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Bharti’s investors shrugged-off poor 2Q12 earnings as EBITDA is the key focus for Bharti which was marginally below street estimates. However, lower Bharti’s earnings are likely to affect …
1Q12 below on lower revenue, weaker margins and higher admin expenses Cut FY12/13 by 11%/4%; spot charters present earnings risk while higher admin costs erode profitability Downgrade to HOLD, TP cut to S$0.43 1Q12 below. CH Offshore 1Q12 PATMI of US$6.4m (-11% y-o-y, -24% q-o-q) was below expectations. Revenue fell 14% y-o-y /7% q-o-q to ...
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3Q11 core PATMI down 9% y-o-y; 9M11 forms 71% of our FY11F Slow order wins in 3Q led to reduced orderbook of S$5.2bn, book-to-bill of 1.3x Demand for offshore projects remains strong; Petr …
3Q11 net profit below expectations, dragged by cost overrun in offshore projects; 9M11 account for only 60% of our /street estimates Cut FY11-12 EPS by 15-16% on lower offshore margins and order win assumptions Challenging operating environment ahead Maintain Fully Valued, TP reduced to S$0.88. Hit by provision for losses in offshore projects. 3Q11 results ...
3Q below forecast; FY11/12F cut by 85%/11% on higher non-HDD losses, higher labour costs & start up expenses Thailand situation, while volatile, will allow BWAY to gain market share Maintain Hold, TP lowered to S$0.32 based on 0.6x P/B Net loss of S$9.9m due to forex losses. As previously guided, BWAY recorded 3Q11 net loss ...
Eksportfinans loan exposure to a single customer to be cut by 80%, limited impact to STX’s existing order book But potentially negative for new order intake, as the move comes into effect …
HI-P (57 cents, down 1/2 cent) As warned by management on 21 Oct’11, 3Q’11 profit crashed 81% yoy to S$6.47mln, hit by delays in ramping of certain programs by customers, pricing pressure, higher material costs due to change in product mix, increased labor costs, additional costs due to activities arising from production site consolidation and ...
3Q11 net profit in line; though cash costs remain high amid slower volume ramp up at Jembayan Raised coal reserves at Jembayan by 23% Maintain HOLD and raised TP to S$2.30 accounting for current lower risk for coal prices and earnings High costs dampen results. 3Q11 net profit of US$37m came in largely in line ...
Net loss of US$91m largely in line with estimates Low freight rates compounded by high fuel costs Balance sheet could come under increased stress Maintain FULLY VALUED with S$1.05 TP Losse …
2Q12 earnings in line; associate/JV contributions up 6Scts interim dividend declared; at par y-o-y Resilient business model and strong balance sheet Maintain BUY with lowered TP of S$4.30 Earnings in line, associate/JV contributions up. SIE reported S$71.2m net profit in 2QFY12, up 7% y-o-y and 5% q-o-q, but excluding one-off tax write-back of S$3.1m, earnings ...
SUNTEC REIT ($1.24, down 3.5) Investors are expected to welcome Suntec’s $410 mln asset-enhancement initiative (AEI), largely because it has no plans to tap existing unit-holders for fresh funds. The 4-phase AEI, starting in 2012 through 2015, is to be largely funded by the $177 mln proceeds from the sale of Chjmes and bank borrowings. ...
CHT (9 cents, trading halt) Hong Kong based private equity group Shaw Kwei & Partners (SKP) who owns 2.63% of CHT (an S-Chip dealing in adhesive products) is seeking to privatize it via a voluntary de-listing and is offering 18 cents a share in cash, representing 100% premium to its last traded price of 9 ...
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CHINA DAIRY (13 cents, before Halt) The company said F&N, which is its second largest shareholder, has “entered into discussions with potential buyers” to sell its 29.5% stake. F&N’s intention to sell would hardly come as a surprise, given the absence of any initiatives between the 2 companies all these years. Neither has F&N’s stake ...
Look out for asset quality indicators, book value and AFS reserves, including UOB’s debt securities holdings, and US$ loan and funding base. Expect NIM slippage, moderated loan growth, sof …
Peak season started late, ends early this year; freight rates disappoint in 3Q11 We widen our net loss estimates to US$75m for 3Q11 and US$242m for FY11 No turnaround in sight; downgrade to FULLY VALUED with lower TP of S$1.05 Neptune Orient Lines Disappointing peak season numbers. Contrary to our expectations of a delayed peak ...
CHINA DAIRY (13 cents, up 1.8) Trading has been halted pending release of the company’s reply to SGX query yesterday relating to the 16% rise in share price. Coincidentally, Mengniu Dairy was reported to be keen to buy over Pfizer’s infant nutrition business. Recall Mengniu, the giant producer of milk products in China, was tainted ...
Within estimates, 9M profit forms 85% of FY11F earnings Spore and China residential activities to drive earnings Maintain Buy, TP lowered to S$3.28 Capitaland reported a 58% decline in revenue over its restated 3Q10 to S$606.6m while PATMI posted an 83% decline y-o-y to S$80.2m. The drag came mainly from Singapore and China residential where ...
3Q11 profit to decline q-o-q against previous guidance of sequential growth 4Q may rebound but insufficient to support FY11 growth; FY11/12F cut by 12%/3% Share price has fallen >50% but valuations are not particularly compelling; Maintain Fully Valued Weaker than expected 3Q11. Hi-P warns that net profit in 3Q11 would be lower than 2Q11, compared ...
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