Stock Picks
Courts Asia (BUY; Target Price: S$1.49) In the past, Courts had operations in Indonesia, Thailand, Singapore and Malaysia, where it had struggled with overexpansion and poor credit control. Now, management has centralised its credit system to make it independent of the country heads and refocused on credit quality control and collection, rather than aggressive credit...
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Ascendas REIT (HOLD; Target Price: S$2.63) Ascendas REIT (A-REIT) reported its 4QFY13 results. NPI came in at S$100.1 million, up 5.2 per cent YoY. This is in line with our NPI projection of S$100.7 million. However, distributable income of S$68.8 million falls short of our expectation of S$77.4 million, dropping 5.5 per cent YoY amid...
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Cache Logistics Trust (HOLD; Target Price: S$1.24) 3Q12 revenue at S$19.1 million was 27 per cent of ours and consensus estimate. The higher revenue was attributable to the additional rental income from upward rental adjustments and new acquisitions. 9M12 revenue at S$53.5 million was 75 per cent of ours and consensus estimate. 3Q12 DPU at...
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Treasury China Trust Books 19.7 Per cent Rise in Net Property Income Treasury China Trust Limited (TCT) Tuesday announced an 18.9 per cent increase in gross revenue to RMB260.8 million (S$52.0 million) and 19.7 percent jump in net property income to RMB164.0 million for the six months ended 30 June 2012. Committed occupancy for the...
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Biosensors International Group (BUY; Target Price: S$1.57) Since our post FY13 results report, BIG’s share price has fallen 12 per cent from S$1.285. We believe the correction due to concerns is overdone. BIG now trades cheaply at 12x PE, well below the average of 14.5x PE, and 0.5x PEG. We believe that BIG’s share price...
