Sort By:
Management at post-results luncheon meeting affirms healthy operational outlook Investments to bear fruit in coming quarters. Maintain FY13-14F earnings growth of c2-4%. Maintain HOLD and …
FY11 DPU was 3% below our estimates, after a $5.1m income retention Completion of JCUbe and positive rental reversion to offset lower occupancies AEI works at Clarke Quay to yield 13% ROI Maintain BUY at a lower TP of S$2.05 Full year DPU is 97% of our forecast. 4Q11 gross revenue rose by 4.3% y-o-y ...
Home sales dipped 63% m-o-m on slower launches and weaker take-up rate Expect both volume and price growths to moderate in 2012 Top picks – GLP, CMA, Capitaland, UOL, CMT, MLT Invest in Real Estate Concept Weighed down by latest policy move. As expected, primary home sales in December was sharply lower at 670 units. ...
Private sector residential construction demand likely to moderate, but public sector projects will still ensure above-trend demand in 2012 Meanwhile, better than expected construction demand of S$32bn in 2011 implies healthy orderbooks and good visibility for local players Our preferred picks are Tiong Seng Holdings, OKP Holdings and Pan-United Corp We attended the BCA-REDAS …
1QFY12 profit edged down due to lower ad income Rental income surged, led by Clementi Mall Muted growth ahead, but supported by attractive 6.5% dividend yield Hold, TP nudged down to S$4.01 1QFY12 down a notch. Net profit fell 4.7% YoY to S$97.5m on the back of a 1.3% drop in print ad revenue to ...
Selldown overdone, recent developments are positive Outlook intact and poised for a recovery on earnings turnaround, contract newsflow and funding Valuations have dived below -1SD PE and close to -2SD PB. Reiterate Buy with 42% upside to TP of S$1.78. Hyflux Water Treatment Plant Uses Large Pipes Used to Carry Water Reasons to be positive. ...
1-for-1 rights issue raised S$349m to fund expansion of processing capacity and acreage 3Q11 core profit of S$28.3m was below expectations on weaker gross margins; 9M11 profits equated to 64% of FY11F Lowered FY11 core earnings by 6% to reflect softer margins. Raised FY12-13F core earnings by up to +32% on new capacity Upgrade rating ...
Singapore’s GGR could hit US$7bn in 2012F, surpassing Las Vegas as the world’s second largest gaming market Western Zone opening should help RWS catch up in market share, potential early b …
Mobile sector could benefit from lower data-cap and adoption of Android phones. Intense competition in broadband and structural changes in pay TV may outweigh the positives. StarHub outperformed STI by 32% in 2011, downgrade to HOLD. Prefer SingTel on valuation grounds despite hiccups from weak Indian Rupee Strategic Investing in Telecommunications, Utilities and Other …
Mobile sector could benefit from lower data-cap and adoption of Android phones. Intense competition in broadband and structural changes in pay TV may outweigh the positives. StarHub outperformed STI by 32% in 2011, downgrade to HOLD. Prefer SingTel on valuation grounds despite hiccups from weak Indian Rupee Strategic Investing in Telecommunications, Utilities and Other …
Oct and Nov Yantian throughput changed by +7% y-o-y and -4% y-o-y respectively. HK volumes on track for 4% y-o-y growth for 2011, but flat growth for Yantian. Steady throughput in 2012 should underpin strong cash flow. Stock offers a handsome 10% dividend yield. Maintain BUY, with US$0.85 TP. Values-Based Selling : The Art of ...
Acquires Lasalle Invt’s Japanese assets for US$1.6bn together with CIC Enhances existing quality portfolio and builds fee income platform Maintain Buy, TP revised up slightly to S$2.31 JV …
Macro outlook turning soft; loan growth to moderate in 2H12 Subdued earnings growth of 5% for 2012; NIM under pressure from funding side while non-interest income to be unexciting Overall asset quality intact and capital robust Prefer OCBC (Buy, TP S$10.00) as a relative outperformer in uncertain times Macro conditions turning soft. The MAS expects ...
Nov sales rose to 1701 units (+22% m-o-m) Sales volumes to drop in the next couple of months post recent policy measures Top picks – UOL, CMA, CAPL, GLP Investing in Real Estate Sales rose …
Near term datapoints will remain weak and stocks could stay listless till 1H12. But, some may rebound earlier on re-stocking/pent up demand Sharp earnings cuts and –1SD valuations have pri …
Resilient earnings from S-REITs Prefer Retail and selected Industrial REITs for sustainable earnings and balance sheet strength Top picks – CMT, MCT, MLT, Cache and FCOT Singapore REIT Ind …
Consumers may become more cost conscious More resilient non-discretionary spending should support suburban retail sales and rents Positive rental reversion and AEI to underpin Retail Reit earnings Prefer MCT (TP S$1.09) and CMT (TP S$2.08) Back to basics. YTD (9M11), retail index excluding motor vehicles sales grew by 8.1% y-o-y, which is a shade below ...
Increased downside risks for residential prices in 2012 Rising headwinds from weak economic climate to hamper office rental growth and capital values Prefer CMA, GLP, UOL, Capitaland Dampener on the residential sector. The recent clampdown on investment demand has heightened risk of policy overhang in the residential sector. This coupled with the upcoming rise in ...
Acquires 2 industrial properties for S$179m Deepens presence within Jurong Lake District and Changi Business Park Maintain HOLD and S$2.14 TP Acquires 2 industrial properties for S$179m. A-REIT announced the acquisition of 2 buildings in Singapore – 2 Corporation Place (S$99m,S$189psf GFA) and 3 Changi Business Park Vista (S$80m, S$482 psf GFA) – for a ...
Turning cautious on mid-term outlook even though 1Q12 results in line FY12F/FY13F earnings cut by 11%/12% Downgrade to Hold, TP lowered to S$0.33 Turning cautious on mid-term discretionary …
…