Sort By:
Industrial sector to see moderating growth Industrial REITs’ long WALE and well diversified portfolio minimize impact on unitholders’ distributions Prefer REITs with exposure to the logist …
Shipping & Shipyards Show me the money! Sources of ship finance shrinking as European banks grapple with debt crisis; shipyards likely to face risks of customer defaults/deferments; new order flows drying up Outlook for shipping earnings remains muted as supply overhang is yet to clear FULLY VALUED on Cosco Corp and NOL; BUY Yangzijiang for ...
Malls in prime KL locations, with distinct tenant mix Opportunity to increase Lot 10 revenue through AEI Maintain BUY and S$0.76 TP Strong foothold in KL shopping scene. SGREIT’s two retai …
Concerted efforts to ease liquidity squeeze on US$ funding provides temporary reprieve to market Markets remain volatile, reversal hinges on debt restructuring to resolve Eurozone crisis R …
Adds iconic project to China portfolio, tapping retail sales and income uptrend Project to generate IRR of 11-13% Maintain Buy on Capitaland (S$3.29 TP) and CMA (S$1.94 TP) Deepens foray into Chongqing. Capitaland and CMA together with Singbridge Holdings have been awarded a prime site in Chongqing for the development of an iconic mixed development ...
FY11 results below expectations Growing topline, but margins are a concern Cut FY12F core earnings by 14% on higher costs Maintain Hold, TP lowered to S$0.95 Below expectations. FY11 net profit of US$104m was below our expectations of US$125m. While revenue of US$685m beat our expectations of US$677m, higher than expected operating costs dragged core ...
Buying quality property within Shinjuku, Tokyo but minimal impact on overall earnings Perceived high gearing vs peers and weaker business travel outlook to weigh on performance Yields attractive at 8.6-8.8%; but worsening European outlook could mean potential downside, Downgrade to HOLD, TP cut to $1.13. Acquiring quality asset in downtown Shinjuku, Tokyo. Ascott REIT has ...
A Business Times columnist’s piece on Saturday The Reit Myth Busted is interesting, especially amid the K-Reit controversy. The CapitamallTrust (CMT) illustration shows a unit holder having to fork out $1549 taking up all of his rights entitlements since the 2002 listing, vs distributions received of $1264, for a net outflow of $285. What is ...
Completed transformation into pure Asia-focused infrastructure asset fund Organic growth from key assets and investment of surplus cash should support steady dividends Dividend yield of 10.5% and TP of S$0.64 implies total return potential of more than 30% at current prices; reinstate coverage with BUY Now leaner, fitter and wholly Asia-focused. Over the years, MIIF ...
Good response to Bedok Residences launch Better than anticipated project returns from higher ASPs Maintain Buy on Capitaland and CMA Good response to Bedok Residences. The initial launch of Bedok Residences met with good response. The 583-unit development, which is 50/50 owned by Capitaland and CMA, saw 350 out of the 450 units offered snapped ...
Demand outlook muted as economic woes continue to plague the US and Europe FY12 and FY13 earnings cut by 15% and 19% as we lower our yield assumptions SIA to remain profitable but only at 5% ROE; balance sheet firm with c.S$3.30 net cash per share Maintain HOLD, TP lowered to S$10 (0.9x P/B). Outlook ...
Mine visit leaves us confident about volume growth prospects, especially at Sebuku However, we lower Jembayan ASP assumptions for FY12 as sub-bituminous market loses steam Cut FY12 EPS est …
Disappointing 3Q11 with 3% cut in overall earnings from half of the stocks under our coverage Earnings and GDP could bottom in 1Q12, barring a financial contagion Valuations inexpensive at FY12PE of 12x, P/B of 1.32x, but market remains vulnerable to liquidity squeeze Risk aversion to cap STI upside at 3000, market could re-test 2500 ...
National Broadband Network will not hurt SingTel contrary to popular perception. Any potential divestment of Telkomsel to be neutral or positive Bharti is set to grow again although street may be overly optimistic while Optus faces competition in the near term Trading at 1-year forward PE of 13.0x below 13.2x historical average. Upgrade to BUY ...
Oct sales dipped 15% m-o-m but take up was healthy at 1.2x launch volume Expect buying interest to be more price sensitive Selective stock picking strategy – UOL, CMA, CAPL, GLP are our pi …
Weak yields and loads in Singapore operations lead to higher than expected losses in 2Q12 Australian operations get a small boost, as it can now operate 32 sectors per day, up from 22 earlier Cut FY13 EBITDAR estimate by 7%, but maintain HOLD at TP of S$0.71 as balance sheet improves Technitrader “How to Invest ...
3Q11 above on higher-than-expected liftboat contributions Liftboats gaining traction in SE Asia; regional NOC has time chartered 2 units with 2nd unit to be added by mid-2013 FY12/13F cut 3%/12% as marine base contributions removed, partially offset by new liftboat in 2013 Maintain BUY, TP S$0.96 Technical Analysis 3 for the Professional Trader 2010 3Q11 ...
Positive leads from the ground Petrobras orders to provide catalysts Volatility to persist, sector vulnerable to macro uncertainties Stay with the best – Keppel Corp, Sembcorp Marine, Ezio …
1Q12 fell short of our below-consensus estimates Margin hit by forex and more tooling sales at costs Outlook plagued by forex, macro uncertainty and HDD supply chain disruption; FY12F/13F cut by 20% New TP of S$0.51 represents 13% potential downside, Downgrade to Fully Valued 1Q12 net profit of US$9m (-27.8% y-o-y) fell short of our ...
1Q12 fell short of our below-consensus estimates Margin hit by forex and more tooling sales at costs Outlook plagued by forex, macro uncertainty and HDD supply chain disruption; FY12F/13F cut by 20% New TP of S$0.51 represents 13% potential downside, Downgrade to Fully Valued 1Q12 net profit of US$9m (-27.8% y-o-y) fell short of our ...
…