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3Q09 net profit of S$12m(-16% yoy, flat qoq) in line with expectations. In 9M09, achieved 74% of FY09F.Strong operating cash of S$21m. 9M09 operating cash of S$46m ahead of FY09F forecast of S$40m.Record new orders of S$154m in 3Q in line. 9M09 order wins 80% of our full year forecast of S$500m.Order backlog of S$376m, ...
Olam International Ltd’s (Olam) FY09 results were within expectations. Sales grew 5.9% to S$8.6b as volume growth across all segments more than offset lower commodity prices. Core net prof …
2Q09 earnings generally surprised on the upside, as highlighted in our sector preview report.Corporates are generally cautiously optimistic for contract flows in 2H09.Strong balance sheet of O&M companies allows flexibility to scale up business quickly.Top picks are Sembcorp Marine (+20% potential price upside), Sembcorp Industries (+23%), and Mermaid Maritime (+33%).As …
Launches galore from the listed developer with the largest Singapore residential landbankTake your pick from a varied mix of upcoming projects20% Premium to RNAV Maintained, in line with our upgrade of sector to overweight back in AprReiterate BUY, TP of S$10.67 offers 27% upside; City Dev is our top big-cap pick for the developersA Stamp ...
FY09 net profits declined 34% yoy, below expectationsMargins crushed to maintain salesEarnings forecasts cut by 22-25% in the light of challenging prospectsDowngrade to Hold, TP cut to S$0.18Disappointing results. Headline net profit of RMB123m (-34% y-o-y) came in below our expectations, mainly due to sluggish sales in 4Q09 as well as lower-than-expected margins. The ...
Genting Singapore (GS) arranged for a group of analysts yesterday to tour its new integrated resort Resorts World Sentosa (RWS), which recently had a soft opening with four hotels. The casino floor is already fully decked out with just under 500 gaming tables and some 1300 new slot machines. We understand that GS is now ...
Results slightly ahead of expectationsSells Robinson Point, reviewing asset plans for Starhub CentreMaintain Hold with TP $1.23Results slightly ahead of street estimates.CCT reported 4Q09 NPI of $80m, 3.8% better sequentially, on a revenue of $103.2m, up 0.6% qoq, on cost savings and marginally higher leasing income. Distribution income rose 0.5% qoq to $52.9m, translating to …
At a Glance326% yoy rise in 2Q09 PATMI to S$157, including S$110m of writedownsOnly one default at its two Sentosa projects that TOP-edDeclares interim dividend of 2 cents (1H08: 1 cent)Reiterate BUY, TP raised to S$1.46A Stunning Quarter.Ho Bee posted a record quarter, as its 2Q09 PATMI jumped 326% yoy to S$157m on the back ...
Placement to raise proceeds of about US$29m, comes on the heels of successful negotiation of two year covenant waiver on existing borrowings3Q09 DPU guidance of 1.50UScts maintained, dilution thereafter, if any, limited to 7% at worstDPU accretive acquisitions could be on the radar, maintain BUY with target price S$0.70Placement fortifies balance sheet.FSL Trust has …
2Q09 better than expected, as municipal contribution more than offset weakness in industrial segmentExpects stronger earnings momentum in 3QMaintain Buy with higher TP @ S$0.712Q09 exceeds expectations as stronger municipal offset weaker industrial. Epure announced a 27.9% yo y growth in net profit to RMB66.7m from RMB52m in 1Q08. 2Q09 revenue rose 26.7% y-o-y to ...
DBS Group reported 2Q09 net earnings of S$552m, down 15% YoY but +27% QoQ. This was above the median estimate in a Bloomberg survey of S$425m. The improvement came from better Stockbroking, Investment, Wealth Management and Fund Management operations. Cost-to-income ratio also improved from 42.5% in 2Q08 to 38.4% in 1Q09 to a significantly lower ...
Earnings of leading foundries topped expectations.Sales at TSMC jumped 88% q-o-q as wafer shipments surged 121% sequentially. Although sales were still down 15% y-o-y, operating margin of 33.9% was almost back to year-ago period of 34.5% and sharply higher from the measly 3.1% in 1Q09. Meanwhile, UMC swung to a second-quarter profit of ...
2Q09 earnings are expected to report significant gains q-o-q, on higher prices, higher volumes, and FX gains09F-10F EPS adjusted by +0.6% and –3.9%, TP raised to S$1.75 on higher LT margin …
FY09 results were way above expectations due to record 15% EBIT marginHigh EBIT margin is sustainable. Raised FY10F net profit by 26% to S$675m.Expect order win catalysts, as SMM guides fo …
1Q10 net profit of S$1.0m below expectations, affected by higher setup costs of IR package moduleFY10-11 EPS estimates lowered by 8-9% owing to delay in opening of the Resorts World Sentosa (RWS)But maintain BUY with revised TP of S$0.82, given the improvement in visitor numbers and room ratesGenting Singapore finally announces opening dates for ...
2Q09 results in line or at higher end of estimatesOutlook stabilizing, sector recapitalization largely overFocus shifting to acquisition opportunitiesTop picks include CDL HT, ART, FCT, Suntec, MLTResults generally in line.Sreits continued to put on a good showing in 2Q09, with yoy revenue, NPI and distribution income growth of 9.2%, 11.7%and 8.2% respectively. On a qoq ...
Seasonality buildup will drive quarterly sequential growth until 4Q09.Full turnkey will compress margin near term but create value for the long term.Upgrade to Buy with revised TP of S$9.40Recovery underway.Our latest company update points to higher momentum throughout Q2 (except for RSSI and TMI), as customers stock up ahead of the buying season in 2H. ...
The only rubber planter listed on SGX with c.20k ha estates in Cameroon and Ivory CoastSubsidiary of Sinochem, the biggest rubber seller in ChinaFY10F fully diluted EPS to jump 79%, on an expected 17% increase in volume and 11% recovery of rubber pricesDCF value estimated at S$0.16, based on WACC of 9.2% and terminal growth ...
Visibility clearer than ever, thanks to a firm and growing orderbookPotential for asset divestment strengthened by JBIC collaboration and lower cost of funding at HWTDivestment will provid …
Summary:2Q09 results within expectationOccupancy remains high, slight positive rental reversionMaintain Buy with TP $1.68Still holding ground.CMT reported a 10.4% rise in Q2 revenue to $138.6m while NPI improved 12.2% to $93.8m. Distributable income of $67.9m (DPU 2.13cts) was 15.8% higher than previous period. On a qoq basis, all operating metrics continued to show positive … 
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