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Phillips Capital Reports January 2013
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PostPosted: Wed Jan 02, 2013 9:22 am    Post subject: Phillips Capital Reports January 2013 Reply with quote

CapitaCommercial Trust Management announced the resignation of Mr Liew Mun Leong as Deputy Chairman, Non-Independent Non-Executive Director and as Chairman of the Executive Committee (wef 1 January 2013) and Mr Richard Edward Hale will resign as Chairman and Non-Independent Non-Executive Director (wef 23 January 2013). (Closing price: S$1.685, -0.3%)

Mun Siong Engineering Limited announced that it has exercised the call option (as provided in the sale and purchase agreement dated 23 May 2011 entered between the Company and the vendors) to purchase the remaining shares in Wing Wah Industrial Services Pte. Ltd. (the “WW”) that it does not already own. This represents 20.0 per cent or 150,000 shares in the paid up share capital of WW. The purchase consideration is S$499,500.00 or S$3.33 each WW shares and is based on the sale and purchase agreement. (Closing price: S$-, -%)

Keppel Corporation Limited announced that its indirect wholly-owned subsidiary, FELS Tekform (Singapore) Pte Ltd, has on 30 November 2012, pursuant to a sale and purchase agreement dated 26 October 2012, completed the sale of 100% of the share capital of Tekform Building Systems (ZJG) Co., Ltd, a KCL indirect wholly-owned subsidiary, to Green Forist (Hong Kong) International Limited for a cash consideration of approximately CNY 8,400,000. The consideration was arrived at on a willing buyer willing seller basis taking into account, inter alia, the value of ZJG’s assets. The book value and net tangible asset value of ZJG were approximately CNY 1 as at 30 November 2012. Following the Sale, ZJG ceased to be a subsidiary of KCL. (Closing price: S$11.000, -%)
Source: SGX Masnet, The Business Times
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PostPosted: Thu Jan 03, 2013 8:57 am    Post subject: Reply with quote

Thai tycoon Charoen Sirivadhanabhakdi extended his S$8.88-per-share offer for majority control of Fraser and Neave (F&N) by another week but kept his bid amount unchanged. Shareholders of the property and beverage conglomerate now have until the close of Jan 10 to accept Mr Charoen's offer, which remains lower than a rival S$9.08 bid by a consortium led by property developer Overseas Union Enterprise (OUE). (Closing price: S$9.670, -0.3%)

Global Logistic Properties Limited, one of the world’s largest providers of modern logistics facilities, with a market leading presence in China, Japan and Brazil, announced that it has leased approximately 10,400 square metres (“sqm”) (112,000 square feet (“sq ft”)) to Tesco, one of the world’s largest supermarket chains, at GLP Park Jiashan, Zhejiang Province in Eastern China. This marks the first direct leasing agreement between Tesco and GLP China. Tesco also operates in another GLP property in Guangzhou, Guangdong Province through a contract with a third party logistics provider. (Closing price: S$2.770, -0.4%)

Manufacturing Integration Technology Ltd announced that the Company has exercised the Option to purchase an additional 1,100 shares representing 4.4% of the issued share capital in Generic Power Pte Ltd (GPPL) for a total consideration of $580,522.05 on 2 January 2013. Following this acquisition, the Company now holds 25,000 ordinary shares representing 100% of the issued and paid up capital of GPPL. (Closing price: S$0.080,- %)

TA Corporation Ltd announced that its subsidiary, Sino Holdings (S’pore) Pte Ltd will joint venture with Synergy Resources Group Pte. Ltd to pursue the business in the sale and distribution of petroleum fuels and lubricant in Myanmar. (Closing price: S$0.420, +6.3%)

United Overseas Bank Limited said it had appointed Ong Yew Huat as a non-executive and non-independent director with effect from Jan 2, 2013. Mr Ong was executive chairman of Ernst & Young LLP from 2011 until his retirement on Dec 31, 2012. (Closing price: S$19.920, +0.6%)
Source: SGX Masnet, The Business Times
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PostPosted: Fri Jan 04, 2013 9:13 am    Post subject: Reply with quote

CapitaLand Ltd is restructuring its businesses to focus on its core markets of Singapore and China, which together account for more than half of its revenue. CapitaLand, about 40 per cent-owned by Singapore state investor Temasek Holdings, is considering exiting from the office and home segments in the United Kingdom and India, but will remain invested in serviced residences and malls. (Closing price: S$ 3.840, +2.1%)

CATALIST-listed gold-mining company CNMC Goldmine Holdings announced that it had produced 740.82 ounces of gold dore bars from its new heap leach facilities. The bars were made at its inaugural gold pour conducted on Dec 30 in Kelantan state in Malaysia. Its heap leach facilities - delayed since its initial expected start date in the fourth quarter of 2011 - had received approval from the Malaysian authorities on Nov 6 and started operations shortly after, the firm said. It would add about 1 million tonnes of capacity each year to the firm's current 60,000 tonnes with its vat leaching facilities. Production at the heap leach will go into full swing once the monsoon season ends in February, said its chief executive Chris Lim. (Closing price: S$ 0.310, +3.3%)

The consortium led by property and hospitality group Overseas Union Enterprise (OUE) has extended its S$9.08-per-share offer for Fraser and Neave (F&N) to Jan 14 amid ongoing questions about its alliance with Kirin Holdings. OUE's bid remains the highest on the table. Its bidding rival, Thai tycoon Charoen Sirivadhanabhakdi, on Wednesday extended the deadline for his S$8.88-per-share offer to Jan 10. Both offers are conditional upon the bidder gaining majority control of F&N, a property and beverage conglomerate. (Closing price: S$ 2.790, -0.4%)

Roxy-Pacific Holdings has bought a freehold residential site in Rochor district for $24.5 million. The Wilkie Terrace site has an estimated land area of 9,324 sq ft and an existing gross plot ratio of 2.1 under the 2008 Master Plan for residential apartment development. The deal was sealed through RH Rochor, an indirect subsidiary of the company through Roxy Homes. RH Rochor intends to amalgamate the site with another freehold site that was acquired in November 2012 for residential apartment development. Roxy-Pacific said the cost of the acquisition will be financed by internal funds and bank borrowings. (Closing price: S$ 0.580, +2.7%)
Source: SGX Masnet, The Business Times
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PostPosted: Mon Jan 07, 2013 9:39 am    Post subject: Reply with quote

Wilmar International Ltd – Update (Nicholas Ong)
Recommendation: Neutral
Previous close: S$3.59
Fair value: S$3.70

· Appreciated by 13% over the past 2 months
· Impact from lower CPO prices limited
· Downgrade to Neutral with higher target price of S$3.70


CDL Hospitality Trust – Update (Travis Seah)
Recommendation: Neutral
Previous close: S$1.945
Fair value: S$2.060

· Acquired Angsana Velavaru, the Maldives at US$71mn with an annualized net property income yield of 9.6%
· Defensive lease structure of 10 years with potential upsides
· DPU accretive as the purchase was fully funded by debt
· Maintain Neutral with revised target price of S$2.060
Source: Phillip Securities Research Pte Ltd
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PostPosted: Tue Jan 08, 2013 9:15 am    Post subject: Reply with quote

L.C. Development Ltd announced that its wholly-owned subsidiary, LCD (Indochina) Pte Ltd (“LCDI”), has entered into a share purchase agreement with Auslaos Investments Pty Ltd (the “Vendor”) to acquire from the Vendor a 15% equity interest (the “Acquisition”) in Gateway Enterprise Company Limited (“Gateway”). Prior to the Acquisition, LCDI already owns 85% of the issued and paid up capital of Gateway, a company incorporated in Lao People’s Democratic Republic, and is a special purpose company which owns and operates the serviced residence, Parkview Executive Suites located in Vientiane, Laos (“Parkview”). On completion of the Acquisition, Gateway would become a wholly-owned subsidiary of LCDI. (Closing price: S$ 0.158, +1.282%)

CSE Global Limited (CSE) announced that its wholly-owned Singapore subsidiary, CSE Transtel (Singapore) has secured the third Telecommunication order as part of the Inpex project in Australia. The order further entrenches CSE Transtel as the leading Telecommunications System Integration partner of choice for customers in the resources sector. CSE is also pleased to announce that CSE-Controls Limited, its wholly-owned UK subsidiary, has recently been awarded a prestigious contract in the UK defence sector; secured due to our ideal locations and capability to provide a full turnkey solution to meet the client requirements. (Closing price: S$ 0.790, +1.935%)

AusGroup Limited subsidiary, AGC Industries Pty Ltd (‘AGC’) announced it has secured fabrication work with Fugro-TSM for Woodside’s Greater Western Flank (GWF) project. The contract is for the fabrication of post metrology subsea spools for the first phase of the project which will commence immediately for a period of 12 months. The work will be performed in Kwinana and at the Australian Marine Complex (AMC) quay side facility in Henderson, south of Perth, Western Australia. It is expected to create work for approximately 30 new staff, based at the AMC. Upon completion, the spools will be loaded out at AMC Henderson for marine transportation to the Greater Western Flank area, off the north-west coast of Australia. (Closing price: S$ 0.585, +11.429%)
Source: SGX Masnet, The Business Times
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PostPosted: Wed Jan 09, 2013 9:10 am    Post subject: Reply with quote

SGX – Update (Ken Ang)
Recommendation: Neutral
Previous close: S$7.08
Fair value: S$6.85


· Securities Daily Average Value decreased 9.0% q-q to S$1.214 billion based on SGX figures. 2Q13’s SDAV is the third lowest in the last three years.
· Derivatives Daily Average Volume strong with a 16.9% q-q increase to 0.359 million contracts. Derivatives volume expected to increase further, but at a more gradual pace.
· Maintain Neutral call, with a revised Target price of S$6.85 based on an unchanged Price Earnings ratio of 24.0X.
Source: Phillip Securities Research Pte Ltd
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PostPosted: Fri Jan 11, 2013 9:22 am    Post subject: Reply with quote

Ocean Sky International Limited announced that the Company’s whollyowned subsidiary, Ocean Sky Marketing (H.K.) Limited (“OSMHK” or “Vendor”) has entered into a sale and purchase agreement (the “Sale and Purchase Agreement”) with Mr. Sit Loi Keung (the “Purchaser”) on 8 January 2013 in respect of the sale of property located at the 33rd floor duplex flat D of Tower V, The Waterfront, No 1 Austin Road West, Kowloon, Hong Kong with car parking space no. 128 on basement two (the “Property”) pursuant to the exercise of the option to purchase by the Purchaser (the “Proposed Sale”) (Closing price: S$ 0.176, +1.734%)

Singapore Technologies Engineering Ltd (ST Engineering) announced that its aerospace arm Singapore Technologies Aerospace Ltd (ST Aerospace) has secured new contracts worth about $450m in the fourth quarter of 2012. The contracts are for airframe, component and engine maintenance, as well as engineering and development, which will be carried out through its global network. In the quarter, ST Aerospace redelivered 165 aircraft for airframe maintenance and modification work. For passenger-to-freighter (PTF) conversions, it redelivered five converted Boeing 757-200 freighters, bringing the total number of PTF redelivery in 2012 to 16. Besides airframe redeliveries, ST Aerospace processed 9,847 components, 61 landing gears and 78 engines for both commercial and military customers. (Closing price: S$ 3.850, +0.260%)
Source: SGX Masnet, The Business Times
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PostPosted: Tue Jan 15, 2013 9:00 am    Post subject: Reply with quote

Saizen REIT – Site Visit (Travis Seah)
Recommendation: Non-rated
Previous close: S$0.187
Fair value: N.A.

§ On a property tour to visit six residences in Fukuoka, Kumamoto and Hiroshima, Japan
§ Residential property is good property asset class in Japan with stable and resilient cash flow
§ Japan residential property prices are firming up
§ No rating on the stock
Source: Phillip Securities Research Pte Ltd
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PostPosted: Wed Jan 16, 2013 8:55 am    Post subject: Reply with quote

Property Sector – Updates (Bryan Go)


· Developers sold 1,410 private residential units in Dec (ex. ECs), 30% higher than the month of Nov
· ECs segment set record sales of 849 units in the month, compared to 179 units in Nov and 38 units in Dec 11
· The strong sales and healthy take-up rates show buyers were undeterred by the lower LTV limits introduced in Oct, which prompted the government to roll out a comprehensive package of measures on last Friday
· We expect a knee-jerk reaction to cause sales in the next 1 - 2 months to drop following the new measures
· We maintain our view that prices could correct downwards by 5% in 2013. We continue to prefer diversified developer CapitaLand with great exposures in overseas market (TP: $3.97)
Source: Phillip Securities Research Pte Ltd
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PostPosted: Thu Jan 17, 2013 9:07 am    Post subject: Reply with quote

4QCY12 Results Season Commentary:
By Derrick Heng, Singapore Equity Strategist; Phillip Research Team

We reviewed our analyst’s expectations for the upcoming results season and spotted the following trading opportunities:

1. Profit turnaround plays:
§ Driven by seasonal strength and recovery of its Australia operations, Tiger Airways (Sell, TP: S$0.45) could recover from 6 consecutive quarters of losses and turn in its first profitable quarter. While markets could react positively to the profit turnaround, we maintain our cautious view due to the hefty valuations on the stock.
§ Neptune Orient Lines (Accumulate, TP: S$1.36) is expected to report a marked improvement in profitability in this quarter. As compared to the huge losses of US$320mn in 4QCY11, we expect a marginal profit of US$17mn largely due to an 8%y-y improvement in freight rates.

2. Strong y-y profit growth:
§ One of our top picks in the Singapore Market, Pan United Corp. (Buy, TP S$0.8Cool is expected to finish the year on a high note, with 45% full year earnings growth and good chance of raised dividend.
§ SATS (Accumulate, TPS$2.94) could report a 27% growth in profits on margin expansion and higher sales from the aviation business unit.
§ We forecast double digit profit growth for SGX (Neutral, TP: S$6.85) driven by strong growth in from derivative trading volume in the quarter.

3. Potential disappointments:
§ Genting Singapore (Neutral, TP: S$1.15) recent run up reflects market expectations of strong earnings in 4QFY12. While earnings is expected to be better than S$110 mn in 3QFY12. We are doubtful of growth against 4QFY11 earnings of S$266mn as this requires it to grow by 142% q-q amidst a weaker than expected year for casinos in general.
§ Starhub (Neutral, TP: S$3.20) could report significantly lower profits of S$63mn (4QCY11: S$93mn) due to one-off gains of S$10mn that were booked in the same period last year.

MARKET OUTLOOK:
By Joshua Tan, Hd of Research

Asia has been trading sideways for most of this week, as major indices pause before major resistance levels: the HSCEI at the 12000 resistance level, the Hang Seng is in messy a resistance zone 23-25k, while the STI is looking like a “wait and see” before the major 3300 level.

So what are we waiting for? Resolution of the US sequester / debt ceiling is certainly a good excuse for a pause. But we reckon certainly some of the cyclical improvement of the global economy has already been priced in and the strength of this improvement will be monitored more closely before deciding to charge higher. As it stands data coming in daily is acceptable for continued optimism. 4q12 earnings will be crucial to confirm the improving economies and our Equity Strategists are not pessimistic.

Now for the interesting bit – if you believe markets have on the whole predictive power – the S&P500 is incipiently grinding against the crucial 1470 mark with the daily candlesticks putting in a series of long tails indicating reluctance to go lower but preference to edge higher. Predicting a positive resolution to the US sequester/debt ceiling perhaps? Or is it plain complacency? Because if we fail to clear the 1470, a potential bearish divergence in the weekly charts could be forming.

As it stands short term trading signals are unclear, but we continue to believe that overall, this is a year for stocks and maintain OW on CN, HK, SG, TH and PH markets. Investors looking to invest in the first 4 markets should check out our Country Strategy reports (see below), else invest in them thru ETFs in the Asset Strategy reports (see below)
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PostPosted: Fri Jan 18, 2013 8:56 am    Post subject: Reply with quote

IEV Holdings Limited announced that the Company’s subsidiary, PT IEV Gas signed a supplemental agreement with PT Odira Energy Persada (“PT Odira”) on 9 January 2013 to extend the term of a Processing and Transport Agreement to 30 September 2013. The Processing and Transport Agreement was signed on 26 February 2007 for a period of 5 years and is for the processing of natural gas into Compressed Natural Gas (“CNG”) and the transportation of such CNG. The total volume of CNG expected to be processed and transported for the 12-month period from September 2012 to September 2013 would amount to approximately 759,369 million British thermal units (“mmbtu”), based on the minimum off-take of 85% of the total contracted units of CNG as provided in the Processing and Transport Agreement. (Closing price: S$0.525, -0.94 %)

Ley Choon Group Holdings Limited’s wholly owned subsidiary, Ley Choon Constructions and Engineering Pte Ltd has been awarded a S$16.2 million contract by the Land Transport Authority for the design and construction of sewer diversion works along Woodlands Avenue 2. The latest contract win came hard on the heels of two earlier contracts worth a total of approximately S$24.3 million awarded by other major customers in November last year. The Group’s total gross order book, including the new contract, now stands at S$169 million with projects stretching up to 2014. (Closing price: S$0.205, -2.38%)

Amtek Engineering Ltd announced that Amtek Precision Technology Pte. Ltd., a wholly-owned subsidiary of the Company, has on 4 January 2013 entered into two options to purchase with JL Marine & Engineering Pte Ltd in relation to the sale by the Vendor of two plants at No. 1 and 3 of Kian Teck Drive, Singapore. The Purchaser has exercised both Options on 16 January 2013. The aggregate value of the consideration for the Sale is approximately US$15.7 million based on exchange rate of 1.22. (Closing price: S$0.545, 0%)

Global Logistic Properties Limited announced that it will sell three of its properties to GLP J-REIT for approximately JPY12.6 billion (US$142 million). The consideration is in line with the appraised value of the assets2. GLP had granted purchase options to GLP J-REIT to acquire three logistics properties in Japan in November 2012. (Closing price: S$2.72, 0%)

Sembcorp Industries is spending US$200 million (S$245 million) to expand its seawater desalination capacity in the United Arab Emirates. The firm said on Thursday that it had signed a 20-year water purchase agreement with the Abu Dhabi Water & Electricity Company through its joint venture, Emirates Sembcorp Water & Power Company (ESC). ESC owns and operates the Fujairah 1 Independent Water and Power Plant, one of the world's largest operating hybrid desalination plants, in the UAE. The expansion, which is expected to be completed in the first half of 2015, will increase the Fujairah 1 IWPP's seawater desalination capacity by 30 million gallons per day. (Closing price: S$5.34, -0.187%)
Source: SGX Masnet, The Business Times
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PostPosted: Mon Jan 21, 2013 9:35 am    Post subject: Reply with quote

DBS Group Holdings - Update (Ken Ang)
Recommendation: Accumulate (Upgrade)
Previous close: S$14.38
Fair value: S$16.10

· DBS may benefit from the gradual recovery in China, growth in overseas contribution, especially in fees and commission, from ASEAN and Greater China. Dividend yield of 3.9% remains attractive.
· Upgrade to “Accumulate” with target price of S$16.10 based on FY13E BVPS of S$13.92 and P/B of 1.16X.

Sabana Shari’ah Compliant REIT - Results (Travis Seah)

Recommendation: Neutral
Previous close: S$1.185
Fair value: S$1.190

· 4Q12 (FY12) revenue S$21.5mn (S$81.8mn), NPI S$20.2mn (S$76.9mn), distributable income S$15.4mn (S$59.4mn)
· 4Q12 (FY12) DPU of 2.41 cents (9.28 cents)
· Maintain Neutral with revised target price of $1.190

Source: Phillip Securities Research Pte Ltd
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PostPosted: Wed Jan 23, 2013 9:18 am    Post subject: Reply with quote

Singapore Exchange - Results (Ken Ang)

Recommendation: Accumulate (Upgrade)
Previous close: S$7.54
Fair value: S$7.88

· SGX reported 2Q13 net profit of S$76.3 million, and Total revenue of S$161.8 million.
· Interim Dividend unchanged at S$0.04 for 2Q13
· Securities and Derivatives revenue positive on improved market sentiments, attractive offerings, and solid infrastructure
· Upgrade to “Accumulate” with target price of S$7.88, based on higher PE multiple of 26.0x for FY13 earnings
Source: Phillip Securities Research Pte Ltd
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PostPosted: Thu Jan 24, 2013 8:55 am    Post subject: Reply with quote

Global Macro, Asset Strategy (by Joshua Tan & Ng Weiwen)
19 right and 4 wrong. And time to downgrade EM-Asia debt

Table summary of Asset Strategy Pg4 of report, with ETF and CFD instruments to trade the outlook

Our view that this is the year for equities over bonds (see 4th Jan GMAS report) seems correct as MSCI World posts a 7.4%ytd total return v. bonds 3.8%ytd (see Pg.3). Our views for equities are unchanged, but to reflect more strongly our view that 2013 is likely to be risk-on, we are refining our views on bonds in the EM-Asia segment, specifically we are:
(i) Downgrading EM-Asia US$ debt to UW
(ii) Downgrading EM-Asia Local Currency (LC) debt to MW
(iii) Maintaining OW on EM-Asia and US high yield (HY) debt
(iv) Downgrading to UW US Mortgage Backed Securities
On account of the following reasons: (1) EM-Asia bonds in the quality US$ space are trading at a premium (2) US$ depreciation versus EM-Asia currencies is likely entering a new structural phase (3) interest rate normalization is likely on improving growth (4) portfolios are much too overweight bonds from last year and a liable to rush back into stocks.

We also include a section reviewing our 2012 calls, which we note were mostly accurate: 19 right, 4 wrong.
Source: Phillip Securities Research Pte Ltd
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PostPosted: Fri Jan 25, 2013 9:03 am    Post subject: Reply with quote

Tiger Airways Holdings – Results (Derrick Heng)
Recommendation: Sell
Previous close: S$0.765
Fair value: S$0.65

· Turnaround in profits as expected.
· Outstanding performance from Tiger Airways Singapore on seasonal strength.
· Start up losses at the JVs remain a drag
· Switched to SOTP valuation model.
· Maintain Sell with revised TP of S$0.65.

Keppel Land Ltd – Company Results (Bryan Go)
Recommendation: Neutral
Previous close: S$4.05
Fair value: S$4.24

· Credible set of 4Q12 results in a challenging year with turnover of $471.9mn, +26% y-y
· PATMI $527.6mn, -55% y-y due to absence of divestment gain
· China residential sales is improving but we believe the optimism has been priced in
· Maintain Neutral with higher target price of $4.24

Keppel Corporation Ltd - 4Q12 Results (Nicholas Ong)
Recommendation: Accumulate
Previous close: S$11.34
Fair value: S$12.38

· FY12 earnings in line
· Dividends up 68% yoy
· Maintain Accumulate and target price of S$12.38
Source: Phillip Securities Research Pte Ltd
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