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Results in line with market but above our expectationsChina, Spore residential near term growth driversRaised earnings forecasts by 32% for FY10Maintain Buy with TP $5.08CMA value unlocking boosts PATMI.Capitaland achieved FY09 PATMI of $1.05b (-16% yoy) on revenue of $2.96b (+8%). The results reflect the impact of revaluation and impairment charges of $762.4m at EBIT ...
Unpriced coal contracts to benefit from higher spot prices in 1Q-FY10We also expect reserve upgrades at Sebuku Northern Leases and JembayanMaintain BUY, TP unchanged at S$3.35Coal prices buoyed by extreme winters worldwide, and especially in Northern Europe and China. Prices are expected to stay firm in 1Q10 and only soften towards 2H10. Other than the ...
Key takeaways: Stepping up new planting in FY10F to 12-15k ha; CPO production to reach 400k MTLong-term planted area: 200k ha; to expand into midstream activities by 1H11FConsensus earnings forecasts may be aggressive. Rating cut to Hold on limited upside.Planted area grew by 12k in FY09.First Resources expanded its planted area by 9,635 ha in ...
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3Q09 results below expectations, mainly due to slower than expected expansion of farming capacity.Earnings estimates cut substantially after factoring in slower growth of farming capacity and more dilution from TDR issuanceDowngrade to FV, Target Price cut to S$0.23, still based on 8x FY10 P/EWill cease coverage due to cessation of the SGX-MAS Research Incentive Scheme.3Q09 ...
We are initiating coverage on Parkway with a Buy recommendation.Our TakeMiles ahead of its competitorsParkway is the “de facto” standard for highly complex medical procedures, and a class above its peers. We are excited about their upcoming Novena hospital as it is setting itself miles ahead of its competitors. We are also looking forward to ...
FY09 core earnings of S$61m above expectationsFY09 net loss of S$70m was after writedowns at Tung Centre and Malaysian landbank and forex lossDongzhimen (DZM) still unresolvedMaintain HOLD, TP S$1.94; RNAV of S$2.77 will increase to S$4.07 if DZM reverts to GuocolandFY09 Net Loss S$70m; Core Earnings S$61m.Guocoland reported a net loss of S$70m on the ... 
2Q09 results were better than expected.Declared 1.5 Scents interim dividend.Maintain BUY; TP unchanged at S$0.65.Margins fared better than expected. Pan-United reported strong net profit of S$11.3m (-15% yoy, +14% qoq) in 2Q09. Topline was stable at S$128m as the higher sales volume for Ready-Mixed Concrete (RMC) was offset by dip in ASP. While we expect ... 
Strong operating profit performance (S$94.5m, +82% yoy) in 2Q on lower operating expensesRevenue dipped -4% yoy to S$758m; flat if excluding negative translation of GBP/AUDExpect strong gr … 
2Q09 net profit +89% yoy to S$29m; 1H09 earnings is c.44% of our FY09F and 39% of consensusNeed to replenish landbank getting more significant; net cash position puts it in good steadRNAV raised to S$2.23 after marking-to-market HPL and SC Global stakes and increasing Scotts Square ASPs to launch level of S$4,000 psf, given strong ...
CSE announced four contract wins worth S$45m from the Middle EastOn track for (i) S$100m order wins and (ii) c.S$12m operating cash flow, every quarter. No change to our forecasts.Maintain BUY with TP of S$0.66. Trading at 5.5x FY09F PER compared to mid-tier O&G peers at 8x multiple.Significant order wins from the Middle East.CSE Global ...
1,761 units sold in March, strongest month since Aug 2009 and a 47% increase m-o-mWe revise our 2010 sales forecast from 8,000-10,000 units up to 10,000-12,000 unitsWith a large and varied landbank, City Dev could be a key beneficiary to the strong sales momentumStrongest Primary Sales YTD.March saw the strongest month of primary sales YTD, ...
YTD loan growth remained positive at 1.2%, led by consumer loans. YTD business loans continued to contract, by 1.7% m-o-m.Deposit growth remained strong despite a dip in fixed deposits. System remains liquid.Loan growth will remain sluggish for the rest of the year, driven mainly by housing loans.Business loans continue to drag.YTD Oct09 loans grew 1.2%, ...
M1’s acquisition of Qala demonstrates a clear strategy of leveraging on corporate broadband opportunities through National Broadband Network (NBN).TP revised to S$2.05, still pegged to 12x …
In line results, helped by strength in Real EstateLook forward to more contributions from Energy and Water but see challenges in Real EstateCut forecast by 20% in view of subdued new order winDowngrade to HOLD with revised TP of S$0.77.1Q09 earnings as expected.Net profit of S$9.5m, was up 68% y-o-y and in line with our ...
Property shares rallied 29% (vs 20% for STI) since we upgraded sector to Overweight back in AprilASPs adjusted up 20% from 1H09 lows, in line with our economist’s view of a V-shaped recove …
High end residential market poised to take off in 2010The launch of integrated resorts a key driver, while the gap between Spore and Hong Kong high-end has widened.Buy stocks with highest exposure to high end segment property developers : SC Global(TP S$1.69),Ho Bee(TP S$1.64), and Wheelock upgraded to BUY(TP$1.98).Value Emerging for selected High-End Players. We ...
Underlying profit of S$952m inline with ours and consensus expectations of S$937-S$970m.Interim dividend of 6.2 cents inline with expectationsRevised guidance for Singapore EBITDA to register low-single digit growth (from stable earlier), inline with our expectations.We would be buyers below S$2.85. Maintain HOLD.Singapore profit inline and market share gains. Singapore net …
Weak 4Q09 to be expected; FY09F cut by 22% due to 20-30 days of downtime for two subsea vesselsReduced FY10/11 earnings estimates by 9% each to factor in more conservative utilization rates for subsea fleet.Distressed assets purchase to occur in 3-6 months.Maintain BUY, with S$1.11 target price.FY09F earnings cut by 22% to Bt0.7b, due to ...
2Q09 earnings of S$9.4m (+10% yoy and +11% qoq) were in line with market and our expectations.Strong performance from core aluminium extrusion segment offsets lower contribution from NPRT.Quarterly DPS of S 0.25cts (-50% yoy, same as 1Q09).Maintain BUY, TP S$1.10, based on 20x FY10 earnings2Q09 revenue of S$38m and net earnings of S$9.4m (+10% yoy ...
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