Nomura Research in a Feb 1 research report says: “Recent activity/news flow in China’s logistics space suggests two emerging trends: (1) significant demand for quality modern warehouse facilities, as evident in Alibaba’s reported plans and (2) consolidation, which highlights two key ingredients for success: scale and access to capital.
Posts Tagged ‘nomura’
Global Logistic Properties rated ‘buy’ by Nomura
January 11th, 2011 |
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Nomura Research in a Jan 5 research report says: “GLP announced on Jan 4, 2011 the acquisition of a 53.1% stake in Airport City Development Co Ltd (ACL), the sole developer in the Beijing Capital International Airport’s (BCIA) airside cargo and bonded logistics area for a net consideration of US$375 million.
UOL Group rated ‘buy’ by Nomura
January 6th, 2011 |
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Nomura on a Jan 3 research report says: “On Dec 22, UOL announced the acquisition of UOB’s 9.7% stake in UIC at $2.40 per share. The deal is a NAV-accretive one, which gives UOL a bigger share of UIC Building’s redevelopment’s potential gain and greater control over MCH.
Olam +0.3%; Strong Earnings Trajectory – Nomura
December 16th, 2010 |
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Olam International (O32.SG) +0.3% at $3.08 with barely a million shares traded as the company’s latest acquisition in Africa fails to generate much interest in a very lackluster broad market.
Olam is buying tt Timber International — which will give it access to 1.6 million hectares of sustainable forest concession in Congo and Gabon — for EUR29.6 million (around $52 million), on a cash and debt-free basis; the transaction is expected to be completed by mid January.
Mewah started at Buy by Nomura, $1.30 target
December 8th, 2010 |
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Nomura starts Mewah International (MV4.SG) at Buy with a S$1.30 target price. Says the palm oil refiner’s large scale and risk management capability help it achieve stable margins.
Cites company’s strong distribution network in Africa’s downstream business as one of its key strengths, given that more than 40% of consumer pack earnings have come from the continent over the past 3 years.
Easy liquidity to boost Singapore market in 2011: Nomura
December 6th, 2010 |
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“As one of the few countries in Asia unlikely to impose capital controls, the Singapore market is poised to benefit from the easier global liquidity environment in 2011,” says Nomura strategist Jit Soon Lim, against backdrop of what looks like attractive valuations (14x P/E, 11% market EPS growth, dividend yield of 3%).
STI +0.8%; Reflation, FX themes supportive: Nomura
December 6th, 2010 |
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Singapore shares not likely to head much higher amid mixed performance across Asian markets.
STI +0.8% at 3,198.67, may meet resistance at last week’s 3,216 peak. Market breadth still positive but at about 1.5 gainers for every decliner vs more than 3 for 1 in early trade.
Fraser & Neave target raised to $7.24 by Nomura
December 3rd, 2010 |
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Fraser & Neave (F99.SG) off 1.7% at $6.25, pulling back after Thursday’s 2.6% gain.
Share price has retreated around 8.8% since mid-November high of $6.85, which Nomura puts down to dampened sentiment towards stock due to rising input costs, “but we believe stronger volume growth and the ability to pass on higher costs will mitigate margin pressures.”
Wilmar +0.8%; modest impact from FFM buy – Nomura
December 3rd, 2010 |
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Wilmar’s (F34.SG) 20% stake investment in PPB Group’s (4065.KU) unit FFM in bid to expand flour milling business doing little to boost investor interest. Stock +0.8% at $6.06 but volume paltry as underlying concerns over plantation group’s China business still persist given Beijing’s bid to rein in food inflation.
Wilmar will pay MYR378.1 million ($156.8 million) for stake in FFM, which operates 4 flour mills in Malaysia, 1 each in Vietnam, Thailand, Indonesia.
SembMarine +0.6% still in Petrobras race: Nomura
December 2nd, 2010 |
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Sembcorp Marine (S51.SG) +0.6% at $4.91, likely to end firmer for third straight day, but still yet to recoup last Friday’s 3.8% loss triggered by prospect of company being priced out of Petrobras’ 28-rig tender exercise.
Tender results, revealed Friday, show rig-builder’s bids among highest. Stock’s rebound this week accompanied by declining volume, indicating lack of buying conviction.
Keppel Land target raised to $5.50 by Nomura; Keeps Buy
November 24th, 2010 |
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Nomura lifts Keppel Land (K17.SG) target price to $5.50 from $5.10 after raising NAV estimate by 7.8% to reflect potential gains from developer’s Tianjin Eco City project in China.
New target translates to 2.0x FY11 P/B vs stock’s mid-cycle 1.4x P/B valuation; “we believe the stock’s significant exposure to prime Grade-A office (space), which we are most bullish on, justifies the premium over the mid-cycle valuation.”
Notes company has sold more than 90% of 220 units launched at Tianjin Eco City’s Seasons Park residential project at average price of RMB11,000/sq m vs RMB9,000/sq m tipped by house; “following the strong response to Seasons Park’s soft launch, we expect Keppel Land to launch more units for sale.”
Keeps Buy call. Shares flat at $4.61.
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Starhub target raised to $2.25 by Nomura; Keeps Reduce
November 24th, 2010 |
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Nomura lifts Starhub (CC3.SG) target price to $2.25 from $1.90 after raising FY10-11 earnings estimates by 3%-16%.
Tips “significant opportunity” in SME/enterprise segment over next few years on back of Singapore’s next-generation national broadband network.
Says current dividend yield of over 7% highest among peers, expected to be sustainable for at least next 12 months.
Still, keeps Reduce call on view stiff competition will take toll; “rising competition in the pay-TV segment could be exacerbated by cross-carriage regulations next year, and rising smart-phone penetration could impact margins adversely.”
Shares +0.4% at $2.67.
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Global Logistic Properties started at Buy by Nomura
November 22nd, 2010 |
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Nomura starts Global Logistic Properties (MC0.SG) at Buy with $2.58 price target. Says current book value of GIC spinoff doesn’t reflect GLP’s intrinsic development pipeline value. “GLP’s scalable business model, leveraging off its first-mover advantage in China, should help to reinforce its market-leading position in the burgeoning logistics facilities market.” Adds, GLP’s “conservative residual land valuation approach” excludes potential profit from future developments, suggesting further upside to valuations. Shares last +2.3% at $2.27.
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Singapore Land target raised to $9.58 by Nomura
November 12th, 2010 |
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Nomura raises Singapore Land (S30.SG) target price to $9.58 from $8.34 after rolling over valuation to FY11, raising NAV estimate to reflect higher capital values for some of property group’s Singapore office assets, says Dow Jones.
Keeps Buy call; “strong pre-commitment demand and delays in occupation of the new generation of office supply has resulted in a ‘short squeeze’ in space availability, a phenomenon which we think is likely to continue in the next six to nine months and underpin rents.”
Shares off 1.1% at $7.42; STI down 1.1%.
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SingTel cut to Neutral by Nomura; $3.45 target
November 12th, 2010 |
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Nomura downgrades SingTel (Z74.SG) to Neutral from Buy on limited upside to $3.45 target price, according to Dow Jones.
Nomura says “along with rising competitive headwinds in its key markets, we do not see many near-term catalysts for outperformance or earnings upgrades”.
Research house adds Australian unit Optus continues to be star performer but earnings from other businesses will likely be volatile. Notes higher dividend payout ratio positive (55%-70% vs 45%-60% previously) but “still appears conservative” given telco’s strong cash flows.
Shares last off 0.3% at $3.30.
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Palm oil plays firm; Nomura eyes higher CPO prices
November 8th, 2010 |
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Singapore plantation stocks strong on firmer CPO futures. “We think tighter supply/demand fundamentals for vegetable oils, higher crude oil prices and increased fund flows into the commodities space should provide support for higher CPO prices,” says Nomura.
Golden Agri-Resources (E5H.SG) +7.1% at $0.750, Indofood Agri (5JS.SG) +3.3% at $2.82, First Resources (EB5.SG) +3.7% at $1.42, Kencana Agri (F9M.SG) +2.3% at $0.44, Wilmar (F34.SG) +0.3% at $6.71.
Most of these companies yet to report 3Q10 results, guidance, which could take share prices even higher in coming days if performances favourable. Wilmar reports November 10, Golden Agri Nov 11.
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Hyflux +5.0%; Nomura Neutral, Orderbook concerns
November 8th, 2010 |
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Hyflux (600.SG) remains buoyant, +5.0% at $3.34 with 4.5 million shares traded, highest volume since mid-June, after management proposes 1-for-2 bonus issue; Nomura says issue to increase liquidity of shares, with 285,378,205 bonus shares expected, subject to SGX-ST approval, says impact on stock is neutral.
House keeps Neutral rating, lowers target to $3.50 (previous no stated), remains concerned about Hyflux’s EPC orderbook, which fell 15% on half as of June 2010 to $633 million.
“With the expected construction completion of the Algeria Magtaa project by the end of 2011 and the delay in obtaining the Libya desalination projects, we are concerned over whether Hyflux can maintain its revenue momentum.”
But adds, upside risks could come from Hyflux winning Singapore desalination project. Says 3Q results in line, keeps estimates unchanged.
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STI +0.9%; Surplus liquidity supportive: Nomura
November 8th, 2010 |
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Appetite for Singapore shares intact as investors mop up higher-risk assets following last week’s Fed stimulus plan, plus better-than-expected US October nonfarm payrolls data, according to Dow Jones.
STI +0.9% at 3,268.54 midday, expected to close below 3,300. Market breadth at 2.5 gainers for every decliner, with overall volume encouraging at 1.82 billion shares worth $1.68 billion.
“Singapore could benefit from the quantitative easing in the U.S. and the continued loose monetary conditions in Singapore,” says Nomura Singapore strategist Lim Jit Soon; “assets should generally do well in a surplus-liquidity environment.”
Among STI components, key gainers include Golden Agri-Resources (E5H.SG), +7.1% at $0.75, Noble Group (N21.SG), +3.9% at $2.11, SembMarine (S51.SG), +3.4% at $4.90, OCBC (O39.SG), +2.3% at $9.63.
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