OCBC keeps Yangzijiang Shipbuilding (BS6.SG) at Hold with $2.04 fair value; says technical cooperation MOU with CSBC—Taiwan’s leading shipbuilder—over joint cargo ship production “is evidence of YZJ starting to reap benefits from its (TDR) listing”; with increased publicity, credibility for group in Taiwan.
Posts Tagged ‘hold’
Frasers Commercial Trust rated ‘hold’ by DBS
October 27th, 2010 |
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DBS Vickers Securities in an Oct 25 research report says: “Gross revenue and net property income was 14% and 16% higher y-o-y at $29.3 million and $23.2 million respectively due a full quarter’s contribution from Alexandra Technopark and improved performance at Keypoint with higher occupancy of c81%.
Singapore Exchange upgraded to ‘hold’ by OCBC
October 26th, 2010 |
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OCBC Investment Research in an Oct 26 research report says: “Singapore Exchange (SGX) is making a $10.7 billion offer for ASX Ltd (ASX). Cost synergy is estimated at US$30 million. The merger is subject to shareholders’ approvals from both exchanges as well as regulatory approvals from both countries.
Deutsche Bank cuts SGX to Hold; deal rationale not apparent
October 26th, 2010 |
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Deutsche Bank downgrades Singapore Exchange (S68.SG) to Hold vs Buy, cuts target to $8.55 vs $10.50; says uncertainties over ASX deal suggest stock may de-rate further.
“The rational for the proposed ASX merger is not compelling given integration risks, financial leverage and the absence of clear revenue upside potential.” House wary over potential changes to Australian competitive framework, with only $39 million target cost synergies, no obvious revenue synergies “the rationale for putting these two businesses together is not immediately apparent.”
DBSV downgrades Wilmar to Hold; lower margins
October 25th, 2010 |
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DBS Vickers downgrades Wilmar (F34.SG) to Hold from Buy, lowers target to $6.90 from $7.50; cuts FY10-12 earnings forecast by 1%-5% after revising down oilseeds pretax margin/MT estimate to US$33 ($42.6) from US$39-US$41; palm & lauric margin view to US$26 from US$29; consumer pretax margin forecast to US$46-US$48 from US$51-US$52/MT.
CapitaRetail China Trust rated ‘hold’ by DBS
October 22nd, 2010 |
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DBS Vickers Securities in an Oct 21 research report says: “Topline and net property income were flattish at $29.8 million (-0.2% y-o-y, +0.7% q-o-q) and $19.0 million (+4.3% y-o-y, -3.8% q-o-q) respectively, due to a stronger S$:RMB exchange rate.
Qian Hu Corporation downgraded to ‘hold’ by Phillip Securities
October 21st, 2010 |
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Phillip Securities Research in an Oct 20 research report says: “Revenue and net profit came in at $22.9 million and $1.2 million, below our forecast of $25 million and $1.7 million respectively. Generally there were remnant effects that had affected 2Q10 still visible in 3Q10.
K-Reit Asia rated ‘hold’ by DBS
October 21st, 2010 |
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DBS Vickers Securities in an Oct 19 research report says: “Kreit reported a marginal 6.3% q-o-q decline in topline to $21.8 million in 3Q10, mainly due to a correction to the straight-line accounting of rental income reported in 2Q10 from the 50% stake in 275 George Street, while NPI dipped a smaller 4.8% to $17.5 million on lower property expenses.
Phillip ups NOL to Buy vs Hold; ups target 14.6%
October 20th, 2010 |
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Phillip upgrades Neptune Orient Lines (N03.SG) to Buy from Hold, raises target to $2.36 from $2.06; says 3Q net profit of US$282 million ($370.2 million) topped house’s forecast by 80.8%, revenue 4.3% higher than estimate.
Raises 2010 net profit estimates by 52.0% to US$384 million, 2011 forecast +57.1% at US$457 million, 2012 forecast +46.5% at US$593 million due to better shipping volumes, rates.
OCBC cuts Singapore Exchange to Sell from Hold
October 19th, 2010 |
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OCBC downgrades Singapore Exchange (S68.SG) to Sell from Hold on valuation grounds; says 1Q results were in line with expectations, retains FY profit estimate of $362.9 million, says Dow Jones.
UOB KayHian cuts Genting Hong Kong to Hold vs Buy
October 15th, 2010 |
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UOB KayHian downgrades Genting Hong Kong (S21.SG) to Hold vs Buy, raises target to US$0.39 vs US$0.31; says recent visits to Resorts World Manila (RWM), Penang cruise "provided assurance that while our optimistic earnings forecast for 2011 can be met, they leave little room for upside", according to Dow Jones.
OCBC cuts Midas Holdings to Hold, trims target
October 14th, 2010 |
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OCBC Investment Research downgrades Midas Holdings (5EN.SG) to Hold from Buy on valuation grounds, cuts target price to $1.05 from $1.29 to account for dilution stemming from train parts supplier’s recent Hong Kong IPO; “we are turning cautious on the stock at current levels, and prefer to seek more attractive entry levels as we await the group’s 3Q10 results and clarity over its expansion plans.”
Says while capacity increase positive given overwhelming industry demand in China, expectations already captured in share price.
Stock flat at $1.00.
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STI +1%; more participation if gains Hold
October 13th, 2010 |
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Improved appetite for risk suggests Singapore shares expected to end in positive region, says Dow Jones. STI +1.0% at 3180.80, just shade off year-to-date high of 3197, which likely to offer resistance. Market breadth remains at just over 2 gainers for every decliner.
UOBKH cuts SPH to Hold; Earnings outlook flat
October 13th, 2010 |
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UOB KayHian downgrades Singapore Press Holdings (T39.SG) to Hold from Buy; says final dividend priced in as share price has rallied about 4% since early September in anticipation, says Dow Jones.
Notes, FY10’s “sterling performance” due to strong rebound in ad revenue, Sky@eleven’s contribution, low newsprint cost. Expects ad revenue growth to taper off to 7% in FY11, 5% thereafter.
DBSV cuts SPH to Hold vs Buy, target to $4.37
October 13th, 2010 |
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DBS Vickers downgrades Singapore Press Holdings (T39.SG) to Hold from Buy due to limited upside, lack of catalysts, says Dow Jones.
Says FY10 results in line, 20 cents DPS “tad above consensus’ average, but below what we had hoped for”; full year DPS (includes interim dividend) at 27 cents vs 25 cents in FY09. Notes, operating profits within expectations on higher ad revenues (+9% to $733 million), economic recovery, offset partially by lower property contributions.
Straits Asia Resources rated ‘hold’ by DBS
October 11th, 2010 |
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DBS Vickers Securities in an Oct 8 research report says: “July and August saw exceptionally heavy rainfall in Kalimantan. As a result, work at Sebuku’s Tanah Putih pit has been affected, and pit preparation works delayed into FY2011.
Kim Eng cuts F&N to Hold, Ups target to $6.72
October 8th, 2010 |
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Kim Eng Securities downgrades Fraser & Neave (F99.SG) to Hold from Buy on valuation grounds after recent gains driven by strong Singapore home sales, says Dow jones.
Notes developer, F&B group gearing up to launch new soft drinks within next 12 months, beef up food business with recent investment in 23% stake in Malaysia-listed Cocoaland (7205.KU); “however, before these initiatives contribute meaningfully to earnings, property pre-sales will determine its re-rating potential.”
Mermaid Maritime upgraded to ‘hold’ by DBS
October 6th, 2010 |
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DBS Vickers Securities in an Oct 4 research report says: “Mermaid has corrected 34% since our contrarian downgrade in May 2010. At current level, the stock is trading at a 59% discount to peers on P/B basis.
RBS Ups SIA target to $16.50 but keeps Hold
October 6th, 2010 |
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Royal Bank of Scotland lifts Singapore Airlines (C6L.SG) target price to $16.50 from $15.65, based on 5X EV/EBITDAR, after raising FY11-12 EPS estimates by 8%-3% to account for stronger SGD vs USD assumptions, says Dow Jones.
Raffles Medical started at Hold by OCBC, $2.32 target
October 6th, 2010 |
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OCBC Investment Research starts Raffles Medical Group (R01.SG) at Hold with $2.32 target price, based on 24x FY11 P/E, says Dow Jones.
"While we are positive on RMG’s growth prospects, the outlook for healthcare providers, its cost management and operating efficiency, most of the positives have already been priced in," says OCBC.