 4Q09 results in line with expectations. Gross revenues and net property income (NPI) came in relatively stable at S$50.8m (-3.1% yoy, flat qoq) and S$44.9m (-0.4% yoy, +2% qoq) respectively. …
Deepwater is still the safer betOur industry analysis and channel checks show deepwater activities holding up relatively well.Charter rates for deepwater AHTS are expected to dip another 5-10%, at most, from current levels.Deepwater rig order would be the first to recover, when newbuilding normalizes from 2H 2010.Our top picks are Sembcorp Marine (+17% to target ...
Swung into operating loss in 2Q09Still cautious in view of weak earnings outlook, fast cash depletion and pledging of CEO’s shares.Maintain FULLY VALUED; TP at S$0.14.Swung into operating … 
2Q09 earnings slightly below expectations, as downstream ASP lagged CPO price jumpSlower growth in 2Q09 cooking oil volume and a slight decline in margarine volume q-o-qDownstream ASP raised in July to match CPO price for following 2 months, to be reviewed thereafterFY09F-10F EPS adjusted by +0.7% and +0.5%; TP stays at S$1.75; rating cut to ...
Thematic Report: Integrated Resorts Spin-offs: Spinning the wheel of fortune.Ripple effect from IR not fully priced inExpect US$3b in new gaming revenueSharp 25% recovery in hotel RevPar p …
SummaryKey takeaway from Pulse Of Asia conference: landbank replenishment is imminentStrong 1H09 pre-sales of at least RMB5.8bnPositive on Shanghai and luxury segment, given supply scarcit …
Listing of ADRs and clearing of OTC traded financial derivatives to be launched in October. Our estimates include strategies for further volume and value uplift. Upgrade to Buy with S$9.60 TP. SGX is still the cheapest proxy among listed Asian exchanges. A slew of new products and revenue drivers in October. The long awaited ADR ...
1Q net earnings in line, but risk of earnings downgrades is rising as visibility deterioratesTemporary respite for STI at the 2650 (-1SD) support level but upside capped at 2900. Potential downside to 2350 (-1.5 SD) on low probability/high impact type event risksDefensive stocks riding on Asian consumption offer shelter from the volatility, whilst the nimble ...
Product DescriptionA one-of-a-kind guide to investing in vice industries Although vices such as alcohol, tobacco, and gambling may be deemed socially irresponsible, in the investment world, these stocks continue to dramatically outperform the S&P 500 in this depressed market. Stocking Up on Sin shows readers how to get in on this hot ... 
Product DescriptionForget all about the methods your parents used to gain financial security. They don’t work anymore. Now the senior economic advisor of Putnam Investments reveals t …
Keppel Corp (KEP) announced this morning that it has won the upgrading and repair contracts for two Noble drillships.These two drillships, namely Noble Leo Segerius and Noble Roger Eason, will be upgraded at KEP’s BrasFELS yard in Angra dos Reis, Brazil. The job scope includes fabrication, repair and replacement of components, including the stern section, ...
Net profit of S$120m(+11% qoq) is in line with expectationsStrong rebound in aerospace margins q-o-q, as PTF conversions become profitableWe expect MRO market recovery in FY10Maintain BUY; revised TP of S$3.30, attractive dividend yield of 4.8%.Group PBT up 7% q-o-q.3Q09 revenue of S$1.35b (down 2% y-o-y, 4% q-o-q) and net profit of S$120m (down 7% ...
Expect Yangzijiang to beat consensus and our forecasts for 2H09 and 2010 on lower steel costs.Upgrade 2009-2010 net profits by 11%-17% as we cut steel costs by 10%-11%.Raise target price to S$1.36, implied a 40% upside; Reiterate BUY on superior execution.Lower steel costs.We re-examined our assumption for steel costs, the largest unhedged cost component (>20% ...
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