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Top 5 Analysts’ Calls For The Week
In the Spotlight | 16 May 2014
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By:

    City Developments Limited (Target Price:$8.72) SELL

  • 1Q14 revenues fell 5.4 percent to $734.2 million due to a lower contribution from the property development segment. 1Q14 PATMI came in at $119.7 million, down 13.1 percent year on year.
  • Difficult conditions in domestic housing market with moderated volumes ahead; already in 4Q13 we saw sales volumes (excluding ECs) slowing 32.1 percent quarter on quarter.
  • Management’s strategy of accelerating its diversification into overseas growth markets is sound but a meaningful repositioning would likely take some time.

By: OCBC Research

    CWT Limited (Target Price:$1.90) BUY

  • 1Q14 results beat estimates, with revenue more than tripling to $4.5 billion  and net profit up 30 percent year on year to $35 million.
  • CWT Jurong East Logistics Centre, which received TOP in Jan-14 and is currently 90 percent occupied, has barely started contributing to Logistics earnings this quarter. We expect strong quarter on quarter revenue growth in Logistics next quarter.
  • CWT’s subsidiary, Straits Financial, received a Capital Market Service License from MAS enabling it to increase the scope of its brokering activities in Asia. We expect higher FS revenue with little start-up costs.

By: OCBC Research

    Nam Cheong (Target Price:$0.445) BUY

  • Nam Cheong Limited reported a robust set of 1Q14 results, with revenue soaring 73.5 percent year on year to RM 407.3 million and PATMI jumping 98.7 percent to RM 71.1 million.
  • We expect Nam Cheong’s vessel sales momentum to gain further traction ahead, which would be a re-rating catalyst for the stock
  • Despite concerns regarding oversupply of PSVs in the market, management highlighted that demand appears to be absorbing the supply and the PSV market may continue to surprise positively.

By: OCBC Research

    First Resources (Target Price:$2.70) BUY 

  • 1Q14 core net profit met expectation but below consensus estimates. We expect earnings to pick up in subsequent quarters as 1Q is typically its weakest production quarter.
  • We expect stronger FFB output in the coming quarters to boost earnings. As for downstream, while expect margins to pick up in 2H14 during the high crop months, the full-year margins are still expected to be lower than that of 2013.
  • We continue to like FR for its long-term value proposition, backed by its plantable reserves of 100k ha (+56% to existing), young tree age of eight years (average) which will sustain a projected FFB output CAGR of 11.8 percent over 2013-2016, and low cost of production.

By: Maybank Kim Eng Research

    Thai Beverage (Target Price:$0.74) BUY

  • DespiteThailand’s political unrest scaling up in 1Q14, Thai Beverage has shown earnings resilience.
  • In 1Q14, spirits sold was flat year on year at 141 million litres. However, there was a shift in product mix from brown to white spirits, which is more profitable due to a lesser need for advertisements and promotions.
  • In 1Q14, non-alcoholic beverage sales decreased by 22.1 percent year on year to THB3.7 billion, mainly due to competition that caused sales volume drop. Going forward, Thai Beverage will be working together with its subsidiaries (i.e. Oishi and Sermsuk) to extend one another’s distribution.

By: OCBC Research

City Developments  9.880 +0.15 +1.54%   
Business: Co is an international property & hotel conglomerate. [FY18 Turnover] Property development (48.4%), hotel operations (39.8%), rental properties (8.5%), others (3.3%).

Insight: May-19, 1Q19 decreased 29.5% to $746.2m compared t... Read More
Nam Cheong  0.006 -- --   
Business: An offshore marine group specialising in the building of offshore support vessels. [FY18 Turnover] Shipbuilding (59.2%), vessel chartering (40.8%).

Insight: May-19, 1Q19 revenue jumped multiple times to RM29... Read More
First Resources  1.590 +0.050 +3.25%   
Business: Co engages in the cultivation and maintenance of oil palm plantations. [FY18 Turnover] Refinery and processing (95.5%), plantations & palm oil mill (4.5%).

Insight: Feb-19, FY18 revenue dipped 2.1% due to lower aver... Read More
Thai Beverage Public Co  0.875 -- --   
Business: [FY18 Turnover] Spirits (46.1%), beer (41.1%), non-alcoholic beverages (7%), food (5.8%).

Insight: May-19, 1H19 revenue rose 26.1% to THB142.6b mainl... Read More


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