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CITIC Envirotech (CEL SP)

Placement At Premium Is A Strong Vote of Confidence

 

Well positioned in a growing industry, CEL’s new share placement at a 14.8% premium was accepted by partners, including the owner of its competitor. Other partners include a former KKR senior executive (who saw the potential in CEL and made KKR a fortune from it) returning at a higher price. This is a testament to CEL’s business potential, competitive advantages and technological prowess. The placement will lower gearing, increase growth and expand CEL’s business network. Maintain BUY and DCF-based target price of S$1.09 on stronger growth.

 

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Cityneon Holdings (CITN SP)

Delivers On Two Fronts; Looking Forward To A Great 2018

 

2017 has been a year of major positive developments. We look forward to 2018 as it will be the year of reaping the benefits from acute decisions made in 2017. Elevated by the acquisition of the already successful Jurassic World exhibition and bolstered by a lucrative advertising deal, the company is on a much firmer footing. Management’s ability to execute in this competitive landscape gives shareholders confidence going into 2018. Maintain BUY with a higher target price of S$1.55.

 

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 RHB  DBS

HRnetgroup

Strong 4Q17 And Acquisition Spree Ahead

 

We expect HRnetgroup’s strong performance to continue in 4Q17, as events during Christmas and the New Year are likely to boost the number of temporary jobs available. With the first MoU announced on HRnet Rimbun and net cash of SGD280m, we expect more acquisitions to follow in 1Q18-2Q18. This is as management has budgeted SGD200m for acquisitions in FY18, which would likely boost PATMI significantly. In addition, there would also be less one-off costs in FY18. Maintain BUY and DCF-derived TP of SGD1.14 (39% upside).

 

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Keppel Corporation 

Multi-pronged rerating ahead


Reiterate BUY with higher TP of S$9.80 on property rerating, after raising valuation peg for property segment from 1.0x to 1.35x P/B, 

in line with a 10% discount to RNAV that is similar to Capitaland
and imputing potential RNAV uplift from Tianjin Eco-city land sale.
Keppel’s decent dividend yield of 3-4% (based on 40% payout
ratio) also lends support to its share price

 

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LionelLim8.16Check out our compilation of Target Prices




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