OSPL - Good Morning S'pore - Central Dealing Desk

Stock Name: IHH
Company Name: IHH HEALTHCARE BERHAD

Research House: UOB KayHian

Price Call: HOLD

Target Price: 1.42

Stock Name: SGX
Company Name: SINGAPORE EXCHANGE LIMITED

Research House: Credit Suisse

Price Call: BUY

Target Price: 9.25

Market Compass

07 March 2013~ Good Morning Singapore!

Singapore Idea Snippets:

Global Flash: While You Were Sleeping Source: Marketwatch Quote for the day:A pessimist sees the difficulty in every opportunity; an optimist sees the opportunity in every difficulty. - WINSTON CHURCHILL Singapore: The Day Ahead SINGAPORE DAYBOOK: New Reit manager's fee model gets thumbs up. MGCCT's model better aligns unitholder interests with management's SINGAPORE] Market watchers have broadly given the nod to an unconventional management fee model introduced by Mapletree Greater China Commercial Trust's (MGCCT) listing, on the grounds that it better aligns unitholder interests with management's. "I think it could become a standard going forward," said one analyst, who declined to be named. MGCCT's management fee structure is such that base fees are pegged to 10 per cent of distribution income, and performance fees to 25 per cent of the growth in distribution per unit (DPU) between financial years, if any. MARKET SCOOP GSH to raise another S$247m via rights issue GLP signs 15,000 sqm of new leases Four units at Queensway Shopping Centre on market Kovan Lodge owners seeking nearly S$30m S'pore directors' fees rise 5.3% in FY11/12 UOB KAYHIAN Securities says... IHH HEALTHCARE | HOLD | TP: S$1.42 Initiate coverage with a HOLD We value IHH at S$1.42, using a SOTP valuation model Aggressive capacity expansion to drive earnings Positioned to capture medical travelers Strong balance sheet CREDIT SUISSE Securities says... SINGAPORE EXCHANGE | OUTPERFORM | TP: S$9.25 We have left our forecasts unchanged following strong Feb 2013 market statistics for both equities and derivatives Equity markets (40% of revenues): February turnover was down 16% YoY due to very high base in Feb 2012 and Chinese New Year (2012 CNY in January) Derivative volumes maintained their strong growth trajectory; with volumes up +32% YoY in February 2012 Listings(10%): There were two new equity listings in the month, with bond listings still the main source of new fund raisings Catalysts:Market trading volumes, IPOs and subsequent capital raisings and success of new product launches Valuation unchanged at S$9.25, implying 25x 12-month forward earnings (around its eight-year average) OSK DMG Securities says... KINGSMEN CREATIVES | BUY | TP: S$0.93 Pipeline of projects will keep it busy Healthy prospects for the MICE industry in the region Strong growth and development of the Thematic & Scenic industry in Asia Continued proliferation of international brands into Asia Its current order book of SGD81m reflects a stronger pipeline of projects