Macquarie Int'l Infrastructure Fund rated 'buy' by DBS

Stock Name: MacqIntInfra
Company Name: MACQUARIE INT'L INFRA FUND LTD

Research House: DBS Vickers

Price Call: BUY

Target Price: 0.64

DBS Vickers Securities in a May 9 research report says: "The fund generated net dividend income of S$21.3m, up 181% y-o-y, largely owing to the higher 47.5% stake in Taiwan Broadband Communications (TBC), compared to 20% last year.

"Even if we strip out the impact of a larger stake, dividends from TBC grew 6%, in line with organic growth at the asset last year. Fund remains well on track to pay out 2.75 cents semi-annual dividends in FY2012/2013. No change to our SOTP valuation of 64 cents, as we have already factored in downside at Hua Nan Expressway.

"A worst-case impact from toll rate cut at HNE could be a cut in FY12 DPU to 5.0 cents to smoothen the impact in FY2012/2013. This still implies 8.6% yield at current prices. MAINTAIN BUY."

Macquarie Int'l Infrastructure Fund rated 'buy' by DBS

Stock Name: MacqIntInfra
Company Name: MACQUARIE INT'L INFRA FUND LTD

Research House: DBS Vickers

Price Call: BUY

Target Price: 0.64

DBS Vickers Securities in a Nov 28 research report says: "Over the years, MIIF has divested its non-Asian assets, and repaid corporate level loans with the sale proceeds, rendering a cleaner balance sheet with current net cash of about $115 million.

"The sale of stakes in other funds also eliminated the black box problem (assets with limited financial visibility) and the fund now focuses purely on key Asian infrastructure assets. MIIF paid out 3 cents dividend in FY2010. Post restructuring of its portfolio, MIIF is now guiding for 5.5 cents dividend per share in FY2011, based on expected cash flow generation plus existing cash reserves (2.75 cents already declared for 1H11).

"We expect this is achievable and given the healthy implied yield of close to 10.5% at current prices. Target price of 64 cents, based on DCF valuation of underlying assets. BUY (reinstating coverage)."

Macquarie Int'l Infrastructure Fund rated 'invest' by SIAS

Stock Name: MacqIntInfra
Company Name: MACQUARIE INT'L INFRA FUND LTD

Research House: SIAS

Price Call: BUY

Target Price: 0.68

SIAS Research in an Aug 3 research report says: "We visited three of Macquarie International Infrastructure Fund Ltd's (MIIF) assets in late July and were left impressed by all three of them, particularly the Changshu Xinghua Port (CXP) and Taiwan Broadband Communications (TBC).

"The former was due to the management's strategy of initiating contacts with customers while the latter was a result of TBC's out of the box digital features. As such, we are raising our CXP and TBC FY2012 revenue growth forecast from 9% to 12% and 5% to 8% respectively.

"Consequently, our FY2012 net profit after tax forecast of MIIF increased by 2%. We believe EBITDA will grow 12% to $33.9 million over the next three years. Intrinsic value of 68 cents. MAINTAIN INVEST."

Macquarie Int'l Infrastructure Fund rated 'invest' by SIAS

Stock Name: MacqIntInfra
Company Name: MACQUARIE INT'L INFRA FUND LTD
Research House: SIAS

SIAS Research in a Mar 22 research report says: "MIIF will increase its holdings in Taiwan Broadband Communications (TBC) through the participation in the planned issue of new securities by Cable TV SA, TBC's holding company.

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