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%.