Ezion Holdings kept at 'buy' on price recovery by DBS Group Research

Stock Name: Ezion
Company Name: EZION HOLDINGS LIMITED

Research House: DBS Vickers

Price Call: BUY

Target Price: 1.20

SINGAPORE (June 22): DBS Group Research has reiterated its "buy" call on Ezion Holdings as it believes the company's stock price would soon recover to the $1.20 level.

In a research note released on June 22, DBS observes that Ezion is well-positioned to benefit from the rising popularity of liftboats in this region, capitalising on its first mover-advantage.

"We believe service rigs are in an early growth phase, buoyed by the substitution effect to replace typical work boats/barges in this region," says DBS.

Super kept at 'hold' by DBS with lower target price to $1.25 on slowing growth

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

Research House: DBS Vickers

Price Call: HOLD

Target Price: 1.25

SINGAPORE (June 19): DBS Vickers has trimmed its target price on Super Group from $1.45 to $1.25 but maintaining its "hold" call, as the company's recovery is seen in progress albeit at a gradual pace.

"We believe earnings momentum will be back-end loaded beyond 2H2015. Management may be lining up new products for launch over this period but regional consumer sentiment remains tepid," say analysts Alfie Yeo and Andy Sim in a June 19 note.

Guocoleisure kept at 'add' with unchanged price target of $1.18 by CIMB

Stock Name: GuocoLeisure
Company Name: GUOCOLEISURE LIMITED

Research House: CIMB

Price Call: BUY

Target Price: 1.18

SINGAPORE (June 19): CIMB Research is maintaining its "Add" call for the hotel and property developer, Guocoleisure (GLL) with an unchanged target price of $1.18 for its promising ongoing development.

GLH, the hotel arm of GLL, has a new Value Centre General Manager (VCGM) model that is disrupting the conventional hotel investment and management business, says the research house.

GLL's strategy for its hotel business is to focus on decentralisation - this is unlike large hotel chains that typically have centralised decision-making model.

Capitaland Commercial Trust raised to 'hold' with higher target price of $1.63 by Daiwa

Stock Name: CapitaCom Trust
Company Name: CAPITALAND COMMERCIAL TRUST

Research House: Daiwa

Price Call: HOLD

Target Price: 1.63

SINGAPORE (June 19): Daiwa Capital Markets has raised its recommendation on Capitaland Commercial Trust (CCT) from "underperform" to "hold", as the recent decline in share price makes it no longer overvalued.

However, Daiwa's analyst David Lum, in his June 18 note, has also trimmed his target price on the stock to $1.57 from $1.63 previously, to take into account lower earnings estimates.

FCL kept at 'add' with $2.02 target price by CIMB with $760 million UK hotels deal

Stock Name: Frasers Cpt
Company Name: FRASERS CENTREPOINT LIMITED

Research House: CIMB

Price Call: BUY

Target Price: 2.02

SINGAPORE (June 18): CIMB estimates that the Frasers Centrepoint Ltd's (FCL) £364 million ($760 million) purchase of hotels in UK will add between 1-5% to the company's earnings, with possible further upside given the visible acquisition pipeline.

"We see the acquisition as strategic as it will increase FCL's leverage into the key UK tourist market, which saw a 3.7% CAGR over the past four years, via a strong and scalable platform," writes analyst Lock Mun Yee in a June 18 note. She maintains her "add" call and target price of $2.02 on the stock.

First Resources is 'buy' with $2.40 target price by UOB despite El Nino

Stock Name: First Resources
Company Name: FIRST RESOURCES LIMITED

Research House: UOB KayHian

Price Call: BUY

Target Price: 2.40

SINGAPORE (June 18): UOB KayHian has reiterated its preference for First Resources given its good productivity track record. The company is also seen as a beneficiary of new policies in Indonesia and crude palm oil price movements.

"First Resources' share price delivers the best performance among the Singapore-listed plantation companies, as crude palm oil and soybean oil prices recover post biodiesel-friendly announcements by Indonesia, Malaysia and the US," states UOB KayHian analysts in a June 18 note, with a "buy" call and target price of $2.40.

Regal International started at 'buy' with 52 cents target price by NRA Capital

Stock Name: Regal Intl
Company Name: REGAL INTERNATIONAL GROUP LTD.

Research House: NRA Capital

Price Call: BUY

Target Price: 0.52

SINGAPORE (June 18): NRA Capital has initiated coverage on Malaysian developer Regal International Group, with a "overweight" call and fair value of 52 cents.

Regal entered the Singapore market via the reverse takeover of precision parts maker Hisaka Holdings back in Oct 2014, which remains in operation even after the $20 million deal.

The company, now 65.5% owned by executive chairman and CEO Su Chung Jye, focuses on property development Kuching, the East Malaysian state of Sarawak.

Noble cut to 'neutral' with 77 cents target price by Goldman

Stock Name: Noble
Company Name: NOBLE GROUP LIMITED

Research House: Golman Sachs

Price Call: HOLD

Target Price: 0.77

SINGAPORE (June 17): Noble Group is coming under renewed pressure as Goldman Sachs downgraded the stock from "buy" to "neutral", along with a reduced target price of 77 cents from $1.30, as commodity prices continue to soften.

Weak commodity prices, in turn, will hurt Noble's profitability and cash generation from derivative assets, state analysts Nikhil Bhandari and Nelson Goh in a June 17 note.

Super Group kept at 'buy' with target price of $1.57 by Kim Eng

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

Research House: Maybank Kim Eng

Price Call: BUY

Target Price: 1.57

SINGAPORE (June 17): That boy El Nino is back but his reappearance won't necessarily cause coffee manufacturer Super Group to break out in a sweat.

Weather soothsayers are saying that the El Nino effect is set to be stronger this year, which will hit the production and therefore prices of soft commodities, from coffee to palm oil to sugar. This might add pressure to Super's cost base, says Maybank Kim Eng.

CIMB sees buying opportunity in ST Engineering, backed by better prospects

Stock Name: ST Engineering
Company Name: SINGAPORE TECH ENGINEERING LTD

Research House: CIMB

Price Call: BUY

Target Price: 3.93

SINGAPORE (June 17): The recent drop in shares of ST Engineering is seen as a buying opportunity, as the company is set to enjoy improving prospects across its various business units this coming year and beyond, says CIMB.

A long-time favourite of investors hankering after a defensive play, ST Engineering is now trading below its seven-year mean of 19 times PE.

"Potential catalysts include sizeable contract wins in electronics and stronger MRO demand," writes CIMB analyst Lim Siew Khee in a June 16 note, where she maintains her "add" call and target price of $3.93.

Wilmar kept at 'buy' with TP of $4.04 by Maybank Kim Eng

Stock Name: Wilmar Intl
Company Name: WILMAR INTERNATIONAL LIMITED

Research House: Maybank Kim Eng

Price Call: BUY

Target Price: 4.04

SINGAPORE (June 15): Maybank Kim Eng is maintaining its 'buy' call and target price of $4.04 for Wilmar International based on 15x P/E.

In a report out today, analyst Wei Bin says that although Wilmar is exposed to El Nino through its CPO, soybean and sugar crop, the worst impact on the agri-commodity trader is a 6% drop on PBT.

Last Wednesday, Japan's Meteorological Agency warned that El Nino is growing stronger and that its effects could last until winter.

Thai Beverage kept at 'buy' with 83 cents fair value by OCBC

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

Research House: OCBC

Price Call: BUY

Target Price: 0.83

SINGAPORE (June 15): OCBC Securities has maintained its "buy" call and target price of 83 cents on Thai Beverage Public Company Ltd as Thailand's broader economic prospects remain firm, which, will in turn, support consumption of the company's products.

iFAST kept at 'buy' with higher TP of $1.73 by DBS

Stock Name: IFAST
Company Name: IFAST CORPORATION LTD.

Research House: DBS Vickers

Price Call: BUY

Target Price: 1.73

SINGAPORE (June 12): DBS Group Research is keeping its "buy" call on iFAST Corp, the online distributor of investment products, with a higher $1.73 price target.

In a report out today, DBS likes iFAST as it offers investors a unique investment proposition and is planning new initiatives to drive growth.

iFAST's key performance driver lies in the growth of Assets Under Administration (AUA), which generates recurring revenues, says DBS in a report out today.

Bumitama Agri kept at 'buy' with $1.26 target price by DBS

Stock Name: Bumitama Agri
Company Name: BUMITAMA AGRI LTD.

Research House: DBS Vickers

Price Call: BUY

Target Price: 1.26

SINGAPORE (June 12): DBS Group Research has kept its 'buy' call on upstream palm oil play Bumitama Agri with a target price of $1.26.

"We peg BAL's TP at $1.26/share, based on DCF valuation. This implies FY16F PE of 14.3x," says analyst Ben Santoso in a report out today.

Santoso says aggressive expansion in FY05-FY13 has kept the age profile of trees at Bumitama younger compared to peers at 5.5 years.

Santoso expects this to deliver 14% CAGR in Fresh Fruit Bunch output over the next three years.

XMH kept at 'buy' with 30 cents target price by RHB

Stock Name: XMH
Company Name: XMH HOLDINGS LTD.

Research House: RHB

Price Call: BUY

Target Price: 0.30

SINGAPORE (June 12): RHB is maintaining its 'buy' call on XMH, the customised propeller engine supplier, with a 30 cents target price with subsidiaries Mech-Power Generator (MPG) and Z-Power securing contracts worth $23.1 million with deliveries stretching into 2017.

Z-Power was also awarded the prestigious ABB Value Provider Certification.

"We believe that strong operations at these subsidiaries could contribute to XMH's 75% FY16F earnings growth," says XMH in a June 11 report.

MPG and Z-Power were awarded contracts of $15.5 million and $7.6 million.

Ho Bee Land kept at 'buy' by UOB with target price of $2.86

Stock Name: Ho Bee Land
Company Name: HO BEE LAND LIMITED

Research House: UOB KayHian

Price Call: BUY

Target Price: 2.86

SINGAPORE (June 11): UOB Kay Hian has maintained its "buy" call on Ho Bee Land with a target price of $2.86.

Analyst Vikrant Pandey says Ho Bee's London properties should contribute significantly to recurring income over the next few years.

"Ho Bee's very sizeable commercial portfolio, well in excess of $2 billion, could also well pave the way for a commercial REIT spin-off", wrote Pandey in a note after a company visit. "With a high trading discount to RNAV and a low free float of less than 25%, it remains a palatable candidate for privatisation plays," he added.

OUE kept at 'hold' with price target of $2.05 by Maybank Kim Eng

Stock Name: OUE Com Reit
Company Name: OUE COMMERCIAL REIT

Research House: Maybank Kim Eng

Price Call: HOLD

Target Price: 2.05

SINGAPORE (June 11): Integrated property developer OUE announced on June 10 that it has entered into a conditional sale and purchase agreement with OUE Commercial Real Estate Investment Trust (OUE C-REIT) for the sale and transfer of its shareholding interest in OUB Centre (OUBC).

OUBC is the registered owner of One Raffles Place and owns 81.54% of the beneficial interest in One Raffles Place.

Under the terms of the agreement, OUE will inject into OUE C-REIT all of its ordinary shares in Beacon Property Holdings (BPH), a wholly-owned subsidiary of the company.

Singtel kept at 'hold' with price target of $4.50 by Maybank Kim Eng

Stock Name: SingTel
Company Name: SINGTEL

Research House: Maybank Kim Eng

Price Call: HOLD

Target Price: 4.50

SINGAPORE (June 11): At its annual Investor Day on June 3, Singtel outlined plans for the entire group to aggressively pursue data growth.

The group has also taken to heart the digital initiatives of Group Digital Life and has launched products that leverage Singtel's investments.

In Singapore, the telco intends to develop its data business further by drawing more home and mobile customers towards fibre and tiered data plans.

At 71% and 61% penetration respectively, it believes there is room for growth.

Vard Holdings kept at 'sell' with price target of 47 cents by RHB

Stock Name: Vard
Company Name: VARD HOLDINGS LIMITED

Research House: RHB

Price Call: SELL

Target Price: 0.47

SINGAPORE (June 10): Vard Holdings has secured its first contract this year for one diving support and construction vessel for Singapore-based Kreuz Subsea.

This 105-men, DP2 class vessel will be of VARD 3 17 design with a total length of 91.2 metres and is scheduled for delivery from Norway in 2Q2017. It has an estimated value of NOK700 million.

The vessel will also have a 100-tonne active heave-compensated offshore crane, a 12-man diving bell system and is prepared for remotely-operated vehicles.

OCBC kept at 'buy' by DBS with higher target price of $12.80

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

Research House: DBS Vickers

Price Call: BUY

Target Price: 12.80

SINGAPORE (June 10): DBS Group Research is maintaining its "buy" recommendation on Oversea-Chinese Banking Corp. or OCBC, raising its target price by 10 cents to $12.80.

In a report out today, DBS believes OCBC-Wing Hang's Greater China franchise is still unappreciated.

Although integration is still on-going, signs of improvement are visible in its wealth management income line, it adds.

Comfortdelgro's cash gives it firepower, says CIMB

Stock Name: ComfortDelGro
Company Name: COMFORTDELGRO CORPORATION LTD

Research House: CIMB

Price Call: BUY

Target Price: 3.42

SINGAPORE (June 9): CIMB reiterates its add recommendation and $3.42 target on Comfortdelgro, saying it remains its preferred pick in Singapore's land transport sector.

The broker it thinks the Singapore public transport firm's strong balance sheet means it can make earnings-accretive.

The key catalysts include earnings contribution from a new train line in Singapore and overseas expansion, CIMB says after the meeting.

Comfortdelgro is down 1.3% at $3.04, while the benchmark FTSE Straits Times Index is down 0.6%.

IPS Securex kept at 'buy' with $1.01 target price by RHB

Stock Name: IPSSecurex
Company Name: IPS SECUREX HOLDINGS LIMITED

Research House: RHB

Price Call: BUY

Target Price: 1.01

SINGAPORE (June 9): IPS Securex has received an earlier-than-expected US$4 million ($5.4 million) purchase order for PepperBall propducts, which will contribute to FY2015 net profit after tax.

Growth, however, will be limited by one-off costs from its co-manufacturing partnership.

RHB maintains its "buy" call on IPS Securex at $1.01 target price, a 28% upside and at FY2016 forward price-to-earnings.

The research house cites its purchase order as being a vote of confidence for PepperBall products.

Mapletree Logistics kept at 'hold' by CIMB with unchanged target price of $1.30

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

Research House: CIMB

Price Call: HOLD

Target Price: 1.30

SINGAPORE (May 26): Mapletree Logistics Trust's (MLT) distribution per unit (DPU) is expected to be boosted cumulatively by about 8%, according to CIMB Research.

This followed MLT's proposed acquisitions of Mapletree Logistics Park Bac Ninh Phase 1 (MLPBN1) in Vietnam and Dakonet Logistics Centre (DLC) in South Korea, which may generate net property income yields of 10% and 8% respectively, the research house estimated.

Yangzijiang downgraded to 'neutral' by Credit Suisse

Stock Name: YZJ Shipbldg RMB
Company Name: YANGZIJIANG SHIPBLDG HLDGS RMB

Research House: Credit Suisse

Price Call: HOLD

Target Price: 1.50

SINGAPORE (May 26): Credit Suisse has downgraded Yangzijiang Shipbuilding to "neutral" from "outperform", citing limited upside to its $1.50 price target and concerns over earnings dilution as a batch of warrants issued in 2013 are due to expire in April next year.

The shipbuilder issued 330 million warrants at 30.72 RMB cents each in February 2013. They can be converted into shares at a price of RMB6.60 ($1.42).

"(The) warrants are likely to be a near-term overhang," Credit Suisse analysts Gerald Wong and Hwang Shih Huar wrote in a note.

Sabana REIT upgraded to 'buy' by UOB KayHian with lower target price of 95 cents

Stock Name: Sabana Reit
Company Name: SABANA SHARI'AH COMPLIANT REIT

Research House: UOB KayHian

Price Call: BUY

Target Price: 0.95

SINGAPORE (May 26): Sabana Shari'ah Compliant Industrial Real Estate Investment Trust (Sabana REIT) will still generate a "healthy" 7% yield even in the worst case scenario of occupancy for the expiring master leases dropping to 50%, according to UOB KayHian.

The research house believes the market has overreacted to Sabana REIT's efforts to renew its expiring 11 master leases, which has eaten into its share price.

Yoma downgraded to 'reduce', target cut to 46 cents by CIMB

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

Research House: CIMB

Price Call: SELL

Target Price: 0.46

SINGAPORE (May 25): CIMB has downgraded Yoma Strategic Holdings to "reduce" from "hold" and cut its price target to 46 cents from 57 cents after lowering its core earnings per share estimates by 64.3% for FY2016 and 25.6% for FY2017.

"Yoma's real estate business is expected to face headwinds in the next 12 months due to the increasing competition and wait-and-see sentiment related to the uncertainty surrounding the Myanmar general election towards the end of 2015," CIMB analysts Roy Chen and William Tng wrote in a note.

Thai Beverage kept at 'add' by CIMB with unchanged target price of 87 cents

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

Research House: CIMB

Price Call: BUY

Target Price: 0.87

SINGAPORE (May 25): The successful traction of new products might be a re-rating catalyst for Thai Beverage Public Company Limited, according to CIMB Research.

Under Vision 2020, the group aims to be a leader in beer in Thailand, but at the same time diversify revenue contributions away from alcohol and out of Thailand.

"The seeds are being sown. Beer is doing well," said CIMB research analysts Kenneth Ng and Jonathan Seow in a note last Friday.

For now, CIMB has kept its "add" rating for the stock with an unchanged target price of 87 cents.

Yoma kept at 'buy' with lower target price of 78 cents by DBS

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

Research House: DBS Vickers

Price Call: BUY

Target Price: 0.78

SINGAPORE (May 25): DBS Group Research is maintaining its "buy" recommendation for Yoma Strategic Holdings, the conglomerate with a portfolio of businesses in Myanmar, with a lower target price of 78 cents compared to 82 cents previously.

In a report out today by analyst Derek Tan, DBS expects Yoma's non-real-estate business to pick up the slack of a slowdown for its developments at Pun Hlaing Golf Estate and StarCity in in 2015.

In its property outlook, Yoma expects sales momentum to moderate as competition rises.

Lian Beng Group gets 'buy' call, 72.5-cent target from UOB Kay Hian

Stock Name: Lian Beng
Company Name: LIAN BENG GROUP LTD

Research House: UOB KayHian

Price Call: BUY

Target Price: 72.50

SINGAPORE (May 22): UOB Kay Hian has started coverage on Lian Beng Group with a "buy" rating and price target of 72.5 cents.

With a projected FY2016 dividend yield of 4.7%, growing recurring income driven by rental from investment properties, and nearly $90 million of development profits yet to be recognised, Lian Beng offers "good value" at its current price, according to UOB Kay Hian analyst Loke Chunying.

Raffles Medical upgraded to 'buy', target raised to $5.10 by Maybank

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

Research House: Maybank Kim Eng

Price Call: BUY

Target Price: 5.10

SINGAPORE (May 21): Maybank Kim Eng has upgraded Raffles Medical Group to "buy" from "hold" and raised its price target to $5.10 from $3.89.

The revised target takes into account future contributions from the company's upcoming hospital in Shanghai.

"Raffles Medical can be considered an early entrant into China's private hospital segment, as most foreign investors only operate clinics and medical centres currently," Maybank Kim Eng analyst John Cheong wrote in a note today.

Ezion kept at 'buy' with TP of $1.50 by DBS after clearing the air with analysts

Stock Name: Ezion
Company Name: EZION HOLDINGS LIMITED

Research House: DBS Vickers

Price Call: BUY

Target Price: 1.50

SINGAPORE (May 21): DBS Group Research is keeping its "buy" call on Ezion Holdings with a target price of $1.50.

In a report out today, DBS said it now has a fuller picture of the dispute after Ezion hosted an analyst briefing to address the dispute with partner Atlantic Marine Services BV (AMS).

"Arguments seem logical. We continue to give Ezion the benefit of the doubt. The stock has fallen 12% within a week. Maintain BUY and TP of S$1.50 (8x FY15 PE)," wrote analyst Ho Pei Hwa.

Hyflux kept at 'hold' with 96 cents fair value by OCBC

Stock Name: Hyflux
Company Name: HYFLUX LTD

Research House: OCBC

Price Call: HOLD

Target Price: 0.96

SINGAPORE (May 21): OCBC Investment Research is maintaining its "hold" call on water company Hyflux with a fair value of 96 cents.

In a report out today, analysts Carey Wong and Andy Wong noted that Hyflux has been appointed the designer and technology provider for a potable water plant at Pun Hlaing Gold Estate in Myanmar.

The project, while small with a treatment capacity of 1,000 cubic metres per day, could open more opportunities for Hyflux and Yoma to cooperate on future projects in Myanmar.

Pun Hlaing Gold Estate is developed by Yoma Strategic Holdings.

iFAST started at 'buy' with target price of $1.31 by OCBC

Stock Name: IFAST
Company Name: IFAST CORPORATION LTD.

Research House: OCBC

Price Call: BUY

Target Price: 1.60

SINGAPORE (May 20): OCBC Research is initiating coverage on iFAST Corp with a "buy" call and a target price of $1.60.

In a report out today, OCBC likes iFAST for its unique proposition as an Internet-based investment platform as well as new initiatives to drive growth from 2H15.

"We believe iFAST offers investors a unique investment proposition as a direct proxy to the wealth management industry as well as an angle into digital finance," says analyst Lim Sue Lin.

GLP kept at 'buy' with $2.99 fair value by OCBC

Stock Name: Global Logistic
Company Name: GLOBAL LOGISTIC PROP LIMITED

Research House: OCBC

Price Call: BUY

Target Price: 2.99

SINGAPORE (May 20): OCBC Research is maintaining its "buy" call on Global Logistic Properties with $2.99 fair value.

In May 15 report led by analyst Eli Lee, OCBC says the group delivered a "solid set of KPIs" in its key markets in the fourth quarter even though GLP's 4QFY15 PATMI came in slightly below expectations.

In 4QFY15, GLP's PATMI decreased 34.5% y-o-y to US$104.9 million, mostly due to increased minority interests' share of profits.

Accordia kept at 'buy' with higher target price of $1.02 by Daiwa

Stock Name: Accordia Golf Tr
Company Name: ACCORDIA GOLF TRUST

Research House: Daiwa

Price Call: BUY

Target Price: 1.02

SINGAPORE (May 20): Daiwa Capital Markets has lowered its target price (TP) on Accordia Golf Trust (AGT) to $1.02 from $1.05, while reiterating its "Buy" call on the stock, on subdued revenue per golfer.

Daiwa said AGT's operating income for the period was 2.2% lower than the prospectus forecast, which was attributed to unfavourable weather conditions, lower average play fees, and lower-than-expected membership revenue.

Mapletree Commercial Trust upgraded to 'hold' by CIMB

Stock Name: Mapletree Com Tr
Company Name: MAPLETREE COMMERCIAL TRUST

Research House: CIMB

Price Call: HOLD

Target Price: 1.54

SINGAPORE (May 19): CIMB has upgraded Mapletree Commercial Trust (MCT) to "hold" from "reduce", citing "more palatable" valuations following the stock's 6.1% pullback since the recent release of the REIT's March-quarter results.

CIMB has a $1.54 price target on MCT.

The stock currently trades at a 5.2% FY2016 dividend yield, in line with its peers' average of 5.5%, according to CIMB analyst Tan Xuan.

Halcyon downgraded to 'sell' from 'hold' by UOB Kay Hian

Stock Name: Halcyon Agri
Company Name: HALCYON AGRI CORPORATION LTD

Research House: UOB KayHian

Price Call: SELL

Target Price: 0.55

SINGAPORE (May 18): UOB Kay Hian has downgraded Halcyon Agri Corp to "sell" from "hold" with a lower target price (TP) of 55 cents after the company posted lower-than-expected results for its first quarter ended March 31, 2015.

Halcyon, the supply chain manager of natural rubber, posted a net profit of US$1.2 million ($1.6 million) for the quarter, up 67% from US$0.4 million a year earlier, making up 5.2% of the research house's full-year estimates.

Neptune Orient Lines downgraded to 'neutral' by Credit Suisse

Stock Name: NOL
Company Name: NEPTUNE ORIENT LINES LIMITED

Research House: Credit Suisse

Price Call: HOLD

Target Price: 1.20

SINGAPORE (May 18): Credit Suisse has downgraded Neptune Orient Lines to "neutral" from "outperform", citing limited upside to its $1.20 price target.

The company's volumes on the Transpacific route in 1Q2015 were below expectations, hurt by the port congestion in the US West Coast, according to Credit Suisse analyst Timothy Ross.

"This was also at odds with our expectations, which had baked in the robust US box import data for 1Q and the assumption that NOL would get its share of the diversion to the US east coast," he wrote in a note.

Silverlake Axis upgraded to 'neutral' by RHB Research

Stock Name: Silverlake Axis
Company Name: SILVERLAKE AXIS LTD

Research House: RHB

Price Call: HOLD

Target Price: 1.24

SINGAPORE (May 18): RHB Research has upgraded Silverlake Axis to "neutral" from "sell", with a higher target price of $1.24, after the group posted better-than-expected results for its third quarter ended March 31, 2015.

The company reported net profit of RM76.6 million ($9.9 million), up 22% y-o-y, while revenue climbed 5% to RM143.3 million y-o-y.

Innovalues price target raised 13.6% to $1.00 by Maybank Kim Eng

Stock Name: Innovalues
Company Name: INNOVALUES LIMITED

Research House: Maybank Kim Eng

Price Call: BUY

Target Price: 1.00

SINGAPORE (May 14): Maybank Kim Eng has raised its price target for Innovalues to $1.00 from 88 cents after increasing its FY2015 to FY2017 earnings per share estimates by 13% to 14%.

The revised target is based on 14 times projected FY2015 earnings. Maybank Kim Eng has a "buy" rating on the stock.

The precision engineering firm is likely to enjoy better profit margins in the quarters ahead as it continues to increase operational efficiency, according to Maybank Kim Eng analyst John Cheong.

Vard Holdings cut to 'sell', target reduced to 40 cents by Maybank

Stock Name: Vard
Company Name: VARD HOLDINGS LIMITED

Research House: Maybank Kim Eng

Price Call: SELL

Target Price: 0.40

SINGAPORE (May 14): Maybank Kim Eng has downgraded Vard Holdings to "sell" from "hold" and cut its price target to 40 cents from 58 cents, citing a "murky" business outlook for the shipbuilder.

The revised target is based on 0.6 times 2015 book value.

Vard sank into the red in 1Q2015 with a net loss of NOK92 million ($16.3 million), hurt by foreign-exchange losses stemming from a 15-year yard construction loan in Brazil denominated in US dollars.

It earned NOK92 million in the same period last year.

MTQ Corp cut to 'neutral', target slashed 45% to 79 cents by RHB

Stock Name: MTQ
Company Name: MTQ CORPORATION LIMITED

Research House: RHB

Price Call: HOLD

Target Price: 0.79

SINGAPORE (May 14): RHB Securities Singapore has downgraded MTQ Corp to "neutral" from "buy" and slashed its price target to 79 cents from $1.43, citing a lack of catalysts in the near term.

The revised target is based on 11 times projected FY2016 earnings. RHB cut its FY2016 earnings estimates by 37.5% as clients have been deferring maintenance work.

"Earnings will likely stay low in the next two quarters, although long-term investors will find value in its high cash flow and yield," RHB analyst Jesalyn Wong wrote in a note today.

MTQ Corp price target cut 19% to 77 cents by CIMB

Stock Name: MTQ
Company Name: MTQ CORPORATION LIMITED

Research House: CIMB

Price Call: HOLD

Target Price: 0.77

SINGAPORE (May 13): CIMB has cut its price target for MTQ Corp from 95 cents to 77 cents, pegged at parity to the company's net tangible assets per share, and lowered its earnings per share estimates by 36% for FY2016 and 48% for FY2017.

The company's core earnings of $9 million for the 12 months ended March 31 (FY2015) were below expectations, and a turnaround is unlikely until the end of this year, according to CIMB analyst Yeo Zhi Bin.

Swissco kept at 'add' by CIMB, lifts target price to 61 cents

Stock Name: Swissco Hldg
Company Name: SWISSCO HOLDINGS LIMITED

Research House: CIMB

Price Call: BUY

Target Price: 0.61

SINAGPORE (May 13): CIMB Research is maintaining its "Add" call on Swissco Holdings with a higher target price of 61 cents based on blended valuations.

Its previous target price of 55 cents was based on 7.5 times calendar year 2016 price to earnings ratio.

"The current valuation of 0.8 times calendar year 2015 (CY15) price to book value (P/BV) versus forward return on equity (ROE) of 13% and cost of equity (COE) of 9% is far too pessimistic, in our view," said CIMB analyst Yeo Zhi Bin and Lim Siew Khee.

Super Group downgraded to 'reduce', target cut to $1.10 by CIMB

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

Research House: CIMB

Price Call: SELL

Target Price: 1.10

SINGAPORE (May 13): CIMB has downgraded Super Group to "reduce" from "hold" and lowered its price target to $1.10 from $1.25, saying investors have been "overly buoyant" given the stock's run-up in recent months.

Shares of the instant beverage maker have gone from their 52-week low of $1.04 last November to as high as $1.54 this year after it showed signs of a business recovery in the quarter ended Dec 31.

The revised target reflects a 12% cut to its earnings per share estimates for FY2015 and FY2016.

Singapore Post cut to 'hold', target lowered to $2 by DBS Vickers

Stock Name: SingPost
Company Name: SINGAPORE POST LIMITED

Research House: DBS Vickers

Price Call: HOLD

Target Price: 2.00

SINGAPORE (May 13): DBS Vickers has downgraded Singapore Post to "hold" from "buy" and lowered its price target to $2.00 from $2.18.

The revised target factors in a 9% cut in earnings estimates for FY2016.

Business flow from Alibaba, which took a 10% stake in SingPost last year, has been slower than expected, and the latter's $180-million e-commerce hub currently being built in Singapore is unlikely to contribute to its bottom line in the near term, according to DBS Vickers analyst Sachin Mittal.

First Resources price target cut 14.3% to $2.40 by UOB Kay Hian

Stock Name: First Resources
Company Name: FIRST RESOURCES LIMITED

Research House: UOB KayHian

Price Call: BUY

Target Price: 2.40

SINGAPORE (May 12): UOB Kay Hian has cut its price target for First Resources to $2.40 from $2.80 after reducing its earnings estimates for 2015 to 2017 by 18% to 25% to account for lower crude palm oil prices.

The revised target is based on 15 times projected 2016 earnings.

The palm oil producer said on Monday its 1Q2015 earnings fell 38.5% y-o-y to US$27.7 million ($36.8 million) on weaker palm prices and sales volumes.

CSE Global upgraded to 'buy' by DBS Vickers

Stock Name: CSE Global
Company Name: CSE GLOBAL LTD

Research House: DBS Vickers

Price Call: BUY

Target Price: 0.65

SINGAPORE (May 12): DBS Vickers has upgraded CSE Global to "buy" from "hold", citing the stock's 5% dividend yield and 14% upside to its 65-cent price target.

The company, which develops systems integration solutions for various industries, including offshore oil and gas, has been able to expand its order book, which stands at over $250 million, despite budget cuts by companies in the energy sector, according to DBS Vickers analyst Sachin Mittal.

UMS upgraded to 'add', target raised to 63 cents by CIMB

Stock Name: UMS
Company Name: UMS HOLDINGS LIMITED

Research House: CIMB

Price Call: BUY

Target Price: 0.63

SINGAPORE (May 12): CIMB has upgraded UMS Holdings to "add" from "hold" and raised its price target to 63 cents from 55 cents, citing improving growth prospects.

Shares of UMS, which makes semiconductor components, are likely to re-rate as the business slowdown that started in June last year comes to an end, according to CIMB analyst William Tng.

CSE Global upgraded to 'add', target lifted to 65 cents by CIMB

Stock Name: CSE Global
Company Name: CSE GLOBAL LTD

Research House: CIMB

Price Call: HOLD

Target Price: 0.65

SINGAPORE (May 12): CIMB has upgraded CSE Global to "add" from "hold" and bumped up its price target to 65 cents from 62 cents.

The changes factor in a 5% to 7% increase in its FY2015 to FY2017 earnings per share estimates to take into account expected stronger revenues.

"CSE's diversified and maintenance-oriented business model is braving the oil price rout admirably," CIMB analyst Yeo Zhi Bin wrote in a note.

Singapore Airlines downgraded to 'hold' by Maybank Kim Eng

Stock Name: SIA
Company Name: SINGAPORE AIRLINES LTD

Research House: Maybank Kim Eng

Price Call: HOLD

Target Price: 12.00

SINGAPORE (May 12): Maybank Kim Eng has downgraded Singapore Airlines to "hold" from "buy", citing limited upside to its $12.00 price target.

Maybank Kim Eng has left intact its earnings estimates, pending the carrier's fourth-quarter and full-year results due on May 14.

SIA's results for the quarter ended March 31 will be "interesting" for several reasons, according to Maybank Kim Eng analyst Mohshin Aziz.

First, the results will provide an insight into current yields for long-haul flights.

Sembcorp Industries cut to 'neutral', target lowered to $4.40 by RHB

Stock Name: Sembcorp Ind
Company Name: SEMBCORP INDUSTRIES LTD

Research House: RHB

Price Call: HOLD

Target Price: 4.40

SINGAPORE (May 11): RHB Securities Singapore has downgraded Sembcorp Industries to "neutral" from "buy" and cut its sum-of-parts price target to $4.40 from $4.90, citing continued weakness in the group's utilities business in Singapore and marine operations.

Hi-P cut to 'sell', target slashed 40% to 43 cents by RHB

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

Research House: RHB

Price Call: SELL

Target Price: 0.43

SINGAPORE (May 11): RHB Securities Singapore has downgraded Hi-P International to "sell" from "neutral" and slashed its price target to 43 cents from 72 cents, citing a "gloomy" outlook for the contract manufacturer.

The revised target is based on 0.6 times FY2015 book value.

RHB also lowered its FY2015 earnings estimate for Hi-P by 54%.

"We understand that the Xiaomi project turned out to be unsuccessful, with prices slashed, cutting margins drastically despite reaching its targeted production yields," RHB analysts Jarick Seet and Terence Wong wrote in a note.

Ascendas Hospitality raised to 'buy', target lifted to 73 cents by DBS

Stock Name: Ascendas-hTrust
Company Name: ASCENDAS HOSPITALITY TRUST

Research House: DBS Vickers

Price Call: BUY

Target Price: 0.73

SINGAPORE (May 11): DBS Vickers has upgraded Ascendas Hospitality Trust to "buy" from "hold" and lifted its price target to 73 cents from 68 cents, saying the growing number of international visitors to Australia and Japan will bode well for its properties in the two markets.

"We believe the Australian portfolio (which accounted for 58% of its FY2015 net property income), especially hotels in Sydney and Melbourne, will continue to underpin A-HTRUST's growth outlook," DBS Vickers analysts Mervin Song and Derek Tan wrote in a note today.

Fraser and Neave downgraded to 'reduce' by CIMB

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

Research House: CIMB

Price Call: SELL

Target Price: 2.58

SINGAPORE (May 11): CIMB has downgraded Fraser and Neave to "reduce" from "hold" and cut its price target to $2.58 from $2.98.

The changes reflect a 22% to 30% reduction in its earnings per share estimates for FY2015 to FY2017, based on assumptions of slower beer and soft-drink sales.

F&N's earnings for the six months to March 31 was disappointing, as sales of soft drinks in Malaysia were weak while its beer business saw growth come off from previous quarters, according to CIMB analyst Kenneth Ng.

OUE Hospitality Trust downgraded to 'hold' by CIMB

Stock Name: OUE HTrust
Company Name: OUE HOSPITALITY TRUST

Research House: CIMB

Price Call: HOLD

Target Price: 1.01

SINGAPORE (May 8): CIMB has downgraded OUE Hospitality Trust (OUE-HT) to "hold" from "add", citing limited upside to its $1.01 price target and potential overhang from any capital raising to fund the acquisition of a hotel at Changi Airport.

The REIT recently acquired Crowne Plaza at Changi Airport and will proceed to buy an extension next to the hotel in a deal worth $205 million.

Sembcorp Industries lowered to 'hold', target cut to $4.72 by OCBC

Stock Name: Sembcorp Ind
Company Name: SEMBCORP INDUSTRIES LTD

Research House: OCBC

Price Call: HOLD

Target Price: 4.72

SINGAPORE (May 8): OCBC Investment Research has downgraded Sembcorp Industries to "hold" from "buy" after lowering its sum-of-parts price target to $4.72 from $4.84.

The revised target reflects a recent cut in its fair-value estimate for Sembcorp Marine to $2.77 from $2.95.

This year is expected to remain challenging for Sembcorp Industries' Singapore energy business as competition will remain intense, according to OCBC analyst Low Pei Han.

The group's offshore and marine business will also be under pressure as orders decline and uncertainty in Brazil lingers.

Mapletree Greater China Commercial gets 'add' call, $1.18 target from CIMB

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

Research House: CIMB

Price Call: BUY

Target Price: 1.18

SINGAPORE (May 7): CIMB has started coverage on Mapletree Greater China Commercial Trust with an "add" call and a price target of $1.18.

The REIT's two properties - Festival Walk in Hong Kong and Gateway Plaza in Beijing - are "iconic" in their respective markets, supported by "excellent" connectivity and large catchment areas that provide resilient shopper patronage and consistent demand for its office space, according to CIMB analyst Lock Mun Yee.

Tiger Airways price target raised 50% to 27 cents by CIMB

Stock Name: Tigerair
Company Name: TIGER AIRWAYS HOLDINGS LIMITED

Research House: CIMB

Price Call: SELL

Target Price: 0.27

SINGAPORE (May 7): CIMB has raised its price target for Tiger Airways to 27 cents from 18 cents as it now expects the carrier to return to the black this year on lower fuel prices and rising yields.

Its "reduce" call on the stock has not changed, as the airline will find it much harder to improve profitability substantially, according to CIMB analyst Raymond Yap.

"It would be much harder to improve profits materially from this point onwards since the Asean aviation markets remain very oversupplied, putting aside the drop in fuel prices," he wrote in a note.

Riverstone upgraded to 'hold', target raised to $1.33 by CIMB

Stock Name: Riverstone
Company Name: RIVERSTONE HOLDINGS LIMITED

Research House: CIMB

Price Call: HOLD

Target Price: 1.33

SINGAPORE (May 6): CIMB has upgraded Riverstone Holdings to "hold" from "reduce" and raised its price target from $1.11 to $1.33, which is based on 14.9 times projected 2016 earnings.

The rubber-glove maker's 1Q2015 earnings were better than expected, driven by stronger gross margins of 31.6%, which got a boost from favourable foreign-exchange rates and lower raw material prices, CIMB analysts Roy Chen and William Tng pointed out in a note.

SGX upgraded to 'outperform', target raised to $10 by Credit Suisse

Stock Name: SGX
Company Name: SINGAPORE EXCHANGE LIMITED

Research House: Credit Suisse

Price Call: BUY

Target Price: 10.00

SINGAPORE (May 6): Credit Suisse has upgraded Singapore Exchange to "outperform" from "neutral" and raised its price target to $10.00 from $8.25.

The revised target, which implies 25 times projected earnings, is based on a 6% to 9% increase in Credit Suisse's earnings per share estimates.

"The key investment case for SGX is the longer-term growth through both existing market growth and success in its strategy to become an Asian regional gateway, with derivatives being the medium-term driver," Credit Suisse analysts Arjan van Veen and Craig Cao wrote in a note today.

OSIM cut to 'underperform', target cut to $1.65 by Credit Suisse

Stock Name: OSIM Intl
Company Name: OSIM INTERNATIONAL LTD

Research House: Credit Suisse

Price Call: SELL

Target Price: 1.65

SINGAPORE (May 6): Credit Suisse has downgraded OSIM International to "underperform" from "neutral" and cut its price target to $1.65 from $2.05, citing a tough outlook in the near term for the massage-chair maker.

Demand for the company's chairs in 1Q2015 was weak across all its core markets, Credit Suisse analysts Anand Swaminathan and Lee Dawei pointed out in a note.

Earnings fell 53% y-o-y and 51% q-o-q to $13.5 million.

"(This was) the first quarter we are seeing real weakness in Asean," they said.

OSIM cut to 'hold', target cut to $2.08 by Maybank Kim Eng

Stock Name: OSIM Intl
Company Name: OSIM INTERNATIONAL LTD

Research House: Maybank Kim Eng

Price Call: HOLD

Target Price: 2.08

SINGAPORE (May 6): Maybank Kim Eng has downgraded OSIM International to "hold" from "buy" and cut its price target to $2.08 from $2.55, citing the company's weak 1Q2015 results.

The new target is based on 18 times, instead of 19 times, projected 2015 earnings.

While the massage-chair maker's poor performance in 1Q2015 was not unexpected, the weakness is likely to persist for the rest of the year as start-up costs for its tea label TWG continue to weigh, according to Maybank Kim Eng analyst Gregory Yap.

SMRT cut to "underperform", target cut to $1.40 by Credit Suisse

Stock Name: SMRT
Company Name: SMRT CORPORATION LTD

Research House: Credit Suisse

Price Call: SELL

Target Price: 1.40

SINGAPORE (May 5): Credit Suisse has downgraded SMRT Corp to "underperform" from "neutral" and lowered its price target to $1.40 from $1.60, saying the public transport operator's earnings in the near term are likely to suffer.

SMRT's operating trends in the quarter ended March 31 were "worrying", according to Credit Suisse analysts Sanjay Mookim and Tan Shew Heng.

Notably, its rail business incurred its maiden operating loss as manpower, repair and maintenance costs went up.

Riverstone price target raised 20% to $1.78 by Maybank Kim Eng

Stock Name: Riverstone
Company Name: RIVERSTONE HOLDINGS LIMITED

Research House: Maybank Kim Eng

Price Call: BUY

Target Price: 1.78

SINGAPORE (May 5): Maybank Kim Eng has raised its price target for Riverstone Holdings from $1.48 to $1.78, based on 18 times projected 2015 earnings, after increasing its 2015 to 2017 earnings per share estimates by 21% to 23% to factor in higher selling prices and gross margins.

The changes take into account the rubber glove maker's 1Q2015 results.

Earnings for the quarter rose to RM27 million ($10 million) from RM16 million a year earlier, aided by stronger revenue, lower raw material costs and a better product mix.

China Merchant Holdings (Pacific) downgraded to "hold" by CIMB

Stock Name: CMPacific
Company Name: CHINA MERCHANTS HLDGS(PACIFIC)

Research House: CIMB

Price Call: HOLD

Target Price: 1.16

SINGAPORE (May 4): CIMB has downgraded China Merchant Holdings (Pacific) to "hold" from "add", saying the stock is fully valued at its current price.

It has a price target of $1.16 on the stock.

The company's 1Q2015 core earnings of HK$134 million, up 4.6% y-o-y, were below expectations, weighed down by lower contributions from Guihuang Highway, its toll road business, according to CIMB analysts Roy Chen and William Tng.

Guihuang's toll revenue during the quarter was hurt by a drop in traffic volume, although earnings grew 10%, they noted.

CapitaLand price target raised to $4.20 by RHB; 'buy' call intact

Stock Name: CapitaLand
Company Name: CAPITALAND LIMITED

Research House: RHB

Price Call: BUY

Target Price: 4.20

SINGAPORE (May 4): RHB Securities Singapore has bumped up its price target for CapitaLand to $4.20 from $3.96 and kept its "buy" call.

"We like the fact that 94% of CapitaLand's China exposure by value is in Tier 1 and 2 cities, which limits downside risk," RHB analysts Ong Kian Lin and Ivan Looi wrote in a note today.

"We are keeping our eyes on more synergistic benefits related to its 'One CapitaLand' strategy - with a single listed developer integrated across asset classes, delivering a sustainable return on equity of 8%-12%," they said.

Venture Corp cut to "hold" by DBS Vickers; $8.40 target intact

Stock Name: Venture
Company Name: VENTURE CORPORATION LIMITED

Research House: DBS Vickers

Price Call: HOLD

Target Price: 8.40

SINGAPORE (May 4): DBS Vickers has downgraded Venture Corp to "hold" from "buy" as the stock is trading near its price target of $8.40, which is based on a historical mean price-to-earnings multiple of 15 times.

The contract electronics maker's growth prospects in the medium term are also uncertain, given the sluggish economic conditions in the world's major economies, according to DBS Vickers analyst Sachin Mittal.

"European economic growth has remained relatively weak over the past few years, affecting overall orders for Venture," he wrote in a note today.

SMRT cut to "reduce", target lowered to $1.64 by CIMB

Stock Name: SMRT
Company Name: SMRT CORPORATION LTD

Research House: CIMB

Price Call: SELL

Target Price: 1.64

SINGAPORE (May 4): CIMB has downgraded SMRT Corp to "reduce" from "hold" and cut its price target from $1.80 to $1.64, saying the public transport operator's rail business will face increasing challenges.

It also lowered its earnings per share estimates for FY2016 to FY2018 by 10.6% to 12.2% to factor in rising repair and maintenance costs, and higher depreciation charges associated with SMRT's expanded train fleet.

The company's rail business reported its first quarterly loss in its fiscal fourth quarter ended March 31, hurt by a bigger repair and maintenance bill.

Global Testing price target raised 17.6% to 20 cents by RHB

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

Research House: RHB

Price Call: BUY

Target Price: 0.20

SINGAPORE (May 4): RHB Securities Singapore has raised its price target for Global Testing Corp from 17 cents to 20 cents, based on a discounted cash-flow valuation.

"Due to capital expenditure lowering significantly going forward, accompanied by higher profits, we switch to a discounted cash-flow valuation to better value the rich free cash flow that Global Testing will be able to generate," RHB analysts Jarick Seet and Terence Wong wrote in a note today.

They have a "buy" call on the stock.

Yangzijiang price target raised to $1.54 by OCBC; "buy" call intact

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

Research House: OCBC

Price Call: BUY

Target Price: 1.54

SINGAPORE (April 30): OCBC Investment Research has lifted its sum-of-parts price target for Yangzijiang Shipbuilding to $1.54 from $1.42 after rolling forward its valuation peg, which is now based on blended 2015/16 earnings for the shipbuilding business and 0.95 times book value for the company's held-to-maturity investment portfolio.

OCBC still has a "buy" call on the stock.

CDL Hospitality Trusts upgraded to 'add' by CIMB; $1.89 target intact

Stock Name: CDL HTrust
Company Name: CDL HOSPITALITY TRUSTS

Research House: CIMB

Price Call: BUY

Target Price: 1.89

SINGAPORE (Apr 30): CDL Hospitality Trusts (CDL-HT) is expected to benefit from the upcoming SEA games, according to CIMB Research.

"On the back of a stronger outlook, we upgrade out call on CDL-HT to an "add" with an unchanged target price of $1.89," said CIMB Research in a note released on April 30.

"We believe that CDL-HT is well-positioned to benefit from the upcoming SEA Games as four out of six of its hotels have been arranged to provide accommodation for the athletes and their entourages," it added.

Thai Beverage kept at 'add' by CIMB with unchanged target price of 82 cents

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

Research House: CIMB

Price Call: BUY

Target Price: 0.82

SINGAPORE (Apr 30): CIMB Research has maintained its "add" call on Thai Beverage with an unchanged target price of 82 cents.

"2015 looks like the year for Thai Beverage to ride on the sustained turnaround in beer's profitability and to use the free cashflow from alcohol to expand its non-alcoholic business," said CIMB analysts Kenneth Ng and Jonathan Seow in a research note released on April 29.

Jardine Cycle & Carriage kept at 'neutral' with target price of $37.50

Stock Name: Jardine C&C
Company Name: JARDINE CYCLE & CARRIAGE LTD

Research House: Golman Sachs

Price Call: HOLD

Target Price: 37.50

SINGAPORE (Apr 30): Goldman Sachs has maintained its "neutral" call on Jardine Cycle & Carriage (JCC) with a target price of $37.50.

Jardine C&C reported 1QFY2015 net profit of US$178 million, an 18% decline y-o-y, 20% below Goldman Sachs' expectations. The miss came mainly from its poor Astra International results.

Non-Astra results were in line with Goldman Sachs' expectations with Vietnam delivering strong unit sales and good margins.

Memtech started at "add", 22-cent price target by CIMB

Stock Name: Memtech Intl
Company Name: MEMTECH INTERNATIONAL LTD

Research House: CIMB

Price Call: BUY

Target Price: 0.22

SINGAPORE (April 29): CIMB has started coverage on Memtech International with an "add" rating and a price target price of 22 cents, which is based on 10 times projected FY2016 earnings.

"Memtech appears set for multi-year earnings growth as the company successfully transitions towards serving automotive customers after the demise of the handset keypad industry," CIMB analyst William Tng wrote in a note.

Singapore-based Memtech makes high-end silicone rubber and plastic components used in the automotive, telecommunications and consumer electronics industries.

Raffles Medical upgraded to "buy", target raised to $4.70 by RHB

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

Research House: RHB

Price Call: BUY

Target Price: 4.70

SINGAPORE (April 29): RHB Securities Singapore has upgraded Raffles Medical Group to "buy" from "neutral" and lifted its price target to $4.70, which is based on a discounted cash flow valuation.

"With several confirmed new spaces coming on stream, we believe Raffles Medical Group is at an inflexion point for its next stage of growth," RHB analysts James Koh and Juliana Cai wrote in a note today.

DBS kept at 'buy' by RHB Research with higher target price of $23.30

Stock Name: DBS
Company Name: DBS GROUP HOLDINGS LTD

Research House: RHB

Price Call: BUY

Target Price: 23.30

SINGAPORE (Apr 28): DBS Group Holdings' core earnings is expected to grow 14% in FY15, supported by healthy income growth and a stable credit cost, according to RHB Research Institute.

It said DBS Group offers the "best leverage" to the rise in Singapore's short-term rates, with evidence of net interest margin (NIM) expansion becoming evident from the second quarter last year.

RHB raised target price to $23.30 from $22.30 previously and retained a "buy" call for the stock.

Frasers Commercial Trust raised to "add", target lifted to $1.60 by CIMB

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

Research House: CIMB

Price Call: BUY

Target Price: 1.60

SINGAPORE (April 28): CIMB has upgraded Frasers Commercial Trust (FCOT) to "add" from "hold" and bumped up its price target to $1.60 from $1.56, saying the REIT's move to monetise part of its China Square Central property will bode well for rental income.

Sheng Siong kept at 'buy' by DBS with higher target price of 90.5 cents

Stock Name: Sheng Siong
Company Name: SHENG SIONG GROUP LTD

Research House: DBS Vickers

Price Call: BUY

Target Price: 0.905

SINGAPORE (Apr 27): DBS Vickers Securities has raised target price for Sheng Siong Group to 90.5 cents from 83 cents previously.

The research house kept its "buy" call on the stock as the stock offers better margins and dividend yield than regional peers, coupled with cheaper valuations.

"We maintain buy on SSG with a total return (including dividend) of 15%," said DBS Vickers analysts Alfie Yeo and Andy Sim in a report dated April 24.

Sheng Siong kept at 'add' by CIMB with higher target price of 89 cents

Stock Name: Sheng Siong
Company Name: SHENG SIONG GROUP LTD

Research House: CIMB

Price Call: BUY

Target Price: 0.89

SINGAPORE (Apr 27): CIMB Research has raised FY15-FY17 earnings per share forecasts for Sheng Siong Group on higher gross margins assumptions.

Target price for the supermarket retail group was also revised higher to 89 cents from 84 cents previously.

CIMB Research said Sheng Siong's revenue is expected to be driven by five new stores, with three of the stores due to be open by June this year. The other two stores were opened in December 2014 and January 2015.

SATS upgraded to "add", target raised to $3.31 by CIMB

Stock Name: SATS
Company Name: SATS LTD.

Research House: CIMB

Price Call: BUY

Target Price: 3.31

SINGAPORE (April 27): CIMB has upgraded SATS to "add" from "hold" and raised its price target from $2.95 to $3.31, which is based on 17 times projected FY2016 earnings.

It has also increased its earnings per share estimates by 5% for FY2016 and FY2017 to factor in potential cost savings and higher margins as the company increasingly automates its business processes.

CDW Holding gets "buy" call from RHB; 31-cent price target

Stock Name: CDW
Company Name: CDW HOLDING LIMITED

Research House: RHB

Price Call: BUY

Target Price: 0.31

SINGAPORE (April 27): RHB Securities Singapore has started coverage of CDW Holding with a "buy" rating and price target of 31 cents.

Shares of the Hong Kong-based company, which makes components for LCD screens and printed circuits for mobile devices, are substantially undervalued, according to RHB analysts Jarick Seet and Terence Wong.

With net cash making up 76% of its current market value, CDW is effectively trading at a bargain of 1.8 times projected FY2015 earnings, excluding cash, they said.

Mapletree Commercial Trust downgraded to "hold" by DBS Vickers

Stock Name: Mapletree Com Tr
Company Name: MAPLETREE COMMERCIAL TRUST

Research House: DBS Vickers

Price Call: HOLD

Target Price: 1.63

SINGAPORE (April 23): DBS Vickers has downgraded Mapletree Commercial Trust (MCT) to "hold" from "buy", citing limited upside to its price target of $1.63.

MCT's fundamentals remain resilient, though, as reflected by its latest results, according to DBS Vickers analysts Rachael Tan and Derek Tan.

Revenue for the fourth quarter ended March 31 rose 3.5% y-o-y to $71 million while net property income grew 4.6% to $53 million, driven by rental increases at its Vivocity mall and office buildings.

Genting Singapore downgraded to "hold" by Maybank Kim Eng

Stock Name: Genting Sing
Company Name: GENTING SINGAPORE PLC

Research House: Maybank Kim Eng

Price Call: HOLD

Target Price: 1.08

SINGAPORE (April 23): Maybank Kim Eng has downgraded Genting Singapore to "hold" from "buy", citing limited upside to its $1.08 price target.

The company's Resorts World Sentosa (RWS) likely ceded market share again to Marina Bay Sands (MBS) in 1Q2015, based on Las Vegas Sands' just-released 1Q2015 results, according to Maybank Kim Eng analyst Yin Shao Yang.

While MBS's high-roller volume stagnated q-o-q, it was still better than the 28% decline seen at casinos in Macau, Yin noted.

Singapore Exchange cut to "reduce", target lowered to $7.99 by CIMB

Stock Name: SGX
Company Name: SINGAPORE EXCHANGE LIMITED

Research House: CIMB

Price Call: SELL

Target Price: 7.99

SINGAPORE (April 23): CIMB has downgraded Singapore Exchange to "reduce" from "hold" and trimmed its price target to $7.99 from $8.08.

"Current valuations suggest that the market is pricing in a sustained recovery in securities trading volumes - a scenario that we believe is not likely in the medium term," CIMB analysts Kenneth Ng and Jessalynn Chen wrote in a note.

CapitaCommercial Trust upgraded to "hold" by OCBC on recent pullback

Stock Name: CapitaCom Trust
Company Name: CAPITACOMMERCIAL TRUST

Research House: OCBC

Price Call: HOLD

Target Price: 1.67

SINGAPORE (April 23): OCBC Investment Research has upgraded CapitaCommercial Trust (CCT) to "hold" from "sell" on valuation grounds, noting that the stock has fallen more than 8% since mid-January.

It has a price target of $1.67 on CCT.

The REIT's 1Q2015 results, released yesterday, were broadly in line with expectations, according to OCBC analyst Eli Lee.

Distribution per unit came in at 2.12 cents, up from 2.04 cents a year earlier, while revenue rose 6.5% to $68.2 million and net property income grew 6.4% to $54 million.

Mapletree Industrial Trust downgraded to "hold" by CIMB

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

Research House: CIMB

Price Call: HOLD

Target Price: 1.66

SINGAPORE (April 22): CIMB has downgraded Mapletree Industrial Trust (MIT) to "hold" from "add", saying the stock is fairly valued.

It has a price target of $1.66.

While MIT is "well positioned" to seize acquisition opportunities given its gearing of 30.6% and "well-staggered" debt profile, catalysts in the near term are few as its growth driver - a $226-million build-to-suit project for HP - will be ready only in 2H2016, according to CIMB analyst Pang Ti Wee.

CapitaCommercial Trust upgraded to "hold" by CIMB; $1.69 target intact

Stock Name: CapitaCom Trust
Company Name: CAPITACOMMERCIAL TRUST

Research House: CIMB

Price Call: HOLD

Target Price: 1.69

SINGAPORE (April 22): CIMB has upgraded CapitaCommercial Trust (CCT) to "hold" from "reduce" on valuation grounds, saying the stock is fairly valued following its 9.5% pullback in the last three months.

It has a price target of $1.69 on CCT.

The office REIT's 1Q2015 results, released earlier today, were in line with expectations, according to CIMB analyst Pang Ti Wee.

Distribution per unit came in at 2.12 cents, up from 2.04 cents a year earlier, while revenue rose 6.5% to $68.2 million and net property income increased 6.4% to $54 million.

IPS Securex kept at 'buy' with unchanged 63 cents target by RHB

Stock Name: IPSSecurex
Company Name: IPS SECUREX HOLDINGS LIMITED

Research House: RHB

Price Call: BUY

Target Price: 0.63

SINGAPORE (Apr 21): RHB Research has maintained its "buy" call with an unchanged target price of 63 cents on IPS Securex Holdings as it remained bullish view on the company's outlook.

In a note to client today, RHB Research said it expects stellar results ahead as IPS continues to establish a stable foothold in the homeland security business.

"In addition, we are optimistic about more potential contract wins as well on sales of PepperBall Technologies-related products to neighbouring governments, which could bring IPS' earnings to a whole new level," it added.

SMRT kept at 'hold' by CIMB with $1.80 target price

Stock Name: SMRT
Company Name: SMRT CORPORATION LTD

Research House: CIMB

Price Call: HOLD

Target Price: 1.80

SINGAPORE (Apr 20): CIMB has maintained its "hold" call on SMRT Corporation with a target price of $1.80 despite the transport operator's announcement of collaboration with OMGTEL (OMG) to be the fourth telco in Singapore.

According to the agreement, SMRT was offered the opportunity to invest up to $34.5 million via an option to subscribe for shares in OMG. The exercise of the option would be subject to OMG winning the telco licence, among other things.

OMG was incorporated in Singapore in October 2014 by Consistel Pte Ltd for the specific purpose of the telco bid.

Linc Energy cut to "neutral", target slashed to 47 cents by Credit Suisse

Stock Name: Linc Energy
Company Name: LINC ENERGY LTD

Research House: Credit Suisse

Price Call: HOLD

Target Price: 0.47

SINGAPORE (April 20): Credit Suisse has downgraded Linc Energy to "neutral" from "outperform" and slashed its sum-of-parts price target to 47 cents from $1.20.

The oil and gas exploration and production firm has found itself in a "less conducive" environment, according to Credit Suisse analysts David Hewitt and Tan Shew Heng.

The company started three well-exploration campaigns in Arckaringa, South Australia, but stopped work for the third well as results were not promising, they noted.

Neptune Orient Lines raised to "outperform", target lifted to $1.20 by Credit Suisse

Stock Name: NOL
Company Name: NEPTUNE ORIENT LINES LIMITED

Research House: Credit Suisse

Price Call: BUY

Target Price: 1.20

SINGAPORE (April 16): Credit Suisse has upgraded Neptune Orient Lines to "outperform" from "neutral" and lifted its price target from $1.10 to $1.20, now based on 0.8 times book value.

With 42% of its capacity deployed on the Transpacific route, NOL has the container shipping sector's second-greatest exposure to the lane "where we see rates rising for the first time since 2010", Credit Suisse analysts Timothy Ross and Christopher Siow wrote in a note today.

Memtech started at "buy", 17-cent target by KGI Fraser

Stock Name: Memtech Intl
Company Name: MEMTECH INTERNATIONAL LTD

Research House: KGI Fraser

Price Call: BUY

Target Price: 0.17

SINGAPORE (April 14): KGI Fraser Securities has started coverage on Memtech International with a "buy" rating and 17-cent price target, pegged at 11 times projected 2015 earnings.

The Singapore-based maker of components and parts for the automotive and electronics industries is seeing a resurgence in business following years of struggle, according to KGI analyst Renfred Tay.

Keppel REIT upgraded to "buy", target raised to $1.32 by DBS Vickers

Stock Name: Keppel Reit
Company Name: KEPPEL REIT

Research House: DBS Vickers

Price Call: BUY

Target Price: 1.32

SINGAPORE (April 14): DBS Vickers has upgraded Keppel REIT to "buy" from "hold" and raised its price target to $1.32 from $1.29.

"K-REIT's share price performance has lagged other large cap S-REIT peers in recent months, and we believe it is time to play catch-up as fears of a fallout in distribution per unit are behind us and have been priced in," DBS Vickers analysts Derek Tan and Rachael Tan wrote in a note today.

M1 downgraded to "hold" by DBS Vickers; $4.05 target intact

Stock Name: M1
Company Name: M1 LIMITED

Research House: DBS Vickers

Price Call: HOLD

Target Price: 4.05

SINGAPORE (April 14): DBS Vickers has downgraded M1 to "hold" from "buy", citing limited upside to its $4.05 price target.

The company's 1Q2015 earnings of $45.7 million (up 6.8% y-o-y) were in line with expectations, but its share price is likely to trade in a tight band until there is clarity on whether Singapore will have a fourth mobile operator, according to DBS Vickers analyst Sachin Mittal.

M1 downgraded to "neutral" by CIMB; $3.80 target intact

Stock Name: M1
Company Name: M1 LIMITED

Research House: CIMB

Price Call: HOLD

Target Price: 3.80

SINGAPORE (April 14): CIMB has downgraded M1 to "hold" from "add", saying the stock's current valuations are fair with the company's enterprise value at 16.2 times its operating free cash flows.

CIMB's price target of $3.80 is intact.

Following a q-o-q decline in its 1Q2015 revenue, M1 should benefit from an average price hike of $2 to $3 for its monthly post-paid plans, as well as from additional data usage revenue as subscribers move to tiered pricing plans, CIMB analyst Foong Choong Chen wrote in a note.

DBS downgraded to "neutral", target cut to $20.50 by JPMorgan

Stock Name: DBS
Company Name: DBS GROUP HOLDINGS LTD

Research House: JP Morgan Chase

Price Call: HOLD

Target Price: 20.50

SINGAPORE (April 14): JPMorgan has downgraded DBS Group Holdings to "neutral" from "overweight" and reduced its price target to $20.50 from $21.50.

JPMorgan analysts Harsh Modi and Josh Klaczek lowered their earnings estimates for the bank by 13% for 2016 and 15% for 2016 to reflect an expected drop in net interest income.

"The key driver for the stock's 28% rally in the last 12 months (versus the Straits Times Index's 9% gain) was expectations of rising rates, which are now getting challenged," they wrote in a note.

Ezion price target reduced by 16.6% to $1.51 by CIMB

Stock Name: Ezion
Company Name: EZION HOLDINGS LIMITED

Research House: CIMB

Price Call: BUY

Target Price: 1.51

SINGAPORE (April 10): CIMB has cut its price target for Ezion Holdings to $1.51 from $1.81 after lowering its FY2015 to FY2017 earnings per share estimates by 22% to 36% to factor in a projected 20% decline in charter rates for the company's liftboats and service rigs.

Ezion, which has 37 liftboats and services rigs, may even end up with one or two contract cancellations, according to CIMB analyst Yeo Zhi Bin.

Swissco price target slashed 39% to 55 cents by CIMB

Stock Name: Swissco Hldg
Company Name: SWISSCO HOLDINGS LIMITED

Research House: CIMB

Price Call: HOLD

Target Price: 0.55

SINGAPORE (April 10): CIMB has cut its price target for Swissco Holdings to 55 cents from 90 cents after lowering its FY2015 to FY2017 earnings per share estimates by 30% to 39% to reflect a projected 20% fall in day rates for the company's rigs.

Swissco has nine rigs, of which seven are chartered to Pemex. Three of these seven rigs are operated by GSP while four are by Ensco.

Contracts on three of the four rigs operated by Ensco are due for renewal this year.

VARD Holdings cut to "reduce", target cut to 40 cents by CIMB

Stock Name: Vard
Company Name: VARD HOLDINGS LIMITED

Research House: CIMB

Price Call: SELL

Target Price: 0.40

SINGAPORE (April 10): CIMB has downgraded VARD Holdings to "reduce" from "hold" and cut its price target to 40 cents from 54 cents.

The new target is based on 0.6 times FY2015 book value versus 0.8 times previously.

CIMB has also lowered its earnings per share estimates by 4% for FY2016 and 28% for FY2017 to factor in expected fewer orders.

A low order replenishment rate, less profitable orders and crimped margins from lower operating leverage are likely to lower the shipbuilder's return on equity to 4% from 9% in FY2017, according to CIMB analyst Yeo Zhi Bin.

Ezra price target cut 23% to 40 cents by Daiwa; still "underperform"

Stock Name: Ezra
Company Name: EZRA HOLDINGS LIMITED

Research House: Daiwa

Price Call: SELL

Target Price: 0.40

SINGAPORE (April 9): Daiwa has cut its price target for Ezra Holdings to 40 cents from 52 cents after lowering its earnings per share estimates for FY2015 to FY2017 by 9% to 16%.

The revised target also factors in larger working capital requirements.

Daiwa has an "underperform" rating on the stock.

Ezra cut to "reduce", target slashed 54% to 38 cents by CIMB

Stock Name: Ezra
Company Name: EZRA HOLDINGS LIMITED

Research House: CIMB

Price Call: SELL

Target Price: 0.38

SINGAPORE (April 9): CIMB has downgraded Ezra Holdings to "reduce" from "add" and slashed its price target to 38 cents from 83 cents after the company reported substantially lower earnings for the quarter ended Feb 28.

Earnings fell to US$138,000 ($186,488) from US$19.6 million a year earlier, hurt by lower contributions from associates, losses from joint ventures and higher administrative and finance expenses.

"Both subsea and offshore support are facing headwinds of rate cuts and margin pressure," CIMB analyst Lim Siew Khee wrote in a note.

Triyards Holdings coverage started at "buy", 77-cent target by RHB

Stock Name: Triyards
Company Name: TRIYARDS HOLDINGS LIMITED

Research House: RHB

Price Call: BUY

Target Price: 0.77

SINGAPORE (April 8): RHB Securities Singapore has started coverage on Triyards Holdings with a "buy" rating and price target of 77 cents, based on six times projected FY2015 earnings.

The shipbuilder's net order book of US$380 million offers 15 months of earnings visibility. This could increase by US$150 million in June, under an investment agreement with Ezion Holdings, RHB analysts Jesalyn Wong and Lee Yue Jer wrote in a note today.

Nam Cheong cut to "hold", target reduced to 32 cents by CIMB

Stock Name: Nam Cheong
Company Name: NAM CHEONG LIMITED

Research House: CIMB

Price Call: HOLD

Target Price: 0.32

SINGAPORE (April 6): CIMB has downgraded Nam Cheong to "hold" from "add" and cut its price target to 32 cents from 39 cents after lowering its FY2015 to FY2017 earnings per share estimates by 7% to 23%.

"We concede that we were over-bullish to expect Nam Cheong to sustain its 2014 sales momentum," CIMB analyst Yeo Zhi Bin wrote in a note.

Yeo now expects the shipbuilder to sell 19 vessels in 2015 and 22 each in the next two years, down from his earlier forecast of 30 annually from 2015 to 2017.

Starhub upgraded to "buy", target raised to $5 by Maybank Kim Eng

Stock Name: StarHub
Company Name: STARHUB LTD

Research House: Maybank Kim Eng

Price Call: BUY

Target Price: 5.00

SINGAPORE (April 2): Maybank Kim Eng has upgraded Starhub to "buy" from "hold" and raised its price target to $5.00 from $4.40.

Starhub and Singtel have bundled packages offering services like pay-TV and mobile broadband at competitive rates, but the former's "bundling proposition" is the stronger and will "render it most resilient" to any competition that might arise if a new mobile operator enters the market, Maybank Kim Eng analyst Gregory Yap wrote in a note today.

"Its number of triple-service households for pay-TV, broadband and mobile has consistently grown y-o-y.

M1 cut to "hold", target reduced to $3.65 by Maybank Kim Eng

Stock Name: M1
Company Name: M1 LIMITED

Research House: Maybank Kim Eng

Price Call: HOLD

Target Price: 3.65

SINGAPORE (April 2): Maybank Kim Eng has downgraded M1 to "hold" from "buy" and cut its price target to $3.65 from $4.24.

M1 is the most vulnerable to new competition in Singapore's mobile market, with 20% to 30% of its mobile revenue at risk in the worst-case scenario, according to Maybank Kim Eng analyst Gregory Yap.

"If and when MyRepublic enters the market as a fourth operator, it is likely to target M1's subscribers as the lowest-hanging fruit," he wrote in a note today.

Frasers Centrepoint Trust coverage restarted at "buy", $2.22 target by RHB

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

Research House: RHB

Price Call: BUY

Target Price: 2.22

SINGAPORE (April 2): RHB Securities Singapore has restarted coverage on Frasers Centrepoint Trust (FCT) with a "buy" rating and price target of $2.22.

"Frasers Centrepoint Trust is a defensive investment in this volatile equity market," RHB analysts Ivan Looi and Ong Kian Lin wrote in a note today.

FCT is the only REIT with 100% exposure to the "defensive" suburban retail market, they said, noting that its occupancy rates during the global financial crisis were strong at between 87.7% and 88.7%.

Pacific Radiance coverage started at "hold", 64-cent target by KGI Fraser

Stock Name: Pacific Radiance
Company Name: PACIFIC RADIANCE LTD.

Research House: KGI Fraser

Price Call: HOLD

Target Price: 0.64

SINGAPORE (March 31): KGI Fraser Securities has started coverage on Pacific Radiance with a "hold" rating and price target of 64 cents, based on six times projected FY2015 earnings.

The company, which owns and operates offshore support vessels and provides subsea services, will be dragged down by its subsea business this year as a result of reduced demand, according to KGI analyst Joel Ng.

The subsea unit accounted for 27% and 19% respectively of Pacific Radiance's revenues in the last two years.

Nam Cheong coverage started at "sell", 27-cent target by KGI Fraser

Stock Name: Nam Cheong
Company Name: NAM CHEONG LIMITED

Research House: KGI Fraser

Price Call: SELL

Target Price: 0.27

SINGAPORE (March 31): KGI Fraser Securities has started coverage on Nam Cheong with a "sell" rating and price target of 27 cents, based on six times projected 2015 earnings.

The offshore support vessel builder's 40% annual earnings growth in the last three years is "a thing of the past" as the market is expected to face an oversupply of such vessels this year, according to Nam Cheong analyst Joel Ng.

"We see pressure on margins as it sells its built to stock vessels in a much weaker market that we expect to persist well into 2015," he wrote in a note today.

Ezion started at "hold", $1.12 target by KGI Fraser Securities

Stock Name: Ezion
Company Name: EZION HOLDINGS LIMITED

Research House: KGI Fraser

Price Call: HOLD

Target Price: 1.12

SINGAPORE (March 31): KGI Fraser Securities has started coverage on Ezion Holdings with a "hold" rating and a sum-of-parts price target of $1.12.

Once seen as "resilient" as its lift boats are mainly used in shallow waters, Ezion is increasingly at risk of seeing reduced demand for its service rigs amid weaker oil prices, according to KGI analyst Joel Ng.

"Low oil prices are slowing down new oil field developments, such that the only source of demand comes from redevelopment of existing fields," he wrote in a note today.

Sembcorp Marine cut to "reduce", target cut to $2.82 by CIMB

Stock Name: Sembcorp Marine
Company Name: SEMBCORP MARINE LTD

Research House: CIMB

Price Call: SELL

Target Price: 2.82

SINGAPORE (March 30): CIMB has downgraded Sembcorp Marine to "reduce" from "add", saying the rig builder is facing the beginning of an "order drought".

It also cut its price target from $3.39 to $2.82, based on 11 times projected 2016 earnings, after lowering its 2015 to 2017 earnings per share estimates by 6% to 21% to factor in fewer orders.

CIMB analyst Lim Siew Khee now expects SembMarine to secure just $1.2 billion worth of new orders this year, down from an earlier forecast of $2 billion.

Swiber price target cut 32% to 17 cents by Maybank Kim Eng

Stock Name: Swiber
Company Name: SWIBER HOLDINGS LIMITED

Research House: Maybank Kim Eng

Price Call: HOLD

Target Price: 0.25

SINGAPORE (March 25): Maybank Kim Eng has cut its price target for Swiber Holdings from 25 cents to 17 cents, based on 0.2 times book value versus 0.3 times previously, and kept its "hold" rating.

The stock trades at only 0.2 times book value, but the company's balance sheet is cause for concern given its gearing of 1.5 times and negative free cash flows, according to Maybank Kim Eng analyst Yeak Chee Keong.

Venture Corp cut to "hold" by OCBC; target unchanged at $8.41

Stock Name: Venture
Company Name: VENTURE CORPORATION LIMITED

Research House: OCBC

Price Call: HOLD

Target Price: 8.41

SINGAPORE (March 26): OCBC Investment Research has downgraded Venture Corp to "hold" from "buy" as the stock has breached its price target of $8.41.

Even so, business prospects for the contract electronics manufacturer remain favourable, underpinned by continued growth in the global semiconductor industry, according to OCBC analyst Carey Wong.

Mapletree Industrial Trust started at "buy", $1.74 target by Maybank Kim Eng

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

Research House: Maybank Kim Eng

Price Call: BUY

Target Price: 1.74

SINGAPORE (March 26): Maybank Kim Eng has started coverage on Mapletree Industrial Trust (MIT) at "buy" and a price target of $1.74.

Two of MIT's build-to-suit projects - BTS Equinix and BTS-Hewlett Packard - will help offset risks stemming from Singapore's "below-trend" economic growth, according to Maybank Kim Eng analyst Joshua Tan.

MIT gets some 85% of its revenue from factories and 15% from business parks.