Sort By:
Reactivation of Mandala’s AOC will give Tiger more flexibility in aircraft deployment in FY13 Easier thus for Singapore operations to digest the excess capacity added in FY12 Expect turnar …
Strong end to FY11; Proposed 2.7 Scts DPS China REIT/ADF2 progress on track; AUM to continue growing cS$2bn/year Maintain BUY. Raised SOTP-based TP to S$1.74 FY11 PATMI of S$68.2m (+7% y-o-y). ARA reported 4Q11 PATMI of S$13.2m (-48%% yoy) bringing FY11 PATMI to S$68.2m (+7%), in line with expectations. Performance would have been stronger at ...
Expect a strong set of FY11 results Contract momentum to resume in 2H after 3-4 quiet quarters Near term catalyst from possible entry into offshore market and growing shipbreaking activities Maintain BUY; TP raised to S$1.55; offers 18% upside potential and attractive dividend yield of 5% Another record year. We expect Yangzijiang30% since our upgrade ...
No surprises; 2H11 DPU of 23.4 HKcts (3.0 UScts) in line Volume growth in FY12, though muted, should be more noticeable in 2H12 Look forward to FY12 dividend yield of 8.4% Maintain BUY with TP of US$0.85 Delivers on DPU. 4Q11 revenue came in at HK$3,089m, slightly ahead of our estimates as throughput growth held ...
Acquires a Grade A office building in Australia at 12.6% below valuation and attractive NPI yield of 9.5% Increase FY12/13 DPU by 3.5 – 4.0% Maintain BUY at a higher TP of S$1.14 Buying 50 …
New jackup order for SMM worth US$213m at premium pricing. SMM announced this morning that its subsidiary, PPL Shipyard, has secured a jackup order from Safin Gulf worth US$213m. Delivery is scheduled for November 2012, as SMM had earlier commenced construction of this second prototype unit, riding on the strong demand for newbuild, high spec, ...
Ample order wins to drive earnings for next 3 years while large recurring business lends resilience Recent acquisitions will help to grow non-banking business Current valuation at -1SD is undemanding. Reinstate with BUY for potential upside of 30% & 4% yield. Potential catalysts will be from big order win in Malaysia and IPO of Chinese ...
Restructuring to drag 4Q11 but market share & customer gains to drive strong earnings rebound Improved outlook warrants re-rating to 12xFY12 mean PE from -1SD Upgrade to Buy. 23% upside to S$0.95 TP and 3-5% yield Expect 4Q11 to be impacted by restructuring charges. As Hi-P guided in Nov 2011, 4Q11 should see at least ...
Primary home sales shot up 210% m-o-m Launches to fast track, price momentum decelerating Preferred picks – GLP, CMA, Capitaland Buying exuberance for mass-market homes. Jan primary home s …
Results slightly above ours but below market New investments to drive prospects Maintain Buy with TP raised to S$3.38 Results slightly ahead of our numbers. Capitaland’s FY11 results came in below market expectations but slightly ahead of our estimates. The group reported 4Q11 and FY11 headline PATMI of S$477m (-20% y-o-y) and S$1.06bn (-26%) respectively. ...
SLA land acquisition could net up to S$101.6m for the REIT Deployment of proceeds key to fill income vacuum Maintain BUY and S$0.56 TP Compulsory acquisition of up to S$101.6m worth of properties. The manager of Cambridge REIT (CREIT) announced that it has received formal notification from Singapore Land Authority (SLA) that they will be ...
Results in line with estimates Ramping up China and Japan to benefit from asset repositioning Maintain Buy with S$2.31 TP Results in line. GLP reported a 19% y-o-y rise in revenue to US$144.9m while PATMI improved 11% to US$91.2m. Excl revaluations, PATMI would have dipped 7% to US$68.2m, mainly on unrealized forex losses on Japanese ...
Record FY11, core PATMI +126% y-o-y; final DPS of 10.0Sctsproposed Industry fundamentals firming up, but funding constraints lead to low order conversion rate FY12/13F raised 12%/6% on higher margin assumptions Maintain BUY, TP raised to S$2 Record 4Q caps off impressive FY11. 4Q11 was a record quarter with core PATMI of NOK637m (+130% y-o-y, +57% ...
2QFY12 core profit of S$94.5m (-20% y-o-y) was below our estimate of S$125-135m; 1H12 earnings made up only 31% of FY12F Main drags were lower net contribution from Industrial Raw Materials and CFS FY12-14F earnings cut by 8-15% on lower margins Maintain Hold, TP adjusted to S$2.75 on lower ERP 2QFY12 profit below. Excluding biological ...
4Q11 net profit of US$73m beat estimates as Sebuku Northern Leases performed better than expected; final dividend of 5.8UScts declared Jembayan may be slower in FY12; Sebuku continues to drive earnings growth Raise FY12/13 EPS forecasts by 16%/13% Upgrade to BUY, TP revised up to S$2.70 Record quarter. 4Q11 net profit of US$73m (up 139% ...
2QFY12 earnings of US$10.7m (-4% YoY, -10% QoQ) was below on annualised basis FY12-14F earnings adjusted by -6% to 3% as we assume earlier recovery offset by higher costs Restocking in 2HCY12 to boost earnings Upgrade to Buy, TP lifted to S$1.85 on revised ERP, beta and USD/SGD FX rate 2QFY12 earnings below. Goodpack reported ...
2QFY12 core profit plunged 60% y-o-y – below expectations Operations recovering but slowly; full upswing only in FY13 if new programmes ramp up on time Re-peg PE target multiple to -0.5SD from -1SD on improving outlook and higher risk appetite Upgrade to HOLD with TP raised to S$0.75; valuations have run ahead of earnings 2Q12 ...
4Q11 earnings within expectations EBIT margins down marginally on costs; 20% of fuel requirements in 2012 have been hedged Small upside surprise in final dividend of 3.3 Scts, with full year at 6 Scts (53% payout) Preferred land transport stock as CD provides geographical exposure, stability at lower valuations; BUY, S$1.86 TP 4Q11 in line, ...
2Q12 in line with expectations Lift FY12F order wins assumption to S$380m on strong momentum YTD; FY13F earnings raised by 7% Maintain BUY for 39% upside to raised TP of S$0.78 2Q12 in line. 2Q12 revenue of S$77.4m (-25% y-o-y, -7% q-o-q) was below on slower shipbuilding orderbook drawdown and lower repair/conversion revenue. Offsetting the ...
2Q12 results in line, 1H12 accounted for 56% of FY12F earnings Strong revenue but operating profit and margins fell Outlook continues to remain soft Maintain Hold, TP raised to S$0.36 base …
…