Broker Research Reports (as of 2015-07-03) Part 2 of 3

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Summary on past 2 weeks broker research reports as of 2015-07-03 - Part 2 of 3 (E ~ N)

EZRA HOLDINGS LIMITED (5DN.SI)

• UOB Kay Hian Research 2015-06-25: Ezra - Maintain HOLD with cum-rights target price of S$0.31
• RHB Research 2015-06-22 (Strategy on Rising Interest Rates): BUY Croesus Retail Trust, Ezra Holdings. Neutral on Maxi-Cash Financial Services, Midas Holdings

FRASERS CENTREPOINT TRUST (J69U.SI)

• RHB Research 2015-07-03 (REIT): No Major Re-Rating Catalyst. Top Picks are Frasers Centrepoint Trust, Starhill Global REIT and CapitaLand Mall Trust.
• OCBC Investment Research 2015-07-03: MAS Proposals within Market Expectations. Top Picks are Frasers Centrepoint Trust [BUY, S$2.27], Frasers Commercial Trust [BUY, S$1.65] and Starhill Global REIT [BUY, S$0.93]
• Maybank Kim Eng Research 2015-07-01 Real Estate Sector (Part 3): Retail REITs - BUY Starhill Global REIT (TP $0.97), HOLD Mapletree Commercial Trust (TP $1.43), Frasers Centrepoint Trust (TP $2.03), SELL CapitaLand Mall Trust (TP $1.87)
• DBS Group Research 2015-06-30: Frasers Centrepoint Trust - Maintain BUY with TP of S$2.20
• RHB Research 2015-06-30 (REIT): Neutral on Sector, BUY CapitaLand Commercial Trust, CapitaLand Mall Trust, Frasers Centrepoint Trust, Starhill Global REIT

FRASERS COMMERCIAL TRUST (ND8U.SI)

• OCBC Investment Research 2015-07-03: MAS Proposals within Market Expectations. Top Picks are Frasers Centrepoint Trust [BUY, S$2.27], Frasers Commercial Trust [BUY, S$1.65] and Starhill Global REIT [BUY, S$0.93]
• DBS Group Research 2015-06-30: Maintain BUY and Raise TP of Frasers Commercial Trust to S$1.79

FRASERS HOSPITALITY TRUST (ACV.SI)

• UOB Kay Hian Research 2015-06-26: Frasers Hospitality Trust - Maintain BUY and target price of S$1.02

GUOCOLAND LIMITED (F17.SI)

• CIMB Research 2015-06-23: ADD GuocoLand Ltd

GUOCOLEISURE LIMITED (B16.SI)

• RHB Research 2015-06-22: BUY GuocoLeisure Ltd

HO BEE LAND LIMITED (H13.SI)

• Maybank Kim Eng Research 2015-07-01 Real Estate Sector (Part 2): Developers - BUY Wing Tai (TP 2.37), Ho Bee Land (TP 2.75), City Developments (TP 11.40), HOLD CapitaLand (TP3.85), OUE (TP2.35)

HYFLUX LTD (600.SI)

• OCBC Investment Research 2015-07-03: Hyflux - Forms investment company with TUS-Holdings. Maintain HOLD with S$0.96
• Maybank Kim Eng Research 2015-07-02: Hyflux - Partially divesting China assets. Maintain HOLD with TP $0.96. Prefer China Everbright Water (BUY, TP$ 1.17).

INNOVALUES LIMITED (591.SI)

• Maybank Kim Eng Research 2015-06-24: Maintain BUY on Innovalues, Forecasts and SGD1.00 TP Unchanged

JAPFA LTD. (UD2.SI)

• DBS Group Research 2015-07-02: Japfa Ltd - HOLD call maintained with lower TP of S$0.46

JARDINE CYCLE & CARRIAGE LTD (C07.SI)

• DBS Group Research 2015-06-30: Jardine Cycle & Carriage - Upgrade to HOLD with adjusted TP of S$34.50

KEPPEL REIT (K71U.SI)

• Maybank Kim Eng Research 2015-07-03 (REIT): MAS Proposals No Negatives. Remain UnderWeight on SREITs. BUY SGREIT, MINT, CACHE, KREIT.
• Maybank Kim Eng Research 2015-07-01 Real Estate Sector (Part 5): Office REITs - BUY Keppel REIT (TP 1.32), HOLD CapitaCommercial Trust (TP $1.77), Suntec REIT (TP $1.89)

KEPPEL TELE & TRAN (K11.SI)

• CIMB Research 2015-06-24: Keppel T&T Selldown Overdone - Keep ADD call but lower target price to S$1.86

M1 LIMITED (B2F.SI)

• CIMB Research 2015-06-23: Downgrade Singtel to HOLD

MAPLETREE COMMERCIAL TRUST (N2IU.SI)

• Maybank Kim Eng Research 2015-07-01 Real Estate Sector (Part 3): Retail REITs - BUY Starhill Global REIT (TP $0.97), HOLD Mapletree Commercial Trust (TP $1.43), Frasers Centrepoint Trust (TP $2.03), SELL CapitaLand Mall Trust (TP $1.87)

MAPLETREE INDUSTRIAL TRUST (ME8U.SI)

• Maybank Kim Eng Research 2015-07-03 (REIT): MAS Proposals No Negatives. Remain UnderWeight on SREITs. BUY SGREIT, MINT, CACHE, KREIT.
• Maybank Kim Eng Research 2015-07-01 Real Estate Sector (Part 4): Industrial REITs - BUY Cache Logistics (TP $1.37), Mapletree Industrial Trust (TP $1.77), SELL Ascendas REIT (TP $2.27)

MAPLETREE LOGISTICS TRUST (M44U.SI)

• DBS Group Research 2015-07-02: Mapletree Logistics Trust - Surprising on Growth. Upgrade from HOLD to BUY and Raised DCF-based TP S$1.31

MAXI-CASH FIN SVCS CORP LTD (5UF.SI)

• RHB Research 2015-06-22 (Strategy on Rising Interest Rates): BUY Croesus Retail Trust, Ezra Holdings. Neutral on Maxi-Cash Financial Services, Midas Holdings

MIDAS HLDGS LIMITED (5EN.SI)

• RHB Research 2015-06-22 (Strategy on Rising Interest Rates): BUY Croesus Retail Trust, Ezra Holdings. Neutral on Maxi-Cash Financial Services, Midas Holdings

NAM CHEONG LIMITED (N4E.SI)

• DBS Group Research 2015-06-23: HOLD Nam Cheong Ltd

NOBLE GROUP LIMITED (N21.SI)

• Maybank Kim Eng Research 2015-06-30: Noble Group - Maintain HOLD but lower TP to S$0.75
• OCBC Investment Research 2015-06-25: Retain HOLD Rating on Noble Group with TP Pumped Up to S$0.69

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