Pan-United Corporation Ltd - Turnaround in Shipping Segment, Positive Outlook (Update)
Pan-United Corporation Ltd’s (Pan-U) FY12 revenue and PATMI were 3.4% and 3.9% above our forecasts. The business fundamentals across all three divisions continue to be intact and we expect FY13 revenue and PATMI to be slightly better than that of FY12. Recommend Fairly Valued.
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| Uploaded on 28 February 2013
by Kian Teck Ng
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Delong Holdings Limited - Turnaround Momentum Continues (Update)
Delong Holdings Limited (Delong) reported RMB 8.2m of net profit for 4Q 2012 versus a loss of RMB 170.0m in the same period last year. 4Q earnings were dragged lower by RMB 96.8m of non-core expenses. Excluding these items, full year PATMI would have been RMB 277.4m (versus est. RMB 244m) instead of the reported RMB 204.8m.
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| Uploaded on 28 February 2013
by Liu Jinshu
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Petra Foods Limited - Results Confirm Strength of Consumer Business (Update)
Petra Foods Limited (Petra) reported a strong set of FY12 results that showcased the strength of its Branded Consumer division. 2012 PATMI from continuing operations was up 38.6% year-on-year on revenue growth of 13.8%. Maintain Invest.
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| Uploaded on 28 February 2013
by Liu Jinshu
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Riverstone Holdings Limited - More Expansion Plans Ahead (Update)
Riverstone Holdings Limited (Riverstone) recorded an expected set of full year results, with revenue and PAT forming 97.8% and 97.1% of our full year forecasts. The former was dragged by lower raw material prices which led to softer selling prices while the latter was due to higher taxation. Maintain Invest.
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| Uploaded on 28 February 2013
by Kian Teck Ng
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IFS Capital Ltd - Getting Aggressive on Business Development (Update)
IFS Capital Ltd’s (IFS) FY12 net profit beat our expectations coming in at S$8.8m versus our estimate of S$8.5m. The 14.6% higher net profit was the result of broad based growth in net interest income, net earned premium revenue and non-interest income. Going forward, we expect IFS to build on its momentum. Thus, we estimate net profit for FY13F to be S$9.5m. Maintain Invest.
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| Uploaded on 28 February 2013
by Liu Jinshu
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Forterra Trust - Setting its Priorities Right (Update)
Forterra Trust (Previously known as Treasury China Trust, Forterra) posted an expected set of FY12 results, with gross revenue and NPI just S$2m and S$6m shy of our forecasts. Maintain Invest.
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| Uploaded on 27 February 2013
by Kian Teck Ng
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Nam Cheong Limited - Record Quarter, On Track for More (Update)
Nam Cheong Limited (Nam Cheong) posted full year revenue and PAT of RM$877m and RM$136.6m, largely in line with our RM$825m and RM$140m forecasts. Maintain Increase Exposure.
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| Uploaded on 26 February 2013
by Kian Teck Ng
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Eratat Lifestyle Limited - 4Q Results Back to Par (Update)
Eratat Lifestyle Limited (Eratat) reported net profit of RMB 44.2m for 4Q 2012 versus RMB 7.3m for 4Q 2011. The sharp improvement was driven by the absence of sales incentive award to distributors in 4Q 2012, giving confidence that these measures are indeed one-off. Full year net profit was 5.8% higher than expected, largely due to lower than expected operating expenses.
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| Uploaded on 26 February 2013
by Liu Jinshu
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Otto Marine Limited - More One-Off Losses, Time to Clear Legacy Issues?(Update)
Otto Marine Limited (Otto) posted FY12 full loss of S$77.0m, of which S$25.6m was due to allowance for doubtful debts, S$6.8m due to impairment loss, S$7.5m due to one-off losses, S$10m due to provision for the construction of a vessel; and an estimated S$22m due to losses from Reflect. Surf subsea probably lost S$1-2m while the core business lost the remaining S$2-3m. However, we maintain Invest.
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| Uploaded on 25 February 2013
by Kian Teck Ng
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Roxy-Pacific Holdings Limited - Record Results Exceeds Expectations (Update)
Roxy-Pacific Holdings Limited’s (Roxy) FY12 net profit was an outstanding S$12.2m higher than expected due to revaluation gains of S$11.15m and contribution from associates of S$2.7m during 4Q FY12. Based on updated forecasts for upcoming launches in Mar/Apr 2013, our model yielded an intrinsic value of S$0.710 per share. What’s new is that Roxy has started exploring sites overseas for potential projects to drive long term growth. With record progress billings of S$861.7m, we expect the next two years to be record setting for the company.
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| Uploaded on 21 February 2013
by Liu Jinshu
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Serial System Ltd - Getting Optimistic On Outlook (Update)
Serial System Ltd (Serial) reported full year revenue growth of 7% to S$825.4m and net profit of S$9.25m for FY12. The results were largely in line with expectations. Based on revenue growth in regions such as Taiwan, Korea and Greater China, we reckon that Serial is seeing higher sales from its acquisitions made in 2011 and that these acquisitions should continue to support growth in 2013. The addition of a new market – Japan – should also be supportive of revenue.
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| Uploaded on 18 February 2013
by Liu Jinshu
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King Wan Corporation Ltd - To Reinvest Its Gains for Higher Return (Update)
Though King Wan Corporation Ltd’s (King Wan) 3Q revenue declined 25% YoY to S$11.0m, gross profit climbed 5% YoY to S$3.38m due to the completion of a few better margin contracts. Maintain Increase Exposure.
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| Uploaded on 18 February 2013
by Kian Teck Ng
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Lippo Malls Indonesia Retail Trust - An Expected set of Results (Update)
Lippo Malls Indonesia Retail Trust (LMIR) posted full year NPI of S$119.7m and DPU of 2.95 S cents – both figures were merely 1% lower than our forecasts. We recommend Invest.
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| Uploaded on 18 February 2013
by Kian Teck Ng
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Cordlife Group Limited - Things are looking Positive (Update)
Cordlife Group Limited (Cordlife) reported a better than expected set of numbers with 2Q revenue and gross profit rising 23.9% YoY and 25.5% YoY to S$8.81m and S$6.23m respectively. Both figures were 54.5% and 53.8% of our previous forecasts. PAT experienced a 193% jump owing to a one-off gain on disposal of associate. Maintain Increase Exposure.
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| Uploaded on 18 February 2013
by Kian Teck Ng
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CosmoSteel Holdings Limited - Sales Growth Point to Business Expansion (Update)
CosmoSteel Holdings Limited (CosmoSteel) reported revenue growth of 15.3% (versus est. 10%) for 1Q FY2013 (ended 31 Dec 2012) compared to the same period a year ago. We like the faster than expected revenue growth which showed higher business volume. We adjusted our forecasts to factor in faster revenue growth and lower than expected gross margin. The net impact is a higher valuation of S$0.405 per share as sales growth is anticipated to outpace margin pressure over our forecast horizon. Net profit is still expected to grow by 7.2% in FY13F.
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| Uploaded on 14 February 2013
by Liu Jinshu
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Ryobi Kiso Holdings Ltd. - Adopting a Long Term View (Update)
Ryobi Kiso Holdings Ltd (Ryobi) reported 2Q FY13 (ended Dec 2012) net profit attributable to shareholders of S$0.3m on revenue of S$40.3m. Ryobi is continuing to execute its strategy of expanding in Vietnam and Australia, thus diversifying out of Singapore. We adjusted our net profit estimates to incorporate Ryobi’s performance in 1H FY13. We maintain that Ryobi should see higher profitability as it grows its revenue base and gains economies of scale in the process.
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| Uploaded on 08 February 2013
by Liu Jinshu
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AIMS AMP Capital Industrial REIT - New Project = More Rental Uplift (Update)
AIMS AMP Capital Industrial REIT (AA REIT) posted 3Q gross revenue of S$25.7m (rose S$4.2m QoQ) as a result of S$4.1m of recovery in property tax on 27 Penjuru Lane. Manager has also resolved to distribute 100% of distributable income in 3Q instead of 4Q as they have more than sufficient funding for capex and other activities. We maintain Invest.
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| Uploaded on 01 February 2013
by Kian Teck Ng
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Keong Hong Holdings Limited - Well Managed Business with Growth Potential (Initiation)
Keong Hong Holdings Limited (KH) is a construction service provider in Singapore. We like this company for its forward revenue visibility, healthy balance sheet and its range of growth options. KH intends to grow by pursuing complex projects of higher value, taking on overseas projects and investing in property development projects. The variety of growth avenues gives KH the potential to deliver long term growth – beyond that of its existing order book. Initiate Coverage with an Increase Exposure rating.
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| Uploaded on 31 January 2013
by Liu Jinshu
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Advanced Holdings Ltd. - Capacity Expansion & Cash Rich Coffers (Initiation)
Advanced Holdings Ltd. (Advanced) is a home-grown leading provider of process equipment including analyzers and packaged analyzer systems. Advanced intends to invest in a plant in China to increase its competitive edge and add capacity for higher business volume. Currently, Advanced has an attractive dividend payout ratio of 65% and cash per share of S$0.091 or about half of its share price. Thus, we find Advanced an attractive counter from both the business and balance sheet perspectives. Initiate coverage with an Invest rating.
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| Uploaded on 27 January 2013
by Liu Jinshu
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First Real Estate Investment Trust - Ready for More Acquisitions (Update)
We like First REIT’s continued acquisition spree which is yield accretive and enhances shareholders’ value. Also, it is hard for competitors to mimic First REIT’s strategy as it is hard to acquire assets with 8% net yield and 2X Singapore CPI increment. The current low interest rate environment will also provide support for its share price. Due to the new Manado and Makassar assets, we project FY13 dividend to rise 0.24 S cent YoY to 7.5 S cents – representing a dividend yield of 6.9%.
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| Uploaded on 24 January 2013
by Kian Teck Ng
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