BNP Paribas has raised Fraser & Neave (F99.SG) target price to $5.48 from $4.52, pegged at 20% discount to higher sum-of-parts valuation of $6.85, to reflect higher selling prices achieved by group’s residential properties, increased earnings assumptions for F&B operations, according to Dow Jones. Keeps Buy call.
Posts Tagged ‘bnp paribas’
CapitaCommercial Trust upgraded to ‘hold’ by BNP
April 22nd, 2010 |
No Comments
BNP Paribas has upgraded CapitaCommercial Trust (C61U.SG) to “hold” from “reduce” on optimism over office landlord’s ability to boost occupancy in 1Q10 despite upcoming strong supply of new grade-A office space in Singapore, according to Dow Jones.
The brighter side
February 17th, 2010 |
No Comments
Bad debts are peaking and pay falling at Europe’s banks
TWO YEARS ago banks began to include in their results announcements tables meant to show that their exposure to toxic securities was under control. The crisis has moved on: now one European financial firm’s presentation includes a slide that pleads, “limited exposure to sovereign debt [of] Portugal, Ireland, Greece and Spain”. Yet whatever Europe’s macroeconomic woes, there is actually a more optimistic picture emerging from its lenders. While the view of some forecasters, including the IMF, has been that European banks were sitting on a bad debt time-bomb, the evidence from fourth-quarter results is that the pace at which loans are souring has peaked.
Many of the big firms that had reported full year results by Wednesday February 17th, including BNP Paribas, showed a sequential quarterly decline in bad-debt provisions. Even for those that did not, for example Britain’s Barclays, bad-debt charges came in lower than expected. In almost all cases banks’ bosses made soothing sounds about bad debts reaching a peak in 2009. This picture even appears to extend to the dodgiest corner of banks’ loan books: eastern Europe. Bad-debt charges there remain high. But from Belgium’s KBC to the banks of Sweden and Norway, most firms active in the region hinted that the pace at which loans are turning sour is slowing, even if there is still a big stock of rubbish to clean up. If these suggestions are correct, then overall loss rates on eastern European loans will be far below the 10% or so the IMF projected during the depths of the crisis last year. …
CSE Global Share forecast raised to $1.25 from 98 cents at BNP
January 7th, 2010 |
No Comments
CSE Global had its share-price forecast raised to $1.25 from 98 cents at BNP Paribas as it expects the company to win more orders this year. BNP maintained its “buy” rating.
SIA Engineering rated buy at BNP Paribas
January 5th, 2010 |
No Comments
BNP Paribas has initiated coverage of SIA Engineering (S59.SG) with a “buy”, setting a $4.15 target price with the stock being a prime play on recovery in air travel.
“Maintenance, repair and overhaul (MRO) industry and aviation service providers offer investors the best avenue to play the global air traffic recovery story without fuel risks or yield concerns,” says BNP Paribas.
The investment bank says the company’s revenue base remains solid as it holds over 85% share of the line maintenance market at Changi Airport and has a steady work flow from Singapore Airlines (C6L.SG).
The bank has also tipped the opening of Singapore’s integrated resorts and tourism collaborations between the Singapore government and Changi Airport to drive further earnings upside and expects sharp earnings turnaround to begin this year with rise an 18.7% rise in y-o-y net profit for 2011.
Trading at $3.48 now or about 14.7x FY11 earnings, BNP Paribas believes SIA Engineering could test the lower end of their peak PE valuation range of 18–21x in the next 12 months.
{jcomments on}
STI adds 0.2% to 2,796.98 at closing
December 7th, 2009 |
No Comments
Singapore’s Straits Times Index added 0.2% to 2,796.98 at the close. Twelve stocks rose, and thirteen fell on the 30-member gauge.
Shares on the measure trade at 17 times estimated earnings, compared with about 10 times at the start of the year, according to data compiled by Bloomberg. The following shares were among the most active in the market.
Developers: Shares of Singapore’s biggest property developers gained following ratings and share-price forecast upgrades from BNP Paribas.
City Developments is top property pick for BNP Paribas
December 7th, 2009 |
No Comments
BNP Paribas says slowdown for Singapore property sector looks unavoidable as land bank and pent-up demand dry up but says City Developments (C09.SG) is its top sector pick due to its large land bank.
“We believe developers with sizable land bank will benefit in 2010, due to the difficulty in acquiring sites, as bidding exercise is too competitive,” says the broker.
BNP Paribas hires Fortis banker for Asia wealth funds
October 21st, 2009 |
No Comments
BNP Paribas (BNPP.PA) has named Peter Foo, currently chief executive for Fortis Bank in Singapore, as a senior banker to oversee sovereign wealth funds, supranationals and central banks in Asia.
Foo will be responsible for business development with this client segment across fixed income, equities, alternative investments and strategic investments, as well as asset management and custody services.
BNP Paribas said the Asia-Pacific region represents half of the estimated US$10 trillion ($14 trillion) worldwide held by sovereign wealth funds.
{jcomments on}
Singapore Post rated ‘Buy’ in new coverage at BNP Paribas
September 10th, 2009 |
No Comments
Singapore Post was rated “buy” in new coverage at BNP Paribas, which said the company remains the “dominant” provider of mail services and that mail volumes are set to rebound next year.
{jcomments on}
ComfortDelGro rated ‘buy’ in new coverage at BNP Paribas
September 2nd, 2009 |
No Comments
ComfortDelGro Corp. was rated “buy” in new coverage at BNP Paribas, which cited the outlook for earnings and said the company stands a “good chance” of winning the tender for a new subway line in Singapore.
{jcomments on}
Japan jobless at six-year record
July 31st, 2009 |
No Comments
Japan saw unemployment levels reach a six-year high last month, with job availability at a new low, official figures have shown.
The jobless number increased by 830,000 in June, or 31.3% from a year before, to 3.48 million. The unemployment rate was 5.5% up from May’s figure of 5.2%.
For every 100 people seeking work, there were 43 jobs.
Separate data showed core consumer prices, excluding food costs, fell 1.7% in July year-on-year, a new record.
"The core Consumer Prices Index data was largely within expectation and is expected to stay [negative] until mid 2011 as domestic demand is weak with this severe jobs market and income situation," said Kyohei Morita, chief economist at Barclays Capital.
A fall in household demand, as consumers seek to tighten their belts, has compounded the problem of falling prices.
Azusa Kato, and economist at BNP Paribas, said: "The problem is that price falls are spreading to various categories such as food and household items. "
"Consumers increasingly are leaning towards low prices. In other words, deflationary expectations are taking hold in both businesses and households."
On the upside, separate data on Friday showed Japanese factory output added 8.3% in the three months to June from the quarter before – the biggest rise since 1953.
This came after a fall of 22.1% in the quarter to March – a record decline.
This article is from the BBC News website. © British Broadcasting Corporation, The BBC is not responsible for the content of external internet sites.
Singtel drops 2% as BNP cuts ‘buy’ to ‘hold’
July 30th, 2009 |
No Comments
Singapore Telecommunications (ST SP), Southeast Asia’s biggest telephone operator, dropped 2% to $3.39. The company was cut to “hold” from “buy” at BNP Paribas, which said valuations are now “fair” following the stock’s gain this year.
{jcomments on}
SingTel cut to ‘hold’ from ‘buy’ at BNP Paribas on valuations
July 30th, 2009 |
No Comments
Singapore Telecommunications was cut to “hold” from “buy” at BNP Paribas, which said valuations are now “fair” following the stock’s gain this year.
{jcomments on}