Says asset swap with parent Keppel Land (K17.SG) increases K-REIT’s exposure to prime-grade Singapore office sector, “which we believe will outperform the other property sectors over the next 2-3 years.”
BNP Paribas lifts China Minzhong Food (K2N.SG) target price to $1.68 from $1.50 after increasing valuation multiple to 9.2x FY11 P/E from 8.0x; keeps Buy call, according to Dow Jones.
BNP Paribas says vegetables processor in league of its own, backed by strong fiscal FY10 results, with earnings +27.6% at RMB367.5 million ($73.4 million) as revenue +34.5% at RMB1.42 billion.
Genting Singapore (G13.SG) most active stock in Singapore, +1.3% at $1.60, as players remain fascinated with growth prospects following return to profitability in 2Q10, especially with gaming group one step closer to disposing its money-losing UK operations for $688.8 million, says Dow Jones.
Having already secured approval from shareholders, company now needs greenlight from British Gaming Commission. “The financial resources arising from the proposed divestment will provide it with the financial flexibility to maintain its strength and strategically engage in new opportunities or enter new markets where appropriate,” says OCBC Investment Research; has Buy call, ups target to $1.85 from $1.66 to factor in lower capex post-UK sale.
Resistance at 52-week high $1.68.
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DMG has started China Minzhong Food (K2N.SG) at Buy with $1.68 target price, pegged at 9x forward P/E, according to Dow Jones.
DMG says vegetable processor has benefited from strong overseas demand with earnings up by average of 80% in last two years. Forecasts 38% net profit CAGR over 2009-2012, driven by increased cultivation area, higher-value product mix, general food inflation.
Stamford Land Corporation, the owner and operator of luxury hotels and developer of top-tier residential and commercial properties, says profit after tax increased by 113% to $16.8 million for the third quarter 2009/10 due from $7.9 million a year ago due to the absence of unrealised losses in current investments and lower finance costs.
Revenue edged up 1.3% to $182.4 million from $180.2 million as its hotels in Auckland and Adelaide continued to perform strongly.
