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| 28-Nov-2009 01:48 |
STXPO 100
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STX Pan Ocean
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| 28-Nov-2009 01:23 |
AIMSAMPIReit
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Halt? What happen
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jmv. Initial support at around $0.205(16.03.09 and 18.03.09), failing which, the subsequent support is likely at $0.150~$0.170 (rights price of $0.159). Indicators are bearish; MACD: -0.031, MA Crossover: sma7 days breakdown sma14days, Bollinger Bands: price was stay below the bottom band. |
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| 28-Nov-2009 00:58 |
AIMSAMPIReit
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Halt? What happen
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MACARTHURCOOK INDUSTRIAL REIT
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| 27-Nov-2009 20:52 |
AIMSAMPIReit
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Halt? What happen
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MacarthurCook Industrial REIT: Sell For investors who are not keen, we maintain our Sell recommendation. Fair valued at 22 cents. MIREIT has reported a gross revenue for 2QFY10 of $11.8 million (-4.5% year-on-year, +7.8% qtr-on-qtr)), net property income was $9.1 million (-2.7% y-o-y, -2.8% q-o-q). distributable income was $5.2 million (-26.2% y-o-y, +28.4% q-o-q). DPU for the quarter was 1.93 cents (-17.5% yoy, +28.4 qoq). MIREIT also announced a series of recapitalization measures. Gross revenue for 2QFY10 was lower year-on-year due to lower recovery of property tax and land rent. However it was higher than 1QFY10F as there was a refund of service charges to tenants in 1QFY10. Underlying rental income from the properties remains stable as can be seen from the net property income. Portfolio occupancy rate for 2QFY10 was 98.8%. Distributable income was higher in 2QFY10 compared to the previous quarter, as the Trust did not make a claim for the industrial building allowance. Correspondingly, DPU and the distributable margin were better this quarter. The REIT recorded a write-down of $37.1 million on its portfolio. Current gearing is 44.7%. Although the REIT will be in a much-improved financial state after the recap exercise, it comes at a substantial dilution to existing unitholders. We adjusted our projections to factor in the recapitalization measures and arrive at a postrecapitalization fair value of $0.22 based on a WACC of 9.8%. Our 3-year DPU forecasts for FY10F – FY12F are reduced 15% – 60%. We would advise long term investors to take up the rights units as we estimate MIREIT offers a potential FY11F DPU of 1.89 cents, which translate to a dividend yield of 11% based on the rights price of $0.159. For investors who are not keen, we maintain our Sell recommendation. Fair valued at 22 cents. Phillip Securities, 11.11.09 |
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| 27-Nov-2009 20:25 |
CapLand Ascendas RE
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Ascendasreit
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Ascendas REIT 24 November 2009 Re-initiating Coverage HOLD: S$1.88 Fair Value: S$1.76 Stock Code: Reuters: AEMN.SI ISIN Code A17U Bloomberg: AREIT SP Event: Re-initiate Coverage DPU to fall due to placement dilution. We expect A-REIT to deliver DPU of 12.86 S-cents for FY09/10. This is 15.3% lower than the FY08/09 DPU due to the dilution impact from the two placement exercises in 2009. For FY10/11, we expect DPU to remain steady and turn in marginal growth of 0.3% YoY to 12.9 S-cents. These translate to DPU yields of 6.84% and 6.86% for FY09/10 and FY10/11, respectively. Re-initiate A-REIT with HOLD; fair value estimate of S$1.76. We derive a fair value estimate of S$1.76 for A-REIT, which is pegged at par to our RNAV estimate. We like A-REIT for its stable dividend yield, diversified tenant base, long term leases and property development capability. Nevertheless, we reinitiate coverage on A-REIT with a HOLD rating on valuation ground. We advise investors to accumulate A-REIT at more attractive price levels around the range of S$1.60 to S$1.70. |
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| 27-Nov-2009 20:10 |
CerebosPac
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Expanding its businesses
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Cerebos Pacific Ltd S$3.55 Target: S$5.01 As steady as ever, In line; maintain Outperform. 4Q09 net profit rose 26% yoy to S$25m, in line with our estimate of S$24.2m. This brought FY09 net profit to S$82.8m, matching our FY09 estimate of S$82m and consensus expectations. Gross margins were firm at 49%, while net margins climbed to 12% from 10%. Revenue was below our estimate as management changed the way certain promotional expenses were booked. An annual dividend of 25 Scts was declared, unchanged since 2005, translating into a yield of 7%. We continue to rate the stock an Outperform given its steady performance in a difficult environment, and attractive dividend yields. Our FY10-11 EPS estimates are intact, although we have adjusted revenue and operating expense assumptions due to re-statement. We also introduce FY12 estimates. Our sum-of-the-parts target price remains S$5.01. We expect stock catalysts from further sets of positive results. CIMB 26.11.09 |
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| 27-Nov-2009 20:01 |
Ezra
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Ezra
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Latest 23.11.09: 12.11.09 :
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| 26-Nov-2009 09:18 |
CerebosPac
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Expanding its businesses
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Cerebos Pacific Q4 earnings up 26% 26/11/09 DESPITE challenging operating conditions and forex translation losses, solid brand positioning and strong topline sales enabled Cerebos Pacific Ltd to boost its fourth quarter earnings by 26 per cent to $25.1 million, compared with $19.8 million during the July-September 2008 period. |
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| 25-Nov-2009 16:58 |
Ezra
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Ezra
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Our sum-of-parts based TP for Ezra has been raised to S$2.77 Ezra's core businesses--Stake100.0%__Value(S$ m)1,477.4__Value per share(S$)2.05__Basis:14x blended FY10/11F PE EOC Ltd-----------------Stake48.9%___Value(S$ m)426.5____Value per share(S$)0.59__Basis:12x blended FY10/11F PE Ezion Holdings----------Stake14.0%___Value(S$ m)92.0_____Value per share(S$)0.13__Basis:DBSV's fair value for Ezion of S$0.92 TotalValue(S$ m)1,995.9 Total Value per share(S$)2.77 Fully diluted TP DBS 25.11.09 |
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| 25-Nov-2009 12:08 |
Ezra
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Ezra
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Ezra FA is solid, still keep an eye on the TA movement, long it to 2.6 . jmv
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| 24-Nov-2009 22:41 |
Li Heng Chem
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Li HENG
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Year-on-year, the Group reported 3Q09 revenue decreasing by 49.3% or RMB505.5 million to RMB519.3 million compared with about RMB1,024.8 million in the same period last year. The significant fall in revenue was due to a sharp decline in the average selling prices (“ASPs”) of the Group’s nylon yarn products. ASPs for the Group’s nylon yarn products have shown signs of recovery but we remain cautious, as we do not see significant improvements in the short to medium term. We maintain our hold call with a downward adjustment in our fair value estimate from 33 cents to 28.5 cents after reducing our forecasted revenue and expense figures. Phillip 20.11.09 |
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| 24-Nov-2009 22:36 |
China XLX Fert
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China XLX Fertiliser Limited
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China XLX Fertiliser said it has received in-principle approval on Monday for its dual listing in Hong Kong. The Chinese company said it had on Aug 14 filed an application to Hong Kong Exchanges and Clearing Limited (HKEx) for the listing and trading of its shares on the mainboard. 24.11.09 BT |
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| 23-Nov-2009 23:07 |
Ezra
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Ezra
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(Ezra Holdings owns 14% of Ezion ) The Edge 9.11.09 Dutch pension fund - Stichting Pensioenfonds raises stake in Ezion Stichting Pensioenfonds, the pension fund for civil servants in the Netherlands, acquired 2.4 million shares in Ezion Holdings on Oct 29, raising its stake from 5.98% to 6.32%. For the Third quarter ended 30.09.2009, Ezion reported a 140% increase in revenue to $20.7 million and an 67.7% rise in earnings to $4.1 million on strong demand for its offshore logistics support vessel services. |
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| 23-Nov-2009 22:55 |
Ezra
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Ezra
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Ezra Holdings 16 Nov'09 Target price of $2.70 UOB-KAY HIAN OVER FY2010 to FY2012, Ezra Holdings is set to see its next leg of growth, driven by its new deepwater subsea services segment and a second fabrication yard in Vietnam. We expect earnings in FY2012 to double from FY2009, implying a three-year compounded annual growth rate of 25 per cent. We believe asset owners are early reactors to any cycle due to charter rates' sensitivity to demand-side dynamics. Given shipbuilding lead time of 15-24 months, an increase in demand for vessels will not be matched by an immediate increase in supply, thereby keeping charter rates buoyant. Management has proven itself by growing its offshore and construction/production divisions to incorporate 29 vessels, three construction vessels and an FPSO which, together, grossed US$263 million in FY2009, while keeping the balance sheet even-keeled. Getting in on sale and leaseback schemes early has also kept off-balance sheet liabilities manageable. Ezra's fleet management strategy and long-term charter practice should largely shield the company from an influx of 181 new vessels putting pressure on charter rates in 2010. We expect charter rates to scale a gentle recovery track from late-2010. We initiate coverage with a 'buy' recommendation and target price of $2.70 derived from sum-of the-parts valuation. Our target price implies FY2010F and FY2011F price/earnings of 15.3 times and 10.5 times respectively. Near-term price catalysts include nascent contract win announcements for its subsea segment, on-schedule delivery of subsea assets, and more acquisitions of distressed offshore assets. |
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| 23-Nov-2009 22:10 |
AusGroup
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AUSGROUP: 1H09 revenue up 28.8% to reach A$260.5 m
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Bullish breakout suggests more upside potential Initial resistance at $0.770. On the upside, we peg the initial resistance at $0.77 (minor peaks in Aug and Sep ‘09), breaking which, we see the next resistance at $0.945 (May ’08 peak).
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| 23-Nov-2009 21:51 |
Hyflux
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Hyflux
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Hyflux: Buy (Kim Eng, 23 Nov) Hyflux has unveiled new investment plans for a new innovation centre and production hub in Singapore. This is expected to cost about $120m over the next three to five years. We see this as another testament to Hyflux’s DNA of constant progress. Hyflux has always retained its commitment to research, spending between 5-8% of revenue each year on R&D. The Group already has the largest research team in Asia-Ex Japan. To support its larger project requirements and anticipated market demand, production capacity in terms of membranes and systems will be expanded. The new Hyflux Production Hub will be located at a 7.7 hectares site in Tuas, Singapore. This will integrate Hyflux's production sites and increase production capacity significantly. Since its founding 20 years ago, Hyflux has been constantly breaking new grounds, being an early pioneer of the use of membrane technology for water plant applications. The Group moved into China very early and has since broken into the lucrative Middle East North Africa Region even against strong odds. We adjust our estimates to take into account higher capex, with associated financing costs to be offset by slightly better margins. The Group continues to explore new markets and applications and we do not rule out other rabbits in its hat going forward. We also expect the Singapore government to continue being supportive of the water sector, having identified it as an international niche. Buy with target maintained at $3.52. |
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| 23-Nov-2009 21:44 |
Hyflux
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Hyflux
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Hyflux awarded approximately S$95 million design and supply contract for desalination facility in Oman • First project in Oman • First Independent Water and Power Project for Hyflux Singapore, 23 November 2009 – Mainboard-listed Hyflux Ltd today announced that its whollyowned subsidiary, Hydrochem (S) Pte Ltd, has secured a contract to design and supply a desalination facility for the Salalah Independent Water and Power Project (IWPP) in Oman. The contract marks the first desalination project in Oman for Hyflux and the first IWPP project for Hyflux. This is a reflection of the growing market opportunities for membrane-based desalination facilities to be built alongside IWPP projects in China, India and the Middle East. Valued at approximately S$95 million (about US$69 million), the design and supply contract has been awarded by SEPCOIII Electric Power Construction Corporation, a wholly-owned subsidiary of China’s Shandong Electric Power Construction Corporation. The desalination facility, which will have an estimated designed capacity of approximately 68,000 m3 per day, is expected to be completed within 22 months from receiving the notice to proceed. SEPCOIII was appointed the engineering, procurement and construction (EPC) contractor for the Salalah IWPP by a joint venture between Sembcorp Industries’ wholly-owned utilities arm (Sembcorp Utilities) and the Oman Investment Corporation, which will develop, own, operate and maintain the Salalah IWPP. In addition to the desalination plant, the Salalah IWPP includes a 445MW power plant. The design and supply contract for the desalination facility is not expected to have a material impact on the net tangible assets or earnings per share of Hyflux for the financial year ending 31 December 2009. – End – |
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| 22-Nov-2009 22:27 |
ComfortDelGro
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ComfortDelGro
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ComfortDelgro: BUY S$1.55; Price Target : S$ 1.83; CD SP Stable yoy growth continuing from 2Q • 3Q09 net profit + 15% yoy; within expectations • Revenue impacted by FX translation but operating profit grew 17% yoy largely on lower oil prices; • Steady group operations with diversification helping to balance soft spots (UK taxi, Singapore bus) • Retain Buy; TP: S$1.83. DBS 13.11.09 |
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| 22-Nov-2009 22:14 |
China XLX Fert
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China XLX Fertiliser Limited
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China XLX: FULLY VALUED; S$0.43; CXLX SP Price Target : 12-Month S$ 0.35 (Prev S$ 0.40) Poor earnings hit by unexpected items • Disappointing 3Q09 results at c.70% below our and consensus estimates, dragged by application fees for dual listing and hedging loss. • 1H09 earnings were adjusted down by RMB18m to comply with the stricter HK accounting standards. • Cut FY09 and FY10 forecasts by 39% and 23% respectively. • Target price reduced to S$0.35, implies 19% downside. Maintain FULLY VALUED. DBS 16.11.09 |
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| 21-Nov-2009 19:52 |
Otto Marine
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OtTo MaRiNe
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Otto Marine unit wins $14m contract to gather offshore seismic data in New Zealand Otto Marine, the offshore marine company which specialises in building complex, deeper water offshore support vessels and ship chartering, says its subsidiary Reflect Geophysical has won a US$10 million ($13.9 million) to gather offshore seismic information by Crown Minerals, the arm of the Ministry of Economic Development of New Zealand that manages the oil, gas, mineral and coal resources. 20.11.09 |
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