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Hiap Hoe (BUY; Target Price: S$0.79) Following the completion of its integrated project at Zhongshan Park at Balestier Road earlier this month, Hiap Hoe (HH) announced the valuation ascribed by Collier International for the commercial development, which was valued at S$702 million. The 4-star Ramada Singapore was valued at S$700,000 per key, while the 3-star...
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Bumi Armada Berhad (HOLD; Target Price: MYR3.74) Bumi Armada Berhad’s 1Q revenue jumped 46 per cent YoY to MYR489 million and net profit to shareholders increased by 22 per cent YoY to MYR110 million. The results were roughly in-line with ours and consensus’ estimates. Segment results were mixed. Although the FPSO, OSV and T&I segments...
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ComfortDelGro (HOLD; Target Price: S$1.95) ComfortDelGro announced that it will acquire a privately-held bus company, Driver Group Pty Ltd, for A$22 million. This acquisition will add five long-term, metropolitan bus routes in the Eastern suburbs of Melbourne to ComfortDelgro’s Australian operations in Victoria, and increase its fleet to 420 buses from 378. Assuming regulatory approval,...
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CWT Ltd (BUY; Target Price: S$2.08) CWT Ltd’s 1Q13 revenue jumped 39 per cent YoY to S$1.5 billion, while net profit was flat at S$27 million. 1Q results were in-line with ours and the street’s expectations. The surge in 1Q revenue was mainly driven by its newly established trading business (Commodity SCM) which resulted in...
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ComfortDelGro (BUY; Target Price: S$2.20) CD’s 1Q13 EBIT grew 3 per cent to S$96 million due to growth across the board, which was partially offset by weakness from Singapore and UK bus, as well as Singapore rail operations. Singapore bus remained subdued with higher staff, repair and maintenance and depreciation costs, while Singapore rail was...
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CSE Global (BUY; Target Price: S$0.96) CSE Global reported 1Q13 results that were in-line with ours and the street’s estimates. 1Q revenue fell 10.9 per cent YoY to S$120 million on lower contribution from the Americas and EMEA, while PATMI was flat at S$12.7 million. The improvement in net margin was due to lower amount...
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Ezion (BUY; Target Price: S$2.47) Ezion reported 1Q13 revenue of US$54.8 million, with net profit of US$46.2 million. Stripping out exceptional gains of S$17.8 million (from disposal of OMSA stake), core net profit was US$28.4 million, slightly ahead of expectations. Other income was higher than expected at S$3.7 million, due to forex gains and...
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Bumitama Agri (BUY; Target Price: S$1.24) 1Q results were off to a slow start on low CPO and PK ASP achieved at IDR6,493/kg and IDR2,564/kg, low FFB production, higher selling expenses of IDR27 million on higher transport cost due to shortage of double-hull vessels in the market, lower milling margins at 21 per cent,...
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ARA Asset Management (HOLD; Target Price: S$1.78) ARA Asset Management Limited reported topline of S$32.2 million for the quarter, a 6 per cent drop YoY. Despite this dip, which was largely due to lower acquisition fees and a decline in finance income, the group’s core recurring earnings (management fees from its REITs and private funds)...
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City Developments Limited (SELL; Target Price: S$10.00) We reiterate our SELL recommendation on CDL ahead of its 1Q13 results to be released on May 13, as we lower our FY13-15F full-year forecasts by -16 per cent, -18 per cent and -4 per cent respectively, after adjusting our profit recognition model and reducing our forecasts for...
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ASL Marine (BUY; Target Price: S$0.86) ASL Marine (ASL) reported a 26.6 per cent YoY rise in revenue to S$144.0 million and a 21.0 per cent increase in net profit to S$9.6 million in 3QFY13, such that 9MFY13 net profit accounted for about 71 per cent of our full year estimates, within our expectations. Following...
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Ascott Residence Trust (HOLD; Target Price: S$1.35) Ascott Residence Trust (ART) has entered into conditional agreements to acquire three prime serviced residences in China and a portfolio of 11 rental housing properties in Japan for S$287.4 million at an EBITDA yield of 5.4 per cent on a pro forma basis for FY12. The acquisitions, which...
