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CapitaMall Trust (BUY; Target Price: S$2.32) CapitaMall Trust (CMT) has been a clear laggard within the S-REITs space, staying flat YTD versus an average of 11.0 per cent increase in unit prices for its local retail peers. We believe this is unjustified given its portfolio of 15 quality retail malls, which are strategically located in...
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Ascott Residence Trust (BUY; Target Price: S$1.53) Ascott Residence Trust (Ascott REIT) recently completed a private placement exercise, which boosted its acquisition kitty by an additional S$150 million. The issue price for the new units at S$1.305 implies a 4.6 per cent discount to the adjusted VWAP on 28 January 2013 and a 3 per...
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Biosensors International Group (BUY; Target Price: S$1.63) Biosensors International Group (BIG) reported a disappointing set of 3QFY13 results which were below ours and the street’s expectations. Revenue fell 4.0 per cent YoY to US$81.3 million, its first YoY topline decline since 1QFY10, given weak licensing and royalties revenue from Terumo Corp. This was 11.2 per...
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SingTel (SELL; Target Price: S$3.03) SingTel is also likely to report a YoY decline in net profit for 3QFY13 on February 14. We are expecting net profit to fall in the S$880-900 million range, dragged down by higher costs as it aggressively expands market share and carries forward its transformation strategy. Its current transition is...
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Etika International (OUTPERFORM; Target Price: S$0.25) 4QFY12 PATMI of RM6.6 million grew stronger than expected by 39.5 per cent QoQ, despite a 7.1 per cent decline in revenue, as the gradual implementation of price hikes at Dairies over FY12 offset rising costs of key raw materials, particularly skimmed milk, buttermilk, whey milk powder and sugar....
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Lian Beng (BUY; Target Price: S$0.54) Lian Beng reported a 16.5 per cent YoY drop in revenue to S$113.4 million for 1QFY5/13. Stripping out the S$7.9 million one-off gain from the sale of an investment property in 1QFY5/12, bottomline contracted by 7.4 per cent YoY to S$10.6 million. Lian Beng’s gross and net margins fell by,...
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Ezra Holdings (BUY; Target Price: S$1.48) Ezra Holdings recently announced that Triyards, its engineering and fabrication division, has received conditional eligibility to list on the Main Board of the SGX. The listing will be by way of an introduction whereby Ezra is proposing to distribute Triyards shares by way of dividend in specie to Ezra...
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Far East Orchard (BUY; Target Price: S$2.82) Far East Organization is refurbishing part of Pacific Plaza as Scotts Medical Centre (SMC) with 36,000 sqft covering seven floors. This AEI is slated for completion in 1Q13. It will offer 44 medical suites, ranging in sizes from 545-1,493 sqft, while the existing retail component on the lower...
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Auric Pacific (Not Rated) Auric Pacific may see more interesting times following ex-SMRT CEO Saw Phaik Hwa’s appointment as new CEO. We wonder if her key mandate is turning around the company for sale by the Riady family which owns 71 per cent of the stock? After all, food is a negligible part of Lippo’s...
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StarHub to Launch Upgraded Mobile Broadband Network on September 19 StarHub Limited unveiled Tuesday its enhanced mobile broadband network which will start operating September 19. The high-speed mobile broadband network with Long Term Evolution (LTE) and Dual Cell High-Speed Packet Access Plus (DC-HSPA+) will offer customers improved peak downlink speeds of up to 75 Mbps...
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COSCO Corp (SELL; Target Price: S$0.84) COSCO Corp’s net profit attributable to shareholders decreased by 13 per cent YoY to S$27.6 million such that 1H12 net profit formed 50 per cent and 43 per cent of ours and the street’s full year estimates. Revenue was flat at S$975 million, but gross profit jumped 56 per...
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Broadway Industrial (Under Review) The group has entered into a conditional share purchase agreement to acquire a 70 per cent stake in Millennium Arena, a private company in Malaysia which specialises in the manufacturing of components as well as providing assembly services for valves, actuators, aircraft structures, and aircraft engine within the oil & gas...
