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

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

Research House: CIMB

Price Call: HOLD

Target Price: 1.30

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

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

Yangzijiang downgraded to 'neutral' by Credit Suisse

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

Research House: Credit Suisse

Price Call: HOLD

Target Price: 1.50

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

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

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

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

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

Research House: UOB KayHian

Price Call: BUY

Target Price: 0.95

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

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

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

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

Research House: CIMB

Price Call: SELL

Target Price: 0.46

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

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

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

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

Research House: CIMB

Price Call: BUY

Target Price: 0.87

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

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

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

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

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

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

Research House: DBS Vickers

Price Call: BUY

Target Price: 0.78

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

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

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

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

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

Research House: UOB KayHian

Price Call: BUY

Target Price: 72.50

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

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

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

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

Research House: Maybank Kim Eng

Price Call: BUY

Target Price: 5.10

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

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

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

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

Stock Name: Ezion
Company Name: EZION HOLDINGS LIMITED

Research House: DBS Vickers

Price Call: BUY

Target Price: 1.50

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

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

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

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

Stock Name: Hyflux
Company Name: HYFLUX LTD

Research House: OCBC

Price Call: HOLD

Target Price: 0.96

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

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

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

Pun Hlaing Gold Estate is developed by Yoma Strategic Holdings.

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

Stock Name: IFAST
Company Name: IFAST CORPORATION LTD.

Research House: OCBC

Price Call: BUY

Target Price: 1.60

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

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

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

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

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

Research House: OCBC

Price Call: BUY

Target Price: 2.99

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

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

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

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

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

Research House: Daiwa

Price Call: BUY

Target Price: 1.02

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

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

Mapletree Commercial Trust upgraded to 'hold' by CIMB

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

Research House: CIMB

Price Call: HOLD

Target Price: 1.54

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

CIMB has a $1.54 price target on MCT.

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

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

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

Research House: UOB KayHian

Price Call: SELL

Target Price: 0.55

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

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

Neptune Orient Lines downgraded to 'neutral' by Credit Suisse

Stock Name: NOL
Company Name: NEPTUNE ORIENT LINES LIMITED

Research House: Credit Suisse

Price Call: HOLD

Target Price: 1.20

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

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

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

Silverlake Axis upgraded to 'neutral' by RHB Research

Stock Name: Silverlake Axis
Company Name: SILVERLAKE AXIS LTD

Research House: RHB

Price Call: HOLD

Target Price: 1.24

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

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

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

Stock Name: Innovalues
Company Name: INNOVALUES LIMITED

Research House: Maybank Kim Eng

Price Call: BUY

Target Price: 1.00

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

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

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

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

Stock Name: Vard
Company Name: VARD HOLDINGS LIMITED

Research House: Maybank Kim Eng

Price Call: SELL

Target Price: 0.40

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

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

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

It earned NOK92 million in the same period last year.

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

Stock Name: MTQ
Company Name: MTQ CORPORATION LIMITED

Research House: RHB

Price Call: HOLD

Target Price: 0.79

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

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

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

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

Stock Name: MTQ
Company Name: MTQ CORPORATION LIMITED

Research House: CIMB

Price Call: HOLD

Target Price: 0.77

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

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

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

Stock Name: Swissco Hldg
Company Name: SWISSCO HOLDINGS LIMITED

Research House: CIMB

Price Call: BUY

Target Price: 0.61

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

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

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

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

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

Research House: CIMB

Price Call: SELL

Target Price: 1.10

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

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

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

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

Stock Name: SingPost
Company Name: SINGAPORE POST LIMITED

Research House: DBS Vickers

Price Call: HOLD

Target Price: 2.00

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

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

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

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

Stock Name: First Resources
Company Name: FIRST RESOURCES LIMITED

Research House: UOB KayHian

Price Call: BUY

Target Price: 2.40

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

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

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

CSE Global upgraded to 'buy' by DBS Vickers

Stock Name: CSE Global
Company Name: CSE GLOBAL LTD

Research House: DBS Vickers

Price Call: BUY

Target Price: 0.65

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

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

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

Stock Name: UMS
Company Name: UMS HOLDINGS LIMITED

Research House: CIMB

Price Call: BUY

Target Price: 0.63

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

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

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

Stock Name: CSE Global
Company Name: CSE GLOBAL LTD

Research House: CIMB

Price Call: HOLD

Target Price: 0.65

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

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

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

Singapore Airlines downgraded to 'hold' by Maybank Kim Eng

Stock Name: SIA
Company Name: SINGAPORE AIRLINES LTD

Research House: Maybank Kim Eng

Price Call: HOLD

Target Price: 12.00

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

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

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

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

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

Stock Name: Sembcorp Ind
Company Name: SEMBCORP INDUSTRIES LTD

Research House: RHB

Price Call: HOLD

Target Price: 4.40

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

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

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

Research House: RHB

Price Call: SELL

Target Price: 0.43

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

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

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

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

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

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

Research House: DBS Vickers

Price Call: BUY

Target Price: 0.73

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

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

Fraser and Neave downgraded to 'reduce' by CIMB

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

Research House: CIMB

Price Call: SELL

Target Price: 2.58

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

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

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

OUE Hospitality Trust downgraded to 'hold' by CIMB

Stock Name: OUE HTrust
Company Name: OUE HOSPITALITY TRUST

Research House: CIMB

Price Call: HOLD

Target Price: 1.01

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

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

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

Stock Name: Sembcorp Ind
Company Name: SEMBCORP INDUSTRIES LTD

Research House: OCBC

Price Call: HOLD

Target Price: 4.72

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

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

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

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

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

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

Research House: CIMB

Price Call: BUY

Target Price: 1.18

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

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

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

Stock Name: Tigerair
Company Name: TIGER AIRWAYS HOLDINGS LIMITED

Research House: CIMB

Price Call: SELL

Target Price: 0.27

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

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

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

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

Stock Name: Riverstone
Company Name: RIVERSTONE HOLDINGS LIMITED

Research House: CIMB

Price Call: HOLD

Target Price: 1.33

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

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

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

Stock Name: SGX
Company Name: SINGAPORE EXCHANGE LIMITED

Research House: Credit Suisse

Price Call: BUY

Target Price: 10.00

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

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

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

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

Stock Name: OSIM Intl
Company Name: OSIM INTERNATIONAL LTD

Research House: Credit Suisse

Price Call: SELL

Target Price: 1.65

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

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

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

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

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

Stock Name: OSIM Intl
Company Name: OSIM INTERNATIONAL LTD

Research House: Maybank Kim Eng

Price Call: HOLD

Target Price: 2.08

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

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

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

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

Stock Name: SMRT
Company Name: SMRT CORPORATION LTD

Research House: Credit Suisse

Price Call: SELL

Target Price: 1.40

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

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

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

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

Stock Name: Riverstone
Company Name: RIVERSTONE HOLDINGS LIMITED

Research House: Maybank Kim Eng

Price Call: BUY

Target Price: 1.78

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

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

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

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

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

Research House: CIMB

Price Call: HOLD

Target Price: 1.16

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

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

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

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

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

Stock Name: CapitaLand
Company Name: CAPITALAND LIMITED

Research House: RHB

Price Call: BUY

Target Price: 4.20

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

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

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

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

Stock Name: Venture
Company Name: VENTURE CORPORATION LIMITED

Research House: DBS Vickers

Price Call: HOLD

Target Price: 8.40

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

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

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

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

Stock Name: SMRT
Company Name: SMRT CORPORATION LTD

Research House: CIMB

Price Call: SELL

Target Price: 1.64

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

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

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

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

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

Research House: RHB

Price Call: BUY

Target Price: 0.20

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

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

They have a "buy" call on the stock.