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| 03-Jun-2008 18:13 |
SingTel
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Singtel Bullish???
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Lehman Brothers Research 2/Jun/08(SingTel TP $4.50) Investment Conclusion After our non deal roadshow with SingTel management, we are maintaining our 1-OW investment opinion as well as our 12-month target price of $4.50/share based on a SOTP valuation.
Summary �� We believe EBITDA margins in Singapore will remain under pressure during 1Q09 from higher mobile acquisition costs ahead of the introduction of number portability in June. �� Optus will focus on cap plans to encourage more fixed to mobile substitution. Capex and opex likely to be high to build out 3G network to 96% pop coverage by Dec 08. �� Instead of one-time capital reductions, SingTel will focus on higher annual payout ratios. �� SingTel is still interested in acquisitions in developing markets but thinks that the privatization of mobile companies in Vietnam might continue to be delayed. SingTel is willing to increase leverage for acquisitions but will maintain its investment grade status. �� Associate growth will be lower in FY09 due to competitive pressures in Indonesia and a full-year
In this note, we present answers provided by SingTel management for key questions asked by investors during the road show: A: SingTel has increased its dividend payout guidance to 45% to 60% for FY09 from 40% to 50% last year. The company would rather increase its regular dividend payouts rather than having more one-time capital reductions—as more stable regular dividends tend to have a more positive impact on the share price performance over an extended period, according to the company. SingTel’s decision not to pay out a one-time capital reduction for 2H 08 was partially due to this thought process. In addition, SingTel wants to maintain its cash position for potential acquisitions. |
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| 03-Jun-2008 00:40 |
ChinaMilk
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China Milk & Chine ALX
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0812 GMT [Dow Jones] China Milk (G86.SG) heads higher in afternoon trade after company announces 27% rise in FY08 net profit to CNY480.6 million at midday break; stock +10.7% in active trade at S$0.725. Results came in ahead of Morgan Stanley forecast for net profit of CNY409 million; broker has Overweight rating, S$1.40 target price. Company says in statement strong performance due to higher prices for raw milk, improved productivity on back of larger herd size. Company says its prospects are promising, "spurred by rising milk prices, the dairy industry in China is expected to continue with its vigorous growth." 2008/05/30 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| 02-Jun-2008 23:56 |
Soilbuild
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SOILBUILD GROUP HOLDINGS LTD
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Soilbuild’s Latest JTC Award of Tanjong Kling Enhances Group’s Position as a Leading Business Space Developer • Additional 1.4 million sq ft will take the Group’s
• Growing recurrent income stream in line with
strategy to drive a progressive dividend policy
business space in the pipeline 70% higher to 3.3 million sq ft |
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| 02-Jun-2008 23:50 |
Others
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PALM OIL STOCKS
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Last Updated: June 02 2008 6:05:00 PM
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| 02-Jun-2008 00:16 |
Vallianz
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Reasons that the price went up? Opinion
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FS - year ended 31/Mar/08 http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_C6ADB23AC37FCC6048257459006695CE/$file/Enzerdd010608.pdf?openelement |
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| 02-Jun-2008 00:11 |
Keppel
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keppel Corp
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Press Release - Keppel FELS to build 6th ENSCO semisubmersible rig worth US$537 million http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_3A6DD9BC93BB8BAC4825745B0038560F/$file/ENSCO8505.pdf?openelement |
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| 31-May-2008 19:48 |
Tech Oil & Gas
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Tech Oil GS
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TA from OCBC 30/May/08 Oversold and due for a rebound - Technics Oil and Gas (TOG) has corrected as per our forecast on 9 April. It is currently consolidating around our highlighted support of S$0.485. - We have observed that the correction has been made on the back of gradually declining volume, suggesting the downwards momentum is waning. - The 100-day moving average currently trends in proximity to the S$0.485 support. Hence we view the near-term support at this level as strong. - The oversold signal shown by the stochastic indicator also points to a high probability of a rebound. - We expect the subsequent rebound to take TOG towards its recent high at S$0.65. The 200-day moving average currently trends close to this level. Should TOG succeed in breaking past its recent high, it would head towards the next resistance at S$0.69 -0.74. - Immediate support remains at S$0.485 and subsequent support is set at
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| 31-May-2008 19:40 |
SingTel
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Singtel Bullish???
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SingTel May 30 close: S$3.81 DMG & Partners Securities, May 30 REGION should drive growth: Since its listing in 1993, SingTel has grown from a state-owned monopoly into a pan-Asian telco giant with operations in Australia, Indonesia, India and the Philippines, offering a full suite of services. In all, it has 185 million mobile customers, the largest in Asia ex-China. Mobile penetration rates in these developing countries are still very low - between 18 per cent and 77 per cent - compared with 99 per cent in Australia and close to 130 per cent in Singapore. Income from overseas operations contributes over 70 per cent to the group's operating profit. This segment will continue to grow. The heat is on: Singapore's telecommunications industry will be feeling the heat over the next few months as full mobile number portability (MNP) gets rolled out in two weeks' time. The three telcos will likely continue splurging on marketing campaigns after the MNP rollout in order to protect their turfs (they have been doing so over the past few quarters), which will likely lead to narrower margins. However, we believe that SingTel will be able to rise above its rivals, both of which are still very much focused on Singapore. Network opportunities: The Next Generation National Broadband Network is aimed at solidifying Singapore's Infocomm hub status, and will be capable of ultra high speeds of symmetric 1 Gbps, more than 10 times the current speed. We believe the odds currently favour SingTel's OpenNet consortium, as SingTel offers an unparalleled access to underground network of ducts. SPT, the telco arm of Singapore Power, also has a broadband network and access to underground ducts. SingTel and SPH will be there to drive the content. Expected returns of 14 per cent: Based on our sum-of-the-parts valuation, we attain a target price of S$4.10, which implies a potential upside of 10.5 per cent. Together with a prospective yield of 3.9 per cent, the total return for the stock works out to 14.4 per cent. We initiate coverage on SingTel with a 'buy' rating. BUY |
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| 31-May-2008 19:38 |
AusGroup
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Ausgroup
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AusGroup May 30 close: S$0.89 OCBC Investment Research, May 30 STRONG base, strong market: AusGroup provides diversified engineering solutions to a well-pedigreed customer base acting primarily in the oil & gas and mining-related sectors. It has a strong track record with players like Rio Tinto, Alcoa, BHP Billiton, and Woodside Energy. Both the oil & gas and mining industries are flourishing in Australia - over A$30 billion (S$39 billion) is being spent on new mining-related capex in the country just this year. We believe the oil & gas industry will be the critical revenue driver for the company in the medium term, with growth being propelled by some serious supply constraints. As production focus shifts, technology and capex requirements have spiralled but retain feasibility in a high demand and price landscape. AusGroup is a compelling 'buy': Strong industry outlook, the company's valedictorian track record and tantalising possibilities for synergy with Cactus make a persuasive case for AusGroup. We initiate coverage with a 'buy' and a fair-value estimate of S$1.33, 55 per cent higher than current levels, based on a reasonable 0.47 times PE growth (30 per cent net profit CAGR) and a 14 times FY2009 PE. BUY |
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| 30-May-2008 23:38 |
SingTel
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Singtel Bullish???
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30/05 DMG : SingTel: S$3.71 BUY (TP: S$4.10) - Head of the Class 24/03 OCBC : SingTel (TP: $4.35) Singapore Telecommunications (SingTel) has won the coveted media rights to the UEFA Champions League (CL) and UEFA Cup 2009-2012. Under the agreement, SingTel has the exclusive media rights across its mobile, Internet and mio TV platforms. SingTel plans to stream UEFA CL games both “live” and on-demand on mio TV, and the Internet via its IDEAS portal. It will also offer clips on its mobile service. Pricing details are not available yet but based on the current cost structure, viewers need to fork out an additional S$117.70 just to activate mio TV (S$53.50 for installation charges, S$64.20 for a phone modem) and also spend a minimum of S$16.05 monthly on its channels. Given the steep initial charge, we can expect SingTel to come up with promotional packages to encourage viewers to sign up closer to the telecast date (August 2009). So for now, we do not expect it to boost SingTel’s fledging mio TV base. As for StarHub, where the CL has historically been shown on ESPN and STAR Sports at no additional cost to its sports subscribers, we also do not expect any major setback; the Barclays Premier League (BPL) remains its crown jewel. Until we get a clearer picture of SingTel’s pricing structure, we maintain our estimates for now. Nevertheless, we continue to like both the telcos for their defensive nature and retain our BUY ratings, with a fair value of S$4.35 for SingTel and S$3.51 for StarHub. By Carey Wong - OCBC |
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| 30-May-2008 01:04 |
Genting Sing
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Gen Int
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| 30-May-2008 01:02 |
Genting Sing
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Gen Int
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| 30-May-2008 00:45 |
SingTel
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Singtel Bullish???
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http://www.reuters.com/finance/stocks/estimates?symbol=STEL.SI Consensus Estimates Analysis Sales and Profit Figures in Singapore Dollar (SGD)
Earnings and Dividend figures in Singapore Dollar (SGD)
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| 30-May-2008 00:33 |
Others
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PALM OIL STOCKS
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Last Updated: May 29 2008 6:05:00 PM
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| 30-May-2008 00:24 |
Asia Dekor
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The largest aminated wooden floor in Asia
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FS - year ended 31/Mar/08 Profit +245.7% http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_5B7D775296DEB0AC482574580026974B/$file/FullYearFinancialStatement.pdf?openelement |
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| 30-May-2008 00:18 |
Shen Yao
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Should I Sell?
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FS -year ended 31/Mar/08 Loss -RMB$20.7mln http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_19093CF92EA70C1C4825745800374065/$file/Announcement_Full_Year_For_Financial_Year_2008_29052008.pdf?openelement |
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| 30-May-2008 00:14 |
HISAKA
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Substantial Share Holder
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HISAKA Achieves 34.6% Increase in Net Profit in HY2008 • HY2008 Revenue increased by 34.2%• http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_E39F35FE16E8E8FB4825745800382A9B/$file/Hisaka_Press_Release.pdf?openelementProfit After Income Tax increased by 34.6% |
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| 30-May-2008 00:11 |
StratechSystems
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Watch Out For This Gem
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http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_921E4F2B6116780648257458003DE1A8/$file/FinancialResults2008.pdf?openelement FS - year ended 31/Mar/08 Profit $786K |
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| 30-May-2008 00:05 |
Salt Investments
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New Beginning
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FS - year ended 31/Mar/08 Loss -US$7.1mln http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_55DAF681A37AEEA94825745800417C15/$file/ResultsFY2008.pdf?openelement |
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| 29-May-2008 01:39 |
Boustead
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Boustead
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FS - year ended 31 Mar 08 Rev +27.5% Profit +45.7% http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_65BD7547FD766497482574570031ADC5/$file/Boustead_FY2008_Results_Announcement-28.5.2008.pdf?openelement |
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