Weekly Broker Research Reports Summary (as of 2015-07-31) Part 2

SGinvestors.io

Summary of the past week broker research reports as of 2015-07-31 (Part 2).

Other counters:

ASCENDAS REAL ESTATE INV TRUST (A17U.SI)

CIMB Securities

HOLD

2.520

Maybank KE

HOLD

2.270

OCBC Securities

HOLD

2.490

RHB Securities

NEUTRAL

2.510

(prev 2.600)

UOB Kay Hian

HOLD

2.730

• CIMB Research 2015-07-22: Ascendas REIT - Stable but unexciting outlook. Maintain HOLD.
• RHB Research 2015-07-23: Ascendas REIT - Operating Trends Are Sustained. Maintain NEUTRAL.
• OCBC Investment Research 2015-07-23: Ascendas REIT - A decent set of results . Maintain HOLD.
• UOB Kay Hian Research 2015-07-23: REIT Sector - 2Q15 Results Of AREIT, ART, CMT, FCT In Line With Expectations.
• Maybank Kim Eng Research 2015-07-23: Ascendas REIT - Concerns Allayed; U/G to HOLD.

ASCOTT RESIDENCE TRUST (A68U.SI)

CIMB Securities

HOLD

1.300

(prev 1.260)

UOB Kay Hian

HOLD

1.420

• CIMB Research 2015-07-22: Ascott Residence Trust - Continues to sail. Maintain HOLD.
• UOB Kay Hian Research 2015-07-23: REIT Sector - 2Q15 Results Of AREIT, ART, CMT, FCT In Line With Expectations.

BUMITAMA AGRI LTD. (P8Z.SI)

UOB Kay Hian

BUY

1.350

• UOB Kay Hian Research 2015-07-29: Bumitama Agri (BAL) - Better Times In 2H15. Maintain BUY.

CAMBRIDGE INDUSTRIAL TRUST (J91U.SI)

CIMB Securities

HOLD

0.730

(prev 0.700)

• CIMB Research 2015-07-23: Cambridge Industrial Trust - Fewer upcoming conversions. Maintain HOLD.

CAPITALAND COMMERCIAL TRUST (C61U.SI)

CIMB Securities

ADD

1.690

RHB Securities

NEUTRAL

1.520

(prev 1.700)

UOB Kay Hian

BUY

1.950

(prev 2.060)

• CIMB Research 2015-07-24: CapitaLand Commercial Trust - A well-positioned REIT. Upgrade to ADD.
• UOB Kay Hian Research 2015-07-27: Capita Commercial Trust - Signs Of Expansionary Demand. Maintain BUY.
• RHB Research 2015-07-27: CapitaLand Commercial Trust - Pressure On CapitaGreen. Maintain NEUTRAL.

CAPITALAND MALL TRUST (C38U.SI)

CIMB Securities

ADD

2.370

(prev 2.250)

DBS Vickers

HOLD

2.250

(prev 2.200)

Maybank KE

SELL

1.960

OCBC Securities

HOLD

2.210

RHB Securities

BUY

2.420

UOB Kay Hian

HOLD

2.170

• DBS Group Research 2015-07-23: CapitaLand Mall Trust - Future-proofing the REIT. Maintain HOLD.
• OCBC Investment Research 2015-07-23: CapitaLand Mall Trust - Drag from asset repositioning. Maintain HOLD.
• UOB Kay Hian Research 2015-07-23: REIT Sector - 2Q15 Results Of AREIT, ART, CMT, FCT In Line With Expectations. (Cont')
• RHB Research 2015-07-23: Capitaland Mall Trust - Repositioning For The Long Term. Maintain BUY.

CAPITALAND RETAIL CHINA TRUST (AU8U.SI)

DBS Vickers

BUY

1.800

(prev 1.640)

OCBC Securities

HOLD

1.640

Phillip Capital

BUY

1.900

• OCBC Investment Research 2015-07-29: CapitaLand Retail China Trust: 2Q15 results within our expectations. Maintain HOLD.
• Phillip Securities Research 2015-07-30: CapitaLand Retail China Trust - 2Q15 Results: Portfolio tenant sales still going strong. Upgrade to BUY.
• DBS Group Research 2015-07-30: CapitaLand Retail China Trust - Take refuge here. Upgrade to BUY.

CDL HOSPITALITY TRUSTS (J85.SI)

CIMB Securities

HOLD

1.620

(prev 1.890)

OCBC Securities

HOLD

1.610

(prev 1.740)

UOB Kay Hian

BUY

1.900

(prev 1.950)

• UOB Kay Hian Research 2015-07-30: Sector Research - Singapore REITs - CDL Hospitality Trust
• OCBC Investment Research 2015-07-30: CDL Hospitality Trusts: Another soft quarter. Maintain HOLD.
• CIMB Research 2015-07-30: CDL Hospitality Trust - Disappointing 2Q. Downgrade to HOLD.

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EZION HOLDINGS LIMITED (5ME.SI)

Maybank KE

BUY

1.550

• Maybank Kim Eng Research 2015-07-30: Ezion Holdings - Credit worthiness affirmed. Maintain BUY.

FIRST RESOURCES LIMITED (EB5.SI)

CIMB Securities

ADD

2.440

DBS Vickers

HOLD

2.190

(prev 2.110)

Maybank KE

BUY

2.220

UOB Kay Hian

BUY

2.400

• CIMB Research 2015-07-22: First Resources Ltd - Adding estates and 2Q preview. Remain ADD.
• DBS Group Research 2015-07-23: First Resources Ltd - Acquisition of new estates. Maintain HOLD.
• UOB Kay Hian Research 2015-07-23: First Resources - To Sustain Growth From Acquisition Of Planted Areas. Maintain BUY.
• Maybank Kim Eng Research 2015-07-23: First Resources - Small Acquisition at Fair Price. Maintain BUY.

FORTUNE REAL ESTATE INV TRUST (F25U.SI)

OCBC Securities

HOLD

8.040

• OCBC Investment Research 2015-07-28: Fortune REIT - Solid performance. Maintain HOLD.

FRASER AND NEAVE LIMITED (F99.SI)

CIMB Securities

REDUCE

2.580

• CIMB Research 2015-07-23: Frasers & Neave Limited - MBL valuation does little to help. Maintain REDUCE.

FRASERS CENTREPOINT TRUST (J69U.SI)

CIMB Securities

ADD

2.230

(prev 2.240)

Maybank KE

HOLD

2.030

OCBC Securities

BUY

2.240

(prev 2.270)

Phillip Capital

ACCUMULATE

2.140

RHB Securities

BUY

2.220

UOB Kay Hian

HOLD

2.230

• CIMB Research 2015-07-22: Frasers Centrepoint Trust - Healthy and stable. Maintain ADD.
• Maybank Kim Eng Research 2015-07-23: Frasers Centerpoint Trust - Steady as she goes. Maintain HOLD.
• OCBC Investment Research 2015-07-23: Frasers Centrepoint Trust - Steady performance. Reiterate BUY.
• UOB Kay Hian Research 2015-07-23: REIT Sector - 2Q15 Results Of AREIT, ART, CMT, FCT In Line With Expectations. (Cont')
• Phillip Securities Research 2015-07-24: Frasers Centrepoint Trust - A safe haven in tumultuous times. Maintain ACCUMULATE.
• RHB Research 2015-07-23: Frasers Centerpoint Trust - High Suburban Resilience. Maintain BUY.

FRASERS HOSPITALITY TRUST (ACV.SI)

UOB Kay Hian

BUY

1.020

• UOB Kay Hian Research 2015-07-30: Sector Research - Singapore REITs - Frasers Hospitality Trust

GENTING SINGAPORE PLC (G13.SI)

Maybank KE

HOLD

0.980

(prev 0.970)

• Maybank Kim Eng Research 2015-07-24: Genting Singapore - Signs of stabilisation from MBS. Maintain HOLD.

HALCYON AGRI CORPORATION LTD (5VJ.SI)

UOB Kay Hian

BUY

0.680

• UOB Kay Hian Research 2015-07-31: Halcyon Agri Corp - A Valuable Asset Play. Maintain BUY.

HUTCHISON PORT HOLDINGS TRUST (NS8U.SI)

DBS Vickers

HOLD

0.650

OCBC Securities

HOLD

0.630

(prev 0.680)

• DBS Group Research 2015-07-23: Hutchison Port Holdings Trust - Lower dividends as expected. Maintain HOLD.
• OCBC Investment Research 2015-07-23: Hutchison Port Holdings Trust: Decent growth but below expectations. Maintain HOLD.

IFAST CORPORATION LTD. (AIY.SI)

RHB Securities

NEUTRAL

1.490

(prev 1.380)

• RHB Research 2015-07-30: iFAST Corporation - Malaysian Unit In The Black. Maintain NEUTRAL.

INDOFOOD AGRI RESOURCES LTD. (5JS.SI)

CIMB Securities

HOLD

0.590

(prev 0.730)

• CIMB Research 2015-07-31: Indofood Agri Resources Ltd - Higher losses from CMAA. Remain HOLD.

JAPFA LTD. (UD2.SI)

DBS Vickers

BUY

0.460

• DBS Group Research 2015-07-30: Japfa Ltd. Oversold. Upgrade to BUY.

K1 VENTURES LIMITED (K01.SI)

RHB Securities

BUY

0.230

• RHB Research 2015-07-29: K1 Ventures - Divested US Early Childhood Education. Maintain BUY.

KEPPEL CORPORATION LIMITED (BN4.SI)

CIMB Securities

ADD

8.880

(prev 9.310)

Maybank KE

HOLD

7.800

(prev 8.500)

OCBC Securities

HOLD

8.410

(prev 9.220)

RHB Securities

BUY

10.000

(prev 10.900)

UOB Kay Hian

HOLD

8.600

(prev 8.700)

• CIMB Research 2015-07-22: Keppel Corp - Flexibility built in. Maintain ADD.
• Maybank Kim Eng Research 2015-07-24: Keppel Corp - Weaker Than It Looks. Maintain HOLD.
• OCBC Investment Research 2015-07-24: Keppel Corporation: A soft quarter. Maintain HOLD.
• CIMB Research 2015-07-24: Keppel Corp - Strategically prepared. Retain ADD.
• UOB Kay Hian Research 2015-07-24: Keppel Corp - 2Q15 Held Up By Exceptional Gains, And Lower Tax And Minority Interests. Maintain HOLD.
• RHB Research 2015-07-27: Keppel Corp - Property Pipeline Takes a Leap. Maintain BUY.

LIAN BENG GROUP LTD (L03.SI)

UOB Kay Hian

BUY

0.790

(prev 0.725)

• UOB Kay Hian Research 2015-07-31: LIAN BENG GROUP (LBG SP) - Asset Backed Contractor With a Rising Recurring Income. Maintain BUY.

M1 LIMITED (B2F.SI)

CIMB Securities

HOLD

3.100

DBS Vickers

FULLY VALUED

2.940

(prev 3.600)

Maybank KE

HOLD

3.650

OCBC Securities

BUY

3.660

RHB Securities

BUY

3.720

(prev 4.400)

UOB Kay Hian

SELL

3.080

(prev 3.200)

• DBS Group Research 2015-07-27: M1 Limited - ARPU concerns. Downgrade to FULLY VALUED.

MAPLETREE COMMERCIAL TRUST (N2IU.SI)

CIMB Securities

HOLD

1.540

Maybank KE

HOLD

1.430

• Maybank Kim Eng Research 2015-07-24: Mapletree Commercial Trust - Cautiously Optimistic. Maintain HOLD.
• CIMB Research 2015-07-23: Mapletree Commercial Trust - Mixed results. Maintain HOLD.

MTQ CORPORATION LIMITED (M05.SI)

CIMB Securities

HOLD

0.690

(prev 0.770)

RHB Securities

NEUTRAL

0.690

(prev 0.790)

• CIMB Research 2015-07-29: MTQ Corporation Ltd - A wiped out quarter. Maintain HOLD.
• RHB Research 2015-07-29: MTQ Corporation Ltd - Challenging Environment Persists. Maintain NEUTRAL.

NEPTUNE ORIENT LINES LIMITED (N03.SI)

CIMB Securities

HOLD

1.020

(prev 1.050)

DBS Vickers

BUY

1.080

(prev 1.070)

OCBC Securities

HOLD

1.150

UOB Kay Hian

BUY

1.080

(prev 1.010)

• CIMB Research 2015-07-31: Neptune Orient Lines (NOL) - ‘Good’ 1H15, but what about 2H? Maintain HOLD.
• DBS Group Research 2015-07-31: Neptune Orient Lines - On the right track. Upgrade to BUY.

OSIM INTERNATIONAL LTD (O23.SI)

CIMB Securities

ADD

2.060

DBS Vickers

HOLD

1.610

(prev 1.820)

Maybank KE

HOLD

1.750

(prev 2.080)

OCBC Securities

HOLD

1.520

(prev 1.870)

Phillip Capital

BUY

1.830

(prev 1.950)

RHB Securities

BUY

1.780

(prev 2.000)

UOB Kay Hian

HOLD

1.560

(prev 2.020)

• CIMB Research 2015-07-24: OSIM International - De-rating provides good upside. Upgrade to ADD.
• OCBC Investment Research 2015-07-24: OSIM International: Room for disappointment. Maintain HOLD.
• UOB Kay Hian Research 2015-07-24: OSIM International - 1H15 Another Weak Set Of Results. Maintain HOLD.
• RHB Research 2015-07-24: OSIM International - Grab a Chair While The Queue Is Short. Upgrade to BUY.
• DBS Group Research 2015-07-24: OSIM International - Wait for more sustained recovery. Maintain HOLD.
• Phillip Securities Research 2015-07-28: OSIM - Gearing Up For Sustainable Long-Term Growth. Upgrade to BUY.

OVERSEA-CHINESE BANKING CORP (O39.SI)

CIMB Securities

ADD

11.650

(prev 11.850)

• CIMB Research 2015-07-23: Singapore Banks - Warren Buffett’s No.1 rule.
• CIMB Research 2015-07-31: OCBC - Strong fees, but rising NPLs. Maintain ADD.

OVERSEAS EDUCATION LIMITED (RQ1.SI)

RHB Securities

SELL

0.700

UOB Kay Hian

BUY

1.020

• RHB Research 2015-07-27: Overseas Education Limited - A Dislike For School. Initiate with SELL.

PARKWAYLIFE REIT (C2PU.SI)

CIMB Securities

ADD

2.560

(prev 2.600)

UOB Kay Hian

HOLD

2.520

• CIMB Research 2015-07-28: Parkway Life REIT - Asset recycling bears fruit. Maintain ADD.
• UOB Kay Hian Research 2015-07-29: Parkway Life REIT - 2Q15 Divvying Up The Gains. Maintain HOLD.

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

Maybank KE

BUY

1.050

(prev 1.020)

• Maybank Kim Eng Research 2015-07-28: Q&M Dental Group - Scaling up in China. Maintain BUY.

RAFFLES MEDICAL GROUP LTD (R01.SI)

CIMB Securities

REDUCE

4.540

(prev 4.640)

Maybank KE

BUY

5.400

OCBC Securities

HOLD

4.590

(prev 4.170)

RHB Securities

BUY

5.500

(prev 5.600)

• Maybank Kim Eng Research 2015-07-27: Raffles Medical - Expansion quarter; to catch up in 2H. Maintain BUY.
• CIMB Research 2015-07-28: Raffles Medical Group - Downgrade on valuations. REDUCE.
• RHB Research 2015-07-28: Raffles Medical Group - Building up for growth. Maintain BUY.
• OCBC Investment Research 2015-07-28: Raffles Medical Group - Run-up has reduced share price upside. Maintain HOLD.

SATS LTD (S58.SI)

CIMB Securities

HOLD

3.540

DBS Vickers

HOLD

3.430

(prev 3.060)

OCBC Securities

HOLD

3.780

(prev 3.220)

Phillip Capital

NEUTRAL

3.360

(prev 2.970)

RHB Securities

NEUTRAL

3.350

(prev 3.200)

UOB Kay Hian

BUY

3.430

(prev 3.060)

• OCBC Investment Research 2015-07-24: SATS Ltd - Looking for more overseas investments. Maintain HOLD.
• Phillip Securities Research 2015-07-24: SATS Ltd - Margins improvement with cost control measures. Upgrade to NEUTRAL.
• CIMB Research 2015-07-24: SATS Ltd - Waiting for volume growth. Maintain HOLD.
• UOB Kay Hian Research 2015-07-24: SATS Limited - 1QFY16 Operating Margins Improve Despite Lower Top-Line. Maintain BUY.
• RHB Research 2015-07-24: SATS Ltd - Trading At Stretched Valuations. Retain NEUTRAL.
• DBS Group Research 2015-07-24: SATS Ltd - Reaping productivity gains. Maintain HOLD.

SINGAPORE AIRLINES LTD (C6L.SI)

CIMB Securities

ADD

12.970

(prev 13.050)

DBS Vickers

BUY

12.800

Maybank KE

HOLD

12.400

UOB Kay Hian

SELL

10.700

(prev 11.600)

• Maybank Kim Eng Research 2015-07-30: Singapore Airlines - No Surprises; Hoping on Fuel. Maintain HOLD.
• UOB KayHian Research 2015-07-30: Singapore Airlines - Disappointing Earnings As Yields Fall To Multi-year Lows. Downgrade to SELL.
• CIMB Research 2015-07-30: Singapore Airlines - Look to 2H16 for better earnings. Maintain ADD.
• DBS Group Research 2015-07-30: Singapore Airlines - Profit boost from unexpected source. Maintain BUY.

SINGAPORE EXCHANGE LIMITED (S68.SI)

CIMB Securities

REDUCE

7.980

(prev 7.990)

DBS Vickers

HOLD

7.800

OCBC Securities

HOLD

8.160

(prev 7.950)

RHB Securities

NEUTRAL

7.580

(prev 7.880)

• OCBC Investment Research 2015-07-30: SGX - Derivatives outlook is good. Maintain HOLD.
• RHB Research 2015-07-30: SGX - Derivatives Surge Amidst a Flat Equity Market. Keep NEUTRAL.
• CIMB Research 2015-07-30: Singapore Exchange (SGX) - Weak derivatives, one-off costs. Maintain REDUCE.
• DBS Group Research 2015-07-30: SGX - Derivatives driving growth. Maintain HOLD.

SINGAPORE POST LIMITED (S08.SI)

UOB Kay Hian

BUY

2.190

• UOB Kay Hian Research 2015-07-30: Singapore Post - 1QFY16 Transformation In Progress. Maintain BUY.

SMRT CORPORATION LTD (S53.SI)

CIMB Securities

REDUCE

1.420

(prev 1.630)

DBS Vickers

FULLY VALUED

1.270

(prev 1.590)

Phillip Capital

REDUCE

1.320

(prev 1.370)

• CIMB Research 2015-07-31: SMRT - Weak rail earnings. Maintain REDUCE.
• DBS Group Research 2015-07-31: SMRT - A disappointing start. Downgrade to FULLY VALUED.
• Phillip Securities Research 2015-07-31: SMRT - No surprises, REDUCE maintained.

STARHILL GLOBAL REIT (P40U.SI)

CIMB Securities

HOLD

0.900

(prev 0.920)

Maybank KE

BUY

0.960

(prev 0.970)

OCBC Securities

BUY

0.930

• Maybank Kim Eng Research 2015-07-30: Starhill Global REIT - Growth intact. Maintain BUY.
• CIMB Research 2015-07-30: Starhill Global REIT - Forex woes. Downgrade to HOLD.

STARHUB LTD (CC3.SI)

DBS Vickers

FULLY VALUED

3.700

(prev 4.350)

• DBS Group Research 2015-07-27: Starhub - Mobile to face pressure. Downgrade to FULLY VALUED.

SUNTEC REAL ESTATE INV TRUST (T82U.SI)

CIMB Securities

HOLD

1.790

(prev 1.860)

DBS Vickers

HOLD

1.760

OCBC Securities

SELL

1.500

RHB Securities

NEUTRAL

1.750

(prev 1.810)

UOB Kay Hian

BUY

2.080

• OCBC Investment Research 2015-07-24: Suntec REIT - Cloudy earnings visibility. Maintain SELL.
• DBS Group Research 2015-07-24: Suntec REIT - Patience is key. Maintain HOLD.
• CIMB Research 2015-07-23: Suntec REIT - Stable office as retail ramps up. Maintain HOLD.
• UOB Kay Hian Research 2015-07-24: Suntec REIT - 2Q15: Extracting Value. Maintain BUY.
• RHB Research 2015-07-24: Suntec REIT - Facing Short-Term Headwinds. Maintain NEUTRAL.

TAT HONG HOLDINGS LTD (T03.SI)

OCBC Securities

HOLD

0.570

(prev 0.600)

• OCBC Investment Research 2015-07-29: Tat Hong Holdings - No sign of pickup for core market. Maintain HOLD.

THAI BEVERAGE PUBLIC CO LTD (Y92.SI)

CIMB Securities

ADD

0.870

OCBC Securities

BUY

0.830

• CIMB Research 2015-07-23: Thai Beverage - What is Charoen doing?

TIGER AIRWAYS HOLDINGS LIMITED (J7X.SI)

CIMB Securities

REDUCE

0.230

(prev 0.270)

DBS Vickers

BUY

0.420

UOB Kay Hian

HOLD

0.315

• DBS Group Research 2015-07-22: Tiger Airways Holdings - Turnaround on track. Maintain BUY.
• UOB Kay Hian Research 2015-07-23: Tigerair - 1QFY16 Pricing Momentum Slows And That Presents The Greatest Risk. Maintain HOLD.

UNITED OVERSEAS BANK LTD (U11.SI)

CIMB Securities

REDUCE

22.100

(prev 22.950)

• CIMB Research 2015-07-23: Singapore Banks - Warren Buffett’s No.1 rule.
• CIMB Research 2015-07-31: United Overseas Bank - ROEs grovel below 11%. Downgrade to REDUCE.

WILMAR INTERNATIONAL LIMITED (F34.SI)

DBS Vickers

BUY

4.050

UOB Kay Hian

BUY

3.650

• UOB Kay Hian Research 2015-07-27: Wilmar International - 2Q15 Results Preview: Boring Quarter; To Catch Up In 2H15. Maintain BUY.
• DBS Group Research 2015-07-27: Wilmar International - ​Steadying the ship. Maintain BUY.

YOMA STRATEGIC HOLDINGS LTD (Z59.SI)

OCBC Securities

HOLD

0.520

• OCBC Investment Research 2015-07-28: Yoma Strategic Holdings: Automotive business showing firm growth. Maintain HOLD.