CIMB Keeps Neptune Orient Lines (N03.SG) at Outperform with $2.25 target price, pegged to 1.5X P/BV; says 2.4% sequential drop in average rates to US$3,104/FEU ($4,061/FEU) in 4 weeks to September 17 “should not prevent NOL from recording strong 3Q earnings” as 3Q average rate of US$3,120/FEU (forty-foot equivalent unit) +12% from 2Q “and is just a whisker away from the peak rate of US$3,127/FEU of 3Q08.”
Posts Tagged ‘cimb’
CIMB raises Genting Singapore target to $2.45
October 11th, 2010 |
No Comments
CIMB raises Genting Singapore (G13.SG) target to $2.45 from $1.88, reiterates Outperform, says Dow Jones.
“Together with a market leadership position, albeit a diminishing one, our estimates imply that Singapore’s overall gaming market could be worth about $6.3 billion-$7.5 billion by 2011-12, which is commendable given the short ramp-up period.”
Yamada Green +68.2%; Ahead of fundamentals: CIMB
October 8th, 2010 |
No Comments
Interest in Yamada Green Resources (MC7.SG) not letting up, +68.2% at $0.37 vs $0.22 IPO price, still most actively-traded stock in market, says Dow Jones.
“While sentiments tend to drive new IPO prices north, we caution investors not to adopt the herd mentality. Instead, traders should re-look fundamentals before committing to long positions,” says CIMB.
Yangzijiang raises target to $2.15 vs $1.64 by CIMB
October 7th, 2010 |
No Comments
CIMB lifts Yangzijiang (BS6.SG) target price to $2.15 from $1.64, based on 12x FY12 P/E, after increasing FY10-12 EPS estimates by 15%-42% to reflect higher order win, margin assumptions, says Dow Jones.
Cosco upgraded to Neutral by CIMB with $2.01 target
October 7th, 2010 |
No Comments
CIMB upgrades Cosco (F83.SG) to Neutral from Underperform, lifts target price to $2.01 from $1.41 after changing valuation basis to 15x FY12 P/E from sum-of-parts methodology, says Dow Jones.
CIMB says execution, default risks for shipbuilding sector have eased with steady vessel deliveries, absence of contract cancellations or deferrals since 1Q10.
Comfortdelgro Corp rated ‘outperform’ by CIMB
October 6th, 2010 |
No Comments
CIMB in an Oct 1 research report says: “Daily ridership for ComfortDelgro’s trains and buses has been rising almost every month since the start of the year. We keep our earnings estimates but raise our DCF-based target price to $1.90 (WACC 8.0%) after rolling forward to CY12 and re-aligning discount rates with house rates.
CIMB starts Treasury China at Buy, $1.83 target
October 5th, 2010 |
No Comments
CIMB starts Treasury China Trust (LG2U.SG) at Buy with $1.83 target price, based on 30% discount to $2.61 RNAV estimate, says Dow jones.
Says business trust is good proxy for China’s recovering commercial property market, especially in Shanghai, which expected to account for almost all of TCT’s rental income for 2013.
STI off 0.4%; Time for caution after run-up: CIMB
October 5th, 2010 |
No Comments
Singapore blue chips succumb to light profit-taking after US stocks’ overnight fall, says Dow Jones. STI off 0.4% at 3,144.31, expected to hold above 3,100.
“On its intra-day charts, the momentum indicators are showing bearish divergences. It is time for buyers to be cautious again,” says CIMB. Stocks in broad market faring tad better, with gainers outnumbering decliners by slight margin.
Yongnam Holdings rated ‘outperform’ by CIMB
October 4th, 2010 |
No Comments
CIMB in an Oct 4 research report says: “Our recent visit suggests that order recognition for YNH would be lower than expected in 2H10. In addition, specialist civil engineering projects (SCE) are likely to form the bulk of order wins in 4Q10, rather than structural steel.
Cosco, Yangzijiang, JES off highs; Valuations steep: CIMB
October 4th, 2010 |
No Comments
Singapore-listed Chinese shipbuilders paring gains after solid intraday run-up prompted by China’s proposed U$5 billion ($6.6 billion) und to help Greek shipping companies buy Chinese vessels, says Dow Jones.
Cosco (F83.SG) +1.7% at $1.84 vs $1.87 earlier, JES International (EG0.SG) +4.3% at $0.365 vs $0.38, Yangzijiang (BS6.SG) +0.6% at $1.79 vs $1.82 at 4:10 p.m.
Rotary Engineering downgraded to Neutral by CIMB
September 30th, 2010 |
No Comments
CIMB downgrades Rotary Engineering (R07.SG) to Neutral from Outperform, cuts target price to $0.95 from $1.17 after lowering FY11-FY12 earnings estimates by 14%-23%, says Dow Jones.
CIMB says plant builder hasn’t secured any major order in FY10.
CDL Hospitality increases target to $2.39 by CIMB
September 27th, 2010 |
No Comments
CIMB lifts CDL Hospitality Trusts (J85.SG) target price to $2.30 from $2.04 to factor in contributions from potential acquisitions in near term, plus lower cost of debt, says Dow Jones.
CIMB says Studio M hotel, owned by sponsor Millennium & Copthorne (MLC.LN), likely to be injected into REIT. Notes 365-room hotel’s occupancy has already outperformed market average despite opening only in April.
Singapore Telecommunications rated ‘underperform’ by CIMB
September 24th, 2010 |
No Comments
CIMB in a Sept 23 research report says: “SingTel showcased its ambitions to become the leader in cloud computing by hosting an i.Luminate Business Innovations Forum.
CIMB starts TEE Int’l at buy, $0.57 target
September 23rd, 2010 |
No Comments
CIMB initiates coverage on TEE International (577.SG) with Buy call, $0.57 sum-of-parts target price, says Dow Jones.
CIMB says mechanical, engineering group, which also has business in property development, trades at cheap valuation of 5x FY10 P/E vs 7x industry average.
Mapletree off 2.8%; Cash call exceeds view: CIMB
September 22nd, 2010 |
No Comments
Mapletree Logistics Trust (M44U.SG) off 2.8% at $0.855 on robust volume as investors offload on DPU dilution stemming from REIT’s $304.9 million equity fund-raising exercise to finance acquisitions, says Dow Jones.
Support expected at current September low of $0.83 set early this month.
"Although we had anticipated some equity injection this year, this fund-raising is thrice as large as our estimate," says CIMB; retains Outperform call but trims target to $0.96 vs $1.01 to reflect dilution.
Midas lowered to Neutral by CIMB; $1.10 target
September 22nd, 2010 |
No Comments
CIMB downgrades Midas Holdings (5EN.SG) to Neutral from Outperform on valuation grounds, says Dow Jones.
“The market is responding well to the group’s impending Hong Kong listing…(but) we believe the recent run in its share price has priced in the positives,” says CIMB.
The research house is trimming its target price to $1.10 from $1.14 to reflect dilution stemming from sale of 220 million new shares in IPO, with over-allotment option for another 33 million shares.
Offer price expected to be finalized by September 28, won’t exceed HK$6.10 or $1.05.
Trading begins October 6. Shares off 0.9% at $1.06.
{jcomments on}
STI off 0.3% at 3,086.36 at 9:31 a.m.; Potential consolidation near-term: CIMB
September 22nd, 2010 |
No Comments
Investors continue to favour lowers liners in Singapore over blue chips, says Dow Jones.
FTSE ST Small Cap Index +0.5%, FTSE ST Mid Cap Index +0.5%. STI off 0.3% at 3,086.36, expected to hold above 3,043 August peak.
“The near-term upside is likely capped” for STI, says CIMB, “momentum is slowing in the last couple of days, as suggested by its indicators. The RSI is now overbought, which warns of a consolidation period in the near future.”
Noble upgraded to Neutral by CIMB, lifts target
September 21st, 2010 |
No Comments
CIMB upgrades Noble Group (N21.SG) to Neutral from Underperform, lifts target price to $1.62 from $1.27 after increasing FY11-12 EPS estimates by 15%-17% to account for earnings contributions from Sempra Energy Solutions, which company is buying for US$582 million ($776 million) (including debt).
CIMB says price tag attractive, Sempra Energy’s net margins of 5.0% higher than Noble’s. Notes, investment also provides 14.5% earnings yield vs Noble’s long-term borrowing cost of 6.625%.
Research house says funding not an issue given Noble’s recent bond sales, cash from sale of its Middlemount coal mine in Australia. Shares +6.1% at $1.90.
{jcomments on}
SMRT Corporation downgraded to ‘underperform’ by CIMB
September 20th, 2010 |
No Comments
CIMB in a Sep 17 research report says: “Losses on the Circle Line were one of the drags on SMRT’s 1QFY11 performance. Operating profit from its MRT operation fell 24% y-o-y despite a 12% increase in revenue, as increased ridership was overwhelmed by higher operating expenses with the opening of more stations along the Circle Line and as average daily ridership of 145k was below expectations of 200k.
SMRT cut to Underperform by CIMB with $1.95 target
September 17th, 2010 |
No Comments
CIMB downgrades SMRT (S53.SG) to Underperform from Neutral, cuts target price to $1.95 from $2.31 after lowering FY12-13 EPS estimates by 3%-4%, factoring in higher capex assumptions, according to Dow Jones.
“We remain wary of losses on the Circle Line with the opening of more stations in 2011, and margin pressure from rising fuel and electricity costs,” says CIMB.
Research house says Circle Line may take four years to break even vs three years for North-East Line, run by rival ComfortDelgro’s (C52.SG) SBS Transit (S61.SG) unit.
Notes North-East Line ridership supported by large population catchment, giving it edge over Circle Line. Shares off 1.0% at $2.07.
{jcomments on}