OSPL - Good Morning S'pore - Central Dealing Desk

Stock Name: Genting HK US$
Company Name: GENTING HONG KONG LIMITED

Research House: CIMB

Price Call: BUY

Target Price: 0.55

Stock Name: SinoGrandnes
Company Name: SINO GRANDNESS FOOD IND GP LTD

Research House: UOB KayHian

Price Call: BUY

Target Price: 1.23

Market Compass

26 March 2013~ Good Morning Singapore!

Singapore Idea Snippets:

26 March 2013~ Good Morning Singapore! Central Execution Team - The excellence of execution This product is made available by your Central Execution Team, for you as TRs of OCBC Securities to help you with your business and therefore it is confidential and only for internal circulation. It is not intended for onward circulation to non-OSPL TRs, clients or any other third party in this or any other version. Neither is this intended to be relied upon as a sole basis for any recommendation. TRs must also consider their clients' investment objectives, financial position and needs when intending to make or making any recommendation. For the front desk, by the front desk. All feedback to make this a better product is welcome. Global Flash: While You Were Sleeping Source: Marketwatch Quote for the day : Don't necessarily avoid sharp edges. Occasionally they are necessary to leadership. -DONALD RUMSFELD Singapore: The Day Ahead SINGAPORE DAYBOOK: Sing$ may stay strong amid inflation worries. Highest inflation rate in Feb since last June with rise in MAS core inflation to 1.9%. MARKET SCOOP Lian Beng bags $220m Bartley Ridge deal Swissco diversifies into oil rig sector S'pore inflation rise to 4.9% in Feb DBS names new head of consumer banking/wealth mgmt Changi Airport traffic up 9.2% in February MIIF names new independent director Swissco in JV to clinch EPC contracts CIMB Securities says... GENTING HONG KONG | OUTPERFORM | TP: US$0.55 FY12 core EPS is 9% ahead of our expectation because of lower interest expense at Resorts World Manila (RWM) Underlying operations at its integrated resort were in line, though we had not expected the RWM's interest expense to halve from an interest-rate swap RWM remains a strong proxy for GDP growth in Metro Manila while GENHK's cruise operations have a unique footprint in the Asian leisure-travel market The re-rating of Norwegian Cruise Lines (NCL) since its IPO in Jan 13 is an additional catalyst We expect EBITDA margins to narrow to 28% in FY13 from 31% in FY12 on the back of competition from the new Solaire casino NCL is expected to spur much of GENHK's earnings in the next three years with the delivery of one new ship in Apr 13 and another in Jan 14 We expect 16% EBITDA growth this year on the deployment of its newly-refurbished Gemini to Shanghai UOB KAY HIAN says... SINO GRANDNESS | BUY | TP: S$1.23 Despite its strong share price outperformance, the stock is only trading at 3.9x FY13F earnings SGF is one of the largest exporters of canned asparagus, long beans and mushrooms with customers such as Carrefour and Walmart The group's steady earnings from canned fruits and vegetables is complemented by robust growth from its bottled juice division of approximately 40% p.a. over the next three years New production capacity to drive beverage business In our view, potential catalysts include better-than expected earnings as well as a potential listing of its subsidiary Garden Fresh, which could help unlock value Our target price assumes the listing of Garden Fresh to be successful in 2014 with a PE of 12x coupled with a holding company discount of 20% and a 4.0x 2014F PE valuation for its remaining business DBS VICKERS Securities says... OSIM INTERNATIONAL | BUY | TP: S$2.25 We initiate OSIM with a BUY recommendation, for 18% upside to S$2.25 TP Quarterly results from 1Q09 to 4Q12 have shown that earnings growth has been sustainable. OSIM is now a stronger entity and better positioned for further growth OSIM is a beneficiary of the rising middle class population in China, with 56% of revenues originating from North Asia OSIM currently has 435 stores in North Asia including 278 stores in China. We project 473 stores in North Asia by FY14F, or 20 store openings a year OSIM now creates demand by innovating new products to target new market segments We project FY12-FY14F earnings to grow at CAGR of 16%, driven by China and product innovation Our S$2.25 TP is based on 16x forward FY13F earnings, translating to a PEG of only 0.9x.

Sino Grandness Food Industry Group downgraded to 'sell' by DMG

Stock Name: SinoGrandnes
Company Name: SINO GRANDNESS FOOD IND GP LTD

Research House: DMG

Price Call: SELL

Target Price: 0.37

DMG & Partners Research in a Feb 24 research report says: "4Q11 net profit of RMB22 million (-43% y-o-y, -52% q-o-q) was below our assumed RMB35 million, largely due to higher than expected selling expenses and convertible bonds related expenses.

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Sino Grandness Food Industry Group rated 'buy' by Phillip Securities

Stock Name: SinoGrandnes
Company Name: SINO GRANDNESS FOOD IND GP LTD

Research House: Phillip Securities

Price Call: BUY

Target Price: 0.75

Phillip Securities Research in an Aug 3 research report says: "Sino Grandness 2Q11 results continue to beat our expectations. Revenue for the quarter was RMB283.9 million (+70.1% y-o-y, +59.9% q-o-q), net profit was RMBB54.1 million (+57.7% y-o-y, +72.8% q-o-q).

"We see growth from both the canned products and beverage segments. We think the company's growth is on track. Management is optimistic that second half of the year would be better for both segments. We revise up our revenue and net profit forecasts for FY2011E by 3.5% and 7.9% respectively.

"Although we hold a positive fundamental outlook on the company, we have a more conservative technical outlook on the market. Therefore we are keeping our target price unchanged at 75 cents. Our target price implies a 6.5x PE peg to FY2011E earnings. MAINTAIN BUY."

SinoGrandnes - Sino Grandness Food Industry rated 'buy' by DMG

Stock Name: SinoGrandnes
Company Name: SINO GRANDNESS FOOD IND GP LTD
Research House: DMG

DMG & Partners Securities in a Jan 13 research report says: "We hosted Sino Grandness (SFGI) at OSK-DMG‟s ASEAN corporate day on Jan 7, 2011 and investors' response was positive. SFGI show-cased demo of its new TV-commercial, which will be aired after the Chinese New Year.

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