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LOI to build 5 semi-subs for Petrobras worth US$4.12b Boost to order book, +45% to S$14b, book to bill of 2.7x. Raised order win assumptions to S$10b. Maintain BUY, TP raised to $13.20 KEPPEL CORP. LTD.: International Competitive Benchmarks and Financial Gap Analysis (Financial Performance Series) US$4.12bn Petrobras orders almost in the bag We expect ...
HUTCHISON PORT (72 US cents*, down 1 / 91.5 Sing cents*, down 1) In US$ terms, HPH Trust is at its lowest in 3 months. Clearly, the introduction of the S$ counter (announced on Mar 22nd) has not really “helped” , other than the knee jerk up-tick in unit price to 79 US cents. CHINA: JOINT ...
S$880m defence-related contract from new overseas Navy customer should renew faith in STE’s capabilities, reputation and demonstrate its resilient business model Recovery in the US economy … 
Investment demand continues to dominate Two new launches, with a larger composition of small units, in the coming 2 weeks Prefer stocks with less residential exposure – CMA, UOL, buy on we … 
STATS (48 cents, unchanged) STATS‘ key competitor in Taiwan SPIL reported an 18% month on month increase in sales for Mar’12, bringing its 1Q’12 sales to a 4% qoq decline from Dec’11, coming in at the low end of the company’s guidance of 4-7% decline. The better than expected performance reflects strong demand from the ... 
Secured a 4 year service rig contract worth US$80m High margin contract to yield ROE of 30% Lift FY13F earnings by 5.7% and enhance its long term earnings visibility TP revised up to S$1.2 …
Pre-emptive cash call Slight dilution initially; quick execution of acquisitions are key re-rating catalysts BUY for attractive 8.6-8.8% yield, TP adjusted marginally to S$1.11 A pre-empti …
Privatising 56%-owned Frasers Property China [535 HK] Low valuation (43% discount to NAV) and daily trading value likely to be key reasons There is more value to be unlocked in F&N’s …
New offerings at Western Zone should help attract higher-end VIPs,completion of remaining portion on track for 4Q12 Impact of Malaysian junkets likely small, but a precursor to bigger thin …
Proposed acquisition of 2 cold warehouses in South Korea for S$71.3m High initial yields of 9.5-9.9%; long leases, annual step ups increase income visibility Maintain BUY and S$1.14 TP Proposed acquisition of 2 cold warehouses in Korea. Mapletree Logistics Trust (MLT) continues to expand into Korea with the proposed acquisition of 2 cold warehouses worth ...
Hyflux, together with a Hitachi-led consortium, has clinched a seawater desalination DBOO in India T&C to be finalized but, conservatively, financial impact to Hyflux could just be 10 …
Surprisingly robust property sales in Singapore, >1,400 units sold in FY12 YTD; S$1.7bn unrecognized sales Proxy into APB, a leading brewery group in Asia Pacific and a growth driver Outperformance in 2011 did not fully unveil its value, still trades at 25% discount to revised RNAV Maintain Buy, TP raised to S$7.70 Robust property sales ...
Home curbs are spawning an office boom. Office units at Robinson Square, Paya Lebar Square and PS100 have sold like hotcakes. It makes sense for Ho Bee to consider selling its office space at The Metropolis. We estimate it would make $300m from a 50% sale. At this point, management has guided that they will ...
Niche player in a defensive sector, with 90% dividend payout ratio Core FY11-FY13F earnings CAGR of 20%, driven by store expansion, operating efficiencies from new warehouse Current price looks fair at 20x FY12F PE, 1x PEG and a c.25% discount to peers given smaller size. Initiate with Hold, TP S$0.49; would be buyers during a ...
Sizeable maiden subsea contracts of NOK1.15bn or US$200m Recovery of OSV demand remains intact Maintain BUY; TP S$2; dividend yield 3.4%. Two subsea contracts in a row. STX OSV announced two newbuild order wins from repeat customers last night, including: 1) One advanced subsea support vessel for Island Offshore worth more than NOK 500m (approx. ...
High costs base increases vulnerability to production issues and lower CPO prices Forecast gearing ratio to jump from 55% in FY11 to 69% by FY13F -higher risks of de-rating Cut TP to S$0.30 from S$0.35 as we reduce FY12-14F earnings by 22-34% on lower FFB/CPO output and higher production costs Downgrade to Fully Valued Vulnerable ...
Acquires 16 Tai Seng Street for S$59m; up to S$72m with further enhancement works Accretive to earnings; gearing to head up to c35% BUY, TP raised to S$0.58 Acquisition of industrial building in Paya Lebar iPark, emerging industrial district in Eastern part of Singapore. The manager of Cambridge REIT (CREIT) announced that it is proposing ...
Perpetual securities open up another funding avenue for S-REITs No one size fits all model; key is for issuers to balance risk vs return Potential beneficiaries: AREIT, P-life, MINT, MCT Perpetual securities; another alternative funding source Mapletree Logistics Trust was the first Sreit to issue perpetual securities with a non-cumulative feature. This landmark transaction …
CHO to benefit from improving charter market; earnings to bottom out in FY12 and recover +22% in FY13F With 43% of market cap backed by net cash by end FY12, attractive annual DPS of 2.75 Scts should be sustainable Upgrade to BUY on earnings recovery and compelling valuations; TP raised to S$0.50 Earnings recovery play. ...
Positive on Dr Jack Wang’s CEO appointment Co-CEO, Mr Jeff Jump, now president of Cardiovascular Business Unit New property will better equip BIG to grow Upgrade to Buy, TP unchanged at S$ …
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