Username
Password
Forget Password?
  1. Indices
  2. Commodities
  3. Currencies
Straits Times 3,062.51 -7.16 -0.23%
Hang Seng 25,561.40 +106.85 +0.42%
Dow Jones 25,444.34 +64.89 +0.26%
Shanghai Composite 2,550.47 +64.05 +2.58%
Viewing By Category : Investors' Corner   |   No. of Articles : 202
Quick Links »
Thumb-stock

Investors’ Corner (CSE Global, Yanlord Land Group, Ascendas REIT, Sembcorp Industries)

At a meeting on 4 Dec-15, Organization of the Petroleum Exporting Countries failed to agree on reducing oil production, as the cartel looks to eliminate players with higher production costs in a low oil price environment.

  • Tan Jia Hui
  • 17 December 2015
  • Investors' Corner
  • Back to top
    Thumb-stock

    Investors’ Corner (ISOTeam, IHH Healthcare, CDL Hospitality Trusts, DBS Group Hldgs)

    ISOTeam has won a total $20.5m worth of contracts, mainly from different Singapore government bodies like the National Environment Agency as well as town councils for various areas.

  • Tan Jia Hui
  • 03 December 2015
  • Investors' Corner
  • Back to top
    Thumb-stock

    Investors’ Corner (Memtech Int’l, Overseas Education, Singtel, Wilmar Int’l)

    Memtech International reported 9M15 revenue of US$104m (up 4.4%) and core net profit of US$4.3m (up 0.2%). 9M15 top and bottom lines form 67% and 64% of our FY15F forecast; lower than expected.

  • Tan Jia Hui
  • 19 November 2015
  • Investors' Corner
  • Back to top
    Thumb-stock

    Investors’ Corner (UOL Group, First REIT, Sembcorp Industries, CITIC Envirotech)

    UOL Group (UOL) derives a significant 47% to 58% of its revenues from its retail, office and hotel segments which should continue delivering stable cashflows in the coming years.

  • Joey Ho
  • 05 November 2015
  • Investors' Corner
  • Back to top
    Thumb-stock

    Investors’ Corner (Keppel DC REIT, SIIC Envt Hldgs, Singapore Press Hldgs, Yangzijiang Shipbuilding (Hldgs))

    Keppel DC REIT’s 3Q15 results were in line with our forecasts, with 9M15 adjusted distribution per unit representing 75% of our full-year forecast. 9M15 net property income of $69.5m was 1.7% above its IPO forecast.

  • Tan Jia Hui
  • 22 October 2015
  • Investors' Corner
  • Back to top
    Thumb-stock

    Investors’ Corner (Yoma Strategic Hldgs, Riverstone Hldgs, Croesus Retail Trust, Singapore Exchange)

    Yoma Strategic Holdings’ (Yoma) partner, Digicel Group, has entered into a conditional sale and purchase agreement with edotco Group (subsidiary of Axiata Group) to dispose of its 75% interest in Digicel Asian Holdings (DAH) at an agreed enterprise value of US$221m.

  • Tan Jia Hui
  • 08 October 2015
  • Investors' Corner
  • Back to top
    Thumb-stock

    Investors’ Corner (Raffles Medical Group, Ezion Hldgs, Hutchison Port Hldgs Trust, Global Logistic Properties)

    The recent proposed acquisition of a stake in International SOS (ISOS) is said to allow Raffles Medical Group (RMG) to manage 10 of ISOS’ clinics, located in China, Vietnam and Cambodia.

  • Tan Jia Hui
  • 23 September 2015
  • Investors' Corner
  • Back to top
    Thumb-stock

    Investors’ Corner (Del Monte Pacific, SMRT Corp, Neptune Orient Lines, Suntec REIT)

    Del Monte Pacific (DMP) reported a full-year loss of US$38m for FY15, the first full-year of reporting post its acquisition of US-based Del Monte Foods (DMF).

  • Tan Jia Hui
  • 09 September 2015
  • Investors' Corner
  • Back to top
    Thumb-stock

    Investors’ Corner (CapitaLand Commercial Trust, IPS Securex Hldgs, GuocoLand, Venture Corp)

    CapitaLand Commercial Trust (CCT) offers the most resilient office portfolio, as 34% of income is attributable to the volatile finance sector, of which major tenants’ leases expire beyond 2018 where supply risk should subside.

  • Tan Jia Hui
  • 27 August 2015
  • Investors' Corner
  • Back to top
    Thumb-stock

    Investors’ Corner (Noble Group, Fraser & Neave, Ascendas REIT, CapitaLand)

    Impacted by US$19m of operating losses in the mining and metals division, Noble Group’s 2Q15 PATMI came in at US$61.7m (down 28%), below expectations.

  • Tan Jia Hui
  • 13 August 2015
  • Investors' Corner
  • Back to top
    Thumb-stock

    Investors’ Corner (CapitaLand Mall Trust, First Resources, Sheng Siong Group, Tiger Airways Hldgs)

    CapitaLand Mall Trust’s (CMT) 2Q15 results met our expectations. Gross revenue slipped 2.9% y-o-y largely due to a fall in income from IMM following ongoing phase 2 of asset enhancement initiative (AEI) and lower occupancy from JCube and Clarke Quay.

  • Joey Ho
  • 30 July 2015
  • Investors' Corner
  • Back to top
    Thumb-stock

    Investors’ Corner (Valuetronics Hldgs, Fu Yu Corp, Singapore Post, Yangzijiang Shipbuilding (Hldgs))

    We estimate that lighting revenue declined 21% y-o-y in FY15, comprising 49% of its consumer electronics revenue. Due to razor-thin margins, lighting is estimated to have contributed 10% of operating profits, limiting the downside to the group’s business.

  • Joey Ho
  • 15 July 2015
  • Investors' Corner
  • Back to top
    Thumb-stock

    Investors’ Corner (United Overseas Bank, CDL Hospitality Trusts, KrisEnergy, City Developments)

    We believe the market may have overlooked the lack of United Overseas Bank’s (UOB) fee income differentiation and Greater China presence.

  • Joey Ho
  • 02 July 2015
  • Investors' Corner
  • Back to top

    Investors’ Corner (Silverlake Axis, DBS Group Hldgs, Singtel, Super Group)

    As of FY14, revenue from new interested person transactions (IPT) mandates and ancillary transactions of RM120.5m represented 24% of full-year revenue.

  • Joey Ho
  • 18 June 2015
  • Investors' Corner
  • Back to top
    Thumb-stock

    Investors’ Corner (ComfortDelGro Corp, Fu Yu Corp, Valuetronics Hldgs, Yoma Strategic Hldgs)

    We expect the Downtown Line (DTL) stage 2 to commence operations in 1Q16. The opening of DTL stage 2 is expected to feed more traffic into DTL stage 1 which saw ridership gaining traction. The outcome of the Bulim bus tender is positive for the sector, in our view.

  • Joey Ho
  • 04 June 2015
  • Investors' Corner
  • Back to top
    Thumb-stock

    Investors’ Corner (StarHub, BreadTalk, Yanlord Land, SingPost)

    1Q15 net profit fell by 21.8% q-o-q due to higher handset subsidies. Although we expect subsidies to normalise, 1Q15 was still below expectations at 18% and 19% of our and consensus FY15 forecasts respectively.

  • Joey Ho
  • 21 May 2015
  • Investors' Corner
  • Back to top
    Thumb-stock

    Investors’ Corner (CapitaLand, COSCO Corp, Global Testing Corp, SMRT Corp)

    1Q15 profit after tax and minority interests (PATMI) from continuing operations was $161.3m (up 9.4% y-o-y) mainly driven by higher operating income from CapitaMalls Asia (CMA) and portfolio gains.

  • Tan Jia Hui
  • 07 May 2015
  • Investors' Corner
  • Back to top
    Thumb-stock

    Investors’ Corner (Q&M Dental Group, ComfortDelGro Corp, Triyards Hldgs, Keppel REIT)

    Q&M Dental Group (Singapore) has expanded from 1 clinic in 1996 to 60 dental outlets by end-2014 in Singapore. We expect it to grow by another 5 stores per year for FY15 and FY16.

  • Tan Jia Hui
  • 23 April 2015
  • Investors' Corner
  • Back to top
    Thumb-stock

    Investors’ Corner (Del Monte Pacific, Neptune Orient Lines, Keppel Corp, Mapletree Logistics Trust)

    Del Monte Pacific is actively trying to reduce its debt. Through issuance of additional equity, bridging loans have been reduced by US$150m.

  • Tan Jia Hui
  • 09 April 2015
  • Investors' Corner
  • Back to top
    Thumb-stock

    Investors’ Corner (Ezion Hldgs, Genting Singapore PLC, Parkway Life REIT, Overseas Education)

    Even with our worst-case scenario modelled on a 20% cut to liftboat revenue, Ezion Holdings is still estimated to earn US$160m in FY15, with the implied P/E being 6.7x and an interest coverage ratio of 8.5x. Channel checks suggest that Ezion is currently in talks for 2 liftboat contracts.

  • Tan Jia Hui
  • 26 March 2015
  • Investors' Corner
  • Back to top
    Thumb-stock

    Investors’ Corner (Hongkong Land, SMRT, First Resources, Sarine Tech)

    FY14 underlying net profit of US$930m beat consensus’ by 5% and ours by 4%. Management sees a stable office-leasing market in Hong Kong in 2015.

  • 12 March 2015
  • Investors' Corner
  • Back to top
    Thumb-stock

    Investors’ Corner (Singapore Airlines, CapitaLand, Neptune Orient Lines, Sembcorp Industries)

    Singapore Airlines’ (SIA) Jan-15 pax traffic growth was the lowest since 2013. The company has stated that the decline in pax traffic could be due to a later Chinese New Year this year.

  • 26 February 2015
  • Investors' Corner
  • Back to top
    Thumb-stock

    Investors’ Corner (Japfa, SMRT Corp, CapitaRetail China Trust, Sheng Siong Group)

    Japfa’s wholly-owned subsidiary, Japfa Myanmar JV, had entered into a conditional share purchase agreement to acquire the remaining 15% of Japfa Comfeed Myanmar (JCMA) for US$5.7m, subject to approval by Myanmar Investment Commission.

  • Tan Jia Hui
  • 05 February 2015
  • Investors' Corner
  • Back to top
    Thumb-stock

    Investors’ Corner (Ezion, SIA, Golden Agri-Resources, RH Petrogas)

    Ezion is seeing more enquiries for its liftboats and service rigs as oil companies shift their focus from spending on new oilfields to repairing and maintaining their existing production platforms in view of lower oil prices.

  • 22 January 2015
  • Investors' Corner
  • Back to top
    Thumb-stock

    Investors’ Corner (Centurion Corp, Ascendas India Trust, Nam Cheong, Parkway Life REIT)

    Centurion Corporation’s 51:49 JV with Lian Beng Group won a tender from the Association of Process Industry (ASPRI) to develop a 7,900-bed workers’ dormitory and training centre at Jalan Papan, located in close proximity to Jurong Island.

  • Tan Jia Hui
  • 08 January 2015
  • Investors' Corner
  • Back to top
    Thumb-stock

    Investors’ Corner (Japan Foods Hldg, Olam Int’l, Yoma Strategic, City Developments)

    Olam International’s recent US$1.5b acquisition of McCleskey Mills and Archer Daniels Midland Company’s (ADM) cocoa business will strengthen its presence and market positioning in the areas deemed to be prioritised platforms – peanuts

  • 24 December 2014
  • Investors' Corner
  • Back to top
    Thumb-stock

    Investors’ Corner (Q&M Dental Group, Yanlord Land Group, M1, Parkway Life REIT)

    With Q&M Dental Group’s acquisitions of Aoxin and Aidite, it now owns 3 dental hospitals, 3 dental clinics and the second largest dental zirconium producer in China.

  • Shane Goh
  • 11 December 2014
  • Investors' Corner
  • Back to top
    Thumb-stock

    Investors’ Corner (Keppel REIT, Hi-P Int’l, SPH, Midas Hldgs)

    We downgrade our rating on Keppel REIT (KREIT) given the upcoming expiry of income support from Ocean Financial Centre and persistently high gearing of 42.1%, which puts the company at risk of de-leveraging if the authorities lower gearing limits 45%, as per proposed REIT rule changes.

  • Shane Goh
  • 27 November 2014
  • Investors' Corner
  • Back to top
    Thumb-stock

    Investors’ Corner (Sembcorp Industries, SingPost, Valuetronics Hldgs, Ascott Residence Trust)

    Sembcorp Industries’ utilities segment earnings surged 23% q-o-q in 3Q14 on the back of short-term contracts and new income from the Banyan Cogen plant in Singapore. Power spreads declined 3% q-o-q as competition in Singapore remains intense.

  • Shane Goh
  • 13 November 2014
  • Investors' Corner
  • Back to top
    Thumb-stock

    Investors’ Corner (Singapore Exchange, SingTel, Suntec REIT, Keppel Corp)

    Singapore Exchange announced 1Q15 underlying net profit of $77.6m, flat q-o-q and down 16% y-o-y, while total revenue declined 2% q-o-q and 8% y-o-y to $168.9m.

  • Shane Goh
  • 30 October 2014
  • Investors' Corner
  • Back to top
    Thumb-stock

    Investors’ Corner (Tiger Airways, Golden Agri-Resources, Mapletree Logistics, Petra Foods)

    Tiger Airways Holdings announced on 9 Oct-14 that it will make a further $93m provision for onerous lease contracts for 12 parked A320s that will commence their leases to IndiGo over the next 6 months.

  • Tan Jia Hui
  • 16 October 2014
  • Investors' Corner
  • Back to top
    Thumb-stock

    Investors’ Corner (OUE, Riverstone Holdings, Starburst Holdings, Japfa)

    OUE announced that it has agreed to invest US$200m in Nuvest Real Return Fund, a Cayman Islands domiciled exempted mutual fund.

  • Jonathan Khoh
  • 02 October 2014
  • Investors' Corner
  • Back to top
    thumb-pen

    Investors’ Corner (Libra Group, Tiger Airways, Keppel Land, 800 Super)

    With a turnaround in place after its major restructuring in 2013 and the return of founder Chu Sau Ben at the helm, we expect FY14 to be the inflection point followed by an explosive 3-year revenue and net PAT CAGR of 68% and 232% respectively in FY13-16F.

  • Jonathan Khoh
  • 18 September 2014
  • Investors' Corner
  • Back to top
    68-Perspective - Economy

    Investors’ Corner (IHH Healthcare, ISOTeam, Straco Corp, Hankore)

    IHH Healthcare’s 2Q14 net profit grew 33% y-o-y to RM209.1m. Excluding forex gains on net borrowings and other exceptional items, core net profit increased by 20% y-o-y to RM191.8m, on the back of an 11% expansion in revenue to RM1.9b.

  • Tan Jia Hui
  • 04 September 2014
  • Investors' Corner
  • Back to top
    Thumb-stock

    Investors’ Corner (Dyna-Mac Holdings, King Wan Corporation, Genting Singapore PLC)

    Dyna-Mac Holdings reported a 27.1% y-o-y increase in its revenue to $97.4m for 2Q14. However, profit after tax and minority interest (PATMI) dipped 19.9% to $6m and fell short of our expectations.

  • Jonathan Khoh
  • 21 August 2014
  • Investors' Corner
  • Back to top
    Thumb-stock

    Investors’ Corner (OSIM Int’l, SIA, UOB, Raffles Medical Group)

    OSIM International registered profits after tax and minority interest of $29.5m for 2Q14 and $58.4m for 1H14. Excluding TWG, we estimate its 2Q14 revenue from North Asia rose but likely declined in Singapore and Malaysia, which we partly attribute to challenging retail conditions.

  • 07 August 2014
  • Investors' Corner
  • Back to top
    Thumb-stock

    Investors’ Corner (Tiger Airways Holdings, Centurion Corporation, Ezion Holdings, Singapore Press Holdings)

    Tiger Airways Holdings’ (TR) Singapore operations improved q-o-q in 1Q15 on the back of peak travel period and active capacity management – passenger load factor (PLF) edged up gradually by 7.1 percentage points (ppt) from 79.2% in Mar-14 to 86.3% in Jun-14.

  • Tan Jia Hui
  • 24 July 2014
  • Investors' Corner
  • Back to top
    thumb-pen

    Investors’ Corner (Keppel Corp, Mapletree Greater China Commercial Trust, Tianjin Zhong Xin Pharmaceutical Group, ISOTeam)

    Keppel Corporation’s (KEP) conditional contract with Golar Hilli Corporation worth about US$735m, to perform a floating liquefied natural gas conversion has turned effective.

  • Tan Jia Hui
  • 10 July 2014
  • Investors' Corner
  • Back to top

    Investors’ Corner (CWT, Valuetronics, ValueMax, Yangzijiang)

    Recently, Dagang bonded warehouse at Qingdao port was being investigated for the fraudulent practice of pledging single batches of metals as collateral for multiple loans.

  • Shane Goh
  • 26 June 2014
  • Investors' Corner
  • Back to top
    Thumb-stock

    Investors’ Corner (ECS Holdings, Frasers Centrepoint,Venture Corporation, ComfortDelGro Corporation)

    Despite on-going macroeconomic uncertainties, market watcher Gartner Inc. still expects total global IT spending to increase by 3.2% to reach US$3.8t in 2014, with the strongest growth poised to come from enterprise software (up 6.9%).

  • Shane Goh
  • 12 June 2014
  • Investors' Corner
  • Back to top
    Thumb-stock

    Investors’ Corner (Boustead Singapore, SMRT Corporation, SATS, Sembcorp Marine)

    At 112% of our full-year forecast, Boustead’s FY14 core earnings were above our expectation, mainly due to strong results in its energy-related engineering division.

  • Jonathan Khoh
  • 29 May 2014
  • Investors' Corner
  • Back to top
    Thumb-stock

    Investors’ Corner (Wilmar International, Ezion Holdings, StarHub, UOL Group)

    At its 1Q14 results briefing, Wilmar International revealed that soybean crush margins remain in the negative territory but believes that the situation is unsustainable and expects margins to revert back to positive territory.

  • Shane Goh
  • 15 May 2014
  • Investors' Corner
  • Back to top
    72 - Investors Corner

    Investors’ Corner (Genting S’pore, Sarine Tech, Suntec REIT, Keppel Corp)

    Marina Bay Sands (MBS) reported a 10% y-o-y increase in 1Q14 EBITDA to US$435.2m, underpinned by a VIP win rate of 3.4% which was 90 basis points higher y-o-y.

  • Shane Goh
  • 30 April 2014
  • Investors' Corner
  • Back to top
    Thumb-stock

    Investors’ Corner (CapitaCommercial Trust, Singapore Exchange, Ezion Hldgs, Singapore Airlines)

    According to Business Times, CapitaCommercial Trust (CCT) has recently secured its first tenant signing for its CapitaGreen office building, which is currently under construction and is due for completion in end-2014.

  • Nicholas Tan
  • 16 April 2014
  • Investors' Corner
  • Back to top
    Thumb-stock

    Investors’ Corner (Nam Cheong, ST Engg, OSIM Int’l, Genting S’pore)

    Nam Cheong has sold 2 vessels for US$43.1m. We expect both vessels to be delivered in the next 3 months, which will boost 1Q14 figures. Its order book is maintained at a strong RM1.4b. Nam Cheong now only has 10 vessels left unsold in its 2014 delivery programme, with two-thirds of current-year stock already sold in 1Q14. Additionally, 8 out of 35 of its 2015 vessels have been sold as well. In early Mar-14

  • Shane Goh
  • 03 April 2014
  • Investors' Corner
  • Back to top
    Results

    Investors’ Corner (Cordlife Group,OUE Hospitality Trust, Soilbuild Business Space REIT, Perennial China Retail Trust)

    Cordlife has expanded its reach from just 2 markets previously to include Philippines, India, Indonesia, Malaysia and Thailand. It has also deepened its reach into China via an alliance with US-listed China Cord Blood Corporation and CordLabs Asia to provide cord tissue storage services that will give it a steady stream of royalty income.

  • Nicholas Tan
  • 20 March 2014
  • Investors' Corner
  • Back to top

    Investors’ Corner (CSE Global, Golden Agri-Resources, Pacific Radiance, UOL Group)

    Pacific Radiance is more than just a vessel owner and operator. The firm also manages the construction of most of its new-builds at third-party shipyards. This enables it to lower its vessel acquisition cost, thus giving it a sustainable advantage over vessel owners that purchase their assets from trading companies. We forecast FY14F and FY15F net profits of US$67.2m and US$83.6m respectively, driven by expansion of its fleet to 79 vessels from 59 by end-2015, as well as annual gains from sales of vessels.

  • Choo Hao Xiang
  • 06 March 2014
  • Investors' Corner
  • Back to top
    Thumb-stock

    Investors’ Corner (Sembcorp Marine, OCBC, AusGroup, Hutchison Port Hldgs Trust)

    Sembcorp Marine (SembMarine) ended 2013 with a peak order book of approximately $13b which is high quality in terms of buyers and pricing. This provides strong earnings growth (13% CAGR over 2012-15E). In addition, Macquarie expects SembMarine to win $4.5b of new orders in 2014.

  • Ong Qiuying
  • 20 February 2014
  • Investors' Corner
  • Back to top
    Thumb-stock

    Investors’ Corner (Venture Corporation, Wing Tai Holdings,Mapletree Greater China Commercial Trust, SMRT Corporation)

    The 3D printing industry is still fluid on the back of recent developments which led us to believe that demand is likely to grow faster going forward given the push by industry players into new market segments for 3D printing. Revenue contribution in FY14 from Venture’s 3D printing business segment is expected to fall in the low-single-digit percentage and a more substantial high-single in FY15.

  • Peter Ng
  • 06 February 2014
  • Investors' Corner
  • Back to top
    Thumb-stock

    Investors’ Corner (Ezra Hldgs, Frasers Centrepoint, SPH REIT, ST Engrg)

    Ezra’s 1Q14 net earnings of US$6.3m was lower by 6% y-o-y despite total sales rising 22% y-o-y. This was mainly due to lower gross margins, other operating and financial income.

  • Shane Goh
  • 16 January 2014
  • Investors' Corner
  • Back to top

    Investors’ Corner (DBS Group Hldgs, Nam Cheong, Cambridge Industrial Trust, Del Monte Pacific)

    The potential for higher loan pricings stands to benefit the bank with the strongest deposit franchise, where among the 3 local banks, DBS is best positioned with the highest current and savings account ratio and $ liquidity.

  • Peter Ng
  • 02 January 2014
  • Investors' Corner
  • Back to top

    Investors’ Corner (AusGroup, CapitaLand, Tiger Airways Hldgs, Viva Industrial Trust)

    While AusGroup has sufficient cash to meet its present needs, due to a recent sale of its Singapore property in Jul-13, the A$21m gross loss in 1Q14 is a strong indicator of high ongoing cash burn.

  • Shane Goh
  • 19 December 2013
  • Investors' Corner
  • Back to top
    iStock_000005467861XSmall

    Investors’ Corner (Courts Asia, Jason Marine Group, CapitaLand, Keppel Corporation)

    We expect operating Court Asia’s margins, which are already down significantly year-to-date, to slip even further as it is unable to pass on most of the impending cost pressures.

  • Louis Kent Lee
  • 05 December 2013
  • Investors' Corner
  • Back to top

    Investors’ Corner (Olam Int’l, Sino Grandness Food Industry Group, Sin Heng Heavy Machinery, Ezion Hldgs)

    Management has shifted its focus towards de-risking the group’s balance sheet. We hold a less optimistic view than management, expecting free cash flow positive territory delayed to 1H15 instead of 1H14.

  • Ong Qiuying
  • 21 November 2013
  • Investors' Corner
  • Back to top

    Investors’ Corner (Soilbuild REIT, OCBC, Keppel Land, NOL)

    Soilbuild Business Space REIT’s 3Q13 net property income came in at $6.9m, 2% higher than its prospectus forecast of $6.8m due to higher income contribution and lower property expenses.

  • Peter Ng
  • 07 November 2013
  • Investors' Corner
  • Back to top

    Investor’s Corner (Mapletree Logistics Trust, Singapore Airlines, Genting Singapore, Singapore Exchange)

    Mapletree Logistics Trust (MLT) reported a 1.3% y-o-y drop in 2Q14 net property income (NPI) to $66.6m due to weaker translated income from its Japan portfolio caused by a depreciating yen.

  • Nicholas Tan
  • 24 October 2013
  • Investors' Corner
  • Back to top

    Investors’ Corner (Ascendas REIT, SIA Engrg, Keppel Corp, ARA Asset Mgt)

    Ascendas REIT is likely to benefit from incremental rental income from The Galen, continued positive rental reversions and the completion of its various investment projects.

  • Shane Goh
  • 11 October 2013
  • Investors' Corner
  • Back to top

    Investors’ Corner (Rex Int’l Holding, SPH, Nam Cheong, Hutchison Port Holdings Trust)

    Rex International Holding uses proprietary oil and gas exploration technology, including Rex Virtual Drilling, to identify and characterise reservoirs in the areas to be drilled and lower the chances of hitting a dry well

  • Shane Goh
  • 27 September 2013
  • Investors' Corner
  • Back to top

    Investors’ Corner (CapitaMalls Asia, First Resources, Goodpack, Yangzijiang Shipbuilding)

    CapitaMalls Asia’s (CMA) share price may have corrected by 11% since Bernanke’s Congressional Testimony, but we see this as an excellent buying opportunity for the stock.

  • Wilfred Ng
  • 13 September 2013
  • Investors' Corner
  • Back to top

    Investors’ Corner (Sembcorp Industries, Parkson Retail Asia, Yangzijiang Shipbuilding Holdings, Saizen REIT)

    Saizen REIT’s gross revenue and net property income increased by 9.7% and 13.6% respectively in FY13, largely supported by its acquisitions of 7 properties. We believe FY14 will witness the full‐year contribution from these properties.

  • 30 August 2013
  • Investors' Corner
  • Back to top

    Investors’ Corner (Noble Group, CWT, Ho Bee Investment, Biosensors International Group)

    CWT reported a decent set of 2Q13 results that were in-line with our expectations. Revenue jumped 66% y-o-y to $1.7b, driven by higher contribution from its newly established commodity business. However, the group incurred higher administrative expenses and higher financing costs.

  • Wilfred Ng
  • 16 August 2013
  • Investors' Corner
  • Back to top

    Investors’ Corner (Suntec REIT, M1, First Resources, Singapore Press Holdings)

    99.6% and 70% of Phase 1 and Phase 2 of the mall have been pre-committed and rents achieved in Phase 1 of $13.1psf per month were 4% ahead of management forecast of $12.6psf per month.

  • Shane Goh
  • 26 July 2013
  • Investors' Corner
  • Back to top
    Picture of a pen and smartphone on a stock chart.

    Investors’ Corner (Bumitama, CoscoCorp, THBEV, UOB)

    After the recent correction, United Overseas Bank is now trading at its 5-year historical mean PB of 1.33 times. UOB’s local peers are however trading above their mean PB. We think that UOB should be trading above its mean PB, similar to its local peers.

  • Choo Hao Xiang
  • 12 July 2013
  • Investors' Corner
  • Back to top

    Investors Corner (Vard holding, Starhub, ComfortDelGro, Midas Holdings)

    Vard’s share price is off its low of $1.015 following an unwarranted selldown previously. Optimism expressed by leading Offshore Support Vessel (OSV) owners following their 1Q13 results generally support our view that high end OSV newbuild ordering is on the verge of picking up again in 2H13. Average utilisation and charter rates for Anchor Handling Tug Supply Vessels and Platform Supply Vessels are generally rising although there are still occasional bouts of volatility.

  • Shane Goh
  • 28 June 2013
  • Investors' Corner
  • Back to top

    Investors’ Corner (Keppel Corporation, Super Group, Olam International, CourtsAsia)

    Keppel Corporation has recently received an order from Caspian Drilling for a US$800m semisub. We expect orders going forward to consist of an increasing mix of semisub orders given the optimism echoed by leading drillers on the deepwater space in their 1Q13 results.

  • Shane Goh
  • 14 June 2013
  • Investors' Corner
  • Back to top

    Investors’ Corner (Midas Hldgs, Global Logistic Properties, ComfortDelGro Corp, Olam International)

    The newly formed China Railway Corporation (spun off from former Ministry of Railways) made its capital market debut with the sale of Rmb20b bonds. In our view, it is a necessary move to get China’s ambitious railway plans back in gear and could potentially result in more intensive investments in 2H13.

  • Jade Lee
  • 31 May 2013
  • Investors' Corner
  • Back to top

    Investors’ Corner (Hyflux, Sing Hldgs, CapitaMall Trust, AusGroup)

    Hyflux reported 1Q13 results with revenue slipping 8% y-o-y and 38% q-o-q to $124.5m, or around 17% of our full-year forecast.

  • Ong Qiuying
  • 17 May 2013
  • Investors' Corner
  • Back to top

    Investors’ Corner (First REIT, CapitaMalls Asia, Tiger Airways, Wilmar Int’l)

    First REIT’s gross revenue for 1Q13 increased 25% y-o-y to $17.5m, driven largely by a full-quarter of contribution from the 2 properties it acquired on 30 Nov-12.

  • Ong Qiuying
  • 03 May 2013
  • Investors' Corner
  • Back to top

    Investors’ Corner (K-Green Trust, Singapore Airlines, Singapore Exchange, Yongnam Holdings)

    We estimate that K-Green Trust’s partial return of capital makes up about 68% of its overall distributions, implying that its true free cash flow yield is merely a low 2.2%.

  • Choo Hao Xiang
  • 19 April 2013
  • Investors' Corner
  • Back to top

    Investors’ Corner (Ying Li Int’l Real Estate, Noble Group, Mapletree Industrial Trust, Neptune Orient Lines)

    In our view, the market’s negative reaction to the China’s latest round of property cooling measures announced on 1 Mar, is overdone as Ying Li International Real Estate’s residential portfolio mainly includes Ying Li International Plaza Block 2 to 5 and San Ya Wan Phase 2, which only accounts for a small proportion of the total portfolio.

  • Ong Qiuying
  • 05 April 2013
  • Investors' Corner
  • Back to top

    Investors’ Corner (Cache Logistics Trust, Singapore Post, Yoma Strategic Hldgs, SingTel)

    Cache Logistics Trust announced the close of a private placement of 70m new units at an issue price of $1.24 apiece.

  • Daxx Chong
  • 22 March 2013
  • Investors' Corner
  • Back to top

    Investors’ Corner (Ezion Hldgs, Kingsmen Creatives, Rotary Engrg, Noble)

    Ezion is now reviving its marine supply base project on Melville Island, in the Northern Territory of Australia, after receiving endorsements to proceed.

  • Nicholas Tan
  • 08 March 2013
  • Investors' Corner
  • Back to top

    Investors’ Corner (Serial Sys, China Minzhong Food, F&N, OCBC)

    4Q12 net profit came in at $2.1m, in line with our forecast of $2.2m. Sales increased 9% in 4Q12 mainly due to higher contribution from newer product lines and additions from new customers in Greater China.

  • Nicholas Tan
  • 22 February 2013
  • Investors' Corner
  • Back to top

    Investors’ Corner (AdvaHldg, Kep Corp, Sheng Siong, SingPost)

    Despite having no significant developments since our last update report issued on 10 Dec-12, Sheng Siong’s share price has soared by more than 25%. We view this amazing appreciation as a result

  • Daxx Chong
  • 01 February 2013
  • Investors' Corner
  • Back to top
    iStock_000000751662XSmall

    Investors’ Corner (CapitaLand, Keppel Land, Sino Grandness Food, Starhill Global REIT)

    In its most comprehensive move to date, the government has further tightened financing for both public and private residential properties with loan to valuations lowered 20-80% and raising additional buyers’ stamp duty (ABSD) to 3-18%.

  • Nicholas Tan
  • 18 January 2013
  • Investors' Corner
  • Back to top

    Investors’ Corner (China Merchant Hldgs (Pacific), City Developments, Keppel Corporation, Technics Oil & Gas)

    The group is buying Jiurui Expressway, part of the Hangzhou–Ruili Expressway and a key route in Jiangxi province.

  • Daxx Chong
  • 04 January 2013
  • Investors' Corner
  • Back to top

    Investors’ Corner (Frasers Commercial Trust, United Engineers, UOL Group, CapitaMalls Asia)

    At the end of FY12, Frasers Commercial Trust (FCOT) announced the divestment of its Japan properties, which was anticipated but earlier than expected.

  • Nicholas Tan
  • 21 December 2012
  • Investors' Corner
  • Back to top

    Investors’ Corner (SMRT, Viz Branz, OCBC, UE E&C)

    Grazing the headlines recently were reports on SMRT’s mainland-Chinese bus drivers’ protest on an alleged pay dispute.

  • Nicholas Tan
  • 07 December 2012
  • Investors' Corner
  • Back to top

    Investors’ Corner (Nam Cheong, SaizenREIT, Ying Li, CDL HTrust)

    Nam Cheong is set to leverage on its strong market position (estimated at 75% domestic market share for OSV shipbuilding) to be a key beneficiary of Petronas’ RM300b capital expenditure plans for FY11-15.

  • Nicholas Tan
  • 23 November 2012
  • Investors' Corner
  • Back to top

    Investors’ Corner (Ezion, SIA, Hyflux, DBS)

    Ezion Hldgs will issue 10m new shares to Tan Boy Tee at $1.2635 per share, representing a 5% discount to the volume weighted average price (VWAP) on 5 Nov-12, and raise $12.5m cash from the subscription.

  • Nicholas Tan
  • 09 November 2012
  • Investors' Corner
  • Back to top

    Investors’ Corner (Yoma, CapitaMall, Kep Corp, SGX)

    Yoma Strategic Holdings reported a negative 2Q13 net income of $4.2m, mostly due to a $5.4m one-time non-cash share-based payment to its chief executive officer, partially offset by increased sales of residences and land development rights.

  • Nicholas Tan
  • 25 October 2012
  • Investors' Corner
  • Back to top

    Investors’ Corner (GoldenAgr, RafflesMG, UtdEnvirotech, VizBranz)

    The group’s 70%-owned subsidiary has signed a deal to acquire, upgrade and expand an existing industrial waste-water treatment plant in Weifang City, Shandong Province, China; this would make it the group’s 4th acquisition in the industrial treatment space in Shandong.

  • Daxx Chong
  • 12 October 2012
  • Investors' Corner
  • Back to top

    Investors’ Corner (Venture, GP Hotels, UOB, DBS )

    We forecast Venture’s revenue to grow only 1% this year due to tough economic conditions.

  • Simeon Ang
  • 28 September 2012
  • Investors' Corner
  • Back to top

    Investors’ Corner (A-REIT, Midas, Yanlord, F&N)

    Ascendas REIT (A-REIT) has been actively involved in capital recycling activities in a bid to optimise its portfolio yield.

  • Nicholas Tan
  • 14 September 2012
  • Investors' Corner
  • Back to top

    Investors’ Corner (ChinaMinzhong, Genting HK, Sakari, Biosensors)

    FY12 results beat market expectations as China Minzhong turned in revenue of Rmb2.6b and net profit of Rmb679.6m.

  • Nicholas Tan
  • 31 August 2012
  • Investors' Corner
  • Back to top

    Investors’ Corner (ARA, Genting SP, F&N, SuperGroup)

    ARA’s 1H12 PATMI (profit after tax and minority interest) of $35.3m (up 20% y-o-y) formed about 48% of our full year estimate.

  • Choo Hao Xiang
  • 17 August 2012
  • Investors' Corner
  • Back to top

    Investors’ Corner (SMRT Corporation, Singapore Exchange, Ascott Residence Trust, CDL Hospitality Trusts)

    SMRT’s 1Q13 revenue of $275.2m accounts for 25.1% of our full-year forecast.

  • Jade Lee
  • 06 August 2012
  • Investors' Corner
  • Back to top

    Investors’ Corner (M1, Yongnam, Ezra, Biosensors)

    M1 reported a softer-thanexpected set of 2Q12 results due to lower handset sales and a change in sales mix. Going forward, M1 expects capital expenditure to be around $120m (versus its earlier $110-130m guidance).

  • Jade Lee
  • 22 July 2012
  • Investors' Corner
  • Back to top

    Investors’ Corner (CDL HTrust, PerennialCRT, TechOil&Gas, ST Engg)

    Singapore has reached another major tourism milestone with the official opening of the 101ha Gardens by the Bay. With this new attraction and the recently-opened Marina Bay Cruise Centre, the Marina Bay area will strengthen as a tourism cluster that complements Sentosa.

  • Daxx Chong
  • 06 July 2012
  • Investors' Corner
  • Back to top

    Investors’ Corner (CACHE, FrasersCT, SingPost, Capitaland)

    Cache Logistics Trust (CLT) boasts being one of the more resilient portfolios in the industrial REIT space.

  • Simeon Ang
  • 22 June 2012
  • Investors' Corner
  • Back to top

    Investors’ Corner (SoundGlobal, Ascendasreit, MacqIntInfra, Noble Grp)

    The 12th Five Year Plan on wastewater treatment sector has called for Rmb50b of investments in new treatment plants in designated towns and counties of China during 2011-15.

  • Scott Lee
  • 08 June 2012
  • Investors' Corner
  • Back to top

    Investors’ Corner (Petra, STXOSV, TigerAir, Genting SP)

    Petra Foods announced that 1Q12 PATMI of US$16.3m grew 20.5% y-o-y led by strength in Branded Consumer largely as a result of successful implementation of price hike in Aug-11 to mitigate the anticipated higher input costs in 2012. Growth momentum came from sterling demand for Own Brand and Third Party brands in Indonesia as well as Agency Brands in Indonesia.

  • Scott Lee
  • 25 May 2012
  • Investors' Corner
  • Back to top

    Investors’ Corner (CoscoCorp, FJBen, OSIM, VizBranz, Kep Corp, SembMar, XinRen, CapitaMall)

    Cosco Corporation recorded dismal 1Q12 net profit which came in 19% below our forecast and 20% below market concensus. Cosco blamed its poor performance on higher than expected interest and expenses.

  • Simeon Ang
  • 11 May 2012
  • Investors' Corner
  • Back to top

    Investors’ Corner (Cordlife, Sakari, GuocoLand, UOB)

    We like Cordlife for its market leadership in Singapore and Hong Kong (62% and 28% market share respectively), and it currently stores more than 35,000 cord blood units. Cordlife has the right-of-first-refusal to acquire its former parent’s operations in developing markets –

  • Gerald Teo
  • 27 April 2012
  • Investors' Corner
  • Back to top

    Investors’ Corner (TigerAir, Wilmar, Frasers Comm, Genting SP)

    Strong earnings turnaround is expected with the normalisation of Tiger Airways Australia’s operations and continued passenger/ancillary income growth.

  • Gerald Teo
  • 13 April 2012
  • Investors' Corner
  • Back to top

    Investors’ Corner (Genting SP, NOL, StarHub, Mermaid)

    Whilst junkets are positive for long-term market growth, our sense is that the bears on Genting Singapore (GENS) are still taking a wait-and-see approach on the stock. Junkets could boost VIP revenues via new clients, and will take on credit risk which in turn is positive for GENS’ balance sheet.

  • Gerald Teo
  • 30 March 2012
  • Investors' Corner
  • Back to top

    Investors’ Corner (CapitaMallsAsia, DBS, Ezra, Olam)

    We believe CapitaMalls Asia (CMA)’s extensive retail mall network in Asia offers a distinct and significant advantage in lease management.

  • Simeon Ang
  • 16 March 2012
  • Investors' Corner
  • Back to top

    Investors Corner (Genting Singapore PLC, Jardine Cycle & Carriage, UOL Group, Sembcorp Industries)

    The Singapore government said it is reviewing the Casino Control Act and hopes to disclose more details in the 2H12. The review will look into the economic, security and social issues surrounding the two Integrated Resorts (IRs). Government is looking at introducing additional safeguards including expanding 3rd party casino exclusions as well as introducing time limits and spending limits to help those with poor self-control.

  • Louis Kent Lee
  • 02 March 2012
  • Investors' Corner
  • Back to top

    Investors’ Corner (ComfortDelGro, TigerAir, ChinaMinzhong, IndoAgri, SingTel, Wing Tai)

    ComfortDelGro Corp’s (CDG) FY11 revenue growth of 6% y-o-y was broad-based with increases seen in CDG’s taxi (up 10%), rail (up 8%), vehicle inspection units (up 12%) with the most notable being Australian bus operations which increased 27%.

  • Andy Chor
  • 17 February 2012
  • Investors' Corner
  • Back to top

    Investors’ Corner (Fortune REIT, NOL, Olam, SingPost)

    Fortune REIT (Fortune) filed its FY11 DPU of HK$26.30, 8% higher than a year ago. Key performance indicators of Fortune remained attractive as net property income increased 7.6% y-o-y on the back of positive rental revisions of 15.2%.

  • Simeon Ang
  • 03 February 2012
  • Investors' Corner
  • Back to top

    Investors’ Corner (Cache Logistics Trust, China Minzhong Food Corp, Singapore Press Hldgs, Genting Singapore PLC)

    We project Cache Logistics Trust would rake up 10.8% and 6.4% year-on-year growth in gross revenue and distribution per unit respectively for 4Q11 results as rental income is bolstered by recent acquisitions.

  • Andy Chor
  • 13 January 2012
  • Investors' Corner
  • Back to top

    Investors’ Corner (Midas Hldgs, Noble Group, SATS, Venture Corp)

    The PRC Ministry of Railways (MOR) cut its 2011/12 spending projections to Rmb470b/Rmb400b after total infrastructure investment came in at Rmb400b as of Nov-11.

  • Andy Chor
  • 30 December 2011
  • Investors' Corner
  • Back to top

    Investors’ Corner (China XLX Fertiliser, F J Benjamin Hldgs, Goodpack, Tiger Airways Hldgs)

    China XLX Fertiliser (CXF) managed to shift to a better sales mix where margins are higher, allowing CXF’s blended gross profit margins to outpace cost escalation.

  • Andy Chor
  • 16 December 2011
  • Investors' Corner
  • Back to top

    Investors’ Corner (CapitaLand, GLP, Pacific Andes, Noble, Suntec REIT, UOB, ARA Asset, Genting Singapore)

    A joint venture by CapitaLand (25%), CapitaMalls Asia (25%) and Singbridge (30%) has been awarded the tender for a 0.817m square metre (sqm) mixed use site in Yuzhong District, Chongqing, China.

  • Simeon Ang
  • 02 December 2011
  • Investors' Corner
  • Back to top

    Investors’ Corner (CityDev, Golden Agri, Sound Global, Hong Leong Asia)

    City Developments’ (CityDev) latest project, a mass market condominium development, The Palette was open for preview on 12 Nov.

  • Simeon Ang
  • 18 November 2011
  • Investors' Corner
  • Back to top

    Investors’ Corner (DBS, Sakari, GLP, RafflesMG )

    DBS Group Holdings (DBS) reported 3Q11 profit of $762m, a 4% improvement q-o-q. 9M11 profit was 77% of our FY11 estimate of $3b (78% of consensus $2.944b). Notwithstanding distortion from sharp fall of S$, net interest income inched up 1% on loan. Net interest margins, however, fell 7 basis points (bps) q-o-q to 173bps, driven by a weaker loan-to-deposit spread of 2.05%.

  • Daxx Chong
  • 04 November 2011
  • Investors' Corner
  • Back to top

    Investors’ Corner (M1, SGX, Yangzijiang, CapitaRChina)

    M1 reported 3Q11 revenue easing 0.4% y-o-y and 0.2% q-o-q at $244.8m, or around 4% shy of our forecast; net profit climbed 4.1% y-o-y to $41m, it was down 4% q-o-q and was also 4.6% short of our forecast.

  • Daxx Chong
  • 21 October 2011
  • Investors' Corner
  • Back to top

    Investors’ Corner (Midas Hldgs, CapitaLand, SATS, SGX)

    Midas’ share price has come off 7% since our August update, in-line with STI’s dismal performance and continued to be weighed down by negative news flow in September, for example the Shanghai metro train crash and delay in Ministry of Railways’ issue of bonds.

  • Gerald Teo
  • 07 October 2011
  • Investors' Corner
  • Back to top

    Investors’ Corner (M1, TigerAir, HPH Trust US$, SingPost)

    We view negatively on M1’s decision to end its partnership with Vodafone from 31 Dec 11 as this may shave M1’s core net profit by 5-10%, based on our estimates.

  • Gerald Teo
  • 23 September 2011
  • Investors' Corner
  • Back to top

    Investors’ Corner (Epicentre, Rotary, SGX, Starhill Gbl, VizBranz)

    2H11 results came in below expectations with revenue falling 12% below our estimates to $70.5 million, attributable largely to 24% half-on-half fall in sales volumes. Earnings had been bogged down by start-off costs for new outlets (two new outlets in Singapore and its first in Shanghai) and feasibility studies in China as well as lower than expected sales from the iPad2 due to its late launch as well as constrained stocks. iPad sales make up 18-19% of the group’s total sales with Epicentre capturing ~30% of the market share in Singapore.

  • Simeon Ang
  • 09 September 2011
  • Investors' Corner
  • Back to top

    Investors’ Corner (FJ Benjamin, ConscienceFood, Genting HK, Yangzijiang, Keppel Land)

    Revenue growth was driven by strong consumer demand across all its major markets in Southeast Asia and North Asia. Sales in Indonesia alone increased by 7% y-o-y.

  • Gerald Teo
  • 26 August 2011
  • Investors' Corner
  • Back to top

    Investors’ Corner (ARA, EzionHldg, Kep Corp, Sp Land, Yongnam)

    Despite 50% of ARA’s revenue being denominated in US$ and HK$, the firm’s 2Q11 net profit rose 17% year-on-year (y-o-y) to $14.7 million. That brought its 1H11 figure to $29.6 million (+18% y-o-y), 48% of our FY11 estimate. 2Q11 results were buoyed by a 6% increase in recurrent management fees on MBFC 1 acquisition and higher valuation of REITs under management.

  • Choo Hao Xiang
  • 12 August 2011
  • Investors' Corner
  • Back to top

    Investors’ Corner (First REIT, AscottREIT, Ezra, KepLand, Wilmar)

    First REIT’s (FREIT) 2Q11 results were within expectations. Drawing contributions from its two Indonesian hospitals acquired in Dec-10, revenue surged 75.3% year-on-year to $13.2 million.

  • Choo Hao Xiang
  • 29 July 2011
  • Investors' Corner
  • Back to top

    Investors’ Corner (Areit, Hyflux, SembMarine, STX OSV)

    AREIT bought its sixth property in the International Business Park, Nordic European Centre (NEC), for $121.6m. Pegging to rentals for AREIT’s business-park assets, NEC’s initial yield of 6.2-6.3% is below its overall portfolio’s 6.5% net property income yield.

  • Choo Hao Xiang
  • 15 July 2011
  • Investors' Corner
  • Back to top

    Investors’ Corner (GLP, StarHub, Super Group, ARA, MapletreeInd, Wilmar)

    GLP has signed a strategic partnership with Unicharm. GLP’s initial project would be a Build-To-Suit (BTS) development in GLP Park Pujia in the Tianjin Xiqing Economic Development Area. Unicharm entered China in 1995 and is building a strong presence through its feminine care and baby care products.

  • Daxx Chong
  • 01 July 2011
  • Investors' Corner
  • Back to top

    Investors’ Corner (ARA, CapitaLand , MIDAS, STXOSV)

    ARA’s recurring income increases in-line with the increase in assets under management (AUMs) of real estate investment trusts (REITs) (45% of 2010 revenue) and private funds (25% of 2010 revenue).

  • Ho Lee Peng
  • 17 June 2011
  • Investors' Corner
  • Back to top

    Investors’ Corner (CoscoCorp, MapletreeCom, Q&MDental, SIA)

    COSCO Corp (S) (COSCO) entered into a US$114m contract with ATP Oil Gas (UK) for the construction of “Octabuoy Topside Module” – Octabuoy Phase 2.

  • Daxx Chong
  • 03 June 2011
  • Investors' Corner
  • Back to top

    Investors’ Corner

    In line with our expectations, ComfortDelGro Corp’s (CDG) 1Q11 revenue grew by 4.7% year-on-year to $803m, driven by growth in all business segments.

  • Choo Hao Xiang
  • 20 May 2011
  • Investors' Corner
  • Back to top

    Investors’ Corner

    Noble Group has just announced that Korea’s sovereign wealth fund KIC (Korea Investment Corp) is acquiring slightly over 1% stake in the company, valuing the transaction at $132.2m at 29 Apr-11′s close of $2.23

  • Xavier Lim
  • 06 May 2011
  • Investors' Corner
  • Back to top

    Investors’ Corner

    With FY10 loan growth having lagged peers and the sector, management is guiding for a more comparable performance in FY11F.

  • Gerald Teo
  • 21 April 2011
  • Investors' Corner
  • Back to top

    Investors’ Corner

    CapitaMalls Asia (CMA) currently has 7 projects in Shanghai, 1 each in Foshan, Changsha and Wuhan. Existing completed properties such as Guicheng and Yuhuating malls, which are anchored by Wal-Mart, are generating between 5-7% net property income yield at the moment and planned asset enhancement initiatives works are expected to boost this further.

  • Choo Hao Xiang
  • 08 April 2011
  • Investors' Corner
  • Back to top

    Investors’ Corner

    ECS is an attractive proxy to rising IT spending in Asia and provides exposure to the rapidly expanding Chinese information and communications technology (ICT) market. In addition, ECS is expanding its brand portfolio and distribution network.

  • Ong Qiuying
  • 25 March 2011
  • Investors' Corner
  • Back to top

    Investors’ Corner

    While Bharti’s targets for Africa are not easy, we believe the top-line target does not need significant market share increase along with a number of opportunities to improve cost structure. Despite fierce competition, we expect Optus to deliver 7-10% earnings growth and benefit from VHA’s poor network performance for the next 12-18 months.

  • Ong Qiuying
  • 11 March 2011
  • Investors' Corner
  • Back to top

    Investors’ Corner

    We like FJB for its exposure to the Asian consumer retail segment and we believe it is well poised to benefit from increasing retail spending in the region. FJB has exclusive distribution rights in the region for a range of world-renowned brands and a reliable 30-year record in brand management and retailing.

  • Gerald Teo
  • 25 February 2011
  • Investors' Corner
  • Back to top

    Investors’ Corner

    Despite its expanded product platform, the Singapore Exchange (SGX) is still heavily-reliant on its securities trading turnover. Bolstered by a surge in average daily value traded (DVT) for ETFs, commencement of ADR trading via GlobalQuote and new listings, the said segment took SGX’s 2Q11 earnings to their highest in 5 quarters (ex-exceptionals).

  • Choo Hao Xiang
  • 11 February 2011
  • Investors' Corner
  • Back to top

    Investors’ Corner

    KepLand’s 4Q10 results were below our estimates, due to lower-than-forecasted domestic residential sales. Dividend of $0.18 per share (FY09: $0.08) was declared.

  • Gerald Teo
  • 28 January 2011
  • Investors' Corner
  • Back to top

    Investors’ Corner

    The industry outlook for ComfortDelGro Corp (CD) looks good with recent developments: 1) CD’s reduction of fuel subsidies should buffer margins; 2) stronger-than-expected regional expansion may surprise inorganic earnings growth.

  • Ong Qiuying
  • 14 January 2011
  • Investors' Corner
  • Back to top

    Investors’ Corner

    Noble Group’s (Noble) recent acquisition of two Brazilian sugar mills, combined with its two existing UNP facilities, elevated it to one of the top five sugarcane crushers in the low-cost sugar-producing country.

  • Ong Qiuying
  • 31 December 2010
  • Investors' Corner
  • Back to top

    Investors’ Corner

    Due to continued high liquidity in Asia, we consider it highly probable that the government will introduce harsher regulations to deflate the property bubble. We expect CDL, with its land bank strategy, to be most affected by recent government rules aimed at preventing land hoarding via increased penalties.

  • Cassandra Sim
  • 17 December 2010
  • Investors' Corner
  • Back to top

    Investors’ Corner

    China Fishery Group (CFG) reported 4Q10 net profit of US$16m while FY10 net profit came in at US$117m. FY10 North Pacific operations were strong with a PAT contribution of US$119m, partially off-set by South Pacific operations loss of US$14m for FY10.

  • Cassandra Sim
  • 03 December 2010
  • Investors' Corner
  • Back to top

    Investors’ Corner

    China Animal Healthcare achieved net profit of Rmb18.4m on sales of Rmb160.9m for 3Q10. The topline’s 23.7% y-o-y and 16.4% q-o-q increase was contributed mainly by sales and margin growth in the vaccine segment. Starting from a relatively low base, this new business grew 178% y-o-y and 61.2% q-o-q. Also, gross margins improved from 74.2% in 2Q to 75.1% this quarter due to economies of scale.

  • Gilbert Chia
  • 19 November 2010
  • Investors' Corner
  • Back to top

    Investors’ Corner

    9M10 core net profit was below expectations, accounting for only 57% of our FY10 forecast and 52% of consensus. The main disappointments were weaker-than-expected crude palm oil (CPO) sales and earnings from its cooking oil & fats division.

  • Gerald Teo
  • 04 November 2010
  • Investors' Corner
  • Back to top

    Investors’ Corner

    SMRT Corporation is due to release its 2Q11 results and we are expecting revenue of $244.7m, representing a 6.6% y-o-y growth.

  • Cassandra Sim
  • 22 October 2010
  • Investors' Corner
  • Back to top

    Investors’ Corner

    We are initiating coverage on Keppel Corp as we believe Keppel is set to benefit from the upcoming Offshore Support Vessel (OSV) replacement cycle and green-housing development.

  • Cassandra Sim
  • 08 October 2010
  • Investors' Corner
  • Back to top

    Investors’ Corner

    For exposure to CPO price movement, we recommend Indofood Agri Resources (Indofood Agri) because of its strategy of diversifying vertically along the palm oil supply chain.

  • Cassandra Sim
  • 24 September 2010
  • Investors' Corner
  • Back to top

    Investors’ Corner

    Tiger Airways has been cancelling a high percentage of its flights recently, and we suspect this is caused by a shortage of pilots region-wide.

  • Cassandra Sim
  • 09 September 2010
  • Investors' Corner
  • Back to top

    Investors’ Corner

    We raised Olam’s FY10F–11F earnings by 6.2–4.6%, considering the ramp up contributions from acquisitions completed since FY09 and turnaround in industrial raw materials in 9M10.

  • Choo Hao Xiang
  • 27 August 2010
  • Investors' Corner
  • Back to top

    Investors’ Corner

    Tiger Airways reported $1.9m earnings in 1Q11, a turnaround from a $6m loss in 1Q10 but significantly lower than both consensus and our expectations.

  • Cassandra Sim
  • 13 August 2010
  • Investors' Corner
  • Back to top

    Investors’ Corner

    Adding to its profitable Australia bus and China taxi franchises, a strong GDP recovery is helping Singapore, especially in rail and ridership numbers.

  • Cassandra Sim
  • 30 July 2010
  • Investors' Corner
  • Back to top

    Investors’ Corner

    China Fishery Group (CFG) has recently announced the placement of its new shares and warrants to Carlyle Group (Carlyle).

  • Choo Hao Xiang
  • 16 July 2010
  • Investors' Corner
  • Back to top

    Investors’ Corner

    C & O Pharmaceutical Technology (C&O) has disposed its investment property in Hong Kong (HK) for HK$53.9m and will book a gain of HK$11.3m in 1Q11.

  • Choo Hao Xiang
  • 02 July 2010
  • Investors' Corner
  • Back to top

    Investors’ Corner

    Fortis had been approved to issue up to 22.4m shares to GIC to raise US$84m and plans to raise up to US$585m in new equity.

  • Choo Hao Xiang
  • 18 June 2010
  • Investors' Corner
  • Back to top

    Investors’ Corner

    CapitaCommercial Trust (CCT) proposed to embark on a $92m asset enhancements initiative for 6 Battery Rd, which is expected to be completed in 2013, but may stretch into 2015. The move will be funded internally, with the cost spread over 6 years, and is expected to yield a return on investment of 8.1%. To minimize downtime, the work will be carried out only during the interim period when new tenants fit out their space.

  • Choo Hao Xiang
  • 04 June 2010
  • Investors' Corner
  • Back to top

    Investors’ Corner

    Tiger Airways Hldgs Price – $2.40 Target – $2.83 Tiger reported a 4Q09 net income of $22m, below our expectation of $35m, mainly due to recognizing only half of the Australian deferred tax asset.

  • Jasmine Toh
  • 21 May 2010
  • Investors' Corner
  • Back to top

    Investors’ Corner

    Indofood Agri Resources (IFAR) reported an increase in 1Q10 revenue by 5.8% due to higher average selling price of palm products and revenue contribution by rubber. IFAR’s PAT grew 35.5% in 1Q10 due to higher profit from operations

  • Jasmine Toh
  • 07 May 2010
  • Investors' Corner
  • Back to top

    Investors’ Corner

    K-REIT reported 1Q10 DPU of 1.33cents, up 13% YoY. Despite higher revenue and NPI, DPU was down because 50% of the management fees was paid in cash as compared to 100% in units in FY09.

  • Jasmine Toh
  • 22 April 2010
  • Investors' Corner
  • Back to top

    Investors’ Corner

    We maintain our view that SPH is a key beneficiary of a pick-up in private consumption in Singapore.

  • Jasmine Toh
  • 09 April 2010
  • Investors' Corner
  • Back to top

    Investors’ Corner

    CapitaCommercial Trust (CCT) intends to issue S$225m of 2.7% unsecured five-year convertible bonds (CBs).

  • Jasmine Toh
  • 26 March 2010
  • Investors' Corner
  • Back to top

    Investors’ Corner

    Being an Asian replica of the low-cost business model established by Ryanair, we think investors will value Tiger on a similar basis.

  • Jasmine Toh
  • 12 March 2010
  • Investors' Corner
  • Back to top

    Investors’ Corner

    City Developments Price – $10.82 Target – $12.30

  • Lai Wyai Kay
  • 25 February 2010
  • Investors' Corner
  • Back to top

    Investors’ Corner

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

  • Lai Wyai Kay
  • 05 February 2010
  • Investors' Corner
  • Back to top

    Investors’ Corner

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

  • Lai Wyai Kay
  • 22 January 2010
  • Investors' Corner
  • Back to top

    Investors’ Corner

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

  • Lai Wyai Kay
  • 08 January 2010
  • Investors' Corner
  • Back to top

    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.

  • Lai Wyai Kay
  • 24 December 2009
  • Investors' Corner
  • Back to top

    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.

  • Lai Wyai Kay
  • 11 December 2009
  • Investors' Corner
  • Back to top

    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.

  • Lai Wyai Kay
  • 26 November 2009
  • Investors' Corner
  • Back to top

    Investors’ Corner

    Pan Hong Property Group’s (PANH) 2QFY10 performance was within our expectations and we expect the handover of three projects (representing Rmb724.5m and pre-sold GFA of 119k sqm YTD) in 3Q – 4QFY10 to account for a significant proportion of our full year projections.

  • Xavier Lim
  • 13 November 2009
  • Investors' Corner
  • Back to top

    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.

  • Lai Wyai Kay
  • 30 October 2009
  • Investors' Corner
  • Back to top

    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.

  • Lai Wyai Kay
  • 16 October 2009
  • Investors' Corner
  • Back to top

    Investors’ Corner

    ComfortDelGro’s (CDG) average daily bus ridership in Aug-09 declined by 3.1% y-o-y to 2.3m. Average daily rail ridership grew by 4.3% y-o-y to 0.4m. Overall ridership figures continues to trend weaker partially due to the high base effect. YTD, average daily rail and bus ridership have increased by 6.2% y-o-y and -1.6% y-o-y respectively. We have revised our FY09E ridership forecasts for rail from 8% to 6% and bus from 4% to -1%.

  • wyaikay
  • 02 October 2009
  • Investors' Corner
  • Back to top

    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.

  • Lai Wyai Kay
  • 18 September 2009
  • Investors' Corner
  • Back to top

    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.

  • Lai Wyai Kay
  • 04 September 2009
  • Investors' Corner
  • Back to top

    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.

  • Lai Wyai Kay
  • 21 August 2009
  • Investors' Corner
  • Back to top

    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.

  • Lai Wyai Kay
  • 07 August 2009
  • Investors' Corner
  • Back to top

    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.

  • Lai Wyai Kay
  • 24 July 2009
  • Investors' Corner
  • Back to top

    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

  • Lai Wyai Kay
  • 10 July 2009
  • Investors' Corner
  • Back to top

    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).

  • Lai Wyai Kay
  • 26 June 2009
  • Investors' Corner
  • Back to top

    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.

  • Lai Wyai Kay
  • 12 June 2009
  • Investors' Corner
  • Back to top

    Investors’ Corner

    CapitaLand’s 31.4%-owned CapitaCommercial Trust (CCT) is proposing a 1-for-1 rights issue to raise $828m. CapitaLand has undertaken to subscribe to its pro-rata entitlement, but is not undertaking to subscribe to CCT units in excess of its proportionate 31.4%-stake.

  • Xavier Lim
  • 29 May 2009
  • Investors' Corner
  • Back to top

    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.

  • Lai Wyai Kay
  • 15 May 2009
  • Investors' Corner
  • Back to top

    Investors’ Corner

    Revenue of US$244m and net loss of US$99m exceeded top-end of guidance while utilization at 38% was in-line. Recent US$300m rights issue solves near-term refinancing needs.

  • Xavier Lim
  • 01 May 2009
  • Investors' Corner
  • Back to top

    Investors’ Corner

    Chip Eng Seng has fully redeemed and cancelled in full the medium term note, financed by a $60m loan facility granted by Standard Chartered Bank. Given that this loan is short term in nature, we believe the interest cost will be slightly higher.

  • Xavier Lim
  • 17 April 2009
  • Investors' Corner
  • Back to top

    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.

  • Lai Wyai Kay
  • 03 April 2009
  • Investors' Corner
  • Back to top

    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.

  • Lai Wyai Kay
  • 20 March 2009
  • Investors' Corner
  • Back to top

    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.

  • Lai Wyai Kay
  • 06 March 2009
  • Investors' Corner
  • Back to top

    Investors’ Corner

    China Fishery Group’s (CFG) 4Q08 net profit of US$16.2m (-10.9% yoy) was 15% below our expectation and 37% below consensus of US$25.6m, with FY08 core net profit of US$90.5m forming 97% of our FY08 estimate and 90% of consensus. Topline grew 33% to US$104.1m, on the back of higher pollock ASP and fishmeal sales in the quarter.

  • Xavier Lim
  • 20 February 2009
  • Investors' Corner
  • Back to top

    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.

  • Lai Wyai Kay
  • 06 February 2009
  • Investors' Corner
  • Back to top

    Investor’s Corner

    DBS’ lower-risk loan book and its heavily capitalized capital ratios should position it well, as we enter into a period where investors increasingly differentiate between banks based on asset quality performance.

  • Clement Kan
  • 16 January 2009
  • Investors' Corner
  • Back to top

    Investors’ Corner

    Hyflux (HYF) had, in its second asset injection into Hyflux Water Trust (HWT), divested 5 plants with a total capacity of 160,000 cu m/day valued at $88m.

  • 19 December 2008
  • Investors' Corner
  • Back to top

    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.

  • Lai Wyai Kay
  • 05 December 2008
  • Investors' Corner
  • Back to top

    Investors’ Corner

    Swiber Hldgs’ (Swiber) 3Q08 dip in gross margins was due to third-party chartering to support an increased number of offshore projects.

  • 21 November 2008
  • Investors' Corner
  • Back to top

    Investors’ Corner

    SMRT Corp’s (SMRT) 1H09 net profit of $82.9m constitutes 49.6% of our full-year estimate, while 2Q revenue growth was ahead of our forecast.

  • 10 November 2008
  • Investors' Corner
  • Back to top

    Investors’ Corner

    Ascendas REIT’s (A-Reit) 2Q08 results were within expectations. Gross revenues and NPI grew 21% y-o-y to $97.3m and $72.6m respectively.

  • 28 October 2008
  • Investors' Corner
  • Back to top

    Investors’ Corner

    Fundamentally, COSCO Corp’s (Cosco) core franchise values in shipbuilding and O&M is now better positioned to become a dominant global player.

  • 10 October 2008
  • Investors' Corner
  • Back to top

    Investors’ Corner

    Rickmers Maritime (RMT) recently accepted delivery of its 12th vessel, MOL Dedication, the second of 13 additional vessels RMT is contracted to buy over 2008-2010.

  • 29 September 2008
  • Investors' Corner
  • Back to top

    Investors’ Corner

    Our HK/China property analysts believe that the next 12 months will be a differentiating period for the China property market.

  • 22 September 2008
  • Investors' Corner
  • Back to top

    Investors’ Corner

    The Singapore government announced a new enhanced parenthood package to encourage couples to have more children.

  • 29 August 2008
  • Investors' Corner
  • Back to top

    Investors’ Corner

    Its uniform microfibre leather will be Fibrechem Technologies’ (FT) new growth driver with revenue CAGR of 23% from FY07 to FY10F.

  • 15 August 2008
  • Investors' Corner
  • Back to top

    Investors’ Corner

    We have reduced our estimates and assumed flat prices in 2009 owing to the reduced S’pore residential price momentum and lower AustraLand earnings.

  • 01 August 2008
  • Investors' Corner
  • Back to top

    Investors’ Corner

    Li Heng’s projected 14.6% share of PRC’s nylon fibre market makes it a market leader, which would offer the company a competitive advantage to outgrow the industry.

  • 18 July 2008
  • Investors' Corner
  • Back to top

    Investors’ Corner

    Metro Hldgs, long a conservative tight-lipped company, has begun to be more communicative with investors.

  • 04 July 2008
  • Investors' Corner
  • Back to top

    Investors’ Corner

    Wilmar’s strong market position in soybean crushing (20-25% market share) and Southeast Asia palm oil merchandising (40% market share) justifies its above-sector PE multiple.

  • 20 June 2008
  • Investors' Corner
  • Back to top

    Investors’ Corner

    Raffles Education (RLS) management organised a briefing for analysts to communicate further details on its two JVs with Educomp, which were announced on 27 May-08

  • 06 June 2008
  • Investors' Corner
  • Back to top

    Investors’ Corner

    Cacola Furniture Int’l (Cacola) recorded revenue growth of 37.8% YoY and net profit growth of 71.7% YoY in 1Q08.

  • 23 May 2008
  • Investors' Corner
  • Back to top

    Investors’ Corner

    With a well-balanced Singapore residential landbank,which is made up of 55% mass market (ASP < $1,000 per sq ft), Allgreen is probably the

  • 22 May 2008
  • Investors' Corner
  • Back to top

    Investors’ Corner

    Gross revenue was $322.3m in FY08, up 13.9% y-o-y. Although this was marginally below our expectation, lower-than-expected interest rates brought

  • 08 May 2008
  • Investors' Corner
  • Back to top

    Investors’ Corner

    The government has unveiled the parameters for means testing, which will be implemented in all public hospitals in Jan 09.

  • 24 April 2008
  • Investors' Corner
  • Back to top

    Investors’ Corner

    Allco REIT has successfully refinanced its $550m debt due in July 2008. With the market’s misplaced view of refinancing risk and expectations of a “fire sale” of its Australian assets expunged, we see Allco REIT pursuing an orderly review of its portfolio while the market re-focuses on the REIT’s inherent value.

  • 07 April 2008
  • Investors' Corner
  • Back to top

    Investors’ Corner

    SMRT reported strong ridership numbers for February 2008. Ridership grew 14% YoY. Sequentially ridership was down 10% from January mainly on the back of seasonality.

  • 27 March 2008
  • Investors' Corner
  • Back to top

    Investors’ Corner

    Cosco’s FY07 results came within our expectations. Revenue surged 86%, while net profit jumped 64% helped by a lower effective tax rate of 3.9%.

  • 13 March 2008
  • Investors' Corner
  • Back to top

    Investors’ Corner

    China Yuanbang reported a 24.8% decline in revenue and net profit dipped 90.7% in 1H08 due to fewer units sold in the period.

  • 29 February 2008
  • Investors' Corner
  • Back to top

    Investors’ Corner

    China Energy (CE) will invest in a 500,000 tpa methanol plant at its existing Shandong site to be completed by FY08. The group is also adjusting its DME planned capacity to 0.9m tpa (FY08) and 3.6m tpa (FY09) that will increase its methanol self-sufficiency from <10% to >50% by 1H09.

  • 30 January 2008
  • Investors' Corner
  • Back to top
    ADVERTISEMENT
    ADVERTISEMENT
    Top 5 Today
    All Rights Reserved. Pioneers & Leaders (Publishers) Pte Ltd. Best viewed with Mozilla Firefox 3.5 and above.