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Summary2Q09 results below estimates due to one off itemsAdjusting our earnings for FY09 down by 30%Raising FY10 earnings on higher ASP and volumesRevised up our target price due to lower WACC2Q09 earnings drop not a worry.The decline in earnings was largely driven by increase in non-operating expense of 468% q-o-q to US$23.7mn. SAR bookeda warrant ... 
The tender for a government land site at Upper Serangoon Road and Pheng Geck Avenue has closed today. The 53516sf site with a potential for 187315sf GFA drew the highest bid of $113.7m or $607psf ppr, put in by Chinese developer Qingdao Construction (Spore) Pte Ltd.The tender was well contested with 15 participants, ranging from ...
1Q10 PATMI of S$5.3m in line – a strong start2Q10 is positive with 34% rise in forward bookings for resorts but cancellations from Bangkok have startedThailand woes could weigh down tourism recovery, downgrade to HOLD, TP adjusted to S$0.96Roaring ahead in 1Q10. 1Q10 PATMI of S$5.3m (+2% yoy, 80% qoq), was mainly boosted by a ...
4Q net profit exceeded our expectation on pick up in patient load and margins expansionPotential special dividends on high net cash level (c.S$90m/17.3Scents) by FYE10FRaise earnings by 17%/24%; CAGR of 21%Upgrade to Buy, TP raised to S$1.75 (33% upside)Strong 4Q, net profits up 25%. 4Q revenue increased 13% yoy to S$58.3m driven by both ...
4Q09 core earnings met only 30% of ours and street estimates on severe margin squeezeSees losses in 1Q10, no growth for full yearCut FY10-11F profit by 33-38% and TP to S$0.5324% downside, downgrade to Fully Valued4Q09 earnings disappoint big time. 4Q09 net profit of S$4.4m (-82% y-o-y, -59% q-o-q) was significantly below our S$14m forecast. ...
FY09 slightly exceeds our expectation but 10% above consensus on strong marginUp FY09 DPS to 3 S cts, expect payout to sustainReiterate Buy with 50% upside to TP S$1.28, pegged to undemand …
3Q10 results below expectations; 9M10 formed 36% of our FY10FRecent sales yet to translate into revenue, FY10F cut 35% on slower recognition scheduleStock remains a strong proxy to landed …
Hopefully you ’ll have seen the RBS Top Themes and Trades and the equivalents for the various asset classes and know the RBS Research and Strategy views of how to trade for 2010. This is …
Ready to capitalize on prospects in the South Pacific with the Lafayette, its new factory vesselNet contribution could potentially be up to c.US$60-70m (vs our estimate of US$14m-US$27m), …
3Q09 PATMI of S$194m shows 28% yoy improvement9M09 earnings tracking ahead at 81% of our FY09F and 87% of consensusSold S$1.7bn of properties in 9M09, with one more project at Balestier Road to be launched in 4Q09Maintain HOLD, TP S$11.08; prefer to buy closer to S$93Q09 Above Expectations. City Dev reported 3Q09 PATMI of S$193.6m ...
StarHub 2Q09 net profit of S$78m (+21% yoy, -6% qoq) is in line with our expectations.We revised our TP to S$2.40 pegged at 13x FY09F PER (12x earlier), at 10% discount to (i) Our SingTel’ … 
SingTel’s 1Q10F earnings are likely to beat consensus due to significant forex gains at Telkomsel, Bharti and other associates.The stock has surged 28% since our upgrade on 14 May 09.Downg … 
Results in lineOffice rents still tracking downwards but at slower paceBuy with TP of $1.182Q09 DPU at 2.98cts.Suntec reported a set of in line results with revenue rising 9% yoy to $64.5m but marginally down qoq. NPI remained relatively flat qoq at $48.8m while distributable income came in 2.8% higher to $47.7m. Annualised ... 
Underlying net profit inline with expectations.While there is some lag between recovery in economy and the core business, higher rental income should continue to support the business.In ou …
Wilmar was mentioned in an internal tax-office investigation by Indonesian Parliament working committee.Investigated amount in question: c.US$395m (i.e. c.20% of FY10F net earnings).Response by Wilmar denied all wrongdoing and has been in full compliance with Indonesian tax laws.Near-term pressure on negative sentiments would provide better entry. No change to our Buy call …
Current capacity running at high utilization of 83-90% in 2009.New plant to drive net profit CAGR of 16% over FY09-11.Added plus from local government’s preferential terms for new plant.Re …
Ex. biological asset gains, 4Q09 pretax profit of US$500.1m was14% above our expectationsVariance due to 94% q-o-q jump in consumer pretax due to 6-17% ASP increase in Dec09TP raised to S$ …
FY09 results in line with expectation with PAT up 15% yoy to S$37.5mGrowth driven by higher sales volume of aluminium extrusion products to railway industry and higher contribution from as …
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