CapitaMall Trust (C38U.SG) is down 1.1% at $1.88, in line with the broad market after earlier posting 4Q DPU of 2.36 cents, down 1.4% on year and flat on quarter with net property income at $101.5 million, +5.7% on year, also flat on quarter.
Posts Tagged ‘JPMorgan’
S-REIT valuations no longer compelling – JPMorgan
January 12th, 2011 |
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JPMorgan says “2011 will likely be a volatile year for S-REITs sector with a total return expectation of 8.0%, dominated largely by the dividend yield.”
It notes this compares with its return expectation of about 15% for the STI. It says while rental growth expectation for most commercial segments remains positive and physical market transactions will continue to pick up, the potential supply in the equity market through primary and secondary issuances will keep unit prices in check.
JPMorgan cuts Wilmar to Underweight; target $4.60
January 4th, 2011 |
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JPMorgan downgrades Wilmar International (F34.SG) to Underweight from Overweight and slashes its target price to $4.60 from $7.20.
Says the stock is likely to underperform near term due to a regulatory overhang and competition in China; also cites an overly optimistic consensus earnings estimates and likely lackluster earnings momentum, while investors may accord a lower P/E multiple for its intended deviation from the core business.
CapitaMalls Asia +1.6%; Mall buy is accretive: JPMorgan
December 22nd, 2010 |
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CapitaMalls Asia (JS8.SG) is up 1.6% at $1.9, rising in afternoon trade after the company says it will acquire Queensbay Mall in Penang, Malaysia, for about $275.6 million.
JPMorgan says the deal is accretive, and notes while the mall’s current NPI yield is only 5.0%, it has been undermanaged with occupancy of about 91.5% and passing rents at less than CMA’s other Penang mall, Gurney Plaza.
"Given 70% of the leases will be up for renewal in the next two years, we see potential for CMA to leverage on its scale and expertise to upgrade the mall and to achieve a yield on cost of about 7.5%-8.0% by 2012."
JPMorgan says CMA can potentially achieve IRR of about 12% on this acquisition, adding about $0.03/share to RNAV estimates.
The house adds, the stock is at "an attractive entry level," trading at a 30% discount to SOTP valuation and 1.2x FY10E book.
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JPMorgan hires RBS banker as Asia Corp Bank CEO: Update
December 20th, 2010 |
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JPMorgan’s <JPM.N> corporate bank has hired a senior banker from Royal Bank of Scotland <RBS.L> as its new Asia chief executive, as it seeks more business growth from emerging economies.
Muhammad Aurangzeb, who was last head of global banking and markets for RBS in Southeast Asia as well as country executive for Singapore, will join the US bank in February, a JPMorgan spokeswoman confirmed in an email to Reuters.
JPMorgan hires RBS banker as Asia Corp Bank CEO
December 20th, 2010 |
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JPMorgan’s <JPM.SI> corporate bank has hired a senior banker from Royal Bank of Scotland <RBS.L> as its new Asia chief executive.
Muhammad Aurangzeb, who was previously head of global banking and markets for RBS in southeast Asia as well as country executive for Singapore, will join the US bank in February, a bank spokeswoman confirmed in an email to Reuters.
DBS’s RBS China buy is small but positive: JPMorgan
December 15th, 2010 |
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DBS’ (D05.SG) acquisition of RBS’ China assets is a small but positive transaction which involves the right geography and is part of the Singapore bank’s strategy to generate 30% of group revenue from Greater China, says JPMorgan, which has an Overweight call and a $18.00 target.
Will Ferrell loses $18M lawsuit against JPMorgan Chase
November 20th, 2010 |
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Outrageous comedian Will Ferrell reportedly lost an 18-million-dollar lawsuit against Wall Street bank JPMorgan Chase. According to Forbes.com, he now has to pay 600,000 dollars to bank in penalties and legal costs, reports the New York Daily News. Ferrell – along with ‘Seinfeld’ creator Larry David – reportedly filed an arbitration claim two years ago [...]
ComfortDelgro +1.4%; valuation compelling – JPMorgan
November 15th, 2010 |
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ComfortDelGro (C52.SG) +1.4% at $1.48 vs STI down 0.2%, after transport group posts solid yearly, sequential rise in 3Q net profit to $61.4 million, on record revenue of $823.4 million, +5.2% on year.
Olam off 0.3%; 1Q results a low key event: JPMorgan
November 12th, 2010 |
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Olam (O32.SG) off 0.3% at $3.32 in line with broader market, after 1Q results (net profit +56% on year at $29.7 million), though higher than expected, fail to inspire sustained buying interest (off early $3.36 high), says Dow Jones.
JPMorgan, which has Overweight rating, $3.70 target, views results “largely as a ‘low key event’. Moreover note that on adjusting for commodity financial services segment net income, earnings growth from its ‘core’ business is around 16%.”
JPMorgan raises SIA target to $20 from $17
November 10th, 2010 |
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JPMorgan raises Singapore Airlines (C6L.SG) target to $20.00 from $17.00 on rollover to 1.6X December 2011 P/BV. Keeps at Overweight. Trims FY11-13 earnings estimates by around 11%, mainly to factor in higher average fuel prices.
Hyflux +4.4% on bonus issue; 3Q in line – JPMorgan
November 8th, 2010 |
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Hyflux (600.SG) +4.4% at $3.32 in better-than-average volume of 2.5 million shares so far; stock seeing decent interest after company announced 1-for-2 bonus issue along with 3Q results “to give due recognition” to shareholders for their support.
Keppel Land target raised by 28% by JPMorgan; Keeps at Neutral
October 15th, 2010 |
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JPMorgan raises Keppel Land (K17.SG) target price to $4.70 vs $3.65, incorporates higher underlying property valuation assumptions, raises end-Dec 2011E RNAV by 28% to $6.12/share vs $4.85/share, according to Dow Jones.
JPMorgan says upgrades prompted by impact of group’s proposed asset swap with 45.4%-owned K-REIT Asia (K71U.SG). But retains Neutral rating “as we see few incremental catalysts for outperformance, especially when there are now more alternatives at either end of the risk spectrum for exposure to the Singapore office sector.”
JPMorgan’s Singapore bullion vault opens today: Update
September 22nd, 2010 |
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JPMorgan will officially open its Singapore precious metals storage facility Wednesday, an official at the bank said.
The facility, which is located within a free-trade zone at the city-state’s Changi international airport, will accommodate physical settlement of Singapore Mercantile Exchange gold futures contracts and other transactions involving physical settlement in which JPMorgan Chase & Co. (JPM) is involved.
BreadTalk started at Overweight by JPMorgan with $0.70 target
September 14th, 2010 |
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JPMorgan starts BreadTalk Group (5DA.SG) at Overweight with $0.70 target price, based on 15x FY11 P/E, according to Dow Jones.
JPMorgan says company has transformed from bakery chain into regional food & beverage player with strong presence in Singapore, China.
Research house notes, company more than doubled number of bakeries, restaurants, food courts over FY05-FY09, delivering revenue and net profit CAGR of 27%, 81% respectively over that period.
Adds wide range of F&B offerings positions it to take advantage of higher disposable income of China’s urban households, rising trend of dining out among mass affluent consumers: “We see strong potential in BreadTalk’s restaurant business, which generates the highest operating margin and average revenue per outlet among its three segments.”
Shares +5.4% at $0.585.
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Apple iPhone, BlackBerry Usage Debated at JPMorgan Chase
September 13th, 2010 |
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As BlackBerry smartphone competitors Apple and Google close in, JPMorgan Chase considers alternative mobile e-mail devices. – Research In Motion, maker of the business-friendly line of BlackBerry
smartphone devices, may soon have to start making even more room for competitor
Apple and its iPhone, according to a Bloomberg report. Banking giant
JPMorgan Chase amp; Co. is testing Apple devices for employees who may want t…
DBS’ bond sale reduces currency mismatch: JPMorgan
September 7th, 2010 |
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DBS (D05.SG) issuing five-year USD-denominated bonds deemed necessary as its loan-to-deposit ratio on USD book “is very high” at 139%, with loans exceeding deposits by $10.3 billion, says JPMorgan, which has Overweight call with $18.00 target, according to Dow Jones.
JPMorgan notes DBS’ fixed-rate USD lending has increased by equivalent of $2 billion on-year at end-2Q10: “though (the) USD/SGD swap market is very deep and DBS is a big player, we believe this step is to reduce currency/duration mismatch.”
Jardine Matheson, Strategic started at Neutral by JPMorgan
September 1st, 2010 |
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JPMorgan starts Jardine Matheson (J36.SG), Jardine Strategic (J37.SG) at Neutral with respective US$45.80 ($61.98), US$23.65 target prices, according to Dow Jones.
JPMorgan says both stocks trading near historical averages, but still deemed as cheaper alternatives to directly investing in their more expensive subsidiaries, such as Dairy Farm (D01.SG), Hongkong Land (H78.SG), Astra International (ASII.JK).