Tags: Lippo-Mapletreeindoretailtrust | OCBC Investment Research

WRITTEN BY THE EDGE

TUESDAY, 09 NOVEMBER 2010 10:49

Share this  Digg  Del.icio.us  StumbleUpon  Netscape  Yahoo  Technorati  Googlize this  Facebook Export PDF Print E-mail OCBC Investment Research in a Nov 4 research report says: "LMIR Trust (LMIR) reported 53% y-o-y gains in 3Q revenue to $33.8 million, thanks to the collection of additional income from services charges receipt/utilities cost recovery on seven retail malls with the Dec 31 expiry of an operating costs agreement in place at listing. "Revenue fell 15.9% q-o-q but recall that 2Q10 results had reflected the full six months effect for 1H10 due to a delay in the transfer of operations. Net property income of $22.2 million was up 14.5% y-o-y and 2.7% q-o-q, boosted by the strong Indonesian Rupiah (IDR) against the Singapore Dollar (SGD). "We have revised our earnings estimates upwards marginally. At the same time, we have relaxed our discount rate inputs to better reflect improved market conditions. These factors push our fair value estimate up from 52 cents to 60 cents (still at a 20% discount to our SOTP value for LMIR). MAINTAIN BUY."

You cut this from somewhere and pasted?

     On some news media, this is the adopted format style for showing the changes.

         But even though it may be technically correct to present it this way, it is not user-friendly at all.

                Since we live to be comfortable, anything that injects discomfort and anger should be avoided at all cost.

                   Thus, to make it user-friendly, changes should be presented as eg. -170, +170; -5%, +5% etc.

                        In this regard, the SGX website has it right. (A pat on the back for the person/s who implemented it)

                             It will even make Dilbert nod in agreement. 

Tags: Goldman Sachs | Keppel Land

WRITTEN BY DOW JONES & CO, INC

TUESDAY, 09 NOVEMBER 2010 11:00

Share this  Digg  Del.icio.us  StumbleUpon  Netscape  Yahoo  Technorati  Googlize this  Facebook Export PDF Print E-mail Goldman Sachs views Keppel Land’s (K17.SG) $500 million convertible bond issue positively, “as the substantial conversion premium minimizes near-term dilution and will not be an overhang.” Sees upside potential from new leg of growth after developer has enjoyed near market dominance in Singapore Grade-A office. If fully converted, notes full dilution impact of today’s issue and 2006’s $300 million convertible bond issue would be 8.8%; post issuance, completion of MBFC Phase 1 transaction, net gearing would be 0.5%.  “While KepLand does not have immediate funding needs, we acknowledge its capital readiness to take advantage of investment opportunities at home and abroad, that could potentially lead to better returns.”    Keeps EPS estimates unchanged, NAV-based target price of $3.92, keeps Neutral rating with stock trading at premium to peers at 6% discount to forward NAV vs 18% sector discount.    Shares off 4.0% at $4.85.

Tags: SIA Engineering | BNP Paribas

WRITTEN BY DOW JONES & CO, INC

TUESDAY, 09 NOVEMBER 2010 10:46

Share this  Digg  Del.icio.us  StumbleUpon  Netscape  Yahoo  Technorati  Googlize this  Facebook Export PDF Print E-mail BNP Paribas downgrades SIA Engineering (S59.SG) to Hold from Buy, cuts target price to $4.69 from $5.00; says move “a simple valuation call” following “excellent” 1HFY11 results, 50% share price outperformance vs STI over past 12 months.  “We believe the earnings growth momentum has peaked for the stock”; notes 1HFY11 operating profit +48.9% on year, but 2Q11 operating profit down 2% on year, due to higher costs; says extent of further cost reduction limited. Adds at current valuation of 18.3X our FY11E P/E, estimated 6.2% net profit CAGR for next 2 years, stock near fair value.  Adds global MRO recovery on track, but slightly concerned about flat growth for line-maintenance revenue (most profitable part of SIAEC's business), lower revenue per flight in 2QFY11, also exchange rate remains a concern as 2nd leg of growth likely to be driven by associates, JVs. Stock +0.9% at $4.47.

Tags: CIMB-GK Research | Dbs Group Holdings

WRITTEN BY THE EDGE

TUESDAY, 09 NOVEMBER 2010 10:43

Share this  Digg  Del.icio.us  StumbleUpon  Netscape  Yahoo  Technorati  Googlize this  Facebook Export PDF Print E-mail CIMB in a Nov 4 research report says: "3Q10 profits ($722 million, flat q-o-q) was 8% above our expectations ($666 million) and the Street. 9M10 core profits was up 26% y-o-y and accounted for 79% of our full-year estimates. "We believe that whilst the latest trading-driven results might not lead to immediate confidence, three quarters of strong trading performance hint of a change of this traditionally ‘looked-down-upon’ earnings stream. On the back of previous management guidance that the treasury unit has been re-aligned to be more customer-flows driven, rather than trading-oriented, we believe we could have underestimated the sustainability of trading profits. "We raise our FY2010-2012 EPS by 1-5%, on a combination of higher treasury earnings (FY10) and raised fee income estimates (FY12). We roll forward our target price from $14.03 (1.28x CY10 P/BV, GGM-derived) to $17.00 (1.45x CY11 P/BV, GGM-derived). UPGRADE TO OUTPERFORM."

Olam International ST: rise towards 3.58 <OLAM.SI>

08 Nov 2010 - 03:43

Click here to see our chart:
http://www.tradingcentral.com/chart/OLAMSGD101108044227.gif
Our pivot point stands at 3.17.
Our preference: rise towards 3.58.
Alternative scenario: below 3.17, expect 3.03 and 2.95.
Comment: the RSI is below 50. The MACD is above its signal line and positive.
The break above the 50 area on the RSI should trigger further gains. Moreover,
the stock is above its 20 and 50 day MA (standing respectively at 3.19 and
3.06).  Olam International is currently trading near its 52 week high reached
at 3.37 on 04/10/10.
Supports and resistances: 
3.66 *
3.58 **
3.5
3.31 last
3.23
3.17 **
3.03 *

Tags: Neptune Orient Lines

WRITTEN BY DOW JONES & CO, INC

TUESDAY, 09 NOVEMBER 2010 10:43

Share this  Digg  Del.icio.us  StumbleUpon  Netscape  Yahoo  Technorati  Googlize this  Facebook Export PDF Print E-mail Neptune Orient Lines (N03.SG) down 2.2% at $2.27 as prospect of continued pressure on freight rates takes toll. Concerns follow release of NOL’s latest operating data showing sequential fall in revenue, volume for 4 weeks ending October 15.  Rates likely to remain soft in near term given sector-wide excess shipping capacity, seasonal weakness in 4Q10. Current pullback still mild considering stock +8.4% since beginning November, +17.2% since start of 4Q10 vs STI +5.0%, +6.5% respectively.    With price now below 5-day moving average, next support tipped at 10-day average, last at $2.20. Average revenue per box for latest reporting period down 6.1% sequentially, while volume down 1.6%.

Tags: Olam International

WRITTEN BY DOW JONES & CO, INC

TUESDAY, 09 NOVEMBER 2010 10:39

Share this  Digg  Del.icio.us  StumbleUpon  Netscape  Yahoo  Technorati  Googlize this  Facebook Export PDF Print E-mail Olam International (O32.SG) fiscal 1Q net profit likely +34.2% on-year at $25.5 million, revenue likely +5.8% on-year at $2 billion, according to Dow Jones poll of three analysts. July-September usually seasonally weaker quarter for Olam as harvest of major crops starts in October. Still, earnings likely boosted on organic growth, contribution from previous acquisitions.    More keenly eyed: Market awaits outcome of Olam’s discussions with Louis Dreyfus Commodities for possible merger. “We turn cautious on Olam after a strong run on market interest in the possibility of a merger with Louis Dreyfus,” Nomura says in report, terming the earnings as a likely “non-event.”    Olam to report 1Q earnings on Nov. 11 after market close.

Tags: JPMorgan | Morgan Stanley | OCBC Bank | Oversea-Chinese Banking Corp | Royal Bank of Scotland

WRITTEN BY THOMSON REUTERS

TUESDAY, 09 NOVEMBER 2010 10:30

Share this  Digg  Del.icio.us  StumbleUpon  Netscape  Yahoo  Technorati  Googlize this  Facebook Export PDF Print E-mail Oversea-Chinese Banking Corp (OCBC.SI), Singapore’s No 2 lender, said on Tuesday it will issue $500 million ($644 million) worth of subordinated notes that qualify as lower Tier-2 capital as part of its ongoing capital management. The notes, rated Aa2 by Moody’s, will be issued to Asian and European-based investors. They were priced at 99.367, a slight discount to par, and will pay an annual interest of 3.75%.   The notes are callable on Nov 15, 2017.   JPMorgan, Morgan Stanley, OCBC Bank and Royal Bank of Scotland were joint lead managers and joint bookrunners for the issue.   OCBC CEO David Conner said last week the bank was considering an issue of Tier-2 notes to replace an existing issue that is due for settlement next year.