Goldman Sachs says Mapletree Industrial Trust’s (ME8U.SG) 3Q DPU of 1.52 cents (core DPU of 1.46 cents) was 4.0% above its estimate, “driven by higher occupancy and disciplined cost controls.”
Posts Tagged ‘sachs’
Facebook Worth $50B After Goldman Sachs Investment
January 22nd, 2011 |
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Facebook Jan. 21 grabbed $1.5 billion in funding from Goldman Sachs and Digital Sky Technologies, stoking the social networking for gritty competition vs. Google in 2011. – Facebook said
Jan. 21 it has raised $1.5 billion in funding from Goldman Sachs and Digital
Sky Technologies, which brings the social-networking companys value to $50
billion.
Goldman Sachs
clients overseas invested $1 billion in Facebook Class A common stock
in a funding round that closed Ja…
Offshore view solid, even if PBR drops package – Goldman Sachs
January 12th, 2011 |
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Goldman Sachs, citing an article Tuesday in offshore & marine industry journal Upstream, says Petrobras (PBR) may cancel the two rig package within its giant tender, due to higher-than-expected prices, in which Keppel (BN4.SG) is widely considered a frontrunner.
GS says the news “may appear slightly negative for Keppel, but this does not impact our estimates as we have not factored in any PBR-related order wins for Keppel.”
Goldman Sachs raises Keppel to Buy; targets $13.00
January 6th, 2011 |
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Goldman Sachs upgrades Keppel Corp (BN4.SG) to Buy from Neutral, raises its target to $13.00 from $11.00; “we expect KEP to deliver the largest increase in CROCI through 2013E within our O&M coverage universe, as its leading Singapore yard status makes it the best-placed to benefit from this upturn.”
SIA target raised by Goldman Sachs; More sanguine cargo outlook
December 21st, 2010 |
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Goldman Sachs downgrades the Asian airline sector to Neutral from Attractive following the sector’s outperformance in 2H 2010.
“Our downgrade is underpinned by three key reasons: (1) slower traffic growth momentum expected; (2) rising unit costs to result in margin pressure; and (3) sector appears fairly valued.”
Says investors should be selective in 2011, prefers Buy-rated Cathay Pacific (0293.HK), Singapore Airlines (C6L.SG), and CEA H- (0670.HK) and A-shares (600115.SH).
Intel, Microsoft Hurt by Late Response to Tablets: Goldman Sachs
December 15th, 2010 |
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Sales of tablets will continue to skyrocket over the next few years, but most of them will be based on ARM chips, Android and Apple’s iOS, not Intel and Microsoft, Goldman Sachs says. – The booming tablet PC market could prove to be an increasingly larger challenge
for both Intel and Microsoft, according to an analyst at Goldman Sachs.
In
a research note released Dec. 13, Goldman Sachs analyst Bill Shope noted that
while the tablet market reinvigorated by Apple’s release earlie…
DBS +0.9%; HK prospects overlooked – Goldman Sachs
November 25th, 2010 |
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DBS Group Holdings (D05.SG) +0.9% at $13.82 after losing streak over last 4 sessions, which pushed price to 3-month low yesterday, with recent broad market weakness compounding underlying concerns over bank’s continued margin pressure amid soft Sibor.
“We think investors may have been overly focused on DBS’ domestic performance, that its improving Hong Kong operations have been overlooked,” says Goldman Sachs, which has Buy call with $16.90 target.
Cites HK’s role as offshore CNY settlement center as promising for DBS, which has opened more than 1,000 offshore CNY accounts in past 2-3 months, while pick-up in wealth management activity in HK also bodes well for lender’s fee income. Current gains not accompanied by firm volume, while pullback from early $13.94 peak suggests prices unlikely to head much higher.
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Singtel raised to $3.67 by Goldman Sachs, reiterates Buy
November 24th, 2010 |
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Goldman Sachs raises SingTel’s (Z74.SG) target price to $3.67 from $3.53 for 18% potential return, after it upgrades associate Bharti Airtel (532454.BY) to Buy, ups its target by 25% to INR430.
Also revises SingTel’s EPS estimates for FY11, FY12, FY13 by minus 1.5%, +2.4%, +2.9%. Notes “with SingTel effectively holding 32% of Bharti’s shares, our Bharti upgrade is material to the company’s valuation.”
Adds, Bharti upgrade due to changes in regulatory environment in India, which will favor market leader.
Notes on revised SOTP, SingTel’s investment in Bharti worth $0.94/share, accounts for 26% of valuation, India/Africa now emerges as 2nd largest component of SingTel’s home market valuation.
Adds, key risks include re-farming of India’s 900 Mhz spectrum, creating greater competition for Bharti, also pay TV growth which struggling to gain traction, high content cost of BPL which hurting Singapore profitability.
Shares last +0.3% at $3.08.
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Mapletree Industrial Trust started at Neutral by Goldman Sachs
November 22nd, 2010 |
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Goldman Sachs starts Mapletree Industrial Trust (ME8U.SG) at Neutral with $1.12 target price. Expects Singapore-focused REIT to deliver sector-leading organic DPU CAGR of 9.5% over FY10-12, but says this already reflected in current price. Says MIT will benefit from Singapore’s stable economic growth, with 44% of its income derived from multinational companies, listed firms, 56% from SMEs, which form backbone of economy “and have shown resilience in the past as a source of rental income.” Says portfolio under-rented, at average 21% below market average, which offers ample opportunities for organic growth over FY10-12. REIT flat at $1.10.
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Goldman Sachs cuts City Developments to Neutral
November 19th, 2010 |
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Goldman Sachs cuts City Developments (C09.SG) to Neutral from Buy, raises target to $13.80 from $13.20; says asset sales a bright spot but now at tail end; following recent outperformance, upside looks limited.
Stock now trading at 15% discount to NAV vs mid-cycle 22%, on P/B, stock at 1.7X vs historical median of 1.6X (5 years), 1.7X (20 years).
Goldman Sachs starts F&N at Neutral; positives priced in
November 19th, 2010 |
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Goldman Sachs starts Fraser & Neave (F99.SG) at Neutral with $6.54 target; says differentiated mix, restructuring taking shape but now priced in.
“F&N’s unique pairing of Property and F&B enables the group to enjoy outsized development profits in an upcycle and find shelter in stable F&B income in a softer property market.”
Deka buys $545.5m Chevron House from Goldman Sachs
November 16th, 2010 |
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Germany’s Deka Immobilien has bought a Singapore office tower for about US$420 million ($545.5 million), broker Savills said on Tuesday, in a deal that crystallises a hefty loss on the price paid by owner Goldman Sachs (GS.N) in 2007.
“The transaction reflects a 30% discount from the peak pricing of 2007 and prime rental levels remain approximately 50% below their peak in 2007,” said Craig Ward, a director at global consultant Savills (SVS.L), which advised fund manager Deka.
Focus on SingTel’s Singapore ops post NBN – Goldman Sachs
November 10th, 2010 |
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Goldman Sachs says focus in SingTel’s (Z74.SG) 2Q11 results will be on performance of SingTel’s Singapore, Australian businesses, as key associates have reported September-quarter results (Bharti Airtel today reported 27% on-year drop in 2Q net profit); tips 2Q net profit at $934 million.
Says, Singapore currently tracking ahead of guidance with 1Q11 sales +9.9% (vs guidance of mid-single-digit growth), EBITDA +2.7% (vs guidance of low- to mid-single-digit decline).
Keppel Land convertible bond issue positive – Goldman Sachs
November 9th, 2010 |
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Goldman Sachs views Keppel Land’s (K17.SG) $500 million convertible bond issue positively, “as the substantial conversion premium minimizes near-term dilution and will not be an overhang.”
Sees upside potential from new leg of growth after developer has enjoyed near market dominance in Singapore Grade-A office. If fully converted, notes full dilution impact of today’s issue and 2006’s $300 million convertible bond issue would be 8.8%; post issuance, completion of MBFC Phase 1 transaction, net gearing would be 0.5%.
SingTel raised to Buy by Goldman Sachs; $3.47 target
November 8th, 2010 |
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Goldman Sachs upgrades SingTel (Z74.SG) to Buy vs Neutral, lifts sum-of-parts target to $3.47 vs $3.10 to reflect pick-up in pay-TV growth, improving Optus business.
Also, “in Singapore, the English Premier League is integral to pay-TV and represents an opportunity for SingTel to gain scale in a potentially growing market, and we believe the National Broadband Network issue in Singapore is unlikely to disrupt the competitive balance,” says Goldman Sachs.
Research house notes Optus has done well in last two years, clawing back market share in mobile segment, boosting mobile EBITDA for first time in five years. Expects SingTel to announce special dividend this year or pay out entire profit as dividends.
Shares +1.2% at $3.25.
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Starhub cut to Sell by Goldman Sachs; Ups target
November 8th, 2010 |
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Goldman Sachs downgrades Starhub (CC3.SG) to Sell vs Neutral due to rich valuation of 14.6x FY11 P/E, risk to earnings growth, saying: “Momentum is against the company across pay TV, broadband and mobile (businesses).”
Goldman expects SingTel (Z74.SG) to grab pay-TV market share, capture more broadband customers using Singapore’s national broadband network.
Research house says investors will wait for signs of Starhub’s operational stability before being convinced that consensus 15% EPS growth forecast for FY11 can be attained. Still, lifts target price to $2.30 vs $2.15 after rolling over valuation period to FY11. Shares down 1.5% at $2.72.
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Jardine C&C, Astra targets raised by Goldman Sachs
September 27th, 2010 |
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Goldman Sachs raises Jardine Cycle & Carriage (C07.SG) target price to $40.00 from $38.00 after raising target for Indonesian unit Astra International (ASII.JK) to IDR49,000 ($7.2) from IDR45,500, says Dow Jones.
Change for Astra follows roll-over of NAV estimate to 2011 basis. Keeps both stocks at Neutral on valuation grounds but prefers Jardine C&C over Astra as cheaper option. Says motorcycle sales in Indonesia remain robust, driven by strong consumer credit, lower lending rates, increased consumer confidence, although car sales less robust.
Jardine C&C +2.7% at $39.08.
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DBS raised to Buy by Goldman Sachs with $16.90 target
September 1st, 2010 |
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Goldman Sachs upgrades DBS (D05.SG) to Buy from Neutral; “as the only Singapore bank trading below ex-growth valuations, DBS provides a buying opportunity in our view,” says Dow Jones.
Goldman Sachs expects DBS to deliver highest earnings CAGR, accelerating ROE among Singapore banks over FY10-12, driven by strong loan book growth, potentially lower provisions.
Straits Asia flat; Reserve upgrade below view: Goldman Sachs
August 20th, 2010 |
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Straits Asia Resources (AJ1.SG) last flat at $2.13, off $2.16 earlier high, failing to build on initial momentum fuelled by news of Indonesia-based coal miner’s increased coal reserves at its Jembayan mine, says Dow Jones.
While latest coal reserves +21% from end December, Goldman Sachs, which has Sell call with $1.90 target, says increase smaller than expected given substantial rise in drilling activity.
Genting Singapore +8.2%; Hard to repeat 2Q10: Goldman Sachs
August 16th, 2010 |
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Genting Singapore (G13.SG) +8.2% at $1.58, extending Friday’s 14.1% rally, as players remain hopeful of earnings prospects, market share in Singapore after gaming group returned to profitability in 2Q10 with $396.5 million earnings, triggering slew of broker upgrades last week, says Dow Jones.
Volume less than half of Friday’s 682.8 million shares but still robust, making Genting most active stock in Singapore. Orderbook quotes suggest shares may test $1.60. While most analysts bullish, some still cautious, noting strong performance in 2Q10 unlikely to be repeated.