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Noble Group target to $2.25 from $2.50 by Macquarie

August 11th, 2010 | No Comments

Macquarie Research cuts Noble Group (N21.SG) target price to $2.25 from $2.50, maintains recommendation at Outperform, according to Dow Jones.

Macquarie trims FY 2010 profit estimate by 12% to reflect 5.0% fall in overall volume assumptions on difficulties in soy crushing, ores and steel and higher expenses in energy unit.

Research house says: “Noble lacks near-term catalysts and enhanced earnings contributions from its large portfolio of assets should be the next catalyst for FY11.” 2Q results due Thursday.

Share price last down 0.6% at $1.64.

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UOB cut to Hold from Buy by Phillip Securities

August 11th, 2010 | No Comments

Phillip Securities downgrades UOB (U11.SG) to Hold from Buy, cuts target price to $20.12 vs $23.00 after broker moderates its expected premium on stock to 1.7x P/B vs 1.94x previously.

“Though earnings are largely within our expectations, and UOB financials are stronger than the two local banks, we are reducing the premium for UOB as we find the bank unable to perform exceedingly better than its peers to command this premium,” Phillip says.

Broker notes UOB yesterday reported 2Q10 net profit of $602 million, +27.9% on year, driven by lower bad debt charges rather than improvement in margins or non-interest income. Stock down 0.9% at $19.12.

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Fuxing China started at Buy by DMG with $0.255 target

August 10th, 2010 | No Comments

DMG starts Fuxing China Group (DC9.SG) at Buy with $0.255 target price, based on 6.0x P/E. Says zipper maker severely undervalued with stock trading at 5.3% discount to net cash position, despite stronger balance sheet vs industry average, says Dow Jones.

Bullish on outlook as China seeks to increase consumers’ purchasing power, while company rolls out more initiatives to boost earnings, including boosting R&D to raise margins. Notes China’s zipper market highly fragmented with more than 2,000 local players.

Otto Marine cut to Hold vs Buy by Phillip Securities

August 10th, 2010 | No Comments

Phillip Securities downgrades Otto Marine (G4F.SG) to Hold from Buy, cuts target price to $0.40 from $0.58 based on 1.40x P/B vs 1.95x previously, according to Dow Jones.

Phillip says company’s chartering, specialised offshore services businesses expected to continue growing for next 3 years, but chartering rates may decrease as new vessels enter market.

Renewable Energy Asia started at Buy by Phillip Securities

August 10th, 2010 | No Comments

Phillip Securities has started Renewable Energy Asia (5DW.SG) at Buy with $0.49 sum-of-parts target price, says Dow Jones.

Phillip Securities expects China-based builder of wind farms to benefit from country’s robust energy demand, aided by Beijing’s favorable policies to support development of wind energy sector.

Mapletree Logistics started at Equalweight by Morgan Stanley

August 10th, 2010 | No Comments

Morgan Stanley has started Mapletree Logistics Trust (M44U.SG) at Equalweight with $0.90 target price, according to Dow Jones.

Morgan Stanley says REIT fully valued at 1.0x P/B, 7.1% DPU yield; “the positive organic growth outlook is largely in the price.”

Research house thinks recent purchase of $200 million worth of properties in Japan positive, but expects future acquisition growth to be capped with gearing at 44%, just below MLT’s 45% gearing target.

CapitaLand cut to Neutral by CIMB; with $4.11 target

August 5th, 2010 | No Comments

CIMB downgrades CapitaLand (C31.SG) to Neutral from Outperform, trims target price to $4.11 from $4.39, pegged at parity-to-RNAV vs 10% premium previously, to reflect lower valuations for CapitaMalls Asia (JS8.SG), its REITs, says Dow Jones.

“A tighter valuation discount gap vs its China-listed peers and a much more competitive landscape for acquisitions make for a less compelling investment case,” says CIMB.

ST Engineering cut to Outperform from Buy by CLSA

August 4th, 2010 | No Comments

CLSA downgrades ST Engineering (S63.SG) to Outperform from Buy on limited upside to its unchanged $3.67 target price, says Dow Jones. But remains upbeat on prospects.

“The outlook for aerospace in particular appears sanguine for the remainder of FY10 as well as for FY11, a fact supported by a sharp decline in provisioning relative to operating earnings,” says CLSA.

Frasers Commercial cut to Hold by Phillip Securities

July 30th, 2010 | No Comments

Phillip Securities downgrades Frasers Commercial Trust (A48U.SG) to Hold from Buy, trims target price to $0.17 from $0.18 after lowering FY10 DPU estimate by 11% to reflect higher costs, according to Dow Jones.

Phillip Securities says, “We tweaked some of our expenses assumptions as we had been overly conservative in estimating the non-core expenses.” Cites divestment of Cosmo Plaza in Japan and 39.0% stake in Australian Wholesale Property Fund, as well as lowering of debt, as catalysts for REIT.

According to latest financial statement, trust expenses in June quarter +8.0% on-year at $11.1 million due to higher management fees, while property operating expenses +9.0% at $18.8 million. REIT flat at $0.150.

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Genting Singapore target raised by 23.6% to $1.52 by UBS

July 30th, 2010 | No Comments

UBS raises Genting Singapore (G13.SG) target price to $1.52 from $1.23 after increasing 2011 EBITDA estimate by 18% to S$1.2 billion to assume higher margins. Keeps Buy call, says Dow Jones.

UBS days rival Las Vegas Sands’ (LVS) 2Q10 EBITDA margin of 44% confirms “the exceptionally high level of profitability that can be achieved at the Singapore integrated resorts”.

CDL Hospitality Trusts raised to Outperform by Daiwa

July 30th, 2010 | No Comments

Daiwa upgrades CDL Hospitality Trusts (J85.SG) to Outperform from Underperform, increases target price to $2.30 from $1.50 on REIT’s acquisition potential, says Dow Jones.

“We have upgraded CDL Hospitality Trusts…not for the Singapore hotel recovery story, but for the acquisition potential,” Daiwa says in note, adds, “we estimate CDL Hospitality can acquire comfortably about $500 million of assets through the issue of debt, and believe the acquisition would be highly DPU accretive.”

Raises FY11, FY12 DPU forecasts by 25% each. Stock off 1% at $2.03.

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Mapletree Logistics cut to Outperform by CLSA

July 27th, 2010 | No Comments

CLSA downgrades Mapletree Logistics Trust (M44U.SG) to Outperform from Buy, citing rich valuations, according to Dow Jones.

CLSA keeps target price at $0.92. Flags acquisitions from sponsor Mapletree Investment as potential price catalyst: “Malaysia acquisitions from Mapletree Investment (are) most likely in our view.”

Research house says slight fall in occupancy level to 97% in 2Q10 from 98% in 1Q10 not major concern as decline due to Mapletree replacing some of its assets for single-tenant use with assets for multi-tenant use, which commands higher yields.

REIT off 0.6% at $0.88.

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Mapletree Logistics cut to Outperform by CLSA

July 27th, 2010 | No Comments

CLSA downgrades Mapletree Logistics Trust (M44U.SG) to Outperform from Buy, citing rich valuations, according to Dow Jones. Keeps target price at $0.92.

CLSA flags acquisitions from sponsor Mapletree Investment as potential price catalyst: “Malaysia acquisitions from Mapletree Investment (are) most likely in our view.”

REIT off 0.6% at $0.88.

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Suntec REIT raised to Neutral vs Underweight by JPMorgan

July 26th, 2010 | No Comments

JPMorgan upgrades Suntec REIT (T82U.SG) to Neutral from Underweight, increases target price to $1.40 from $1.25 after raising FY10-13 DPU estimates by 8%-14%, says Dow Jones.

“Given Suntec’s portfolio is not in the traditional grade-A space and has more exposure toward smaller tenants — those in the resources, shipping and legal services sectors — we see less pressure for their 2011 rental renewals,” says JPMorgan.

The research house expects 2011 to be challenging year for Singapore office sector as more than 850,000 sq ft of grade-A space will be vacated, while another 2.1 million sq ft of new supply remains uncommitted. REIT +0.7% at $1.45.

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Cosco Corp raised to Buy by Kim Eng from Hold

July 23rd, 2010 | No Comments

Kim Eng has raised Cosco Corp. (F83.SG) to Buy from Hold, raises target price to $2.10 vs $1.44 following announcement of US$500 million ($687 million) deepwater drillship order from Dalian Deepwater Development, says Dow Jones.

Kim Eng says “aided by Chinese financing, we believe Cosco is in an excellent position to grab a slice of the resurgent offshore market,” it expects more offshore wins for Cosco.

Broker notes, design complexity of current order from Dalian Deepwater provides some cause for concern but sees some comfort in fact design responsibility “rests entirely with the client”.

Stock last +0.6% to $1.62, outperforming modest market gains.

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Genting Singapore downgraded to Outperform by CLSA

July 20th, 2010 | No Comments

CLSA lifts Genting Singapore (G13.SG) target price to $1.30 from $1.20, based on 13x EV/EBITDA, according to Dow Jones.

Expects FY11 EBITDA growth of 39%, underpinned by robust tourist arrivals to Singapore.

Still, downgrades to Outperform from Buy on limited upside to new target from current levels: “We see the stock as close to fully valued.”

Sembcorp started at Buy by Phillip Securities

July 20th, 2010 | No Comments

Phillip Securities initiates coverage of Sembcorp Industries (U96.SG) with Buy rating as broker believes that company can achieve stable growth in revenue, net profit for at least next three years, says Dow Jones.

Phillip Securities sets target price at $5.10 for conglormerate involved in marine, utilities, environment, industrial parks.

M1 target lifted to $2.50 from $2.26 by Macquarie

July 16th, 2010 | No Comments

Macquarie Research raises M1 (B2F.SG) 12-month target price to $2.50 from $2.26, maintains Outperform rating following telco’s 2Q results, according to Dow Jones.

M1 raised to Outperform from Neutral by CIMB

July 16th, 2010 | No Comments

CIMB raises M1 Ltd (B2F.SG) to Outperform from Neutral, keeps target price at S$2.26, following 2Q results, according to Dow Jones.

CIMB expects share price catalysts from possible capital management initiatives. Notes while M1 still cautious about world economy, telco likely to revisit need to issue special dividend next quarter.

SC Global target cut to $1.90 from $2.26 by DMG

July 15th, 2010 | No Comments

DMG cuts SC Global (D2S.SG) target price to $1.90 from $2.26, pegged at 20% discount to end-FY11 RNAV, to reflect lower trading liquidity, smaller market cap, according to Dow Jones.

Posts Tagged ‘target price’

UOB cut to Hold from Buy by Phillip Securities

Fuxing China started at Buy by DMG with $0.255 target

Otto Marine cut to Hold vs Buy by Phillip Securities

Renewable Energy Asia started at Buy by Phillip Securities

Mapletree Logistics started at Equalweight by Morgan Stanley

CapitaLand cut to Neutral by CIMB; with $4.11 target

ST Engineering cut to Outperform from Buy by CLSA

Frasers Commercial cut to Hold by Phillip Securities

Genting Singapore target raised by 23.6% to $1.52 by UBS

CDL Hospitality Trusts raised to Outperform by Daiwa

Mapletree Logistics cut to Outperform by CLSA

Mapletree Logistics cut to Outperform by CLSA

Suntec REIT raised to Neutral vs Underweight by JPMorgan

Cosco Corp raised to Buy by Kim Eng from Hold

Genting Singapore downgraded to Outperform by CLSA

Sembcorp started at Buy by Phillip Securities

M1 target lifted to $2.50 from $2.26 by Macquarie

M1 raised to Outperform from Neutral by CIMB

SC Global target cut to $1.90 from $2.26 by DMG

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