Hi-P kept at "buy" with 87-cent target by DMG

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

Research House: OSK-DMG

Price Call: BUY

Target Price: 0.87

SINGAPORE (Jan 30): DMG & Partners is keeping its "buy" call and 87-cent price target for Hi-P International, saying the contract manufacturer is expected to benefit from a ramp-up in production of the YotaPhone 2, the world's first dual-screen smartphone.

Available in most parts of the world this quarter, the phone consists of an LCD screen on the front and a Kindle-like screen on the back, with improved sensitivity for a better reading experience.

SMRT price target raised 11.8% to $1.90 by OCBC

Stock Name: SMRT
Company Name: SMRT CORPORATION LTD

Research House: OCBC

Price Call: HOLD

Target Price: 1.90

SINGAPORE (Jan 30): OCBC Investment Research has raised its price target for SMRT Corp to $1.90 from $1.70 after increasing its earnings estimates by 4.1% for FY2015 and 15.3% for FY2016 to factor in lower fuel costs.

"We expect the lower energy costs will drive up profitability of SMRT at least in FY16," OCBC analyst Eugene Chua wrote in a note.

The public transport operator's outlook remains positive as it has shown its ability to manage expenses and is expected to recognise rental revenue from its Kallang Wave Mall from FY2016, he said.

CIMB raises Sheng Siong's target price by 7 cents after earnings revision

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

Research House: CIMB

Price Call: BUY

Target Price: 0.84

SINGAPORE (Jan 29): CIMB is maintaining its "Add" call on Sheng Siong Group but raised its target price (TP) by 7 cents to 84 cents from 77 cents after revising the group's FY15 and FY16 earnings per share (EPS) by 4% and 7% respectively.

In a research report today, CIMB has revised Sheng Siong's store growth assumptions to factor in recent new stores including the opening of 14,000 sq ft additional retail space in the past two months, which are located in Penjuru and Tampiness respectively.

OUE Hospitality Trust kept at 'add' with $1.00 target by CIMB

Stock Name: OUE HTrust
Company Name: OUE HOSPITALITY TRUST

Research House: CIMB

Price Call: BUY

Target Price: 1.00

SINGAPORE (Jan 29): CIMB Research is maintaining its "add" on OUE Hospitality Trust with a target price of $1.00.

In a Jan 28 note, the research house says this should be an "exciting" year for OUE H-Trust given the more favourable outlook for Singapore's tourism industry for 2015.

OUE-HT delivered $23.6 million in distributable income and DPU of 1.78 cents, beating forecasts made during its IPO by 1.3% and 1.1% respectively.

CDL Hospitality Trusts downgraded to "hold" by CIMB

Stock Name: CDL HTrust
Company Name: CDL HOSPITALITY TRUSTS

Research House: CIMB

Price Call: HOLD

Target Price: 1.86

SINGAPORE (Jan 29): CIMB has downgraded CDL Hospitality Trusts (CDL-HT) to "hold" from "add" and cut its price target to $1.86 from $1.90, citing stretched valuations and an expected drop in business in 1Q2015.

The property trust's distribution per unit for 1Q2015 is likely to be lower because of reduced business travel during the Chinese New Year period in February and the absence of a major annual aerospace event in Singapore at the start of the year, according to CIMB analyst Pang Ti Wee.

Hutchison Port Holdings Trust cut to "hold" by Deutsche Bank

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

Research House: Deutsche Bank

Price Call: HOLD

Target Price: 0.70

SINGAPORE (Jan 28): Deutsche Bank has downgraded Hutchison Port Holdings Trust to "hold" from "buy" and cut its price target to 70 US cents from 74 US cents after lowering its 2015-2016 earnings estimates slightly to factor in expected higher operating costs and taxes.

While HPH Trust may be able to achieve its own distribution per unit target of 41 Hong Kong cents (7.15 Singapore cents) for 2014, its payout for this year could fall to 34 Hong Kong cents, according to Deutsche Bank analysts Sky Wong and Joe Liew.

Riverstone Holdings kept at 'buy' by Maybank Kim Eng with $1.21 target price

Stock Name: Riverstone
Company Name: RIVERSTONE HOLDINGS LIMITED

Research House: Maybank Kim Eng

Price Call: BUY

Target Price: 1.21

SINGAPORE (Jan 28): Maybank Kim Eng is maintaining its "buy" call on Riverstone Holdings with a $1.21 target price.

In a Jan 28 report, Maybank Kim Eng says competition in the nitrile healthcare glove sector is expected to intensify this year on a 17% rise in capacity for 19 billion gloves by the Big Four glovemakers and Riverstone.

"Still, we think providers of differentiated products and more efficient players with strong take-up for their new capacity can continue to thrive," say analysts John Cheong and Gregory Yap.

Parkway Life REIT target raised to $2.60 by CIMB

Stock Name: ParkwayLife Reit
Company Name: PARKWAYLIFE REIT

Research House: CIMB

Price Call: BUY

Target Price: 2.60

SINGAPORE (Jan 28): CIMB has raised its price target for Parkway Life REIT to $2.60 from $2.53 after increasing its distribution per unit estimates to factor in gains from the property trust's recent divestment of seven nursing homes in Japan.

The $13.5-million gain will be distributed to investors in 2015 once the sales proceeds are repatriated from Japan.

With the additional payout, Parkway Life's total distribution for 2015 could amount to 13.7 cents a unit, according to CIMB analyst Tan Xuan, who has an "add" rating on the stock.

Mapletree Greater China Commercial Trust cut to "hold" by OCBC

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

Research House: OCBC

Price Call: HOLD

Target Price: 1.01

SINGAPORE (Jan 28): OCBC Investment Research has downgraded Mapletree Greater China Commercial Trust (MGCCT) to "hold" from "buy", citing limited upside to its $1.01 price target.

Even so, MGCCT's fundamentals remain resilient, according to OCBC analyst Andy Wong.

The REIT's overall occupancy rate as at Dec 31 was "a healthy" 99.4%, while tenants' sales at its Festival Walk property rose 5.1% y-o-y in the December quarter.

Innovalues kept at 'buy' with same 65 cents target price by Maybank Kim Eng

Stock Name: Innovalues
Company Name: INNOVALUES LIMITED

Research House: Maybank Kim Eng

Price Call: BUY

Target Price: 0.65

SINGAPORE (Jan 27): Maybank Kim Eng is maintaining its "Buy" call for Innovalues with an unchanged target price of $0.65, adding that the company remains the house's top small-cap pick in Singapore.

In a report released today, Maybank Kim Eng says that Innovalues would benefit from the strengthening of the USD. It is expected to gain a 0.7% boost to gross profit for every 1% gain in USD vs. SGD, as 90% of its revenue is denominated in USD.

CapitaMall Trust cut to "hold" by AmFraser

Stock Name: CapitaMall Trust
Company Name: CAPITAMALL TRUST

Research House: AmFraser

Price Call: HOLD

Target Price: 2.31

SINGAPORE (Jan 27): AmFraser Securities has downgraded CapitaMall Trust to "hold" from "buy" on valuation grounds following the stock's recent run-up. It has a price target of $2.31.

Investors can consider buying the stock if it heads down to $2.10, according to AmFraser analyst Wilson Liew.

Catalysts for the stock include yield-accretive acquisitions, which could include Bedok Mall, and a go-ahead to fully utilize the 380,000 sq ft of approved additional commercial gross floor area at Funan IT mall, he said.

Tiger Air kept at 'reduce' with target price of 18 cents by CIMB

Stock Name: Tigerair
Company Name: TIGER AIRWAYS HOLDINGS LIMITED

Research House: CIMB

Price Call: SELL

Target Price: 0.18

SINGAPORE (Jan 27): CIMB Research is maintaining its "reduce" call on Tiger Airways with a higher target price of 18 cents as the budget carrier continues "to face huge longer-term challenges".

In a Jan 26 report, analysts Raymond Yap and Gan Jian Bo say Tigerair Singapore's relatively stagnant forecast capacity to the Asean region of around 33,000 seats by July 2015 stands in marked contrast against other carriers' expansion.

Between July 2014 and July 2015, the seat capacity for Singapore to Asean is expected to rise 8.8%, against Tigerair Singapore's reduction of 1.2%.

CapitaMall Trust cut to "neutral" by Credit Suisse

Stock Name: CapitaMall Trust
Company Name: CAPITAMALL TRUST

Research House: Credit Suisse

Price Call: HOLD

Target Price: 2.37

SINGAPORE (Jan 26): Credit Suisse has downgraded CapitaMall Trust (CMT) to "neutral" from "outperform", citing limited upside to its revised price target of $2.37 after the stock's gain of about 10% since the start of the year.

"We prefer to look out for better entry points for the stock," Credit Suisse analysts Yvonne Voon and Daniel Lim said in a note.

They trimmed their price target from $2.40 after lowering their distribution per unit forecasts by 1.7% for 2015 and 2.8% for 2016 to factor in "a challenging retail outlook".

Hongkong Land price target lifted 5.6% to US$9.60 by Credit Suisse

Stock Name: HongkongLand USD
Company Name: HONGKONG LAND HOLDINGS LIMITED

Research House: Credit Suisse

Price Call: BUY

Target Price: 9.60

SINGAPORE (Jan 26): Credit Suisse has raised its price target for Hongkong Land to US$9.60 from $9.09 after revising its earnings per share estimates for 2014 to 2016, mainly to factor in higher revenue recognition from the company's property trading projects in Singapore and China.

The property group is slated to announce FY2014 results in late January.

Its underlying profit could come in at US$943 million ($1.18 billion), up 1%, according to Credit Suisse analysts Joyce Kwock and Wayne Lee.

Hutchison Port Holdings upgraded to "overweight" by JPMorgan

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

Research House: JP Morgan Chase

Price Call: BUY

Target Price: 0.86

SINGAPORE (Jan 26): JPMorgan has upgraded Hutchison Port Holdings Trust to "overweight" from "neutral" and raised its price target to 86 US cents from 75 US cents after increasing its earnings per share estimates by 4% for FY2015 and 8% for FY2016 to factor in expected tariff hikes in Hong Kong and Yantian, China.

Frasers Centrepoint Trust upgraded to "outperform" by Credit Suisse

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

Research House: Credit Suisse

Price Call: BUY

Target Price: 2.26

SINGAPORE (Jan 26): Credit Suisse has upgraded Frasers Centrepoint Trust (FCT) to "outperform" from "neutral" and raised its price target to $2.26 from $2.12.

The changes reflect an increase of between 1.8% and 3.5% in its FY2015 to FY2017 distribution per unit estimates to factor in lower-than-expected interest costs and improved rental growth at some of FCT's properties.

Ascott REIT kept at 'buy' with higher fair value price of $1.49

Stock Name: Ascott Reit
Company Name: ASCOTT RESIDENCE TRUST

Research House: OCBC

Price Call: BUY

Target Price: 1.49

SINGAPORE (Jan 23): OCBC Investment Research has raised its fair value estimate for Ascott Residence Trust (ART) to $1.49 from $1.37 to reflect its resilient business model and geographical diversification in a challenging global macroeconomic environment.

For 4QFY14, ART reported an increase in revenue of 13.2% y-o-y to $95 million, while DPU jumped 62.4% to 2.16 cents. For the whole year, revenue climbed 12.8% to $357.2 million.

Suntec REIT cut to 'hold' by UOB Kay Hian with higher target price of $2.08

Stock Name: Suntec Reit
Company Name: SUNTEC REAL ESTATE INV TRUST

Research House: UOB KayHian

Price Call: HOLD

Target Price: 2.08

SINGAPORE (Jan 23): UOB Kay Hian is downgrading its "hold" call on Suntec REIT with a higher target price of $2.08 from $2.05 previously.

In a report today by analyst Vikrant Pandey, UOB sees limited upside in the REIT after the 26% yoy surge in its share price.

Management has also noted the challenging operating environment for the retail segment that resulted in a qoq drop in Suntec Mall's overall committed rents.

In the latest 4Q14, Suntec REIT reported a DPU of 2.557 cents, up 0.6% from a year ago and up 0.8% from the previous quarter.

Keppel kept at 'hold' by UOB Kay Hian with lower target price of $8.80

Stock Name: Keppel Corp
Company Name: KEPPEL CORPORATION LIMITED

Research House: UOB KayHian

Price Call: HOLD

Target Price: 8.80

SINGAPORE (Jan 23): UOB Kay Hian is maintaining its "hold" call on Keppel Corp with a lower target price of $8.80 from $9.50 previously.

In a report out today led by analyst Nancy Wei, UOB said Keppel's results came within its expectations, when exceptional gains were excluded.

Wei is however lowering her net profit forecasts for 2015-16 by 5-10% on lower contract win
assumptions.

In the latest 4Q14, Keppel reported a net profit of $726 million for the quarter and $1.9 billion for 2014, up 6% and 2% from a year ago respectively.

Ascendas REIT cut to "hold", target lowered to $2.42 by OCBC

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

Research House: OCBC

Price Call: HOLD

Target Price: 2.42

SINGAPORE (Jan 23): OCBC Investment has downgraded Ascendas REIT to "hold" from "buy" and trimmed its price target to $2.42 from $2.45.

Current valuations are "fair" as the stock now trades at 1.24 times FY2015 book value, according to OCBC analysts Wong Teck Ching and Eli Lee, who have also lowered their distribution per unit estimates by 1.8% for FY2015 and 2.1% for FY2016 to reflect expected lower net property income margins.

A-REIT's December-quarter DPU came in at 3.59 cents, up from 3.54 cents a year earlier, while revenue rose 11.2% to $171.7 million.

Mapletree Industrial Trust kept at "outperform" by Daiwa

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

Research House: Daiwa

Price Call: BUY

Target Price: 1.68

SINGAPORE: Daiwa Capital Markets has kept its "outperform" rating for Mapletree Industrial Trust (MIT) but raised its price target to $1.68 from $1.65 to factor in expected lower interest costs.

"Unit holders' continued strong take-up of its dividend reinvestment plan is helping MIT to fund development costs and repay loans," Daiwa analysts Evon Tan and David Lum wrote in a note after the REIT released its December-quarter results.

MIT's distribution per unit of 2.67 cents for the quarter was above expectation, as costs were lower than projected, they noted.

Mapletree Logistics Trust cut to "hold" by DBS Vickers

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

Research House: DBS Vickers

Price Call: HOLD

Target Price: 1.27

SINGAPORE (Jan 21): DBS Vickers has downgraded Mapletree Logistics Trust to "hold" from "buy", citing limited upside to its price target of $1.27.

With the stock trading at 1.3 times book value, reflecting a forward yield of 6.1% to 6.4%, investors are showing "high confidence" in MLT's earnings resilience and execution ability, according to DBS Vickers analysts Derek Tan and Mervin Song.

Centurion kept at 'Buy' with 83 cents target price by OSK DMG

Stock Name: Centurion
Company Name: CENTURION CORPORATION LIMITED

Research House: OSK-DMG

Price Call: BUY

Target Price: 0.83

SINGAPORE (Jan 21): OSK DMG is maintaining Centurion at "Buy" with an 83 cents target price after the company announced it is mulling the establishment of a REIT.

In a Jan 21 report, Jarick Seet regards this as a short-term positive for Centurion as it could greatly lower its gearing and unlock its value for these Singapore dormitories.

"We also expect the management to reward shareholders with a special dividend if the listing goes through," said Seet, who thinks it is mainly the Singapore dormitories that will be injected.

OUE price target cut 19% to $2.80 by UBS

Stock Name: OUE
Company Name: OUE LIMITED

Research House: UBS

Price Call: BUY

Target Price: 2.80

SINGAPORE (Jan 21): UBS has cut its price target for OUE from $3.45 to $2.80, based on 0.7 times of its 2015 revised net asset value versus 0.85 times previously, to factor in increased business execution risks and a lack of visibility on the property group's capital deployment for the longer term.

It has also cut its earnings per share estimates to five cents from 13 cents for 2014, seven cents from 16 cents for 2015, and 10 cents from 17 cents for 2016 to reflect OUE's planned $495-million sale of Crowne Plaza Changi Airport to OUE Hospitality Trust.

Mapletree Industrial Trust kept at 'Add' with target price of $1.64 by CIMB

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

Research House: CIMB

Price Call: BUY

Target Price: 1.64

SINGAPORE (Jan 21): CIMB is maintaining its "Add" call on Mapletree Industrial Trust with a target price of $1.64.

As it is, Mapletree Industrial Trust's (MIT) 3QFY15 results came in line with CIMB's expectations, with 9MFY15 revenue and DPU accounting for 77% of its full-year forecasts.

On a yoy basis, distributable income also grew by a respectable 8.6%, driven by both organic and inorganic means.

"We maintain our Add rating and DDM-based (discount rate: 8.7%) target price of S$1.64," said a Jan 20 report led by Pang Ti Wee.

Silverlake Axis kept at 'Sell' with target price of $1.22 by OSK DMG

Stock Name: Silverlake Axis
Company Name: SILVERLAKE AXIS LTD

Research House: OSK-DMG

Price Call: SELL

Target Price: 1.22

SINGAPORE (Jan 21): OSK DMG is maintaining its "sell" call on Silverlake Axis with a target price of $1.03, now that the CIMB-RHB-MBSB merger, which could have provided Silverlake's largest deal, has been officially terminated.

With the deal off, potential orderbook could decrease by about MYR100 million ($37 million) and revenue from 2H16 onwards may be negatively impacted by lower topline growth.

"We do expect Silverlake to resume talks with RHB on its core banking upgrade project, though," said analysts Jarick Seet and Terence Wong in a Jan 20 report.

Keppel T&T kept at 'Add' with higher target price of $1.93 by CIMB

Stock Name: Keppel T&T
Company Name: KEPPEL TELE & TRAN

Research House: CIMB

Price Call: BUY

Target Price: 1.93

SINGAPORE (Jan 21): CIMB is maintaining its "Add" call on Keppel T&T (KPTT) with a higher target price of $1.93, convinced that the stock is undervalued at its current price and that market has ascribed "almost no value to its logistics and data centre assets".

This is because KPTT is trading at 10x forward P/E, more than 1 s.d. below its historical mean. It is also trading at a 14% discount to the combined market value of its 20% stake in M1 and 30.1% stake in Keppel DC REIT.

Keppel kept at 'Add' with unchanged price target of $9.90

Stock Name: Keppel Corp
Company Name: KEPPEL CORPORATION LIMITED

Research House: CIMB

Price Call: BUY

Target Price: 9.90

SINGAPORE (Jan 20): CIMB is sticking to its "Add" call on Keppel Corp with an unchanged target price of $9.90.

In a Jan 19 report, analyst Lim Siew Khee said in light of Keppel's 50th year anniversary in CY2018, the conglomerate would maintain its dividend policy, conserve offshore and marine (O&M) working capital but accelerate growth in the infrastructure and property units to prepare for a mega-dividend payout.

M1 kept at 'Add' with unchanged price target of $3.80 by CIMB

Stock Name: M1
Company Name: M1 LIMITED

Research House: CIMB

Price Call: BUY

Target Price: 3.80

SINGAPORE (Jan 20): CIMB is maintaining "Add" on M1 Limited with an unchanged target price of $3.80.

In a Jan 19 report, analyst Foong Choong Chen said M1 should benefit from the $2-3 price hike across postpaid plans, excess data usage revenues, and given its expansion into fixed services.

M1's 4QFY14 core net profit came in flat q-o-q as revenue growth was offset by seasonally-higher handset subsidies.

Mobile service revenue grew 2.7% q-o-q due to higher data usage and postpaid subscribers re-contracting into higher-priced plans that were launched in Sept 2014.

Pacific Radiance target cut 36% to $1 by UOB Kay Hian

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

Research House: UOB KayHian

Price Call: BUY

Target Price: 1.00

SINGAPORE (Jan 20): UOB Kay Hian has cut its price target for Pacific Radiance from $1.57 to $1, based on seven times projected FY2016 earnings, after lowering its FY2014 to FY2016 earnings estimates by 8%, 13% and 20% respectively to factor in reduced demand for the company's diving support vessels and weaker charter rates.

NOL upgraded to "buy", target raised to $1.10 by DBS Vickers

Stock Name: NOL
Company Name: NEPTUNE ORIENT LINES LIMITED

Research House: DBS Vickers

Price Call: BUY

Target Price: 1.10

SINGAPORE (Jan 19): DBS Vickers has upgraded Neptune Orient Lines to "buy" from "hold" and raised its price target from 88 cents to $1.10, pegged at parity to projected 2015 book value.

NOL could be in for "better luck" this year as prices of bunker fuel have fallen from US$600 per metric tonne to less than US$300 in slightly more than six months, according to DBS Vickers analyst Suvro Sarkar.

"Given that NOL's liner business consumes about three million metric tonnes of bunker fuel per year, this implies significant cost savings," he wrote in a note.

Nam Cheong cut to "hold", target lowered to 36 cents by UOB Kay Hian

Stock Name: Nam Cheong
Company Name: NAM CHEONG LIMITED

Research House: UOB KayHian

Price Call: HOLD

Target Price: 0.36

SINGAPORE (Jan 19): UOB Kay Hian has downgraded Nam Cheong to "hold" from "buy" and slashed its price target from 50 cents to 36 cents, pegged at seven times projected 2015 earnings versus eight times previously.

"The sudden oil price collapse has resulted in oil majors deferring and cutting down on their capex budgets, which will have a direct impact on Nam Cheong's built-to-suit business model," UOB Kay Hian analysts Vijay Natarajan and Nancy Wei wrote in a report today.

First REIT upgraded to "buy", target raised to $1.40 by OCBC

Stock Name: First Reit
Company Name: FIRST REAL ESTATE INV TRUST

Research House: OCBC

Price Call: BUY

Target Price: 1.40

SINGAPORE (Jan 19): OCBC Investment Research has upgraded First REIT to "buy" from "hold" and raised its price target to $1.40 from $1.18, saying the Indonesia-focused healthcare REIT's "solid" defensive attributes and minimal exposure to interest rates and foreign-exchange volatility make it an ideal investment proposition amid current macro uncertainties.

First REIT's debt-to-asset ratio stood at "a healthy" 32.7% as at Dec 31, and some 95% of its debt is hedged or based on fixed rates, OCBC analyst Andy Wong noted in a report today.

Golden Agri kept at 'buy' with lower 48 cents target price by UOB Kay Hian

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

Research House: UOB KayHian

Price Call: BUY

Target Price: 0.48

SINGAPORE (Jan 16): UOB Kay Hian is cutting its target price for Golden Agri-Resources (GGR) to $0.48 from $0.50 as the palm oil producer's oilseed and refining businesses have been slowing down.

In a report released on Jan 14, UOB says GGR's oilseed business in China was hit by the slowdown and the house is expecting EBITDA losses of US$81.1 million for 2014. This was due to poor timing of soybean purchases and tough operating environment in the industry.

Keppel Corp price target cut 14% to $7.95 by Nomura

Stock Name: Keppel Corp
Company Name: KEPPEL CORPORATION LIMITED

Research House: Nomura

Price Call: SELL

Target Price: 7.95

SINGAPORE (Jan 15): Nomura has cut its price target for Keppel Corp to $7.95 from $9.27 to factor in an expected decline in new orders in 2015 and a lower price-to-book valuation peg for the conglomerate's offshore and marine business.

It has a "reduce" rating on the stock.

Keppel is more exposed to newbuild jack-up rig orders than to drillships, which are still in demand, according to Nomura analysts Chong Wee Lee and Abhishek Nigam.

RH Petrogas started at "neutral", 40-cent target by Credit Suisse

Stock Name: RH PetroGas
Company Name: RH PETROGAS LIMITED

Research House: Credit Suisse

Price Call: HOLD

Target Price: 0.40

SINGAPORE (Jan 15): Credit Suisse has started coverage on RH Petrogas with a "neutral" rating and price target of 40 cents.

The value of the stock hinges on the company getting final regulatory approval from the Chinese government to develop its so-called Fuyu-1 oil block, an onshore conventional oil project in China, according to Credit Suisse analysts Tan Shew Heng and David Hewitt.

Thai Beverage downgraded to "hold" by OCBC

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

Research House: OCBC

Price Call: HOLD

Target Price: 0.77

SINGAPORE (Jan 15): OCBC Investment Research has downgraded Thai Beverage to "hold" from "buy", saying the stock offers limited upside to its revised price target of 77 cents and that the company faces challenges in the near term.

"With the spirits business likely to see modest growth ahead, and further excise tax posing as a threat to margins for the alcoholic segments, these could weigh on ThaiBev's near-term performance," OCBC analyst Jodie Foo said in a note today.

Golden Agri-Resources price trimmed to 48 cents by UOB Kay Hian

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

Research House: UOB KayHian

Price Call: HOLD

Target Price: 0.48

SINGAPORE (Jan 14): UOB Kay Hian has lowered its price target for Golden Agri-Resources from 50 cents to 48 cents, based on 15 times projected 2016 earnings, saying it expects moderate fresh fruit bunch (FFB) production growth and thin refining margins for the palm oil producer's downstream palm and laurics business.

"Refining margin for its downstream (business) remains thin due to stiff competition in Indonesia, and Golden Agri is likely to offer competitive pricing to gain market share," said the broking house, which has a "hold" call on the stock.

Singapore Airlines raised to "hold", target lifted to $11.30 by Deutsche Bank

Stock Name: SIA
Company Name: SINGAPORE AIRLINES LTD

Research House: Deutsche Bank

Price Call: HOLD

Target Price: 11.30

SINGAPORE (Jan 14): Deutsche Bank has upgraded Singapore Airlines to "hold" from "sell" and raised its price target from $8.80 to $11.30, pegged at parity to book value.

The changes follow upward revisions to its earnings estimates to reflect cheaper jet fuel, prices of which have declined to US$64 a barrel from US$122 a barrel in July year.

It now expects the carrier to earn $436 million in FY2015, $880 million in FY2016 and $994 million in FY2017, up from its previous forecasts of $295 million, $374 million and $401 million respectively.

Keppel DC REIT started at 'neutral' with 99 cents target price by Goldman Sachs

Stock Name: Keppel DC Reit
Company Name: KEPPEL DC REIT

Research House: Golman Sachs

Price Call: HOLD

Target Price: 0.99

SINGAPORE (Jan 14): Goldman Sachs is initiating coverage of Keppel DC REIT with a "neutral" call as it sees the stock as fairly valued with a target price of 99 cents, implying an upside potential of just 2%.

In a Jan 13 report led by analyst Paul Lian, Goldman Sachs expects FY16 DPU growth of 4.6% for the REIT given its well-located hubs to tap a large customer pool, growing global demand for third-party data centres, and a balanced mix of leases.

Keppel DC REIT started at "buy", $1.02 target by Deutsche Bank

Stock Name: Keppel DC Reit
Company Name: KEPPEL DC REIT

Research House: Deutsche Bank

Price Call: BUY

Target Price: 1.02

SINGAPORE (Jan 14): Deutsche Bank has started coverage on Keppel DC REIT with a "buy" rating and price target of $1.02 cents.

Rising demand for data storage, a "visible" acquisition pipeline and a strong balance sheet will support growth for Asia's first data-centre REIT, according to Deutsche Bank analysts Man Chien-Fie and Joy Wang.

ComfortDelGro raised to "buy", target lifted to $2.93 by DBS Vickers

Stock Name: ComfortDelGro
Company Name: COMFORTDELGRO CORPORATION LTD

Research House: DBS Vickers

Price Call: BUY

Target Price: 2.71

SINGAPORE (Jan 14): DBS Vickers has upgraded ComfortDelGro Corp to "buy" from "hold" and raised its price target to $2.93 from $2.71 after increasing its earnings estimates for FY2015 and FY2016 by 4% and 9% respectively.

The changes reflect lower oil prices, which should aid the transport group's profit margins, according to DBS Vickers analyst Andy Sim, who now expects fuel costs for ComfortDelGro to average US$80 a barrel this year and US$70 a barrel in 2016.

First REIT started at "buy", $1.38 target by AmFraser

Stock Name: First Reit
Company Name: FIRST REAL ESTATE INV TRUST

Research House: AmFraser

Price Call: BUY

Target Price: 1.38

SINGAPORE (Jan 13): AmFraser Securities has started coverage on First Real Estate Investment Trust with a "buy" rating and $1.38 price target.

The healthcare REIT's projected 6.4% FY2015 yield is anchored by long master leases, with 95% of its rental income from Indonesia's healthcare sector backed by its sponsor Lippo Karawaci and Siloam Hospitals, according to AmFraser analysts Wong Hong Wei and Wilson Liew.

Lian Beng kept at 'hold' with 65 cents fair value by OCBC

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

Research House: OCBC

Price Call: HOLD

Target Price: 0.65

SINGAPORE (Jan 13): OCBC is maintaining its "Hold" call on Lian Beng with an unchanged fair value estimate of 65 cents as its divestment into hotel development looks to be paying off.

In 1HFY15 ended Nov, the construction company announced a PATMI of $35.5 million, up 105.2% y-o-y. This was due to its share of results of associates and joint ventures improving from a loss of S$9.6 million in 1HFY14 to a profit of $21.5 million in 1HFY15.

SPH REIT kept at 'hold' with 99 cents fair value by OCBC

Stock Name: SPHREIT
Company Name: SPH REIT

Research House: OCBC

Price Call: HOLD

Target Price: 0.99

OCBC Investment Research is maintaining a "Hold" rating and $0.99 fair value estimate on SPH REIT amid higher rental reversion and attractive value of its assets.

In 1QFY15, SPH REIT reported revenue increased by 1.8% y-o-y to $50.6 million on the back of higher rental income.

Distribution to unitholders and distribution per unit grew 2.9% and 2.3% to $33.5 million and 1.33 cents respectively.

Within its portfolio, Paragon and The Clementi Mall both remained fully leased.

CWT kept at 'buy' with $2.08 target price by DBS

Stock Name: CWT
Company Name: CWT LIMITED

Research House: DBS Vickers

Price Call: BUY

Target Price: 2.08

SINGAPORE (Jan 13): DBS Group Research is maintaining a "Buy" call with a target price of $2.08 for CWT Limited amid the company's exceptional strong growth last year.

CWT's earnings for the nine month ended September 2014 (9M14) grew by 52% y-o-y to $98 million.

CWT also registered a record net profit of $120 million last year.

The higher earnings was due to its core Logistics segment and strong performance from its relatively new Financial Services segment.

China Everbright Water started at 'buy' by DBS with $1.20 target price

Stock Name: China Everbright
Company Name: CHINA EVERBRIGHT WATER LIMITED

Research House: DBS Vickers

Price Call: BUY

Target Price: 1.20

SINGAPORE (Jan 12): DBS Group Research is initiating coverage of China Everbright Water (CEW) with a "Buy" call and target price of $1.20 as the newly formed company looks set to become a top three player in the China water sector.

CEW, previously known as HanKore, was formed after China Everbright International injected all of its water assets into HanKore in a reverse takeover deal to become its largest shareholder with a 78% stake.

CEW is now CEI's only investment arm in water operations with 3.4 million tons of daily capacity under its project portfolio.

Halycon kept at 'hold' with 64 cents target price by UOB Kay Hian

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

Research House: UOB KayHian

Price Call: HOLD

Target Price: 0.64

SINGAPORE (Jan 13): UOB Kay Hian is maintaining a "Hold" rating for Halycon Agri Corp (HACL) with a target price of 64 cents as the group consolidates its operations with the aim of becoming a top global rubber supply chain manager.

In a Jan 13 report, UOB says the group has ensured smooth integration between its upstream and downstream acquisitions while proceeding with the consolidation.

The upstream investment in JFL Agro is expected to provide up to 10% of HACL's Malaysian factories' raw material needs once the 16,061 acres of cultivable rubber plantation fully mature.

Keppel DC REIT started at "outperform", $1.10 target by Credit Suisse

Stock Name: Keppel DC Reit
Company Name: KEPPEL DC REIT

Research House: Credit Suisse

Price Call: BUY

Target Price: 1.10

SINGAPORE (Jan 13): Credit Suisse has started coverage on Keppel DC REIT with an "outperform" rating and a price target of $1.10.

The REIT, which owns eight data centres in Singapore, Australia, Malaysia, the UK, the Netherlands and Ireland, is a proxy to growing data usage worldwide and will benefit from rising demand for data centres, Credit Suisse analysts Yvonne Voon and Daniel Lim wrote in a note today.

OSIM price target cut 6.3% to $2.55 by Maybank Kim Eng

Stock Name: OSIM Intl
Company Name: OSIM INTERNATIONAL LTD

Research House: Maybank Kim Eng

Price Call: BUY

Target Price: 2.55

SINGAPORE (Jan 13): Maybank Kim Eng has cut its price target for OSIM International from $2.72 to $2.55, pegged at 19 times forward earnings, after lowering its FY2014 and FY2015 earnings estimates by 6% to factor in higher operating expenditure as the company opens two more central kitchens in Beijing and Shenzhen.

"1H2015 should still be laden with expansion costs as TWG plans to enter Beijing, Guangdong and Hong Kong," Maybank Kim Eng analyst Gregory Yap said in a note, referring to the massage chair maker's tea label.

Ezra kept at 'buy' with lower target price of 93 cents by CIMB

Stock Name: Ezra
Company Name: EZRA HOLDINGS LIMITED

Research House: CIMB

Price Call: BUY

Target Price: 0.93

SINGAPORE (Jan 12): CIMB Research has cut target price for Ezra Holdings to 93 cents from $1.10 amid disappointing 1QFY8/15 subsea earnings, but maintains a "Buy" call due to its current subsea projects.

The contractor and provider of offshore solutions to the oil and gas industry lost US$15 million gross profit in 1QFY8/15 due to dry-docking of two subsea vessels.

One of the vessel encountered bad weather and gangway malfunction last October, while the other was under a mandatory five-year maintenance.

Keppel Corp downgraded to "hold", target cut to $8.80 by Deutsche Bank

Stock Name: Keppel Corp
Company Name: KEPPEL CORPORATION LIMITED

Research House: Deutsche Bank

Price Call: BUY

Target Price: 8.80

SINGAPORE (Jan 9): Deutsche Bank has downgraded Keppel Corp to "hold" from "buy" and cut its price target to $8.80 from $11.80, saying new orders are likely to fall this year to about $2 billion from $5 billion in 2014 as oil prices tumble.

It has also cut its price target for Sembcorp Marine, for which it has a "sell" rating, to $2.50 from $3.20.

It now expects SembMarine to secure $1.3 billion of new orders in 2015, down from $4.2 billion last year.

Triyards price target cut 26% to 65 cents by OCBC

Stock Name: Triyards
Company Name: TRIYARDS HOLDINGS LIMITED

Research House: OCBC

Price Call: BUY

Target Price: 0.65

SINGAPORE (Jan 9): OCBC Investment Research has cut its price target for Triyards Holdings to 65 cents from 88 cents after lowering its valuation peg to six times projected earnings from seven times previously to reflect weakness in the offshore oil and gas sector.

Its "buy" call is intact.

The vessel builder is still receiving enquiries for potential orders amid falling oil prices, and has diversified into new product lines with the acquisition of Strategic Marine Group last year, OCBC analyst Low Pei Han said in a note today.

KrisEnergy kept at "outperform" with 80-cent target by Macquarie

Stock Name: KrisEnergy
Company Name: KRISENERGY LTD.

Research House: Macquarie

Price Call: BUY

Target Price: 0.80

SINGAPORE (Jan 7): Macquarie Research has kept its "outperform" call and 80-cent price target on KrisEnergy, saying the Southeast Asia-focused oil and gas explorer offers "fundamental" value even as oil prices continue to fall.

The company said last week the Indonesian government has approved its plan to develop a gas field in East Java, paving the way for KrisEnergy to pursue talks with potential buyers for gas sales agreements.

KrisEnergy's so-called Bulu production sharing contract covers three areas spanning a total of 697sq km in water depths of 50m to 60m.

OUE Hospitality Trust target raised to $1 by CIMB

Stock Name: OUE HTrust
Company Name: OUE HOSPITALITY TRUST

Research House: CIMB

Price Call: BUY

Target Price: 1.00

SINGAPORE (Jan 7): CIMB has increased its price target for OUE Hospitality Trust (OUE-HT) to $1 from 96 cents to factor in additional income from Crowne Plaza Hotel at Changi Airport, which the property trust will spend $495 million to acquire.

The acquisition will boost OUE-HT's distribution per unit by 0.1% in FY2015 and 2.5% in FY2016, according to CIMB analyst Pang Ti Wee, who has an "add" rating on the stock.

CapitaLand target raised to $3.86 by Citi; "buy" call kept

Stock Name: CapitaLand
Company Name: CAPITALAND LIMITED

Research House: Citigroup

Price Call: BUY

Target Price: 3.86

SINGAPORE (Jan 6): Citi Research has raised its price target for CapitaLand from $3.35 to $3.86 to reflect the developer's strong business model, which it believes would mitigate any volatility in earnings that might stem from a downturn in the housing markets in Singapore and China.

Among other things, the sale of Australand and privatisation of CapitaMalls Asia (CMA) have given CapitaLand "a more strategically aligned business", according to Citi analyst Adrian Chua.

The developer sold its remaining 39.1% stake in Australand and privatised CMA last year.

Keppel Land target cut to $3.98 by Citi; "buy" call kept

Stock Name: Keppel Land
Company Name: KEPPEL LAND LIMITED

Research House: Citigroup

Price Call: BUY

Target Price: 3.98

SINGAPORE (Jan 6): Citigroup has cut its price target for Keppel Land to $3.98 from $4.05 to reflect the developer's asset divestments last year.

The sale of Equity Plaza and Marina Bay Financial Centre Tower 3 has left a "gap" in Keppel Land's recurring income stream, leaving it with no direct exposure to the Singapore office market, Citi analyst Adrian Chua said in a note.

While Keppel Land has redeployed the sales proceeds into the commercial property market in other Southeast Asian countries, it would take "some years" to build up a recurring income stream, he said.

Centurion Corp price target cut 5% to 86 cents by UOB Kay Hian

Stock Name: Centurion
Company Name: CENTURION CORPORATION LIMITED

Research House: UOB KayHian

Price Call: BUY

Target Price: 0.86

SINGAPORE (Jan 5): UOB Kay Hian has cut its price target for Centurion Corp to 86 cents from 90.5 cents after lowering its earnings forecasts for 2014 to 2016 by 2% to 8%.

The change reflects higher interest costs related to its recent joint venture with Lian Beng Group to build a 7,900-bed workers accommodation and training centre at Jalan Papan, near Jurong Island.

It also factors in "a more conservative" rental and occupancy forecast for Centurion's dormitories in Singapore.

Giken Sakata kept at "buy" by OSK-DMG with 65-cent target

Stock Name: Giken Sakata
Company Name: GIKEN SAKATA (S) LIMITED

Research House: OSK-DMG

Price Call: BUY

Target Price: 0.65

SINGAPORE (Jan 5): OSK-DMG has kept its "buy" call and 65-cent price target for Giken Sakata, saying the Indonesia-focused oil and gas producer will be immune to volatility in oil prices even as it ramps up production.

"Our central case is for at least 22 months of oil price immunity," said analysts Lee Yue Jer and Jesalyn Wong in a note today.

Keppel Corp target cut 10.3% to $11.30 by OSK-DMG

Stock Name: Keppel Corp
Company Name: KEPPEL CORPORATION LIMITED

Research House: OSK-DMG

Price Call: BUY

Target Price: 11.30

SINGAPORE (Jan 5): OSK-DMG has cut its price target for Keppel Corp from $12.60 to $11.30, valuing the conglomerate's offshore and marine business at 15 times forward earnings instead of 18 times previously to reflect the stock's "mid-cycle" valuations.

Keppel's shares have pulled back substantially in recent months on the back of falling oil prices, which have fuelled concerns that demand for the company's rigs would weaken.