BNP Paribas starts Mewah International (MV4.SG) at Buy with a $1.33 target price. It says Mewah — Malaysia’s second-largest palm oil refiner and sixth-largest globally — has modern plants with state-of-the-art equipment, uses computerised process control and robotic system-storage facilities:
Posts Tagged ‘bnp paribas’
ComfortDelGro up on BNP Paribas’ upgrade
January 10th, 2011 |
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Shares of Singapore transport operator ComfortDelGro (CMDG.SI) rose as much as 3.1% on Monday after BNP Paribas upgraded its rating to “buy” from “hold” and raised its target price to $1.98 from $1.63.
At 0403 GMT, Comfort DelGro shares were up 2.5% at $1.63 on a volume of 7.2 million shares.
ComfortDelGro upgraded to Buy from Hold by BNP Paribas
January 10th, 2011 |
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BNP Paribas upgrades ComfortDelGro (C52.SG) to Buy from Hold and raises its target price to $1.98 from $1.63; the new target implies a 2011 P/E of 16.5s, a slight premium to its historical average, “which can be justified by the improved medium-term growth prospects.”
BNP Paribas – Corporate moves
December 16th, 2010 |
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Eric Raynaud has been appointed head, Asia-Pacific/CEO, corporate and investment banking APAC wef January 2011
Work experience: Executive board member, BNP Paribas Fortis; regional head, fixed income and treasury, BNP Paribas
SATS target cut to $3.23 by BNP Paribas but keeps at Buy
December 6th, 2010 |
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BNP Paribas says SATS’ (S58.SG) buy of Japan Airlines 50.7% stake in TFK Corp for $122 million “strategically positive overseas endeavour.”
Stake buy is SATS’ first major M&A in recent years in in-flight catering segment, should provide entry into Japanese airline catering market, provide synergies with culinary operations, “which we think is a long-term positive for the group.”
Solid household wealth supports Singapore banks: BNP Paribas
December 6th, 2010 |
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BNP Paribas remains positive on Singapore banks; says MAS’ Financial Stability Review.
Study shows household (HH) wealth +29.1% vs 1Q09 trough to record $1,156 billion 3Q10, driven by rising residential property, equity prices; as HH asset growth has outpaced HH debt growth for past four quarters, HH leverage ratio now 14.6%, below long-term average of 18%.
Singapore’s Mewah prices IPO at $1.10 each
November 15th, 2010 |
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Palm oil refiner Mewah International has priced its initial public offering at S$1.10 a share or below its indicative price range, two sources familiar with the deal said on Monday.
Based on the price of $1.10 a share, Mewah could raise as much as $318.4 million if an overallotment option is exercised. Mewah had originally planned to sell up to 289.4 million shares to investors, including a 37.8 million primary share greenshoe option, at an indicative price range of $1.25-$1.55 each.
Credit Suisse is the sole global coordinator and joint bookrunner with BNP Paribas.
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BNPP cuts SIA Engineering to Hold; target $4.69
November 9th, 2010 |
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BNP Paribas downgrades SIA Engineering (S59.SG) to Hold from Buy, cuts target price to $4.69 from $5.00; says move “a simple valuation call” following “excellent” 1HFY11 results, 50% share price outperformance vs STI over past 12 months.
China Minzhong +3.3%; Chance to buy on dip – BNP Paribas
November 8th, 2010 |
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China Minzhong Food (K2N.SG) +3.3% at $1.27, may end in positive region for first time in 4 sessions, says Dow Jones.
Stock has been on almost sustained pullback in recent weeks, culminating in Thursday’s 5.4% fall to almost 3-month low of $1.23. Weakness blamed on end of 6-month moratorium in October preventing major IPO investors from selling their shares (company listed in April).
"Given the fact that there is no fundamental change to Minzhong’s operations, we see the current technical price weakness as an excellent buying opportunity," says BNP Paribas, which has Buy call with $1.68 target.
Near-term performance may hinge on vegetable processor’s fiscal 1Q11 results, guidance due Nov 12. Immediate resistance at 5-day moving average, last at $1.29.
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BNP Paribas – Corporate moves
September 28th, 2010 |
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Tariq Al-Samahiji has been appointed CEO, BNP Paribas Najmah/global head, BNP Paribas Islamic Finance and Investments wef Sep 1
Work experience: CEO, BNP Paribas Investment Partners, MENA region; coordinator, investment solutions activities, BNP Paribas
Hongkong Land started at Reduce by BNP Paribas with US$5.42 target
September 17th, 2010 |
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BNP Paribas starts Hongkong Land (H78.SG) at Reduce with US$5.42 ($7.24) target price, according to Dow Jones.
BNP Paribas notes current share price has exceeded its 2008 peak by 33%, but rents in Central HK still 20%-25% below their 2008 levels.
Research house says Hongkong Land still faces negative reversionary pressure on rents as existing expensive leases get renewed in 2011; “even if the rise in spot rents were to maintain its momentum, greater benefits would only be seen in 2012, when we expect 10% growth in gross-rental income.”
Shares up 0.2% at US$5.98.
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Starhub target lifted to $2.85 by BNP, keeps Buy
August 27th, 2010 |
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BNP Paribas lifts Starhub (CC3.SG) target price to $2.85 from $2.65, based on discounted cash-flow valuation, after accounting for lower pay-TV churn rate assumption, rolling over valuation base to 2011 vs 2010, says Dow Jones.
BNP says despite losing EPL football broadcast rights to SingTel (Z74.SG), Starhub’s pay-TV churn rate only slightly higher than before EPL loss. “StarHub’s non-sports content remains superior to SingTel’s.” Lowers 2010 pay-TV churn rate estimate to 10% vs 15%. Keeps Buy call.
Notes, “StarHub’s prospective (dividend) yield of 8.5% is attractive, especially in current volatile market environment.”
Shares last +0.4% at $2.36.
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China Minzhong Food target price raised to $1.68 by BNP Paribas
August 26th, 2010 |
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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.
Raffles Education flat; Worst may be over: BNP
August 25th, 2010 |
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Raffles Education Corp. (E6D.SG) stable despite weak fiscal FY10 results, last flat at $0.29 vs $0.285 in early trade, says Dow Jones.
“We believe the worst may be over” with significant write-offs, provisions already reflected in 4Q10 results, says BNP Paribas, which has Buy call. Still, lowers FY11-12 earnings forecasts on slower enrolment growth in China, cuts P/E multiple to 12x from 15x, resulting in reduced target price of $0.34 vs $0.49 previously.
FY10 earnings +2.8% to $52.6 million as $36.7 million Chinese government grant, fair value gain on investment properties offset lower revenue, higher expenses related to roll-out of new colleges.
Support at $0.275 (July 6 low), resistance at $0.30.
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Fraser & Neave’s target raised to $6.25 by BNP Paribas
July 21st, 2010 |
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BNP Paribas has raised Fraser & Neave Holdings (F99.SG) target price to $6.25 from $5.48, reiterates buy recommendation, according to Dow Jones.
Target price raised on back of $380 million acquisition of Starhub Centre.
BNP Paribas notes acquisition adds $0.05/share to FY 2011 RNAV estimate. Also notes $1.9 billion of unbilled sales, expected to “lend support to visible earnings in the next 2-3 years.”
Upgrade to target price also reflects reduced discount to 10% vs 20%, due to sum-of-the-parts estimate of $6.95 on view F&N is “high in the acquisition cycle”.
Share up 0.2% at $5.59.
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Keppel Land +1.5%; Higher Singaoore office take-up
July 8th, 2010 |
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Keppel Land (K17.SG) +1.5% at $3.99, holding near recent 52-week high of $4.09, as property group continues to secure tenants for its office assets in Singapore, according to Dow Jones.
ANZ Bank, BNP Paribas become latest tenants at Keppel’s Ocean Financial Centre, which will be completed in 2Q11, brings project’s pre-commitment rate to 63%.
Malaysia’s Mewah plans US$500m Singapore IPO
July 5th, 2010 |
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Malaysian vegetable oil firms Mewah Group is planning an initial public offering in Singapore to raise around US$500 million (696 million), two sources involved in the deal said on Monday.
The IPO is scheduled for the fourth quarter of this year, and the banks managing the offer are Credit Suisse (CSGN.VX) and BNP Paribas (BNPP.PA), the sources said.
BNP starts Oceanus Group at Hold, 28 cents target
June 2nd, 2010 |
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BNP Paribas has started Oceanus Group (579.SG) at Hold with 28 cents target price, based on 1.5x P/B, according to Dow Jones.
Singapore housing market taking a breather, says BNP
June 2nd, 2010 |
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The Singapore residential market has taken “a mild breather” following government’s announcement last month to sell record number of sites for housing development, says BNP Paribas, according to Dow Jones.