Singapore Exchange, which runs the city-state’s securities market, said UBS AG was a new clearing member for over-the-counter traded financial derivatives.
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Posts Tagged ‘UBS’
GIC to hold Citi, UBS stakes for many years, Tan says: Update
January 31st, 2011 |
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Government of Singapore Investment Corp., the biggest investor in Citigroup Inc. and UBS AG, plans to hold on to its stakes in the banks for “many years” and will only consider selling if there are attractive offers.
“We look to continue to hold on to our stakes in UBS and Citigroup for many years to come,” Tony Tan, deputy chairman of the Singapore sovereign wealth fund, said in a Jan. 29 interview at Davos, Switzerland, where he attended the World Economic Forum meeting. ‘But one never says never; if someone offers an extremely high price, of course we’ll look at the possibility.”
GIC to hold stakes in Citigroup, UBS for ‘many years,’ Tan says
January 30th, 2011 |
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Government of Singapore Investment Corp., the biggest investor in Citigroup Inc. and UBS AG, plans to hold on to its stakes in the banks for “many years” and will only consider selling if there are attractive offers.
“We look to continue to hold on to our stakes in UBS and Citigroup for many years to come,” Tony Tan, deputy chairman of the Singapore sovereign wealth fund, said in a Jan. 29 interview at Davos, Switzerland, where he attended the World Economic Forum meeting. ‘But one never says never; if someone offers an extremely high price, of course we’ll look at the possibility.”
AMB Property Corp. and Prologis may Change GLP’s Japan landscape – UBS
January 28th, 2011 |
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Global Logistic Properties (MC0.SG) is flat at S$2.12 in muted trade, shrugging off news AMB Property Corp. (AMB) and Prologis (PLD) Thursday confirmed the two companies were discussing a potential merger of equals. UBS analysts Michael Lim and Adrian Chua say if the deal proceeds, “it would create a global industrial powerhouse.”
Bank of Moscow says selling Singapore dollar bonds via ING, UBS
January 24th, 2011 |
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Bank of Moscow is selling bonds denominated in Singapore dollars and has hired ING Groep NV and UBS AG to arrange the deal, according to a statement emailed by the bank’s press department.
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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.
UBS upgrades SingTel to Buy from Neutral
January 12th, 2011 |
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UBS upgrades SingTel (Z74.SG) to Buy from Neutral, raises its target to $3.53 from $3.40; after SingTel’s shares underperformed the MSCI AXJ Telecom Index and Singapore market by 11% in 2010.
“We expect SingTel to perform better in 2011 driven by an improving outlook for (associate) Bharti Airtel.” The house tips the regulatory and competitive environment to improve for Bharti this year, noting SingTel’s 32% stake accounts for 28% of SingTel’s price target, while both stocks have historically shown good correlation.
Commodities, tourism, services: key Singapore themes – UBS
January 5th, 2011 |
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UBS says the latest data seems to be pointing to a scope for positive growth surprises in Singapore, “while policy risks pertaining to a fresh round of property tightening and SGD appreciation may have risen.”
The house likes commodity-related plays, especially the laggards in 2010, "and recent positive growth surprises globally should remain supportive of the call;" names Noble (N21.SG), Indofood Agri (5JS.SG), Keppel (BN4.SG), Sembcorp Industries (U96.SG).
UBS – Corporate moves
December 9th, 2010 |
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Philip Kunz has been appointed MD/Regional Market Head South Asia 1 wef Nov 25
Work experience: Regional head, wealth management, HSBC Private Bank; head, Indonesia market, Clariden Leu
STI +0.2%; Valuations still supportive: UBS
December 1st, 2010 |
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STI turns up, +0.2% at 3,150.92, though volume modest at 624 million shares worth $700 million, suggesting limited investor participation, with most analysts expecting market to remain lackluster heading towards year-end.
UBS likes Singapore tourism, prime office, service stocks
December 1st, 2010 |
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UBS says QE2 will benefit Singapore, “not by re-rating nominal asset prices per se, but by lifting regional demand for consumer and investment services, which would play into Singapore’s strength as a regional hub.”
SIA target raised to $19.50 from $16.50 by UBS
November 24th, 2010 |
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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 |
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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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Wilmar off 1.0%; Still structurally sound: UBS
November 22nd, 2010 |
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Wilmar (F34.SG) off 1.0% at $6.12, extending last week’s 2.7% fall, as concerns over China’s recent price controls continue to weigh. Beijing’s fight vs inflation giving investors additional reason to exit following plantation group’s weaker-than-expected 3Q10 results released earlier this month (net profit down 60.3% on year at US$259.5 million ($335.5 million) on weak margins, losses from associates, higher finance costs). UBS cuts target price to $7.00 vs $8.00 after lowering FY10-FY12 EPS estimates to account for earnings volatility stemming from Wilmar’s trading business, but keeps Buy call on view company remains structurally sound. “Wilmar’s size gives it superior insight into the vegetable oils trade flow, and thus a superior trading advantage. Coupled with our plantation team’s bullish call on palm oil, we believe Wilmar is more likely to profit from its trading positions over longer periods of time.” Tips support at $5.88 October trough.
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ComfortDelgro +2.1%; Taxi outlook bright: UBS
November 15th, 2010 |
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ComfortDelGro (C52.SG) +2.1% at $1.49 in above-average volume after record 3Q results.
CLSA notes 3Q marks first time CD crosses $60 million quarterly net profit mark, underscoring benefits from increasing ridership at home, strong growth in Australia, which will receive further boost from Swan Taxis buy.
“Risks from rising fuel/electricity costs and forex translation losses appear to be priced into stock, which remains attractively valued at 13x forward P/E,” vs SMRT’s (S53.SG) 20x, says CLSA.
UBS ups Parkway Life REIT target to $1.89; Buy
November 9th, 2010 |
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UBS raises Parkway Life REIT (C2PU.SG) target price to $1.89 from $1.77, keeps Buy rating. Says 3Q DPU of 2.25 cents, +18% on year, +8% on quarter, in line with estimates, boosted by Japanese acquisitions, while net property income boosted by contribution from Japanese nursing homes acquired in June, July as well as rental growth of 1.73% from 23 August.
UBS cuts Genting Singapore to Neutral; raises target
October 21st, 2010 |
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UBS downgrades Genting Singapore (G13.SG) to Neutral vs Buy, says “future still bright, but need to pause for breath.”
Expects 3Q EBITDA of $385 million vs $504 million in 2Q; “while the headline 24% sequential decline appears steep, 2Q margin was predicated on a very high VIP hold, while the (Marina Bay Sands) ramp up in both VIP and mass during 3Q has been rapid.”
Genting Bhd. shares climb to record after UBS raises share estimate
October 21st, 2010 |
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Genting Bhd., Asia’s third-biggest listed casino operator, climbed to a record in Kuala Lumpur trading after UBS AG raised its share-price estimate for the stock to reflect higher market revenue forecasts in Singapore.
The stock rose 1.3% to 10.66 ringgit ($4,46) at 9:16 a.m. Nicole Goh, an analyst at UBS, raised her share estimate for the stock to 14.35 ringgit from 12.90 ringgit, according to a report today. She kept her “buy” rating.
Its Genting Malaysia Bhd. affiliate added 0.9% to 3.54 ringgit after saying it will jointly bid for a London casino license and develop a leisure project with Apollo Resorts & Leisure.
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SembMarine set to rise on order; UBS ups outlook
October 18th, 2010 |
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SembCorp Marine (S51.SG) likely to rise in afternoon vs +0.9% at $4.49 at lunch break, on news Jurong Shipyard unit secures US$384 million ($501 million) contract to build two jack-up rigs with options for another four jack-ups from Seadrill (SDRL.OS); if options exercised, contract could be worth over US$1 billion in total, says Dow Jones.
UBS eyes global prime broking boost, hires in Asia
October 15th, 2010 |
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UBS’s <UBSN.VX> prime broking unit has made 11 new hires in Asia over the last year and plans to increase its market share among hedge funds in the United States, where it ranks in the top six.
The Swiss bank has also started a managed account business in London to help clients who want more transparency and greater liquidity when investing in alternative assets.