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...

Ascott Residence Trust (BUY; Target Price: S$1.12) As European concerns reach an interlude after the recent Greek bailout, we re-evaluated ART’s risk-reward proposition by conducting a bottom-up analysis of its asset exposure. Currently, 40 per cent of ART’s assets are located in Europe, spilt mostly between France and the UK. While French and UK GDP...

Cache Logistics Trust (Not Rated) In a private placement concluded on 22 March 2012, 60 million new shares were placed at S$0.985 per share. The private placement was about 1.24x subscribed and saw strong participation from Asian and European investors with the majority of demand from Asia. The private placement raised net proceeds of S$57.1 million,...

Hengyang Petrochemical Logistics (Not Rated) We visited Hengyang’s port and storage facilities at Deqiao and Jiangyin. Listed on Catalist since October 2009, Hengyang is chiefly engaged in the storage and transportation of liquid petrochemical products in the Yangtze River Delta. Hengyang clients include BP, Shell, BASF, Sinopec, CNPC and CNOOC. Hengyang believes that there are...

Eu Yan Sang (BUY; Target Price: S$0.94) Eu Yan Sang has managed to overcome a major hurdle in China. It has clinched a key license to open a pharmacy in China which will allow it to sell its prescriptions drugs and Chinese herbal medicine. Previously, the Company was only retailing food products and its proprietary...