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Posts Tagged ‘target’

Keppel Land target raised to $5.50 by Nomura; Keeps Buy

November 24th, 2010 | No Comments

Nomura lifts Keppel Land (K17.SG) target price to $5.50 from $5.10 after raising NAV estimate by 7.8% to reflect potential gains from developer’s Tianjin Eco City project in China.

New target translates to 2.0x FY11 P/B vs stock’s mid-cycle 1.4x P/B valuation; “we believe the stock’s significant exposure to prime Grade-A office (space), which we are most bullish on, justifies the premium over the mid-cycle valuation.”

Notes company has sold more than 90% of 220 units launched at Tianjin Eco City’s Seasons Park residential project at average price of RMB11,000/sq m vs RMB9,000/sq m tipped by house; “following the strong response to Seasons Park’s soft launch, we expect Keppel Land to launch more units for sale.”

Keeps Buy call. Shares flat at $4.61.

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SIA target raised to $19.50 from $16.50 by UBS

November 24th, 2010 | No Comments

UBS raises Singapore Airlines (C6L.SG) target price to $19.50 from $16.50 based on target P/BV of 1.57x, keeps Buy call.

Says SIA share price has underperformed Asian peers, +7% year-to-date vs +11%, +60% in MSCI AxJ Index, Cathay Pacific’s (0293.HK) share price, respectively.

Notes, stock trading at 10x FY12E EPS, 4x EV/EBITDA, 1.2x FY12E book value, discount to mid-cycle, peer valuations, and 5% dividend yield.

“SIA has been recovering at a slower pace in this cycle. This was likely due to its modest capacity growth and fleet reconfiguration, smaller exposure to north Asia, and competition from low cost and Gulf carriers. However, we think its business model remains solid and estimate 28% year-on-year growth in pre-ex EPS in FY12.”

Raises FY11/12/13 EPS forecasts 5%-20%, revises FY11 passenger, cargo yield assumptions upward, lowers FY11/12 operating cost estimates due to stronger SGD vs USD. Shares +0.1% at $15.56.

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Noble upgraded to Buy by UBS, raises target to $2.70

November 24th, 2010 | No Comments

UBS upgrades Noble Group (N21.SG) to Buy from Neutral, raises target price to $2.70 from $2.10 after tweaking assumptions in discounted cashflow valuation.

Says Fed’s QE2 could lend momentum to commodity supply chain manager’s earnings.

“This should lead to strong capital flows to emerging markets and reinforce commodity-intensive growth, thereby incentivising commodity prices and trade-volume growth.”

Expects improved margins for Noble’s Chinese soybean crushing business in 3Q10 to continue through 4Q10, while coal and oil prices could rise further due to winter demand from northern hemisphere.

Upgrades FY10-12 EPS estimates to US$0.08, US$0.11, US$0.12 from US$0.07, US$0.09, US$0.10 respectively. Shares +2.5% at $2.06.

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Falcon Energy target cut to 60 cents by Kim Eng

November 24th, 2010 | No Comments

Kim Eng Securities cuts Falcon Energy (5FL.SG) target to $0.60 vs $0.85, pegged at 10x FY11 P/E, after lowering FY10-FY12 EPS estimates by 20%-40% to reflect weaker-than-expected 3Q10 performance.

3Q10 earnings down 57.2% on-year at US$2.8 million ($3.7 million) due to dry-docking of 5 vessels for major overhaul, lower vessel charter and utilization rates.

Still, keeps Buy call on valuation grounds; “despite maintaining a cautious near-term outlook, management is optimistic of a gradual recovery of the marine and offshore industry by 2Q11.”

Shares +1.2% at $0.425.

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Starhub target raised to $2.25 by Nomura; Keeps Reduce

November 24th, 2010 | No Comments

Nomura lifts Starhub (CC3.SG) target price to $2.25 from $1.90 after raising FY10-11 earnings estimates by 3%-16%.

Tips “significant opportunity” in SME/enterprise segment over next few years on back of Singapore’s next-generation national broadband network.

Says current dividend yield of over 7% highest among peers, expected to be sustainable for at least next 12 months.

Still, keeps Reduce call on view stiff competition will take toll; “rising competition in the pay-TV segment could be exacerbated by cross-carriage regulations next year, and rising smart-phone penetration could impact margins adversely.”

Shares +0.4% at $2.67.

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Ezra cut to Hold by Deutsche Bank, lowers target

November 23rd, 2010 | No Comments

Deutsche Bank downgrades Ezra (5DN.SG) to Hold from Buy, cuts target price to $1.90 from $2.80 after lowering FY11-12 earnings estimates by 35%-24% to account for vessel delays, integration of Aker Marine Contractors, which it recently proposed to buy for US$250 million ($326 million).

Says delay in delivery of several vessels will affect profitability of offshore oil & gas support company.

Adds, while Aker Marine will enhance Ezra’s sub-sea capability, company “may have its hands full trying to turn AMC profitable”.

Says 2H11 may be better time to revisit stock to get better clarity.

Shares off 2.9% at $1.69.

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Singapore Land target lifted to $9.24 by CIMB

November 23rd, 2010 | No Comments

CIMB lifts Singapore Land’s (S30.SG) target price to $9.24 from $8.54 to account for contributions from recent China site purchase.

Property group in September acquired RMB2.06 billion land parcel in Shanghai with JV partners to develop residential-cum-retail complex. Keeps stock at Outperform call. Says company poised to benefit from improving Singapore office market, which accounts for bulk of its book value.

Notes while Singapore Land may face negative rental reversion when leases signed during market peak expire next year, “the gap should narrow as rents rise.”

Shares last +0.1% at $7.37.

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Roxy Pacific target raised to 55 cents by DBS Vickers

November 22nd, 2010 | No Comments

DBS Vickers lifts Roxy-Pacific (E8Z.SG) target price to $0.55 vs $0.44, based on 30% discount to higher RNAV estimate of $0.79 vs $0.63 previously, to factor in higher average selling price for developer’s Spottiswoode Park Singapore residential project and contributions from 2 upcoming launches. Keeps Trading Buy call.

DBS Vickers says Roxy also expected to benefit from Singapore’s strong hospitality sector as it owns 558-room Grand Mercure Roxy Hotel, which accounted for 19.5% of group revenue for first 9 months of 2010; “contributions from the hotel segment can help to smoothen out the lumpy contributions from the property development segment.”

Shares +6.7% at $0.40.

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Keppel Corp target raised to $12.50 by Deutsche Bank

November 22nd, 2010 | No Comments

Deutsche Bank lifts Keppel Corp. (BN4.SG) target price to $12.50 from $11.45 after increasing FY10-12 earnings estimates by 7.5%, 7.1%, 6.8% respectively to factor in higher margin assumptions for offshore & marine unit; “previously outsourced work is now performed by their own yards, efficiencies have continued to increase and input costs have declined.”

Keeps Buy call. Says rig-builder in strong position to benefit from increasing order momentum driven by replacements of jack-up fleet, strong demand for high-specification rigs.

Shares +0.4% at $10.92.

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Noble Group upgraded to Buy by OCBC; Target $2.59

November 22nd, 2010 | No Comments

OCBC upgrades Noble Group (N21.SG) to Buy from Hold, raises target to $2.59 from $1.97; after strong 3Q10, says earnings to accelerate in FY11 as group begins to reap fruits of recent pipeline investments, earnings will remain buoyed by strong underlying fundamentals for commodities such as energy, agriculture. “The group has spent US$2.8 billion ($3.6 billion) expanding its pipeline since 2007 and several of these investments are nearing maturity, adding a further boost to earnings from 4Q10 onwards.” Notes, Noble has reaffirmed target of US$1 billion earnings over next 3 years, implying 24% CAGR FY09-FY13; house raises FY10, FY11 earnings estimates by 25%, 12% respectively. Adds “with its strong balance sheet, the group remains well-positioned to capture any investment opportunities that may arise.” Notes key risks include longer-than-expected gestation periods for investments, continued USD/SGD weakness, which could lead to translation losses. Shares +0.5% at $2.09.

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Hackers Target Black Friday, Cyber Monday Search Terms

November 19th, 2010 | No Comments

Security researchers warn that attackers are creating malicious sites with high SEO to target users searching online for Black Friday and other holiday shopping deals. – Attackers have set their sights on holiday shoppers searching for leaked
Black Friday ads, creating malicious sites that appear on search engine result
pages, according to a Nov. 18 alert by SonicWall. The security warning comes as
shoppers prepare for the 2010 holiday shopping season.
Security …

Phillip starts Keppel Land at Hold, $5.04 target

November 19th, 2010 | No Comments

Phillip Securities initiates Keppel Land (K17.SG) at Hold with $5.04 target; says Keppel Land poised to benefit from positive office rental outlook with extensive holdings of prime office space in Singapore, has established strong foothold in fast growing China, Vietnam.

Citi ups targets for Keppel, Sembcorp Industries

November 19th, 2010 | No Comments

Citigroup has raised its target prices for rigbuilders Keppel Corp (KPLM.SI) and Sembcorp Industries (SCIL.SI) and kept its "buy" ratings on both firms.

Citi expects Keppel to hit $12.80, from a previous target of $11.10, while it says Sembcorp Industries can rise to $5.60 from $4.73.

NBS: Inflation to exceed target

November 17th, 2010 | No Comments

Serbia’s inflation will exceed the target values in the coming period, Vice Governor of the National Bank of Serbia Bojan MarkoviÄ‡ stated on Wednesday. He added that the inflation rate is expected to reduce mid-2011 and return to the target framework of 4.5 percent plus/minus 1.5 percent late in 2011.

CIMB upgrades STI to Overweight; 3,560 target

November 16th, 2010 | No Comments

CIMB upgrades Singapore market to Overweight from Neutral as says it has lagged regional markets; says on P/E basis, regional Asean markets mostly trading below mean 12-month forward P/Es, “implying that while conditions for a liquidity bubble are building, markets are not yet on a boil.”

Though STI has underperformed for bulk of 2010, index started to show signs of life in September/October prior to Fed’s QE2, “that bout of performance gave way to a sell-on-news correction last week, after QE2 became formal. With the STI still underperforming year to date, we see this period of weakness as an opportunity to turn positive yet again.”

Raises end-CY11 STI target to 3,560 from 3,416, based on 1.9x CY11 P/BV (slightly above mean), 14.4x CY12 P/E (below mean); “such valuations are conservative. The Fed is creating bubbles and bubbles are painful when they burst, but valuations suggest that it is too early to be wary.”

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Sound Global target raised by DMG, trims estimates

November 16th, 2010 | No Comments

DMG raises Sound Global (E6E.SG) target to $1.05 from $0.93, keeps Buy call, according to Dow Jones.

The research house says 3Q10 earnings slumped 51.5% on year, which in line with house estimates; decline attributable to higher effective tax rates, IPO expenses, FX losses.

“While we remain confident of order book sustainability, we trimmed earnings (forecasts) downwards (by 7.3% FY10, 4.6% FY11) to factor in the higher effective tax rates and expenses,” says DMG.

Coscoâ€™s earnings forecasts, target raised by Citi

November 16th, 2010 | No Comments

Citigroup raises Cosco Corp. (F83.SG) target price to $2.55 from $2.30, keeps Buy call, according to Dow Jones.

Citi says stronger-than-expected 3Q10 “brings forward our recovery thesis by six months. We believe the market continues to underestimate the operational improvement Cosco Corp. can achieve in a short time span, and we see potential for the stock to surprise further on the upside.”

Research house notes apart from improving margins, fundamental outlook further underpinned by success in offshore segment. Reflecting these trends, raises FY10E-12E EPS by 8%-10%, lowers risk rating to Medium from High. Adds street has likely overlooked strong progress Cosco made from simple fabrication to complex integration work for both rigs, FPSO, while plans to expand product mix into OSVs reduces concentration in bulk carriers; “we believe Cosco can secure market share from more established yards in Singapore and Europe for such vessels.”

Shares +1.9% at $2.13.

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Ying Li raised to Buy by Kim Eng; ups target to $0.50

November 16th, 2010 | No Comments

Kim Eng Securities upgrades Ying Li International (5DM.SG) to Buy from Hold, raises target price to $0.50 from $0.46, pegged at 40% discount to higher RNAV estimate, according to Dow Jones.

Changes reflect China-based commercial property developer’s redesign of its Daping project, assumptions for more achievable retail yields, average selling prices.

Expects Ying Li’s mega IFC commercial project in Chongqing city to be officially launched by year-end, with sale of 20,000 sq m of office space to be recognized in FY11.

Shares +1.3% at $0.395.

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Tat Hong cut to Hold by OCBC; Target $0.99

November 16th, 2010 | No Comments

OCBC Investment Research downgrades Tat Hong (T03.SG) to Hold from Buy, trims target price to $0.99 from $1.10 after lowering FY11-12 core earnings forecasts by 12%-4%, according to Dow Jones.

Says crane company’s road to recovery appears lumpy, more gradual than previously anticipated. Expects profit margin to remain under pressure due to lower rental, utilization rates of Singapore, Malaysia fleet, plus intense competition. Notes gross margin for fiscal 2Q11 down 2.8 percentage points to 37.0%.

Shares –0.1% at $1.01.

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New Stuxnet Details May Shed Light on True Target

November 15th, 2010 | No Comments

The infamous Stuxnet worm may have had its eyes set on motors at nuclear power facilities, according to Symantec. – Researchers at Symantec say they have made a breakthrough in
deciphering another piece of Stuxnet’s puzzle Â– the
disruption of motors at nuclear power plants.
Stuxnet – which is considered by some to be one of the most sophisticated pieces of
malware ever seen – was first uncovered by the secu…

Posts Tagged ‘target’

Keppel Land target raised to $5.50 by Nomura; Keeps Buy

SIA target raised to $19.50 from $16.50 by UBS

Noble upgraded to Buy by UBS, raises target to $2.70

Falcon Energy target cut to 60 cents by Kim Eng

Starhub target raised to $2.25 by Nomura; Keeps Reduce

Ezra cut to Hold by Deutsche Bank, lowers target

Singapore Land target lifted to $9.24 by CIMB

Roxy Pacific target raised to 55 cents by DBS Vickers

Keppel Corp target raised to $12.50 by Deutsche Bank

Hackers Target Black Friday, Cyber Monday Search Terms

Phillip starts Keppel Land at Hold, $5.04 target

Citi ups targets for Keppel, Sembcorp Industries

NBS: Inflation to exceed target

CIMB upgrades STI to Overweight; 3,560 target

Sound Global target raised by DMG, trims estimates

Coscoâ€™s earnings forecasts, target raised by Citi

Ying Li raised to Buy by Kim Eng; ups target to $0.50

Tat Hong cut to Hold by OCBC; Target $0.99

New Stuxnet Details May Shed Light on True Target

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