Yanlord Land price target cut 19.4% to 87 cents by Citi

Stock Name: Yanlord Land
Company Name: YANLORD LAND GROUP LIMITED

Research House: Citigroup

Price Call: HOLD

Target Price: 0.87

SINGAPORE (Feb 27): Citigroup has cut its price target for Yanlord Land to 87 cents from $1.08, pegging it at a 50% discount to its projected 2015 book value of $1.75 a share instead of a 40% discount to its previous net asset value estimate of $1.80 a share.

"The increase in NAV discount is due to the higher risk profile of Yanlord together with its poor execution," Citi analysts Ken Yeung and Oscar Choi wrote in a note.

Noble Group cut to "hold", target slashed 30% to $1.12 by DBS Vickers

Stock Name: Noble
Company Name: NOBLE GROUP LIMITED

Research House: DBS Vickers

Price Call: HOLD

Target Price: 1.12

SINGAPORE (Feb 27): DBS Vickers has downgraded Noble Group to "hold" from "buy" and slashed its price target from $1.60 to $1.12, which is based on 13 times projected earnings and 1.15 times book value.

"The key question is whether Noble will re-rate near term once the noise surrounding Iceberg Research dies down," DBS Vickers analyst Mervin Song wrote in a note today. "Our answer is 'no'."

The company continues to face headwinds from weak coal and iron ore markets, continuing losses from its agriculture business, as well as foreign-exchange volatility, he said.

ISEC Healthcare downgraded to "hold" by Maybank Kim Eng

Stock Name: ISEC
Company Name: ISEC HEALTHCARE LTD.

Research House: Maybank Kim Eng

Price Call: HOLD

Target Price: 0.51

SINGAPORE (Feb 26): Maybank Kim Eng has downgraded ISEC Healthcare to "hold" from "buy" and trimmed its price target from 52 cents to 51 cents, based on 34 times projected FY2015 earnings.

Following its 75% run-up since its listing last October, the stock now trades at a 10% premium to the average 30.5 times earnings multiple for its peers in Singapore and the region, according to Maybank Kim Eng analysts Gregory Yap and John Cheong.

"We believe expectations are in the price," they wrote in a note today.

NeraTel price target cut 13.2% to 72 cents by OSK DMG

Stock Name: NeraTel
Company Name: NERATELECOMMUNICATIONS LTD

Research House: OSK-DMG

Price Call: HOLD

Target Price: 0.72

SINGAPORE (Feb 26): OSK DMG has lowered its price target for Nera Telecommunications (NeraTel) to 72 cents from 83 cents after reducing its FY2015 earnings forecast by 7% to $17.9 million.

The company's network equipment and payment solutions businesses are expected to remain challenging, according to OSK DMG analysts Jarick Seet and Terence Wong, who have a "neutral" call on the stock.

Its 2014 revenue of $182 million (versus $178 million in 2013) and earnings of $16.2 million (versus $23.5 million) were weaker than expected, they said.

Starhub kept at 'sell' by UOB Kay Hian with $3.98 target price

Stock Name: StarHub
Company Name: STARHUB LTD

Research House: UOB KayHian

Price Call: SELL

Target Price: 3.98

SINGAPORE (Feb 26): UOB Kay Hian is not impressed by Starhub's 4QFY14 earnings of $94.2 million, and is maintaining a "sell" call with a target price of $3.98.

Althpugh Starhub did well in post-paid mobile, gaining an additional 23, 000 subscribers, UOB Kay Hian said its pre-paid mobile segment lost 58, 000 subscribers due to a change in regulations. As such, total mobile revenue increased by only 3.2% y-o-y.

QT Vascular kept at 'buy' with 60 cents target price by UOB Kay Hian

Stock Name: QT Vascular
Company Name: QT VASCULAR LTD.

Research House: UOB KayHian

Price Call: BUY

Target Price: 0.60

SINGAPORE (Feb 26): UOB Kay Hian has maintained its "buy" rating for QT Vascular, the designer and distributor of medical devices for vascular diseases, with a target price of 60 cents, as its FY14 results came in within expectations.

FY14 revenue rose 140.7% yoy to US$13.2 million ($17.9 million), compared with UOB Kay Hian estimates of US$13.4 million, driven by higher sales volumes of the Chocolate PTA and Glider PTCA balloon catheters in the US.

MoneyMax kept at 'neutral' with lower 30 cents target price by OSK DMG

Stock Name: MoneyMax Fin
Company Name: MONEYMAX FINANCIAL SERVICESLTD

Research House: OSK-DMG

Price Call: HOLD

Target Price: 0.30

SINGAPORE (Feb 26): OSK DMG has lowered its target price for MoneyMax Financial Services, the pawnbroking chain, to 30 cents, from 31 cents previously and maintaining its "neutral" rating as its FY14 results missed estimates by 37%.

MoneyMax's aggressive new outlet opening in Singapore and Malaysia had resulted in operating costs rising significantly while earnings were unable to keep pace, wrote OSK DMG analysts Jarick Seet and Terence Wong in a note on Feb 26.

Yangzijiang cut to "hold", target cut to $1.33 by Maybank Kim Eng

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

Research House: Maybank Kim Eng

Price Call: HOLD

Target Price: 1.33

SINGAPORE (Feb 26): Maybank Kim Eng has downgraded Yangzijiang Shipbuilding to "hold" from "buy", citing a lack of catalysts, and cut its price target to $1.33 from $1.40 after lowering its 2015 and 2016 earnings per share estimates by 5%.

"We now expect Chinese commercial shipbuilding to recover only in 2016," Maybank Kim Eng analyst Yeak Chee Keong wrote in a note today.

"This is because current bulk and container shipping supply-demand forces do not favour further capacity growth. Shipbuilding prices, which started to recover in Mar 2013, have reversed course."

Bumitama Agri price target cut 6% to $1.30 by Maybank Kim Eng

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

Research House: Maybank Kim Eng

Price Call: BUY

Target Price: 1.30

SINGAPORE (Feb 25): Maybank Kim Eng has cut its price target for Bumitama Agri from $1.38 to $1.30, based on 13 times projected FY2016 earnings, after lowering its earnings per share estimates by 6.6% for FY2015 and 6.4% for the following year.

The revisions factor in expected higher costs as some 10% of the crude palm oil producer's plantings mature this year.

The broker has kept its "buy" call on the stock, saying its growth prospects remain intact.

PACC Offshore Services price target cut 20% to 65 cents by Maybank Kim Eng

Stock Name: POSH
Company Name: PACC OFFSHORE SVCS HLDG LTD.

Research House: Maybank Kim Eng

Price Call: BUY

Target Price: 0.65

SINGAPORE (Feb 25): Maybank Kim Eng has cut its price target for PACC Offshore Services Holdings (POSH) from 81 cents to 65 cents, based on 0.7 times FY2015 book value. Its previous target was based on nine times projected earnings.

"With return on equity less than cost of equity, the company is destroying shareholder value, which warrants the below-book multiple," Maybank Kim Eng analyst Yeak Chee Keong wrote in a note today.

Asian Pay Television Trust downgraded to "hold" by DBS Vickers

Stock Name: Asian Pay Tv Tr
Company Name: ASIAN PAY TELEVISION TRUST

Research House: DBS Vickers

Price Call: HOLD

Target Price: 0.91

SINGAPORE (Feb 25): DBS Vickers has downgraded Asian Pay Television Trust (APTT) to "hold" from "buy" as the stock has reached its price target of 91 cents.

APTT's average revenue per user (ARPU) in 2015 is likely to decline even though it is seeking to expand its network and subscriber base, according to DBS Vickers analyst Sachin Mittal.

"Its continued focus on adding subscribers means the premium cable and broadband ARPU could drop further in FY15, and subdue growth," he said in a note today.

Starhub started at "hold", $4.30 target by Deutsche Bank

Stock Name: StarHub
Company Name: STARHUB LTD

Research House: Deutsche Bank

Price Call: HOLD

Target Price: 4.30

SINGAPORE (Feb 24): Deutsche Bank has started coverage on Starhub with a "hold" rating and $4.30 price target.

The telco's key challenge is growing its pay-TV and fixed-line Internet businesses, which account for 41% of its service revenue, according to Deutsche Bank analyst Srinivas Rao.

In the fibre broadband space, competition has driven down Starhub's average revenue per user (ARPU) by 15% so far this year to $35, "a dynamic that will affect revenue growth in the medium term as subscribers are re-contracted at lower rates," Rao said in a note.

M1 started at "buy", $4.50 target by Deutsche Bank

Stock Name: M1
Company Name: M1 LIMITED

Research House: Deutsche Bank

Price Call: BUY

Target Price: 4.50

SINGAPORE (Feb 24): Deutsche Bank has started coverage on M1 with a "buy" rating and price target of $4.50.

"M1 offers the cleanest exposure to the Singapore mobile market, which we view as attractive compared to fixed-line," Deutsche Bank analyst Srinivas Rao wrote in a note.

"We believe M1 has an opportunity to make modest market-share gains without attracting a strong response from Singtel or Starhub," he said.

Sembcorp Industries raised to "buy", target cut to $4.90 by OSK DMG

Stock Name: Sembcorp Ind
Company Name: SEMBCORP INDUSTRIES LTD

Research House: OSK-DMG

Price Call: BUY

Target Price: 4.90

SINGAPORE (Feb 24): OSK DMG has upgraded Sembcorp Industries to "buy" from "neutral" on valuation grounds, noting that the stock now trades at "an attractive" multiple of nine times projected 2015 earnings.

While the group's utilities business in Singapore remains under pressure because of competition, "we see strong potential in its pipeline of infrastructure assets coming online in FY15-16," OSK DMG analysts Lee Yue Jer and Jesalyn Wong wrote in a note.

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

Stock Name: Keppel Corp
Company Name: KEPPEL CORPORATION LIMITED

Research House: UOB KayHian

Price Call: HOLD

Target Price: 8.80

SINGAPORE (Feb 18): Keppel Corporation is unlikely to be affected by Transocean's call to delay delivery of five rigs from Keppel FELS, says UOB Kay Hian. As such, the house is maintaining its "Hold" position with an unchanged target price of $8.80 for the rig builder.

ValueMax kept at 'buy' with 55 cents target price by OSK DMG

Stock Name: ValueMax
Company Name: VALUEMAX GROUP LIMITED

Research House: OSK-DMG

Price Call: BUY

Target Price: 0.55

SINGAPORE (Feb 18): OSK DMG has maintained its "buy" call on ValueMax Group with a slightly lowered target price of 55 cents from 57 cents, pegged to 1.9 times financial year ending Dec 31, 2015 (FY15) price-to-book value (P/BV).

"We downgrade our FY15/16 profit after tax and minority interest (PATMI) projections by 36%/37% respectively but remain optimistic that Valuemax will emerge as the top among its listed peers," OSK DMG analysts Jarick Seet and Terence Wong said in a note today.

CapitaLand kept at 'add' by CIMB with target price of $4.04

Stock Name: CapitaLand
Company Name: CAPITALAND LIMITED

Research House: CIMB

Price Call: BUY

Target Price: 4.04

SINGAPORE (Feb 18): CIMB Research has maintained its "add" call on CapitaLand with a slightly higher target price of $4.04, pegged to a 20% discount to its revalued net asset value of $5.05.

"The execution of forward growth strategies, including increasing and extending activities in core and new markets as well as expanding its serviced residences network and fund management activities, could enable the group to move closer towards its medium-term return on equity (ROE) target of 8-12%," said CIMB analysts Lock Mun Yee and Tan Xuan in a Feb 17 note.

CapitaLand target raised to $4, kept at "buy" by KGI Fraser

Stock Name: CapitaLand
Company Name: CAPITALAND LIMITED

Research House: KGI Fraser

Price Call: BUY

Target Price: 4.00

SINGAPORE (Feb 18): KGI Fraser Securities has raised its price target for CapitaLand from $3.80 to $4, still pegged at a 25% discount to its realisable net asset value, and kept its "buy" call.

"With the residential markets in China and Vietnam looking more positive in 2015, as well as three new malls opening in China, we believe CapitaLand is well-positioned to mitigate headwinds in Singapore," KGI analyst Wilson Liew said in a report.

Neptune Orient Lines raised to "hold", target raised to $1.01 by OCBC

Stock Name: NOL
Company Name: NEPTUNE ORIENT LINES LIMITED

Research House: OCBC

Price Call: HOLD

Target Price: 1.01

SINGAPORE (Feb 18): OCBC Investment Research has upgraded Neptune Orient Lines to "hold" from "sell" and raised its price target to $1.01 from 92 cents to factor in the US$1.2-billion sale of the company's logistics unit.

"We think the strengthened balance allows NOL to be better poised for recovery as it is able to direct focus and resources to manage the liner business," said OCBC analyst Eugene Chua.

Sembcorp Industries raised to "buy" but target cut to $4.84 by OCBC

Stock Name: Sembcorp Ind
Company Name: SEMBCORP INDUSTRIES LTD

Research House: OCBC

Price Call: BUY

Target Price: 4.84

SINGAPORE (Feb 18): OCBC Investment Research has upgraded Sembcorp Industries to "buy" from "hold" on valuation grounds, but cut its price target to $4.84 from $5 to factor in a lower valuation for Sembcorp Marine, the group's offshore and marine arm.

Sembcorp's 2014 earnings of $801 million were within expectations and while its Singapore utilities business is expected to remain under pressure this year, "the picture looks brighter overseas," OCBC analyst Low Pei Han said in a note today.

Sembcorp Industries raised to "hold", target lifted to $4.16 by Maybank

Stock Name: Sembcorp Ind
Company Name: SEMBCORP INDUSTRIES LTD

Research House: Maybank Kim Eng

Price Call: HOLD

Target Price: 4.16

SINGAPORE (Feb 18): Maybank Kim Eng has upgraded Sembcorp Industries to "hold" from "sell", noting the stock's 9% decline since it cut its rating to "sell" in November.

It also raised its price target to $4.16 from $4 after revising Sembcorp's market values and net debt figures.

While the company's Singapore business will remain challenging in 2015, its overseas operations "offer more stability and growth", according to Maybank Kim Eng analyst Yeak Chee Keong.

Sembcorp Industries cut to "hold", target cut to $4.57 by CIMB

Stock Name: Sembcorp Ind
Company Name: SEMBCORP INDUSTRIES LTD

Research House: CIMB

Price Call: HOLD

Target Price: 4.57

SINGAPORE (Feb 18): CIMB has downgraded Sembcorp Industries to "hold" from "add" and cut its price target to $4.57 from $5.85 after lowering its earnings per share estimates for 2015 by 4% and for 2016 by 7%.

The outlook for Sembcorp's business in Singapore has worsened since 4Q2014, given the sharp falls in spark spreads and prices of high-sulphur fuel oil, according to CIMB analyst Lim Siew Khee.

"Utilities earnings could see a consecutive y-o-y dip in FY15 as the gap in Singapore is too big to fill," she wrote in a note today.

Neptune Orient Lines upgraded to "add", target raised to $1.53 by CIMB

Stock Name: NOL
Company Name: NEPTUNE ORIENT LINES LIMITED

Research House: CIMB

Price Call: BUY

Target Price: 1.53

SINGAPORE (Feb 18): CIMB has upgraded Neptune Orient Lines to "add" from "hold" and raised its price target to $1.53 from $1.06, citing "huge" upside to the stock following the US$1.2-billion sale of the shipping line's logistics business to Kintetsu World Express.

"The share price should jump with the unlocking of the value of APL Logistics," CIMB analyst Raymond Yap said in a report today.

NOL will book a gain of about US$900 million from the sale.

CWT downgraded to "neutral" by OSK DMG on growth expectations

Stock Name: CWT
Company Name: CWT LIMITED

Research House: OSK-DMG

Price Call: HOLD

Target Price: 1.82

SINGAPORE (Feb 17): OSK DMG has downgraded CWT to "neutral" from "buy" to reflect expectations of lower business activities across the company's various segments.

The broker also cut its price target to $1.82 from $2 and lowered its earnings per share forecasts for FY2015 and FY2016 by 16% and 11% respectively to account for lower commodity trading volumes, reduced financial services revenue, and weaker margins from commodity marketing.

CWT recently reported what OSK DMG described as "weak" 4Q2014 earnings of $9 million, down 73% y-o-y.

Hutchison Port kept at 'neutral' by Credit Suisse with US74 cents target price

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

Research House: Credit Suisse

Price Call: HOLD

Target Price: 0.74

SINGAPORE (Feb 17): Credit Suisse AG has lifted its target price on Hutchison Port Holdings Trust (HPHT) to US$0.74 from US$0.71 to take account of increased estimates and a 5.2% target 2015 yield.

However, Credit Suisse said that with HPHT realigning its pay-out targets, there will be continued room for yield pressure.

SembMarine kept at 'neutral' with $3.10 target by OSK DMG

Stock Name: Sembcorp Marine
Company Name: SEMBCORP MARINE LTD

Research House: OSK-DMG

Price Call: HOLD

Target Price: 3.10

SINGAPORE(Feb 17): OSK DMG has maintained its neutral call on global marine and offshoring group Sembcorp Marine with a lower target price of $3.10 (from $3.80) based on its sum of parts (SOP), with the change largely driven by rising debts.

"The swing to a net debt position of 21.2% was a negative surprise, with the company having spend $1.4 billion on two new yards in the last two years," said OSK DMG analysts Lee Yue Jer and Jesalyn Wong in a note today.

CDL kept at 'outperform' with revised target price of $12.30 by Credit Suisse

Stock Name: CityDev
Company Name: CITY DEVELOPMENTS LIMITED

Research House: Credit Suisse

Price Call: BUY

Target Price: 12.30

SINGAPORE (Feb 17): Credit Suisse AG Singapore has revised its target price for City Developments Ltd (CDL) to $12.30 from $12.25 based on a 10% discount to its revalued net asset value (RNAV) of $13.70.

The research house also cut CDL's estimated financial year ending Dec 31, 2015 (FY15) and FY16 core profits by 10% to 17%.

"This is as we pushed out our resi sales assumptions given the soft market," said Credit Suisse research analysts Yvonne Voon and Daniel Lim in a note today.

Fears over Ezion's contract wins unfounded, analysts say

Stock Name: Ezion
Company Name: EZION HOLDINGS LIMITED

Research House: OSK-DMG

Price Call: BUY

Target Price: 2.65

SINGAPORE (Feb 17): OSK DMG has maintained its "buy" call for Ezion Holdings but trimmed its price target to $2.35 from $2.65.

Despite falling oil prices, demand for Ezion's liftboats remains strong, according to OSK DMG analysts Lee Yue Jer and Jesalyn Wong.

"We believe that market fears are completely misplaced," they said in a note.

"Our key briefing takeaway was that demand for the company's liftboats has surged as oil majors refocus on production.

Cosco Corp target cut to 43 cents from 50 cents by Maybank Kim Eng

Stock Name: Cosco
Company Name: COSCO CORPORATION (S) LTD

Research House: Maybank Kim Eng

Price Call: SELL

Target Price: 0.43

SINGAPORE (Feb 17): Maybank Kim Eng has cut its price target for Cosco Corp from 50 cents to 43 cents, citing pessimism over the company's poor execution expected this year amid a weak offshore and ship building market.

Cosco recently reported FY14 earnings of $20.9 million, down 31.8% y-o-y.

While it posted a higher-than-expected gross margin in 4Q2014, this will not be sustainable, according to Maybank Kim Eng analyst Yeak Chee Keong, who has a "sell" call in the stock.

Hi-P International cut to "neutral", target cut to 72 cents by OSK DMG

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

Research House: OSK-DMG

Price Call: HOLD

Target Price: 0.72

SINGAPORE (Feb 17): OSK DMG has downgraded Hi-P International to "neutral" from "buy" and cut its price target to 72 cents, pegged at parity to FY2015 book value, from 87 cents.

While the contract manufacturer's 2014 earnings rose 63.5% to $10.5 million, the improvement was largely due to one-off items, such as insurance claims, OSK DMG analysts Jarick Seet and Terence Wong said in a report, noting that its net profit would be only $1.4 million without these exceptional items.

UOB kept at 'neutral' by Goldman Sachs with $25 target price

Stock Name: UOB
Company Name: UNITED OVERSEAS BANK LTD

Research House: Golman Sachs

Price Call: HOLD

Target Price: 25.00

SINGAPORE (Feb 16): Goldman Sachs is maintaining its "Neutral" call for United Overseas Bank (UOB) with an unchanged target price of $25 as the bank's 4QFY15 net profit was within expectations.

UOB reported 4Q14 net profit of $786 million with weaker profits q-o-q due to lower non-interest income.

The bank then held an analyst briefing and here were the main takeaways for Goldman Sachs.

Asset quality remained manageable this year, albeit non-performing loans (NPL) rose 3% q-o-q owing to accounts in Indonesia, Thailand and Singapore.

Silverlake kept at 'sell' call with $1.13 target price

Stock Name: Silverlake Axis
Company Name: SILVERLAKE AXIS LTD

Research House: OSK-DMG

Price Call: SELL

Target Price: 1.13

SINGAPORE (Feb 16): OSK DMG Partners & Research has maintained its sell call on banking software developer Silverlake Axis with a slightly higher target price (TP) of $1.13 , however the research house feels that Silverlake's current valuations still represent a premium, coupled with a slowdown in topline growth and a lack of catalyst for further upside.

Wilmar kept at 'neutral' with target price of $3.30 by Goldman Sachs

Stock Name: Wilmar Intl
Company Name: WILMAR INTERNATIONAL LIMITED

Research House: Golman Sachs

Price Call: HOLD

Target Price: 3.30

SINGAPORE (Feb 16): Goldman Sachs has raised its target price for Wilmar International to $3.30 from $3.15 amid the agribusiness stable outlook this year.

This comes after Wilmar announced a core net profit of US$1220 million for FY14, which is 5% above Goldman Sachs' estimates.

According to Goldman Sachs, Wilmar's strong performance was due to higher value-added downstream businesses, lower feedstock price and improved price volatility.

Olam kept at 'neutral' by Goldman Sachs with $2.10 target price

Stock Name: Olam Intl
Company Name: OLAM INTERNATIONAL LIMITED

Research House: Golman Sachs

Price Call: HOLD

Target Price: 2.10

SINGAPORE (Feb 16): Goldman Sachs has lowered its target price for Olam International to $2.10 from $2.20 for its lower-than-expected earnings in 6MFY15 on the back of currency depreciation.

Olam recorded a net profit of $165 million in 6MFY15, 39% lower than Goldman Sachs' FY15E estimates.

The house believes currency depreciation is Olam's downfall, negatively affecting its 2Q EBITDA by $30 million.

SGX kept at 'buy' with $9.50 target price by Goldman Sachs

Stock Name: SGX
Company Name: SINGAPORE EXCHANGE LIMITED

Research House: Golman Sachs

Price Call: BUY

Target Price: 9.50

SINGAPORE (Feb 16): Investor concerns over the profitability of Singapore Exchange's derivatives business are unwarranted, says Goldman Sachs. As such, the house maintains its "Buy" call for SGX with a target price of $9.50.

Goldman Sachs notes that concerns over SGX's profitability and operating leverage have increased recently as its derivatives business is believed to be of lower profitability, which is largely due to its high cost. Royalty payments tied to derivatives volumes to index managers rose 50% q-o-q during 2QFY15.

NOL kept at 'neutral' with $1 target price by Goldman Sachs

Stock Name: NOL
Company Name: NEPTUNE ORIENT LINES LIMITED

Research House: Golman Sachs

Price Call: HOLD

Target Price: 1.00

SINGAPORE (Feb 16): Goldman Sachs is maintaining its "Neutral" call for Neptune Orient Lines (NOL) with a target price of $1.00 amid the global shipping company's weak performance for 4QFY14.

NOL's net loss of US$264 million for the whole year came below the expectations of Goldman Sachs, which attributed the losses to NOL's weak 4QFY14 liner performance despite the fall in oil price during that period. The company reported a net loss of US$85 million for the quarter, a sharp fall from a net loss of US$23 million in 3QFY14.

Its 2014 net debt stood at US$4.1 billion.

Neptune Orient Lines cut to "sell", target raised to 92 cents by OCBC

Stock Name: NOL
Company Name: NEPTUNE ORIENT LINES LIMITED

Research House: OCBC

Price Call: SELL

Target Price: 0.92

SINGAPORE (Feb 16): OCBC Investment Research has increased its price target for Neptune Orient Lines to 92 cents from 84 cents after revising its 2015 estimates to show earnings of 0.4 US cent a share instead of a loss of 8.6 US cents a share.

The change reflects lower bunker costs, according to OCBC analyst Eugene Chua.

Even so, Chua has downgraded the stock to "sell" from "hold" on valuation grounds, citing its 22% run-up in the last two months.

SingTel downgraded to 'hold' with target price of $4.16 by OCBC

Stock Name: SingTel
Company Name: SINGTEL

Research House: OCBC

Price Call: HOLD

Target Price: 4.16

SINGAPORE (Feb 13): OCBC Investment Research has downgraded SingTel to "hold" from a "buy" call and lowered its target price to $4.16 as the weakening AUD against the SGD could remain a near to medium-term concern for the group.

In 3Q, the average weighted AUD rates used in operating revenue was 4.4% y-o-y lower and 4.3% lower in underlying net profit, respectively.

SingTel reported 3Q revenue of $4427 million, up 3.8%, led by strong mobile data growth across businesses and also robust demand for new smartphones like the Apple iPhone 6 and 6+.

Sembcorp Marine target cut 8.3% to $3.30 by Credit Suisse

Stock Name: Sembcorp Marine
Company Name: SEMBCORP MARINE LTD

Research House: Credit Suisse

Price Call: HOLD

Target Price: 3.30

SINGAPORE (Feb 13): Credit Suisse has cut its price target for Sembcorp Marine from $3.60 to $3.30, based on 12 times projected 2015 earnings, after lowering its earnings per shares estimates for this year by 8% and for 2016 by 15% to reflect an expected drop in business.

As it stands, the company has yet to receive payment since November last year of $70 million to $80 million for seven drillships that it is building for Sete Brasil, a company linked to Brazilian oil giant Petrobras.

Perennial Real Estate Holdings started at 'add' with target price of $1.37 by CIMB

Stock Name: Perennial Hldgs
Company Name: PERENNIAL REAL ESTATE HLDGSLTD

Research House: CIMB

Price Call: BUY

Target Price: 1.37

SINGAPORE (Feb 12): CIMB Research has initiated coverage of Perennial Real Estate Holdings with an "add" call and a target price of $1.37.

With its traded price of $1.045 at 4:36 p.m., this translates into a potential upside of 31%.

CIMB analysts Lock Mun Yee and Tan Xuan says Perennial is one of "the cheapest property" counters.

Nam Cheong cut to 'hold' by Maybank KE with 35 cents target price

Stock Name: Nam Cheong
Company Name: NAM CHEONG LIMITED

Research House: Maybank Kim Eng

Price Call: HOLD

Target Price: 0.35

Still, the house is keeping its target price for Nam Cheong at 35 cents. This means an upside of 7.7%, according to Nam Cheong's traded price of 32.5 cents at 3:54 p.m.

IPS Securex kept at 'buy' with target price of 63 cents by OSK DMG

Stock Name: IPSSecurex
Company Name: IPS SECUREX HOLDINGS LIMITED

Research House: OSK-DMG

Price Call: BUY

Target Price: 0.63

SINGAPORE (Feb 12): OSK DMG is maintaining its "buy" call on IPS Securex Holdings with a target price of 63 cents. "We continue to remain bullish on IPS and expect the potential PepperBall contract worth US$20 million to US$30 million to come soon," it said.

IPS's 1H revenue increased by 52% to $5.8 million mainly due to increased sales of security products and integrated security solutions to customers in Vietnam and Singapore, coupled with the supply of parts for border security equipment to Malaysian customers.

Far East Hospitality Trust downgraded to 'reduce' by CIMB with a target price of 76 cents

Stock Name: Far East HTrust
Company Name: FAR EAST HOSPITALITY TRUST

Research House: CIMB

Price Call: SELL

Target Price: 0.76

SINGAPORE (Feb 12): CIMB has downgraded Far East Hospitality Trust (FEHT) to 'reduce' from 'hold' with a target price of 76 cents on grounds of continually weak outlook for the REIT.

For the full year, FEHT's soft hotel occupancy declined 3.1% y-o-y while RevPAR decreased 6% y-o-y. This was mainly attributed to a slow tourism landscape in Singapore.

CIMB observes that this weakness was further exacerbated by the increased competition amid the mid-tier hotel space along Orchard Road and slower corporate demand.

ComfortDelGro upgraded to 'neutral' with target price of $2.90 by OSK DMG

Stock Name: ComfortDelGro
Company Name: COMFORTDELGRO CORPORATION LTD

Research House: OSK-DMG

Price Call: HOLD

Target Price: 2.90

SINGAPORE (Feb 12): OSK DMG has upgraded ComfortDelGro to "neutral" from "take profit" with a target price of $2.90 on expectation of a turnaround in Singapore bus and real operations.

"FY2014's $284 million profit was in line with expectations, aided by revenue growth across all business segments," said OSK DMG.

It pointed out that while Singapore bus revenue continued to grow, the core bus operations remained loss-making with a loss of $13.5 million in 2014.

Silverlake Axis kept at 'buy' with $1.40 target price by Maybank Kim Eng

Stock Name: Silverlake Axis
Company Name: SILVERLAKE AXIS LTD

Research House: Maybank Kim Eng

Price Call: BUY

Target Price: 1.40

SINGAPORE (Feb 12): Maybank Kim Eng is maintaining its "buy" call on Silverlake Axis, the developer of of banking software technology, with a $1.40 target price.

In a report out today, analyst Derrick Heng says Silverlake Axis' 2Q15 net income was in line with forecast by the research house.

Furthermore, catalysts from further earnings deliveries and expansion beyond Asean could lead to a rerating of the stock.

Croesus Retail Trust kept at 'add' by CIMB with $1.10 target price

Stock Name: Croesus RTrust
Company Name: CROESUS RETAIL TRUST

Research House: CIMB

Price Call: BUY

Target Price: 1.10

SINGAPORE (Feb 12): CIMB is maintaining its "add" rating and target price of $1.10 on Croesus Retail Trust as 2Q results were boosted by contributions from recent purchases.

The group's 1H distribution per unit was also in line, meeting 50% of CIMB's FY2015 forecast.

Croesus Retail Trust reported 2Q revenue of ¥1,952 million largely due to contributions from recent acquisitions such as Luz Omori and Croesus Tachikawa as well as 2.5 month rental from One's Mall.

ComfortDelGro kept at 'add' by CIMB with $3.42 target price

Stock Name: ComfortDelGro
Company Name: COMFORTDELGRO CORPORATION LTD

Research House: CIMB

Price Call: BUY

Target Price: 3.42

SINGAPORE (Feb 12): CIMB is maintaining its "add" call on ComfortDelGro with a target price of $3.42.

In a report out today, analysts Roy Chen and William Tng say ComfortDelGro's FY14 net profit was broadly in line with their expectations, coming in at 98% of forecast.

Meanwhile, the potential for higher operating margin and capital efficiency under the new Government Contracting Model (GCM), cost savings from low energy prices, as well as reduced losses from the Downtown Line could mean a rerating of its call on the transport operator.

OCBC kept at "add" with $11.85 target price by CIMB

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

Research House: CIMB

Price Call: BUY

Target Price: 11.85

SINGAPORE (Feb 12): CIMB is maintaining its "add" rating on OCBC on grounds that the bank's 4Q earnings of $791 million was within its expectations of $822 million but below the street's $906 million.

It also raised its price target to $11.85 from $11.44 after taking into account that the re-rating catalysts of rising rates and potential Wing Hang Bank synergies have yet to set in during the quarter.

CIMB observed that even though a tougher credit environment is to be expected, OCBC's 4Q total provisioning levels should not be taken as a new normal.

Global Logistic Properties started at "buy", $3.10 target by Deutsche Bank

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

Research House: Deutsche Bank

Price Call: BUY

Target Price: 3.10

SINGAPORE (Feb 12): Deutsche Bank has started coverage on Global Logistic Properties with a "buy" call and $3.10 price target.

With its extensive reach in China, Japan and Brazil, "GLP's dominant network across the market, one of its key competitive edges, allows the group to attract demand on a national and global level," Deutsche Bank analysts Joy Wang and Man Chien-Fie wrote in a note.

Valuetronics kept at 'buy' with 57 cents target price by KGI Fraser

Stock Name: Valuetronics
Company Name: VALUETRONICS HOLDINGS LIMITED

Research House: KGI Fraser

Price Call: BUY

Target Price: 0.57

SINGAPORE (Feb 11): KGI Fraser Securities has retained its "buy" rating on Valuetronics Holdings with a higher target price of 57 cents, saying the stock of the electronics original equipment manufacturer is an undervalued gem.

"(It's) hard to find another stock, with such fundamentals, this cheap. Valuetronics is currently trading at only 6.3 times estimated core price-earnings ratio of financial year ending Mar 31, 2015 (FY15) or 2.5 times ex-cash," said KGI Fraser analyst Renfred Tay in a note today.

DBS kept at 'add' with target price of $22 by CIMB

Stock Name: DBS
Company Name: DBS GROUP HOLDINGS LTD

Research House: CIMB

Price Call: BUY

Target Price: 22.00

SINGAPORE (Feb 11): CIMB Research is maintaining its 'add' call on DBS Group Holdings and raising its target price by 7.32% to $22 per share from $20.50 despite the banking giant not meeting profit expectations.

According to the research outfit, DBS Group's 3% increase in net interest margins (NIM) in 4QFY14 ended Dec 31 from the preceding quarter showed a positive trend. Thus, NIM expansion is a key catalyst for the group, said CIMB analysts Kenneth Ng and Jessalynn Chen in a note.

Ascendas India Trust kept at 'buy' with target price lifted to 96 cents

Stock Name: Ascendas-iTrust
Company Name: ASCENDAS INDIA TRUST

Research House: DBS Vickers

Price Call: BUY

Target Price: 0.96

SINGAPORE (Feb 11): DBS Vickers Securities has lifted its target price on Ascendas India Trust (a-iTrust) by one cent to 96 cents and retained a "buy" call after the investment trust's announcing its intention to purchase Cybervale economic zone in Chennai, India for $35.9 million.

In a note out today, DBS Vickers has revised its projection of a-iTrust's distribution per unit (DPU) for financial years ending Mar 31, 2016 (FY16) and 2017 (FY17) by 2% higher. The 12-month target price of 96 cents also implies an upside of 9.71%.

Ausgroup kept at 'neutral' with 28 cents target price by OSK DMG

Stock Name: AusGroup
Company Name: AUSGROUP LIMITED

Research House: OSK-DMG

Price Call: HOLD

Target Price: 0.28

SINGAPORE (Feb 11): DMG & Partners Research is maintaining its "neutral" call on Ausgroup with target price of 28 cents.

In a report out today by analysts Lee Yue Jer and Jesalyn Wong, DMG says it has been another disappointing quarter for the marine, oil & gas and mining services company.

In 1H15, Ausgroup's PATMI met only 25% of DMG's original FY15 earnings forecast.

Petra Foods downgraded to "hold", target cut to $3.86 by OCBC

Stock Name: Petra Foods
Company Name: PETRA FOODS LIMITED

Research House: OCBC

Price Call: HOLD

Target Price: 3.86

SINGAPORE (Feb 11): OCBC Investment Research has downgraded Petra Foods to "hold" from "buy" on valuation grounds, noting that the stock now trades at 34.4 times earnings, more than one standard deviation above its two-year average price-earnings ratio.

It has also cut its price target from $4.16 to $3.86 to factor in expected weaker earnings, citing "unusual headwinds" in the form of a weaker currency in Indonesia, one of Petra Foods' key markets.

Mermaid Maritime cut to "hold", target cut to 31 cents by CIMB

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

Research House: CIMB

Price Call: HOLD

Target Price: 0.31

SINGAPORE (Feb 11): CIMB has downgraded Mermaid Maritime to "hold" from "add" and cut its price target from 45 cents to 31 cents, based on 0.6 times 2015 book value.

"Recent checks with Mermaid reveal that the company is facing a confluence of negative events in the form of underutilisation of its tender rig drilling business, overcapacity from its extended subsea business, cost overruns from its cable-laying projects in the Middle East, and simultaneous dry-docking of all its dive support vessels (DSVs) in 1Q15," CIMB analyst Yeo Zhi Bin wrote in a note.

Yoma Strategic kept at 'hold' with lower target price of 57 cents by CIMB

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

Research House: CIMB

Price Call: HOLD

Target Price: 0.57

SINGAPORE (Feb 10): Yoma Strategic Holdings today saw CIMB decreased its target price to 57 cents, from 60 cents, while maintaining its "Hold" call.

The research house said this adjustment serves to commensurate with the group's recent right issue and based on a 20% discount to financial year 2015 (FY15) revalued net asset valuation (RNAV).

Cache Logistics kept at 'add' by CIMB with $1.32 target price

Stock Name: Cache Log Trust
Company Name: CACHE LOGISTICS TRUST

Research House: CIMB

Price Call: BUY

Target Price: 1.32

SINGAPORE (Feb 10): CIMB Research today maintained its "add" rating on Cache Logistics Trust with a $1.32 target price, subsequent to the announcement made by the latter to acquire three Australian assets at a price tag of $73.4 millioin.

"As the acquisition will be funded by debt, we estimate that Cache's leverage ratio will rise to 35.7% upon completion. Consequently, we expect DPU (Distribution per unit) to be boosted by 1.6% and 1.2% in FY15 (financial year 2015) and FY16," the research house said in its research note today.

SIA kept at 'hold' by OCBC with price target of $11.59

Stock Name: SIA
Company Name: SINGAPORE AIRLINES LTD

Research House: OCBC

Price Call: HOLD

Target Price: 11.59

SINGAPORE (Feb 10): OCBC is maintaining its "hold" call on Singapore Airlines (SIA) and raised its target price from $10.80 to $11.59.

In a research note today, OCBC observes that the airline reported a mixed set of 3Q results. Excluding Tiger Airways (Tigerair) consolidation, revenue grew 1% y-o-y to $3.9 billion on higher passenger revenue as yields increased 2.7%.

Sembmarine kept at 'hold' by OCBC with $2.99 fair value

Stock Name: Sembcorp Marine
Company Name: SEMBCORP MARINE LTD

Research House: OCBC

Price Call: HOLD

Target Price: 2.99

SINGAPORE (Feb 10): OCBC Investment Research is maintaining its "hold" recommendation on Sembcorp Marine with a $2.99 fair value.

Although SembMarine has refuted claims that it had paid bribes to Petrobras directors and politicians, the scandal plaguing Petrobras are unlikely to be over soon and are likely to continue to cast a pall over SembMarine.

In a Feb 10 report by Low Pei Han and Carey Wong, the analysts say SembMarine stands to lose more from negative developments at Petrobras compared to Keppel Corp.

Yoma cut to "hold", target lowered to 52 cents by OCBC

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

Research House: OCBC

Price Call: HOLD

Target Price: 0.52

SINGAPORE (Feb 10): OCBC Investment Research has downgraded Yoma Strategic Holdings to "hold" from "buy" and cut its price target to 52 cents from 72 cents to reflect the dilution impact from the company's recent one-for-three rights issue.

"We will turn buyers either at around S$0.47, or on more operational visibility regarding the Landmark project and the group's various initiatives in infrastructure, logistics and agriculture," OCBC analyst Eli Lee wrote in a report. Landmark is a mega mixed development being built by Yoma in Myanmar.

Keppel Corp cut to "hold", target cut to $8.65 by OCBC

Stock Name: Keppel Corp
Company Name: KEPPEL CORPORATION LIMITED

Research House: OCBC

Price Call: HOLD

Target Price: 8.65

SINGAPORE (Feb 10): OCBC Investment Research has downgraded Keppel Corp to "hold" from "buy" and cut its price target to $8.65 from $9.14 to reflect increasing risks the rig builder faces in Brazil.

An article last week in oil and gas paper Upstream said Brazil's national development bank BNDES has postponed a US$3.2-billion credit line for several Brazilian shipyards following reports that suggested Sete Brasil is involved in a corruption scandal that has embroiled national oil giant Petrobras.

Parkson Retail Asia upgraded to "add", target raised to 92 cents by CIMB

Stock Name: Parkson Retail
Company Name: PARKSON RETAIL ASIA LIMITED

Research House: CIMB

Price Call: HOLD

Target Price: 0.92

SINGAPORE (Feb 10): CIMB has upgraded Parkson Retail Asia to "add" from "hold" and raised its price target from 83 cents to 92 cents, based on 18 times projected FY2016 earnings.

The department store operator "seems to be getting to grips" with problems in its markets outside Malaysia, with business at its major outlets in Indonesia picking up after their gestation period, according to CIMB analysts Kenneth Ng and Jonathan Seow.

Hutchison Port Holdings cut to "sell", target cut to 66 US cents by Citi

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

Research House: Citigroup

Price Call: SELL

Target Price: 0.66

SINGAPORE (Feb 10): Citigroup has downgraded Hutchison Port Holdings Trust to "sell" from "buy" and cut its price target to 66 US cents from 75 US cents.

The changes reflect the port operator's decision to lower its 2015 distribution to between 33 and 36 Hong Kong cents a unit, down from its 2014 payout of 41 Hong Kong cents.

HPH Trust cited reduced demand and rising labour costs in Hong Kong as factors behind its more conservative outlook.

Tough operating conditions in Hong Kong led to a HK$19 billion impairment loss in 4Q2014.

F&N started at "reduce" with target price of $2.40 by Phillip

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

Research House: Phillip Securities

Price Call: SELL

Target Price: 2.40

SINGAPORE (Feb 9): Phillip Securities Research has initiated its coverage on Fraser and Neave Ltd (F&N) with a "reduce" rating and a target price of $2.40, as the recent downtrend in the beverage producer's stock still represents a valuations premium to its peers.

GLP kept at 'buy' with $3.42 target price by Citi

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

Research House: Citigroup

Price Call: BUY

Target Price: 3.42

SINGAPORE (Feb 6): Citi Research is maintaining a "buy" call for Global Logistic Properties (GLP) with a target price of $3.42 due to its strong performance in China, despite recording a lower profit in 3Q15 ended Dec.

GLP reported a profit of $381 million in 3Q15, down 27% from the same quarter last year.

This also translates into a 30% drop of core profit y-o-y to US$135 million.

Frasers Centrepoint Trust price target cut to $2.22 by Daiwa

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

Research House: Daiwa

Price Call: HOLD

Target Price: 2.22

SINGAPORE (Feb 5): Daiwa has trimmed its price target for Frasers Centrepoint Trust (FCT) to $2.22 from $2.26 after reducing its FY2015 to FY2017 distribution per unit estimates to account for lower rental reversion assumptions for Changi City Point and Bedok Point malls.

"Transitional vacancies" at Changi City Point, which FCT recently acquired, led to the REIT's overall occupancy rate falling to 96.4% at end-December from 98.9% in September, Daiwa analyst David Lum noted in a report.

Bumitama Agri kept at 'buy' by DBS with $1.32 target price

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

Research House: DBS Vickers

Price Call: BUY

Target Price: 1.32

SINGAPORE (Feb 5): Bumitama Agri announced that it had entered into facility agreements with several banks, including DBS, UOB and OCBC Bank, among others, for total committed and uncommitted debt facilities of US$265 million.

The loan will fund general corporate and working capital requirements, as well as refinance existing debts.

In a Feb 4 report, analyst Ben Santoso writes that the debt facilities should not have a significant impact on Bumitama Agri's net gearing.

Bumitama Agri's net gearing should settle at 32.5% based on his current forecast.

SATS upgraded to "hold", target raised to $2.84 by DBS Vickers

Stock Name: SATS
Company Name: SATS LTD.

Research House: DBS Vickers

Price Call: SELL

Target Price: 2.84

SINGAPORE (Feb 5): DBS Vickers has upgraded SATS to "hold" from "fully valued" and raised its price target to $2.84 from $2.70 after increasing its earnings estimates for FY2015 to FY2017 by 3% to 4% to reflect the company's December-quarter results.

Earnings for the quarter rose 25% y-o-y to $53.7 million, despite a 3% fall in revenue, as contributions from associates and joint ventures were higher.

Challenges in the near term remain, however, as the aviation industry is still weak, DBS Vickers analysts Alfie Yeo and Andy Sim noted in a report today.

SingPost kept at 'hold' with target price of $2.08 set by CIMB

Stock Name: SingPost
Company Name: SINGAPORE POST LIMITED

Research House: CIMB

Price Call: HOLD

Target Price: 2.08

SINGAPORE (Feb 4): SingPost's earnings of $116 million for the nine months ended December came in slightly below expectations at 74% to 75% of CIMB's consensus full-year forecasts, writes analyst Jessalynn Chen in a note today.

"The third quarter is seasonally the strongest quarter and the nine months earnings accounts for 77% to 80% of the full-year figure," she adds.

SingPost has a long road to transformation and cost pressures continue to erode value creation in the near-term, Chen writes. "We would look to enter at more palatable valuations," she notes.

Eu Yan Sang cut to "sell", target lowered to 60 cents by OSK DMG

Stock Name: Eu Yan Sang
Company Name: EU YAN SANG INTERNATIONAL LTD

Research House: OSK-DMG

Price Call: SELL

Target Price: 0.60

SINGAPORE (Feb 5): OSK DMG has downgraded Eu Yan Sang to "sell" from "buy" and slashed its price target from 92 cents to 60 cents, pegged at 17.1 times projected 2015 earnings.

"While we like EYS's strong brand name in the traditional Chinese medicine space, we think that near-term recovery would be slow, due to the weak discretionary spending environment," OSK DMG analysts Juliana Cai and James Koh wrote in a note today.

SATS upgraded to "hold" by CIMB

Stock Name: SATS
Company Name: SATS LTD.

Research House: CIMB

Price Call: HOLD

Target Price: 2.95

SINGAPORE (Feb 5): CIMB has upgraded SATS to "hold" from "reduce", citing the company's 4.6% dividend yield.

SATS's net cash of $258 million should be able to sustain its 80% dividend payout policy, according to CIMB analyst Lim Siew Khee, who has a price target of $2.95 on the stock.

Meanwhile, the company's increased focus on cargo operations and cost management is paying off, she said in a note, as Ebitda margins rose to 15% in the quarter ended Dec 31 from 13.2% as at Sept 30.

SATS upgraded to "hold", target raised to $2.80 by Maybank Kim Eng

Stock Name: SATS
Company Name: SATS LTD.

Research House: Maybank Kim Eng

Price Call: HOLD

Target Price: 2.80

SINGAPORE (Feb 5): Maybank Kim Eng has upgraded SATS to "hold" from "sell" and raised its price target from $2.70 to $2.80, still pegged at 16 times projected FY2016 earnings.

The changes reflect what Maybank Kim Eng analyst Derrick Heng said was SATS's better-than-expected results for the quarter ended Dec 31.

Earnings rose 25.2% y-o-y to $53.7 million as cost cuts offset a drop in revenue.

"We believe the cost-cutting is sustainable and will better position the company for the future," Heng said in a note today.

Perennial Real Estate Holdings started at 'buy' with $1.28 target price by Phillip

Stock Name: Perennial Hldgs
Company Name: PERENNIAL REAL ESTATE HLDGSLTD

Research House: Phillip Securities

Price Call: BUY

Target Price: 1.28

SINGAPORE (Feb 4): Phillip Securities Research has initiated coverage on Perennial Real Estate Holdings (PREH) with a "buy" and target price of $1.28, after it recently completed its reverse takeover of St James Holding.

Analyst Wong Yong Kai believes that PREH is under-appreciated by the market, and perhaps overly-penalised for its exposure to Chinese properties. Its Chinese portfolio comprises majority interests in development properties in Beijing, Chengdu, Xi'an and Zhuhai, as well as completed properties in Shenyang, Foshan and Chengdu.

SIA Engineering kept at 'reduce' with lower target price of $3.62 by Phillip

Stock Name: SIA Engineering
Company Name: SIA ENGINEERING CO LTD

Research House: Phillip Securities

Price Call: SELL

Target Price: 3.62

SINGAPORE (Feb 4): Phillip Securities Research today maintained a "Reduce" call on SIA Engineering Company, and trimmed its target price to $3.62, from $3.95, on the back of weaker results.

SIA Engineering released its third financial quarter result yesterday which saw revenue fell 6.5% on year to $265.3 million, mainly dragged by associates and joint-ventures businesses.

Accordingly, earnings also affected by 23.5% lower year-on-year to $46.3 million.

OSIM kept at 'buy' with $2.25 target price by Phillip

Stock Name: OSIM Intl
Company Name: OSIM INTERNATIONAL LTD

Research House: Phillip Securities

Price Call: BUY

Target Price: 2.25

SINGAPORE (Feb 4): Phillip Capital is maintaining its "buy" call on OSIM International with a target price of $2.25.

In a report out today, analyst Caroline Tay says she expects the rollout of more innovative products as well as the expansion of TWG stores to sustain revenue growth in FY15.

OSIM announced a full year revenue of $691.1 million. This is in line with Phillip's FY14 estimates. Gross margin stood at 70%.

Daiwa maintains 'hold' call on CDL Hospitality Trusts, worry of 2015 outlook

Stock Name: CDL HTrust
Company Name: CDL HOSPITALITY TRUSTS

Research House: Daiwa

Price Call: HOLD

Target Price: 1.75

SINGAPORE (Feb 4): Daiwa Capital Markets Singapore today revised the target price for CDL Hospitality Trusts to $1.75 per share, from $1.74 per share; while maintaining a "Hold" call for it.

David Lum, an analyst from Daiwa, said the adjustment of target price was pegged to a dividend discount model (DDM) valuation.

"The minor increase is due solely to the higher present value from the passage of time since our last report," he explained in his research note today.

OSIM kept at 'buy' with $2.45 target by OSK DMG

Stock Name: OSIM Intl
Company Name: OSIM INTERNATIONAL LTD

Research House: OIR BITES

Price Call: BUY

Target Price: 2.45

SINGAPORE (FEB 4): OSIM's 4Q2014 ended December earnings of $27.4 million were above expectations, write OSK DMG analysts Juliana Cai and James Koh.

The duo has upgraded their target price to $2.45 from $2.30 previously, reflecting a 29% upside.

OSIM achieved record sales in FY2014, with revenue rising 7% year-on-year to a $691.1 million. Growth mainly came from the consolidation TWG.

OSIM surpassed analyst expectations of a 5% decline in revenue (excluding TWG) owing to the poor retail environment.

Kingsmen Creatives kept at 'buy' with $1.05 target by OSK DMG

Stock Name: KingsmenCreative
Company Name: KINGSMEN CREATIVES LTD

Research House: OSK-DMG

Price Call: BUY

Target Price: 1.05

SINGAPORE (FEB 4): OSK DMG analysts are optimistic on Kingsmen Creatives, saying it is at the forefront of lifestyle and sporting events in Asia.

Analysts Juliana Cai and James Koh attended the preview of the fifth edition of Art Stage Singapore on Jan 22.

Kingsmen has been one of the event's main partners for five years running. The group is involved in stand designs, setting up of show-sets and mechanical and electrical installations for events and exhibitions. Its role is to build the dividers, stands, lightings and floorings.

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

Stock Name: GuocoLeisure
Company Name: GUOCOLEISURE LIMITED

Research House: CIMB

Price Call: BUY

Target Price: 1.18

SINGAPORE (Feb 4): CIMB Research is maintaining its "add" recommendation on Guocoleisure with a target price of $1.18.

In a Feb 3 report, analysts Roy Chen and William Tng say the fundamentals of GLL's hotel
segment remain sound and that the market has overreacted to the forex and oil price hiccups.

To recap, Guocoleisure reported revenue of US$200.6 million ($270.1 million) in 1H15, down 6% from a year ago, due to lower revenue from its non-core businesses.

Reported net profit was US$31.4 million, up 4%, mainly due to earnings growth in the hotel segment.

SIA Engineering kept at 'sell' with unchanged $3.50 target price by Maybank KimEng

Stock Name: SIA Engineering
Company Name: SIA ENGINEERING CO LTD

Research House: Maybank Kim Eng

Price Call: SELL

Target Price: 3.50

SINGAPORE (Feb 4): Maybank KimEng is maintaining its "sell" on SIA Engineering with an unchanged target price of $3.50.

In a report out today, analyst Derrick Heng management continues to guide for tough times and expects engine-shop visits to decline further.

In 3Q15, SIA Engineering's net income of $46.3 million, down 23.5% a year ago, with 9M forming 81% of Maybank KimEng's full-year estimates.

However, it was controlled labour and material costs that mitigated a 6.5% drop in its revenue.

OSIM cut to "hold", target cut to $1.94 by DBS Vickers

Stock Name: OSIM Intl
Company Name: OSIM INTERNATIONAL LTD

Research House: DBS Vickers

Price Call: HOLD

Target Price: 1.94

SINGAPORE (Feb 4): DBS Vickers has downgraded OSIM International to "hold" from "buy" and cut its price target from $2.59 to $1.94, which is based on 14 times projected 2015 earnings versus 18 times previously.

"We believe the outlook for massage products in FY15 will remain soft on the back of weak regional consumption," DBS Vickers analysts Alfie Yeo and Andy Sim wrote in a note today.

"Following two quarters (3Q and 4Q) of weakness in massage products, we are not bullish on regional discretionary consumption in Singapore, Malaysia, Hong Kong and China."

Cosco price target cut 24% to 38 cents by Daiwa

Stock Name: Cosco
Company Name: COSCO CORPORATION (S) LTD

Research House: Daiwa

Price Call: SELL

Target Price: 0.38

SINGAPORE (Feb 3): Daiwa has cut its price target for Cosco Corp to 38 cents from 50 cents after lowering its earnings per share estimates by 5% for 2015 and 36% for 2016 to factor in an expected increase in order cancellations.

The new target is based on 19.6 times projected 2015 earnings, versus 21.2 times previously.

Sembcorp Marine cut to "underperform", target cut to $2.68 by Daiwa

Stock Name: Sembcorp Marine
Company Name: SEMBCORP MARINE LTD

Research House: Daiwa

Price Call: SELL

Target Price: 2.68

SINGAPORE (Feb 3): Daiwa has downgraded Sembcorp Marine to "underperform" from "hold" and cut its price target from $3.81 to $2.68, which is based on 10.8 times projected 2015 earnings.

The changes incorporate a 2% to 14% cut in its earnings estimates for 2014 to 2016 to factor in fewer new orders.

"A prolonged low oil-price environment, coupled with a saturated drilling industry, could well be the perfect storm that heralds a new era of depressed MODU (mobile offshore drilling unit) orders over the next two to three years," Daiwa analyst Royston Tan wrote in a note.

Keppel Corp started at "hold", $8.55 target by Daiwa

Stock Name: Keppel Corp
Company Name: KEPPEL CORPORATION LIMITED

Research House: Daiwa

Price Call: HOLD

Target Price: 8.55

SINGAPORE (Feb 3): Daiwa has started coverage on Keppel Corp with a "hold" rating and a sum-of-parts price target of $8.55.

Barring any contract cancellations, Keppel's current offshore and marine order book should put the rig builder in a good position to ride out any near-term volatility in the industry, according to Daiwa analyst Royston Tan.

Still, growing its order book, especially for new building projects, could be a challenge from 2015 to 2017, he said.

k1 Ventures kept at 'buy' with 23 cents target price by OSK DMG

Stock Name: K1 Ventures
Company Name: K1 VENTURES LIMITED

Research House: OSK-DMG

Price Call: BUY

Target Price: 0.23

SINGAPORE (Feb 3): OSK DMG is maintaining its "buy" call on k1 Ventures with a target price of 23 cents.

In a Feb 2 report, analyst Goh Han Peng says he sees potential for upside surprises if k1 divests its remaining investments in Knowledge Universe Holdings (KUH) and Guggenheim Capital which he says are the crown jewels of the group.

In the past year, k1 has continued to monetising its investment portfolio.

Japfa kept at 'buy' with 80 cents target price by DBS Vickers

Stock Name: Japfa
Company Name: JAPFA LTD.

Research House: DBS Vickers

Price Call: BUY

Target Price: 0.80

SINGAPORE (Feb 3): DBS Vickers is maintaining its "buy" call on Japfa with a higher target price of 80 cents.

In a Feb 2 report, analyst Ben Santoso says Japfa's acquisition of the remaining 15% of Japfa Comfeed Myamar should boost its earnings growth in future. More importantly, prices of day-old broiler chicks in Indonesia have recovered.

Singtel kept at 'buy' with $4.39 target price by UOB KayHian

Stock Name: SingTel
Company Name: SINGTEL

Research House: UOB KayHian

Price Call: BUY

Target Price: 4.39

SINGAPORE (Feb 3): UOB KayHian is maintaining its "buy" call on Singtel with a higher target price of $4.39 from $4.32 previously.

In a report out today, analyst Jonathan Koh says the easing strength of the Singapore dollar should have a positive impact on earnings from overseas markets.

Koh also believes Singtel deserves to trade at a premium due to its diversified earnings base and geographical footprint.

In the past, SingTel has usually suffered from the depreciation of regional currencies against the Singdollar.

ComfortDelGro price target raised 10% to $3.42 by CIMB

Stock Name: ComfortDelGro
Company Name: COMFORTDELGRO CORPORATION LTD

Research House: CIMB

Price Call: BUY

Target Price: 3.42

SINGAPORE (Feb 3): CIMB has raised its price target for ComfortDelGro Corp to $3.42 from $3.11 after increasing its earnings per shares estimates by 10% for FY2015 and 18% for FY2016 to reflect lower energy costs and smaller losses at the public transport operator's Downtown rail line (DTL).

DTL has been loss-making since it started operation in December 2013.

With the second phase of the rail line slated to begin operation in 1Q2016, ComfortDelGro should break even, according to CIMB analysts Roy Chen and William Tng.

MTQ Corp cut to "hold", targeted slashed to 95 cents by CIMB

Stock Name: MTQ
Company Name: MTQ CORPORATION LIMITED

Research House: CIMB

Price Call: BUY

Target Price: 1.55

SINGAPORE (Feb 3): CIMB has downgraded MTQ Corp to "hold" from "add" and slashed its price target from $1.55 to 95 cents, which imply 5.7 times projected FY2016 earnings and 1.1 times FY2015 book value.

It has also lowered its FY2015 to FY2017 earnings per share estimates by 24% to 32% to factor in expected weaker profit margins.

The changes came after MTQ, which makes and repairs oilfield equipment, said its December-quarter (FY3Q2015) earnings tumbled 78% y-o-y and 72% q-o-q to $1.4 million on weaker performances at its Singapore and Australia operations.

MTQ Corp price target cut 19% to $1.43 by OSK DMG

Stock Name: MTQ
Company Name: MTQ CORPORATION LIMITED

Research House: OSK-DMG

Price Call: BUY

Target Price: 1.43

SINGAPORE (Feb 2): DMG OSK has cut its price target for MTQ Corp from $1.77 to $1.43, based on seven times enterprise value to ebitda, after lowering its earnings estimates by 34% for FY2015 and by 36% for FY2016.

The company, which makes and repairs oilfield equipment, said last Friday that earnings for the quarter ended Dec 31 fell 66% y-o-y to $2.2 million on weakness in its Singapore and Australia operations.

Revenue was flat at $74.8 million while operating expenses and staff costs went up.