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No. of Articles : 53
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Lure Of The Deep

Singapore launched its Offshore and Marine industry when it delivered its first Jack-up rig way back in 1969. Since then, the industry has sprouted a comprehensive range of companies to cater to the offshore industry.

  • 26 February 2010
  • Perspective
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    Investors’ Corner

    City Developments Price – $10.82 Target – $12.30

  • 25 February 2010
  • Investors' Corner
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    ASL Marine Stays Positive Amidst Challenging Conditions

    Despite revenue growing 12.6% from broad-based increases, the marine services provider reported a 48.2% drop in its half yearly profit for its current financial year ending 30 June.

  • 12 February 2010
  • Corporate Digest
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    China’s Property Prices Spiral Up…Again

    China’s urban property prices, which reportedly rose 7.8% in December – the fastest pace in over a year – is on a boil again.

  • 05 February 2010
  • Perspective
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    Investors’ Corner

    Biosensors (BIG) reported a strong set of 3Q10 results, with 9M net profit meeting 85% of our FY10 forecast

  • 05 February 2010
  • Investors' Corner
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    Commodity Currencies

    When the value of a country’s currency moves in sympathy with commodity prices, it is said to be a commodity currency.

  • 22 January 2010
  • Perspective
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    Investors’ Corner

    CapitaLand announced the proposed acquisition of Orient Overseas Development Limited (OODL) for US$2.2b.

  • 22 January 2010
  • Investors' Corner
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    Investors’ Corner

    CapitaMalls Asia (CMA) operates a franchise with development and operational capabilities across five countries in Asia

  • 08 January 2010
  • Investors' Corner
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    2009 – A Case For The Contrarian

    In the stock market, myths are either perpetuated by some anomaly or self-fulfilling prophecy. But in some years, it does provide some guidance – which was definitely invaluable, as 2009 began.

  • 24 December 2009
  • Perspective
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    Investors’ Corner

    With the recovery of the mid-end and high-end market segments, we expect residential and investment property developer, Ho Bee Investment, to continue to launch new projects in 2010 and achieve strong sales.

  • 24 December 2009
  • Investors' Corner
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    Investors’ Corner

    Following a brief earnings decline this year, CSE Global (CSE) should return to its trademark growth next year. Our expectations stem from a strong orderbook and the growth potential in Middle East and Australia.

  • 11 December 2009
  • Investors' Corner
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    Gabriel Says We’re In A Bull Run

    Addressing some of the notable concerns of the day, Gan, resident columnist on SI (Singapore), is confident that we are indeed in the midst of a bull rally. Recounting the mood during the market lows of March, he reflected on the lessons gleaned from the financial crisis, past and present, and urged his listeners to focus on a stock’s fundamentals.

  • 03 December 2009
  • In the Spotlight
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    The Greening of Asia Tiger

    Asia Tiger Group (ATG) has certainly not backed down when it formally announced back in 2007 its intention to realign its business and focus on investing in the green and renewable energy space.

  • 26 November 2009
  • Corporate Digest
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    Investors’ Corner

    Bulk of Indofood Agri Resources’ (IFAR) earnings is derived from production and sales of CPO. Hence, we view IFAR as an excellent proxy to CPO price. We estimate a 10% change in CPO price would translate into a ±17% change in EPS.

  • 26 November 2009
  • Investors' Corner
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    Changjiang Fertilizer Tills The Land For Growth

    The Chinese government has never shied away from proclaiming that it has managed to feed a nation, which has 22% of the world’s population, with just 9% of the planet’s arable land. As such, the importance of fertilizer in improving crop yield cannot be overstated and China, in the last ten years, has become the world’s top producer and user of chemical fertilizers

  • 13 November 2009
  • Corporate Digest
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    Investors’ Corner

    First Ship Lease Trust (FSLT) delivered another quarter of steady results, returning US$0.015 DPU to investors. Of the US$9.6m cash remaining, US$8m will go towards quarterly prepayment of loans, reducing outstanding loans to US$493m; gearing now stands at 1.3x. The manager has reiterated that all advance lease payments have been prompt until October 2009 and no request for renegotiation has been received.

  • 30 October 2009
  • Investors' Corner
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    Investors’ Corner

    Keppel announced that FloaTEC Singapore has concluded the contracting and negotiation process for the P-61 Tension Leg Wellhead Platform with the Papa-Terra Joint Venture. A Letter of Intent for this Unit for the Papa-Terra field in Brazil has been signed, with the contract to be sealed at a later date.

  • 16 October 2009
  • Investors' Corner
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    SingTel’s Victory A Winner’s Curse?

    “We’re not used to playing second to anybody, especially not in this market”, SingTel Singapore’s CEO, Allen Lew, said when it launched its own Pay-TV platform, mioTV, in 2007 – near a decade after StarHub acquired Cablevision’s operations.

  • 09 October 2009
  • Perspective
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    StarHub Left To Lick Its Wounds

    Selling pressure on StarHub’s stock continued yesterday, sheding a further 1.5% from last Friday’s close, as investors remained spooked by the loss of programming rights to the English Premier League (EPL).

  • 06 October 2009
  • Corporate Digest
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    Leeden’s Evolution Continues

    When a company goes through one too many names and a string of unspectacular ventures, sooner or later, it drops off investors’ radar screens.

  • 02 October 2009
  • In the Spotlight
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    Mary Chia’s Beauty Regime

    Singaporeans are definitely no strangers to Mary Chia, the beauty chain, as well as its eponymous founder. The company, then in 1988, broke new ground when it incorporated slimming services at its beauty practice in Yishun.

  • 18 September 2009
  • Corporate Digest
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    Investor’s Corner

    Ezra announced new and renewal charter contracts for three existing AHTS, valued at US$152m. We estimate that day charter rates for the three AHTS at about US$2.24 per bhp, assuming each AHTS has an average capacity of 10,800 bhp.

  • 18 September 2009
  • Investors' Corner
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    Investors’ Corner

    We have raised our earnings forecast for 2010 by 160% because we now assume a full year of earnings from Sentosa, as opposed to our old assumption of six months.

  • 04 September 2009
  • Investors' Corner
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    Investors’ Corner

    Midas’ June-quarter results were ahead of consensus and forecasts, with 6 MTD results achieving 58% of our full-year estimates at the operating earnings level. Gross margin improved to 41.3% (from 31.8% a year ago), on stronger contribution of aluminium alloy extrusion activities (+18% y-o-y) and lower material prices.

  • 21 August 2009
  • Investors' Corner
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    Investors’ Corner

    CapitaLand’s (CAPL) results came in above expectations, accounting for 60% of our FY09 estimates. We have increased our FY09-11 estimates by 22% to account for the better than expected results. CAPL’s convertible bond (CB) issuance would further strengthen the group’s balance sheet, increasing cash level to $5.3b.

  • 07 August 2009
  • Investors' Corner
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    Sinotel Technologies Makes A Clear Connection

    That China is the world’s largest telecom market would probably not be a statistic that would bat any eyelids. But the fact that she dwarfs the second largest market, the US, by about 3 times – and at lower penetration rates, would be food for thought. So when the economic juggernaut rolled out its 3G licenses early this year, the world took notice.

  • 07 August 2009
  • In the Spotlight
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    Astute Investment Comes With Education

    Held on 18 and 19 July at the Suntec Singapore International Convention & Exhibition Centre, the inaugural Asian Investment Conference and Exhibition (AICE) 2009 brought together more than 40 international and local speakers, 35 exhibitors as well as 50 seminars to educate the general investing public.

  • 24 July 2009
  • In the Spotlight
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    Investors’ Corner

    The recent slide in CPO prices from an average of US$693 per ton in 2Q09 to around US$595 in July was due to the fall in crude oil prices below US$60/ barrel as well as worries that the global economic recovery could be a long-drawn affair. This has also resulted in a fall in Golden Agri-Resources’ share price.

  • 24 July 2009
  • Investors' Corner
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    Asiatic Group Powers Up Earnings

    Catalist-listed Asiatic Group (Hldgs) debuted on then SESDAQ in 2003, principally as a distributor of fire-fighting systems. The group has signaled its intention, during its IPO to expand into the power supply business to develop power-related systems such as cogeneration plants.

  • 10 July 2009
  • In the Spotlight
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    Investors’ Corner

    CapitaCommercial Trust’s (CCT) $823m 1-for-1 rights issue has eliminated effectively, in our view, the rights-issue overhang. With a post-rights issue leverage ratio of 30.7%, which captures a 10% assetvalue decline

  • 10 July 2009
  • Investors' Corner
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    Investors’ Corner

    The pace of price recovery in the residential market has surpassed expectations. As a result, we moderate the decline in the Property Price Index (PPI) and bring forward our pricing trough to 2Q09 (from 3/4Q).

  • 26 June 2009
  • Investors' Corner
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    Investors’ Corner

    Epure Int’l’s (EI) order books at about Rmb1b at end-08 (07: ~Rmb300m; 9M08: ~Rmb1b). We expect engineering, procurement and construction (EPC) orders to rise further, as management guides for good municipal demand. Thanks to tax credit, 1Q net profit jumped 32% y-o-y to Rmb41m.

  • 12 June 2009
  • Investors' Corner
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    Industrial Mettle

    To enjoy tax breaks, Real Estate Investment Trusts (REITs) with Singapore-based assets are obligated to pay out at least 90% of distributable income to investors.

  • 12 June 2009
  • Perspective
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    Headliners

    India’s largest wireless operator, Bharti Airtel, has revived talks with South African operator, MTN Group, of a possible combination between two of the world’s emerging telecom giants.

  • 29 May 2009
  • Headliners
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    Investors’ Corner

    City Developments (CDL) reported 1Q09 net profit of $83.1m, which was down 50% y-o-y and 17% q-o-q. This makes up about 15% of our FY09 estimates.

  • 15 May 2009
  • Investors' Corner
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    The Greatest Investment Opportunity In History

    That’s how Rich Dad adviser, Michael Maloney, begins his book “Everything You Need to Know to Profit from Precious Metals Now”.

  • 15 May 2009
  • Perspective
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    Headliners

    Tentative steps towards economic recovery took another stumble as global markets factored in the threat of a global pandemic. The flu strain at the heart of the outbreak, H1N1, takes its name from the fact that it infects pigs.

  • 01 May 2009
  • Headliners
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    Singapore-listed Thai Counters Face Up To A Political Stress Test

    Since rebounding strongly from the Asian Financial Crisis, Southeast Asia second largest economy, Thailand, had from 2002 – 2006, enjoyed average growth rates of 5.6%. But since 2006, following the coup that unseated then Prime Minister Thaksin, the economy has receded.

  • 01 May 2009
  • Perspective
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    Headliners

    Weakening economic conditions prompted another revision to growth forecasts as flash estimates for first quarter growth painted a gloomier picture.

  • 17 April 2009
  • Headliners
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    Investors’ Corner

    Keppel Land’s (KepLand) deferment of its Madison Residences (MR) project in mid-March comes across as rational. Holding cost for this Bukit Timah land is low and demand for high-end projects is unlikely to return in the near future.

  • 03 April 2009
  • Investors' Corner
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    Investors’ Corner

    Oversea-Chinese Banking Corp (OCBC) had the highest Tier 1 CAR of 14.9% at the end of FY08. We expect this to be maintained, providing it with a strong cushion in this downturn. We are not overly concerned with retreating Tier 2 capital, although OCBC has sought to address it.

  • 20 March 2009
  • Investors' Corner
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    Hitting The Right Notes In A Cash Call

    There seems to be no end to the pain that investors have had to contend with in the past months. As another bout of accounting scandals rocked S-chips, the rash of rights issues from companies did the market little favours.

  • 20 March 2009
  • Perspective
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    Investors’ Corner

    United Overseas Bank’s (UOB) 2008 net profit fell 8.2% y-o-y. The numbers were in line with consensus estimates but 8.4% below our forecasts because of higher than expected provisions.

  • 06 March 2009
  • Investors' Corner
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    Beating The Digital Divide

    It is easy to get sold on the growth story. With most telecom markets in developed economies near or already at saturation point, the future lies in the so-called frontier markets. According to a latest report by Tariff Consultancy, mobile penetration is set to rise from 46% to 95% by 2013, with users in 34 emerging economies accounting for two-thirds of global mobile users.

  • 20 February 2009
  • Corporate Digest
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    Investors’ Corner

    CDL Hospitality Trusts’ (CDL) 4Q08 DPU was 33% below our estimates, affected by taxes and a decision to pay out 90% (from 100%) of taxable income as of 2H08. CDL is currently trading at 57% below NAV: the market seems to be pricing in a 54% fall in hotel capital values.

  • 06 February 2009
  • Investors' Corner
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    Taking Stock In The New Year

    This issue, we have selected ten companies, which we expect to ride through the storm in 2009. As always, diversification and keeping in mind one’s risk profile and objective, is key to any investment strategy.

  • 02 January 2009
  • Perspective
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    The Year In IPOs

    The year in passing is turning out to be one of the worst for IPOs in recent times. Total funds raised from IPOs in 2008 was down to about $1.7b, from a record $7.7b in 2007. And the number of new mainboard listings fell from 55 last year to just 23.

  • 19 December 2008
  • Perspective
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    FTSE ST Real Estate Holding & Development Index At A Glance

    As the peak period for the SGX-listed companies to submit their quarterly financial report cards draws to a close

  • 05 December 2008
  • Perspective
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    Investors’ Corner

    Neptune Orient Lines (NOL) is well managed and focused on profitability and its costcutting initiatives should help mitigate some of the pain in the current down-cycle.

  • 05 December 2008
  • Investors' Corner
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    Crude Palm Oil Threshed By A Financial Storm

    It seems irrelevant to think of a windfall tax since crude palm oil’s (CPO) continued slide, but when Malaysia imposed the tax in June this year to coerce its producers to go up the value chain, it effectively cemented Indonesia as the world’s top palm oil producer.

  • 21 November 2008
  • Perspective
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    Derivatives: Time For A Rethink

    Business cycles have always dotted the capitalist economy: over-investment in one period leading to a readjustment in the next.

  • 28 October 2008
  • Perspective
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    No Clear Picture For Sky China Petroleum

    Growth, but at what price? Industry estimates that China, in 2008, needs 221 tonnes of oil to produce US$1m of GDP, so that’s a good proxy.

  • 29 August 2008
  • Corporate Digest
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    Telco Tussle

    “We would like to see that number move back down towards the $100 mark but clearly, it’s trending in the wrong direction.”

  • 15 August 2008
  • Perspective
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