Global Flash: While You Were Sleeping
Source: Marketwatch
Quote for the day:Get your facts first, then you can distort them as you
please
- MARK TWAIN
Singapore: The Day AheadSINGAPORE DAYBOOK: MAS makes proposals to financial area review THE Monetary Authority of Singapore (MAS) has made additional recommendations in a consultation paper to complement those raised by the Financial Advisory Industry Review (Fair) earlier this year.
The 14-member Fair panel released its report of 28 recommendations, aimed at raising the standards and quality of Singapore's financial advisory industry, on Jan 16.
"MAS has reviewed the report and agrees in principle to the recommendations made by the Fair Panel," MAS said in a release yesterday, adding that its additional proposals will help with the implementation of those made by the panel.
MARKET SCOOP
STX OSV Holdings to be renamed VARD
TTJ gets S$20m worth of contracts
CapitaLand appoints J.P. Morgan to reassess Australand stake
WE Hldgs gets nod to list S$6.18m placement shares
STATS ChipPAC raises funds via US$255m in notes
Tiger Airways to raise S$297m via rights, convertables
UBS Securities says...
KEPPEL LAND | NEUTRAL | TP: S$4.15
Improved macro outlook and business confidence factored in
Underlying China demand to be impacted by the latest measures
With a low gearing of 22%, Keppel Land has significant capacity to acquire in commercial and mixed developments
We believe upside could come from more RNAV-accretive acquisitions as capital is deployed
Raise price target from S$3.44 to S$4.15
Our price target is based on 0.85x RNAV
CREDIT SUISSE Securities says...
YANGZIJIANG | NEUTRAL | TP: S$1.10
While Yangzijiang has secured its first jackup rig order, management noted strong competition from other Chinese yards for further orders
Overall, the company is targeting US$1.6-2.5 bn of new orders in 2013, consisting mainly of further contracts with Seaspan for 10,000 TEU containerships
Given the expected decline in shipbuilding margins, the company intends to grow its supplementary revenue streams
In addition, Yangzijiang will be working with Jiangsu Huaxicun to develop land at its old yard into a residential and commercial property
We maintain our NEUTRAL rating and target price of S$1.10, based on valuing the shipbuilding business on 2013 P/E of 9x
OSK DMG Securities says...
HONG LEONG ASIA | SELL | TP: S$1.28
HLA reported 4Q12 net loss of SGD53m, compared with 4Q11's SGD18m profit
The loss was mainly due to asset impairment and operating losses incurred by Xinfei (China white goods business)
Yuchai recorded a 16% decline in diesel engines unit sales to 431k in 2012
Building materials unit (BMU) the most resilient
We maintain SELL with target price of SGD1.28, which is derived from SOTP
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