Yangzijiang upgraded to "buy", target raised to $1.44 by UBS

Stock Name: YZJ Shipbldg SGD
Company Name: YANGZIJIANG SHIPBLDG HLDGS LTD

Research House: UBS

Price Call: BUY

Target Price: 1.44

SINGAPORE (Nov 28): UBS has upgraded Yangzijiang Shipbuilding to "buy" from "neutral" and raised its sum-of-parts price target to $1.44 from $1.21.

The company's gross profit margins have held up better than expected this year as the contracts for the vessels delivered so far were secured after the peak of the shipbuilding market, according to UBS analyst Cheryl Lee.

"We think the stronger-than-expected margins were driven by lower steel prices and execution efficiencies," she said in a note.

Keppel Land held at 'buy' with $4.09 fair value by OCBC

Stock Name: Keppel Land
Company Name: KEPPEL LAND LIMITED

Research House: OCBC

Price Call: BUY

Target Price: 4.09

SINGAPORE (Nov 28): OCBC Investment Research is maintaining its "buy" call on Keppel Land with a fair value of $4.09.

In a report out today, analysts Eli Lee and Andy Wong Teck Ching said Keppel Land's plan to subscribe to a 4.9% stake in Keppel DC REIT as well as the sale of two data centres in Singapore and acquisition of one centre in the Netherlands show the developer is rationalising its data centre business for growth.

ComfortDelGro kept at 'buy' by OCBC with $3.03 fair value

Stock Name: ComfortDelGro
Company Name: COMFORTDELGRO CORPORATION LTD

Research House: OCBC

Price Call: BUY

Target Price: 3.03

SINGAPORE (Nov 27): OCBC Investment Research is maintaining its "buy" call for ComfortDelGro with a fair value price of $3.03.

In a Nov 27 report, analysts Eugene Chua and Wong Teck Ching said they expect the transport operator to deliver steady growth into 2015.

"Stability is ComfortDelGro's key strength thus far for FY14 and we think its ability to remain so is attractive," say the analysts.

Thai Beverage cut to "underperform", target cut to 61 cents by Standard Chartered

Stock Name: ThaiBev
Company Name: THAI BEVERAGE PUBLIC CO LTD

Research House: StanChart

Price Call: SELL

Target Price: 0.61

SINGAPORE (Nov 27): Standard Chartered Bank has downgraded Thai Beverage to "underperform" from "outperform" and cut its price target to 61 cents from 74 cents, saying the company's dominance in the spirits market in Thailand is under threat from new entrants.

As a result, the company's return on equity - at an average of 24.2% over the last five years - is likely to fall, according to Standard Chartered analyst Nirgunan Tiruchelvam, who has lowered his 2014 and 2015 earnings estimates by 18% and 13% respectively.

Wing Tai upgraded to "add" by CIMB; target kept at $2.09

Stock Name: Wing Tai
Company Name: WING TAI HLDGS LTD

Research House: CIMB

Price Call: BUY

Target Price: 2.09

Wing Tai upgraded to "add" by CIMB; target kept at $2.09

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IPS Securex started at "buy", $1.26 price target by OSK-DMG

Stock Name: IPS Securex
Company Name: IPS SECUREX HOLDINGS LIMITED

Research House: OSK-DMG

Price Call: BUY

Target Price: 1.26

IPS Securex started at "buy", $1.26 price target by OSK-DMG

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Ezra kept at 'hold' with with fair value slashed to 77 cents by OCBC

Stock Name: Ezra
Company Name: EZRA HOLDINGS LIMITED

Research House: OCBC

Price Call: HOLD

Target Price: 0.77

SINGAPORE (Nov 26): OCBC Investment Research has maintained its "hold" call for Ezra Holdings with a fair value of 77 cents, down from $1.32 previously.

In a Nov 26 report, analysts Low Pei Han and Andy Wong Teck Ching are taking a more cautious view of Ezra given the company is undergoing restructuring in a tough business environment. With risks tilted towards the downside, OCBC is recommending the stock only for aggressive investors.

Triyards Holdings started at "buy", 92-cent target by AmFraser

Stock Name: Triyards
Company Name: TRIYARDS HOLDINGS LIMITED

Research House: AmFraser

Price Call: BUY

Target Price: 0.92

SINGAPORE (Nov 25): AmFraser has started coverage on Triyards International with a "buy" call and price target of 92 cents, based on nine times projected FY2015 earnings.

Ezion Holdings' recent move to subscribe for warrants issued by Triyards signals its confidence in the builder of lift boats, according to AmFraser.

"This will also provide a boost to its order book - potentially adding around US$150 million to Triyards' order book, which would bring (it) to an all-time high of US$550 million, giving visibility over the next two years," it said.

Riverstone kept at 'buy' with higher price target of $1.21 by Maybank-Kim Eng

Stock Name: Riverstone
Company Name: RIVERSTONE HOLDINGS LIMITED

Research House: Maybank Kim Eng

Price Call: BUY

Target Price: 1.21

SINGAPORE (Nov 25): Maybank-Kim Eng is maintaining its "buy" call on Riverstone Holdings with a higher target price of $1.21.

In a Nov 25 report, analysts John Cheong and Gregory Yap said they remain optimistic about the prospects of the company, given that the manufacture of customised healthcare gloves remains a compelling business.

Maybank-Kim Eng recently hosted Riverstone to an non-deal roadshow with institutional clients in Malaysia and many walked away appreciative of Riverstone's dominance of the high-end cleanroom glove market.

KrisEnergy kept at 'buy' with $1.18 price target by UOB-KayHian

Stock Name: KrisEnergy
Company Name: KRISENERGY LTD.

Research House: UOB KayHian

Price Call: BUY

Target Price: 1.18

SINGAPORE (Nov 25): UOB-KayHian has maintained its "buy" call on KrisEnergy with a target price of $1.18 cents.

In a Nov 25 report, analysts Danny Chan Tzu Zhung and Loke Chuying said the stock's resilience despite the recent retreat in oil prices has enhanced their positive view on the stock, especially once its projected near-term catalysts materialise.

City Developments upgraded to "buy", target kept at $11.50 by Nomura

Stock Name: CityDev
Company Name: CITY DEVELOPMENTS LIMITED

Research House: Nomura

Price Call: BUY

Target Price: 11.50

City Developments upgraded to "buy", target kept at $11.50 by Nomura

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Biosensors downgraded to "reduce", target cut to 53 cents by CIMB

Stock Name: Biosensors
Company Name: BIOSENSORS INT'L GROUP, LTD.

Research House: CIMB

Price Call: SELL

Target Price: 0.53

SINGAPORE (Nov 24): CIMB has downgraded Biosensors International Group to "reduce" from "hold" and cut its price target to 53 cents from 66 cents after lowering its FY2016 to FY2017 earnings per share estimates by 7% to 9% respectively.

"We see no major re-rating catalysts in the face of continued sluggish earnings," CIMB analyst Gary Ng said in a note.

"Our channel check reveals that there are potentially more blind spots, especially when restructuring efforts and sales strategy are unclear at the moment."

Courts Asia price target cut 23% to 40 cents by Maybank Kim Eng

Stock Name: Courts Asia
Company Name: COURTS ASIA LIMITED

Research House: Maybank Kim Eng

Price Call: HOLD

Target Price: 0.40

SINGAPORE (Nov 24): Maybank Kim Eng has cut its price target for Courts Asia from 52 cents to 40 cents, based on eight times projected FY2016-17 earnings, after lowering its earnings estimates for FY2015-17 by 36%, 28% and 6% respectively.

The retailer's core markets are expected to remain weak as consumers withhold spending, according to Maybank Kim Eng analyst Truong Thanh Hang, who has a "hold" rating on the stock.

Mapletree Industrial Trust started at "buy", $1.43 target by OCBC

Stock Name: Mapletree Ind Tr
Company Name: MAPLETREE INDUSTRIAL TRUST

Research House: OCBC

Price Call: BUY

Target Price: 1.43

Mapletree Industrial Trust started at "buy", $1.43 target by OCBC

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Sembcorp Industries cut to "sell", target cut to $4 by Maybank Kim Eng

Stock Name: Sembcorp Ind
Company Name: SEMBCORP INDUSTRIES LTD

Research House: Maybank Kim Eng

Price Call: SELL

Target Price: 4.00

Sembcorp Industries cut to "sell", target cut to $4 by Maybank Kim Eng

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Sembcorp Marine cut to "sell", target cut to $2.65 by Maybank Kim Eng

Stock Name: Sembcorp Marine
Company Name: SEMBCORP MARINE LTD

Research House: Maybank Kim Eng

Price Call: SELL

Target Price: 2.65

Sembcorp Marine cut to "sell", target cut to $2.65 by Maybank Kim Eng

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UOL kept at 'add' with $8.37 price target by CIMB

Stock Name: UOL
Company Name: UOL GROUP LIMITED

Research House: CIMB

Price Call: BUY

Target Price: 8.37

SINGAPORE (Nov 20): CIMB is maintaining its "add" call on UOL with an $8.37 price target.

In a Nov 19 report, analysts Lock Mun Yee and Tan Xuan say they affirm their positive view of the company after their latest meeting with UOL's management.

Keppel Corp target cut to $9 from $10.74, kept at "hold" by Maybank Kim Eng

Stock Name: Keppel Corp
Company Name: KEPPEL CORPORATION LIMITED

Research House: Maybank Kim Eng

Price Call: HOLD

Target Price: 10.74

Keppel Corp target cut to $9 from $10.74, kept at "hold" by Maybank Kim Eng

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Hi-P International kept at 'buy' with 87 cents price target by OSK-DMG

Stock Name: Hi-P
Company Name: HI-P INTERNATIONAL LIMITED

Research House: OSK-DMG

Price Call: BUY

Target Price: 0.87

SINGAPORE (Nov 20): OSK-DMG is maintaining its "buy" call on Hi-P International with a 87 cents price target.

In a Nov 20 report entitled YotaPhone 2 Meets Xi Jinping, analysts Jarick Seet and Terence Wong that the original design manufacturer (ODM) partner for the dual-screen YotaPhone 2, the stock should benefit from the ramping up of its production.

Yoma Strategic held at 'buy' with 74 cents fair value by OCBC

Stock Name: Yoma Strategic
Company Name: YOMA STRATEGIC HOLDINGS LTD

Research House: OCBC

Price Call: BUY

Target Price: 0.74

SINGAPORE (Nov 20): OCBC Investment Research has maintained its "buy" call on Yoma Strategic Holdings with an unchanged fair value estimate of 74 cents.

In a report on Nov 20, analyst Eli Lee and Andy Wong Teck Ching Yoma recently acquired stakes in a Mandalay airport operator, automotive business and cold chain JV. However, the analysts would prefer to wait for more information before assessing their financial impact on the stock and revising their recommendation.

Lantrovision raised to "buy", target cut to 65.5 cents by UOB Kay Hian

Stock Name: LantroVision
Company Name: LANTROVISION (S) LTD

Research House: UOB KayHian

Price Call: BUY

Target Price: 0.655

SINGAPORE (Nov 20): UOB Kay Hian has upgraded Lantrovision to "buy" from "hold", saying value has emerged after the stock's recent correction.

The share price now trades at 13.1 times projected FY2015 earnings and offers "good value", more so considering the company has a number of blue-chip clients, including Microsoft and American Express, UOB Kay Hian analyst Loke Chunying said in a note today.

Lantrovision is involved in installing and maintaining structured cabling systems, such as local-area networks, for companies in the finance, manufacturing and IT services.

Midas started at 'neutral' with 33 cents target price by DMG Research

Stock Name: Midas
Company Name: MIDAS HLDGS LIMITED

Research House: OSK-DMG

Price Call: HOLD

Target Price: 0.33

SINGAPORE (Nov 19): DMG Research is initiating coverage of Midas Holdings at "neutral" with a 33 cents price target.

In a Nov 19 report, analyst Shekhar Jaiswal said although the start of its new plates & sheets business could translate into earnings growth in 2015, there are risks from delays in the start of the new business, which is also highly competitive and may put margins under pressure.

Oxley Holdings kept at 'buy' with 91 cents target price by OSK-DMG

Stock Name: OxleyHldg
Company Name: OXLEY HOLDINGS LIMITED

Research House: OSK-DMG

Price Call: BUY

Target Price: 0.91

SINGAPORE (Nov 19): OSK-DMG has maintained its "buy" call on Oxley with a 91 cents price target.

In a Nov 19 note, analyst Goh Han Peng says Oxley booked more than $3 billion in Singapore presales while its overseas launches are progressing well. Its high gearing is also expected to decline steadily.

QT Vascular kept at 'add' with 73 cents target price by CIMB

Stock Name: QT Vascular
Company Name: QT VASCULAR LTD.

Research House: CIMB

Price Call: BUY

Target Price: 0.73

SINGAPORE (Nov 19): CIMB Research has reiterated its "add" call on CIMB with a 73 cents price target.

In a Nov 18 note, analyst Gary Ng says QT Vasular's rollout of coronary Chocolate balloon catheters in the US and EU and shipments of Glider balloon catheters to Japan and China in late-4Q14 as well as various regulatory approvals for products next year are positive share price catalysts.

Midas cut to 'hold' with 30 cents fair value by OCBC

Stock Name: Midas
Company Name: MIDAS HLDGS LIMITED

Research House: OCBC

Price Call: HOLD

Target Price: 0.30

SINGAPORE (Nov 19): OCBC Investment Research has downgraded Midas Holdings to "hold" and cut its fair value to 30 cents from 50 cents.

In a Nov 19 note, analysts Eugene Chua and Andy Wong says Midas 3Q operating profit was hit by a jump in start-up and finance costs. An uncertain outlook for its aluminium light alloy business means earnings will continue to be subdued.

Bet on regionally diversified developers, says OSK-DMG

Stock Name: Keppel Land
Company Name: KEPPEL LAND LIMITED

Research House: OSK-DMG

Price Call: BUY

Target Price: 3.88

Stock Name: CapitaLand
Company Name: CAPITALAND LIMITED

Research House: OSK-DMG

Price Call: BUY

Target Price: 3.54

SINGAPORE (Nov 18): Regionally diversified developers such as Keppel Land and CapitaLand are the top picks for research house OSK-DMG. That's because apart from the EC (Executive Condominium) sector, the rest of Singapore's property market remains dead.

The research house has target prices of $3.88 and $3.54 for Keppel Land and CapitaLand respectively.

Cordlife kept at 'buy' with $1.30 price target by OSK-DMG

Stock Name: Cordlife
Company Name: CORDLIFE GROUP LIMITED

Research House: OSK-DMG

Price Call: BUY

Target Price: 1.30

SINGAPORE (Nov 18): OSK-DMG is maintaining its "buy" call on Cordlife Group with a price target of $1.30.

In a research note on Nov 18, Arshath Mohamed and Shekhar Jaiswal said they remain confident of Cordlife's growth story and believe the stock offer significant upside given its 32% drop since August.

Cordlife Group's 1QFY15 revenue grew 17% y-o-y to $13.3 million, aided by increased client deliveries. This accounted for 23% of OSK-DMG's estimate. While all key markets registered growth in client deliveries, growth in India was the strongest.

Frasers Centrepoint Trust started at "buy", $2.24 target by AmFraser

Stock Name: Frasers Cpt Tr
Company Name: FRASERS CENTREPOINT TRUST

Research House: AmFraser

Price Call: BUY

Target Price: 2.24

SINGAPORE (Nov 18): AmFraser has started coverage on Frasers Centrepoint Trust (FCT) with a "buy" rating and $2.24 price target, based on a dividend discount model.

FCT has been delivering consecutive DPU growth at a compounded annual growth rate of 8% since its listing in July 2006, and investors can expect stable DPU yields of about 6% a year, according to AmFraser analysts Wong Hong Wei and Wilson Liew.

Amtek Engineering raised to "buy" by UOB Kay Hian

Stock Name: Amtek Engg
Company Name: AMTEK ENGINEERING LTD

Research House: UOB KayHian

Price Call: BUY

Target Price: 0.715

SINGAPORE (Nov 18): UOB Kay Hian has upgraded Amtek Engineering to "buy" and raised its price target from 70.5 cents to 71.5 cents, implying 9.5 times projected FY2016 earnings.

The maker of precision components and casings is likely to restructure Interplex Industries, which it acquired earlier this year, to improve operational and cost efficiencies, according to UOB Kay Hian analyst Loke Chunying.

Centurion kept at 'buy' with 89 cents price target by OSK-DMG

Stock Name: Centurion
Company Name: CENTURION CORPORATION LIMITED

Research House: OSK-DMG

Price Call: BUY

Target Price: 0.89

SINGAPORE (Nov 18): OSK-DMG is maintaining its "buy" call on Centurion Corp with a price target of 89 cents.

In a research note on Nov 18, Jarick Seet and Terence Wong said Centurion's winning bid for a piece of land to build a 12,000-bed dorm in Penang further strengthens its foothold on the island. But the analysts expect earnings from this addition to come in partially from FY17 onwards.

Biosensors price target cut 14% to 55 cents by Deutsche Bank

Stock Name: Biosensors
Company Name: BIOSENSORS INT'L GROUP, LTD.

Research House: Deutsche Bank

Price Call: HOLD

Target Price: 0.55

SINGAPORE (Nov 18): Deutsche Bank has cut its price target for Biosensors International Group from 64 cents to 55 cents, based on 15 times projected FY2016 earnings, and kept its "sell" rating.

The change came after the heart-stent maker last week reported weaker September-quarter results, which it blamed on anaemic growth in China, lower licensing revenue in Japan, and higher selling, general and administrative expenses.

Lower product sales and licensing revenue pushed earnings down 56% to US$4.9 million from US$11.2 million a year earlier.

UOB upgraded to "buy", target raised to $26.70 by Maybank Kim Eng

Stock Name: UOB
Company Name: UNITED OVERSEAS BANK LTD

Research House: Maybank Kim Eng

Price Call: BUY

Target Price: 26.70

UOB upgraded to "buy", target raised to $26.70 by Maybank Kim Eng

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United Engineers kept at 'hold' with higher target price of $3.02 by CIMB

Stock Name: United Engineers
Company Name: UNITED ENGINEERS LTD ORD

Research House: CIMB

Price Call: HOLD

Target Price: 3.02

SINGAPORE (Nov 18): CIMB is maintaining its 'hold' call on United Engineers with a higher target price of $3.02 from $2.84 previously.

In a report on Nov 14, analyst Tan Xuan said United Engineers' subsequent proposed sale of its automotive business, MFS Technology and stake in UE E&C have paved the way for a potential takeover by Thai billionaire Charoen Sirivadhanabhakdi.

Sino Grandness kept at 'buy' with 95 cents price target by UOB-KayHian

Stock Name: Sino Grandness
Company Name: SINO GRANDNESS FOOD IND GP LTD

Research House: UOB KayHian

Price Call: BUY

Target Price: 0.95

SINGAPORE (Nov 18): UOB-KayHian is maintaining its "buy" call for Sino Grandness Food with price target of 95 cents.

In a Nov 17 report, Brandon Ng Chenhao said Sino Grandness Food's 9M14 earnings came in above expectations and have already formed 90% of the house's full-year estimate and the stock has also declined considerably.

In 9M14, Sino Grandness reported a net profit of RMB448.3 million ($95 million), up 31.2% from a year ago, driven by stronger revenue and improved gross profit margins.

Overseas Education maintained at 'hold' with 91 cents target price by UOB-KayHian

Stock Name: Overseas Edu
Company Name: OVERSEAS EDUCATION LIMITED

Research House: UOB KayHian

Price Call: HOLD

Target Price: 0.91

SINGAPORE (Nov 17): UOB-KayHian is maintaining its "hold" call on Overseas Education with a target price of 91 cents.

In a Nov 17 research note, analyst Brandon Ng Chenhao said he sees limited earning catalysts in the near term. And although its new Pasir Ris campus has a capacity that is at least 25% higher than the Paterson campus, he expects the full financial impact to be felt only in FY16.

In 3Q14, Overseas Education's revenue fell 3.8% y-o-y to $24.9 million due to a decline in student enrolment, particularly in the junior school which impacted tuition fees.

Dyna-Mac upgraded to "buy" by OCBC Research

Stock Name: Dyna-Mac
Company Name: DYNA-MAC HOLDINGS LTD.

Research House: OCBC

Price Call: BUY

Target Price: 0.445

SINGAPORE (Nov 17): Dyna-Mac Holdings Ltd has been upgraded to "buy" with unchanged fair value of 44.5 cents on the back of potential upside of more than 20% and attractive dividend yield of about 5.3%, said OCBC Investment Research.

In a report today, OCBC Investment Research analysts Low Pei Han and Wong Teck Chin noted that Dyna-Mac's share price has corrected 14% since its last hold rating on the company in early Sep, and now with the potential upside of more than 20% to its unchanged fair value estimate of 44.5 cents.

Olam International upgraded to "hold", fair value trimmed to $2.30 by OCBC Research

Stock Name: Olam Intl
Company Name: OLAM INTERNATIONAL LIMITED

Research House: OCBC

Price Call: HOLD

Target Price: 2.38

SINGAPORE (Nov 17): Commodity supplier Olam International Ltd has been upgraded to a "hold" rating with lower fair value of $2.38 by OCBC Research on the back of Olam's weaker first financial quarter earnings.

OCBC Research analysts Carey Wong and Wong Teck Ching said in a report today that FY15F earnings have been pared by 4% to account for the weaker 1Q showing and fair value has been slashed to $2.30 from $2.38.

ComfortDelGro kept at 'take profit' by OSK-DMG with $2.66 target price

Stock Name: ComfortDelGro
Company Name: COMFORTDELGRO CORPORATION LTD

Research House: OSK-DMG

Price Call: SELL

Target Price: 2.66

SINGAPORE (Nov 14): OSK-DMG has maintained its "take profit" call on ComfortDelGro with a target price of $2.66.

In a Nov 14 report, OSK-DMG analyst Shekhar Jaiswal says the positive outlook for its Singapore bus operations from 2H16 may already have been priced into the stock and while he expects all business segments to keep growing over 2015-16F, current valuations look less attractive.

Centurion Corp kept at 'buy' by OSK-DMG with 53 cents target price

Stock Name: Centurion
Company Name: CENTURION CORPORATION LIMITED

Research House: OSK-DMG

Price Call: BUY

Target Price: 0.53

SINGAPORE (Nov 14): OSK-DMG has maintained its "buy" call on Centurion with a target price of 53 cents.

In a Nov 14 report, OSK-DMG analysts Jarick Seet and Terence Wong expect Centurion to continue to outperform and prove doubters wrong. They still feel that recent oversupply fears are overhyped and also expect the company to invest in new dorms in Singapore & Malaysia.

Parkson Retail Asia cut to "sell", target cut to 65 cents by OSK-DMG

Stock Name: Parkson Retail
Company Name: PARKSON RETAIL ASIA LIMITED

Research House: OSK-DMG

Price Call: SELL

Target Price: 0.65

SINGAPORE (Nov 14): OSK-DMG has downgraded Parkson Retail Asia to "sell" from "neutral" and cuts its price target from 85 cents to 65 cents, pegged at 15 times projected FY2015 earnings.

The changes reflect a cut of 18% to 25% to its FY2015-FY2017 earnings estimates after the department store operator reported a 33% y-o-y fall in September-quarter earnings to $6.2 million.

"We had earlier expected FY15 to remain difficult, but business conditions now appear to have worsened," OSK-DMG analysts James Koh and Juliana Cai said in a note today.

Overseas Education upgraded to "add" by CIMB; target kept at $1.05

Stock Name: Overseas Edu
Company Name: OVERSEAS EDUCATION LIMITED

Research House: CIMB

Price Call: BUY

Target Price: 1.05

Overseas Education upgraded to "add" by CIMB; target kept at $1.05

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Fraser & Neave upgraded to "hold" by CIMB; target kept at $2.98

Stock Name: F & N
Company Name: FRASER AND NEAVE, LIMITED

Research House: CIMB

Price Call: HOLD

Target Price: 2.98

Fraser & Neave upgraded to "hold" by CIMB; target kept at $2.98

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SingTel upgraded to "accumulate" with $4.12 price target by Philip Capital

Stock Name: SingTel
Company Name: SINGTEL

Research House: Phillip Securities

Price Call: BUY

Target Price: 4.12

SINGAPORE (Nov 13): PhilipCapital has upgraded Singtel to "accumulate" with a target price of $4.12 on a strong set of financial results in the second quarter for the financial year ending 2015 (2QFY15).

In a note today, analyst Colin Tan said that SingTel's strong gains of 10.8% in underlying net profit at $979 million was boosted by revenue gain across its consumer and enterprise segments and a turnaround in Australian subsidiary, Optus.

Courts Asia kept at "reduce" with 36 cents price target by CIMB Research

Stock Name: Courts Asia
Company Name: COURTS ASIA LIMITED

Research House: CIMB

Price Call: SELL

Target Price: 0.36

SINGAPORE (Nov 13): CIMB Research is maintaining its "reduce" call for Courts Asia with a target price of 36 cents, based on nine times 2016 projected earnings.

In a note today, CIMB analyst Kenneth Ng said that it is keeping its reduce call on the electrical appliances and furniture retailer, as sales dipped with the steer away from bulk sales to focus on profitability.

While gross margins improved to 32.7%, Courts Asia's net profit was severely hit, reporting a 2QFY15 profit S$1.7 million and 1H15 profits only stacking up to 31% of its forecast.

United Envirotech held at 'buy' with $1.93 target price by Maybank-Kim Eng

Stock Name: United Envtech
Company Name: UNITED ENVIROTECH LTD

Research House: OSK-DMG

Price Call: BUY

Target Price: 1.93

SINGAPORE (Nov 13): OSK-DMG is maintaining its"buy" call for United Envirotech with a target price of $1.93 as it believes CITIC can take United Envirotech's water treatment business to the next level after taking a controlling stake in the latter.

In a Nov 13 report by analyst Wei Bin, investors advised to "hold out and ride its future growth." Its target price of $1.93 is pegged at 27x FY16 estimated EPS, a 10% discount to peer.

Nam Cheong upgraded to "buy", target raised to 50 cents by UOB Kay Hian

Stock Name: Nam Cheong
Company Name: NAM CHEONG LIMITED

Research House: UOB KayHian

Price Call: BUY

Target Price: 0.50

Nam Cheong upgraded to "buy", target raised to 50 cents by UOB Kay Hian

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United Envirotech upgraded to "buy", target raised to $1.93 by Maybank Kim Eng

Stock Name: United Envtech
Company Name: UNITED ENVIROTECH LTD

Research House: Maybank Kim Eng

Price Call: BUY

Target Price: 1.93

United Envirotech upgraded to "buy", target raised to $1.93 by Maybank Kim Eng

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Fortune REIT cut to "hold", target raised to HK$7.29 by OCBC

Stock Name: Fortune Reit HKD
Company Name: FORTUNE REAL ESTATE INV TRUST

Research House: OCBC

Price Call: HOLD

Target Price: 7.29

Fortune REIT cut to "hold", target raised to HK$7.29 by OCBC

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Genting Singapore held at 'outperform' with lower target price of $1.55 by Credit Suisse

Stock Name: Genting Sing
Company Name: GENTING SINGAPORE PLC

Research House: Credit Suisse

Price Call: BUY

Target Price: 1.55

SINGAPORE (Nov 12): Credit Suisse is maintaining its "outperform" call on Genting Singapore with a lower target price of $1.55.

In its research note on Nov 12, analyst Foong Wei Loke sees progress in Japan's gaming bill and potential upside from new capacity in Genting Singapore's new Jurong hotel as potential share price catalysts.

Foong said there is unlikely to be sufficient time in the current DIET session to pass the gaming bill so Genting Singapore can only expect a favourable decision within 1H15.

Silverlake Axis cut to "sell" from "neutral", target cut to $1.03 by OSK-DMG

Stock Name: Silverlake Axis
Company Name: SILVERLAKE AXIS LTD

Research House: OSK-DMG

Price Call: SELL

Target Price: 1.03

Silverlake Axis cut to "sell" from "neutral", target cut to $1.03 by OSK-DMG

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Super Group upgraded to "hold" by Maybank Kim Eng; target at $1.02

Stock Name: Super Group
Company Name: SUPER GROUP LTD.

Research House: Maybank Kim Eng

Price Call: HOLD

Target Price: 1.02

SINGAPORE (Nov 11): Maybank Kim Eng has upgraded Super Group to "hold" from "sell", saying the stock has reverted to its five-year mean of 15 times P/E following its decline over the past few months.

While the instant beverage maker's 3Q2014 earnings came in below expectations, the September quarter is "likely the trough", according to Maybank Kim Eng analyst Gregory Yap, who has a price target of $1.02, pegged at 15 times projected 2015 earnings.

Global Testing kept at 'buy' with 16.5 cents target price by OSK-DMG

Stock Name: Global Testing
Company Name: GLOBAL TESTING CORPORATION LTD

Research House: OSK-DMG

Price Call: BUY

Target Price: 0.165

SINGAPORE (Nov 11): OSK-DMG is maintaining its "buy" call on Global Testing with an unchanged target price of 16.5 cents.

In a results review on Nov 11, analysts Jarick Seet and Terence Wong said Global Testing had announced favourable 3Q14 results which was backed by the ongoing turnaround of its main customer TSMC. They also like the company for its net cash position of 6 cents a share, continued share buybacks, and lower depreciation expenses.

Hong Leong Finance kept at 'underperform' with $2.10 target price by Credit Suisse

Stock Name: Hong Leong Fin
Company Name: HONG LEONG FINANCE LIMITED

Research House: Credit Suisse

Price Call: SELL

Target Price: 2.10

SINGAPORE (Nov 11): Credit Suisse is maintaining its "underperform" call on Hong Leong Finance with an unchanged target price of $2.10.

In a results review on Nov 11, analyst Anand Swaminathan said the financing company's 3Q14 net profit of $14.3 million, down 28.1% y-o-y and making up 67% of the FY14 estimates by the house, came in below its expectations due to higher loan loss provisioning and renewed NIM (Net interest margin) pressure.

Sarine kept at 'hold' with $2.98 target price by Maybank KE

Stock Name: Sarine Tech
Company Name: SARINE TECHNOLOGIES LTD

Research House: Maybank Kim Eng

Price Call: HOLD

Target Price: 2.98

SINGAPORE (Nov 11): Maybank Kim Eng is maintaining its "hold" call on Sarine Technologies, the manufacturer of systems to evaluate and grade diamonds and gemstones, with a lower target price of $2.98.

In a results review on Nov 10, analyst Yeak Chee Keong said Sarine's 3Q14 net profit came within expectations. But as Yeak expects credit issues for customers in 4Q14, he has cut FY14-16 estimated EPS by 3-8%.

AusGroup upgraded to "neutral", target cut to 36 cents by OSK-DMG

Stock Name: AusGroup
Company Name: AUSGROUP LIMITED

Research House: OSK-DMG

Price Call: HOLD

Target Price: 0.36

AusGroup upgraded to "neutral", target cut to 36 cents by OSK-DMG

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Super Group cut to "sell" from "neutral", target cut to 90 cents by OSK-DMG

Stock Name: Super Group
Company Name: SUPER GROUP LTD.

Research House: OSK-DMG

Price Call: SELL

Target Price: 0.90

Super Group cut to "sell" from "neutral", target cut to 90 cents by OSK-DMG

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Super Group upgraded to "hold" by Maybank Kim Eng; target at $1.02

Stock Name: Super Group
Company Name: SUPER GROUP LTD.

Research House: Maybank Kim Eng

Price Call: HOLD

Target Price: 1.02

Super Group upgraded to "hold" by Maybank Kim Eng; target at $1.02

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Super Group price target cut to 83 cents from $1.42 by CIMB

Stock Name: Super Group
Company Name: SUPER GROUP LTD.

Research House: CIMB

Price Call: SELL

Target Price: 0.83

SINGAPORE (Nov 11): CIMB has slashed its price target for Super Group from $1.42 to 83 cents, based on 16 times projected FY2016 earnings, after lowering its EPS estimates by 23% to 26%.

The changes came after the instant beverage maker reported a 46% y-o-y fall in 3Q2014 earnings to $10.5 million on lower gross margins of 32%, a level last reached in FY2011.

Super Group blamed the results on cost pressures stemming from higher palm kernel oil prices.

Sarine Technologies upgraded to "hold", target raised to $3.11 by CIMB

Stock Name: Sarine Tech
Company Name: SARINE TECHNOLOGIES LTD

Research House: CIMB

Price Call: HOLD

Target Price: 3.11

SINGAPORE (Nov 11): CIMB has upgraded Sarine Technologies to "hold" from "reduce" and raised its price target from $2.59 to $3.11, based on 18 projected FY2016 earnings.

Sarine develops technologies for processing diamonds and gems.

"Sarine continues to enjoy a dominant and leading position in its industry, with no strong competitors at its heels," CIMB analyst William Tng said in a note.

Yangzijiang held at 'buy' with target price of $1.68 by OSK-DMG

Stock Name: YZJ Shipbldg SGD
Company Name: YANGZIJIANG SHIPBLDG HLDGS LTD

Research House: OSK-DMG

Price Call: BUY

Target Price: 1.68

SINGAPORE (Nov 10): OSK-DMG has maintained its "buy" call on shipbuilder Yangzijiang with a target price of $1.68, representing an upside of 45%.

In a report dated Nov 10, OSK-DMG analyst Lee Yue Jer says Yangzijiang's orderbook stands strong at US$4.6 billion. The company has also been included in the Chinese government's "white list" of shipyards, making it easier to secure financing and orders.

As such, the research house believes Yangzijiang is the strongest shipbuilder in China in a recovering industry.

CWT held at 'buy' with target price of $1.66 by OSK-DMG

Stock Name: CWT
Company Name: CWT LIMITED

Research House: OSK-DMG

Price Call: BUY

Target Price: 2.00

SINGAPORE (Nov 10): OSK-DMG has maintained its "buy" call on CWT, the provider of specialised logistics services, with an unchanged target price of $2 or an upside of 20.5%.

In a report dated Nov 10, OSK-DMG analyst Shekhar Jaiswal says CWT saw a strong 9M14, with profit growing 66% on strong revenue growth. He also expects CWT's new warehouses to provide stable growth and higher margins.

Innovalues held at 'buy' with higher target price of 49 cents by AmFraser

Stock Name: Innovalues
Company Name: INNOVALUES LIMITED

Research House: AmFraser

Price Call: BUY

Target Price: 0.49

SINGAPORE (Nov 10): AmFraser has maintained its "buy" call on Innovalues, the manufacturer of customised precision parts, with a higher target price of 49 cents.

In a report dated Nov 10, AmFraser analyst Renfred Tay says since his initiation, Innovalues has risen by 52%. However, he believes there is still some more upside in the stock.

Noble Group raised to "buy" from "hold" by OCBC; $1.31 target kept

Stock Name: Noble
Company Name: NOBLE GROUP LIMITED

Research House: OCBC

Price Call: BUY

Target Price: 1.31

SINGAPORE (Nov 10): OCBC Investment Research has upgraded Noble Group to "buy" from "hold", saying the recent sharp falls in the supply chain manager's share price have been "overdone".

Noble's shares were hammered in September after Chinese sovereign wealth fund CIC cut its stake from almost 15% to 10%.

The stock fell further late last month. The company did not disclose any reason for the pullback.

Noble held at 'buy' with $1.53 target price by Citi

Stock Name: Noble
Company Name: NOBLE GROUP LIMITED

Research House: Citigroup

Price Call: BUY

Target Price: 1.53

SINGAPORE (Nov 10): Citi Research has maintained its "buy" call on global supply chain manager Noble Group with a higher target price of $1.53.

In a Nov 9 report by analyst Patrick Yau, Noble's 3Q results show further improvement in Noble's agricultural segment while its energy unit performed well. The company's balance sheet also looks stronger now with reduced gearing and financing costs.

SIA held at 'neutral' with $9.60 price target by Goldman Sachs

Stock Name: SIA
Company Name: SINGAPORE AIRLINES LTD

Research House: Golman Sachs

Price Call: HOLD

Target Price: 9.60

SINGAPORE (Nov 7): Goldman Sachs is maintaining its "neutral" rating on Singapore Airlines with a higher target price of 9.60.

In a report on Nov 7, analysts Hino Lam and Brian Chan say SIA's 2Q results came in below their estimates as a mild recovery in cargo yields was disrupted by weaker than expected passenger yields.

On November 6, SIA reported 2Q15 results. Pre-exceptional net profit came in at $94 million, below Citi's and Bloomberg's consensus estimates of $201 million and $143 million, respectively.

Sembcorp Industries cut to "neutral", target cut to $5.10 by OSK-DMG

Stock Name: Sembcorp Ind
Company Name: SEMBCORP INDUSTRIES LTD

Research House: OSK-DMG

Price Call: HOLD

Target Price: 5.10

SINGAPORE (Nov 7): OSK-DMG has downgraded Sembcorp Industries to "neutral" from "buy" and cut its price target to $5.10 from $6, citing concerns over the conglomerate's offshore and marine business.

SembMarine's profit margins in the next few quarters are likely to remain depressed as the rig builder books more low-margin revenue, according to OSK-DMG analysts Lee Yue Jer and Jesalyn Wong.

Sembcorp Industries price target cut to $4.90 from $5.55 by Citi

Stock Name: Sembcorp Ind
Company Name: SEMBCORP INDUSTRIES LTD

Research House: Citigroup

Price Call: HOLD

Target Price: 4.90

Sembcorp Industries price target cut to $4.90 from $5.55 by Citi

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Sembcorp Marine held at 'Neutral' with lower target price of $3.60 by Credit Suisse

Stock Name: Sembcorp Marine
Company Name: SEMBCORP MARINE LTD

Research House: Credit Suisse

Price Call: HOLD

Target Price: 3.60

SINGAPORE (Nov 6): Credit Suisse is maintaining its "neutral" recommendation for Sembcorp Marine with a lower target price of $3.60 as it cuts the yard's 2015-16 EPS estimates by 5-9% on lower margin assumptions.

In 9M14, Sembcorp Marine's net profit of $386 million came in below expectations, representing 67% of consensus' FY14 forecast. This was largely driven by a decline in operating margin to 10.0% in 3Q14 from 11.5% in 2Q14, as a change in accounting policy led to a negative mix effect.

Jardine Matheson, Strategic held at 'neutral' with lower target prices by Credit Suisse

Stock Name: JMH USD
Company Name: JARDINE MATHESON HLDGS LTD

Research House: Credit Suisse

Price Call: HOLD

Target Price: 61.00

Stock Name: JSH USD
Company Name: JARDINE STRATEGIC HLDGS LTD

Research House: Credit Suisse

Price Call: HOLD

Target Price: 35.00

SINGAPORE (Nov 6): Credit Suisse is maintaining its "neutral" recommendations for both Jardine Matheson and Jardine Strategic with lower target prices of US$61 and US$35 respectively due to lower earnings forecasts for Astra International and the other business subsidiaries.

In a Nov 6 report, analysts Gerald Wong and Shih Haur Hwang said while underlying interim earnings for Jardine Matheson and Jardine Strategic from July 1 to Nov 4 remained in line with the same period in 2013, performance was mixed across its other businesses.

SIA Engineering cut to "sell", target lowered to $3.80 by OCBC

Stock Name: SIA Engineering
Company Name: SIA ENGINEERING CO LTD

Research House: OCBC

Price Call: SELL

Target Price: 3.80

SINGAPORE (Nov 6): OCBC Investment Research has downgraded SIA Engineering to "sell", citing disappointment with the company's September-quarter results.

Earnings fell 40.7% y-o-y to $42 million on lower revenue, higher operating expenses, and reduced contributions from joint ventures and associates.

"We think SIA Engineering is going through (a) cyclical period where customers are deferring aircraft checks (i.e. increased intervals between checks)," OCBC analyst Eugene Chua said in a note.

SIA Engineering cut to 'reduce' with lower target price of $3.95 by Phillip

Stock Name: SIA Engineering
Company Name: SIA ENGINEERING CO LTD

Research House: Phillip Securities

Price Call: HOLD

Target Price: 3.95

SINGAPORE (Nov 6): Phillip Capital has downgraded SIA Engineering to "reduce" with a lower price target of $3.95.

In a Nov 6 report, analyst Richard Leow says he we is slashing down his estimates for SIA Engineering due lower maintenance frequency by airlines.

In 2QFY15, SIA Engineering's revenue dipped by 3.0% y-o-y and the lower contribution from Associates and JVs flowed through to the disappointing PATMI which plunged 40.7% y-o-y.

SIA Engineering price target cut 11.1% to $4 by CIMB

Stock Name: SIA Engineering
Company Name: SIA ENGINEERING CO LTD

Research House: CIMB

Price Call: SELL

Target Price: 4.00

SINGAPORE (Nov 5): CIMB has cut its price target for SIA Engineering to $4.00 from $4.50 after lowering its FY2015 to FY2017 earnings per share estimates by 11% to 14% to factor in lower contributions from the company's associates and joint ventures.

The changes came after SIA Engineering said its earnings for the three months to Sept 30 fell 40.7% y-o-y to $42.1 million on lower revenue from its airframe and component overhaul business, as well as higher sub-contracting costs and reduced contributions from associates and joint ventures.

Hi-P kept at 'buy' with 87 cents target price by DMG

Stock Name: Hi-P
Company Name: HI-P INTERNATIONAL LIMITED

Research House: OSK-DMG

Price Call: BUY

Target Price: 0.87

SINGAPORE (Nov 5): DMG Research is maintaining its "buy" call on integrated contract manufacturer Hi-P with a target price of 87 cents.

In a Nov 5 report by Jarick Seet and Terence Wong, the analysts believe that Hi-P's turnaround is firmly in place, net loss has narrowed significantly and expect Hi-P to outperform in 4Q.

OUE kept at 'buy' with $2.43 target price by Deutsche Bank

Stock Name: OUE
Company Name: OUE LIMITED

Research House: Deutsche Bank

Price Call: BUY

Target Price: 2.43

SINGAPORE (Nov 5): Deutsche Bank Market Research is maintaining its "buy" call on developer OUE with a target price of $2.43.

Although 9M14 results came in below expectations, OUE is ramping up its commercial properties. Trading at 40% discount to RNAV of $4.06 and 0.52x P/B, OUE's valuations also remain attractive, says analyst Man Chien-Fie in a Nov 5 report.

Riverstone remains undervalued, says Maybank Kim Eng

Stock Name: Riverstone
Company Name: RIVERSTONE HOLDINGS LIMITED

Research House: Maybank Kim Eng

Price Call: BUY

Target Price: 1.21

SINGAPORE (Nov 5): Maybank Kim Eng has nudged up its earnings per share forecast for rubber glove maker Riverstone by 1% to reflect lower expenses, and maintained its "buy" rating and $1.21 price target.

Calling the stock undervalued, Maybank Kim Eng analysts John Cheong and Gregory Yap said in a note that Riverstone trades at 12 times projected FY2015 earnings versus an average of 15 times for its peers, even though the company is "on track for the strongest growth, highest dividend yields and second-highest margins" in the sector.

Golden Agri-Resources maintained at 'hold' with 48 cents fair value by OCBC

Stock Name: Golden Agri-Res
Company Name: GOLDEN AGRI-RESOURCES LTD

Research House: OCBC

Price Call: HOLD

Target Price: 0.48

SINGAPORE (Nov 5): OCBC Investment Research is keeping its "Hold" recommendation on Golden Agri-Resources with a fair value of 48 cents.

In a Nov 5 report by Carey Wong and Wong Teck Ching, the stock has performed as expectd and outlook for Golden Agri appears to be improving, driven by more positive newsflow, say the analysts.

One of the key news is the recovery in CPO prices, says OCBC. Currently, CPO prices are hovering around MYR2,330/ton, or about 20% above the MYR1,929 low on 29 Aug, driven by hopes that the global glut in cooking oils may soon be over.

SIA Engineering price target cut to $3.50 by Maybank Kim Eng

Stock Name: SIA Engineering
Company Name: SIA ENGINEERING CO LTD

Research House: Maybank Kim Eng

Price Call: SELL

Target Price: 3.50

SINGAPORE (Nov 5): Maybank Kim Eng has cut its price target for SIA Engineering to $3.50 from $4.20 after lowering its FY2015 to FY2017 earnings per share estimates by 22% to 25%, citing concerns over its earnings outlook.

The company's September quarter earnings fell 40% y-o-y to $42 million on lower revenue, reduced contributions from associates and joint ventures, and higher operating expenses.

SIA Engineering cut its interim dividend to six cents a share from seven cents a year earlier.