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Posts Tagged ‘OCBC’

OCBC cuts Midas Holdings to Hold, trims target

October 14th, 2010 | No Comments

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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USD/SGD to test new lows on MAS tightening – OCBC

October 14th, 2010 | No Comments

USD/SGD expected to test new lows this week after MAS tightens, says OCBC currency analyst Emmanuel Ng; “they have changed the rules of the game. The Singapore dollar will trade heavier over the next couple of sessions as the market will try to gauge where the new band is.”

Avi-Tech Electronics rated ‘buy’ by OCBC

October 11th, 2010 | No Comments

OCBC Investment Research in an Oct 8 research report says: “Avi-Tech Electronics is expected to release its 1QFY11 results in early Nov. We project that the group is likely to post sequential growth for revenue and earnings, as it benefits from continued growth in global semiconductor sales.

Raffles Medical started at Hold by OCBC, $2.32 target

October 6th, 2010 | No Comments

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.

OCBC initiates â€œholdâ€ for Raffles Medical

October 6th, 2010 | No Comments

OCBC Investment Research has initiated coverage of Singapore healthcare provider Raffles Medical Group <RAFG.SI> with a “hold“ rating and a target price of $2.32.

OCBC Investment Research said that while it is positive on Raffles Medical’s growth prospects, its cost management and operating efficiency, as well as the outlook for healthcare providers, most of the positive factors have been priced in.

STI +1.0%; Upside momentum may continue: OCBC

October 6th, 2010 | No Comments

Singapore shares staging broadly on back of Wall Street’s overnight rally, pushing STI +1.0% at 3,192.47, says Dow Jones.

If 3,200 fails to hold as resistance, next resistance tipped at 3,214 (June 2 high).

“Technically, the MACD indicator has initiated a clear rebound off its signal line over the past few sessions and this continues to suggest improving upside momentum going forward,” says OCBC Investment Research analyst Philip Teo.

Wilmar International rated ‘buy’ by OCBC

October 4th, 2010 | No Comments

OCBC Investment Research in an Oct 4 research report says: “Wilmar International Ltd (WIL) recently saw a pullback in its share price of around 8%, after topping out at $6.48 in early September. The selldown is probably sparked by talks that China is looking to curb food price rises.

OCBC started at Overweight by Morgan Stanley with $10.48 target

October 4th, 2010 | No Comments

Morgan Stanley starts OCBC (O39.SG) at Overweight with $10.48 target price, says Dow Jones.

Morgan Stanley says bank not being given credit for its solid performance through last year’s global financial crisis. Notes OCBC has lowest non-performing loan ratio among Singapore banks, aided by prudent management over last 7 years.

Genting up on short-covering, OCBC upgrade

October 1st, 2010 | No Comments

Shares of casino operator Genting Singapore <GENS.SI> rose as much as 5.9% on Friday as investors bought the stock to cover their "short" positions and a local brokerage raised its target price.

At 11:35 a.m., shares of Genting Singapore were trading at $1.94 on a volume of 127 million shares.

"I think the selling was overdone for this week," said a local trader.

Based on Thursday’s closing price of $1.86, Genting shares have fallen 7.5% since the start of the week.

OCBC Investment Research on Friday raised its target price for Genting Singapore to $2.38 from $1.85 and maintained its "buy" rating.

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Consider â€˜forgottenâ€™ Singapore REITs: OCBC

September 30th, 2010 | No Comments

Investors eyeing Singapore REITs should avoid first-tier, large-cap plays trading on strong liquidity as their current yield premium over long-term government bonds looks artificially high, says OCBC Investment Research, according to Dow Jones.

OCBC notes REITs attractive because bond yields now at historical lows: “The market seems to be focusing on relative yields, to the point of ignoring what price-to-book valuations are saying.”

United Envirotech rated ‘buy’ by OCBC

September 29th, 2010 | No Comments

OCBC Investment Research in a Sept 28 research report says: “UEL recently announced that it has received the final nod for the listing of its TDRs in Taiwan.

United Envirotech target lifted to $0.63 by OCBC

September 28th, 2010 | No Comments

OCBC Investment Research lifts United Envirotech (U19.SG) target price to $0.63 from $0.52 to factor in higher free cashflow growth rate as some of China-based wastewater treatment firm’s newly-completed projects start contributing from October. Keeps Buy call, says Dow Jones.

OCBC expects more projects to come following recent win of RMB200 million ($39.5 million) contract to build treatment plant in Neijiang Xi Industrial Park in Sichuan province: "We view the latest development as a further endorsement of the company’s market leading position in industrial MBR (membrane bio reactor) technology as well as the optimistic prospects for the wastewater industry in China."

Shares off 2.1% at $0.465.

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Capitamall Trust rated ‘hold’ by OCBC

September 27th, 2010 | No Comments

OCBC Investment Research in a Sep 24 research report says: “CMT malls are strategically located in catchment areas (with an established or growing population), well connected to public transportation systems.

Mapletree Logistics Trust upgraded to ‘buy’ by OCBC

September 24th, 2010 | No Comments

OCBC Investment Research in a Sept 23 research report says: “MLT said it intends to acquire AW Centre, a warehouse asset in Singapore, for $18.3m through a sale and leaseback transaction.

Mapletree raised to Buy vs Hold by OCBC; Ups target

September 23rd, 2010 | No Comments

OCBC Investment Research upgrades Mapletree Logistics Trust (M44U.SG) to Buy from Hold, lifts target price to $0.90 from $0.89, says Dow Jones.

Advocates buying REITs with proven track record of taking on accretive acquisitions, competitive fund-raising exercises.

"MLT certainly falls in this category," says OCBC.

OCBC adds REIT’s 3.4% fall to $0.85 yesterday not justified as MLT’s latest $304.9 million cash call expected, with terms fairly competitive.

Exercise comprises private placement of 207.3 million new units at $0.825 each, preferential offering of 164.3 million new units at $0.815 each, with investors entitled to 2 new units for every 25 already held.

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Pacific Andes Resources +3.1%; Undervalued: OCBC

September 22nd, 2010 | No Comments

Pacific Andes Resources Development (P11.SG) +3.1% to $0.335, says Dow Jones.

"PARD is undervalued. The market is ignoring its other business," says OCBC Investment Research, which has Buy call with $0.40.

OCBC says while company’s fishing, fishmeal, fish-oil operation more lucrative than its supply chain management business, yielding 38.3% EBITDA margin in June quarter vs latter’s 8.2% margin, "we feel this huge discount is not warranted" as supply chain business is stable.

Soilbuild +12.1%; Accept delisting offer, says OCBC

September 22nd, 2010 | No Comments

Soilbuild Group (K6M.SG) +12.1% at $0.79 on strong volume, closing in on $0.80/share price offered by controlling shareholder Lim Chap Huat to take developer private, according to Dow Jones.

OCBC Investment Research suggests investors accept offer: “While we like Soilbuild’s focus on capital management and the budding stream of recurrent rental income that will support dividends, this offer presents an opportunity for shareholders to cash out of a fairly illiquid investment at reasonably attractive terms.”

Offer, made through Lim’s investment vehicle Dolphin Acquisitions, values Soilbuild at around $418 million.

Dolphin, together with other shareholders agreeing to delisting offer, now owns 73.09% of company.

Independent financial adviser will be appointed in due course to advise Soilbuild, minority shareholders.

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Noble +6.1%; Sempra buy to raise profile: OCBC

September 21st, 2010 | No Comments

Noble Group (N21.SG) +6.1% at $1.90 on optimism over earnings visibility following US$582 million ($776 million) acquisition (including debt) of Sempra Energy Solutions, says Dow Jones.

“The acquisition is expected to propel Noble to be a leading participant in the US power and gas business,” says OCBC Investment Research, which has Buy call with $1.97 target.

SIA offers $300m bonds

September 21st, 2010 | No Comments

Singapore Airlines, the world’s second-biggest airline by market value, said on Tuesday it will sell five year bonds worth $300 million.

The bonds will offer a return of 2.15%.

DBS (DBSM.SI), OCBC (OCBC.SI) and United Overseas Bank (UOBH.SI) are coordinating bookrunners for the offer.

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Singapore Tech Engineering upgraded to ‘buy’ by OCBC

September 20th, 2010 | No Comments

OCBC Investment Research in a Sep 20 research report says: “Since its 2Q10 results, we note that the group has been replenishing its orderbook via new contracts. Specifically, its electronics arm, ST Electronics, had been awarded a contract worth ~$10.9 million to provide SMART vehicle and asset tracking devices for the recovery of stolen vehicles and goods.

Posts Tagged ‘OCBC’

OCBC cuts Midas Holdings to Hold, trims target

USD/SGD to test new lows on MAS tightening – OCBC

Avi-Tech Electronics rated ‘buy’ by OCBC

Raffles Medical started at Hold by OCBC, $2.32 target

OCBC initiates â€œholdâ€ for Raffles Medical

STI +1.0%; Upside momentum may continue: OCBC

Wilmar International rated ‘buy’ by OCBC

OCBC started at Overweight by Morgan Stanley with $10.48 target

Genting up on short-covering, OCBC upgrade

Consider â€˜forgottenâ€™ Singapore REITs: OCBC

United Envirotech rated ‘buy’ by OCBC

United Envirotech target lifted to $0.63 by OCBC

Capitamall Trust rated ‘hold’ by OCBC

Mapletree Logistics Trust upgraded to ‘buy’ by OCBC

Mapletree raised to Buy vs Hold by OCBC; Ups target

Pacific Andes Resources +3.1%; Undervalued: OCBC

Soilbuild +12.1%; Accept delisting offer, says OCBC

Noble +6.1%; Sempra buy to raise profile: OCBC

SIA offers $300m bonds

Singapore Tech Engineering upgraded to ‘buy’ by OCBC

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