UOB KayHian starts Super Group (S10.SG) at Buy with a $1.66 target, based on a PEG valuation of 1.0x, “which we think is justified given its steady but solid growth outlook of 16% CAGR over the next three years.”
It says the company is “a leading instant food and beverage brand owner with a strong position in Southeast Asia. Super also owns more than 10 brands that are targeted at different consumer groups.”
DBS Vickers Securities in an Aug 26 research report says: “With an established track record of over 50 years, Tiong Seng is one of Singapore’s top rated contractors.
CIMB in a July 15 research report says: “OUE has diversified exposure to prime office, hotel, retail and residential assets. The quality of its assets is its greatest draw. With substantial exposure to prime offices and hotels (65% of GAV), OUE should also benefit from cyclical recoveries.
DMG & Partners Securities in a July 14 research report says: “Originated as a state-owned enterprise in 1971, China Minzhong (MINZ) is a “National Leading Dragon Head Enterpriseâ€, a status for top 500 PRC agriculture leaders selected to spearhead the modernisation of China agriculture system.
SIAS Research in a July 1 research report says: “Moya Dayen Ltd designs and builds both water treatment and water desalination systems. The company was previously plagued with flawed internal controls and serious financial mismanagement. However, the entry of Moya Holding helps to inject new life into the entity by desalinating the “bad saltâ€.
SIAS Research in a June 25 research report says: “OSIM International Ltd (OSIM) is a healthy lifestyle products manufacturer and retailer with 1,040 stores worldwide as of March 2010. OSIM intends to open between 110 and 180 new stores in China each year over the next three to five years, which will more than double revenue.
DBS Vickers has started Cache Logistics Trust (K2LU.SG) at Buy with S$1.05 target price, says Dow Jones.
SIAS Research has started Pan-United Corp. (P52.SG) at Invest with $0.574 target price, based on sum-of-parts valuation.
CIMB has started HTL International (H64.SG) at ‘outperform’ with $1.10 target price, based on 8x FY11 P/E, according to Dow Jones.
Kim Eng Securities has started coverage of Super Coffeemix Manufacturing (S10.SG) with a buy with $1.33 target price, based on sum-of-parts valuation, according to Dow Jones.
DMG starts Second Chance Properties (528.SG) at Buy with 41 cents target price, according to Dow Jones.
Macquarie has initiated coverage of CapitaMalls Asia (JS8.SG) with “neutral” call, $2.08 target, according to Dow Jones.
The research house says CMA has good track record in leasing retail space, but initial yields on cost likely low for China malls at less than 3% in first year, will only ramp up after one leasing cycle of about three years; adds, competitive advantage is large retail platform, strong relationship with tenants.
CIMB has initiated coverage of Hiap Seng Engineering (510.SG) at “outperform” with target price of $1.15 based on 11x FY11 P/E; citing catalysts from stronger-than-expected orders wins, sustainable margins, according to Dow Jones.
CIMB has initiated coverage of Hiap Seng Engineering (510.SG) at “outperform” with target price of $1.15 based on 11x FY11 P/E; citing catalysts from stronger-than-expected orders wins, sustainable margins, according to Dow Jones.
UOB KayHian has started Soilbuild Group (T94.SG) at “buy” with $1.85 target price, pegged at 10% discount to $2.06/share RNAV, says Dow Jones.
DMG has started China Hongxing Sports (BR9.SG) at “buy” with 22 cents target price, based on 0.7x FY10 P/B. Notes stock trades at attractive 0.5x P/B, with company holding net cash of RMB3 billion (22 cents/share), saying recent concerns over corporate governance of entire S-chip sector overdone, according to Dow Jones.
