ARA Asset Management (BUY; Target Price: S$1.68) ARA’s FY11 net profit was up 7 per cent YoY to S$68.2m, in line with expectations. ARA’s FY11 revenue of S$122.8 million was slightly ahead of market and our expectations. Excluding a mark-to-market loss of S$6.1 million on the Suntec REIT acquisition units received by ARA for the ...
CapitaMalls Asia (BUY; Target Price: S$1.95) CapitaMalls Asia (CMA) has acquired the remaining 73.71 per cent stakes in three malls from CapitaMalls Japan Fund (CJF), in which it has a 26.29 per cent stake. The acquisition price was S$217.4 million – a 16.9 per cent discount to their latest valuations. The acquisitions came as CJF ...
Singapore Budget 2012 Assessment (OCBC Investment Research) Transport Sector: Boosting bus capacity About 800 buses will be added over a five-year period via a S$1.1-billion fund. We view this as positive for SMRT (BUY, FV: S$2.04) and ComfortDelgro (unrated) as recent performances of their bus segments have seen declining operating profits. Tourism Sector: Another boost ...
CapitaLand (NEUTRAL; Target Price: S$3.03) CapitaLand registered Q411 results with PATMI (net profit) of S$476.6 million, -20 per cent YoY mainly attributed to lower development profits and portfolio gains. For FY11, revenue of S$3.02 billion, -11 per cent YoY mainly attributed to: FRS 115 accounting changes resulting in higher revenue recognition for deferred units from ...
Ezion Holdings (BUY; Target Price: S$1.35) Ezion has won a US$80.3 million charter contract over four years to provide a second North Sea Class service rig for a European oil major to support its activities in offshore Denmark. Expected to cost some US$85 million, the rig will be deployed by 4Q12 after its refurbishment and ...
CapitaLand (BUY; Target Price: S$3.11) CapitaLand Ltd (CAPL) reported 4Q11 PATMI (net profit) of S$476.6 million, down 20 per cent YoY. Adjusting for one-time items, we estimate 4Q11 PATMI at S$221.9 million, which is in line with our expectations. 4Q11 topline came in at S$1,059 million, 17 per cent higher YoY. This cumulates to S$3,020 ...
ASL Marine (BUY: Target Price: S$0.68) ASL Marine (ASL) reported a 25.0 per cent fall in revenue to S$77.4 million and a 24.3 per cent drop in net profit to S$7.6 million in 2QFY12. Excluding exceptional items comprising such as vessel disposal gains, core net profit was about S$6.6 million, such that the 1HFY12 figure ...
ASL Marine (BUY: Target Price: S$0.68) ASL Marine (ASL) reported a 25.0 per cent fall in revenue to S$77.4 million and a 24.3 per cent drop in net profit to S$7.6 million in 2QFY12. Excluding exceptional items comprising such as vessel disposal gains, core net profit was about S$6.6 million, such that the 1HFY12 figure ...
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CapitaMalls Asia (BUY; Target Price: S$1.92) CapitaMalls Asia reported an FY11 PATMI (net profit) of S$456.0 million, a 15.8 per cent decrease YoY after its FY10 numbers were restated upwards to account for the full recognition of profits from the units at The Orchard Residences which were previously sold under the deferred payment scheme. Excluding ...
BreadTalk (HOLD; Target Price: S$0.54) Historically, BreadTalk Group’s (BTG) strongest quarter in terms of revenue contribution is its 4Q. Due in part to seasonality factors – increases in consumer spending over the year-end holiday period – we expect this trend to continue unabated and anticipate a 7 per cent QoQ growth in 4Q11 revenue to ...
