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.

Mapletree Commercial Trust started at "hold", $1.43 target by Maybank Kim Eng

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

Research House: Maybank Kim Eng

Price Call: HOLD

Target Price: 1.43

SINGAPORE (March 26): Maybank Kim Eng has started coverage on Mapletree Commercial Trust (MCT) at "hold" and a price target of $1.43.

"It's hard to find a mall in Singapore that is leveraged to both tourism and heartland spending, but MCT has that in Vivocity. The gateway to Sentosa, it commands tourist traffic," Maybank Kim Eng analyst Joshua Tan wrote in a note.

"With little direct competition in the vicinity, it has almost exclusive catchment from the Bukit Merah and Telok Blangah enclaves," he said.

Frasers Centrepoint Trust started at "hold", $2.03 target by Maybank Kim Eng

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

Research House: Maybank Kim Eng

Price Call: HOLD

Target Price: 2.03

SINGAPORE (March 26): Maybank Kim Eng has started coverage on Frasers Centrepoint Trust (FCT) at "hold" and a price target of $2.03.

FCT's six malls are located in the suburbs or outside Singapore's central region, leaving it with little competition, according to Maybank Kim Eng analyst Joshua Tan.

"With the exception of exception of its smallest mall, Bedok Point, (which accounts for) 5.1% of net property income, none faces serious head-on competition," he said.

Neptune Orient Lines upgraded to "buy" by Goldman Sachs; $1.30 target

Stock Name: NOL
Company Name: NEPTUNE ORIENT LINES LIMITED

Research House: Golman Sachs

Price Call: BUY

Target Price: 1.30

SINGAPORE (March 25): Goldman Sachs has upgraded Neptune Orient Lines to "buy" from "neutral" and raised its price target to $1.30 from $1.00.

Given its significant exposure to the Transpacific route, NOL will benefit from an expected pickup in business, Goldman Sachs analyst Ronald Keung wrote in a sector report today.

SingHaiyi Group started at "buy", 19-cent target by RHB Securities

Stock Name: SingHaiyi Group
Company Name: SINGHAIYI GROUP LTD.

Research House: RHB

Price Call: BUY

Target Price: 0.19

SINGAPORE (March 25): RHB Securities Singapore has started coverage on SingHaiyi Group with a "buy" call and price target of 19 cents.

With retail, commercial and residential properties in the US in its portfolio, the developer is expected to benefit from rising US property prices and a stronger greenback, according to RHB analysts Ong Kian Lin and Ivan Looi.

The company bought three US properties at steep discounts to their market values in the last two years. Two of them are in San Francisco Bay.

Yangzijiang price target raised 6.8% to $1.42 by OCBC

Stock Name: Yangzijiang.ES.1503
Company Name: YANGZIJIANG SHIPBLDG.ES.1503

Research House: OCBC

Price Call: BUY

Target Price: 1.42

SINGAPORE (March 24): OCBC Investment Research has raised its price target for Yangzijiang Shipbuilding to $1.42 from $1.33 to factor in revisions to its Singapore dollar/Chinese yuan estimate.

The new target values the company's shipbuilding business at eight times earnings and its held-to-maturity investment portfolio at 0.85 times book value.

OCBC has retained its "buy" call on the stock, saying Yangzjiang's fundamentals remain sound.

Centurion kept at 'buy' with 70 cents price target by Maybank Kim Eng

Stock Name: Centurion
Company Name: CENTURION CORPORATION LIMITED

Research House: Maybank Kim Eng

Price Call: BUY

Target Price: 0.70

SINGAPORE (Mar 20): Maybank Kim Eng is maintaining a "Buy" call for Centurion Corp with a target price of $0.70 after what the research house believes as the first sizeable purpose-built dorm sales reported in Singapore.

Business Times reported earlier that a privately owned vehicle of Hotel Properties Managing Director Ong Beng Seng and his brother-in-law David Fu closed a deal to sell Homestay Lodge for slightly above $127 million to Pamfleet Group, a property fund management firm.

The fully-occupied dorm has 6,000 beds and covers a land size of 200,000 sq ft.

Venture kept at 'buy' with higher target of $10.25 by Maybank Kim Eng

Stock Name: Venture
Company Name: VENTURE CORPORATION LIMITED

Research House: Maybank Kim Eng

Price Call: BUY

Target Price: 10.25

SINGAPORE (Mar 19): Maybank Kim Eng is maintaining a "Buy" call for Venture Corporation with a higher target price of $10.25.

Its analysts believe that Venture is on the verge of a new growth phase that can resist economic downturns better.

Founded in 1984, Venture first made a name for itself when it went into consumer electronics in the mid-2000s, assembling PCBs for Razr, Motorola's bestselling mobile handset.

Singapore banks kept at 'overweight' by KGI with 'buy' for DBS, OCBC

Stock Name: DBS
Company Name: DBS GROUP HOLDINGS LTD

Research House: KGI Fraser

Price Call: BUY

Target Price: 22.38

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

Research House: KGI Fraser

Price Call: BUY

Target Price: 11.63

Stock Name: UOB
Company Name: UNITED OVERSEAS BANK LTD

Research House: KGI Fraser

Price Call: HOLD

Target Price: 23.04

SINGAPORE (Mar 18): KGI has initiated coverage on Singapore banks with "overweight", despite interest rates going up.

It has called out DBS (target price: $22.38) as its top pick, while OCBC (TP: $11.63) takes second place; both with "Buy" calls. UOB (TP: $23.04) is the least favoured, which KGI keeps at "Hold".

According to KGI, as US Federal Reserve raises interest rates, net interest margin (NIM) is expected to go up.

Capitaland, Frasers Centrepoint top property picks for DBS Research

Stock Name: CapitaLand
Company Name: CAPITALAND LIMITED

Research House: DBS Vickers

Price Call: BUY

Target Price: 3.88

Stock Name: Frasers Cpt
Company Name: FRASERS CENTREPOINT LIMITED

Research House: DBS Vickers

Price Call: BUY

Target Price: 2.02

SINGAPORE (Mar 17): CapitaLand and Frasers Centrepoint are DBS Group Research's top picks for property stocks, as the research house said the two companies have already de-risked a substantial portion of their residential exposure and catalysts from re-cycling activities through potential asset divestments.

DBS has a 'buy' call on both stocks, and a target price of $3.88 and $2.02 on CapitaLand and Frasers Centrepoint respectively.

On its outlook for the property sector, DBS expects a further erosion in investment demand going forward.

Vard kept at 'hold' by CIMB with 54 cents target price

Stock Name: Vard
Company Name: VARD HOLDINGS LIMITED

Research House: CIMB

Price Call: HOLD

Target Price: 0.54

SINGAPORE (Mar 17): CIMB Research is maintaining its "Hold" call for Vard Holdings Ltd but lowers its target price to $0.54 after E.R. Offshore cancelled two PSV vessels from the shipbuilder.

CIMB still remains confident though, saying Vard's order book is mostly made up of established North Sea operator customers, thus, cancellation risk is not heightened.

Vard only has two customers with similar standings to E.R. Offshore, which one of them, newcomer Carlotta Offshore has ordered a PSV from Vard, while the other, Nordic American has ordered two vessels.

Vard kept at 'neutral' by RHB with lower target price of 50 cents

Stock Name: Vard
Company Name: VARD HOLDINGS LIMITED

Research House: RHB

Price Call: HOLD

Target Price: 0.52

SINGAPORE (Mar 17): RHB maintaining its 'neutral' call on Vard Holdings and lowering its target price to $0.5 from $0.52, citing that the shipbuilder will still recognise zero-margin even if it could successfully sell off its two vessels.

Vard recently terminated two platform supply vessels (PSVs) for E.R. Offshore's affiliates after the latter filed for bankruptcy.

The two PSVs probably are worth NOK1 to 1.2 billion, which makes up about 6% of Vard's orderbook.

Keppel and SembMarine started at 'hold' and 'sell' with target prices of $8.17 and $2.57 respectively by KGI

Stock Name: Keppel Corp
Company Name: KEPPEL CORPORATION LIMITED

Research House: KGI Fraser

Price Call: HOLD

Target Price: 8.17

Stock Name: SembMar.ES.1503
Company Name: SEMBCORP MARINE LTD.ES.1503

Research House: KGI Fraser

Price Call: SELL

Target Price: 2.57

SINGAPORE (Mar 16): KGI is initiating its coverage for the two biggest companies in Singapore Oil and Gas space, with a "Hold" rating for Keppel (Target Price: $8.17) and a "Sell" call for SembMarine (TP: $2.57).

The research house paints a bleak future for the shipyard sector, noting that the oversupply situation is not likely to improve this year, no thanks to low oil prices.

The yards' only saving grace is their decent dividend yields. Keppel pays 5.5%, while SembMarine and Yangzijiang are yielding around 4.5%.

Vard kept at 'hold' with lower target price of 58 cents by Maybank Kim Eng

Stock Name: Vard
Company Name: VARD HOLDINGS LIMITED

Research House: Maybank Kim Eng

Price Call: HOLD

Target Price: 0.58

SINGAPORE (Mar 16): Maybank Kim Eng is maintaining a "Hold" rating for Vard Holdings and drops its target price from $0.60 to $0.58 after a series of delays and terminated contracts plagued the shipbuilder.

Vard terminated contracts for two PSVs from E.R. Offshore, worth US$74 million after the latter filed for bankruptcy. Vard expects to recover its losses through 10% repayment and selling both PSVs.

Upstream also reported that Island Offshore has requested Vard to postpone delivery of three PSVs and an OSCV, worth US$268 to 292 million, by half a year.

Soilbuild Business Space REIT kept at 'buy' by Philip Capital with 99.5 cents target price

Stock Name: SoilbuildBizReit
Company Name: SOILBUILD BUSINESS SPACE REIT

Research House: Phillip Securities

Price Call: BUY

Target Price: 0.995

SINGAPORE (Mar 16): Philip Capital is maintaining its "Buy" call for Soilbuild Business Space REIT (SBREIT) with a higher target price of $0.995.

This comes after SBREIT's recent announcement of its proposed acquisition of an integrated facility at 72 Loyang Way for $98.12 million, which significantly expands SBREIT's existing 3.61 million GFA by 5.6%.

Wilmar restarted at "outperform", $3.68 target by Credit Suisse

Stock Name: Wilmar Intl
Company Name: WILMAR INTERNATIONAL LIMITED

Research House: Credit Suisse

Price Call: BUY

Target Price: 3.68

SINGAPORE (March 13): Credit Suisse has restarted coverage on Wilmar International with an "outperform" rating and a price target of $3.68.

"We believe that the worst is over for Wilmar and once the market feels more comfortable with the fundamentals, there could be a rerating of the stock from its current level, which is close to its global financial crisis low," Credit Suisse analyst Tan Ting Min wrote in a note.

Among other things, lower palm oil prices are positive for the company's downstream palm merchandising business as feedstock costs will be cheaper, Tan said.

Nam Cheong's track record unlikely to be rattled by weaker oil prices: RHB

Stock Name: Nam Cheong
Company Name: NAM CHEONG LIMITED

Research House: RHB

Price Call: BUY

Target Price: 0.53

SINGAPORE (March 12): RHB Securities Singapore has maintained its "buy" call and 53-cent price target on Nam Cheong, saying the vessel builder's current valuations are attractive at five times projected earnings for next year and four times 2016 earnings.

Fundamentally, the company is still getting orders, with the latest being US$58 million ($80.5 million) worth of contracts to build two vessels for repeat customers, RHB analysts Lee Yue Jer and Jesalyn Wong pointed out in a note today.

Jardine C&C cut to "hold", target cut to $44.95 by DBS Vickers

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

Research House: DBS Vickers

Price Call: HOLD

Target Price: 44.95

SINGAPORE (March 12): DBS Vickers has downgraded Jardine Cycle & Carriage to "hold" from "buy" and cut its price target to $44.95 from $49.88 after lowering its earnings estimates by 27% for 2015 and 35% for 2016.

The changes reflect a weaker outlook for the company's Indonesian unit Astra International, which is at risk of slower sales amid increased competition and reduced demand, according to DBS Vickers analyst Paul Yong.

The revisions also factor in a stronger US dollar against the Indonesian rupiah.

Straco Corp upgraded to "add", target raised to $1.01 by CIMB

Stock Name: Straco
Company Name: STRACO CORPORATION LIMITED

Research House: CIMB

Price Call: BUY

Target Price: 1.01

SINGAPORE (March 12): CIMB has upgraded Straco Corp to "add" from "hold" and raised its price target from 78 cents to $1.01, after increasing its FY2015 to FY2017 earnings per share estimates by 8% to 14% to factor in expected profits from the Singapore Flyer and higher ticket prices at the Shanghai Ocean Aquarium.

"Straco's share price has taken a beating since it announced its acquisition of the Singapore Flyer, given the market's expectations that the acquisition would be dilutive to earnings," CIMB analyst Jessalyn Chen wrote in a note.

Thai Beverage started at 'sell' with 55 cents target price by Religare

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

Research House: Religare Capital

Price Call: SELL

Target Price: 0.55

SINGAPORE (Mar 11): Thai Beverage's exceptional return on equity (ROE) could be threatened by competition, cautions Religare Institutional Research in a report entitled "Running out of fizz" released on Mar 5.

Analyst Nirgunan Tiruchelvam highlighted that weaker margins, falling leverage and faltering asset turnover could drive down return ratios.

Religare expects ROE to decline to an average of 18.7% over 2015-2017 from a five-year historical average of 22%.

There are also doubts about the synergy gains from Thai Bev's investment in Fraser and Neave (F&N).

Sarine Technologies kept at "buy" with $3.13 target by Maybank Kim Eng

Stock Name: Sarine Tech
Company Name: SARINE TECHNOLOGIES LTD

Research House: Maybank Kim Eng

Price Call: BUY

Target Price: 3.13

Our report "Sarine Technologies price target cut 5.7% to $2.98 by Maybank Kim Eng" on March 6 was based on a research note dated Nov 10, 2014, and does not reflect the broking house's latest views. Maybank Kim Eng's current price target is $3.13. It has a "buy" recommendation. The error is regretted.

Dairy Farm upgraded to "add", target raised to US$10.90 by CIMB

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

Research House: CIMB

Price Call: BUY

Target Price: 10.90

SINGAPORE (March 9): CIMB has upgraded Dairy Farm International to "add" from "hold" and raised its price target from US$10.60 to US$10.90, which implies 25.3 times projected FY2016 earnings.

"Dairy Farm is currently trading at 22 times 2016 P/E and we remind investors that they are buying a pan-Asian, multi-format retailer with market leadership in the markets it operates in and average superior ROEs (return of equity) of 48% for the past five years," CIMB analyst Yeo Zhi Bin wrote in a note today.

Centurion Corp started at "buy", 70-cent target by Maybank Kim Eng

Stock Name: Centurion
Company Name: CENTURION CORPORATION LIMITED

Research House: Maybank Kim Eng

Price Call: BUY

Target Price: 0.70

SINGAPORE (March 9): Maybank Kim Eng has started coverage on Centurion Corp with a "buy" rating and 70-cent price target, which implies 15.7 times projected 2015 earnings.

Two major acquisitions in 2014 by the dormitory housing provider are expected to boost its earnings this year, according to Maybank Kim Eng analyst John Cheong.

These are a property in Melbourne and four properties in the UK, all for student accommodation.

Sarine Technologies price target cut 5.7% to $2.98 by Maybank Kim Eng

Stock Name: Sarine Tech
Company Name: SARINE TECHNOLOGIES LTD

Research House: Maybank Kim Eng

Price Call: HOLD

Target Price: 2.98

SINGAPORE (March 6): Maybank Kim Eng has cut its price target for Sarine Technologies to $2.98 from $3.16 after lowering its 2014 to 2016 earnings per share estimates by 3% to 8% to factor in slower sales stemming from a credit shortage in the diamond industry.

KBC Group, the Belgium-based holding company of Antwerp Diamond Bank (ADB), wound up its loan portfolio and ADB's business after failing to sell the latter to China's Yinren Group.

RH Petrogas price target raised to 40 cents by Credit Suisse

Stock Name: RH PetroGas
Company Name: RH PETROGAS LIMITED

Research House: Credit Suisse

Price Call: HOLD

Target Price: 0.40

SINGAPORE (March 5): Credit Suisse has bumped up its price target for RH Petrogas to 40 cents from 38 cents to reflect the company's lower net debt position.

The oil and gas explorer's operating cash flows in 2014 rose to US$24.2 million ($33 million) from US$12.1 million the previous year, driven by a reduction in trade and other receivables.

That left it with US$36.7 million in cash on its balance sheet at the end of last year.

Swissco price target cut 25% to 90 cents by CIMB

Stock Name: Swissco Hldg
Company Name: SWISSCO HOLDINGS LIMITED

Research House: CIMB

Price Call: BUY

Target Price: 0.90

SINGAPORE (March 5): CIMB has cut its price target for Swissco Holdings from $1.20 to 90 cents, based on 7.5 times projected FY2016 earnings, after lowering its estimates to factor in reduced demand for its services.

"Given the weak industry sentiment, we now expect only two new 50%-owned rigs to be added to its fleet in 2H15 instead of four 100%-owned rigs for 2015," CIMB analysts Lim Siew Khee and Yeo Zhi Bin wrote in a note.

Sheng Siong started at "buy", 88-cent target by Phillip Capital

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

Research House: Phillip Securities

Price Call: BUY

Target Price: 0.88

SINGAPORE (March 4): Phillip Capital has started coverage on Sheng Siong Group with a "buy" call and an 88-cent price target, which is based on 23.9 times earnings.

Since its 2011 listing, Sheng Siong is estimated to have gained an additional 3% share in Singapore's mass-market grocery sector, and its Ebit (earnings before interest and tax) margins are now higher than those of NTUC Fairprice and Dairy Farm International, the broking house said.

Kim Heng Offshore & Marine downgraded to 'accumulate' by Phillip Capital with 14 cents target price

Stock Name: KimHeng Offshore
Company Name: KIMHENG OFFSHORE&MARINE HLDLTD

Research House: Phillip Securities

Price Call: TRADING BUY

Target Price: 0.14

SINGAPORE (Mar 3): Kim Heng Offshore & Marine reported a 49% increase in revenue quarter-on-quarter to $20.5 million for 4Q2014, but a net loss of $1 million due to a one-off provision of $3.3 million for doubtful debt.

Excluding the provision, net income would have been $2.3 million, almost double q-o-q.

FY2014 revenue and net income missed expectations by 3% and 112% respectively.

In a Mar 3 report, analyst Benjamin Ong downgrades Kim Heng to "accumulate" with a revised target price of 14 cents.

Golden Agri-Resources raised to "buy", target lifted to 53 cents by OSK DMG

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

Research House: OSK-DMG

Price Call: BUY

Target Price: 0.53

SINGAPORE (March 3): OSK DMG has upgraded Golden Agri-Resources to "buy" from "neutral", saying the palm oil producer is expected to turn in stronger earnings in the quarters ahead.

Its oilseeds business turned profitable in 4Q2014, marking the second straight quarter of improvement, while its biodiesel business could get a boost from Indonesia's plans to shore up the biodiesel sector, OSK DMG said.

"Golden Agri's earnings appear to have turned the corner, with its oilseed segment booking two straight quarters of improvement.

Mermaid Maritime cut to "hold", target cut to 24 cents by Maybank Kim Eng

Stock Name: Mermaid Maritime
Company Name: MERMAID MARITIME PUBLIC CO LTD

Research House: Maybank Kim Eng

Price Call: HOLD

Target Price: 0.24

SINGAPORE (March 2): Maybank Kim Eng has downgraded Mermaid Maritime to "hold" from "buy" and cut its price target from 38 cents to 24 cents, based on 0.5 times 2015 book value instead of nine times projected earnings for this year.

The changes came after the company, which provides subsea and drilling services, said earnings for the December quarter dived 67% y-o-y to US$4.3 million ($5.8 million) from US$13.2 million a year earlier.

One of its rigs was not utilised during the quarter while another was on standby in December after having completed a project.

Golden Agri-Resources upgraded to "buy" 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 (March 2): UOB Kay Hian has upgraded Golden Agri-Resources to "buy" from "hold", citing increased potential upside to its unchanged price target of 48 cents following the stock's recent pullback.

While the palm oil producer's downstream business remains challenging, its upstream business should drive earnings this year, with fresh fruit bunch production forecast to rise 4% to 6%, according to UOB Kay Hian analyst Chan Yuan She.

Q&M Dental target raised 42% to 71 cents by Maybank Kim Eng

Stock Name: Q&MDental
Company Name: Q & M DENTAL GROUP (S) LIMITED

Research House: Maybank Kim Eng

Price Call: BUY

Target Price: 0.71

SINGAPORE (March 2): Maybank Kim Eng has raised its price target price for Q&M Dental Group from 50 cents to 71 cents, based on 45 times projected 2015 earnings, after increasing its earnings per share estimates by 12% for this year and 19% for 2016.

It kept its "buy" call, saying it expects strong full-year contributions from China-based Aoxin Stomatology Group and dental supplies company Aidite High Technical Ceramic, which Q&M Dental acquired last year.

Venture Corp price target raised to $9.11 from $8.88 by Maybank Kim Eng

Stock Name: Venture
Company Name: VENTURE CORPORATION LIMITED

Research House: Maybank Kim Eng

Price Call: BUY

Target Price: 9.11

SINGAPORE (March 2): Maybank Kim Eng Research has raised its price target for Venture Corp to $9.11 from $8.88 and kept its "buy" call.

The revised price is based on 16 times projected 2015 earnings, up from 15 times previously.

The contract electronics manufacturer's life sciences and networking and communications segments are expected to drive earnings this year, with their contributions forecast to rise to 51% from 49% last year and 44% in 2013, according to Maybank Kim Eng analyst Gregory Yap.

Valuetronics started at "buy", 64-cent target by OSK DMG

Stock Name: Valuetronics
Company Name: VALUETRONICS HOLDINGS LIMITED

Research House: OSK-DMG

Price Call: BUY

Target Price: 0.64

SINGAPORE (March 2): OSK DMG has started coverage on Valuetronics with a "buy" rating and 64-cent price target.

The maker of consumer and industrial electronic products is "substantially undervalued", with its net cash representing 56% of its current market value and the stock trading at a "bargain" of 2.5 times projected 2016 earnings excluding cash, according to OSK DMG analysts Jarick Seet and Terence Wong.

Super Group raised to "buy", target lifted to $1.60 by Maybank Kim Eng

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

Research House: Maybank Kim Eng

Price Call: BUY

Target Price: 1.60

SINGAPORE (March 2): Maybank Kim Eng has upgraded Super Group to "buy" from "hold" and raised its price target from $1.02 to $1.60, based on 23 times projected 2015 earnings.

"We believe lower market expectations, better growth potential, balance-sheet health and a seasoned management are all reasons to buy the stock now," Maybank Kim Eng analyst Gregory Yap wrote in a note today.

Hyflux kept at 'hold' by Maybank Kim Eng with target price at 96 cents

Stock Name: Hyflux
Company Name: HYFLUX LTD

Research House: Maybank Kim Eng

Price Call: HOLD

Target Price: 0.96

SINGAPORE (Mar 2): Maybank Kim Eng has maintained its "hold" rating on Hyflux due to weaker-than-expected 4Q2014 results.

4Q2014 revenues declined by 40% year-on-year, triggering a net loss of $53 million, write analyst Wei Bin in a report out today.

Excluding a one-off divestment gain of $170 million, full year net losses reached $112 million, worse than the forecast $82 million.

"Construction recognition was down following the completion of its Tuaspring desalination plant in 2013 and slower-than-expected commencement of its Dahej project in India," he added.