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Palm oil prices are poised to rise “sharply” next year as demand remains robust amid potential supply disruptions from El Nino, according to Dorab Mistry, director of Godrej International …
Disappointing FY09 results, below our below-consensus expectations (-71% y-o-y, -80% q-o-q)Sluggish sales and high advertising expensesChallenging prospects with slowing working capital & lower transparencyDowngrade to Fully Valued, TP cut to S$0.134Q09 results came in significantly below expectations, due to lower-than-expected sales (-49% y-o-y, -11% q-o-q). FY09 …
Citigroup analysts Chua Hak Bin and Ivan Lim recommend overweighting financials, offshore marine and healthcare.The foreign broker ’s top buy calls are DBS, UOB, SGX, Keppel, NOL, ST Engi …
Warchest waiting to be deployedAcquisition scenario analysis could yield further 14% upside from current valuationsOperations in Singapore to hold fortStay invested, TP S$0.65 based on DCF, represents 25% total returnWarchest yet to be deployed.Starhill Global REIT (SGREIT) has yet to fully utilize its rights proceeds. As of latest reported, SGEIT has a remaining war-chest of …
2Q09 DPU cut to 0.60UScts from 2.14UScts earlier – however usage of cash retained not specified.No indicative timeline yet on talks with bankers over bullet loan roll-over or covenant waiv … 
In line with expectationsPace of rental growth on reversions still at double digitsOutlook resilient, Northpoint construction works completedBuy with TP of $1.08Results largely in line.FCT recorded a 3.4% yoy rise in distribution income to $12.1m (DPU 1.94cts) in 3Q09 on a 0.5% uptick in revenue to $21.2m. NPI improved 4.4% yoy to $14.7m thanks to ...
Slightly above expectationPositive reversion more than offset higher vacancyOutlook stabilizing, visibility remains poorRaising forecast, maintain Hold with TP $0.95Results ahead of estimates.Kreit reported an 18% yoy rise (+4% qoq) in topline to $15.4m. NPI grew 34% yoy and 14% qoq to $12.3m while distribution income improved 23% yoy to $17.5m. DPU of 2.64cts works out ...
Keppel Corp (KEP) has secured a Letter of Award from PetroVietnam Drilling and Well Services Corporation (PV Drilling) for the newbuild construction of a tender drilling rig.1) The contract is worth US$200m, or S$280m, when finalised in December 2009. The rig is scheduled for delivery in 4Q 2011. This contract will bring KEP’s total y-t-d ...
Swissco’s share price, even after the recent rally, is trading at 23% discount to its estimated breakup value of S$0.94.Current share price values core business at only 6x FY10 PE, plus a … 
2Q09 PATMI dropped 72% yoy; 1H09 PATMI formed just 34% of our original FY09FS’pore hotels only contribute c.25% of FY10F earnings and 33% of its RNAV, assuming a 25% increase in 2010 RevPA …
2Q09 net profit plunged to RMB23m (-75% yoy, -61% qoq), 8% below our expectationOversupply issues will continue to plague the urea industry in 2H09Share price is already pricing in the possibility of a dual-listing in HKMaintain FULLY VALUED; TP reduced to S$0.40 as we trim our already lowest on the street estimates.2Q09 results fell 8% ...
Net profit below our expectation due to E&P asset impairment charge, but core profit better than expected due to inventory gainE&P’s operating profit turned positive after last q …
Kencana Agri 3Q09 earnings were materially below expectations on lower-than-expected ASP, low-margin tradingFY09F and FY10F earnings cut by 45.6% and 34.9%, imputing lower ASP and signific …
Yingli reported 81.3% decline in net profit to shareholders of RMB 66.9mil in FY2009Excluding the one-off net of goodwill of RMB 360.7mil in 2008, performance would have improved 367.2%.Revenue grew 52.4% over that of the first 9 months of 2008 due to higher sale of properties and rental income. The group currently is still in ...
4Q09 earnings in line; excluding S$9m tax write-back, net profit was S$120.7m, almost flat q-o-qFY09 dividend payout cut to 90% from 100% earlier; final payout of 10.3Scts in MaySavings add on to war chest in excess of S$1.7b; points to potential M&A activityMaintain BUY, TP reduced to S$3.60; any short term dips will present good ...
SingTel reported 3Q10 operating revenue of S$4,450m (+20.2% yoy) and net profit of S$991m (+24.0% yoy). We were impressed by its strong performance as revenue was 3.0% above our estimate o …
C2O Holdings proposes to acquire 54.8% shareholding in Swissco from the Yeo family at S$0.89 per share.A successful acquisition of the Yeo family’s stake could trigger a general takeover f …
We paid a visit to Midas’ aluminium extrusion plants in Jilin and to NPRT’s plant in NanjingNPRT is ramping up production to meet its delivery schedule whilst Midas’ core business is expan …
Core earnings in line with expectationsFurther NAV devaluation, bringing total haircut to 13.4% from the peakOutlook stabilized but no near term catalystMaintain Hold with TP of $5.01Operational earnings in line with estimates.Singland reported a 2Q09 net loss of $344.7m due to a $492.1m devaluation haircut (-9%) from its investment properties. As a result, book NAV ...
FY09 record profit came in 6% better than consensus. Clinched new orders of four 92.5kdwt bulk carriers; Raises FY10 delivery guidance by two vessels. Potential dual listing in Hong Kong or Taiwan could be a near term price catalyst. 27% potential price upside with decent dividend yield of 3-4%; Maintain BUY with a target price ...
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