FJ Benjamin (BUY; Target Price: S$0.425) Compared with Western Europe and North America where retail sales experienced below 2 per cent YoY growth, Asia has held up well and managed sales growth of 6.7 per cent YoY in 2010. According to the Economic Intelligence Unit, retail growth is expected to stay above 5 per cent...

Ascendas REIT (HOLD; Target Price: S$2.14) A-REIT announced the acquisition of 2 buildings in Singapore – 2 Corporation Place and 3 Changi Business Park Vista – for a total consideration of S$179 million. Located within Jurong Lake District and Changi Business Park respectively, the acquisitions will further deepen their already established presence within the 2...

Ascendas REIT (BUY; Target Price: S$2.24) Ascendas REIT (A-REIT) yesterday announced that it had completed the acquisition of two Singapore assets, namely Corporation Place and 3 Changi Business Park Vista, for a purchase consideration of S$99 million (S$159.6 psf NLA) and S$80 million (S$487.0 psf NLA), respectively. The acquisitions are expected to be yield accretive,...

City Developments Limited (HOLD; Target Price: S$11.24) City Developments (CDL), Hong Leong Group and Hong Realty beat six other bidders with a top bid of S$396 million or S$754 psf ppr for a plum site located along Alexandra Rd. The 107,129 square feet site has a total GFA of 524,934 sf and can potentially house...

Asiatravel.com (BUY; Target Price: S$0.44) Asiatravel.com recorded a net loss of S$0.7 million in 4QFY11, as revenue slid 3.8 per cent YoY to S$24.6 million, largely due to one-off expenses relating to the cessation of subsidiary’s business. The results were in-line with our estimates. In the absence of one-off expenses, profitability in FY12 is likely...

First Resources (BUY; Target Price: S$2.05) FR’s 3Q11 nucleus FFB (fresh fruit bunch) production came in at 510,169 tonnes (+17.1 per cent YoY). This brings FR’s cumulative nucleus production to 1.2 million tonnes, up 21.6 per cent YoY. We expect 4Q production to soften sequentially due to seasonal onset of production downcycle. We do not...

Biosensors International Group (BUY; Target Price: S$1.95) We expect Biosensors International Group’s (BIG) earnings momentum to continue as we move into 2012, underpinned by its strong product portfolio, superior stent technology and continued market share gains. Recent positive clinical evidence presented would allow the group to gain further market acceptance from physicians. We also expect...

Ascendas REIT (BUY; Target Price: S$2.23) Ascendas REIT (A-REIT) had exceeded our expectations for its 2QFY12 results, despite our previous forecasts of a healthy growth in operating performance. Going into 2012, we maintain our prognosis that A-REIT will continue to deliver, thanks to its well-diversified portfolio, and contributions from completed development projects and acquisitions. While...

CapitaLand (BUY; Target Price: S$2.94) CapitaMalls Asia (BUY; Target Price: S$1.49) CapitaLand (CAPL) and its subsidiary CapitaMalls Asia (CMA) announced that they have, together with Singbridge, acquired a mixed development site in Yuzhong, Chongqing China. Total development cost, including land cost, is estimated at RMB21.1 billion (S$4.1 billion) which translates to an average cost of...

Ascott Residence Trust (HOLD; Target Price: S$1.13) Ascott REIT has entered into a conditional sale and purchase agreement to acquire a 60 per cent interest in 160-unit Citadines Shinjuku Tokyo from Mitsubishi Estate Co Ltd (MEC). A quality serviced residence with good patronage from corporate/leisure travellers since opening owing to its good location and excellent...

C&G Environmental Protection (INCREASE EXPOSURE; Target Price: S$0.21) C&G’s revenue from WTE is likely to grow exponentially following the completion of its upcoming plants and higher utilisation rate. We believe the company is likely to bid for more projects over the next two years, which will help to boost its revenue growth after FY2015F –...

BreadTalk (Not Rated) BreadTalk has entered into a Heads of Agreement to subscribe for S$18 million junior bonds, including preference shares, with Perennial Real Estate’s subsidiary PRE 8. PRE 8 recently purchased Chijmes for S$177 million, which the firm could leverage on and secure prime retail space in the future. This is similar to its...