Neutral (Maintained) Vard Holdings (VARD SP) Wait And See
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- Opal Shepherd
- 6 years ago
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1 Apr-13 Jun-13 Aug-13 Oct-13 Dec-13 Mar-14 Vol m Results Review, Vard Holdings (VARD SP) Neutral (Maintained) Energy & Petrochemicals - Oil & Gas Services Target Price: SGD1.00 Market Cap: USD930m Price: SGD0.99 Wait And See Macro Risks Growth Value VARD Holdings (VARD SP) Price Close Relative to Straits Times Index (RHS) Vard s 1Q14 PATMI came in at 19% of our FY14F earnings, marking a third consecutive quarter of margin recovery. EBITDA margin was 6.4%, up from 5.1% in 4Q13. At the current rate of improvement, Vard should be able to meet our 7.6% margin forecast for FY14F. Its 1Q14 order wins were exceptional. We continue to prefer Nam Cheong for lower-risk exposure to OSV building. NEUTRAL, with a higher SGD1.00 TP An expected slow start to the year. Vard Holdings (Vard) s PATMI of NOK92m met 19% of our original FY14F forecast, but this was expected as margins are recovering with 1Q likely to be the weakest quarter Exceptional wins in 1Q14 unlikely to be repeated; order win forecasts raised to NOK14.5bn from NOK12bn. Vard won an outstanding NOK5.5bn of new orders in 1Q14, which management described as exceptional while we view as unlikely to be repeated. Enquiries continue to be strong, with surprisingly keen interest in even what appears to be the already-high global platform supply vessel (PSV) orderbook. Vard s current orderbook of NOK21.8bn hits a six-year peak, which we believe should lead to a positive revenue reversal trend in the coming years. Source: Bloomberg Avg Turnover (SGD/USD) 3.21m/2.55m Cons. Upside (%) -6.1 Upside (%) wk Price low/high (SGD) Free float (%) 44 Share outstanding (m) 1,180 Shareholders (%) Fincantieri 55.6 Share Performance (%) YTD 1m 3m 6m 12m Absolute 21.5 (1.0) (7.1) Relative 19.1 (3.2) (3.9) Shariah compliant Lee Yue Jer yuejer.lee@sg.oskgroup.com Wait and see. Vard s EBITDA margins have improved for three consecutive quarters from the low of 4.1% in 2Q13. With utilisation at the Vietnam and Brazil yards normalising from under- and overloads, the company should be able to continue improving its margins to meet our FY14/15F forecasts of 7.6%/8.0%. The management maintains longterm margin guidance of 8-10%. Following an upward revision in our FY14/15F revenue by 8%/11% to reflect higher order wins assumption, we lift our earnings estimates by 4.5/5.3%. Maintain NEUTRAL, with revised SGD1.00 TP (from SGD0.85). Analyst Lee Yue Jer will assume coverage from Jason Saw. While operations appear to be improving, we note that valuations at 11x/8.5x FY14/15F P/Es appear fair. Investors should wait for a better entry point. Our TP is based on an 11x FY14F P/E, with the multiple being slightly higher than usual as earnings come off the trough. Sector-wise, we prefer Nam Cheong (NCL SP, BUY, TP: SGD0.48) as a lower-risk, lower-valuation exposure to offshore support vessel (OSV) shipbuilding. Forecasts and Valuations Dec-11 Dec-12 Dec-13 Dec-14F Dec-15F Total turnover (NOKm) 12,401 11,129 11,155 13,447 15,148 Reported net profit (NOKm) 1, Recurring net profit (NOKm) 1, Recurring net profit growth (%) 54.6 (49.6) (55.6) Recurring EPS (NOK) DPS (NOK) Recurring P/E (x) P/B (x) P/CF (x) na Dividend Yield (%) EV/EBITDA (x) Return on average equity (%) Net debt to equity (%) net cash Our vs consensus EPS (adjusted) (%) (15.0) (19.4) See important disclosures at the end of this report Powered by EFA TM Platform 1
2 Vard Holdings (VARD SP) Additional Notes Figure 1: Quarterly financial results FYE 31 Dec (NOKm) 1Q13 4Q13 1Q14 q-o-q y-o-y Remarks Revenue 2,747 3,093 2,672-14% -3% Delivered four vessels in 1Q14-1 AHTS, 2 PSVs, and 1 specialised vessel. Materials, subcontract and others -1,823-2,165-1,799-17% -1% Salaries and related costs % 14% Increase in workforce in Brazil from 200 to Also some additional labour costs from in-house fabrication instead of outsourcing. Others % 11% EBITDA % -44% Depreciation and amortisation % 66% Depreciation for 90% of Vard Promar in Brazil has begun. A large gantry crane remains to be installed. Operating profit % -55% Financial income % 50% Financial expense % 15% Share of results % 100% Profit before tax % -55% Income tax nm -60% Minority interest % -13% Net profit to equity holders % -51% Meets 18% of our revised FY14F forecast. Coming quarters expected to be stronger on continued margin recovery. Analysis EBITDA margins 11.1% 5.1% 6.4% Three consecutive quarters of EBITDA margin improvements. Higher utilisation at Vietnam yard going forward, and a reduced overload situation at Vard Niteroi in Brazil should assist in margin recovery Op margins 10.0% 3.7% 4.6% Income tax -32% 22% -29% PBT margins 9.6% 2.8% 4.5% Net margins 6.8% 3.7% 3.4% Source: Company data, OSK DMG estimates Figure 2: Normalising margins 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 EBITDA margin Rolling 12m EBITDA margin Source: Company, OSK-DMG See important disclosures at the end of this report 2
3 Vard Holdings (VARD SP) Figure 3: Order wins and net orderbook Source: Company Figure 4: Orderbook status See important disclosures at the end of this report 3
4 Vard Holdings (VARD SP) Financial Exhibits Profit & Loss (NOKm) Dec-11 Dec-12 Dec-13 Dec-14F Dec-15F Total turnover 12,401 11,129 11,155 13,447 15,148 Cost of sales (9,644) (9,275) (10,113) (11,953) (13,370) Gross profit 2,757 1,854 1,042 1,494 1,778 Other operating costs (550) (549) (562) (677) (763) Operating profit 2,207 1, ,015 Operating EBITDA 2,355 1, ,017 1,216 Depreciation of fixed assets (148) (168) (206) (201) (201) Operating EBIT 2,207 1, ,015 Net income from investments 10 (98) Interest income Interest expense (127) (111) (115) (62) (62) Pre-tax profit 2,213 1, ,039 Taxation (611) (434) (197) (262) (332) Minority interests (8) (45) (50) Profit after tax & minorities 1, Reported net profit 1, Recurring net profit 1, Cash flow (NOKm) Dec-11 Dec-12 Dec-13 Dec-14F Dec-15F Operating profit 2,207 1, ,015 Depreciation & amortisation Change in working capital (803) 272 (604) 1,261 (499) Other operating cash flow - (6) (50) (0) (0) Operating cash flow 1,552 1, , Interest received Interest paid (20) (10) (7) (62) (62) Tax paid (366) (766) (412) (262) (332) Cash flow from operations 1, (341) 2, Capex (119) (403) (811) (200) (200) Other new investments 1 (129) (6) - - Other investing cash flow (383) (109) (55) - - Cash flow from investing activities (501) (641) (872) (200) (200) Dividends paid (450) (1,278) (1) - (196) Increase in debt (81) Other financing cash flow Cash flow from financing activities (531) (641) Cash at beginning of period 2,851 3,064 2,437 1,745 3,672 Total cash generated 178 (289) (666) 2, Forex effects - (23) Implied cash at end of period 3,029 2,752 1,790 3,754 3,875 See important disclosures at the end of this report 4
5 Vard Holdings (VARD SP) Financial Exhibits Balance Sheet (NOKm) Dec-11 Dec-12 Dec-13 Dec-14F Dec-15F Total cash and equivalents 3,064 2,437 1,745 3,672 3,875 Inventories 6,124 5,967 6,661 7,073 7,968 Accounts receivable 1,830 1,920 2,076 2,395 2,698 Other current assets Total current assets 11,019 10,404 10,533 13,191 14,591 Total investments Tangible fixed assets 1,011 1,384 2,167 2,166 2,165 Intangible assets Total other assets Total non-current assets 1,788 2,409 3,281 3,290 3,299 Total assets 12,807 12,813 13,814 16,481 17,890 Short-term debt 2,407 3,385 5,012 4,084 4,594 Accounts payable 4,871 4,319 3,616 5,526 6,225 Other current liabilities 1,536 1, Total current liabilities 8,814 8,800 9,223 10,205 11,414 Total long-term debt ,801 1,491 Other liabilities Total non-current liabilities ,011 1,701 Total liabilities 9,254 9,597 10,106 12,216 13,115 Share capital 4,138 4,138 4,138 4,138 4,138 Retained earnings reserve (628) (987) (450) Other reserves (0) - Shareholders' equity 3,510 3,151 3,688 4,200 4,660 Minority interests Total equity 3,553 3,216 3,708 4,265 4,775 Total liabilities & equity 12,807 12,813 13,814 16,481 17,890 Key Ratios (NOK) Dec-11 Dec-12 Dec-13 Dec-14F Dec-15F Revenue growth (%) 4.4 (10.3) Operating profit growth (%) 83.0 (40.9) (63.2) Net profit growth (%) 54.6 (49.6) (55.6) EPS growth (%) 54.6 (49.6) (55.6) Bv per share growth (%) 47.6 (10.2) Operating margin (%) Net profit margin (%) Return on average assets (%) Return on average equity (%) Net debt to equity (%) (12.0) DPS Recurrent cash flow per share (0.29) See important disclosures at the end of this report 5
6 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Vard Holdings (VARD SP) SWOT Analysis Leading shipbuilder of high-end offshore support vessels, using its own technology An increase in offshore deepwater activities will spur demand for new vessels More vessels to be built in Brazil will lead to potential jobs for VARD South Korean shipyards moving into the large offshore support vessels market Attractive financing packages offered by competitors could lure new orders away Tight labour market in Brazil giving rise to workforce issues Narrowed focus on large and high-end vessels High worker costs in Norway Execution issues in Brazil P/E (x) vs EPS growth P/BV (x) vs ROAE % % % 444% % % 289% % % 133% % % -22% % 0-100% 0.0 0% P/E (x) (lhs) EPS growth (rhs) P/B (x) (lhs) Return on average equity (rhs) Company Profile Vard Holdings builds large, specialised offshore support vessels (OSVs) used in the offshore oil and gas industry. It has yards in Norway, Romania, Vietnam and Brazil. See important disclosures at the end of this report 6
7 NR Vard Holdings (VARD SP) Recommendation Chart Recommendations & Target Price Price Close Nov-10 Sep-11 Aug-12 Jul-13 Buy Neutral Sell Trading Buy Take Profit Not Rated Source: OSK-DMG estimates, Bloomberg Date Recommendation Target Price Price Neutral Neutral Buy Neutral Buy Buy Buy Buy Buy Buy Source: OSK-DMG estimates, Bloomberg See important disclosures at the end of this report 7
8 RHB Guide to Investment Ratings DMG & Partners Research Guide to Investment Ratings Buy: Share price may exceed 10% over the next 12 months Trading Buy: Share price may exceed 15% over the next 3 months, however longer-term outlook remains uncertain Neutral: Share price may fall within the range of +/- 10% over the next 12 months Take Profit: Target price has been attained. Look to accumulate at lower levels Sell: Share price may fall by more than 10% over the next 12 months Not Rated: Stock is not within regular research coverage DISCLAIMERS This research is issued by DMG & Partners Research Pte Ltd and it is for general distribution only. It does not have any regard to the specific investment objectives, financial situation and particular needs of any specific recipient of this research report. You should independently evaluate particular investments and consult an independent financial adviser before making any investments or entering into any transaction in relation to any securities or investment instruments mentioned in this report. The information contained herein has been obtained from sources we believed to be reliable but we do not make any representation or warranty nor accept any responsibility or liability as to its accuracy, completeness or correctness. Opinions and views expressed in this report are subject to change without notice. This report does not constitute or form part of any offer or solicitation of any offer to buy or sell any securities. DMG & Partners Research Pte Ltd is a wholly-owned subsidiary of DMG & Partners Securities Pte Ltd, a joint venture between OSK Investment Bank Berhad, Malaysia which have since merged into RHB Investment Bank Berhad (the merged entity is referred to as RHBIB which in turn is a whollyowned subsidiary of RHB Capital Berhad) and Deutsche Asia Pacific Holdings Pte Ltd (a subsidiary of Deutsche Bank Group). DMG & Partners Securities Pte Ltd is a Member of the Singapore Exchange Securities Trading Limited. DMG & Partners Securities Pte Ltd and their associates, directors, and/or employees may have positions in, and may effect transactions in the securities covered in the report, and may also perform or seek to perform broking and other corporate finance related services for the corporations whose securities are covered in the report. This report is therefore classified as a non-independent report. As of 28 April 2014, DMG & Partners Securities Pte Ltd and its subsidiaries, including DMG & Partners Research Pte Ltd, do not have proprietary positions in the subject companies, except for: a) - As of 28 April 2014, none of the analysts who covered the stock in this report has an interest in the subject companies covered in this report, except for: a) - DMG & Partners Research Pte. Ltd. (Reg. No N) Kuala Lumpur Hong Kong Singapore Malaysia Research Office RHB Research Institute Sdn Bhd Level 11, Tower One, RHB Centre Jalan Tun Razak Kuala Lumpur Malaysia Tel : +(60) Fax : +(60) RHB OSK Securities Hong Kong Ltd. (formerly known as OSK Securities Hong Kong Ltd.) 12 th Floor World-Wide House 19 Des Voeux Road Central, Hong Kong Tel : +(852) Fax : +(852) DMG & Partners Securities Pte. Ltd. 10 Collyer Quay #09-08 Ocean Financial Centre Singapore Tel : +(65) Fax : +(65) Jakarta Shanghai Phnom Penh PT RHB OSK Securities Indonesia (formerly known as PT OSK Nusadana Securities Indonesia) Plaza CIMB Niaga 14th Floor Jl. Jend. Sudirman Kav.25 Jakarta Selatan 12920, Indonesia Tel : +(6221) Fax : +(6221) RHB OSK (China) Investment Advisory Co. Ltd. (formerly known as OSK (China) Investment Advisory Co. Ltd.) Suite 4005, CITIC Square 1168 Nanjing West Road Shanghai China Tel : +(8621) Fax : +(8621) Bangkok RHB OSK Indochina Securities Limited (formerly known as OSK Indochina Securities Limited) No. 1-3, Street 271 Sangkat Toeuk Thla, Khan Sen Sok Phnom Penh Cambodia Tel: +(855) Fax: +(855) RHB OSK Securities (Thailand) PCL (formerly known as OSK Securities (Thailand) PCL) 10th Floor, Sathorn Square Office Tower 98, North Sathorn Road,Silom Bangrak, Bangkok Thailand Tel: +(66) Fax : +(66)
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THAILAND EQUITY Investment Research Wanida Geisler 66 2862 9748 wanida.ge@th.oskgroup.com Sell Target Previous Price THB18.5 THB16.0 THB21.7 Entertainment Major Cineplex is Thailand's largest cinema operator
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OSK Research PP10551/09/2013 (032829) 15 Feb 2013 THAILAND EQUITY Investment Research Daily Buy Target Previous Price Airport Develop/Maint THB THB137 THB133 THB117 Airports of Thailand is the airport
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Sep-14 Oct-14 Jan-15 Mar-15 May-15 Jul-15 Vol m Company Update, 1 September 2015 Sembcorp Marine (SMM SP) Neutral (Maintained) Energy & Petrochemicals - Oil & Gas Services Target Price: SGD2.60 Market
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Oct-12 Nov-12 Jan-13 Apr-13 Jun-13 Aug-13 Vol m Company Update, Malaysia Building Society (MBS MK) Neutral (from Buy) Financial - Diversified Financial Services Target Price: MYR3.10 Market Cap: USD1,544m
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Sector Update, 11 December 2013 Healthcare Products Rubber Gloves Promising Outlook Overweight (Maintained) Macro Risks Growth Value We maintain our OVERWEIGHT call on the sector. The operating environment
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THAILAND EQUITY Investment Research Veena Naidu, Head of Research +66 (2) 862 9752 veena.na@th.oskgroup.com Infrastructure Bill Heats Up Thai Politics It s High Anxiety As Govt Debates On Bills Political
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PP 7767/09/2012 (030475) 12 March 2013 Loong Kok Wen, CFA 603 9280 2237 loong.kok.wen@rhb.com.my News Update MARKET DATELINE MALAYSIA EQUITY Investment Research BUY Target Previous Price Property RM3.25
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Results Review, Sunway (SWB MK) Buy (Maintained) Property - Real Estate Target Price: MYR3.30 Market Cap: USD1,413m Price: MYR2.65 Temporarily Overshadowed By Negative Sentiment Macro Risks Growth Value
More informationBuy (from Neutral) SGX (SGX SP) Timely To Relook At This Monopoly With Net Cash
Sep-14 Dec-14 Jan-15 Apr-15 Jun-15 Aug-15 Vol m Company Update, SGX (SGX SP) Buy (from Neutral) Financial Services - Exchanges Target Price: SGD8.13 Market Cap: USD5,390m Price: SGD7.19 Timely To Relook
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OSK Research 04 Feb 2013 THAILAND EQUITY Investment Research The Research Team +66 (0) 2862 9999 Ext. 2030 Buy Target Previous Price Lodging THB THB42.9 THB23.5 THB32.0 CENTEL operates and manages a chain
More informationBuy (Maintained) Sunway (SWB MK) Unexpected 5 Sen Interim Dividend. Property - Real Estate Target Price: MYR3.52 Market Cap: USD1,421m Price: MYR2.
Aug-12 Oct-12 Dec-12 Mar-13 May-13 Jul-13 Vol m Results Review, Sunway (SWB MK) Buy (Maintained) Property - Real Estate Target Price: MYR3.52 Market Cap: USD1,421m Price: MYR2.75 Unexpected 5 Sen Interim
More informationNeutral (Maintained) Entering New Growth Area In Penang Mainland. Property - Real Estate Target Price: MYR2.44 Market Cap: USD947m Price: MYR2.
Dec-12 Feb-13 Apr-13 Jun-13 Aug-13 Oct-13 Vol m Company Update, Mah Sing (MSGB MK) Neutral (Maintained) Property - Real Estate Target Price: MYR2.44 Market Cap: USD947m Price: MYR2.20 Entering New Growth
More informationBuy (Maintained) Hungry For Growth. Consumer Cyclical - Retail Target Price: SGD1.10 Market Cap: USD917m Price: SGD0.85
Oct-14 Dec-14 Feb-15 Apr-15 Jun-15 Aug-15 Vol m Results Review, 26 October 2015 Sheng Siong (SSG SP) Buy (Maintained) Consumer Cyclical - Retail Target Price: SGD1.10 Market Cap: USD917m Price: SGD0.85
More informationXMH Holdings (XMH SP) Buy (Maintained) Vietnam Boom Buffering Indonesian Slump
Oct-14 Dec-14 Feb-15 Apr-15 Jun-15 Aug-15 Vol m Company Update, 22 October 2015 XMH Holdings (XMH SP) Buy (Maintained) Property - Real Estate Target Price: SGD0.24 Market Cap: USD48.1m Price: SGD0.15 Vietnam
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Jul-14 Sep-14 Nov-14 Jan-15 Apr-15 Jun-15 Vol m Results Review, 24 July 2015 SATS Ltd (SATS SP) Neutral (Maintained) Transport - Transportation Target Price: SGD3.35 Market Cap: USD2,990m Price: SGD3.68
More informationUEM Sunrise (UEMS MK) Neutral (Maintained) Mega Projects But Neutral To Short-term Earnings
Feb-13 Apr-13 Jun-13 Aug-13 Oct-13 Dec-13 Vol m Briefing Note, UEM Sunrise (UEMS MK) Neutral (Maintained) Property - Real Estate Target Price: MYR2.73 Market Cap: USD2,866m Price: MYR2.10 Mega Projects
More informationKiatnakin Bank PCL. Company Update. Riding On Capital Market Boom. Buy THB. THAILAND EQUITY Investment Research
14 Feb 2013 THAILAND EQUITY Investment Research Chalie Kueyen 66 2862 9745 chalie.ku@th.oskgroup.com Buy Target Previous Price Banks Consumer banking THB THB79.0 THB62.0 THB55.8 Stock Statistics Bloomberg
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PP10551/09/2011(028936) 09 November 2010 The Research Team +60 (3) 9207 7663 Research2 @my.oskgroup.com Company Update Evergreen Fibreboard MALAYSIA EQUITY Investment Research Daily Softer Second Half
More informationBuy (Maintained) Island Of Calm. Energy & Petrochemicals - Oil & Gas Services Target Price: SGD10.00 Market Cap: USD9,475m Price: SGD7.
Oct-14 Dec-14 Feb-15 Apr-15 Jul-15 Sep-15 Vol m Results Review, Keppel Corp (KEP SP) Buy (Maintained) Energy & Petrochemicals - Oil & Gas Services Target Price: SGD10.00 Market Cap: USD9,475m Price: SGD7.29
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Aug-14 Oct-14 Dec-14 Feb-15 Apr-15 Jun-15 Vol m Results Review, 17 August 2015 Petra Foods (PETRA SP) Sell (from Buy) Consumer Non-cyclical - Food & Beverage Products Target Price: SGD2.50 Market Cap:
More informationOverweight (Maintained)
Sector Update, 12 September 2013 Oil & Gas Stock Picking At The Forefront Overweight (Maintained) Macro Risks Growth Value Except for Alam Maritim, most of the companies under our coverage reported earnings
More informationBuy (Maintained) Privatisation Achieves Best Possible Outcome
Apr-14 Jun-14 Aug-14 Oct-14 Dec-14 Feb-15 Vol m Corporate News Flash, 2 April 2015 Keppel Corp (KEP SP) Buy (Maintained) Energy & Petrochemicals - Oil & Gas Services Target Price: SGD11.10 Market Cap:
More informationBuy (Maintained) SGX (SGX SP) Some Recovery In Derivatives Volume
Dec-14 Feb-15 Apr-15 Jun-15 Aug-15 Oct-15 Vol m Company Update, 16 December 2015 SGX (SGX SP) Buy (Maintained) Financial Services - Exchanges Target Price: SGD8.13 Market Cap: USD5,769m Price: SGD7.57
More informationSell (Maintained) In a Tough Spot. Consumer Non-cyclical - Food & Beverage Products Target Price: SGD2.00 Market Cap: USD1,145m Price: SGD2.
Nov-14 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Vol m Results Review, 13 November 2015 Petra Foods (PETRA SP) Sell (Maintained) Consumer Non-cyclical - Food & Beverage Products Target Price: SGD2.00 Market Cap:
More informationChina Lilang (1234 HK)
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More informationProperty - Real Estate Target Price: MYR3.60 Market Cap: USD1,708m Price: MYR3.21
Company Update, Sunway (SWB MK) Buy (Maintained) Property - Real Estate Target Price: MYR3.60 Market Cap: USD1,708m Price: MYR3.21 Right Strategies To Counter Negative Sentiment Macro Risks Growth Value
More informationBuy (Maintained) Felda Global Ventures (FGV MK) Sights And Sounds Of Lahad Datu
Apr-13 Jun-13 Aug-13 Oct-13 Dec-13 Feb-14 Vol m Company Update, Buy (Maintained) Agriculture - Plantation Target Price: MYR5.00 Market Cap: USD5,132m Price: MYR4.54 Sights And Sounds Of Lahad Datu Macro
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Oct-14 Dec-14 Feb-15 Apr-15 Jul-15 Sep-15 Vol m 1 Results Review, CapitaLand Commercial Trust (CCT SP) Sell (Maintained) Property REITS Target Price: SGD1.15 Market Cap: USD3,041m Price: SGD1.44 A Pessimistic
More informationBuy (Maintained) Occupancy Levels Stable. Property - Real Estate Target Price: SGD0.57 Market Cap: USD227m Price: SGD0.43
Nov-14 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Vol m Results Review, 11 November 2015 Centurion Corp (CENT SP) Buy (Maintained) Property - Real Estate Target Price: SGD0.57 Market Cap: USD227m Price: SGD0.43
More informationProperty - Real Estate Target Price: MYR2.19 Market Cap: USD426m Price: MYR1.30
Feb-13 Apr-13 Jun-13 Aug-13 Oct-13 Dec-13 Vol m Results Review, Tropicana Corp (TRCB MK) Buy (Maintained) Property - Real Estate Target Price: MYR2.19 Market Cap: USD426m Price: MYR1.30 Strong Growth Ahead
More informationTrading Buy (Maintained) Dragged Down By Bad Debts Provision. Consumer Cyclical - Gaming Target Price: SGD1.00 Market Cap: USD6,878m Price: SGD0.
Nov-14 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Vol m Results Review, Genting Singapore (GENS SP) Trading Buy (Maintained) Consumer Cyclical - Gaming Target Price: SGD1.00 Market Cap: USD6,878m Price: SGD0.82
More informationTDM (TDM MK) Neutral. Decent Mid-Sized Planter With Long Term Potential
Company Update, TDM (TDM MK) Neutral Consumers Staples - Consumer Products Target Price: MYR0.97 Market Cap: USD425m Price: MYR0.91 Decent Mid-Sized Planter With Long Term Potential Macro Risks Growth
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PP 7767/09/2012 (030475) 6 March 2013 Loong Kok Wen, CFA 603 9280 2237 loong.kok.wen@rhb.com.my NOT RATED Target Previous Price Property RM1.08 RM0.95 RM0.80 Stock Statistics Bloomberg Ticker TILB MK Market
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Results Review, Tropicana Corp (TRCB MK) Buy (Maintained) Property - Real Estate Target Price: MYR2.19 Market Cap: USD450m Price: MYR1.34 Still On Track Macro Risks Growth Value 2.4 2.2 2.0 Price Close
More informationNot Rated. The Best Of Times. Consumer Cyclical - Home & Office Products Target Price: MYR0.22 Market Cap: USD43.5m Price: MYR0.17
Jan-13 Apr-13 Jun-13 Aug-13 Oct-13 Dec-13 Vol m Trading Idea, Marco Holdings (MARC MK) Not Rated Consumer Cyclical - Home & Office Products Target Price: MYR0.22 Market Cap: USD43.5m Price: MYR0.17 The
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Oct-14 Dec-14 Feb-15 Apr-15 Jul-15 Sep-15 Vol m Results Review, Ascendas REIT (AREIT SP) Buy (Maintained) Property - REITS Target Price: SGD2.55 Market Cap: USD4,234m Price: SGD2.45 Stellar Quarterly Results
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More informationBuy (Maintained) Expect More Margin Improvements. Consumer Cyclical - Retail Target Price: SGD0.97 Market Cap: USD882m Price: SGD0.
Sep-14 Nov-14 Jan-15 Mar-15 Jun-15 Jul-15 Vol m Company Update, 28 September 2015 Sheng Siong (SSG SP) Buy (Maintained) Consumer Cyclical - Retail Target Price: SGD0.97 Market Cap: USD882m Price: SGD0.84
More informationTake Profit (from Neutral) SIA Offers To Buy Tigerair s Minorities. Transport - Aviation Target Price: SGD0.41 Market Cap: USD727m Price: SGD0.
Nov-14 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Vol m Corporate News Flash, 9 November 2015 Tiger Airways (TGR SP) Take Profit (from Neutral) Transport - Aviation Target Price: SGD0.41 Market Cap: USD727m Price:
More informationBuy (Maintained) CapitaLand Mall Trust (CT SP) Repositioning For The Long Term
Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 Jun-15 Vol m Results Review, 23 July 2015 CapitaLand Mall Trust (CT SP) Buy (Maintained) Property REITS Target Price: SGD2.42 Market Cap: USD5,423m Price: SGD2.14 Repositioning
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Feb-15 Apr-15 Jun-15 Aug-15 Oct-15 Dec-15 Vol m Neutral (Maintained) SATS Ltd Target Price: Price: SGD3.70 SGD3.84 Defensive Stock Despite Expensive Valuations Market Cap: USD3,055m Bloomberg Ticker: SATS
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Feb-15 Apr-15 Jun-15 Aug-15 Nov-15 Jan-16 Vol m 4Q15: in line Sell (Maintained) Petra Foods Target Price: Price: SGD2.00 SGD2.46 Small Sweetener For Shareholders Market Cap: USD1,072m Bloomberg Ticker:
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Jan-14 Mar-14 May-14 Jul-14 Sep-14 Nov-14 Vol m Initiating Coverage, Evergreen Fibreboard (EVF MK) Buy Agriculture - Timber Target Price: MYR1.11 Market Cap: USD104m Price: MYR0.73 Set To Resume Its Glory
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Nov-13 Jan-14 Apr-14 Jun-14 Aug-14 Oct-14 Vol m Results Review, Tropicana Corp (TRCB MK) Buy (Maintained) Property - Real Estate Target Price: MYR1.84 Market Cap: USD505m Price: MYR1.23 Disappointing Results
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Oct-14 Dec-14 Feb-15 Apr-15 Jun-15 Aug-15 Vol m Company Update, 15 October 2015 CapitaLand (CAPL SP) Buy (Maintained) Property - Real Estate Target Price: SGD4.22 Market Cap: USD9,222m Price: SGD3.04 Preferred
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Dec-14 Feb-15 Apr-15 Jun-15 Aug-15 Oct-15 Vol m Company Update, 10 December 2015 Ascendas REIT (AREIT SP) Buy (Maintained) Property - REITS Target Price: SGD2.50 Market Cap: USD4,077m Price: SGD2.38 It
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Aug-16 Oct-16 Dec-16 Mar-17 May-17 Jul-17 Vol m FY17 results announced on 25 Aug 2017 were below expectations 28 August 2017 Construction & Engineering Construction Buy (Maintained) ISOTeam Target Price:
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May-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Vol m FY17 results announced on 25 May 2017 were in line 31 May 2017 Neutral (from Buy) Valuetronics Target Price: Price: SGD0.81 SGD0.80 A Superb FY17 Market
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5 April 2013 THAILAND EQUITY Investment Research Thailand Research Team 66 2862 9999 ext 2030 Unrated Target Price THB12.60 Infrastructure Fund BTSGIF is a close-ended infrastructure fund with initial
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Apr-14 Jun-14 Sep-14 Nov-14 Jan-15 Mar-15 Vol m Company Update, Raffles Medical Group (RFMD SP) Buy (from Neutral) Consumer Non-cyclical - Healthcare Target Price: SGD4.70 Market Cap: USD1,697m Price:
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Jul-17 Sep-17 Nov-17 Jan-18 Mar-18 May-18 Vol m 3 July 2018 Buy (Maintained) Kimly Target Price: Price: SGD0.46 SGD0.37 Moving Into Beverages Market Cap: USD313m Bloomberg Ticker: KMLY SP Maintain BUY,
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Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Vol m 8 March 2017 Buy (Maintained) Sheng Siong Target Price: Price: SGD1.21 SGD0.94 Irrational Bidding For HDB Sites Has Perhaps Eased Market Cap: USD1,002m Bloomberg
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Nov-16 Jan-17 Mar-17 May-17 Jul-17 Sep-17 Vol m 3Q17 results announced on 2 Nov are below expectations 3 November 2017 Energy & Petrochemicals Oil & Gas Services Neutral (from Buy) China Aviation Oil Singapore
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