CSE Global. Singapore Company Focus
|
|
- Rafe Blankenship
- 5 years ago
- Views:
Transcription
1 Singapore Company Focus Bloomberg: CSE SP Reuters: CSES.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 20 May 2013 BUY S$0.825 STI : 3, (Upgrade from HOLD) Price Target : 12-month S$ 0.97 (Prev S$ 0.85) Reason for Report : Change in recommendation Potential Catalyst: big order win, potential acquisition DBSV vs Consensus: below consensus Analyst Sachin MITTAL sachin@dbsvickers.com Price Relative S$ May-09 May-10 May-11 May-12 May-13 (LHS) Relative STI INDEX (RHS) Relative Index Forecasts and Valuation FY Dec (S$ m) 2011A 2012A 2013F 2014F Turnover EBITDA Pre-tax Profit Net Profit Net Pft (Pre Ex.) EPS (S cts) EPS Pre Ex. (S cts) EPS Gth (%) (48) 102 (7) 11 EPS Gth Pre Ex (%) (16) Diluted EPS (S cts) Net DPS (S cts) BV Per Share (S cts) PE (X) PE Pre Ex. (X) P/Cash Flow (X) nm EV/EBITDA (X) Net Div Yield (%) P/Book Value (X) Net Debt/Equity (X) ROAE (%) Earnings Rev (%): (4.7) (3.6) Consensus EPS (S cts): Other Broker Recs: B: 5 S: 0 H: 1 Other Broker Recs: B: 5 S: 0 H: 1 ICB Industry : Technology ICB Sector: Software & Computer Services Principal Business: is a global system integrator operating in the Americas, Europe, the Middle East, Africa, Asia. Source of all data: Company, DBS Vickers, Bloomberg Finance L.P % yield & double-digit EPS growth 1Q13 net profit of S$12.7m (flat y-o-y) was in line but new order win of S$95m (up 11% y-o-y) was below our S$110m estimate. CSE has guided for core profit to improve in FY13F. Revival of higher margin offshore projects in North America to drive growth despite lower revenue. Our revised TP of S$0.97 implies potential returns of 22%. At 8x FY13F PE, CSE is trading below its historical avg. of 9.6x and at 50% discount to STI s 16x. Solid free cash flow, higher margins and weak top line. Free cash flow of S$13.6m resulted in its net gearing declining to 12% from 19% in 4Q12. Revenue declined 11% y-o-y due to lower onshore activity in North America and lower zeromargin revenue in the Middle East. However its gross margin improved to 31.5% versus 27.9% in 1Q12 due to highermargin offshore projects and less zero-margin revenue. CSE has guided for its core profit to improve in FY13F. We trim FY13F/14F order win forecast to S$500m/ S$550m from S$550m/S$580m earlier leading to a 5%/4% cut in FY13F/14F earnings. CSE has achieved 25% and 19% of our revised full-year earnings and order win forecasts. There was no big order win in 1Q13, however, we expect CSE to secure two to three big order wins in 2H13F (S$100m in aggregate) on top of its smaller order wins of S$400m in FY13F. These wins could come from LNG projects in Australia and Africa in 2H13F. Low gearing implies room for debt-funded acquisition. CSE has room to borrow S$40m to fund any potential acquisition which could accelerate earnings growth. Our revised TP of S$0.97 is based on 9.6x FY13F PE. The stock is a bargain versus STI at 16x FY13F PE (STI s hist. avg 13.9x). With 45% of the business recurring in nature, CSE has a resilient business model supporting a 40% payout ratio. At A Glance Issued Capital (m shrs) 516 Mkt. Cap (S$m/US$m) 426 / 338 Major Shareholders Fidelity Management & Research (%) 16.9 Chartered Asset Management (%) 13.5 Tan Mok Koon (%) 13.0 Free Float (%) 48.1 Avg. Daily Vol.( 000) ed: OY / sa: JC
2 Higher margin offshore projects led to better earnings in 1Q13. Just to give some background, there was a lull in offshore activities after the BP oil spill in CSE undertook lower margin onshore projects in 2011 and 2012 to plug the gap. However, offshore activities have returned to the Gulf of Mexico. This is also reflected in its North American profit of S$4.3m, up 25% y-o-y in 1Q13. This was achieved despite a North American revenue drop of 12% y-o-y to S$50.3m. Zero-margin revenue almost finished. This was one of the major reasons of the 14% revenue decline in Europe-Middle East-Africa (EMEA). However, profit from EMEA went up 49% y-o-y to reflect the absence of zero-margin revenue. Weak Asia-Pacific profit due to forex and timing issues. 1Q12 had benefitted from an extra forex gain of S$1m. Also CSE has booked costs for a project in Australia now while revenue is likely to be recognised in 3Q13. Performance of Geographical Segments CSE is able to easily secure S$90m-110m worth of order wins each quarter. However, we expect CSE to secure two to three big order wins in 2H13F (S$100m in aggregate) on top of its smaller order wins of S$400m in FY13F. These wins could come from LNG projects in Australia and Papua New Guinea in 2H13F. Acquisitions to underpin earnings growth. With its net gearing down to 12% in 1Q13 versus 19% in 4Q12 and 30% in 1Q12, CSE has room to borrow S$40m from banks to hit a 30% gearing again. This opens up the possibility of CSE acquiring and integrating a profitable company, which could accelerate earnings growth at CSE. Its last major acquisition was in 2011, when it acquired Australia-based ASTIB for about A$30m at a PE of about ~7x. Average Historical PE of 9.6x (-1SD of 6.9, +1SD of 12.4x) ($) Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 12x 10x 8x 6x Source: DBS Vickers Source: Company Peer Comparison Mkt Price Company FYE Cap (S$) Target PE (x) CAGR P/BV (x) Div Yld ROAE EV/EBITDA (US$m) 16-May Price (S$) Upside Rcmd FY13F FY FY 13F FY14 13F 14F FY12A FY13F Large Caps - Singapore Cosco Corp Dec 1, % FV % 11.2 Keppel Corp Ltd Dec 15, % Buy % 11.7 SembCorp Industries Dec 7, % Hold % 6.5 SembCorp Marine Ltd Dec 7, % Hold % 11.4 Yangzijiang Shipbuilding Dec 2, % Hold % 2.9 Average % 8.7 Small / Mid Caps - Singapore ASL Marine Holdings Jun % Buy % 6.0 CH Offshore Ltd Jun % Hold % 5.0 Ezion Holdings Dec % Buy % 13.0 Jaya Holdings Ltd Jun % Buy % 8.3 Nam Cheong Dec % Buy % 7.7 Ezra Source: Holdings Company, Ltd DBS Aug Vickers % Buy % 14.6 Vard Holdings Ltd Dec % Buy % 5.9 Average % 8.6 Source: DBS Vickers, Bloomberg Finance L.P Page 2
3 Key Assumptions New Order Wins (S$m) Gross Margin (%) Segmental Breakdown Revenues (S$ m) Controls Telecoms Electrical Healthcare Others N/A N/A N/A N/A N/A Total Income Statement (S$ m) Revenue Cost of Goods Sold (281) (291) (371) (348) (384) Gross Profit Other Opng (Exp)/Inc (94) (102) (106) (91) (98) Operating Profit Other Non Opg (Exp)/Inc Associates & JV Inc Net Interest (Exp)/Inc (4) (4) (5) (3) (3) Exceptional Gain/(Loss) 0 (22) Pre-tax Profit Tax (16) (12) (16) (15) (16) Minority Interest Preference Dividend Net Profit Net Profit before Except EBITDA Growth Revenue Gth (%) (6.7) 9.8 EBITDA Gth (%) 13.2 (9.0) Opg Profit Gth (%) 13.4 (12.1) Net Profit Gth (%) 22.0 (47.3) (6.7) 10.9 Margins & Ratio Gross Margins (%) Opg Profit Margin (%) Net Profit Margin (%) ROAE (%) ROA (%) ROCE (%) Div Payout Ratio (%) Net Interest Cover (x) Margins Trend 17.0% 15.0% 13.0% 11.0% 9.0% 7.0% 5.0% Reclassification of costs from opex to COGS will lead to lower gross margins but net should margins should improve to 10.3% in FY13F versus 8.6% in FY12 Higher margin offshore revenue replace lowermargin onshore revenue S$21.7m provisions for cost overrun in two projects, which lead to the departure of MD of the Middle East business 2010A 2011A 2012A 2013F 2014F Operating Margin % Net Income Margin % S$9m gain from sale of 31% stake in Malaysia listed Ebworx Excluding exceptional, net margins were 8.6% in FY12, which should improve to 10.3% in FY13F Page 3
4 Quarterly / Interim Income Statement (S$ m) FY Dec 1Q2012 2Q2012 3Q2012 4Q2012 1Q2013 Revenue Cost of Goods Sold (92) (103) (90) (86) (82) Gross Profit Other Oper. (Exp)/Inc (24) (24) (25) (33) (20) Operating Profit Other Non Opg (Exp)/Inc Associates & JV Inc Net Interest (Exp)/Inc (1) (1) (2) (1) (1) Exceptional Gain/(Loss) (1) 0 Pre-tax Profit Tax (4) (4) (4) (4) (4) Minority Interest Net Profit Net profit bef Except EBITDA Growth Revenue Gth (%) (4.2) 7.1 (9.6) 3.8 (11.2) EBITDA Gth (%) 34.6 (6.9) (2.7) Opg Profit Gth (%) 51.0 (6.9) (2.7) Net Profit Gth (%) (49.0) Margins Gross Margins (%) Opg Profit Margins (%) Net Profit Margins (%) Source: Company, DBS Vickers Revenue Trend Q2010 1Q2011 2Q2011 Revenue 3Q2011 4Q2011 1Q2012 2Q2012 3Q2012 4Q2012 Revenue Growth % (QoQ) Opex declines sharply as some costs are classified as COGS Significant improvement in net margins 1Q % 25% 20% 15% 10% 5% 0% -5% -10% -15% -20% -25% Balance Sheet (S$ m) Net Fixed Assets Invts in Associates & JVs Other LT Assets Cash & ST Invts Inventory Debtors Other Current Assets Total Assets ST Debt Creditor Other Current Liab LT Debt Other LT Liabilities Shareholder s Equity Minority Interests Total Cap. & Liab Asset Breakdown (2012) Debtors % Inventory - 5.8% Net Fixed Assets - 8.9% Assocs'/JVs - 0.0% Bank, Cash and Liquid Assets % Non-Cash Wkg. Capital Net Cash/(Debt) 2 (70) (49) (28) (9) Debtors Turn (avg days) Creditors Turn (avg days) Inventory Turn (avg days) Asset Turnover (x) Current Ratio (x) Quick Ratio (x) Net Debt/Equity (X) CASH Net Debt/Equity ex MI (X) CASH Capex to Debt (%) Z-Score (X) NA Source: Company, DBS Vickers Room to borrow S$40m to fund potential acquisitions Page 4
5 Cash Flow Statement (S$ m) Pre-Tax Profit Dep. & Amort Tax Paid (15) (16) (15) (16) (15) Assoc. & JV Inc/(loss) 0 (1) Chg in Wkg.Cap. (5) (34) (17) (7) (18) Other Operating CF 1 0 (9) 1 0 Net Operating CF 54 (7) Capital Exp.(net) (3) (3) (6) (7) (8) Other Invts.(net) (18) (45) Invts in Assoc. & JV Div from Assoc & JV Other Investing CF (1) 0 (3) 0 0 Net Investing CF (22) (48) 11 (7) (8) Div Paid (18) (21) (18) (22) (21) Chg in Gross Debt (50) 67 (5) 0 0 Capital Issues Other Financing CF 0 (8) (1) 0 0 Net Financing CF (30) 44 (24) (22) (21) Currency Adjustments 0 (1) (2) 0 0 Chg in Cash 2 (11) Opg CFPS (S cts) Free CFPS (S cts) 10.0 (1.9) Source: Company, DBS Vickers Capital Expenditure A 2011A 2012A 2013F 2014F Capital Expenditure (-) Dividend commitment is much lower than cash generation Target Price & Ratings History S$ 2 S.No. Date Closing Target Price Price Rating 1: 03 Jul Buy 2: 14 Aug Buy 3: 14 Nov Hold May-12 Sep-12 Jan-13 Note : Share price and Target price are adjusted for corporate actions. Source: DBS Vickers Page 5
6 DBSV recommendations are based an Absolute Total Return* Rating system, defined as follows: STRONG BUY (>20% total return over the next 3 months, with identifiable share price catalysts within this time frame) BUY (>15% total return over the next 12 months for small caps, >10% for large caps) HOLD (-10% to +15% total return over the next 12 months for small caps, -10% to +10% for large caps) FULLY VALUED (negative total return i.e. > -10% over the next 12 months) SELL (negative total return of > -20% over the next 3 months, with identifiable catalysts within this time frame) Share price appreciation + dividends DBS Vickers Research is available on the following electronic platforms: DBS Vickers ( Thomson ( Factset ( Reuters ( Capital IQ ( and Bloomberg (DBSR GO). For access, please contact your DBSV salesperson. GENERAL DISCLOSURE/DISCLAIMER This report is prepared by DBS Vickers Research (Singapore) Pte Ltd ("DBSVR"), a direct wholly-owned subsidiary of DBS Vickers Securities (Singapore) Pte Ltd ("DBSVS") and an indirect wholly-owned subsidiary of DBS Vickers Securities Holdings Pte Ltd ("DBSVH"). This report is intended for clients of DBSV Group only and no part of this document may be (i) copied, photocopied or duplicated in any form or by any means or (ii) redistributed without the prior written consent of DBSVR. It is being distributed in the United States by DBSV US, which accepts responsibility for its contents. Any U.S. person receiving this report who wishes to effect transactions in any securities referred to herein should contact DBS Vickers Securities (USA) Inc ( DBSVUSA ) directly and not its affiliate. The research set out in this report is based on information obtained from sources believed to be reliable, but we (which collectively refers to DBSVR, DBSVS, and/or DBSVH) do not make any representation or warranty as to its accuracy, completeness or correctness. Opinions expressed are subject to change without notice. This document is prepared for general circulation. Any recommendation contained in this document does not have regard to the specific investment objectives, financial situation and the particular needs of any specific addressee. This document is for the information of addressees only and is not to be taken in substitution for the exercise of judgement by addressees, who should obtain separate independent legal or financial advice. DBSVR accepts no liability whatsoever for any direct, indirect and/or consequential loss (including any claims for loss of profit) arising from any use of and/or reliance upon this document and/or further communication given in relation to this document. This document is not to be construed as an offer or a solicitation of an offer to buy or sell any securities. DBSVH is a wholly-owned subsidiary of DBS Bank Ltd. DBS Bank Ltd along with its affiliates and/or persons associated with any of them may from time to time have interests in the securities mentioned in this document. DBSVR, DBSVS, DBS Bank Ltd and their associates, their directors, and/or employees may have positions in, and may effect transactions in securities mentioned herein and may also perform or seek to perform broking, investment banking and other banking services for these companies. Any valuations, opinions, estimates, forecasts, ratings or risk assessments herein constitutes a judgment as of the date of this report, and there can be no assurance that future results or events will be consistent with any such valuations, opinions, estimates, forecasts, ratings or risk assessments. The information in this document is subject to change without notice, its accuracy is not guaranteed, it may be incomplete or condensed and it may not contain all material information concerning the company (or companies) referred to in this report. The valuations, opinions, estimates, forecasts, ratings or risk assessments described in this report were based upon a number of estimates and assumptions and are inherently subject to significant uncertainties and contingencies. It can be expected that one or more of the estimates on which the valuations, opinions, estimates, forecasts, ratings or risk assessments were based will not materialize or will vary significantly from actual results. Therefore, the inclusion of the valuations, opinions, estimates, forecasts, ratings or risk assessments described herein IS NOT TO BE RELIED UPON as a representation and/or warranty by DBSVR, DBSVS and/or DBSVH (and/or any persons associated with the aforesaid entities), that: (a) (b) such valuations, opinions, estimates, forecasts, ratings or risk assessments or their underlying assumptions will be achieved, and there is any assurance that future results or events will be consistent with any such valuations, opinions, estimates, forecasts, ratings or risk assessments stated therein. Any assumptions made in this report that refers to commodities, are for the purposes of making forecasts for the company (or companies) mentioned herein. They are not to be construed as recommendations to trade in the physical commodity or in the futures contract relating to the commodity referred to in this report. DBS Vickers Securities (USA) Inc ("DBSVUSA")"), a U.S.-registered broker-dealer, does not have its own investment banking or research department, nor has it participated in any investment banking transaction as a manager or co-manager in the past twelve months. Any US persons wishing to obtain further information, including any clarification on disclosures in this disclaimer, or to effect a transaction in any security discussed in this document should contact DBSVUSA exclusively. ANALYST CERTIFICATION The research analyst primarily responsible for the content of this research report, in part or in whole, certifies that the views about the companies and their securities expressed in this report accurately reflect his/her personal views. The analyst also certifies that no part of his/her compensation was, is, or will be, directly, or indirectly, related to specific recommendations or views expressed in this report. As of 20 May 2013, the analyst and his / her spouse and/or relatives who are financially dependent on the analyst, do not hold interests in the securities recommended in this report ( interest includes direct or indirect ownership of securities, directorships and trustee positions). Page 6
7 COMPANY-SPECIFIC / REGULATORY DISCLOSURES 1. DBS Vickers Securities (Singapore) Pte Ltd and its subsidiaries do not have a proprietary position in the company mentioned as of 16-May DBSVR, DBSVS, DBS Bank Ltd and/or other affiliates of DBS Vickers Securities (USA) Inc ("DBSVUSA"), a U.S.-registered brokerdealer, may beneficially own a total of 1% or more of any class of common equity securities of the company mentioned as of 20 May Compensation for investment banking services: i. DBSVR, DBSVS, DBS Bank Ltd and/or other affiliates of DBSVUSA have received compensation, within the past 12 months, and within the next 3 months receive or intends to seek compensation for investment banking services from the Keppel Corp, ASL Marine, Ezion Holdings, Nam Cheong, Ezra Holdings. ii. DBSVUSA does not have its own investment banking or research department, nor has it participated in any investment banking transaction as a manager or co-manager in the past twelve months. Any US persons wishing to obtain further information, including any clarification on disclosures in this disclaimer, or to effect a transaction in any security discussed in this document should contact DBSVUSA exclusively. RESTRICTIONS ON DISTRIBUTION General This report is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation. Australia Hong Kong Singapore United Kingdom Dubai/ United Arab Emirates United States Other jurisdictions This report is being distributed in Australia by DBSVR and DBSVS, which are exempted from the requirement to hold an Australian financial services licence under the Corporation Act 2001 [ CA] in respect of financial services provided to the recipients. DBSVR and DBSVS are regulated by the Monetary Authority of Singapore [ MAS ] under the laws of Singapore, which differ from Australian laws. Distribution of this report is intended only for wholesale investors within the meaning of the CA. This report is being distributed in Hong Kong by DBS Vickers (Hong Kong) Limited which is licensed and regulated by the Hong Kong Securities and Futures Commission. This report is being distributed in Singapore by DBSVR, which holds a Financial Adviser s licence and is regulated by the MAS. This report may additionally be distributed in Singapore by DBSVS (Company Regn. No G), which is an Exempt Financial Adviser as defined under the Financial Advisers Act. Any research report produced by a foreign DBS Vickers entity, analyst or affiliate is distributed in Singapore only to Institutional Investors, Expert Investors or Accredited Investors as defined in the Securities and Futures Act, Chap. 289 of Singapore. Any distribution of research reports published by a foreign-related corporation of DBSVR/DBSVS to Accredited Investors is provided pursuant to the approval by MAS of research distribution arrangements under Paragraph 11 of the First Schedule to the FAA. This report is being distributed in the UK by DBS Vickers Securities (UK) Ltd, who is an authorised person in the meaning of the Financial Services and Markets Act and is regulated by The Financial Services Authority. Research distributed in the UK is intended only for institutional clients. This report is being distributed in Dubai/United Arab Emirates by DBS Bank Ltd, Dubai (PO Box , 3 rd Floor, Building 3, Gate Precinct, DIFC, Dubai, United Arab Emirates) and is intended only for clients who meet the DFSA regulatory criteria to be a Professional Client. It should not be relied upon by or distributed to Retail Clients. DBS Bank Ltd, Dubai is regulated by the Dubai Financial Services Authority. Neither this report nor any copy hereof may be taken or distributed into the United States or to any U.S. person except in compliance with any applicable U.S. laws and regulations. In any other jurisdictions, except if otherwise restricted by laws or regulations, this report is intended only for qualified, professional, institutional or sophisticated investors as defined in the laws and regulations of such jurisdictions. DBS Vickers Research (Singapore) Pte Ltd 12 Marina Boulevard, Level 40, Marina Bay Financial Central Tower 3, Singapore Tel Company Regn. No W Page 7
CSE Global. Singapore Company Focus
Singapore Bloomberg: CSE SP Reuters: CSES.SI DBS Group Research. Equity 14 Nov 2012 HOLD S$0.855 STI : 3,007.57 (Downgrade from BUY) Price Target : 12-month S$ 0.85 (Prev S$ 0.90) Reason for Report : Change
More informationAsian Pay Television Trust (LHS)
SingaporeCompany Guide Edition 1 Version 1 Bloomberg: APTT SP Reuters: ASIA.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 2 Dec 2015 HOLD Last Traded Price: S$0.745
More informationKingdee. China / Hong Kong Company Focus FULLY VALUED HK$1.57 HSI: 22,100. On the right track but will take time to recover
China / Hong Kong Company Focus Bloomberg: 268 HK Equity Reuters: 0268.HK DBS Group Research. Equity 8 November 2012 FULLY VALUED HK$1.57 HSI: 22,100 Price Target : 12-Month HK$ 0.90 Reason for Report:
More informationSingapore Flash Note. StarHub (STH SP) : FULLY VALUED. Mobile, pay TV declines hit bottom line. DBS Group Research.
Singapore Flash Note Refer to important disclosures at the end of this report DBS Group Research. Equity 3 Nov 2016 StarHub (STH SP) : FULLY VALUED Mkt. Cap: US$4,223m I 3m Avg. Daily Val: US$7.5m StarHub
More informationTrendlines Group (LHS)
Singapore Company Guide Version 1 Bloomberg: TTGL SP Reuters: THET.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 26 Feb 2016 BUY Last Traded Price: S$1 (STI : 2,619.96)
More informationOverseas Education (LHS)
Singapore Company Guide Version 2 Bloomberg: OEL SP EQUITY Reuters: OVER.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 17 Feb 2016 HOLD Last Traded Price: S$0.49
More informationGuan Chong. Malaysia Company Focus
Malaysia Company Focus Bloomberg: GUAN MK Reuters: GNCH.KL DBS Group Research. Equity 19 Aug 2011 BUY RM2.63 KLCI : 1,503.30 Price Target : 12-Month RM 3.60 Reason for Report : Company update Potential
More informationTCL Communication (LHS)
China / Hong Kong Company Focus Bloomberg: 2618 HK EQUITY Reuters: 2618.HK DBS Group Research. Equity 13 August 2015 Refer to important disclosures at the end of this report HOLD Last Traded Price: HK$5.73
More informationFlash Note. Singapore. Keppel Corporation (KEP SP) : HOLD. Signs agreement with Borr Drilling for Transocean units
Singapore Flash Note Refer to important disclosures at the end of this report DBS Group Research. Equity 21 Mar 2017 Keppel Corporation (KEP SP) : HOLD Mkt. Cap: US$8,891m I 3m Avg. Daily Val: US$26.1m
More informationSingapore Company Focus F & N
Singapore Company Focus Bloomberg: FNN SP Reuters: FRNM.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 9 Nov 2015 HOLD Last Traded Price: S$2.17 (STI : 3,010.47)
More informationSheng Siong Group (LHS)
Singapore Company Guide Edition 1 Version 2 Bloomberg: SSG SP Reuters: SHEN.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 15 Dec 2015 BUY Last Traded Price: S$0.84
More informationYonyou Network Technology
China / Hong Kong Company Focus Bloomberg: 600588 CH Equity Reuters: 600588.SS DBS Group Research. Equity 31 August 2015 Refer to important disclosures at the end of this report FULLY VALUED Last Traded
More informationThailand Banks. Thailand Industry Focus. Loan growth driven by demand for working capital. DBS Group Research. Equity 26 May 2015 SET : 1,508.
Thailand Industry Focus Refer to important disclosures at the end of this report DBS Group Research. Equity 26 May 20 Loan growth driven by demand for working capital Big banks registered loan expansion,
More informationSPH. Singapore Company Guide. HOLD Last Traded Price: S$4.05 (STI : 3,267.40) Price Target : S$3.98 (-2% downside)
Singapore Company Guide Edition 1 Version 1 Bloomberg: SP Reuters: SPRM.SI Refer to important disclosures at the end of this report BS Group Research. Equity 10 Jul 2015 HOLD Last Traded Price: S$4.05
More informationElnusa. Indonesia Company Guide. FULLY VALUED Last Traded Price: Rp500 (JCI : 4,814.09) Price Target : Rp400 (-20% downside) (Prev Rp205)
Indonesia Company Guide Version 1 Bloomberg: ELSA IJ Reuters: ELSA.JK Refer to important disclosures at the end of this report DBS Group Research. Equity 28 Apr 2016 FULLY VALUED Last Traded Price: Rp500
More informationNam Cheong Ltd (LHS) Singapore Company Focus BUY S$0.44 STI : 3, Expanding presence in Indonesia. DBS Group Research. Equity 30 Sep 2014
Singapore Company Focus Bloomberg: NCL SP Reuters: NMCG.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 3 Sep 4 BUY S$.44 STI : 3,89.7 Price Target : -Month S$.5
More informationCenturion Corporation (LHS)
Singapore Company Guide Edition 1 Version 1 Bloomberg: CENT SP Reuters: CNCL.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 5 Nov 2015 BUY Last Traded Price: S$0.42
More informationSingapore Property. Singapore Industry Focus. A Quiet Start to DBS Group Research. Equity 16 Feb 2016 STI : 2,607.90
Singapore Industry Focus Refer to important disclosures at the end of this report DBS Group Research. Equity 16 Feb 2016 A Quiet Start to 2016 remains quiet; developers elopers clearing existing inventory
More informationSembcorp Marine (LHS)
Singapore Bloomberg: SMM SP Reuters: SCMN.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 23 Oct 2015 HOLD Last Traded Price: S$2.54 (STI : 3,038.11) Price Target
More informationSembcorp Marine (LHS)
Singapore Company Focus Bloomberg: SMM SP Reuters: SCMN.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 2 Dec 2015 FULLY VALUED (Downgrade from HOLD) Last Traded
More informationThai Airways. Thailand Company Focus. Impressive 1Q10, as expected
Thailand Company Focus Bloomberg: THAI TB Reuters: THAI.BK DBS Group Research. Equity 17 May 1 BUY Bt26. SET : 768.79 Price Target : 12-month Bt 33. Reason for Report : 1Q1 result review Potential Catalyst:
More informationSingapore Equity Explorer. Amara Holdings. The Stock
SMC Research Singapore Equity Explorer Bloomberg: AMA SP Reuters: AMRA.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 7 Jun 2013 NOT RATED S$0.62 STI : 3,193.51
More informationIndonesia Company Guide PT Sarana Menara Nusantara
Indonesia Company Guide Version 4 Bloomberg: TOWR IJ Reuters: TOWR.JK Refer to important disclosures at the end of this report DBS Group Research. Equity 1 Jun 2017 BUY Last Traded Price ( 31 May 2017):
More informationEsprit Holdings (LHS)
China / Hong Kong Company Guide Version 4 Bloomberg: 33 HK EQUITY Reuters: 33.HK Refer to important disclosures at the end of this report DBS Group Research. Equity 23 Feb 217 HOLD (Upgrade from Fully
More informationOSIM International (LHS)
Singapore Version 5 Bloomberg: OSIM SP Reuters: OSIL.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 18 Mar 2016 HOLD Last Traded Price: S$1.39 (STI : 2,880.17) Price
More informationSingapore Company Guide Keppel REIT
Singapore Company Guide Edition 1 Version 1 Bloomberg: KREIT SP Reuters: KASA.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 20 Oct 2015 BUY Last Traded Price: S$1.00
More informationMayora Indah. Indonesia Company Guide. HOLD Last Traded Price: Rp40,000 (JCI : 4,743.66) Price Target : Rp39,200 (-2% downside) (Prev Rp29,500)
Indonesia Company Guide Version 3 Bloomberg: MYOR IJ Reuters: MYOR.JK Refer to important disclosures at the end of this report DBS Group Research. Equity 24 May 2016 HOLD Last Traded Price: Rp40,000 (JCI
More informationSMRT. Singapore Company Focus
Singapore Company Focus Bloomberg: MRT SP Reuters:.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 18 Jul 2016 FULLY VALUED (Downgrade from HOLD) Last Traded Price:
More informationTower Bersama Infrastructure
Indonesia Company Guide Version 3 Bloomberg: TBIG IJ Reuters: TBIG.JK Refer to important disclosures at the end of this report DBS Group Research. Equity 13 Feb 2017 HOLD Last Traded Price ( 10 Feb 2017):
More informationSingapore Company Focus SATS
Singapore Company Focus Bloomberg: SP Reuters: SIAT.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 5 Nov 2015 HOLD Last Traded Price: S$3.80 (STI : 3,040.48) Price
More informationCNMC Goldmine Holdings
Singapore Company Guide Version 3 Bloomberg: CNMC SP Reuters: CNMC.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 18 May 2017 HOLD (Downgrade from BUY) Last Traded
More informationGlobal Logistic Properties
Singapore Company Guide Version 4 Bloomberg: GLP SP Reuters: GLPL.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 15 Aug 2016 BUY Last Traded Price: S$1.93 (STI :
More informationSingapore Reits. Singapore Industry Focus. Catching up. DBS Group Research. Equity 20 May 2009 STI : 2,260.36
Singapore Industry Focus DBS Group Research. Equity 20 May 2009 Catching up Results in line with expectations Bulk of 2009 refinancing needs addressed, cashflow is still key Lagged developers in recent
More informationNam Cheong Ltd (LHS) Singapore Company Focus BUY S$0.41 STI : 3, Setting a scorching pace. DBS Group Research. Equity 12 Nov 2014
Singapore Bloomberg: NCL SP Reuters: NMCG.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 12 Nov 2014 BUY S$0.41 STI : 3,292.15 Price Target : 12-Month S$ 0.60 (Prev
More informationCafé de Coral (LHS) China / Hong Kong Company Guide
China / Hong Kong Company Guide Version 2 Bloomberg: 341 HK EQUITY Reuters: 341.HK Refer to important disclosures at the end of this report DBS Group Research. Equity 7 July 2016 HOLD Last Traded Price:
More informationFlash Note. Singapore. Frasers Centrepoint Ltd (FCL SP) : BUY. Heaven in the City of Angels. DBS Group Research. Equity 4 Apr 2017
Singapore Flash Note Refer to important disclosures at the end of this report DBS Group Research. Equity 4 Apr 2017 Frasers Centrepoint Ltd (FCL SP) : BUY Mkt. Cap: US$3,629m I 3m Avg. Daily Val: US$0.44m
More informationGlobal Logistic Properties
Singapore Company Guide Version 6 Bloomberg: GLP SP Reuters: GLPL.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 14 Sep 2016 BUY Last Traded Price ( 13 Sep 2016):
More informationIndonesia Company Guide Unilever Indonesia
Indonesia Company Guide Version 4 Bloomberg: UNVR IJ Reuters: UNVR.JK Refer to important disclosures at the end of this report DBS Group Research. Equity 9 Feb 2017 FULLY VALUED Last Traded Price ( 8 Feb
More informationFlash Note. Indonesia. Indonesian Banks and Multifinance Companies. Key takeaways from recent visit. DBS Group Research.
Indonesia Flash Note Refer to important disclosures at the end of this report DBS Group Research. Equity 7 Mar 2016 Indonesian Banks and Multifinance Companies Analyst LIM Sue Lin +65 8332 6843; suelinlim@dbs.com
More informationSuper Group. Singapore Company Guide. HOLD Last Traded Price: S$0.79 (STI : 2,869.82) Price Target 12-mth: S$0.87 (11% upside) (Prev S$0.
Singapore Company Guide Version 5 Bloomberg: SUPER SP Reuters: SPGP.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 12 Aug 2016 HOLD Last Traded Price: S$0.79 (STI
More informationMapletree Commercial Trust (LHS)
Singapore Company Guide Edition 1 Version 1 Bloomberg: MCT SP Reuters: MACT.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 22 Oct 2015 BUY (Upgrade from HOLD) Last
More informationMalaysian Bulk Carriers
Bloomberg: MBC MK Equity Reuters: MBCB.KL Refer to important disclosures at the end of this report Malaysia Equity Research 25 Aug 214 HOLD RM1.77 1.77KLCI : 1,87.99 Downgrade from BUY Price Target :12-Month
More informationMalaysia Gaming. Malaysia Industry Focus. No fun, no tricks, no hypes. DBS Group Research. Equity 11 Feb 2015 KLCI :1,811.12
Malaysia Industry Focus Malaysia Gaming Refer to important disclosures at the end of this report DBS Group Research. Equity 11 Feb 2015 No fun, no tricks, no hypes Prospects to remain sluggish, dragged
More informationSPH. Singapore Company Guide
Singapore Company Guide Version 7 Bloomberg: SP Reuters: SPRM.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 20 Mar 2017 HOLD (Upgrade from FULLY VALUED) Last Traded
More informationHang Lung Properties. China / Hong Kong Company Guide
China / Hong Kong Company Guide Version 7 Bloomberg: 101 HK EQUITY Reuters: 101.HK Refer to important disclosures at the end of this report DBS Group Research. Equity 31 Jul 2017 BUY (Upgrade from Hold)
More informationIHH Healthcare (LHS) Singapore Company Guide
Singapore Company Guide Version 2 Bloomberg: IHH SP Reuters: IHH.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 26 Feb 2016 HOLD Last Traded Price: RM6.53/ S$2.10
More informationSheng Siong Group. Singapore Company Guide. BUY Last Traded Price ( 27 Jul 2017): S$0.95 (STI : 3,354.71) Price Target 12-mth: S$1.
Singapore Company Guide Version 10 Bloomberg: SSG SP Reuters: SHEN.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 28 Jul 2017 BUY Last Traded Price ( 27 Jul 2017):
More informationFlash Note. Malaysia. Malaysia Automotive. Excise duty up. DBS Group Research. Equity 11 Apr 2017
Malaysia Flash Note Refer to important disclosures at the end of this report DBS Group Research. Equity 11 Apr 2017 Malaysia Automotive Analyst Siti Ruzanna MOHD FARUK +603 2604 3965; sruzannamf@alliancedbs.com
More informationTotal Access Communication
Thailand Company Guide Version 11 Bloomberg: DTAC TB Reuters: DTAC.BK Refer to important disclosures at the end of this report DBS Group Research. Equity 2 Apr 2018 HOLD (Upgrade from FULLY VALUED) Last
More informationSingapore Company Guide APAC Realty
Singapore Company Guide Version 1 Bloomberg: APAC SP Reuters: APAC.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 13 Nov 2017 BUY Last Traded Price ( 10 Nov 2017):
More informationPT Link Net Tbk. Indonesia Company Guide
Indonesia Company Guide Version 1 Bloomberg: LINK IJ Reuters: LINK.JK Refer to important disclosures at the end of this report DBS Group Research. Equity 26 Mar 2018 BUY Last Traded Price ( 23 Mar 2018):
More informationSingapore Company Guide Japfa Ltd
Singapore Edition 1 Version 1 Bloomberg: JAP SP Reuters: JAPF.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 28 Oct 2015 BUY Last Traded Price: S$0.39 (STI : 3,052.53)
More informationFlash Note. Bumi Armada (BAB MK) : BUY. 2Q16 in line: Recognized RM575m impairment. Malaysia Equity Research 29 Aug 2016
Refer to important disclosures at the end of this report Malaysia Equity Research 29 Aug 2016 Bumi Armada (BAB MK) : BUY Mkt. Cap: US$1,111m I 3m Avg. Daily Val: US$4.7m Last Traded Price : RM0.77 Price
More informationTop Glove Corporation
Malaysia Company Guide Version 6 Bloomberg: TOPG MK Reuters: TPGC.KL Refer to important disclosures at the end of this report DBS Group Research. Equity 19 Jun 2017 HOLD Last Traded Price ( 16 Jun 2017):
More informationDairy Farm. Singapore Company Guide. BUY Last Traded Price: US$6.68 (STI : 2,868.69) Price Target : US$7.18 (7% upside) (Prev US$7.
Singapore Company Guide Version 4 Bloomberg: DFI SP Reuters: DAIR.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 1 Aug 2016 BUY Last Traded Price: US$6.68 (STI :
More informationSingapore Company Guide Japfa Ltd
Singapore Company Guide Edition 1 Version 1 Bloomberg: JAP SP Reuters: JAPF.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 15 Dec 2015 BUY Last Traded Price: S$0.465
More informationCompany Focus Guan Chong
Bloomberg: GUAN MK Reuters: GNCH.KL Malaysia Equity Research PP 11272/04/2012(029344) 29 Jul 2011 BUY RM2.71 KLCI : 1,551.91 Price Target : 12-Month RM 3.60 Reason for Report : Company update and 2Q11
More informationMalaysian Banks. Malaysia Industry Focus
Malaysia Industry Focus Malaysian Banks Refer to important disclosures at the end of this report DBS Group Research. Equity 2 May 2017 Asset quality stabilises for Indonesian operations Asset quality at
More informationOil & Gas Sector. Thailand Industry Focus
Thailand Industry Focus Refer to important disclosures at the end of this report DBS Group Research. Equity 12 Feb 1 The early bird catches the worm Crude price turns from premium to Dubai crude discount,
More informationTRC Synergy. Malaysia Company Focus
Malaysia Company Focus Bloomberg: TRC MK Reuters: TRCG.KL DBS Group Research. Equity 30 Mar 2011 BUY RM1.41 KLCI : 1,520.09 Price Target : 12-Month RM2.25) Reason for Report :Company update Potential Catalyst:
More informationBursa Malaysia. Company Guide
Version 9 Bloomberg: BURSA MK Reuters: BMYS.KL Refer to important disclosures at the end of this report Malaysia Equity Research 26 Oct 2017 BUY Last Traded Price ( 25 Oct 2017): RM10.02 (KLCI : 1,739.05)
More informationF & N. Singapore Company Guide. HOLD Last Traded Price: S$1.96 (STI : 2,550.74) Price Target : S$2.20 (12% upside) (Prev S$2.26)
Singapore Company Guide Edition 1 Version 1 Bloomberg: FNN SP Reuters: FRNM.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 4 Feb 2016 HOLD Last Traded Price: S$1.96
More informationBumrungrad Hospital. Thailand Company Guide
Thailand Company Guide Version 6 Bloomberg: BH TB Reuters: BH.BK Refer to important disclosures at the end of this report DBS Group Research. Equity 4 May 2017 HOLD (Upgrade from FULLY VALUED) Last Traded
More informationChina / Hong Kong Company Guide Beijing Enterprises Clean Energy
China / Hong Kong Company Guide Version 2 Bloomberg: 1250 HK Equity Reuters: 1250.HK Refer to important disclosures at the end of this report DBS Group Research. Equity 18 Dec 2017 BUY Last Traded Price
More informationThe Erawan Group. Thailand Company Guide
Thailand Company Guide Version 3 Bloomberg: ERW TB Reuters: ERW.BK Refer to important disclosures at the end of this report DBS Group Research. Equity 3 Feb 2017 BUY Last Traded Price ( 2 Feb 2017): Bt4.42
More informationPadini Holdings. Malaysia Company Guide
Malaysia Company Guide Version 8 Bloomberg: PAD MK Reuters: PDNI.KL Refer to important disclosures at the end of this report DBS Group Research. Equity 21 Feb 2017 BUY (Upgrade from hold) Last Traded Price
More informationFar East Horizon (LHS)
China / Hong Kong Company Guide Version 2 Bloomberg: 3360 HK EQUITY Reuters: 3360.HK DBS Group Research. Equity 12 April 2016 Refer to important disclosures at the end of this report BUY Last Traded Price:
More informationAscendas REIT (LHS) Singapore Company Guide. BUY Last Traded Price ( 5 Dec 2016): S$2.36 (STI : 2,943.05) Price Target 12-mth: S$2.
Singapore Company Guide Version 6 Bloomberg: AREIT SP Reuters: AEMN.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 6 Dec 2016 BUY Last Traded Price ( 5 Dec 2016):
More informationSKP Resources Bhd. Malaysia Company Guide. BUY Last Traded Price: RM1.23 (KLCI : 1,668.40) Price Target : RM1.55 (26% upside) (Prev RM1.
Malaysia Company Guide Version 2 Bloomberg: SKP MK Reuters: SKPR.KL Refer to important disclosures at the end of this report DBS Group Research. Equity 18 Jul 2016 BUY Last Traded Price: RM1.23 (KLCI :
More informationChina / Hong Kong Company Guide Midea Group Company Limited
China / Hong Kong Company Guide Version 6 Bloomberg: 000333 CH Equity Reuters: 000333.SZ Refer to important disclosures at the end of this report DBS Group Research. Equity 3 Apr 2017 BUY Last Traded Price
More informationSunningdale Tech Ltd
SMC Research Singapore Equity Explorer Bloomberg: SUNN SP Reuters: SUND.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 8 Mar 2017 NOT RATED S$1.465 STI : 3,130.44
More informationChina Gas Utilities Sector
China / Hong Kong Industry Focus Refer to important disclosures at the end of this report DBS Group Research. Equity 7 Nov 2017 Powering ahead The sector does not appear to be overbought, current sector
More informationCompany Focus. Polyplex (Thailand) Thailand. FV Bt3.04 SET: (Downgrade from Buy)
Thailand DBS Group Research. Equity FV Bt3.04 SET: 694.09 (Downgrade from Buy) Price Target : 1-year Bt3.00 (prev. Bt5.82) Reason for Report : Company visit ANALYST Vichitr Kuladejkhuna, CFA 66 (0) 2657
More informationGamuda. Malaysia Company Focus. More upside, special dividends. DBS Group Research. Equity 14 May 2013
Malaysia Company Focus Bloomberg: GAM MK Reuters: GAMU.KL Refer to important disclosures at the end of this report DBS Group Research. Equity 14 May 2013 BUY RM4.75 4.75 KLCI : 1,772.38 Price Target :
More informationAscendas REIT Version 8 Bloomberg AREIT SP Reuters: AEMN.SI Refer to important disclosures at the end of this report
Singapore Company Guide Version 8 Bloomberg: AREIT SP Reuters: AEMN.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 26 Apr 2017 BUY Last Traded Price ( 25 Apr 2017):
More informationSingapore Equity Explorer. YHI International. The Stock
SMC Research Singapore Equity Explorer Bloomberg: YHI SP Reuters: YHII.SI DBS Group Research. Equity 8 Jun 2011 NOT RATED S$0.33 STI : 3,115.95 Return *: 1 Risk: Moderate Potential Target * : 12-Month
More informationYangzijiang Shipbuilding
Singapore Company Guide Version 6 Bloomberg: YZJSGD SP Reuters: YAZG.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 2 Mar 2017 BUY Last Traded Price ( 1 Mar 2017):
More informationWater Sector. China / Hong Kong Industry Focus. More PPP projects. DBS Group Research. Equity 12 August 2016 HSI: 22,581
China / Hong Kong Industry Focus Refer to important disclosures at the end of this report DBS Group Research. Equity 12 August 2016 More PPP projects Expect 11-30% earnings growth for 1HFY16 Investment
More informationLippo Karawaci (LHS) Indonesia Company Guide
Indonesia Company Guide Version 3 Bloomberg: LPKR IJ Reuters: LPKR.JK Refer to important disclosures at the end of this report DBS Group Research. Equity 18 Jul 2016 FULLY VALUED Last Traded Price: Rp1,170
More informationTelecommunications. Thailand Industry Focus. JAS s non-entry already priced in. DBS Group Research. Equity 14 Mar 2016 SET : 1,393.
Thailand Industry Focus Telecommunications Refer to important disclosures at the end of this report DBS Group Research. Equity 14 Mar 2016 Share repurchase could imply JAS s non-entry BUY on ADVANC (Bt193
More informationInterlink Communication
Thailand Company Guide Version 10 Bloomberg: ILINK TB Reuters: ILINK.BK Refer to important disclosures at the end of this report DBS Group Research. Equity 3 Apr 2017 HOLD (Downgrade to from BUY) Last
More informationAscendas India Trust. Singapore Company Guide
Singapore Company Guide Version 7 Bloomberg: AIT SP Reuters: AINT.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 26 Oct 2016 BUY Last Traded Price ( 25 Oct 2016):
More informationPACC Offshore Services Holdings
Singapore Company Guide Version 11 Bloomberg: POSH SP Reuters: PACC.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 23 Jan 2018 BUY Last Traded Price ( 22 Jan 2018):
More informationIndofood Agri Resources (LHS)
Singapore Company Guide Edition 1 Version 1 Bloomberg: IFAR SP Reuters: IFAR.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 27 Oct 215 HOLD Last Traded Price: S$.6
More informationSwire Properties (LHS)
China / Hong Kong Company Guide Version 6 Bloomberg: 1972 HK Equity Reuters: 1972.HK Refer to important disclosures at the end of this report DBS Group Research. Equity 23 Mar 2017 BUY Last Traded Price
More informationMitra Adiperkasa. Indonesia Company Guide
Indonesia Company Guide Version 8 Bloomberg: MAPI IJ Reuters: MAPI.JK Refer to important disclosures at the end of this report DBS Group Research. Equity 2 Nov 2017 BUY Last Traded Price ( 1 Nov 2017):
More informationThe Erawan Group. Thailand Company Guide
Thailand Company Guide Version Bloomberg: ERW TB Reuters: ERW.BK Refer to important disclosures at the end of this report DBS Group Research. Equity 24 Feb 2017 BUY Last Traded Price ( 23 Feb 2017): Bt4.42
More informationModel Portfolio. Singapore Traders Spectrum. DBS Group Research. Equity 27 Jun Refer to important disclosures at the end of this report
Refer to important disclosures at the end of this report DBS Group Research. Equity 27 Jun 2016 June 27 Update: 1. We have removed UOL from the Balanced and Blue Chips categories as it has a moderate 7%
More informationYHI International. Singapore Company Focus. Ride on explosive auto markets in Asean and China
Singapore Company Focus Bloomberg: YHI SP Reuters: YHII.SI DBS Group Research. Equity 8 Aug 11 BUY S$.33 STI :,994.8 (Reinstating Coverage) Price Target : 1-Month S$.54 Reason for Report : Reinstating
More informationCompany Focus Guan Chong
Bloomberg: GUAN MK Reuters: GNCH.KL Malaysia Equity Research HOLD RM.78.78 KLCI :,674.4 Price Target : -Month RM.9 Reason for Report : Company update Potential Catalyst: Higher sales and cocoa bean prices
More informationCache Logistics Trust
Singapore Company Guide Version 8 Bloomberg: CACHE SP Reuters: CALT.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 24 Jan 2017 HOLD Last Traded Price ( 23 Jan 2017):
More informationmm2 Asia Singapore Company Guide BUY Last Traded Price ( 11 Aug 2017): S$0.465 (STI : 3,279.72) Price Target 12-mth: S$0.60 (29% upside) (Prev S$0.
Singapore Company Guide Version 12 Bloomberg: MM2 SP Reuters: MM2A.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 14 Aug 2017 BUY Last Traded Price ( 11 Aug 2017):
More informationDRB-HICOM. Result Snapshot. Stronger auto earnings. Malaysia Equity Research 29 Aug Refer to important disclosures at the end of this report
Bloomberg: DRB MK Reuters: DRBM.KL Refer to important disclosures at the end of this report Malaysia Equity Research 29 Aug 2014 BUY RM2.10 2.10 KLCI : 1,872.38 Price Target : 12-Month RM 3.50 (Prev RM
More informationCityneon Holdings. Singapore Company Guide. BUY Last Traded Price ( 27 Feb 2018): S$1.10 (STI : 3,540.39) Price Target 12-mth: S$1.
Singapore Company Guide Version 10 Bloomberg: CITN SP Reuters: CNHL.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 28 Feb 2018 BUY Last Traded Price ( 27 Feb 2018):
More informationTenaga Nasional. Company Guide
Version 8 Bloomberg: TNB MK Reuters: TENA.KL Refer to important disclosures at the end of this report Malaysia Equity Research 28 Jul 2017 BUY Last Traded Price ( 27 Jul 2017): RM14.24 (KLCI : 1,770.07)
More informationmm2 Asia Singapore Company Guide BUY Last Traded Price ( 7 Feb 2018): S$0.495 (STI : 3,383.77) Price Target 12-mth: S$0.75 (52% upside) (Prev S$0.
Singapore Company Guide Version 15 Bloomberg: MM2 SP Reuters: MM2A.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 8 Feb 2018 BUY Last Traded Price ( 7 Feb 2018):
More informationPanin Bank. Indonesia Company Guide. BUY (Upgrade from HOLD) Last Traded Price: Rp780 (JCI. Undervalued proposition
Indonesia Company Guide Version 5 Bloomberg: PNBN IJ Reuters: PNBN.JK Refer to important disclosures at the end of this report DBS Group Research. Equity 1 Aug 2016 BUY (Upgrade from HOLD) Last Traded
More informationTenaga Nasional. Company Guide
Version 9 Bloomberg: TNB MK Reuters: TENA.KL Refer to important disclosures at the end of this report Malaysia Equity Research 27 Oct 2017 BUY Last Traded Price ( 26 Oct 2017): RM14.34 (KLCI : 1,736.80)
More informationThailand Company Focus Jasmine Broadband Internet Infrastructure Fund
Thailand Company Focus Jasmine Broadband Internet Infrastructure Fund Bloomberg: JASIF TB Reuters: JASIFu.BK DBS Group Research. Equity 20 Apr 2016 Refer to important disclosures at the end of this report
More informationFlash Note. Indonesia. Indonesia Construction. Strong start to DBS Group Research. Equity 31 Jan 2017
Indonesia Flash Note Refer to important disclosures at the end of this report DBS Group Research. Equity 31 Jan 2017 Indonesia Construction Analyst Chong Tjen San +60 3 26043972; tjensan@alliancedbs.com
More information