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Singapore
Market update
5 December 2011
DBS
$12.81
Above
Banking
OCBC
$8.11
In line
$7.55
$7.50
SELL
UOB
$15.73
Below
$15.96
$15.60
SELL
F&N Limited
$6.29
In line
$8.54
$7.22
BUY
Conglomerates
$4.36
In line
$4.95
$5.40
HOLD
$3.90 $0.27
In line Below
$4.68 $0.64
$4.17 $0.48
BUY BUY
Construction
Consumer
Super Group
$1.50
In line
$1.78
$1.485
HOLD
Engineering
Boustead
$0.805
Below
$1.36
$1.32
BUY
Finance
SGX
$6.30
In line
$7.90
$7.80
BUY
Biosensors
$1.400
In line
$1.49
$1.49
HOLD
$2.20
In line
$2.80
$2.73
BUY
Potential listing of Khazanahs healthcare unit, Integrated Healthcare, next year may reignite interest in hospital stocks Junkets and casinos in Japan to be approved soon. 4Q11 VIP volume trending upwards QoQ
5 December 2011
Gaming
Genting Singapore
$1.54
In line
$2.06
$2.02
BUY
Page 2 of 8
Hyflux Infrastructure
$1.21
Below
Midas
$0.35
Below
$0.44
$0.44
HOLD
CWT
$1.03
Above
$1.85
$1.68
BUY
Logistic
Goodpack
$1.47
Above
$2.30
$2.18
BUY
ASL
$0.52
In line
$0.69
$0.69
BUY
Stronger-than-expected ship New order wins to further repair due to undertaking of boost orderbook a large ship conversion job Potential improvement in margins for its US$6b orderbook. However, this looks unlikely Improved margins for the liftboat business and new contracts Offshore & marine margins continue to improve sequentially More contracts in the wings for its liftboats and Australian transport/logistics ventures A resumption of rig orders, particularly for deepwater segment Ship repair/conversion business will receive a boost after the completion of a third drydock in 2QFY12 Stronger-than-expected revenue recognition for a previously stalled project Gross margin continued to hold up well due to recognition of orders secured prior to GFC Conversion of outstanding options worth around US$2b, new contract wins Gradual unwinding of its RMB10.4b investment in financial assets Potential delisting from the Singapore Exchange
Cosco
$0.905
Below
$0.81
$0.72
SELL
Ezion
$0.665
In line
$0.99
$0.99
BUY
Keppel Corp
$9.51
Above
$15.30
$14.40
BUY
$0.35
In line
$0.44
$0.44
HOLD
Ship chartering revenue impacted by long monsoon season and reflagging downtime New orders have slowed down
Sembcorp Marine
$3.93
In line
$6.66
$6.66
BUY
Yangzijiang
$0.910
Above
$1.15
$1.10
HOLD
$0.250
Below
$0.37
$0.36
BUY
China Minzhong
$0.90
Above
$1.85
$1.47
BUY
5 December 2011
Page 3 of 8
City Dev
$10.19
In line
$11.05
$11.05
HOLD
Keppel Land
$2.55
In line
$3.00
$3.55
BUY
SC Global SingLand
$1.15 $5.79
In line Above
$2.37 $4.89
$2.37 $4.91
BUY SELL
$1.08 $1.320
In line Below
$1.86 $2.34
$1.79 $1.98
BUY HOLD
$1.20
Below
$2.05
$2.00
BUY
Olam
$2.36
Below
$2.79
$2.79
HOLD
Wilmar
$5.16
In line
$5.31
$4.50
HOLD
$0.570
In line
$0.80
$0.83
BUY
Raffles Education
$0.44
Below
$0.80
$0.80
BUY
$0.24
Below
$0.27
$0.19
HOLD
Need to see quick recovery of HDD customers from Thailand floods Successful penetration of the polished diamond market Definitive deal with a return in volume by Hypercom/ Verifone following their merger. Gains in market share from competitors affected by Thailand floods
Technology
$0.760 $6.52
In line Below
$1.42 $9.68
$1.41 $8.45
BUY BUY
5 December 2011
Page 4 of 8
M1
$2.43
In line
Telecoms
SingTel
$3.11
In line
$3.41
$3.61
BUY
StarHub
$2.85
In line
$3.27
$3.27
BUY
ComfortDelgro
$1.405
Above
$1.58
$1.65
BUY
SATS
$2.15
Below
$2.70
$2.46
HOLD
Better showing from Japans Improving passenger traffic TFK Corporation numbers at Changi Airport, growing contributions from overseas associates Further upside from an expanded fleet under management and ongoing growth in Asian aviation
Transport
SIA Engineering
$3.55
In line
$3.66
$3.66
SELL
$10.47
Below
$14.40
$14.40
HOLD
Weaker-than-expected yields
Better earnings traction from Further decline in jet fuel lower jet fuel costs prices Strong Circle Line (CCL) average weekday ridership numbers Earlier-than-expected breakeven of ridership numbers for CCL
$1.77
Below
$1.82
$1.85
HOLD
Lower EBIT margin arising from higher energy and staff costs
5 December 2011
Page 5 of 8
ANALYSTSCOVERAGE/RESEARCHOFFICES
MALAYSIA
WONG Chew Hann, CA Head of Research (603) 2297 8686 wchewh@maybank-ib.com Strategy Construction & Infrastructure Desmond CHNG, ACA (603) 2297 8680 desmond.chng@maybank-ib.com Banking - Regional LIAW Thong Jung (603) 2297 8688 tjliaw@maybank-ib.com Oil & Gas Automotive Shipping ONG Chee Ting (603) 2297 8678 ct.ong@maybank-ib.com Plantations Mohshin AZIZ (603) 2297 8692 mohshin.aziz@maybank-ib.com Aviation Petrochem Power YIN Shao Yang, CPA (603) 2297 8916 samuel.y@maybank-ib.com Gaming Regional Media Power WONG Wei Sum (603) 2297 8679 weisum@maybank-ib.com Property & REITs LEE Yen Ling (603) 2297 8691 lee.yl@maybank-ib.com Building Materials Manufacturing Technology Farouq Azizul MAHMUD (603) 2297 8687 farouq@maybank-ib.com Automotive LEE Cheng Hooi Head of Retail chenghooi.lee@maybank-ib.com Technicals
SINGAPORE
Stephanie WONG Head of Research (65) 6432 1451 swong@kimeng.com Strategy Small & Mid Caps Gregory YAP (65) 6432 1450 gyap@kimeng.com Conglomerates Technology & Manufacturing Telcos - Regional Rohan SUPPIAH (65) 6432 1455 rohan@kimeng.com Airlines Marine & Offshore Wilson LIEW (65) 6432 1454 wilsonliew@kimeng.com Hotel & Resort Property & Construction Anni KUM (65) 6432 1470 annikum@kimeng.com Conglomerates REITs James KOH (65) 6432 1431 jameskoh@kimeng.com Finance Logistics Resources Eric ONG (65) 6432 1857 ericong@kimeng.com Marine & Offshore Transportation Energy OOI Yi Tung (65) 6433 5712 ooiyitung@kimeng.com Property & Construction YEAK Chee Keong, CFA (65) 6433 5730 yeakcheekeong@kimeng.com Retail & Consumer Engineering Infrastructure Alison FOK (65) 6433 5745 alisonfok@kimeng.com Services
PHILIPPINES
Luz LORENZO Head of Research +63 2 849 8836 luz_lorenzo@atr.com.ph Strategy Laura DY-LIACCO (63) 2 849 8840 laura_dyliacco@atr.com.ph Utilities Conglomerates Telcos Lovell SARREAL (63) 2 849 8841 lovell_sarreal@atr.com.ph Consumer Media Cement Mining Kenneth NERECINA (63) 2 849 8839 kenneth_nerecina@atr.com.ph Conglomerates Property Ports/ Logistics Katherine TAN (63) 2 849 8843 kat_tan@atr.com.ph Banks Construction
VIETNAM
Michael Kokalari, CFA Head of Research (84) 838 38 66 36 x 116 michael.kokalari@kimeng.com.vn Strategy Nguyen Thi Ngan Tuyen (84) 838386636 x163 tuyen.nguyen@kimeng.com.vn Conglomerates Confectionary and Beverage Oil and Gas Ngo Bich Van (84) 838 38 66 36 x 171 van.ngo@kimeng.com.vn Banking Insurance Nguyen Quang Duy (84) 838386636 x162 duy.nguyenquang@kimeng.com.vn Industrial Property Trinh Thi Ngoc Diep (84) 422 21 22 08 x 102 diep.trinh@kimeng.com.vn Property & Construction Power Dang Thi Kim Thoa (84) 838 38 66 36 x 164 thoa.dang@kimeng.com.vn Consumer Services Hoang Nam Phu (84) 838 38 66 36 x 171 phu.hoang@kimeng.com.vn Technology & Telecom Transport Resources Truong Quang Binh (84) 838386636 x169 quangbinh.truong@kimeng.com.vn Pharmaceutical Plantation & Fishery
INDONESIA
Katarina SETIAWAN Head of Research (62) 21 2557 1125 ksetiawan@kimeng.co.id Consumer Strategy Telcos Rahmi MARINA (62) 21 2557 1128 rmarina@kimeng.co.id Banking Multifinance Lucky ARIESANDI, CFA (62) 21 2557 1127 lariesandi@kimeng.co.id Base metals Coal Heavy Equipment Oil & gas Adi N. WICAKSONO (62) 21 2557 1130 anwicaksono@kimeng.co.id Generalist Arwani PRANADJAYA (62) 21 2557 1129 apranadjaya@kimeng.co.id Technicals
ECONOMICS
Suhaimi ILIAS Chief Economist (603) 2297 8682 suhaimi_ilias@maybank-ib.com Luz LORENZO Economist (63) 2 849 8836 luz_lorenzo@atr.com.ph Philippines Indonesia
INDIA
Jigar SHAH Head of Research (91) 22 6623 2601 jigar@kimeng.co.in Oil & Gas Automobile Cement Anubhav GUPTA (91) 22 6623 2605 anubhav@kimeng.co.in Metal & Mining Capital goods Property Haripreet BATRA (91) 226623 2606 haripreet@kimeng.co.in Software Media Ganesh RAM (91) 226623 2607 ganeshram@kimeng.co.in Telecom Contractor
THAILAND
Mayuree CHOWVIKRAN Head of Research (66)-2658-6300 ext 1440 mayuree.c@kimeng.co.th Strategy Suttatip PEERASUB (66)-2658-6300 ext 1430 suttatip.p@kimeng.co.th Media Commerce Sutthichai KUMWORACHAI (66)-2658-6300 ext 1400 sutthichai.k@kimeng.co.th Energy Petrochem Termporn TANTIVIVAT (66)-2658-6300 ext 1520 termporn.t@kimeng.co.th Property Woraphon WIROONSRI (66)-2658-6300 ext 1560 woraphon.w@kimeng.co.th Bank Jaroonpan WATTANAWONG (66)-2658-6300 ext 1404 jaroonpan.w@kimeng.co.th Transportation Small cap.
REGIONAL
ONG Seng Yeow (65) 6432 1832 ongsengyeow@kimeng.com Regional Products & Planning
5 December 2011
Page 6 of 8
APPENDIX 1
Definition of Ratings
Kim Eng Research uses the following rating system: BUY HOLD SELL Total return is expected to be above 10% in the next 12 months Total return is expected to be between -5% to 10% in the next 12 months Total return is expected to be below -5% in the next 12 months
Applicability of Ratings
The respective analyst maintains a coverage universe of stocks, the list of which may be adjusted according to needs. Investment ratings are only applicable to the stocks which form part of the coverage universe. Reports on companies which are not part of the coverage do not carry investment ratings as we do not actively follow developments in these companies.
5 December 2011
Page 7 of 8
Maybank Investment Bank Berhad (A Participating Organisation of Bursa Malaysia Securities Berhad) 33rd Floor, Menara Maybank, 100 Jalan Tun Perak, 50050 Kuala Lumpur Tel: (603) 2059 1888; Fax: (603) 2078 4194
Malaysia
Kim Eng Securities Pte Ltd Kim Eng Research Pte Ltd 9 Temasek Boulevard #39-00 Suntec Tower 2 Singapore 038989 Tel: (65) 6336 9090 Fax: (65) 6339 6003
Singapore
London
Maybank Kim Eng Securities (London) Ltd 6/F, 20 St. Dunstans Hill London EC3R 8HY, UK Tel: (44) 20 7621 9298 Dealers Tel: (44) 20 7626 2828 Fax: (44) 20 7283 6674
New York
Maybank Kim Eng Securities USA Inc 777 Third Avenue, 21st Floor New York, NY 10017, U.S.A. Tel: (212) 688 8886 Fax: (212) 688 3500
Stockbroking Business:
Level 8, Tower C, Dataran Maybank, No.1, Jalan Maarof 59000 Kuala Lumpur Tel: (603) 2297 8888 Fax: (603) 2282 5136
Kim Eng Securities (HK) Ltd Level 30, Three Pacific Place, 1 Queens Road East, Hong Kong Tel: (852) 2268 0800 Fax: (852) 2877 0104
Hong Kong
Indonesia
PT Kim Eng Securities Plaza Bapindo Citibank Tower 17th Floor Jl Jend. Sudirman Kav. 54-55 Jakarta 12190, Indonesia Tel: (62) 21 2557 1188 Fax: (62) 21 2557 1189
India
Kim Eng Securities India Pvt Ltd 2nd Floor, The International 16, Maharishi Karve Road, Churchgate Station, Mumbai City - 400 020, India Tel: (91).22.6623.2600 Fax: (91).22.6623.2604
Maybank ATR Kim Eng Securities Inc. 17/F, Tower One & Exchange Plaza Ayala Triangle, Ayala Avenue Makati City, Philippines 1200 Tel: (63) 2 849 8888 Fax: (63) 2 848 5738
Philippines
Maybank Kim Eng Securities (Thailand) Public Company Limited 999/9 The Offices at Central World, 20th - 21st Floor, Rama 1 Road Pathumwan, Bangkok 10330, Thailand Tel: (66) 2 658 6817 (sales) Tel: (66) 2 658 6801 (research)
Thailand
Vietnam
In association with
Saudi Arabia
In association with
Kim Eng Vietnam Securities Company 1st Floor, 255 Tran Hung Dao St. District 1 Ho Chi Minh City, Vietnam Tel : (84) 838 38 66 36 Fax : (84) 838 38 66 39
Anfaal Capital Villa 47, Tujjar Jeddah Prince Mohammed bin Abdulaziz Street P.O. Box 126575 Jeddah 21352 Tel: (966) 2 6068686 Fax: (966) 26068787
Connie TAN connie@kimeng.com Tel: (65) 6333 5775 US Toll Free: 1 866 406 7447
Eddie LAU eddielau@kimeng.com.hk Tel: (852) 2268 0800 US Toll Free: 1 866 598 2267
www.maybank-ib.com | www.kimengresearch.com.sg
APPENDIX I
Additional information on mentioned securities is available on request. Jurisdiction Specific Additional Disclaimers: THIS RESEARCH REPORT IS STRICTLY CONFIDENTIAL TO THE RECIPIENT, MAY NOT BE DISTRIBUTED TO THE PRESS OR OTHER MEDIA, AND MAY NOT BE REPRODUCED IN ANY FORM AND MAY NOT BE TAKEN OR TRANSMITTED INTO THE REPUBLIC OF KOREA, OR PROVIDED OR TRANSMITTED TO ANY KOREAN PERSON. FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF SECURITIES LAWS IN THE REPUBLIC OF KOREA. BY ACCEPTING THIS REPORT, YOU AGREE TO BE BOUND BY THE FOREGOING LIMITATIONS. THIS RESEARCH REPORT IS STRICTLY CONFIDENTIAL TO THE RECIPIENT, MAY NOT BE DISTRIBUTED TO THE PRESS OR OTHER MEDIA, AND MAY NOT BE REPRODUCED IN ANY FORM AND MAY NOT BE TAKEN OR TRANSMITTED INTO MALAYSIA OR PROVIDED OR TRANSMITTED TO ANY MALAYSIAN PERSON. FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF SECURITIES LAWS IN MALAYSIA. BY ACCEPTING THIS REPORT, YOU AGREE TO BE BOUND BY THE FOREGOING LIMITATIONS. Without prejudice to the foregoing, the reader is to note that additional disclaimers, warnings or qualifications may apply if the reader is receiving or accessing this report in or from other than Singapore. As of 5 December 2011, Kim Eng Research Pte. Ltd. does not have any interest in the companies. The covering analysts do have interest in Cosco Corporation, M1, Raffles Education, Sarin Technologies, SC Global & Singapore Telecommunication. Analyst Certification: The views expressed in this research report accurately reflect the analyst's personal views about any and all of the subject securities or issuers; and no part of the research analyst's compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in the report. 2011 Kim Eng Research Pte Ltd. All rights reserved. Except as specifically permitted, no part of this presentation may be reproduced or distributed in any manner without the prior written permission of Kim Eng Research Pte. Ltd. Kim Eng Research Pte. Ltd. accepts no liability whatsoever for the actions of third parties in this respect.
5 December 2011
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