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MayBank Kim Eng Reports May 2013

 
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PostPosted: Wed May 15, 2013 9:09 am    Post subject: MayBank Kim Eng Reports May 2013 Reply with quote

SG Daily: Noble Group - Agri Problems Persist; Cut to Hold, TP $1.17 | First Resources - Boosted By High CPO ASP, Sales Volume; Buy, TP $2.06 | Vard Holdings - Looking More Attractive; Buy, TP $1.65 | Biosensors International - More Acquisitions On The Way; Hold, TP $1.28 | CWT - Growth Story Intact; Buy, TP $2.20
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PostPosted: Fri May 17, 2013 9:05 am    Post subject: Reply with quote

Singapore Daily

Singapore Airlines: Weak End To The Year; Upgrade to Hold, TP $11.70
SIA SP | Mkt Cap USD10.7b | ADTV USD7.3m
We upgrade SIA to Hold (from Sell) as we see limited downside with its valuations near recession levels. Furthermore, the stock is well supported by its net cash position of c.SGD3.7/shr.

SIA reported slightly disappointing earnings of SGD68mn in the quarter, which was flattered by the SGD54.7mn gain on disposal of ppe.

We expect weakness in the passenger yield to continue into the next quarter on seasonal factors. However, further downside to cargo yields should be limited by the ongoing measures to rein in capacity.
We lift our Target Price to SGD11.70, pegged to 1.0X FY14E BVPS.
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PostPosted: Thu May 23, 2013 9:15 am    Post subject: Reply with quote

Singapore Daily

SATS: If Dividends Be The Food Of Investors, Then Pay On! Up to BUY, TP $3.90
SATS SP | Mkt Cap USD3.0b | ADTV USD3.1m

We see a multi-year re-rating of SATS as we believe that the company is likely to structurally increase their dividend distribution to shareholders. Upgrade to BUY and raise target price to SGD3.90.
SATS announced special dividends in the last 3 years and we expect this to be the new normal. Management had previously highlighted their desire to optimize their capital structure (long run target: net debt to equity of 0.3X), which we view as a signal for structurally higher dividend distributions to shareholders.
We are 8% above street view for our FY14-16E estimates, as we believe that consensus numbers may not have factored in incremental contributions from new contracts and our expectations of margin expansion as they scale up their operations.
We believe that a DCF (WACC: 8.0%, terminal g: 1.0%) based valuation would best reflect the strong cash-generative nature of the company.
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PostPosted: Tue May 28, 2013 9:23 am    Post subject: Reply with quote

Sarin Technologies: Crisis or Opportunity? Maintain Buy, TP $1.66
SARIN SP | Mkt Cap USD405m | ADTV USD0.2m

DeBeers increased rough diamond prices by about 4% in its May sight. Rough diamond prices have increased by about 10% this year, while polished prices for 1-carat diamonds rose by a mere 0.3%. Without further rise in polished prices, manufacturers face a squeeze on margins.
Indian manufacturers are expected to maintain cautious manufacturing levels in 2Q13, and this is also quiet period due to the May summer holidays. We expect a more subdued demand for traditional equipment, but we think that this could be compensated by higher GalaxyTM sales.
We believe that the repeated margin pressures faced by the manufacturers would stimulate motivation to seek higher efficiencies through long-term investments in technologies. We highlight that the investment case for Sarin is the structural changes it would bring forth with its game-changing technologies. Maintain Buy, TP SGD1.66.
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PostPosted: Wed May 29, 2013 9:07 am    Post subject: Reply with quote

SPH: Reward Shareholders in the Long Term ; Maintain Buy TP $4.95
SPH SP | Mkt Cap USD5.6b | ADTV USD22m

SPH has received the approval from SGX for the proposed SPH REIT listing. We overall like this practice as it can 1) free up capital for future growth, 2) create a more efficient platform for the holdings of investment properties and 3) generate management fee income for SPH. We maintain our BUY call and target price SGD4.95.
A special dividend of SGD0.18 per share was proposed, which implies an additional 4% dividend yield for FY13. The proposed special dividend is slightly below expectation but it is in line with SPHs strategy of rewarding long term investors.
We expect EPS to be diluted by 2cents/share. But the cash proceeds from the REIT spinoff could give SPH ample headroom to raise payout ratio in order to maintain current 24cents/share dividends track record.
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PostPosted: Thu May 30, 2013 9:08 am    Post subject: Reply with quote

Courts Asia: Staying On Course; Maintain Buy, TP $1.49
COURTS SP | Mkt Cap USD464.9m | ADTV USD0.8m

FYMar13 results came in-line with consensus and our expectations with revenue at SGD793.8m (+9.6% YoY) and net profit at SGD41.4m (+5.1% YoY). 4Q results were largely uninspiring, but the growth prospects for Courts remain bright and within reach.
FYMar13 was underpinned by stronger sales recorded from contributions from Bukit Timah and Clementi stores, as well as the re-launch of Megastore in Tampines. Malaysia registered a 6.1% YoY rise to SGD250.4m due to stronger sales from digital products. However, this was partially offset by currency translation losses and closure of underperforming stores in KL.
Courts trades at 11.7x FYMar14F P/E against its regional peers at 16.6x. Maintain Buy on this retailer with robust regional growth prospects.
Click here for full report alisonfok@maybank-ke.com.sg
Biosensors International: Needs a Breakthrough; Hold, TP $1.25
BIG SP | Mkt Cap USD1.6b | ADTV USD2.6m
FY3/13 results were within our expectations with net profit of USD114m (-68% YoY, +14% YoY excl. exceptionals), which makes up 101% of our FY3/13 forecasts. Biosensors also declared maiden dividends of 2.0 US cts/sh which translates to a forward yield of 2.1%.

Product revenue should continue its growth trajectory but Nobori licensing revenue growth is expected to be flat despite more intense marketing efforts in Japan. Management has guided for a 15% YoY overall revenue growth in FY3/14F.
Brace for more M&A activities as Biosensors seeks to expand its product lines for more growth drivers, wherein we think that the associated uncertainties could cap share price performance in the near-term. Maintain Hold, TP lowered to SGD1.25.
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