CapitaLand (NEUTRAL; Target Price: S$3.03) CapitaLand has launched the long awaited residential project, Sky Habitat (99-LH, 509 units) in Bishan over the weekend. To recap, the project site was acquired at a previous new high land price of S$869 psf for a suburban condominium site with CapitaLand clinching the site which drew a whopping 19...

CapitaMall Trust (BUY; Target Price: S$2.20) JCube recently reopened, making it the only shopping mall in Singapore with an Olympic-size ice skating rink. For the rest of this year, CMT will conclude its AEIs at Iluma, Clarke Quay and The Atrium@Orchard. Together with the normal rental reversions, we forecast a DPU (dividend per unit) growth...

Boustead Singapore (BUY; Target Price: S$1.14) Boustead Singapore experienced a surge in order win momentum with four new contracts secured in the month of March alone. This was a happy ending to the drought that started after the last order in November last year. Excluding a design-build-lease contract which is not accounted for in orderbook...

DBS (SELL; Target Price: S$11.50) DBS will inject RMB2.3 billion (S$460 million) into DBS China, raising the latter’s registered capital by close to 60 per cent. This is the first time DBS has injected capital into the bank since the infusion of RMB4 billion upon its incorporation 5 years ago. Incorporated in May 2007, DBS...

Cache Logistics Trust (BUY; Target Price: S$1.11) Cache Logistics Trust had recently announced the close of its private placement of 60 million new units. The issue price was fixed slightly north of the midpoint of the initial price range at S$0.985 apiece and represented a 5.2 per cent discount to its volume weighted average price...

CSE Global (HOLD; Target Price: S$0.80) Last week, CSE Global announced that it has accepted an offer from Hitachi Ltd for all its 59,789,000 shares (30.94 per cent stake) in Malaysia-listed financial solutions provider eBworx Berhad. This follows a voluntary general offer from Hitachi’s bankers, in March 12, to acquire all the outstanding ordinary shares...

Chaswood Resources (Not Rated) Chaswood has received the exclusive rights to establish Bulgogi Brothers, a well-known South Korean BBQ restaurant, in Southeast Asia. It has also signed a non-binding MOU with Singapore’s Paradise Dynasty to develop and operate restaurants in Thailand this year. Chaswood has held the franchise rights to American casual dining chain TGI Friday since...

Adampak (Not Rated) Private equity firm Navis Capital Partners has made a cash offer of S$0.42/share to privatise Adampak for S$110.7 million. Navis’ offer values Adampak at 18x FY11 earnings and 2.7x NTA (net tangible asset). Admittedly, FY11 was a poor year for Adampak, but even based on its record year in FY10, Navis would...

Ascendas REIT (BUY; Target Price: S$2.31) Following the announcement on February 6 to acquire three properties at Science Park Drive from sponsor Ascendas Land, Ascendas REIT (A-REIT) reported that the transaction was completed on March 29 at a total consideration cost of S$185.5 million. No consideration units were issued as Ascendas Land had indicated that...

DBS Group (BUY; Target Price: S$15.40) DBS Group Holdings is taking over Temasek Holdings’ entire stake (or 67.37 per cent) in PT Bank Danamon Indonesia Tbk (Danamon) for a total consideration of Rp45.2 trillion (or S$6.2 billion). At Rp7,000 per share, this is priced at a premium of 52.2 per cent above Danamon’s closing price...