Sort By:
Winning bid for Dakota Crescent residential site with price tag of $329m, or $508psf ppr.Accretive purchase raises RNAV by 4cts to $4.91.Maintain Buy, with TP at $3.93.Beats 12 others for Dakota land parcel.UOL has emerged as the top bidder in a hotly watched tender for the 185,030sf site at Dakota Crescent. The price tag is ...
2Q10 net earnings below our and consensus forecasts on FFB yield drop, stronger IDR and higher costs Placement to Wilmar positive on boosting cash for new planting, reducing gearing FY10F-11F EPS cut by 43.2% and 10.2%; TP revised to S$0.35 (post-issue of 150m new shares) Rating cut to Hold 2Q10 earnings below expectations. Kencana 2Q10 ...
4Q09 net profit of S$91m was driven by securities trading revenue; it the strongest quarter for the financial yearFinal 15.5cents DPS (3.5cents is base DPS) brings full year DPS to 26 cents, equivalent to 90% payoutNo change to volume and value assumptions, and earningsDowngrade to Hold, TP unchanged at S$9.10.SGX’s 4Q09 result was in line, ... 
Results in lineDriven by residential activitiesUpgrade to BUY with TP of $3.86Core earnings in line.2Q09 gross profit fell 5% yoy to $108.7m despite a 2% increase in revenue due to poorer hotel contributions plus adeterioration in operating margins, a greater proportion of the lower margin residential contributions and reduced dividend income. In addition, lesser associate ...
Future dividend payouts to rise as free cash flow is estimated to increase to 8.5 US cents per share in FY11.Sustained undervaluation vs. listed peers could trigger M&A interest.58% upside to our target price of S$0.89, at 9x blended FY10/11 PE (FYE June).Initiate coverage on CH Offshore with a BUY.AHTS fleet with deepwater focus. CH ...
65%-owned CFG proposes dual listingPAH to benefit if CFG performs well on its South Pacific operationsPresents good value at 4.4x PE, and still capitalising on CFG’s growth prospectsRaise …
3Q09 results were below our expectation.Gross margin dipped 5.2ppt q-o-q in 3Q09; a quarter that should have benefited from positive seasonality factor.Maintain our market contrarian SELL …
Highest monthly sales since such data available, as nearly 2,800 units sold in July, bringing YTD primary sales to above 10,000 unitsMass-market still driving buying, with c.54% of July sales coming from Outside Central RegionHowever, we believe momentum could slow as we enter into Hungry Ghost Festival this weekThe low-end of our 2009 assumption (9,000 ...
Earnings booster from completion of Northpoint AEIPrimed for growth from potential pipelineBUY for growth + stability, TP of S$0.97 offers 18% total returnNorthpoint AEI is almost completed. Asset enhancement works (AEI) atNorthpoint is expected to complete soon with tenants currently fitting out their premises. Committed and leased out space accounts for c 94% of ...
SummaryGuides for lower DPU payout of 1.50UScts from 3Q09 onwards, down from 2Q09 DPU of 2.45USctsMove will accommodate amortizing loan structure to avoid breaching loan covenantsFY10 dividend yield still a healthy 13%Maintain BUY on easing covenant/ refinancing concerns, target price revised up slightly to S$0.72Move necessary to sustain business model.While 2Q09 DPU of …
Recent excitement about new integrated resorts in Singapore bodes well for telcos too. We estimate around S$300mn in annual revenues and S$180mn in EBITDA, or 3-6% of current levels, from roaming and higher domestic SIM usage. In percentage terms, M1 should benefit the most and SingTel the least given its diversified earnings. We expect to ...
We are raising our FY10 net profit estimates for Ezra by 8% to US$91m – the highest on the street.We expect the street to play catch up for FY10 earnings projection – a potential price ca …
Gorgon gets Western Australian government’s approvalClearance from Federal government is not expected to take long – potential catalyst2Q09 results above our expectationsRaising fair value … 
SummaryReinstating coverage with Buy, S$0.98 TP (sum-of-parts)Proxy to Singapore’s new casino marketLeverage on Genting’s strength in mass-market and Universal Studios’ global brandPotenti … 
Swissco’s 2Q09 recurring net profit in line with expectationsRevenue beat our estimates on earlier than expected deliveriesGross margins within historical range, while operating margins lo …
1Q11 PATMI of RMB39m forms 21% of FY11F – in line Domestic sales stable but exports doubled on stronger shipments to India and new market, Latin America Maintain Buy, S$1.11 TP pegged to 1 …
CRCT announced 4Q09 distribution income of S$12.7m, 2.04 S cents DPU (-10.1%YoY). Including retention of S$0.3m for working capital and capex, distributable income of S$13.0m was slightly below our S$14.8m estimate due to lower gross rental revenue. Maintain Underperform. Negative rental reversions due to challenging leasing conditions.Though occupancy was stable QoQ at 95%, …
Keppel Corporation reported a 3.7% rise in revenue to S$12.2b and a 48% increase in net profit to S$1.63b for FY09, accounting for 99.2% and 99% of our full-year estimates respectively, bu …
Maintain Outperform and target price of S$10.90, still based on sum-of-the-parts valuation.FloaTEC, a 50:50 JV between KeppelFELS and J. Ray McDermott, has signed a US$1bn contract to buil …
International operations and healthcare mitigate drop in revenue from Singapore hospitalRevenue +10% yoy; net profit +48% due to reversal of receivables impairmentRaised FY09F-10F earnings by 12%-13%Maintain Hold, TP raised to S$1.85.2Q09 slightly above expectations.This was due to stronger contribution from International operations and Singapore Healthcare divisions. Revenue … 
…