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| 07-Apr-2011 10:57 |
CapitaMalls Asia
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First Day trading open at $2.30
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CapitaMalls Asia - A growing presence in China (Buy) Target price S$2.34 Price S$1.76 Replicating success of RCS in Shanghai We visited several of CMA’s malls in China, and left with an optimistic outlook. In Shanghai, we expect the company to replicate the success of its Raffles City Shanghai (RCS) operation with the 2011 opening of two new malls, Hongkou Plaza and Minhang Plaza – according to the company, both have seen healthy pre-leasing figures. We believe two prime locations CMA secured in 2010 at attractive prices should help it benefit from growth in Shanghai’s prime retail rental market, which JLL estimates will expand 5-9% pa during 2011-14. Substantial room for growth in tier-two city malls Although malls in tier-two cities generate lower rents and shopper traffic, we expect contributions from these operations to improve as these cities develop over the medium term. Given the good locations of its malls, we believe CMA will benefit as tier-two city markets mature over the next five years. In the shorter term, CMA is actively implementing asset-enhancement initiatives (AEI) that we expect to improve NPI yields on these malls. China malls to make more significant medium-term contributions CMA has established a track record of delivering solid income growth since opening its first mall in China in 2005. We note that less than 40% of its China portfolio is currently operational and, hence, expect NPI contribution from China to rise going forward. Given that retail malls generally need at least a three-year gestation period, we see China malls contributing more to earnings in the medium term. Buy maintained, TP S$2.34 We reiterate our positive view on CMA and maintain our Buy rating and target price of S$2.34. We believe that the company is in a good position to expand, based on its debt headroom of S$1bn (based on 30% gearing). As CMA intends to increase its portfolio to 100 malls in China (currently 53), we expect to see more acquisitions in tier-two and -three cities due to the increasingly challenging acquisition climate in tier-one cities. We also view the proposed secondary listing in Hong Kong as a potential share price catalyst. CMA is currently trading at 1.1X P/B vs peer Hang Lung’s 1.4x and the China sector on 1.0x. | |||||||||||||||
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| 07-Apr-2011 10:55 |
CapitaMalls Asia
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First Day trading open at $2.30
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CIMB 04 Apr 2011 Singapore Company Update CapitaMalls Asia Ltd [ PDF] Still work-in-progress - by Donald Chua / Tan Siew Ling (CMA SP / CMAL.SI, NEUTRAL - Maintained, S$1.76 - Tgt. S$2.16, Property Devt & Invt) We visited several CMA malls in Foshan, Changsha, Wuhan and Shanghai last week. While operating indicators for CMA's tier-2 malls are improving, our sense is that the retail mall concept has yet to gain full traction among the locals. Gestation remains the key issue. Shanghai looks more mature but many of its projects are still work-in-progress. We continue to expect an inflexion point for CMA's NPI only in 2012-13. No change to our earnings estimates and RNAV-based target price of S$2.16. Maintain Neutral. The stock could be re-rated if we see faster-than-expected cap-rate compression and/or accretive acquisitions. | |||||||||||||||
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| 07-Apr-2011 10:43 |
Ezion
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Ezion
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CIMB 06 Apr 2011 Singapore Quick Takes Ezion Holdings Limited [ PDF] Alaskan adventure - by Yeo Zhi Bin (EZI SP / EZHL.SI, OUTPERFORM - Maintained, S$0.69 - Tgt. S$1.07, Offshore & Marine) Following an analysts' briefing this morning, we have a clearer picture of the earnings impact of Ezion's recent acquisition of a 50% stake (US$2.5m) in Buccaneer Energy's subsidiary, Kenai Offshore Ventures (see our note this morning, Moving into frontier drilling). We lift our FY11-13 earnings estimates by 3-6% to factor in the Kenai-JV. Also discussed were the capital structure and funding of the investment as well as Ezion's roles and responsibilities in the JV. Incorporating our earnings upgrade, we raise our target price to S$1.07 (from S$1.03), still based on 11x CY12 P/E (5-year small-mid-cap industrial average). This project reflects management's shareholders-centric approach. We continue to see stock catalysts from marine logistics work for Australian LNG projects and the on-schedule delivery of liftboats. | |||||||||||||||
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| 07-Apr-2011 10:37 |
CapitaLand
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Capitaland
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DO NOT SHORT....... WARNING !!!
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| 07-Apr-2011 09:55 |
Genting HK USD
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IR in Taiwan
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Hot Money are picking up this counter........ Worth watching.........vested with interest |
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| 07-Apr-2011 09:48 |
Ezion
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Ezion
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Ezion Holdings (EZI SP, $0.705, BUY, TP $0.99) – Ezion has signed a 50:50 joint venture agreement with ASX-listed Buccaneer Energy for a jackup rig to be operated in the Cook Inlet in Alaska. While the deal is expected to generate just $3-4m pa of additional earnings for Ezion over the next five years, it demonstrates Ezion’s position as one of the leading global players for liftboats, and the company can further capitalise on this. Maintain BUY and target price of $0.99. | |||||||||||||||
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| 06-Apr-2011 11:35 |
Genting Sing
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Traders Lounge - Daily opportunities for everyone
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IR in Taiwan will definitely benefit Genting HK Cheap buy now before is too late...... |
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| 06-Apr-2011 11:34 |
Genting HK USD
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IR in Taiwan
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IR in Taiwan will definitely benefit Genting HK Cheap buy now before is too late...... |
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| 06-Apr-2011 11:31 |
Others
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Laggard Stock waiting to fly
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Taiwan is in talk to set up IR like singapore..... Genting Hongkong will be the best vendor to go in. Cheap Buy now before the news is confirmed |
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| 05-Apr-2011 11:23 |
CapitaMalls Asia
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First Day trading open at $2.30
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CapitaMalls Asia - A growing presence in China - BUY ($1.76) TP $2.34 by RBS A growing presence in China We remain positive on CMA following our visit to some of its malls in China. In Shanghai, we expect the company to replicate the success of its Raffles City operation with other malls in the city. We also see substantial room to open new malls in tier-two cities. Maintain Buy. Key forecasts FY09A FY10A FY11F FY12F FY13F Total property income (S$m) 228.9 245.4 194.9 251.5 287.3 Reported net profit (S$m) 388.1 439.7 236.6 231.8 249.6 Reported EPS (S$) 0.10 0.11 0.06 0.06 0.06 Reported PE (x) 17.60 15.60 28.90 29.50 27.40 Dividend per share (S$) 0.01 0.02 0.01 0.01 0.01 Dividend yield (%) 0.57 1.14 0.69 0.68 0.73 Book value per share (S$) 1.41 1.50 1.55 1.60 1.65 Disc/(prem) to adj BV (%) -25.2 -17.4 -13.7 -10.3 -6.89 Accounting standard: IFRS Source: Company data, RBS forecasts year to Dec, fully diluted Replicating success of RCS in Shanghai We visited several of CMA’s malls in China, and left with an optimistic outlook. In Shanghai, we expect the company to replicate the success of its Raffles City Shanghai (RCS) operation with the 2011 opening of two new malls, Hongkou Plaza and Minhang Plaza – according to the company, both have seen healthy pre-leasing figures. We believe two prime locations CMA secured in 2010 at attractive prices should help it benefit from growth in Shanghai’s prime retail rental market, which JLL estimates will expand 5-9% pa during 2011-14. Substantial room for growth in tier-two city malls Although malls in tier-two cities generate lower rents and shopper traffic, we expect contributions from these operations to improve as these cities develop over the medium term. Given the good locations of its malls, we believe CMA will benefit as tier-two city markets mature over the next five years. In the shorter term, CMA is actively implementing asset-enhancement initiatives (AEI) that we expect to improve NPI yields on these malls. China malls to make more significant medium-term contributions CMA has established a track record of delivering solid income growth since opening its first mall in China in 2005. We note that less than 40% of its China portfolio is currently operational and, hence, expect NPI contribution from China to rise going forward. Given that retail malls generally need at least a three-year gestation period, we see China malls contributing more to earnings in the medium term. Buy maintained, TP S$2.34 We reiterate our positive view on CMA and maintain our Buy rating and target price of S$2.34. We believe that the company is in a good position to expand, based on its debt headroom of S$1bn (based on 30% gearing). As CMA intends to increase its portfolio to 100 malls in China (currently 53), we expect to see more acquisitions in tier-two and -three cities due to the increasingly challenging acquisition climate in tier-one cities. We also view the proposed secondary listing in Hong Kong as a potential share price catalyst. CMA is
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| 31-Mar-2011 10:11 |
CapitaLand
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Capitaland
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PPls are accumulating......at 328 n 329..... Watch out ....... Vested......hope once clear 330.......moving up to 340 and break up...... | |||||||||||||||
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| 31-Mar-2011 10:06 |
HanKore Env
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BIO-TREAT TECHNOLOGY LIMITED
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Should change the name to Hardcore instead.... Sure all of ppls will like it as HARD.....n .....CORE SURE WIN..... |
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| 31-Mar-2011 09:46 |
CapitaLand
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Capitaland
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Big fish are arrived this morning........high volumes changed hand....... Worth a look out........ |
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| 31-Mar-2011 09:36 |
SoundGlobal
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Plunge !
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wu feng bu qi lung..... only person who knows are insider...... If good already cheong above 775.....yesterday closed at 70cents already hinting.....some things wrong.... Better hold first......wait suspense......money will become suspenser..... |
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| 29-Mar-2011 16:54 |
CapitaLand
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Capitaland
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shortlist siao liao.... not eought for them to cover will get fine for $1000 by sgx.... | |||||||||||||||
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| 29-Mar-2011 16:47 |
CapitaLand
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Capitaland
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covering.....in progress..... | |||||||||||||||
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| 29-Mar-2011 16:24 |
CapitaLand
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Capitaland
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Me vested too at 3.24cents..... Buy and keep..... Drop further buy some more..... Big fisherman is on the way for bargain hunting any time..... |
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| 28-Mar-2011 10:02 |
CapitaLand
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Capitaland
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capmallasia dual listing in hk, sure will affect the Mother " Capitaland" . This counter sure will be pushing up....... Buy before too late...... |
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| 27-Mar-2011 13:44 |
Midas
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Midas
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“今 年 额 度 太 紧 张 ， 新 增 的 铁 路 项 目 贷 款 基 本 不 发 放 了 ， 已 经 批 的 或 者 承 诺 的 项 目 贷 款 会 继 续 支 持 。 ” 一 家 股 份 行 高 管 表 示 。 在 原 铁 道 部 部 长 、 党 组 书 记 刘 志 军 涉 嫌 高 铁 腐 败 落 马 后 ， 对 2009、 2010年 高 铁 大 干 快 上 期 间 大 量 银 行 信 贷 的 风 险 亦 成 为 各 方 关 注 的 焦 点 。 据 记 者 调 查 ， 近 两 年 的 2万 亿 铁 路 投 资 中 ， 银 行 信 贷 成 为 主 要 资 金 来 源 。 以 2009年 为 例 ， 铁 道 部 获 得 国 内 外 贷 款 4288.95亿 元 ， 相 当 于 2008年 和 2007年 获 得 的 信 贷 总 和 的 两 倍 ， 同 时 贷 款 占 铁 道 部 全 部 资 金 来 源 （ 7576亿 元 ） 的 比 例 高 达 56.6%， 而 2008年 、 2007年 这 一 比 例 仅 为 33.8%、 31.4%。 而 记 者 获 得 的 银 行 对 部 分 中 西 部 铁 路 授 信 调 查 报 告 显 示 ， 这 两 年 给 予 高 铁 项 目 贷 款 大 多 是 信 用 贷 款 ， 并 实 行 基 准 利 率 下 浮 10%的 固 定 利 率 ， 期 限 长 达 近 20年 。 这 些 调 查 报 告 亦 表 明 部 分 地 区 的 高 铁 项 目 的 财 务 状 况 呈 现 投 资 回 报 低 、 投 资 回 收 期 长 ， 特 别 是 在 运 营 期 的 前 3-5年 内 ， 项 目 仍 处 于 亏 损 ， 净 现 金 流 为 负 ， 还 本 付 息 的 风 险 较 大 。 部 分 铁 道 部 和 地 方 政 府 合 资 铁 路 ， 在 地 方 大 力 举 债 之 时 ， 其 资 本 金 能 否 按 期 到 位 ， 也 是 一 大 隐 患 。 更 需 要 引 起 高 度 关 注 的 是 ， 随 着 高 铁 高 歌 猛 进 ， 铁 道 部 未 来 将 面 临 巨 大 的 偿 债 压 力 ， 而 最 终 很 可 能 是 由 国 家 财 政 来 “兜 底 ”。 |
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| 25-Mar-2011 15:50 |
Genting Sing
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$2 SHOW TIME
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Deutsche Bank reiterates ‘buy’ call on GENTING SINGAPORE The bank’s analyst, Aun-Ling Chia, CFA, noted that with the recent correction, Genting Singapore offers better value at 11x EV/EBITDA. Deutsche Bank hosted Genting Singapore on an Non-Deal Roadshow in the US last week. According to Deutsche, investor interest was strong with a focus on market growth, junkets and credit risk. Genting Singapore’s recent price correction and underperformance vs. Macau peers have led Deutsche to see better value in the stock. The stock is trading at low-end of historical EV/EBITDA of 11-18x and a 30% discount to Macau peers (15-16x). Parent Genting Bhd recently upped its stake 0.2%. “With fundamentals intact, a favorable operating landscape and a possible near-term catalyst in seasonally strong 1Q, we reiterate Buy,” said the analyst. |
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