MTQ Corp's target price slashed to $1.77 by OSK DMG

Stock Name: MTQ
Company Name: MTQ CORPORATION LIMITED

Research House: OSK-DMG

Price Call: BUY

Target Price: 1.74

SINGAPORE (Oct 31): OSK DMG has trimmed MTQ Corporation Ltd's target price to $1.77 on the back of lower utilisation in the Singapore facility and slow starts in the Binder Group.

In a note today, OSK DMG analyst Lee Yue Jer said the lower utilisation in the Singapore facility and slow starts in the Binder Group marred an otherwise spotless quarter, prompting it to lower FY15/16F earnings by 22/18% with lower target price of $1.74 (from $2.16), implying a 35.1% upside.

UOB upgraded to "accumulate" by PhillipCapital

Stock Name: UOB
Company Name: UNITED OVERSEAS BANK LTD

Research House: Phillip Securities

Price Call: BUY

Target Price: 25.40

SINGAPORE (Oct 31): PhillipCapital has upgraded United Overseas Bank Ltd (UOB) to "accumulate" from a "neutral" rating with a target price of $25.40, after the latter posted its improved 3Q14 financial results.

At 1:56 pm, UOB has rallied 2.1% to $22.94 as one of the top gainers across the Singapore Exchange.

PhillipCapital analyst Benjamin Ong said in a note today that UOB management believed that fee growth momentum should continue to be maintained for the rest of the year.'

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

Stock Name: OSIM Intl
Company Name: OSIM INTERNATIONAL LTD

Research House: OCBC

Price Call: HOLD

Target 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 KayHian

Price Call: HOLD

Target 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.

OCBC upgraded to "buy" by TA Securities

Stock Name: OCBC Bank
Company Name: OVERSEA-CHINESE BANKING CORP

Research House: TA Securities

Price Call: BUY

Target 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: StanChart

Price Call: HOLD

Target 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: Daiwa

Price Call: BUY

Target 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: StanChart

Price Call: HOLD

Target 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 Chase

Price Call: SELL

Target 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.

OSIM maintained at "buy" by DBS with lower $2.59 target price

Stock Name: OSIM Intl
Company Name: OSIM INTERNATIONAL LTD

Research House: DBS Vickers

Price Call: BUY

Target Price: 2.59

SINGAPORE (Oct 29): DBS is keeping its "buy" rating for OSIM International with a lower target price of $2.59.

In an Oct 29 report, DBS Group Research has cut FY14-FY16 forecast earnings by 19-23% amid short-term drag. However, the research house says current valuations have priced in negatives.

OSIM's latest results came in below its expectations, says DBS. In 3Q14 ended Sept, OSIM reported a 28% fall in net profit to $16.4 million from a year ago. This was affected by weakness in Asia, higher TWG staff headcount and one-off legal costs.

OSIM price target cut to $2.72 from $3.50 by Maybank Kim Eng

Stock Name: OSIM Intl
Company Name: OSIM INTERNATIONAL LTD

Research House: Maybank Kim Eng

Price Call: HOLD

Target Price: 2.72

SINGAPORE (Oct 29): Maybank Kim Eng has cut its price target on OSIM International from $3.50 to $2.72, based on 19 times projected FY2015 earnings, after lowering its FY2014-2015 earnings per share estimates by 18%.

"Essentially, we now expect no growth this year before a rebound next year," Maybank Kim Eng analyst Gregory Yap said in a note today.

While OSIM's 3Q2014 results were below expectations, due partly to start-up costs for TWG Tea, Yap said the tea label should generate economies of scale in 2H2015 as it expands.

OSIM downgraded to "hold", target cut to $2.37 by CIMB

Stock Name: OSIM Intl
Company Name: OSIM INTERNATIONAL LTD

Research House: CIMB

Price Call: HOLD

Target Price: 2.37

OSIM downgraded to "hold", target cut to $2.37 by CIMB

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OSIM price target cut to $2.75 from $3.85 by OSK-DMG

Stock Name: OSIM Intl
Company Name: OSIM INTERNATIONAL LTD

Research House: OSK-DMG

Price Call: HOLD

Target Price: 2.75

OSIM price target cut to $2.75 from $3.85 by OSK-DMG

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OSIM price target cut to $2.72 from $3.50 by Maybank Kim Eng

Stock Name: OSIM Intl
Company Name: OSIM INTERNATIONAL LTD

Research House: Kim Eng

Price Call: HOLD

Target Price: 2.72

OSIM price target cut to $2.72 from $3.50 by Maybank Kim Eng

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Raffles Medical downgraded to "neutral" by OSK-DMG

Stock Name: Raffles Medical
Company Name: RAFFLES MEDICAL GROUP LTD

Research House: OSK-DMG

Price Call: BUY

Target Price: 4.05

SINGAPORE (Oct 28): OSK-DMG has downgraded Raffles Medical Group to "neutral" from "buy", citing a muted earnings growth outlook.

The healthcare group's earnings next year might grow only 11%, compared with a likely improvement of 15% to 20% for its peers in the region, according to OSK-DMG analysts Arshath Mohamed and Shekhar Jaiswal, who have a price target of $4.05.

Mapletree Greater China Commercial Trust maintained at 'neutral' with $1.02 price target by Goldman Sachs

Stock Name: Mapletree GCC Tr
Company Name: MAPLETREE GREATER CHINACOMM TR

Research House: Golman Sachs

Price Call: HOLD

Target Price: 1.02

SINGAPORE (Oct 28): Goldman Sachs is keeping its "neutral" call on Mapletree Greater China Commercial Trust with a slightly higher price target of $1.02.

In an Oct 27 earnings review, Goldman Sachs says that although MGCCT's DPU rose 10.4% to 1.606 cents or 2% higher than its projection, rental revenue growth of Festival Walk slowed to a smaller than expected 3.6% yoy in 2QFY15 from 6.9% yoy in 1QFY15.

Raffles Medical maintained at 'sell' with same $3.10 price target by Goldman Sachs

Stock Name: Raffles Medical
Company Name: RAFFLES MEDICAL GROUP LTD

Research House: Golman Sachs

Price Call: SELL

Target Price: 3.10

SINGAPORE (Oct 28): Goldman Sachs is keeping its "sell" call on Raffles Medical Group with an unchanged price target of $3.10.

In an Oct 27 earnings review report, Goldman Sachs says that although Raffles Medical's healthcare services sales were higher than expected, hospital services sales continued to underperform. Margins also came under pressure rising labour costs.

In 3Q ended Sept, Raffles Medical's EBITDA was 10% higher at $21 million from a year ago.

Hutchison Port Holdings Trust maintained at 'buy' with 78 US cents price target by DBS

Stock Name: HPH Trust USD
Company Name: HUTCHISON PORT HOLDINGS TRUST

Research House: DBS Vickers

Price Call: BUY

Target Price: 0.78

SINGAPORE (Oct 28): DBS Group Research is keeping its "buy" call on Hutchison Port Holdings Trust with a 78 US cents target price.

In an Oct 28 note, DBS believes HPH Trust should be able to maintain its FY14 DPU at levels similar to FY13, despite strong EPS growth.

In 3Q ended Sept, HPH Trust reported net profit of HK$491 million ($80.6 million), down 9% from a year ago. DBS says this was expected as effective tax rates in Yantian increased in FY14 as tax concessions had expired. More encouragingly, operating profit was up 3.5% and PBT was up about 5% as costs stabilised.

Raffles Medical maintained at 'hold' with $4.19 price target by DBS

Stock Name: Raffles Medical
Company Name: RAFFLES MEDICAL GROUP LTD

Research House: DBS Vickers

Price Call: HOLD

Target Price: 4.19

SINGAPORE (Oct 28): DBS Group Research is keeping its "hold" call on Raffles Medical Group with a $4.19 target price.

The research house that while 3Q earnings look on track to meet expectations and expansion plans look positive for the medium term, the stock is already trading at 27x FY15F earnings.

In 3Q14 ended Sept, Raffles Medical's revenue and earnings grew 11% to $94.5 million and $15.5 million respectively.

Healthcare Services revenue increased 16.4%, led by higher patient load, expanded clinic network, and more healthcare insurance services.

China Sunsine Chemical started at "buy", 69-cent target by AmFraser

Stock Name: China Sunsine
Company Name: CHINA SUNSINE CHEM HLDGS LTD.

Research House: AmFraser

Price Call: BUY

Target Price: 0.69

SINGAPORE (Oct 28): AmFraser has started coverage on China Sunsine Chemical with a "buy" rating and price target of 69 cents, based on seven times projected FY2015 earnings.

One of the largest makers of rubber chemical additives in the world, the company is benefitting "big time" from its focus on environmental protection, according to AmFraser analyst Renfred Tay.

Hutchison Port Holdings cut to "neutral" by Credit Suisse

Stock Name: HPH Trust USD
Company Name: HUTCHISON PORT HOLDINGS TRUST

Research House: Credit Suisse

Price Call: HOLD

Target Price: 0.74

SINGAPORE (Oct 28): Credit Suisse has downgraded Hutchison Port Holdings Trust to "neutral" from "overweight" and cut its price target to 74 US cents from 80 US cents, saying payouts to investors will likely fall after this year.

The new price target implies a 2015 distribution yield of 7%.

"This is what we believe it should yield relative to other SGX-listed business trusts given earnings growth and the near-term reliance on debt to fund 2014 payouts," Credit Suisse analyst Timothy Ross said in a note today.

OCBC to benefit from expected interest rate hike in Hong Kong

SINGAPORE (Oct 28): Oversea-Chinese Banking Corp's newly merged OCBC-Wing Hang Bank is poised to benefit from higher interest rates in Hong Kong, according to DBS Vickers.

The higher rates, expected next year, will be a "net positive" for OCBC, said DBS Vickers analyst Lim Sue Lin in a note today. She has a "buy" call and $12.70 target on the stock.

"The heat is on for interest rates to start rising towards 2H15. The quantum is expected to be larger in Hong Kong versus Singapore and WHB is poised to be a beneficiary of a rate hike in Hong Kong."

MTQ Corp started at "add", $1.56 target by CIMB

Stock Name: MTQ
Company Name: MTQ CORPORATION LIMITED

Research House: CIMB

Price Call: BUY

Target Price: 1.56

SINGAPORE (Oct 28): CIMB has started coverage on MTQ Corp with an "add" rating and a $1.56 price target, pegged at seven times projected FY2016 earnings and 1.5 times FY2015 book value.

The family-run company, which repairs, makes and rents oilfield equipment and tools, generates steady cash flows and profits and has found its "sweet spot" among multinational corporations in a "very fragmented and competitive equipment supplier landscape", according to CIMB analyst Yeo Zhi Bin.

OSIM price target trimmed to $4.05 by CIMB

Stock Name: OSIM Intl
Company Name: OSIM INTERNATIONAL LTD

Research House: CIMB

Price Call: BUY

Target Price: 4.05

SINGAPORE (Oct 27): CIMB has cut its price target on OSIM International to $4.05 from $4.29 after lowering its FY2014-FY2016 earnings per share estimates by 10% to 14% to factor in a slowdown in the company's core markets, especially Hong Kong.

CIMB analysts Kenneth Ng and Justin Chiam, who have an "add" rating on OSIM, expect the massage chair maker to report 3Q2014 earnings of $25.2 million to $25.4 million, up 10% to 11% y-o-y, compared with a 13% y-o-y increase in 2Q2014.

The results are due tomorrow.

CapitaCommercial Trust upgraded to "buy" by OSK-DMG

Stock Name: CapitaCom Trust
Company Name: CAPITACOMMERCIAL TRUST

Research House: OSK-DMG

Price Call: BUY

Target Price: 1.80

SINGAPORE (Oct 27): OSK-DMG has upgraded its rating on CapitaCommercial Trust (CCT) to "buy" from "neutral", saying the office REIT is expected to enjoy significant positive rental reversions.

It has also increased its price target to $1.80 from $1.44.

CCT is poised to benefit from higher office spot rents as it has one of the most favourable lease expiry profiles among office REITs, with about 44% of its leases expiring in 2015-2016, according to OSK-DMG analyst Ivan Looi.

Ezra price target slashed 25% to $1.10 by CIMB

Stock Name: Ezra
Company Name: EZRA HOLDINGS LIMITED

Research House: CIMB

Price Call: BUY

Target Price: 1.10

SINGAPORE (Oct 27): CIMB has cut its price target on Ezra Holdings from $1.47 to $1.10, pegged at 0.7 times book value, citing weaker industry sentiment.

It has also trimmed its FY2015 and FY2016 earnings per share estimates by 1% to 3% after lowering its forecast for Ezra's subsea orders to US$1.2 billion from US$1.5 billion.

Still, Ezra's EPS estimates could be upgraded if its profit margins exceed expectations, according to CIMB analyst Lim Siew Khee, who has an "add" rating on the stock.

Libra Group started at "buy", 33-cent target by OCBC

Stock Name: Libra
Company Name: LIBRA GROUP LIMITED

Research House: OCBC

Price Call: BUY

Target Price: 0.33

SINGAPORE (Oct 27): OCBC Investment Research has started coverage on Libra Group with a "buy" rating and price target of 33 cents, based on 4.8 times projected FY2015 earnings.

Earnings for the Catalist-quoted mechanical and electrical engineering company could jump eight times y-o-y to $4.7 million this year and increase 68% to $7.8 million in 2015, thanks to its new management team, according to OCBC.

Already, Libra's 1H2014 earnings have risen 218% y-o-y to $3 million ever since majority shareholder and CEO Chu Sau Ben took over day-to-day operations in 1Q2014.

Dairy Farm started at "buy", US$11.20 target by OSK-DMG

Stock Name: DairyFarm USD
Company Name: DAIRY FARM INT'L HOLDINGS LTD

Research House: OSK-DMG

Price Call: BUY

Target Price: 11.20

Dairy Farm started at "buy", US$11.20 target by OSK-DMG

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Civmec started at "accumulate", 80-cent target by Phillip Capital

Stock Name: Civmec
Company Name: CIVMEC LIMITED

Research House: Phillip Securities

Price Call: BUY

Target Price: 0.80

Civmec started at "accumulate", 80-cent target by Phillip Capital

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Ascendas REIT held at 'buy' by DBS with target price of $2.49

Stock Name: Ascendas Reit
Company Name: ASCENDAS REAL ESTATE INV TRUST

Research House: DBS Vickers

Price Call: BUY

Target Price: 2.49

SINGAPORE (Oct 24): DBS Group Research has maintained its "buy" call for Ascendas REIT (A-REIT) with a lower target price of $2.49.

In an Oct 24 report, DBS says the improved take-up rate at newly acquired properties and plans for AEIs could underpin A-REIT's growth from 2H15 onwards.

In 2Q15, A-REIT announced a DPU of 3.66 cents which came in line within DBS's expectations.

Gross revenues and net property income were 9% and 7% higher respectively, due to acquisitions while supported by positive rental reversions of around 6.8%.

Ascott Residence Trust held at 'buy' by DBS with target price of $1.40

Stock Name: Ascott Reit
Company Name: ASCOTT RESIDENCE TRUST

Research House: DBS Vickers

Price Call: BUY

Target Price: 1.40

SINGAPORE (Oct 24): DBS Group Research has maintained its "buy" call for Ascott Residence Trust (ART) with a slightly higher target price of $1.40.

In an Oct 24 report, DBS says with ART's sponsor investing up to A$500 million in new properties that Quest will secure for its franchise network, as well as taking a 20% interest in Quest, ART's future acquisition pipeline has expanded. This should help underpin ART's already healthy outlook.

Keppel Corp target cut to $11.30 by CIMB

Stock Name: Keppel Corp
Company Name: KEPPEL CORPORATION LIMITED

Research House: CIMB

Price Call: BUY

Target Price: 11.30

SINGAPORE (Oct 23): CIMB has cut its price target for Keppel Corp to $11.30 from $13.20, valuing the conglomerate's offshore & marine business at 11 times projected earnings instead of 13.5 times previously to reflect fewer orders.

While maintaining her forecast of $6 billion worth of new orders for 2014, CIMB analyst Lim Siew Khee has reduced her expectations for 2015 and 2016 to $5 billion annually from $6 billion previously.

SGX maintained at 'hold' by OCBC with same target price of $7.26

Stock Name: OCBC Bank
Company Name: OVERSEA-CHINESE BANKING CORP

Research House: OCBC

Price Call: HOLD

Target Price: 7.26

SINGAPORE (Oct 23): OCBC has kept its "hold" call on Singapore Exchange and maintained its target price of $7.26 as outlook for the securities market continue to look challenging.

In an Oct 23 report, OCBC Investment Research says SGX's 1QFY15 came in within its expectations.

Singapore's bourse operator posted 1QFY15 net earnings of $77.6 million, in line with consensus estimate of $78.6 million.

This is down 16% from a year ago.

Revenue fell 8% to $168.9 million.

Management has declared an unchanged dividend of 4 cents payable on 6 Nov 2014.

Frasers Commercial Trust held at 'buy' by OCBC with higher target price of $1.50

Stock Name: Frasers Com Tr
Company Name: FRASERS COMMERCIAL TRUST

Research House: OCBC

Price Call: BUY

Target Price: 1.50

SINGAPORE (Oct 123): OCBC Investment Research has maintained its "buy" call on Frasers Commercial Trust (FCOT) and upgraded its fair value of the stock from $1.48 to $1.50.

In an Oct 23 report, OCBC says FCOT's 4QFY14 results came in within its expectations.

Gross revenue grew 10.5% to $31.8 million from a year ago, while DPU of 2.21 cents represented an increase of 6.2%.

SingTel upgraded to 'buy' with $4.08 target price by OCBC

Stock Name: SingTel
Company Name: SINGTEL

Research House: OCBC

Price Call: BUY

Target Price: 4.08

SINGAPORE (Oct 23): OCBC Investment Research has upgraded SingTel to "buy" with a target price of $4.08 on valuations ground and continued progress with its Digital Life strategy.

OCBC says SingTel's share price has fallen some 7% to hit a recent $3.64 low since it downgraded its call to "hold" on 14 Aug.

The fall was mainly due to the overall weaker market, with SingTel being the largest market cap stock listed here, OCBC says in a report on Oct 23.

Boustead Singapore lifted to 'buy' by UOB-Kay Hian with target price of $2.06

Stock Name: Boustead
Company Name: BOUSTEAD SINGAPORE LIMITED

Research House: UOB KayHian

Price Call: BUY

Target Price: 2.06

SINGAPORE (Oct 21): UOB-Kay Hian has upgraded Boustead Singapore to a "buy" with a higher target price of $2.06.

This is because the company's fundamentals remain intact despite its share price decline, says UOB-Kay Hian.

Boustead has won four additional contracts worth $157 million in the design-and-build segment that boosted its orderbook backlog to over $452 million.

The first contract is for an Airbus Asia Training Centre to be located at the Seletar Aerospace Pack while the three others are building contracts.

'Gassier' KrisEnergy held at 'outperform' by Credit Suisse with target price of 93 cents

Stock Name: KrisEnergy
Company Name: KRISENERGY LTD.

Research House: Credit Suisse

Price Call: BUY

Target Price: 0.93

SINGAPORE (Oct 21): Credit Suisse has maintained KrisEnergy at "outperform" with the same target price of 93 cents.

That's because KrisEnergy has a higher gas mix in its reserves or is more "gassy", according to Credit Suisse in an Oct 20 report.

This makes the stock more resilient to a drop in oil prices.

In the present falling oil price environment, Kris' one-month price performance remained unchanged compared to more "oily" peers which have fallen about 30%, says the research house.

Credit Suisse has already revised crude price forecast.

Mapletree Logistics Trust held at 'outperform' by Credit Suisse with higher target price of 93 cents

Stock Name: Mapletree Log Tr
Company Name: MAPLETREE LOGISTICS TRUST

Research House: Credit Suisse

Price Call: BUY

Target Price: 1.46

SINGAPORE (Oct 21): Credit Suisse has maintained Mapletree Logistics Trust (MLT) at "outperform" and raised its target price to $1.46 from $1.45.

In an Oct 20 report, Credit Suisse says MLT remains one of its top picks for S-REITs due to its favourable sector fundamentals and the defensiveness of the logistics sector with a long WALE of 4.6 years.

MLT also has the added advantage of possible future acquisitions as its sponsor has 2.08 million sqm of GFA development which may form the latter's future pipeline.

Japfa started at 'outperform' by Stanchart with 95 cents price target

Stock Name: Japfa
Company Name: JAPFA LTD.

Research House: StanChart

Price Call: BUY

Target Price: 0.95

SINGAPORE (Oct 21): Standard Chartered is initiating coverage on Japfa Ltd with an "outperform" call and a target price of 95 cents.

Stanchart likes Japfa because it is a "rare proxy for Asia's protein boom", it says in an Oct 20 report.

Japfa operates in Indonesia, China, India, Myanmar and Vietnam across various stages in the agri-food value chain, including animal feed production, animal breeding, livestock fattening and consumer food.

Its animal protein business segments include chicken, pork and beef.

Keppel Land upgraded to "add" by CIMB

Stock Name: Keppel Land
Company Name: KEPPEL LAND LIMITED

Research House: CIMB

Price Call: BUY

Target Price: 3.57

SINGAPORE (Oct 21): CIMB has upgraded its rating on Keppel Land to "add" from "hold", saying the stock now trades at a bigger discount of 38% to its revalued net asset value versus a historical average of 26%.

At its current price, the stock has "sufficiently" priced in the risks associated to the developer's exposure to China's residential market, which has been hit by a slew of government cooling measures, according to CIMB analyst Tan Xuan, who has a price target of $3.57 on Keppel Land.

"We like Keppel Land's capital recycling strategy," said Tan in a note today.

Genting Singapore price target cut to $1.03 from $1.33 by OCBC

Stock Name: Genting Sing
Company Name: GENTING SINGAPORE PLC

Research House: OCBC

Price Call: HOLD

Target Price: 1.03

SINGAPORE (Oct 21): OCBC Investment Research has cut its price target on Genting Singapore to $1.03 from $1.33 to factor in lower free cash-flow growth.

"This is to account for a slower China economic growth outlook over the next few years," OCBC analyst Carey Wong said in a note today.

Genting's share price has fallen substantially ever since the gaming group said it had to book a "large" $81.6-million impairment on its trade receivables for 2Q2014, according to Wong, who has a "hold" rating on the stock.

Genting Singapore price target cut to $1.03 from $1.33 by OCBC

Genting Singapore price target cut to $1.03 from $1.33 by OCBC

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Singapore Airlines target cut to $8.90 from $11 by Standard Chartered

Stock Name: SIA
Company Name: SINGAPORE AIRLINES LTD

Research House: StanChart

Price Call: SELL

Target Price: 8.90

SINGAPORE (Oct 20): Standard Chartered Bank has cut its price target for Singapore Airlines from $11 to $8.90, based on 0.8 times projected FY2015 book value. Its previous target was pegged at parity to book value.

The bank has also lowered its earnings per share estimates for SIA by 35.7% and 54.1% respectively for FY2015 and FY2016 to factor in Tiger Airways' losses.

Tiger, now 40% owned by SIA, will become a subsidiary of the full-service carrier following its recently announced rights issue, which will raise as much as $234 million.

Tiger downgraded to 'underperform' with lower 23 cents target price

Stock Name: Tigerair
Company Name: TIGER AIRWAYS HOLDINGS LIMITED

Research House: StanChart

Price Call: SELL

Target Price: 0.23

SINGAPORE (Oct 20): Standard Chartered's equity research has downgraded Tiger Airways Holdings to "underperform" from "in line".

It has also cut its target price to 23 cents from 41 cents.

As Tiger Air cut its bases in the Philippines, Indonesia and Australia, it has become a LCC based only in small and competitive Singapore, sharing the market with SIA, Silkair and Scoot, says Stanchart in an Oct 17 report.

This means a turnaround of its business remains tough.

Tiger Air posted an operating loss of $25.3 million in 2QFY15.

SingPost started at 'buy' by CLSA with $2.50 target price

Stock Name: SingPost
Company Name: SINGAPORE POST LIMITED

Research House: CLSA

Price Call: BUY

Target Price: 2.50

SINGAPORE (Oct 20): CLSA Research has initiated a "buy" call on SingPost with a target price of $2.50.

SingPost, Asean's top e-commerce logistics service provider, has used the profit generated from its cash-cow mail segment to diversify its business at the right time, says CLSA analyst Paul Wan in the report dated Oct 20.

With e-commerce enjoying rapid growth in Asia, the company has also expanded its geographical exposure in the region, as consumers are no longer restricted by bricks and mortar.

CapitaMall Trust upgraded to "buy" from "hold" by CIMB

Stock Name: CapitaMall Trust
Company Name: CAPITAMALL TRUST

Research House: CIMB

Price Call: BUY

Target Price: 2.11

SINGAPORE (Oct 20): CIMB has upgraded its rating on CapitaMall Trust to "add" from "hold", saying the stock offers an "attractive" total return of 16%, based on its unchanged price target of $2.11, following its recent pullback.

Fundamentally, while the REIT's organic growth is likely to remain anaemic in the near term, tenant sales and shopper traffic are seeing some traction, with lower y-o-y declines, according to CIMB analyst Lock Mun Yee.

Sembcorp Marine raised to "add" from "neutral" by CIMB

Stock Name: Sembcorp Marine
Company Name: SEMBCORP MARINE LTD

Research House: CIMB

Price Call: BUY

Target Price: 4.11

CIMB has upgraded its rating on Sembcorp Marine ( Financial Dashboard) to “add” from “neutral”, saying the stock’s 18% year-to-date fall “is overly done”.

One of the main reasons for the decline has been multiple schedule shifts for SembMarine’s first drillship to be sailed off to Brazil, according to CIMB analyst Lim Siew Khee.

“Now that the drillship is finally on its way to Brazil, we believe investors should have less concern about SembMarine’s execution and delivery capability,” Lim said in a note.

“With the drillship finally out of its Jurong yard, we think SembMarine has crossed a new hurdle and could alleviate market fears of further delays.”

Despite upgrading her rating, Lim has cut her price target from $4.30 to $4.11, based on 13.5 times earnings, a 10% discount to the stock’s long-term average of 15 times.

Shares of SembMarine traded at $3.62, up 1.1%, at 0343 GMT.

Keppel Corp cut to "reduce" from "buy" by Nomura

Stock Name: Keppel Corp
Company Name: KEPPEL CORPORATION LIMITED

Research House: Nomura

Price Call: SELL

Target Price: 9.64

Nomura has downgraded its rating on Keppel Corp ( Financial Dashboard) to “reduce” from “buy” and cut its price target from $13.20 to $9.64, based on a sum-of-parts valuation.

The Japanese broking house expects a significant slowdown next year in global jack-up rig orders, and its FY2014 to FY2016 earnings estimates for Keppel are 7% to 18% below consensus forecasts.

“The key downside risk to consensus forecasts is the optimism on Keppel’s ability to replenish its rig building order book quickly and grow its offshore and marine revenue vs our view that the slowing jack-up rig orders since early 2014 will worsen in 2015,” Nomura analysts Chong Wee Lee and Abhishek Nigam said in a note today.

Keppel’s proprietary semi-submersible rig designs are unlikely to benefit from an expected recovery in orders for floaters from 2Q2015 as drill ships are preferred, they said.

Global jack-up rig orders may weaken next year because of near-term oversupply, with a 71% y-o-y rise in scheduled jack-up rig deliveries to 65 units in 2015, they said.

Of the 65 units, only 8% have been contracted.

Average charter rates for jack up rigs have also declined, while utilization rates peaked at 88.6% in April this year.

“This may affect Keppel’s order book visibility.”

The “saving grace” for Keppel’s offshore and marine division is that higher-margin offshore and conversion works and ship repair jobs provide a steady income to the group, they said.

“We expect 65% of Keppel’s order wins in 2015 to be related to conversion works on production units, which are insufficient to make up for the revenue dip from rig building projects.”

Shares of Keppel traded at $10.28, down 0.2%, at 0252 GMT.