BreadTalk Group Limited (March 10: Initiate with BUY; S$0.74) BreadTalk Group Limited operates three main business segments – bakery, food court and restaurants – across Singapore, China, Hong Kong, Southeast Asia and the Middle East. Brands under its management include BreadTalk, Toast Box, Din Tai Fung and Food Republic. We project revenue growth of 26...

Roxy Pacific Holdings (March 9: BUY; S$0.55) Roxy-Pacific Holdings (ROX) is a specialty property and hospitality group in Singapore. ROX primarily develops domestic residential projects, and also owns two investment properties and a hotel, Grand Mercure Roxy Hotel (GMRH). We believe ROX’s four landbank projects (expected to launch in FY11-12) will add at least S$20...

Ascendas REIT (March 8: HOLD; S$2.20) Mapletree Logistics Trust (March 8: BUY; S$1.03) At the recently concluded FY10 results, we found a few common themes in the guidance given by Industrial REITs (real estate investment trusts) managers. First, Industrial rental values in 4Q10 experiencing their fastest pace of growth since recovery. There was also increased...

OSIM International (March 7: BUY, S$1.96) OSIM International Ltd (OSIM) recently announced that it has withdrawn and resubmitted its application to the Taiwan Stock Exchange (TWSE) for the listing of 85 million TDR (Taiwan Deposi- tory Receipts) units (or 42.5 million new ordinary shares) at an indicative offer price of NT$20.80 (S$1.80 equivalent for each...

Global Palm Resources (March 4: HOLD; S$0.365) Global Palm Resources believes its CPO (crude palm oil) produc- tion levels this year should revert back to levels achieved in FY09, barring adverse weather conditions; this after registering some pretty healthy sequential improvement in production in 4Q10, with its FFB (fresh fruit bunch) yields improving to 4.6...

Keppel Corporation (March 3: BUY; S$13.95) Keppel’s Offshore & Marine division have announced new orders totalling some US$2.9 billion since the beginning of the year, and US$3.8 billion since October last year. Most of the orders are for its offerings of the latest generation of jack‐up rigs, which have higher specifications such as deeper water...

Foreland Fabrictech (March 2: BUY; S$0.185) Revenue surged tremendously 97 per cent YoY to RMB143 million in 4Q2010 on increased sales volume and higher ASP (average selling price). ASP jumped 30.5 per cent YoY to RMB12.5 per yard as product mix skewed more toward high functional fabrics with better pricing and margin. Net profit in...

Golden Agri-Resources (March 1: Maintain BUY; S$0.88) Golden Agri-Resources (GAR) put out a strong set of 4Q2010 results on Monday, with revenue up 84.9 per cent YoY and 23.3 per cent QoQ to US$1189.2 million, coming some 20.8 per cent ahead of our forecast, driven by a robust recovery in CPO (crude palm oil) production...

Samudera Shipping (February 28: Maintain BUY, S$0.27) Samudera Shipping (SAMU) results came in above expectations due to stronger than expected margins resilience after recovering from the trough of the shipping crisis. Management will focus on cost reduction and operational streamlining, which we think should help to retain margins strength. Potential margin expansion can be expected...

Rotary Engineering: 4Q10 Surpasses Expectations FY10 results surpass expectations. Rotary Engineering (Rotary) reported its FY10 results with revenue growing 28 per cent to S$704.2 million, gross profit improving 21 per cent to S$157.2 million, and net profit expanding 18 per cent to S$63.7 million. Although revenue came in below our estimate, net profit surpassed both...

Venture Corp: More Margin Improvement in 4Q10 More margin improvement in 4Q10. Venture Corp (VMS) reported its 4Q10 results Wednesday, with revenue falling 22.7 per cent YoY to S$705.5 million, or around 11.9 per cent below our forecast, as revamp of its Printing & Imaging (P&I) business continues with the forgoing of low-margin “full configuration”...