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

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

OSIM INTERNATIONAL LTD (O23.SI)

• Maybank Kim Eng Research 2015-06-26: OSIM - Lack of growth catalysts for investment in Trek 2000, Maintain HOLD with TP S$2.08.
• OCBC Investment Research 2015-06-25: BUY Ascott Residence Trust, CapitaLand Limited, HOLD Ascendas REIT, OSIM International
• RHB Research 2015-06-25: Maintain NEUTRAL call and TP S$2.00 for OSIM

OUE COMMERCIAL REIT (TS0U.SI)

• OCBC Investment Research 2015-07-01: OUE Commercial REIT - Rights issue for acquisition of One Raffles Place. Downgrade to HOLD with S$0.84 FV
• OCBC Investment Research 2015-06-30: OUE Commercial REIT - Maintain BUY with FV estimate of S$0.88 under review

OUE LIMITED (LJ3.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)

OVERSEAS EDUCATION LIMITED (RQ1.SI)

• UOB Kay Hian Research 2015-06-30: Overseas Education (OEL SP) - Maintain BUY with Higher TP of S$1.02

PACC OFFSHORE SVCS HLDG LTD. (U6C.SI)

• DBS Group Research 2015-07-01: PACC Offshore Services Holdings - Maintain HOLD (TP 0.50), as earnings are likely to improve with the full contribution of the first SSAV
• OCBC Investment Research 2015-06-30: PACC Offshore Services - Maintain HOLD with FV Lowered to S$0.44

Q & M DENTAL GROUP (S) LIMITED (QC7.SI)

• Maybank Kim Eng Research 2015-06-22: Maintain BUY for Q&M Dental Group
• CIMB Research 2015-06-22: Maintain ADD for Q&M Dental Group

RAFFLES MEDICAL GROUP LTD (R01.SI)

• OCBC Investment Research 2015-06-22 (Healthcare): HOLD Raffles Medical Group, SELL Biosensors International Group

SABANA SHARI'AH COMPLIANT REIT (M1GU.SI)

• UOB Kay Hian Research 2015-07-03 (REIT): MAS Measures Much Awaited. Top Picks are CCT, CDREIT, Starhill and Sabana REIT.
• UOB Kay Hian Research 2015-06-26 (REIT): Downgrade ART to HOLD, CCT, Starhill, CDREIT and Sabana are the Top Picks

SARINE TECHNOLOGIES LTD (U77.SI)

• Maybank Kim Eng Research 2015-07-02: Sarine Technologies - Collaborate with Leading Gem Lab Gemological Science International (GSI). Maintain BUY with TP SGD3.07.
• Maybank Kim Eng Research 2015-06-22: Maintain BUY on Sarine Technologies

SATS LTD (S58.SI)

• OCBC Investment Research 2015-06-26: SATS - Maintain HOLD, FV Increases from S$3.11 to S$3.22
• Maybank Kim Eng Research 2015-06-24: SATS - Maintain HOLD with Target Price Lifted to S$3.21
• OCBC Investment Research 2015-06-24: HOLD SATS Ltd - Forecast Unchanged for Now with New Catering Contract

SEMBCORP INDUSTRIES LTD (U96.SI)

• UOB Kay Hian Research 2015-07-02 (Offshore & Marine Sector): July Update On Oil Price Estimates, Top Picks remain SCI, Ezion Holdings and Triyards
• RHB Research 2015-07-02: SembCorp Industries - Maintain NEUTRAL, with a lower SGD4.10 SOP TP
• UOB Kay Hian Research 2015-06-29 (Offshore & Marine Sector): Top Picks Remain SembCorp Industries, Ezion Holdings, Triyards Holdings
• UOB Kay Hian Research 2015-06-19 (Offshore & Marine Sector): BUY SembCorp Industries, Ezion Holdings, Triyards Holdings
• OCBC Investment Research 2015-06-24: Upgrade SembCorp Industries to BUY

SIA ENGINEERING CO LTD (S59.SI)

• OCBC Investment Research 2015-06-29: SIA Engineering Company Limited - Maintain SELL with FV S$3.45

SINGAPORE AIRLINES LTD (C6L.SI)

• UOB Kay Hian Research 2015-07-01: Singapore Airlines - Maintain HOLD, lower target price to S$11.60 amid increased competition from Qatar Airways

SINGAPORE EXCHANGE LIMITED (S68.SI)

• RHB Research 2015-07-03: SGX - Derivatives Seen To Drive 4QFY15 Earnings. Maintain NEUTRAL, TP Raised to SGD7.88.

SINGAPORE PRESS HLDGS LTD (T39.SI)

• UOB Kay Hian Research 2015-06-23: HOLD Singapore Press Holdings

SINGHAIYI GROUP LTD (5H0.SI)

• RHB Research 2015-06-25: Positive on SingHaiYi, Maintain BUY with TP S$0.18

SINGTEL (Z74.SI)

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

SMRT CORPORATION LTD (S53.SI)

• Maybank Kim Eng Research 2015-06-29 (Land Transport Sector) - Aggressive marketing by GrabTaxi - SELL ComfortDelGro, HOLD SMRT
• OCBC Investment Research 2015-06-26: SMRT - Reiterate BUY with a FV of S$1.85, Higher R&M Already Factored In

SOILBUILD BUSINESS SPACE REIT (SV3U.SI)

• Philips Securities Research 2015-07-03: Soilbuild Business Space REIT (SBREIT) - Maintain Buy with DDM valuation of S$0.995.

STARBURST HOLDINGS LIMITED (40D.SI)

• DBS Group Research 2015-06-30: STARBURST - Maintain BUY, TP cut to S$0.56

STARHILL GLOBAL REIT (P40U.SI)

• Maybank Kim Eng Research 2015-07-03 (REIT): MAS Proposals No Negatives. Remain UnderWeight on SREITs. BUY SGREIT, MINT, CACHE, KREIT.
• UOB Kay Hian Research 2015-07-03 (REIT): MAS Measures Much Awaited. Top Picks are CCT, CDREIT, Starhill and Sabana REIT.
• 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)
• RHB Research 2015-06-30 (REIT): Neutral on Sector, BUY CapitaLand Commercial Trust, CapitaLand Mall Trust, Frasers Centrepoint Trust, Starhill Global REIT
• UOB Kay Hian Research 2015-06-26 (REIT): Downgrade ART to HOLD, CCT, Starhill, CDREIT and Sabana are the Top Picks

STARHUB LTD (CC3.SI)

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

SUNTEC REAL ESTATE INV TRUST (T82U.SI)

• DBS Group Research 2015-07-01: Suntec REIT - Extracting value from Park Mall. Maintain HOLD, TP reduced to S$1.76
• 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)
• Maybank Kim Eng Research 2015-06-30: SUNTEC REIT - Sells Park Mall for redevelopment, Maintain HOLD for lack of near-term catalysts, TP S$1.89

TRIYARDS HOLDINGS LIMITED (RC5.SI)

• UOB Kay Hian Research 2015-07-02 (Offshore & Marine Sector): July Update On Oil Price Estimates, Top Picks remain SCI, Ezion Holdings and Triyards
• UOB Kay Hian Research 2015-06-29 (Offshore & Marine Sector): Top Picks Remain SembCorp Industries, Ezion Holdings, Triyards Holdings
• UOB Kay Hian Research 2015-06-19 (Offshore & Marine Sector): BUY SembCorp Industries, Ezion Holdings, Triyards Holdings

UNITED ENVIROTECH LTD (U19.SI)

• 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).

UNITED OVERSEAS BANK LTD (U11.SI)

• DBS Group Research 2015-06-29: UOB - Maintain HOLD call but target price raised to S$25.50

VARD HOLDINGS LIMITED (MS7.SI)

• DBS Group Research 2015-06-26: Vard Holdings - FULLY VALUED, Limited Catalysts

VENTURE CORPORATION LIMITED (V03.SI)

• Maybank Kim Eng Research 2015-06-23: Maintain BUY for Venture Corp with unchanged TP of SGD10.25

WING TAI HLDGS LTD (W05.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)

YANGZIJIANG SHIPBLDG HLDGS LTD (BS6.SI)

• DBS Group Research 2015-06-22: BUY Yangzijiang Shipbuilding

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• Summary on Broker Research Reports (as of 2015-07-03) Part 1 of 3
• Summary on Broker Research Reports (as of 2015-07-03) Part 2 of 3

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