CIMB in a Jan 21 research report says: “K-REIT completed an asset swap of Marina Bay Financial Centre Phase One (MBFC 1) and KTGE Tower and the acquisition of 77 King Street in Australia in December 2010. 4Q10 DPU of 1.7 cents broadly met our expectations and consensus, accounting for 26% of our FY2010 forecast.
Posts Tagged ‘upgraded’
ComfortDelGro upgraded to Buy from Hold by BNP Paribas
January 10th, 2011 |
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BNP Paribas upgrades ComfortDelGro (C52.SG) to Buy from Hold and raises its target price to $1.98 from $1.63; the new target implies a 2011 P/E of 16.5s, a slight premium to its historical average, “which can be justified by the improved medium-term growth prospects.”
Technics Oil & Gas upgraded to Buy by CIMB
January 4th, 2011 |
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CIMB upgrades Technics Oil & Gas (5CQ.SG) to Buy from Hold, raises its target to $1.08 from $0.89 on 10x CY12 P/E (a 20% premium above downstream engineering firms’ 5-year average) and factoring in a 10%-13% increase in earnings estimates for FY11-FY12 on higher order-win projections.
“The premium is justified thanks to Technic’s strong exposure to Vietnam’s oil & gas sector and above peers’ profitability, earnings growth as well as dividend yield.”
SMRT upgraded to Underperform from Sell by CLSA
December 15th, 2010 |
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CLSA upgrades SMRT (S53.SG) to Underperform from Sell as the shares are now trading nearer to its $2.05 target.
But it says there are still no catalysts in the short-term. It expects the rail operator’s new Circle Line to take another 3-4 years to breakeven.
“Our checks indicate only a slight increase in daily Circle Line ridership for October and November.”
Golden Agri upgraded to Buy from Hold by OCBC
December 14th, 2010 |
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OCBC upgrades Golden Agri-Resources (E5H.SG) to Buy from Hold as house raises its fair value estimate to $0.91 from $0.78, which now provides upside of over 10%.
Says Golden Agri “is likely to see further boost from the continued run-up in CPO prices over the next six months, underpinned by supply-side issues” brought on by weather conditions in Indonesia. House again revises its CPO base assumption, in view of the current supply issues, to US$950/tonne from US$900/tonne.
Wee Hur Holdings upgraded to ‘buy’ by Phillip Securities
December 10th, 2010 |
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Phillip Securities Research in a Dec 9 research report says: “We are upgrading our revenue and net profit estimates for FY2011 on the back of better earnings for its maiden industrial development project in Woodlands and completion of 2 major construction contracts (Compassvale Pearl and Jurong Entertainment Centre).
Straits Asia Resources upgraded to ‘buy’ by OCBC
December 2nd, 2010 |
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OCBC Investment Research in a Nov 30 research report says: “The group’s YTD core net profit has fallen 48% y-o-y to US$57.7 million despite a 3% growth in revenue to US$529.3 million, with lower coal prices being the key culprit for margin compression. We are forecasting a 15.6ppt drop in FY2010 gross profit margin to 24.5%, but expect this trend to reverse in FY2011 as coal prices recover.
China Fishery Group upgraded to ‘outperform’ by CIMB
November 30th, 2010 |
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CIMB in a Nov 26 research report says: “4Q10 net profit of US$15.7 million (+69% y-o-y) was below our expectations, forming 12% of our FY2010 estimate and consensus. FY2010 net profit of US$116.5 million (+24% y-o-y) represents 87% of our FY2010 estimate and consensus.
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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Noble Group upgraded to Buy by OCBC; Target $2.59
November 22nd, 2010 |
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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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Thakral Corporation upgraded to ‘buy’ by CIMB
November 18th, 2010 |
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CIMB Research in a Nov 12 research report says: “3Q10 core net profit of $1.2 million (-36.8% y-o-y) exceeds our expectation, forming 42% of our FY2010 forecast. Reported 3Q10 net profit of $2.4 million (3Q09: $1.8 million) included forex gain of $1.2 million (3Q09: forex loss of $0.1 million).
Noble Group upgraded to ‘buy’ by DBS
November 11th, 2010 |
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DBS Vickers Securities in a Nov 10 research report says: “Noble booked 3Q10 net profit of US$157.2 million (+19% y-o-y), bringing 9M10 earnings to US$358.1 million (-24% y-o-y) – representing 82% of our initial full year forecast, therefore ahead of our expectations.
Cosco Corporation (S) upgraded to ‘buy’ by Phillip Securities
November 9th, 2010 |
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Phillip Securities Research in a Nov 4 research report says: “Cosco reported 3Q10 revenue of $952.7 million (+27% y-o-y) and net profit of $55.1 million (+147% y-o-y). The strong performance was due to higher revenue from ship building and offshore marine engineering projects as well as dry bulk shipping.
DBS Group Holdings upgraded to ‘outperform’ by CIMB
November 9th, 2010 |
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CIMB in a Nov 4 research report says: “3Q10 profits ($722 million, flat q-o-q) was 8% above our expectations ($666 million) and the Street. 9M10 core profits was up 26% y-o-y and accounted for 79% of our full-year estimates.
CDL Hospitality Trust upgraded to ‘buy’ by Phillip Securities
November 3rd, 2010 |
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Phillip Securities Research in a Nov 1 research report says: “CDL HT recorded 3Q10 revenue of $31.6 million (+38.4% y-o-y), net property income of $30.2 million (+40.9% y-o-y) and distributable income of $26.9 million (+44.6% y-o-y). $2.7 million was retained for the quarter and DPU was 2.57 cents (+24.5% y-o-y).
Fujitsu Eternus CS Data Protection Appliance Upgraded
October 29th, 2010 |
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The company launches its fifth iteration of the Eternus CS data protection appliances with deduplication technology. – Fujitsu has announced the launch of the fifth generation of its Eternus CS
High End data protection appliance for larger enterprises and the second
generation of its Eternus CS800 data protection appliance for SMBs. Integrated
into a consolidated data protection eco-system, Eternus CS is surround…
Singapore Exchange upgraded to ‘hold’ by OCBC
October 26th, 2010 |
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OCBC Investment Research in an Oct 26 research report says: “Singapore Exchange (SGX) is making a $10.7 billion offer for ASX Ltd (ASX). Cost synergy is estimated at US$30 million. The merger is subject to shareholders’ approvals from both exchanges as well as regulatory approvals from both countries.
Cosco upgraded to Neutral by CIMB with $2.01 target
October 7th, 2010 |
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CIMB upgrades Cosco (F83.SG) to Neutral from Underperform, lifts target price to $2.01 from $1.41 after changing valuation basis to 15x FY12 P/E from sum-of-parts methodology, says Dow Jones.
CIMB says execution, default risks for shipbuilding sector have eased with steady vessel deliveries, absence of contract cancellations or deferrals since 1Q10.
Mermaid Maritime upgraded to ‘hold’ by DBS
October 6th, 2010 |
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DBS Vickers Securities in an Oct 4 research report says: “Mermaid has corrected 34% since our contrarian downgrade in May 2010. At current level, the stock is trading at a 59% discount to peers on P/B basis.
Mermaid Maritime upgraded to Hold by DBS Vickers
October 4th, 2010 |
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DBS Vickers upgrades Mermaid Maritime (DU4.SG) to Hold from Fully Valued, raises target price to $0.52 from $0.32, based on 0.8x FY10 P/B vs P/E methodology previously, says Dow Jones.
DBS Vickers notes stock trades at 59% discount to peers on book basis after recent sell-off driven by bigger-than-expected 2Q10 loss.
“We believe the negatives have been priced in, and investors should not ignore the value in Mermaid’s quality subsea assets,” says the broker.