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Issuance of S$350m of new “hybrid” perpetual securities Proceeds to fund proposed acquisitions of up to S$500m+ assumed in our numbers BUY, TP raised to S$1.14 based on DCF Landmark issuan …
Positive on move to Terminal 2 Tiger Singapore will be moving from its current base at Changi’s Budget Terminal (BT) to Terminal 2 on 25Sep12. The BT will be demolished to make way for a n …
Ezion breaks into new market with 8th liftboat contract Good deployment of recent placement proceeds; contract to yield a healthy ROE of 57% Contract will raise FY13F earnings by 3% and enhance its long term earnings visibility TP lifted slightly to $1.25. BUY as Ezion continues to build on its growth story 8th liftboat for ...
Fundamentally resilient that supports FY11 outperformance Growth drivers remain intact Absence of dividends could signal more investments in the pipeline for growth Maintain Buy, TP trimmed marginally to S$0.26 Fundamentally resilient. CSF outperformed our forecasts due to higher ASP and lower operating costs. Headline earnings came in at Rp130.7bn, 6.4% above our …
Bottoming signals from 4Q11 results Liquidity fired rally to take a breather Re-rating catalysts hinge on upside in economic growth and earnings upgrades Market to range trade. Focus on sectors with earnings upside potential – Oil & Gas – and switch from Property to REITS. Avoid Transport-related stocks Bottoming signals but modest growth will cap ...
Limited room to drive growth on the back of weak economy. After meeting with the management of CapitaCommercial Trust (CCT) recently, we believe this counter is currently at fair-value with limited upside potential in the short run on the back of slower 2012 economic growth in Singapore. Positive rental reversion, apart from the already signed ...
4Q11 results saw NIM and trading losses rebound with higher provisions FY11 loan growth stood tall at a strong 27%; 4Q11 saw moderation as expected Incremental ROE going forward appears challenging; credit costs at low levels while NIM will be flat at best and loan growth moderate in 2012; non-interest income would be the wildcard ...
Results within market expectations, driven by strong residential sales Growth drivers in Singapore and China in place Maintain Hold with TP of S$10.76 Results in line. City Dev’s results w …
4Q11 core earnings of Rp321.3bn (-25% y-o-y) were below our Rp384bn estimate, S$0.003 DPS declared Sugar incurred Rp63bn loss in 4Q11 due to underutilised plant and poorer quality cane FY12-14F EPS adjusted by -6% to +2% on lower sugar contribution and reduced outside CPO purchases Maintain Hold, TP revised to S$1.55 Sugar losses hit 4Q11 ...
Cosco has secured seven bulk carrier contracts and options worth US$190m in aggregate from two European companies comprising: 1)One unit of 35k dwt handysize vessel to be delivered in 1Q13. 2) Two units of 64k dwt handymax vessels and four options for similar vessels with eco-friendly and fuel-efficient designs. The two contracts are still pending ...
Seadrill’s new order for 2 drillships is just the “first step”. Seadrill has ordered two ultra-deepwater drillships for delivery in 2Q/3Q 2014 at US$600m per unit. It also retains a fixed- …
FY11 profit of HK$320m (+20% y-o-y) was slightly below our expectations though final dividend of 3Scts was higher than our 2.5Scts forecast FY12 core earnings to grow by >50%, driven by Yo …
4Q11 beat ours and met consensus; maintained 55 Scts DPS New products and better customer traction will underpin FY12 growth; +12%/14% for FY12F/13F Currently trading below mean, improved outlook deserves re-rating to mean PE of 15x FY12F Upgrade to Buy, 22% upside to S$9.60 TP and 7% yield All business segments outperformed despite industry-wide weakness ...
Ground checks highlight more cautious tone on the high end In the lower end segment, activity continues to be robust Preferred picks – CMA, GLP and Capitaland Ground checks. Our visit to B …
4Q11 results were in line; NIM recovered while higher provisions were set aside for AFS portfolio 40 Scts final DPS declared as expected; scrip dividend not applicable Earnings raised by 3-5% after raising loan and deposit growth with NIM expected to stabilise Downgrade to Hold but TP raised to S$19.50; stock has rallied 20% YTD ...
FY11 net profit of S$527m was slightly above; higher final DPS of 12.5Scts (FY10: 11.5Scts) Record S$12.3bn orderbook provides good visibility, but growth is unexciting Maintain HOLD with higher TP of S$3.25 Stronger US$ in 4Q, better results. STE reported better-than-expected results in 4Q11, driven by higher revenues and better margins in a stronger US$ ...
FY11 net profit down 44%, in line with expectations Higher provisions for losses from shipbuilding and offshore in 4Q11 eroded positive surprise from shipping Pressure to top up order book could lead to unprofitable newbuild contracts for shipbuilding FY12-13F earnings cut by 21-27% on lower margin assumptions and higher interest burden, expect lower FY12 earnings ...
Acquires 20 Anson Road at NPI yield of 4% including a $17.1m stabilisation sum Strong cash position to fund acquisition, a 4-7% boost to FY12/13 yields Maintain BUY at a lower TP of S$1.30 Acquires asset at 4% NPI yield. CCT is buying 20 Anson Road for S$446.6m or S$2,205psf of net lettable area (NLA), ...
4Q11 core profit of US$264.5m (+125% y-o-y) came below the expected US$451m Weak palm oil refining margins in EU, China and Malaysia offset boost from Indonesia; China oilseeds crushing margins remain challenging FY12-14F earnings cut by 7-9% on weak sales volumes on reduced merchandising demand Maintain Buy on revised TP of S$5.80 4Q11 profit below. ...
Acquires stakes in 3 assets for S$217m Earnings accretive and adds 1.5-2.5% to bottomline Maintain Buy with TP $2.02 Increases stake in Japan assets. CMA is buying the remaining stakes in 3 assets in Japan currently held through its Japan Fund. The acquisition comprises the remaining 73.71% share in La Park Mizue in Tokyo, Izumiya ...
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