OCBC Investment Research in a Feb 1 research report says: “Micro-Mechanics (MMH) reported its 2Q11 results with revenue increasing 17% to $11.4 million and net profit surging 149.4% to $1.8 million. The growth was driven by increased sales of its semiconductor tooling business and Custom Machining and Assembly division as a result of improved conditions.
Posts Tagged ‘OCBC’
OCBC cuts Kingsmen Creatives to Hold From Buy
January 28th, 2011 |
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OCBC downgrades Kingsmen Creatives (5MZ.SG) to Hold from Buy “in view of its hazy near-term outlook.” The house cuts its fair value estimate to $0.65 from $0.82.
The house says Kingsmen has been growing exponentially since its listing, with earnings growth recording double-digit rates between 2003 and 2008; “we believe that this trend may reach a plateau in FY10-FY11, and are projecting a mild contraction in FY10 profits followed by flat earnings growth in FY11.”
Frasers Commercial Trust off 2.9%; cosmo divestment positive – OCBC
January 27th, 2011 |
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Frasers Commercial Trust (A48U.SG) is down 2.9% at S$0.170, in hefty volume of 23.6 million shares, after reporting 1Q FY11 gross revenue of $29.0 million, down 2.3% on year and off 1.1% on quarter, which was mainly on lower contribution from Cosmo Plaza due to the expiry of a significant tenancy in August 2010.
SIA Engineering off 1.0%; 4Q results in-line – OCBC
January 26th, 2011 |
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SIA Engineering (S59.SG) off 1.0% at $4.18 after it posts 3Q revenue at $269.5 million, +11.6% on year and down 2.7% on quarter with net profit of $60.3 million, +7.7% on year and down 9.3% on quarter.
Despite the sequential declines, selling is light with only 116,000 shares traded, as the results were largely within expectations.
OCBC initiates Global Palm Resources at Hold
January 26th, 2011 |
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OCBC Investment Research starts Global Palm Resources Holdings (K6J.SG) at Hold recommendation with a $0.40 fair value estimate.
It says the stock looks fairly valued at the moment and has a slightly higher P/E of 16X compared with the sector average of 15.3X, looking at relative valuations.
Keppel Land +2.0%; FY10 results positive – OCBC
January 25th, 2011 |
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Keppel Land (K17.SG) opens +2.0% at $4.66 after it reports an eight-fold on-year increase in 4Q net profit to $841 million, mainly due to a $363.8 million divestment gain from its stake in Marina Bay Financial Centre Phase 1 and fair value gains of $442.7 million from investment properties.
OCBC, which has its previous Buy rating and $4.50 fair value under review, says the FY10 results were positive, notwithstanding the bumper gains.
UOL Group rated ‘buy’ by OCBC
January 20th, 2011 |
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OCBC Investment Research in a Jan 19 research report says: “UOL announced that it has successfully tendered for the Lion City Hotel Site and the adjoining Hollywood Theatre Site for $313 million. We estimate that this project has a net present value of $62 million or $0.08 per share.
Tat Hong Holdings rated ‘hold’ by OCBC
January 20th, 2011 |
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OCBC Investment Research in a Jan 19 research report says: “The floods in Australia have taken a toll on Tat Hong Holdings (Tat Hong), which announced that one of its seven branches in Queensland was evacuated on 11 Jan as a result of the floods.
M1 off 2.4%; 4Q earnings almost spot on – OCBC
January 20th, 2011 |
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M1 (B2F.SG) down 2.4% at $2.44 with investors likely taking profit after the telco posted its 4Q results Wednesday, with the stock up 11.4% since the start of October, outperforming peers on the view it will benefit most from Singapore’s NBN rollout.
OCBC, that has a Buy rating, and tweaks fair value to $2.79 from $2.70 on M1’s lower capex guidance, says the results were “almost spot on our expectations.”
RBS upgrades OCBC to Buy; diverse earns drivers
January 19th, 2011 |
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RBS upgrades OCBC (O39.SG) to Buy from Hold, and raises its target to $12 from $11; the house continues to like OCBC, “mainly for its diverse earnings drivers.”
OCBC maintains Tat Hong Holdings at Hold
January 19th, 2011 |
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OCBC Investment Research maintains Hold recommendation on Tat Hong Holdings (T03.SG) and $0.99 fair value estimate, despite negative impact of floods on some of the heavy machinery group’s business in Australia.
Ezra Holdings rated ‘buy’ by OCBC
January 14th, 2011 |
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OCBC Investment Research in a Jan 13 research report says: “Ezra reported a 25% y-o-y rise in revenue to US$75.9 million but saw a 28% fall in net profit to US$13.3 million in 1QFY11, as its results were impacted by lower contribution from EOC and JV companies as well as higher financial expenses arising from the group’s expansion programme.
Hyflux target raised to $2.70 by OCBC, keeps ‘buy’
January 13th, 2011 |
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OCBC Investment Research has raised its target price for Singapore water firm Hyflux (HYFL.SI) to $2.70 from $2.44 and kept its “buy” rating.
OCBC has raised its 2011 revenue and earnings estimates for Hyflux by 3 and 6.7% respectively, as it expects the firm to secure more contracts in China.
Hyflux +3.0%; Well placed in China water space: OCBC
January 12th, 2011 |
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Hyflux (600.SG) +3.0% at $2.41, vs STI +0.1% with just over half its 50-day average volume traded already, after the water treatment firm says it won deals to develop 3 water projects at Hechuan Industrial Park in Chongqing City, China.
Hyflux will invest around US$45 million ($58.3 million) in 3 BOT (Built-Own-Transfer) projects, which it will fund via internal resources and will operate the plants (2 wastewater treatment and 1 potable water treatment) over a 30-year concession period.
First Real Estate Inv Trust rated ‘buy’ by OCBC
January 11th, 2011 |
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OCBC Investment Research in a Jan 7 research report says: “First REIT (FREIT) owns ten healthcare-related properties across Indonesia and Singapore. With a well-defined acquisition strategy, FREIT has managed to complete the acquisitions of two Indonesian hospitals recently which we view as yield-accretive in nature.
Straits Asia Resources lowered to Fair Value by OCBC
January 11th, 2011 |
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OCBC lowers Straits Asia Resources (AJ1.SG) fair value estimate to $2.89 from $3.13; it says while SAR is a beneficiary of strengthening coal prices, “we caution against over exuberance as oil prices have also been climbing, and this could crimp the group’s profit margins given that fuel costs account for 30%-35% of its production costs.”
Wilmar raised to Buy by OCBC; Property worries overwrought
January 10th, 2011 |
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OCBC upgrades Wilmar (F34.SG) to Buy from Hold, and keeps its fair value estimate at $6.48.
The house says in reaction to Wilmar’s maiden entry into the China property market, via a 35%-JV partnership with HK property firms Kerry Properties (40%) and Shangri-la Asia (25%), WIL’s share price tumbled 16% to a recent low of $5.50, weighed by worries that management may be losing its focus.
First REIT started at Buy by OCBC; $0.84 fair value
January 7th, 2011 |
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OCBC initiates coverage on First REIT (AW9U.SG) with a Buy recommendation and $0.84 fair value estimate.
The research house says FREIT "is well-positioned to capitalise on the growing demand for higher quality healthcare from the middle-class in Indonesia as well as increasing eldercare needs in Singapore."
OCBC notes FREIT has completed acquisitions of two Indonesian hospitals recently "which we view as yield-accretive in nature."
ASL Marine Holdings rated ‘hold’ by OCBC
January 6th, 2011 |
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OCBC Investment Research in a Jan 5 research report says: “ASL Marine’s (ASL) order book has fallen to about $303 million in 1QFY11, less than half of its order book level of $693 million in 4QFY08.
OCBC cuts ASL Marine fair value to $0.67; Hold
January 5th, 2011 |
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OCBC cuts ASL Marine (A04.SG) fair value estimate to $0.67 from $0.94 after lowering FY11-12 EPS estimates by 29% and 28.5% respectively due to the enlarged share capital after the issue of 120.58 million bonus shares. The house keeps the stock at Hold.