26 March 2013~ Good Morning Singapore!
Central Execution Team - The excellence of execution
This product is made available by your Central Execution Team, for you as TRs of OCBC Securities to help you with your business and therefore it is confidential and only for internal circulation. It is not intended for onward circulation to non-OSPL TRs, clients or any other third party in this or any other version. Neither is this intended to be relied upon as a sole basis for any recommendation. TRs must also consider their clients' investment objectives, financial position and needs when intending to make or making any recommendation. For the front desk, by the front desk. All feedback to make this a better product is welcome.
Global Flash: While You Were Sleeping
Source: Marketwatch
Quote for the day : Don't necessarily avoid sharp edges. Occasionally they are necessary to leadership.
-DONALD RUMSFELD
Singapore: The Day Ahead
SINGAPORE DAYBOOK: Sing$ may stay strong amid inflation worries. Highest inflation rate in Feb since last June with rise in MAS core inflation to 1.9%.
MARKET SCOOP
Lian Beng bags $220m Bartley Ridge deal
Swissco diversifies into oil rig sector
S'pore inflation rise to 4.9% in Feb
DBS names new head of consumer banking/wealth mgmt
Changi Airport traffic up 9.2% in February
MIIF names new independent director
Swissco in JV to clinch EPC contracts
CIMB Securities says...
GENTING HONG KONG | OUTPERFORM | TP: US$0.55
FY12 core EPS is 9% ahead of our expectation because of lower interest expense at Resorts World Manila (RWM)
Underlying operations at its integrated resort were in line, though we had not expected the RWM's interest expense to halve from an interest-rate swap
RWM remains a strong proxy for GDP growth in Metro Manila while GENHK's cruise operations have a unique footprint in the Asian leisure-travel market
The re-rating of Norwegian Cruise Lines (NCL) since its IPO in Jan 13 is an additional catalyst
We expect EBITDA margins to narrow to 28% in FY13 from 31% in FY12 on the back of competition from the new Solaire casino
NCL is expected to spur much of GENHK's earnings in the next three years with the delivery of one new ship in Apr 13 and another in Jan 14
We expect 16% EBITDA growth this year on the deployment of its newly-refurbished Gemini to Shanghai
UOB KAY HIAN says...
SINO GRANDNESS | BUY | TP: S$1.23
Despite its strong share price outperformance, the stock is only trading at 3.9x FY13F earnings
SGF is one of the largest exporters of canned asparagus, long beans and mushrooms with customers such as Carrefour and Walmart
The group's steady earnings from canned fruits and vegetables is complemented by robust growth from its bottled juice division of approximately 40% p.a. over the next three years
New production capacity to drive beverage business
In our view, potential catalysts include better-than expected earnings as well as a potential listing of its subsidiary Garden Fresh, which could help unlock value
Our target price assumes the listing of Garden Fresh to be successful in 2014 with a PE of 12x coupled with a holding company discount of 20% and a 4.0x 2014F PE valuation for its remaining business
DBS VICKERS Securities says...
OSIM INTERNATIONAL | BUY | TP: S$2.25
We initiate OSIM with a BUY recommendation, for 18% upside to S$2.25 TP
Quarterly results from 1Q09 to 4Q12 have shown that earnings growth has been sustainable. OSIM is now a stronger entity and better positioned for further growth
OSIM is a beneficiary of the rising middle class population in China, with 56% of revenues originating from North Asia
OSIM currently has 435 stores in North Asia including 278 stores in China. We project 473 stores in North Asia by FY14F, or 20 store openings a year
OSIM now creates demand by innovating new products to target new market segments
We project FY12-FY14F earnings to grow at CAGR of 16%, driven by China and product innovation
Our S$2.25 TP is based on 16x forward FY13F earnings, translating to a PEG of only 0.9x.
|
No comments:
Post a Comment