Friday, October 31, 2014

OSIM downgraded to "hold", target cut to $1.90 by OCBC

Stock Name: OSIM Intl
Company Name: OSIM INTERNATIONAL LTD
Research House: OCBCPrice Call: HOLDTarget Price: 1.90



SINGAPORE (Oct 31): OCBC Investment Research has downgraded OSIM International to "hold" from "buy" and cut its price target to $1.90 from $3.21 after lowering its FY2014 and FY2015 earnings estimates by 15.4% and 19.9% respectively.

The changes came after the massage chair maker reported this week that its 3Q2014 earnings fell 28% y-o-y to $16.4 million as a result of a slowdown in its key markets and higher operating costs, including legal expenses, for its TGW Tea unit.

SIA Engineering upgraded to "hold", target raised to $4.90 by UOB Kay Hian

Stock Name: SIA Engineering
Company Name: SIA ENGINEERING CO LTD
Research House: UOB KayHianPrice Call: HOLDTarget Price: 4.50



SINGAPORE (Oct 31): UOB Kay Hian has upgraded SIA Engineering to "hold" from "sell" and raised its price target to $4.90 from $4.50, saying the company's planned foray into India's aircraft maintenance, repair and overhaul (MRO) market is positive.

SIA Engineering and Boeing are said to have submitted a notice to the Competition Commission of India outlining plans to establish a joint-venture company to provide MRO services for Boeing aircraft.

Thursday, October 30, 2014

OCBC upgraded to "buy" by TA Securities

Stock Name: OCBC Bank
Company Name: OVERSEA-CHINESE BANKING CORP
Research House: TA SecuritiesPrice Call: BUYTarget Price: 11.50



SINGAPORE (Oct 30): TA Securities has upgraded Overseas-Chinese Banking Corp to "buy" and raised its price target to $11.50 from $11.20.

It has also increased its forecasts for OCBC's core earnings for FY2014 to FY2016 to factor in "softer-than-expected" overhead expenses and stronger net interest margins.

The acquisition of Wing Hang Bank has helped strengthened OCBC's network and access to affluent customers, high net worth individuals and SME business owners in Greater China, it said.

OSIM price target slashed 48% to $1.87 by Standard Chartered

Stock Name: OSIM Intl
Company Name: OSIM INTERNATIONAL LTD
Research House: StanChartPrice Call: HOLDTarget Price: 1.87



Standard Chartered Bank has downgraded OSIM International to "in-line" from "outperform" and cut its price target to $1.87 from $3.57, saying the company's 3Q2014 results were disappointing.

The massage chair maker's 3Q2014 earnings per share made up only 14% of StanChart's forecast.

Earnings for the September quarter fell 28% y-o-y to $16.4 million.

The bank has also cut its earnings estimates for this year and 2015 by 21% and 29% respectively, citing a cyclical slowdown in OSIM's business.

Accordia Golf Trust started at "buy", $1.06 target by Daiwa

Stock Name: Accordia Golf Tr
Company Name: ACCORDIA GOLF TRUST
Research House: DaiwaPrice Call: BUYTarget Price: 1.06



Daiwa Capital Markets has initiated coverage on Accordia Golf Trust (AGT) with a "buy" rating and price target of $1.06.

AGT offers annualised recurrent dividend yields of 7.4% for FY2015, 8.0% for FY2016 and 9.1% for FY2017, based on its distribution per unit forecasts, David analyst David Lum said in a note.

"These yields are significantly higher than those of JREITs, exceed the yields of nearly all S-REITs under our coverage, and are above the average yield for Singapore-listed business trusts," Lum said.

OCBC price target cut to $10.50 by Standard Chartered

Stock Name: OCBC Bank
Company Name: OVERSEA-CHINESE BANKING CORP
Research House: StanChartPrice Call: HOLDTarget Price: 10.50



SINGAPORE (Oct 30): Standard Chartered Bank has cut its price target for Oversea-Chinese Banking Corp from $11.16 to $10.50, based on a time series mean reversion approach.

The change reflects "longer-term strategic concerns", according to StanChart analysts John Caparusso and Mayank Mishra.

"Intuitively, we prefer a bank which has already completed acquisition integration over one now facing this challenge," they said in a note, pointing to OCBC's recent takeover of Hong Kong-based Wing Hang Bank.

Genting Singapore price target cut 17% to $1 by JPMorgan

Stock Name: Genting Sing
Company Name: GENTING SINGAPORE PLC
Research House: JP Morgan ChasePrice Call: SELLTarget Price: 1.00



SINGAPORE (Oct 30): JPMorgan has cut its price target for Genting Singapore from $1.21 to $1.00, based on a discounted cash-flow valuation model.

It has an "underweight" rating on the stock, citing limited growth potential for the gaming group.

"Genting Singapore's earnings quality is expected to weaken (given) an unfavorable business mix," three JPMorgan analysts said in a note.

Contributions from the VIP customer segment are volatile and offer low margins, they said.