Ezion Holdings (BUY; Target Price: S$1.17) Ezion’s latest US$65.7 million charter contract in China takes its total new charters secured in 2012 to US$357 million. In total, we estimate that Ezion will spend US$300-310 million to complete the four liftboat and service rig projects and this will be financed by the recent placement of 110...

Adampak Limited (Not Rated) Adampak suffered a small after-tax loss of S$0.2 million in 4Q11, which included S$2 million in impairment charges for damaged fixed assets and inventory, as well as idle production costs. December-quarter revenue tumbled by 27 per cent YoY as sales to the HDD (hard disk drive) and telecommunications segments were affected...

Keppel Land (BUY; Target Price: S$4.00) In January, KepLand said that it had acquired a 51 per cent stake in a prime commercial project in Beijing’s Chaoyang CBD, with an estimated breakeven of RMB20,000 psm GFA. After reviewing our earlier forecasts, we raise our capital value assumption for the office component to RMB50,000 psm, which...

BBR Holdings (BUY; Target Price: S$0.38) 4Q11 earnings came in within our expectations at S$2.9 million. Revenue was up 55.7 per cent YoY, mainly attributable to revenue progressively recognised for sold units from its property development Lush on Holland Hill and the various on-going construction projects in their active stage of construction. While gross profit...

Goodpack Limited (BUY; Target Price: S$1.70) Goodpack (GP) announced that it has entered into an agreement with General Motors South Africa (GMSA) for the use of their Intermediate Bulk Containers (IBCs). This win signifies their first major win since embarking on an initiative to expand into the automotive industry. GMSA intends to use the IBCs...

Consciencefood (BUY; Target Price: S$0.39) Consciencefood reported a 40 per cent YoY rise in PATMI (net profit) to Rp131 billion, on the back of a 22 per cent rise in revenue to Rp743 billion. Sales of instant noodles rose 26 per cent YoY to Rp731.2 billion, in-line with our forecast of Rp709.0 billion while sales...

China Animal Healthcare (BUY; Target Price: S$0.36) China Animal Healthcare (CAH) recorded 4Q11 core earnings that were largely in line with our forecasts. Excluding the gain in fair value derivative financial instruments and amortised interest expense related to its convertible bonds, adjusted net profit more than doubled to RMB52.7 million, helped in part by the...

Armstrong (BUY; Target Price: S$0.37) For 4Q11, Armstrong’s earnings came in at S$1.9 million on the back of sales of S$49.2 million. Full year core PATMI (net profit) fell by 67.3 per cent YoY to S$8.1 million due to the temporary shutdown of operations at two of the Group’s four factories in Thailand and reduction...

CWT (BUY; Target Price: S$1.72) CWT’s 4Q11 core earnings was above expectations, surging 163.8 per cent YoY, to hit S$19.5 million, largely attributable to higher than estimated contribution of MRI to the group. Revenue jumped 464.8 per cent YoY, to come in at S$1.2 billion this quarter, on the back of broadbased growth. FY11 core...

BreadTalk Group (HOLD; Target Price: S$0.57) As expected, BreadTalk Group (BTG) turned in its strongest quarterly performance in 4Q11. Revenue grew 20.7 per cent YoY to S$100.5 million while its bottomline fell 15.4 per cent YoY to S$4.4 million due to the absence of one-time disposal gains. BTG’s expansion into Thailand is proceeding well and...

CWT Limited (BUY; Target Price: S$1.38) CWT’s FY11 results were stellar and above expectations, affirming our Buy recommendation and investment thesis. With contributions from its newly-acquired commodity trading arm MRI kicking in, recurring net profit went beyond the S$50 million level for the first time in its history, after hovering around S$25 million-S$30 million for...

ABR Holdings (BUY; Target Price: S$0.94) On 10th February 2012, ABR Holdings, a local F&B operator known for its Swensen’s ice cream restaurants, announced that it has entered into a conditional sale and purchase agreement to sell its 51 per cent stake in Focus Network Agencies (FNA) to its 49 per cent-minority partner Kingdom Investment...