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Kim Eng ups Parkway Life REIT target to $1.94

October 5th, 2010 | No Comments

Kim Eng Securities lifts Parkway Life REIT (C2PU.SG) target price to $1.94 from $1.64 after rolling over estimates to FY11 valuations, says Dow Jones.

Keeps Buy call. Notes healthcare REIT stepping up efforts on its asset enhancement initiatives, eyeing acquisitions in Australia, Malaysia. Says long waiting list for PLife’s nursing homes in Japan is clear evidence of robust underlying demand; “this renders PLife the benefit of a stable rental income.”

Expects PLife to pursue another $200 million worth of acquisitions over next 2 years. REIT flat at $1.64.

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Olam International rated ‘hpld’ by Kim Eng

October 4th, 2010 | No Comments

Kim Eng Research in an Oct 4 research report says: “Olamâ€™s share price has surged by 12% in the past week following press reports of a possible merger with Louis Dreyfus Commodities (LDC), one of the largest agricultural commodity houses in the world.

Olam cut to Hold by Kim Eng on valuation grounds

October 4th, 2010 | No Comments

Kim Eng Securities downgrades Olam (O32.SG) to Hold from Buy on valuation grounds. Says recent run-up triggered by news of commodity supplier’s merger talks with Louis Dreyfus Commodities may have been overdone, says Dow Jones.

“Such an agreement between the major shareholders and managements is likely to take some time to materialise. With their brilliant track record of delivering growth, Olam CEO Sunny Verghese and his team may understandably not be keen to come under the larger LDC,” says Kim Eng.

SMRT off 0.5%; Cost to outstrip revenue growth: Kim Eng

September 28th, 2010 | No Comments

SMRT (S53.SG) off 0.5% at $2.06 in thin trade, extending recent underperformance vs other STI components, as concerns over continued cost pressure on bottomline not fully discounted, says Dow Jones.

Shares +0.5% since start of September vs STI +5.5%, ComfortDelgro (C52.SG) +4.0% over same period. Despite falling 6.8% since July 30, when rail operator warned of lower profit for current year due to higher operating costs and continuing losses from new Circle Line network, shares still generally shunned by investors.

ECS appoints former CEO Tay Eng Hoe as Non-Executive Chairman

September 27th, 2010 | No Comments

Mainboard-listed ECS Holdings that Tay Eng Hoe, a founding director, has been appointed Non-Executive Chairman effective today, replacing David Li Jia Lin, who is stepping down for personal reasons.

Tay, a former CEO of the Singapore-based regional Info-Comm Technology (ICT) solutions provider representing global brand names, will relinquish his current position as Executive Director and Vice-Chairman of the ECS Board to assume the new role.

Marco Polo Marine rated ‘buy’ by Kim Eng

September 27th, 2010 | No Comments

Kim Eng Research in a Sep 24 research report says: “Marco Polo Marine (MPM) is an integrated marine logistics group, primarily engaged in the ship chartering and shipyard businesses.

Cosco +1.6%, But still under-rated: Kim Eng

September 27th, 2010 | No Comments

Cosco (F83.SG) +1.6% at $1.89, extending last week’s 8.1% gain, 17.7% rally since beginning September, says Dow Jones.

Increasing order flows, improved outlook for overall shipbuilding sector largely behind run-up, which some analysts say could continue.

“We believe that the market continues to under-rate Cosco’s recovery, as well as its prospects in the offshore sector,” says Kim Eng Securities analyst Rohan Suppiah.

Keppel Corporation rated ‘buy’ by Kim Eng

September 24th, 2010 | No Comments

Kim Eng Research in a Sept 23 research report says: “We expect Keppel Corp to start to see a decline in revenue for its offshore & marine (O&M) division from 4Q10 onwards, as the company runs through its high-value orderbook that was secured at the peak of the cycle two to three years ago.

Keppelâ€™s Offshore & Marine revenue at risk: Kim Eng

September 23rd, 2010 | No Comments

Keppel Corp’s (BN4.SG) offshore & marine revenue could decline from 4Q10 as its high-value orderbook, says Kim Eng Securities according to Dow Jones.

Built-up during peak of industry cycle over last 2-3 years, depletes, with few new orders in past months, says Kim Eng, which has Buy call with $11.07 target.

“While the market has been optimistic about Keppel’s chances to secure some contracts from the Brazilian oil giant Petrobras’ 28-rig tender, the results of the tender are already long overdue,” says broker.

STI flat at 9:20 a.m., Lacks conviction: Kim Eng; Small caps up

September 23rd, 2010 | No Comments

Singapore shares flat despite Wall Street’s pullback; market lacks leads from regional markets with Japan, Korea, China, Hong Kong shut for public holidays, says Dow Jones.

Gainers outnumbering decliners by 2 to 1, with lower liners again outperforming blue chips. STI flat at 3,097.06 vs +0.2% at 3,102.76 earlier, with support at August 3,043 high, resistance at year-to-date 3,116 peak.

“The STI has been slow in pushing to the upside and failed to close above the 3,100 level, indicating a lack of conviction,” says Kim Eng Securities; “expect range-bound trading today.”

FTSE ST Small Cap Index +0.5%, FTSE ST Mid Cap Index +0.4%. Among lower liners, most sought-after plays include VDH Energy (595.SG), +6.3% at $0.17, GMG Global (5IM.SG), +3.7% at $0.28, UMS Holdings (558.SG), +5.4% at $0.49.

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DMX Tech off 2.8%; Liquidity risk for ADRs: Kim Eng

September 21st, 2010 | No Comments

DMX Technologies (5CH.SG) off 2.8% at $0.52, pausing for breather after 52.8% surge over last two sessions fuelled by expectations of increased investor interest as digital media company’s ADRs start trading on OTCQX International from Sept 23, according to Dow Jones.

Stock still trading at hefty 1.38x P/B based on yesterday’s close vs 0.90x P/B before rally started. Despite robust volume in past two sessions, Kim Eng Securities, which has no rating, says DMX still faces risk of low trading liquidity in US: “ADRs have traditionally been thinly traded.”

Midas Holdings rated ‘buy’ by Kim Eng

September 20th, 2010 | No Comments

Kim Eng Research in a Sep 20 research report says: “Midas has commenced the marketing of its proposed new share offering on the Hong Kong Stock Exchange. Barring unforeseen circumstances, we would expect these shares to start trading on Oct 6.

Venture Corporation rated ‘buy’ by Kim Eng

September 20th, 2010 | No Comments

Kim Eng Research in a Sep 17 research report says: “Now that downward adjustments in its Printing & Imaging (P&I) business are completed, we expect the superior margins of its ODM model to become more evident in 2H10. The strong momentum of the other segments in 1H10 is also likely to last into the second half of the year.

Midas +1%; HK listing helps market share: Kim Eng

September 20th, 2010 | No Comments

Midas Holdings (5EN.SG) +1.0% at $1.03, closing in on maximum offer price of HK$6.10, or $1.05, set by company for its proposed dual listing in Hong Kong, according to Dow Jones.

Given limited upside from current levels, mother shares not expected to head much higher. Final HK listing price expected to be determined by Sept 28.

Tiong Seng +3.8%; Orderbook supportive: Kim Eng

September 20th, 2010 | No Comments

Tiong Seng (K2P.SG) +3.8% at $0.275, highest level since April listing, with construction and property development group latest to join recent rally among Singapore small caps. Volume also highest in 5 months, according to Dow Jones.

“Backed by an outstanding orderbook of US$1.1 billion ($1.5 billion), Tiong Seng’s construction business looks set to pick up momentum,” says Kim Eng Securities, which has no rating.

Chip Eng Seng sells Australian 33M property unit to interested party

September 17th, 2010 | No Comments

Chip Eng Seng Corporation says CES-Mckenzie (Vic) Pty Ltd, a wholly-owned subsidiary of the company, has agreed to sell one unit and one car park lot in the property project known as 33M in Melbourne, Australia, to one interested person Dawn Lim Sock Kiang for A$567,000 ($756,321).

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ADR trading in Singapore may boost S-chips: Kim Eng

September 16th, 2010 | No Comments

ADR trading in Singapore of 19 major Chinese companies from next month may further boost interest in S-chips, says Kim Eng Securities, according to Dow Jones.

“We think this will draw more attention to the Chinese companies already listed in Singapore, much like how Super Group, Oceanus and Yangzijiang have been in the spotlight in recent months following their successful TDR listings,” says Kim Eng, adding while there are no clear comparables between these ADRs and S-chips, “what’s clear is that Chinese companies are making waves internationally and investors are showing strong demand for their equity.”

Chip Eng Seng awarded $90m HDB contract for building works at Hougang

September 16th, 2010 | No Comments

Chip Eng Seng Corporation says wholly-owned subsidiary, Chip Eng Seng Contractors (1988) Pte Ltd, has been awarded a $90 million by the Housing & Development Board for building works at Hougang Neighbourhood 9 Contract 12.

The contract comprises of the construction of six blocks of residential buildings with 699 dwelling units, a multi-storey carpark and community facilities. The construction period is approximately 31 months.

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Kreuz Holdings off 2.2%; Valuation pricey: Kim Eng

September 16th, 2010 | No Comments

Kreuz Holdings (5RK.SG) off 2.2% at $0.445 on mild profit-taking after yesterday’s run-up to almost 5-week high, according to Dow Jones.

Recent strength driven partly by keen interest in parent Swiber Holdings (AK3.SG), which gained 5.0% this week and +10.4% this month, as investors hopeful company will shortly announce new contracts.

Kreuz, which provides sub-sea services to oil & gas sector, still +12.3% this week, remains well above $0.27 IPO price after July listing.

Ho Bee Investment rated ‘buy’ by Kim Eng

September 14th, 2010 | No Comments

Kim Eng Research in a Sep 8 research report says: “Ho Bee Investment Ltd is a property developer based in Singapore. The stock currently trades at a deep discount of 45% to its RNAV of $2.73 per share.