HSBC upgrades Olam International (O32.SG) to Overweight from Neutral, and keeps its target at $3.63. The house says Olam’s acquisition of Britannia Food Ingredients and its logistics business for around US$50 million ($63.9 million) will enhance Olam’s presence in the entire cocoa supply chain by including processed cocoa products.
Posts Tagged ‘target’
CIMB starts Mewah at Outperform; $1.41 target
February 1st, 2011 |
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CIMB initiates Mewah International (MV4.SG) at Outperform with a $1.41 target price. The house says Mewah is the second largest palm-oil refiner by capacity in Malaysia, the sixth largest globally and the owner of a stable of brands.
“We’re bullish on its growth prospects from capacity and margin expansion, with earnings upside from acquisitions. Our target price of $1.41 is based on 13X CY12 P/E, a 10% discount to the plantation sector average to factor in its slimmer margins.”
Credit Suisse raises Olam target to $4.20; Keeps outperform
February 1st, 2011 |
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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).
DBS Vickers raises Olam’s target to $3.70
January 28th, 2011 |
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DBS Vickers raises Olam International’s (O32.SG) target to $3.70 from $3.60, and reiterates its Buy call on the back of higher commodity prices and expected earnings from recent acquisitions.
“We reiterate our Buy call on the stock for 19% upside to our revised target price. With earnings growth momentum intact from acquisitions, and diversified portfolio and geographic locations, we believe Olam remains undervalued. Strong 2Q11 and 3Q11 earnings should provide catalysts for share price appreciation,” DBS Vickers says.
Olam is down 0.6% at $3.09.
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Deutsche reinstates SATS at Buy; $3.80 target
January 28th, 2011 |
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Deutsche Bank reinstates SATS’ (S58.SG) Buy rating with a $3.80 target price saying the company is well-positioned for long-term structural growth.
“We like SATS given its strong market positions in both the aviation and food solutions sectors. We think (recent Japanese acquisition) TFK is value-accretive and estimate it adds 6% to our SATS valuation.”
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.”
Goldman Sachs nudges up Mapletree Indus target, estimates
January 26th, 2011 |
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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.”
Bank of America-Merrill Lynch starts GMG Global at Buy; $0.50 target
January 26th, 2011 |
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Bank of America-Merrill Lynch starts GMG Global (5IM.SG) at Buy with a $0.50 target.
The house says the stock offers a 75% potential upside and new target price implies FY2011 price earnings of 15.5X. “Rubber is the new black” and that GMG is the “world’s pure rubber play,” the house says.
Daiwa cuts SIA target to $17, keeps "outperform"
January 26th, 2011 |
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Daiwa has lowered its target price for Singapore Airlines (SIA)(SIAL.SI) to $17.00 from $18.08 and kept its “outperform” rating.
Daiwa has lowered its earnings forecast for SIA by 6-17% for fiscal years 2011-2013 to account for higher jet-fuel prices and to include cargo price-fixing penalties.
Macquarie ups Keppel Land target to $4.81
January 25th, 2011 |
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Macquarie has raised its target price for Keppel Land (KLAN.SI), Singapore’s third-largest property developer, to $4.81 from $4.43 and kept its “neutral” rating.
Macquarie said Keppel Land’s core earnings for 2010 was $273.2 million, which were driven by residential projects in Singapore and China.
Deutsche Bank raises Keppel Land target to $5.08
January 25th, 2011 |
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Deutsche Bank raises Keppel Land (K17.SG) target price to $5.08 from $5.00 pegged to parity to RNAV and reflecting mark-to-market of KREIT (K71U.SG), higher-than-expected gain from the MFBC divestment, a higher-than-expected ASP for Lakefront and surplus on Nantong.
CIMB starts Q&M Dental at Buy; $0.83 target
January 24th, 2011 |
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CIMB initiates Q&M Dental (JW8.SG) at Buy with a $0.83 SOTP-based target price. “Q&M offers investors value at 15X CY12 P/E (cheaper than peers) against our 3-year core earnings CAGR forecast of 30%. We like it for its strong recurring earnings in the domestic market and international expansion plans.”
UBS ups M1 target to $2.48, keeps at Neutral
January 21st, 2011 |
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UBS raises M1’s (B2F.SG) target to $2.48 from $2.17, and keeps its Neutral rating. It says 4Q10 results were in line with expectations, with operating profit at $47 million, and net profit at $38 million.
“While revenue was higher than expected due to higher handset sales, this was offset by matching handset cost.” The house tips a 6.0% net profit growth in 2011 versus 2010.
HSBC starts Sabana at Overweight, $1.12 target
January 21st, 2011 |
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HSBC starts Sabana Shari’ah Compliant REIT (M1GU.SG) at Overweight with a $1.12 target price; house likes Singapore’s first Shari’ah compliant REIT for its steady income profile and current pricing: “While we project flattish DPU over the next three years (distribution yield: 8.2%), we note that Sabana is trading at a 10% discount to our diluted FY11 NAV of $1.11 and at a 12% discount to our DDM valuation of $1.14, suggesting valuations are attractive.”
Phillip ups target price for Cosco Corp to $2.68
January 21st, 2011 |
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Phillip Securities has raised its target price for Singapore-listed shipbuilder Cosco Corp (COSC.SI) to $2.68 from $2.32 and maintained its “buy” rating.
According to DBS Vickers, Cosco Corp could benefit from the restructuring of its parent Cosco Group, which may inject two of its shipbuilding assets into the Singapore-listed unit.
JP Morgan raises DBS target to $24 from $18
January 19th, 2011 |
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JP Morgan raised its target price for DBS Group (DBSM.SI) to $24 from $18 and kept its overweight rating.
JP Morgan said it expects the bank’s low return on equity to reverse over the next three years and rise to 14% in 2013, from 9% in 2009.
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.
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.