Credit Suisse raises Olam (O32.SG) target price to $4.20 from $4.10 and reiterates its Outperform rating after the company said it will acquire 100% in BFI, a U.K.-based cocoa butter and specialty fats supplier, and BSD, a logistics services provider, for combined GBP33.5 million ($63.9 million).
Posts Tagged ‘suisse’
Credit Suisse reiterates Genting at Outperform; $2.65 target
January 28th, 2011 |
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Credit Suisse says it likes Genting Singapore (G13.SG) as a high beta and liquid proxy for the Singapore tourism sector. Cites “burgeoning tourist arrivals (projects 16% growth for 2011), positive GDP growth for Singapore and neighbouring Asian economies in 2011-12E and an active stock market.”
Credit Suisse Int selling up to $149m stake in OUE-IFR
January 18th, 2011 |
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Credit Suisse International is selling up to a US$116 million ($149 million) stake in Singapore hotel operator Overseas Union Enterprise (OVES.SI), IFR reported on Tuesday.
The shares are being offered at a range of $3.35-$3.50 each, a 2.2-6.4% discount to its last traded price. Credit Suisse (CSGN.VX) is the sole bookrunner.
The offer is being made in connection with a hedge that Credit Suisse International is implementing for a financing it had entered into with Golden Conchord Asia, which owns a 15.9% stake in OUE, the report added.
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Credit Suisse downgrades Ascendas REIT to Neutral
January 18th, 2011 |
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Credit Suisse downgrades Ascendas REIT (A17U.SG) to Neutral from Outperform with 7.0% upside to its $2.33 target. It says the REIT’s 3Q11 DPU of 3.29 cents (+0.6% on-year, flat on-quarter), brings 9M11 DPU to 9.96 cents (down 4.0% on-year), 73% of its FY11 estimate.
Credit Suisse raises Keppel, Sembcorp Marine targets
January 14th, 2011 |
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Credit Suisse raises Keppel Corp’s (BN4.SG) target to $13.50 vs $12.10 and Sembcorp Marine (S51.SG) target to $6.20 vs S$5.80 as the brokerage remains Overweight on the offshore & marine sector.
It says market trends indicate that a new rig replacement cycle is possible and that newer generation rigs are increasingly required to enable conversion of more challenging reservoirs.
Credit Suisse ups Yangzijiang target to $2.40; tips as cheap
January 11th, 2011 |
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Credit Suisse raises Yangzijiang Shipbuilding (BS6.SG) target to $2.40 from $2.20 on 14X 2011E P/E, in line with the sector and keeps an Outperform call.
“The market is underestimating Yangzijiang’s growth potential…despite rising 63% in 2010, Yangzijiang should continue to outperform the market…as order intake grows strongly in 2011 and margins remain resilient.”
Tiger +1.1%; Strong numbers but stock expensive: Credit Suisse
January 11th, 2011 |
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Tiger Airways (J7X.SG) is +1.1% at $1.82, in average volume of 939,000 shares so far, as the airline’s solid December operating data fail to generate much excitement.
The carrier reported it flew 555,000 passengers in December, +22% on-year, +19.6% on-month, at an average load factor of 91%, +1 percentage point on-year.
Credit Suisse rates Asia container shipping sector Overweight; Likes NOL
January 4th, 2011 |
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Credit Suisse keeps the Asia container shipping sector at Overweight, noting China outbound freight rate and utilisation on major trades rebounded last week after weeks of decline, with cargo volumes starting to recover ahead of the Lunar New Year holiday.
The house also notes leading indicators such as the US ISM and China PMI new export orders for December continued to expand on-month and it views as suggesting decent Asian exports in the next few months, while the latest US and European consumer sentiment and retail data also point toward an improving demand outlook.
Credit Suisse tips 16% upside for STI in 2011
January 4th, 2011 |
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Credit Suisse says Singapore’s stock market delivered an average performance in 2010, but tips more absolute upside ahead.
The house notes Singapore MSCI +18% in USD terms in 2010, in line with the region’s +17% in USD. The house says the recent improvement in many manufacturing PMIs globally supports its view global growth will pick up in coming months.
Ascott Residence Trust started at Neutral by Credit Suisse
December 13th, 2010 |
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Credit Suisse starts Ascott Residence Trust (A68U.SG) at Neutral with a $1.30 target price. Says the hospitality REIT’s earnings have become more stable after its recent acquisition of 26 serviced apartments in Europe, with 47% of its EBITDA now derived from stable income vs 4% previously.
Credit Suisse ups Singapore 2011 GDP growth forecast to 4.7%
December 10th, 2010 |
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Credit Suisse raises its Singapore 2011 real GDP growth forecast to 4.7% from 4.2%, reflecting a more positive global outlook for 2011.
“The more positive global economic growth outlook (especially for the G3 economies) augurs well for Singapore.”
While strategist Sakthi Siva is Underweight Singapore (mainly due to valuations), she prefers export-oriented markets that will benefit from the recovery in global industrial production over domestic defensives. She says sectors that would benefit from the recovery in global IP include capital goods, transport and commodity names.
Price momentum may be key factor in 2011: Credit Suisse
December 9th, 2010 |
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Credit Suisse says investors will start to believe in an earnings recovery in 2011 if the year turns out to be like 2005, with a recovery of industrial production momentum and return of confidence.
It would also mean “that stocks that have been winners tend to continue to do well and that is captured by the Price Momentum indicator,” says quant strategist Jahanzeb Naseer.
Credit Suisse tips Singapore 4Q GDP +10.5% on-quarter
December 9th, 2010 |
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Singapore’s 4Q GDP is likely to rebound 10.5% on-quarter, seasonally-adjusted, annualized vs 18.7% contraction in 3Q; 2010 GDP likely +15.2% on-year, above government expectations, Credit Suisse says in a report.
Adds, “government revenues are likely to come in much higher than expected, thanks in part to the surge in betting revenues from the two new casinos, stamp duties from property transactions, and higher goods and services tax revenues from the rebound in retail sales.”
Credit Suisse raises ARA Asset Management target to $1.74
December 8th, 2010 |
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Credit Suisse lifts ARA Asset Management (D1R.SG) target to $1.74 from $1.18 after increasing FY10-FY12 EPS estimates by 10%-25% to account for higher acquisition fees and a larger asset portfolio.
Credit Suisse tips firm Singapore construction demand in 2011
December 6th, 2010 |
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Credit Suisse expects Singapore construction sector demand to remain firm in 2011, likely at higher-end of Building & Construction Authority’s $21–$27 billion forecast.
“We see public sector demand driven by housing projects and civil engineering works, with the latter supported by the rescheduling of previously unawarded Downtown Line 3 contracts.”
Singapore bank stocks lack catalysts in 2011: Credit Suisse
December 3rd, 2010 |
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Current valuations of Singapore bank stocks attractive but catalysts absent with net interest margins expected to remain under pressure next year as Sibor continues to linger near historical lows, says Credit Suisse.
Expects Singapore’s slower economic growth in 2011 to moderate loan expansion, although fee income could show “decent” performance on back of improved capital market conditions, but operating costs should remain under pressure as banks back in investment mode.
Credit Suisse tips Singapore containers, airlines vs dry bulk
November 30th, 2010 |
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Credit Suisse says Singapore transportation sector has generally benefited from V-shaped demand recovery in 2010; based on leading indicators, house expectations of decent global economic growth, “we continue to expect positive trade volume and passenger movement in this region in 2011.”
Bullish global view augurs well for Singapore: Credit Suisse
November 26th, 2010 |
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Credit Suisse says relatively bullish view on global economy augurs well for Singapore, which highly dependant on global economic growth. Expects 2010 global GDP +4.7%, 2011E +4.4%.
Following slowdown in 2H10, expects expansion pace to pick up again early 2011. Key 2011 Singapore themes include more aggressive capital management, another strong year for tourism.
Improved ROE for Singapore market in 2011-12: Credit Suisse
November 26th, 2010 |
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Return on equity for Singapore market forecast to increase to 12.7% in 2011, 13.1% in 2012 from 11.5% this year, but could rise further if companies become more aggressive in managing capital, says Credit Suisse.
“We expect Singapore companies to revisit capital management activities in 2011, as confidence recovers further and their cash positions continue to pile up.”
Overseas Union Enterprise target raised to $4.20 by Credit Suisse
November 26th, 2010 |
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Credit Suisse lifts Overseas Union Enterprise (LJ3.SG) target to $4.20 vs $3.61 after reducing discount-to-RNAV forecast to 10% vs 15%.
Change reflects property group’s improved trading liquidity, smaller discounts-to-book value estimates at which peers are now trading.