Ascendas India Trust (BUY; Target Price: S$0.91) Total property income and net property income were 10 per cent and 18 per cent higher YoY at S$34.3 million and S$19.4 million respectively. The better performance was mainly driven from portfolio expansion where the trust saw maiden rental income contribution from newly completed acquisition of aVance Business...

CapitaLand Limited (BUY; Target Price: S$4.00) CapitaLand posted a 1Q12 PATMI (net profit) of S$133.2 million. Excluding revaluation gains, core PATMI of S$107.2 million would have been a 7 per cent YoY improvement, largely in line with expectations given the seasonally weak first quarter. CapitaLand Residential Singapore (CRS) and CapitaLand China Holdings (CCH) posted EBIT...

CDL Hospitality Trust (BUY; Target Price: S$2.20) CDL-HT’s strong set of results are mainly attributed to the organic growth of the trust’s portfolio and a boost of S$2.7 million in revenue from its Studio M Hotel. The organic growth of the trust is a combination of factors resulted from its completed refurbishments at Orchard Hotel...

Global Premium Hotels (Not Rated) Fragrance Group has successfully spun off its hotel arm under GPH for a public listing and will own a 55 per cent stake post-IPO. Compared to high-end hotels, budget hotels have been more resilient in cyclical downturns. As evidence, GPH has enjoyed average occupancy rate (AOR) of 90 per cent...

Ascott Residence Trust (BUY; Target Price: S$1.14) Ascott Residence Trust (ART) announced 1Q12 distributable income of S$24.2 million, mostly flat on a YoY basis versus S$24.0 million in 1Q11 and in line with our expectations. In terms of DPU (dividend per unit), 1Q12 DPU came in at 2.14 S-cents which was identical to 1Q11. Topline...

Biosensors International (BUY; Target Price: S$1.67) There has been growing concern over where the ASP for drug-eluting stents (DES) in China is headed. Industry sources expect Beijing’s new DES tender process to lead to a 15 per cent price cut. We are lowering our price estimates as our previous assumption of about 5 per cent...

DBS (SELL; Target Price: S$11.50) DBS will be announcing its 1Q12 results on the morning of April 27. We expect no major surprises, unless net interest margins (NIM)/treasury income prove to be more robust than expected. Our 1Q12 net profit estimate of S$776 million implies a 4 per cent YoY dip in earnings. Earnings could...

CapitaCommercial Trust (SELL; Target Price: S$1.06) CCT’s average office portfolio rent fell from S$7.66 psf in December 2011 to S$7.45 psf in March 2012. Jones Lang Lasalle estimated that prime Grade A rents declined by 4.4 per cent QoQ in 4Q11 to S$9.75 psf. With possibly another 6.5 million sq ft of prime office NLA...

Ascendas REIT (HOLD; Target Price: S$2.17) Gross revenues and net property income increased 19 per cent and 13 per cent YoY to S$134.4 million and S$95.1 million respectively. FY12 was a fruitful investment year, where the REIT invested close to S$946 million in development & asset enhancement projects and new assets into growing its portfolio....

ASL Marine Holdings (BUY; Target Price: S$0.83) ASL Marine announced that it has secured another S$132.5 million worth of shipbuilding contracts for 4 tugs and 1 PSV, bringing FY12 YTD order wins to S$481 million, exceeding our existing order win assumption of S$380 million. These order wins will boost ASL’s shipbuilding orderbook to close to...

Ascendas REIT (BUY; Target Price: S$2.31) Ascendas REIT (A-REIT) turned in a sturdy set of results as expected. 4QFY12 NPI (net property income) rose by 13.2 per cent YoY to S$95.1 million, while distributable income increased 27.2 per cent to S$71.9 million, due largely to the completion of development projects and acquisitions. This is in...