DBS Vickers Securities in a Dec 28 research report says: “CSE has agreed to acquire Australian based ASTIB Group Pty Ltd (‘ASTIB’) for an initial consideration of $46.7 million (comprising cash of A$30 million and 5 million ordinary shares of CSE), valued at 7.35x FY10 June PE and 3.81x P/B.
Posts Tagged ‘DBS’
Dec 27: CapitaLand, DBS Group, Mapletree, Olam
December 27th, 2010 |
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Singapore shares may trade range-bound in holiday-thinned trade on Monday, little swayed by Chinese central bank’s second interest rate hike in just over two months in an effort to rein in stubbornly high inflation.
The following companies may have unusual price changes in Singapore trading today, say Bloomberg and Thomson Reuters. Stock symbols are in parentheses, and share prices are from the previous close. Singapore’s Straits Times Index climbed 0.2% to 3,143.80 in holiday shortened trade on Dec 24.
SembMarine target lifted to $6.08 by DBS Vickers
December 22nd, 2010 |
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DBS Vickers keeps Sembcorp Marine (S51.SG) at Buy and raises the target price to $6.08 from $5.48 to factor in the rig-builder’s latest US$400 million ($525 million) contract win in its valuations.
SembMarine target raised to $6.08 by DBS Vickers
December 21st, 2010 |
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DBS Vickers raises SembCorp Marine (S51.SG) target price to $6.08 from $5.48 and keeps Buy rating.
The house says since October, SembMarine has secured US$1.6 billion ($2.1 billion) in orders, reversing its orderbook decline, with orders at about US$5 billion currently from US$4.3 billion a quarter ago.
“Order momentum is gaining traction with SMM seeing a high level of enquiries for newbuild jackups and floaters, as well as production units, and not forgetting its outstanding options for seven newbuild jackups worth about US$1.4 billion.”
SembCorp target raised to $5.70 from $5.20 by DBS Vickers
December 21st, 2010 |
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DBS Vickers raises SembCorp Industries (U96.SG) target price to $5.70 from $5.20 as the “core utilities and marine divisions are both revving up.”
The house says utilities are poised for more growth next year and beyond: “Apart from the first full year contribution from Cascal, which adds some 6% to utilities earnings, other new drivers include SembGas expansion by 26% (2011-12), and Salalah (Phase one in 3Q11; full completion in 2H12).”
Be selective in Singapore property for 2011: DBS Vickers
December 20th, 2010 |
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DBS Vickers advocates a “selective stockpicking stance” in Singapore’s property sector in 2011; it says the sector is trading at mid-cycle valuations and stock performances “will continue to be led by volatile macroeconomic news flow.”
It adds, the office sector has ongoing re-rating catalysts, supported by the office upcycle and further details on the M+S JV (60% owned by Malaysia, 40% held by Temasek).
DBSV upgrades Pacific Andes to Buy from Hold
December 20th, 2010 |
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DBS Vickers upgrades Pacific Andes Resources (P11.SG) to Buy from Hold and raises its target price to $0.48 from $0.37 on news its subsidiary China Fishery (B0Z.SG) is seeking a dual-listing in Hong Kong by offering up to 200 million new shares.
“With the potential funds raised of (about) U$350 million, we believe CFG could be aggressively looking for acquisition of more quotas/fishing companies.”
DBS Vickers ups Yangzijiang target 9.2% to $2.60
December 16th, 2010 |
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DBS Vickers raises Yangzijiang’s (BS6.SG) target price to $2.60 from $2.38 after rolling over its valuation to blended 2011-2012 earnings and increasing 2011-12 earnings forecasts by 4% and 14% respectively in anticipation of increased orders.
Cosco target raised by DBS Vickers to $2.76 vs $2.35
December 16th, 2010 |
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DBS Vickers lifts its target price for Cosco (F83.SG) to $2.76 from $2.35 after rolling forward its valuation to blended 2011-2012 earnings to align with its Singapore peers.
Keeps its Buy call and upgrades 2011 and 2012 earnings forecasts by 2% and 17% respectively to assume increased orders.
Xinren started at Buy by DBS Vickers; Well positioned in China
December 16th, 2010 |
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DBS Vickers initiates Xinren Aluminium (MN5.SG) at Buy with a $0.70 target.
Says the company is well positioned in the Chinese aluminum industry as an integrated manufacturer with 275,000 tons smelting capacity and 50,000 tons fabrication capacity.
DBS to take over some RBS banking businesses in China: Update
December 15th, 2010 |
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DBS Group Holdings, Southeast Asia’s biggest bank, said it will take over Royal Bank of Scotland Group Plc’s retail and commercial banking businesses in China.
RBS will transfer close to 25,000 clients in Shanghai, Beijing and Shenzhen to DBS China, Singapore-based DBS said in a statement today. DBS didn’t spend any money on the deal, Melvin Teo, chief executive officer of DBS China, said at a news conference in Shanghai.
DBS Group looks for partner for securities broker in China
December 15th, 2010 |
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DBS Group Holdings, Southeast Asia’s biggest bank, is looking for a joint venture partner for a securities broker in China with a nation-wide distribution license, Melvin Teo, the head of the Singapore bank’s China business, told reporters today. DBS Chief Financial Officer Chng Sok Hui said the bank aims to increase revenue contributions from China to 10% from 4% of group sales within five years.
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DBS Group expects to keep up to 80% of RBS China clients
December 15th, 2010 |
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DBS Group Holdings, Southeast Asia’s biggest bank, expects to keep up to 80% of the clients it won as part of its acquisition of Royal Bank of Scotland Group Plc.’s retail and commercial banking businesses in China, the Singapore bank’s Chief Financial Officer Chng Sok Hui told reporters today.
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DBS says RBS takeover may add $1.2b in deposits, Teo says
December 15th, 2010 |
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DBS Group Holdings’s takeover of Royal Bank of Scotland Group Plc.’s retail and commercial banking businesses in China may add US$900 million ($1.2 billion) in deposits, lowering DBS China’s loan-to-deposit ratio to about 70%. The ratio is currently 79%, falling from 140% at the beginning of the year, Melvin Teo, chief executive officer of DBS China, said at a press briefing in Shanghai today.
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DBS to take over some RBS banking businesses in China
December 15th, 2010 |
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DBS Group Holdings, Southeast Asia’s biggest bank, said it will take over Royal Bank of Scotland Group Plc.’s retail and commercial banking businesses in China.
RBS will transfer close to 25,000 clients in Shanghai, Beijing and Shenzhen to DBS China, Singapore-based DBS said in a statement today. DBS didn’t spend any money on the deal, Melvin Teo, chief executive officer of DBS China, said at a news conference in Shanghai.
DBS paid no money compensation for RBS China business, Teo says
December 15th, 2010 |
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DBS Group Holdings said it paid no monetary compensation for Royal Bank of Scotland Group plc’s retail and commercial banking businesses in China, Melvin Teo, chief executive officer of DBS China, said at a press briefing in Shanghai today. DBS took over the business because RBS wanted to exit, Teo said.
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DBS off 0.1%; RBS China buy deemed modest
December 15th, 2010 |
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DBS’ (D05.SG) acquisition of RBS’ China retail and commercial banking business is unlikely to have a material impact on its shares in the near-term.
The operations won’t be contributing to DBS soon with the deal expected to be completed within 6 months.
The impact upon completion may also be modest as DBS will get only about 25,000 customers from RBS, which is selling its operations in Shanghai, Beijing and Shenzhen.
DBS to take over RBS’ businesses in 3 China cities
December 15th, 2010 |
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DBS Group (DBSM.SI), Southeast Asia’s biggest lender, is taking over Royal Bank of Scotland’s (RBS.L) retail and commercial businesses in three Chinese cities, expanding its client-base in the world’s second-biggest economy.
The agreement will give 25,000 customers of the British bank in Shanghai, Beijing and Shenzhen the option to transfer their existing accounts and deposits to DBS China, the Singapore bank said in a statement.