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1Q10 net profit (S$48.2m,+20% yoy) marginally ahead of expectations, due to other operating income (S$13.1m,+134%)Revenue flat at S$215.8m on fare reduction and smaller taxi fleet, offset by higher rental income and fees from overseas projectsShenzhen Zona acquisition (S$68.4m) expected to be completed over next few months; contribution not materialMaintain Hold, TP unchanged … 
Two key projects – IFC and Daping Project – on track for launch in 2H10 1Q10 results were weak as expectedPositive on Ying Li for its Chongqing and retail/office exposureMaintain BUY, TP S$0.67 (40% discount to RNAV of S$1.12)1Q10 results were weak as expected. Ying Li reported net losses of RMB13.2m compared to a ...
Container shipping’s operating loss of S$107m, sharp improvement from 4Q09 loss, as expectedLogistics and terminals performed above expectations on better marginsExpect slight profitabilit …
FY09 PATMI of S$35m above expectationsDecline in hotel occupancy and room rates reversed in 4Q09To launch high-end Beverly Mai later in yearFY10 forecast revised down 33% due to slower recognition of Interlace and Farrer CourtMaintain HOLD, TP S$2.17 on higher discount to RNAV4Q09 PATMI of S$16m.HPL reported 4Q09 PATMI of S$16.3m, which reversed a net ...
FY09 results below expectations with further writedowns in 2H09Otherwise, net earnings would have been $203.3m profit, in line with estimatesOffice and residential activities showed improvementMaintain Hold, TP $6.94Below street estimates.Singland recorded net loss of S$266m for FY09 vs S$93.9m loss in FY08, impacted by revaluation losses from its office portfolio. Excluding …
2QFY10 results — For 2QFY10, Wing Tai reported net earnings of S$22.3m, down 52% qoq but up 7% yoy. 1HFY10 net profit amounted to S$68.65m, below both our (S$210m) and consensus (S$160m) e …
Ezra Holdings Ltd (Ezra) announced that it has expanded the capacity of its Energy Services unit with various acquisitions of “distressed” priced equipment worth a total of US$17.1m. This …
Dual-listing catalyst in vogue again after Epure ’s announcement yesterdayLow valuation is key catalyst towards dual-listing or privatisationPossible dual-listing candidates are Midas, Ch …
Won US$174.5m new EPC orders in Malaysia.PEC has to-date secured better-than-expected new orders of S$325m in FY10 (FYE Jun).We have raised new order assumptions in FY10 to S$400m vs. S$2 …
Equity Strategy: Clear blue skies?Integrated resorts, job creation, population growth, and budget expectations will sustain the market ’s momentum in 1Q10. Rate hike concerns and peaking …
HSBC Strategist Garry EvansMarkets in 2010 will be less dominated by purely macro factors than over the past two yearsHSBC identify five microthemes that they think will drive stock performance over the next 12 monthsThese include beneficiaries from emerging-market growth, recession winners, growth surprises, operational gearing, and the unlovedOver the past two years, global …
FY09 net profit of S$5.5m slightly above estimatesFinal dividend of 1.0Sct declared, 79% payoutOnline packaged tour module to be launched by 2Q-FY10, enhances growth potentialMaintain BUY with TP S$0.72Room-nights performance up y-o-y.FY09 net profit of S$5.5m (up 1% y-o-y) came in slightly above expectations, as margins in 4Q09 were bolstered byincreasing volumes and room …
3Q09 net profit plunged 80% yoy, below expectations due to higher losses for shipbuilding, decline in shiprepair and shipping sales and profits.No recovery in sight till 2H2010. Uncertainties loom with execution risks and prospects of cuts in contract prices on existing orders.Shipbuilding vulnerable to order deferment, cancellation, discounts on contract prices and shift …
Margin improvement led to more upside surprises in 2Q09, as highlighted in our sector preview reportCorporate outlooks are optimistic although cautious; the resurgence of foundries capex is a good indicator that the pickup in demand is sustainableTop picks are Venture and Chartered2Q09 was indeed full of sweet surprises. Almost all companies in our coverage delivered ...
9M09 advertising revenues fell YoY (-17%) but expect sequential improvementLatest Paragon valuation at $1.98bn, wide margin vs the $1.5bn we imputed in our sum-of-parts TPExpect performanc …
Room for earnings upgrade for industrial reitsHospitality reits to lead earnings growth in 1Q10Prefer industrial, retail and hospitality reitsTop picks – ART, CDL HT, MLT, FCT, AiT1Q earni …
Excluding biological asset gains, FY09 pretax profit of US$7.9m was slightly below expectationsASP was lower than expected, but offset by drop in G&AFY10F, 11F, 12F earnings revised by +12.5%, -0.2% and -2.8%, respectively. No change in Buy rating and TPExcluding biological asset gains of US$10.9m, Kencana Agri (KAGR) booked FY09 pretax profit of US$7.9m (-45.9% ...
3Q10 earnings 20% below market expectationsFY10-11F revised down 5-12% on lower revenue.Maintain FULLY VALUED; TP at S$0.89.3Q10 topline was below expectation. Tat Hong’s operation remaine …
3QFY10 results better-than-expected ; recent correction provides a more attractive buying opportunity.SIA turned around with a net profit of S$404MM in 3QFY10 from a loss of S$159MM in 2Q and 20% higher y/y. This reduced ytd net loss to S$62MM and we expect SIA to maintain its track record of never making a full year loss ...
4Q09 DPU payout of 0.83UScts as per expectations70% DPU payout ratio in line with strategy to conserve cash for acquisitionsKey customer CSAV concludes 2nd round of equity fund raising, credit ratings show improvementRaising FY10 DPU estimates by 15%, upgrade to HOLD; TP raised to US$0.30Operations stable.PST announced a DPU of 0.83UScts for 4Q09, very much ...
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