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To acquire 50.1% interest in PPL Holdings that owns 15% of rigbuilder PPL shipyard (85% held by Sembcorp Marine).Neutral on the PPL deal – buying at record earnings and there are potential …
Declares 3Q10 DPU of 1.05 Scts as expected, maintains similar guidance for 4Q10Cash earnings at CityGas continue to be weak as tariff revisions fail to keep pace with rising fuel oil pricesYTD cash inflow falls short of outflow to unitholders and lenders, but enough gross cash reserves in the coffersMaintain HOLD at slightly revised ...
Buying 3 properties for S$228.5mImprove income visibility with enlarged sale and leaseback portfolioGrowth priced in at 1.2x P/BV, maintain HOLD S$2.073 properties at a go for S$228.5m.Ascendas REIT (A-REIT) proposes to acquire 3 properties for S$228.5m. Two of the properties (costing S$131m) are operating assets and are expected to complete in March/April 2010. The third ...
4Q09 net earnings up 41% y-o-y to RMB49m, within expectationsBlue-ear vaccine ready for sale, contributing 22% to net profit for FY10FY10F-11F cut by 18% and 7% respectively as HFM vaccine …
Fears that the PBOC would restrict loan lending and decelerate China’s economic growth contributed to a fall in oil prices last week. Though oil prices may experience jitters in the short …
YZJ had delivered 17 vessels by end-1H09 and is on track to meet its target of 40 vessels for 2009. Despite weakness in the shipping industry, its customers have not cancelled their orders. However, the group has rescheduled the delivery of 18 vessels to later dates and given 5% rebates for eight high-margin vessels. Gross ...
Not withstanding one-off fair value losses, three of the property developers under our coverage – CapitaLand, Keppel Land and UOL Group, reported 2Q CY09 results that were within our expec …
Excluding translational FX gains and mark-to-market gains, 2Q09 earnings were in line with forecastTP raised to S$1.10 on removal of 30% small cap discountRating cut to Hold on limited upsideAn in-line set of results.First Resources (FR) 2Q09 results were in line with expectations; but ahead of consensus. 2Q09 net profit jumped 446.8% q-o-q (70.6% y-o-y) ...
3Q09 results below expectations, but rebound in activity is encouraging.On-schedule vessel deliveries provide earnings upgrade opportunity.Raising TP to S$1.17, maintain BUY3Q09 below expectation, but displays sharp rebound in activity.Mermaid swung back into the back in 3Q, posting headline net profit of Bt317.2m (-31% y-o-y) on revenue of Bt1.5bn (+2% y-o-y, +53% q-o-q). …
FY09 above our expectations on higher associates’ income and lower interest costFY10F/11F revised up 23%/90% – factoring in contribution from soon-to-be launched medical suitesPositi …
Stable 1Q10 pulled up by Alexandra TechnoparkEarnings stable with 86.5% of income secured for FY10Maintain HOLD, TP S$0.14Results posted no surprises.Gross revenue and net property income was 19.1% and 26.6% higher at S$29.6m and S$23.5m respectively due to stronger AUD vs S$ and a full quarter’s contribution from Alexandra Technopark. The increase was partially offset ...
Announces sizeable contract wins of US$113m-US$163m in total over two consecutive days.YTD order wins lifted to US$380 –430m; order momentum is expected to gain traction in 1Q10.In line w …
Hyflux has formed a JV with Japan ’s JGC Corp (JGC) to co-fund water projects in China. For a start, Hyflux will divest its Tianjin desalination plant into the JVFunding aside, Hyflux can …
YTD loan growth remained flat m-o-m. Business loans continue to decelerate but consumer loans support growth.Deposit growth YTD starkly outpaces loans. System remains liquid.Sentiments improving but challenges prevailY-o-y contraction noted for business loans; consumer loans still positive.Loan growth y-o-y was dismal at 2% in Jul 09. This arose on the back of continued …
2Q09 net profit grew 7% y-o-y to US$25.1m despite lower revenue (-22%), helped by lower cost of production and fuelRevenue fell due to the shift in quota towards 4Q from 2Q, for more effective trawling vessel utilization1H09 profit is 67% of our FY09 forecast, within expectation; maintain BUY, TP at S$1.391H09 within expectations. 1H09 net ...
Earnings slightly below although sales higher than expectationsGrowth intact, backed by S$800m EPC backlogDowngrade to Hold on limited upside to TP of S$3.704Q09 results slightly below. Sales of S$175.6m (-2% y-o-y, +39% q-o-q) exceeded our forecast of S$139m partly as the S$12m divestment gain arising from the divestment of the Tianjin Dagang desalination was booked ...
PEC’s S$9.2m net profit in 2Q10 (FYE Jun) was better than expected.30.4 Scts net cash per share as of end 2Q10 equals 43% of current share price.Possible upside surprises from: 1) sustaine …
Delivering 2.92 Scts for 3Q09Operations remained stableValuations undemanding, maintain BUY with revised TP S$1.32.3Q09 DPU at 2.92cts.Suntec reported results that were in line with estimates. Revenue remained relatively flat yoy at S$61.9m. NPI rose amarginal 3% to $47.0m while distributable income came in 9% higher to $47.7 m, translating to a DPU of ...
CSE Global announced order wins worth S$62m, taking order wins announced in 3Q09 to S$107m.Raised our FY09F/10F order win assumptions and earnings by 14%/8% and 2%/10% respectively.TP revised up to S$1.00 as we roll forward to FY10F.3Q09 order wins above expectations.CSE clinched five new order wins worth S$62m from US, Middle East and China. This ...
Strong margins on palm & lauric M&P and consumer products boosted earnings, despite easing oilseeds M&P margin and lower associates contribution09F-10F earnings upgraded by … 
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