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Stock Analysis  - 
 
#HotungInvestmentHoldings -
RHB Invest 2017-01-20: Venture capital business with strong dividend yield.

#HotungInvestment Holdings (HIH SP) is one of the pioneers in the venture capital business, with over 30 years of investment and fund management experience. The group operates primarily in Taiwan, China, and Silicon Valley and has listed 200 companies on major exchanges around the world.

#AnalystReport #SGinvestors
Hotung Investment Holdings - RHB Invest 2017-01-20: Venture capital business with strong dividend yield. Hotung Investment Holdings (HIH SP) is one of the pioneers in the venture capital business, with over 30 years of inves...
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SGinvestors.io
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Stock Analysis  - 
 
#ShengSiongGroup (SSG SP) -
UOB Kay Hian 2017-01-20: Upgrade To BUY With 20% Upside.

We upgrade SSG from HOLD to BUY on valuation grounds as the stock price has retreated by 20% from its high in late-16. Even though competition for selling space is high, putting outlet expansion at risk, we believe the company has what it takes to weather this period of irrational exuberance and emerge stronger.

#AnalystReport #SGinvestors
Sheng Siong Group (SSG SP) - UOB Kay Hian 2017-01-20: Upgrade To BUY With 20% Upside. We upgrade SSG from HOLD to BUY on valuation grounds as the stock price has retreated by 20% from its high in late-16. Even though compet...
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Strategy  - 
 
Small Mid Caps Monthly -
DBS Research 2017-01-19: Non-REIT yield plays could outperform in a rising interest rate environment.

In a rising interest rate environment, non-REIT yield plays such as #Venture, #ShengSiong and #Katrina could outperform.

#AnalystReport #SGinvestors #SmallMidCaps
#SingaporeStock
Small Mid Caps Monthly - DBS Research 2017-01-19: Non-REIT yield plays could outperform in a rising interest rate environment. In a rising interest rate environment, non-REIT yield plays such as Venture, Sheng Siong and Katr...
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Stock Analysis  - 
 
#CapitaLandCommercialTrust -
CIMB Research 2017-01-18: 4Q lifted by #CapitaGreen.

4Q16 DPU was slightly above our estimate and FY16 DPU beat our forecast by 2%.
The results were boosted by the strong showing from CapitaGreen and improved performance from #RafflesCity.
We expect FY17-18 outlook to remain fairly steady with fewer lease expiries and potential stabilisation of office rents with new supply tapering off.

#AnalystReport #SGinvestors
CapitaLand Commercial Trust - CIMB Research 2017-01-18: 4Q lifted by CapitaGreen. 4Q16 DPU was slightly above our estimate and FY16 DPU beat our forecast by 2%. The results were boosted by the strong showing from CapitaGreen...
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SGinvestors.io
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Stock Analysis  - 
 
#FirstREIT -
Phillip Securities 2017-01-19: Strong sponsor acquisition pipeline to look forward to.

First REIT closed FY16 with a record DPU of SG 8.47 cents, up 2% from FY2015. Portfolio valuation dropped 1.2% as a result of weaker cashflow due to the weak Singapore CPI.
We maintain our ACCUMULATE call for First REIT.

#AnalystReport #SGinvestors
First REIT - Phillip Securities 2017-01-19: Strong sponsor acquisition pipeline to look forward to. First REIT closed FY16 with a record DPU of SG 8.47 cents, up 2% from FY2015. Terminated Siloam Hospitals Yogyakarta (first ...
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Stock Analysis  - 
 
#CapitaLandCommercialTrust -
DBS Research 2017-01-19: Ang bao from CapitaGreen.

CapitaLand Commercial Trust (#CCT)'s 4Q16 DPU was 10% y-o-y higher, slightly above expectations.
Growth will continue to be driven by recent acquisition of remaining 60% stake in #CapitaGreen.
Disposal of #WilkieEdge above book value, and redevelopment of #GoldenShoe are next catalysts.

#AnalystReport #SGinvestors
CapitaLand Commercial Trust - DBS Research 2017-01-19: Ang bao from CapitaGreen. CapitaLand Commercial Trust (CCT)'s 4Q16 DPU was 10% y-o-y higher, slightly above expectations. Growth will continue to be driven by recent ac...
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Stock Analysis  - 
 
#CapitaLandCommercialTrust (#CCT SP) -
UOB Kay Hian 2017-01-19: 4Q16 Harvesting Gains From CapitaGreen.

CCT’s results were bolstered by the higher contribution from full ownership of #CapitaGreen. Overall negative rental reversions were seen in 4Q16, with average portfolio rent of S$9.20 showing a qoq dip. Proactive forward renewals and CapitaGreen’s contributions should ameliorate rental pressure on leases due in 2017-18.

#AnalystReport #SGinvestors
CapitaLand Commercial Trust (CCT SP) - UOB Kay Hian 2017-01-19: 4Q16 Harvesting Gains From CapitaGreen. CCT’s results were bolstered by the higher contribution from full ownership of CapitaGreen. Overall negative rental reve...
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Stock Analysis  - 
 
#CapitaLandCommercialTrust (#CCT SP) -
Maybank Kim Eng 2017-01-18: Stable performance.

There was little surprise in FY16 results, with DPU at 103% of our forecast. Underlying performance was stable in a difficult market.
We keep our DPU, expecting management to mitigate loss of income from #GoldenShoe by distributing tax-exempt income on its books.

#AnalystReport #SGinvestors #OfficeREITs #SREIT
CapitaLand Commercial Trust (CCT SP) - Maybank Kim Eng 2017-01-18: Stable performance. There was little surprise in FY16 results, with DPU at 103% of our forecast. Underlying performance was stable in a difficult market. We...
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Stock Analysis  - 
 
#CapitaLand (#CAPL SP) -
Maybank Kim Eng 2017-01-17: Bulk sale of The Nassim.

CapitaLand announced the sale of the remaining 45 units at #TheNassim for c.SGD2,300 psf, which is 19% lower than the ASP for the first 10 units sold last year.
While the pricing is not particularly compelling, we believe the avoidance of potential QC penalties from Aug-17 and the ability to recycle capital into new projects with potentially higher returns are key positives.

#AnalystReport #SGinvestors
CapitaLand (CAPL SP) - Maybank Kim Eng 2017-01-17: Bulk sale of The Nassim. CapitaLand announced the sale of the remaining 45 units at The Nassim for c.SGD2,300 psf, which is 19% lower than the ASP for the first 10 units sol...
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Stock Analysis  - 
 
#CapitaLand -
CIMB Research 2017-01-17: Lifting exposure in Vietnam.

Sells stake in #TheNassim for S$411.6m, acquires commercial land in Vietnam.
The sale reflects a de-risking of its Singapore residential portfolio and potential freeing up of capital for redeployment into new investments.
Deepening exposure in Vietnam by reinvesting, into the office upcycle, potential ROE-boost in the medium term.

#AnalystReport #SGinvestors
CapitaLand - CIMB Research 2017-01-17: Lifting exposure in Vietnam. Sells stake in The Nassim for S$411.6m, acquires commercial land in Vietnam. The sale reflects a de-risking of its Singapore residential portfolio and poten...
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SGinvestors.io
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Stock Analysis  - 
 
#SGX -
OCBC Investment 2017-01-20: Outlook is improving.

#SingaporeExchange (SGX) posted 2QFY17 results which were ahead of market expectations.
Net earnings came in at S$88.3m versus Bloomberg consensus of S$84.4m, up 5.4% YoY and 6.3% QoQ.
With the better outlook for the trading market and with expected volatility ahead, this could potentially be positive for trading activities on the exchange.

#AnalystReport #SGinvestors
SGX - OCBC Investment 2017-01-20: Outlook is improving. Singapore Exchange (SGX) posted 2QFY17 results which were ahead of market expectations. Net earnings came in at S$88.3m versus Bloomberg consensus of S$84.4m, up 5.4% Y...
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SGinvestors.io
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Stock Analysis  - 
 
#SingaporeExchange -
CIMB Research 2017-01-19: Decent quarter amid cost discipline.

Singapore Exchange Limited (#SGX) reported a 2QFY17 net profit of S$88.3m (+6% qoq, +5% yoy), Revenue growth of 5% qoq and 3% yoy was driven by a recovery in both securities and derivatives trading volume amid higher market volatility despite Oct-Dec being a seasonally-weak quarter.

#AnalystReport #SGinvestors
Singapore Exchange - CIMB Research 2017-01-19: Decent quarter amid cost discipline. Singapore Exchange Limited (SGX) reported a 2QFY17 net profit of S$88.3m (+6% qoq, +5% yoy), Revenue growth of 5% qoq and 3% yoy was driven ...
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SGinvestors.io
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Strategy  - 
 
Small & Mid Caps Monthly -
DBS Research 2017-01-18: Focus on growth in the new year.

Conviction ideas for January – #Cityneon, #CNMCGoldmine, #Ezion, #Japfa and #mm2, based on three key themes:
Strong growth/earnings turnaround; Beneficiaries of a US recovery and strong US dollar; Strong cashflow and yields.

#AnalystReport #SGinvestors #TopPicks
Small & Mid Caps Monthly - DBS Research 2017-01-18: Focus on growth in the new year. December picks outperform, gaining 3.2% on average against the market’s +0.5%. Conviction ideas for January – Cityneon, CNMC Goldmine, Ezio...
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SGinvestors.io
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Stock Analysis  - 
 
#Cityneon Holdings -
DBS Research 2016-12-29: Attractive growth profile.

We have trimmed earnings for FY17F by 8% to factor in the delay in the launch for #Transformers in Las Vegas. Despite this, we continue to expect Cityneon to register explosive FY16-FY19F EPS CAGR growth of c.150%.
Cityneon is attractive to investors seeking growth and unique ideas in the entertainment industry.

#AnalystReport #SGinvestors
Cityneon Holdings - DBS Research 2016-12-29: Attractive growth profile. We have trimmed earnings for FY17F by 8% to factor in the delay in the launch for Transformers in Las Vegas. Despite this, we continue to expect Cityneo...
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SGinvestors.io
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Stock Analysis  - 
 
#CambridgeIndustrialTrust (#CREIT SP) -
DBS Research 2017-01-19: e-Shang Redwood to acquire 80% indirect interest in the Manager

#eShangRedwood (ESR)’s subsidiary will acquire an 80% indirect interest in the Trust Manager of Cambridge Industrial Trust (#CIT).
ESR is the second largest developer in North Asia focusing on warehouses, with 6.5m sqm of projects.
We are positive for CIT to have a strong Sponsor who should benefit from the growing e-commerce sector.

#AnalystReport #SGinvestors
Cambridge Industrial Trust (CREIT SP) - DBS Research 2017-01-19: e-Shang Redwood to acquire 80% indirect interest in the Manager e-Shang Redwood (ESR)’s subsidiary will acquire an 80% indirect interest in the Trust Manager o...
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SGinvestors.io
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Stock Analysis  - 
 
#FirstREIT -
OCBC Investment 2017-01-19: Ending FY16 on a stable footing.

First REIT (#FREIT) reported a stable set of 4Q16 results which met our expectations.
While we like FREIT for its healthy balance sheet (gearing of 30.8% as at end-FY16) and exposure to Indonesia’s robust healthcare sector, we maintain our HOLD rating on the stock as we see limited upside potential at current price level.

#AnalystReport #SGinvestors
First REIT - OCBC Investment 2017-01-19: Ending FY16 on a stable footing. First REIT (FREIT) reported a stable set of 4Q16 results which met our expectations. Rolling forward our valuations, our fair value estimate is lower...
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SGinvestors.io
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Stock Analysis  - 
 
#CapitaLandCommercialTrust -
RHB Invest 2017-01-19: On The Right Track ~ 4Q16 Results in line.

We expect #CCT to continue its outperformance with the redevelopment of GSCP and asset divestments acting as key catalysts.
We expect little impact to CCT from near-term negative headwinds facing the office sector due to high office occupancy levels and minimal leases expiring this year.

#AnalystReport #SGinvestors #SREIT
CapitaLand Commercial Trust - RHB Invest 2017-01-19: On The Right Track ~ 4Q16 Results in line. We expect CCT to continue its outperformance with the redevelopment of GSCP and asset divestments acting as key catalysts. CCT’s...
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SGinvestors.io
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Market Research  - 
 
#Telecommunications -
UOB Kay Hian 2017-01-18: To Share Or Not To Share?

#M1 and #StarHub will be commencing studies on the sharing of network infrastructure, such as base stations and backhaul transmission. We believe the likelihood of the two companies collaborating is high, given that they share common equipment vendors, namely #Huawei and #Nokia. We have upgraded M1 (Target: S$2.50) and StarHub (Target: S$3.55) to BUYs, assuming network sharing reduces mobile-related capex and 5G-related opex by 25%. Upgrade to OVERWEIGHT.

#AnalystReport #SGinvestors #Singtel
Telecommunications - UOB Kay Hian 2017-01-18: To Share Or Not To Share? M1 and StarHub will be commencing studies on the sharing of network infrastructure, such as base stations and backhaul transmission. We believe the like...
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SGinvestors.io
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Stock Analysis  - 
 
#CapitaLandCommercialTrust -
OCBC Investment 2017-01-18: Boost from higher stake in CapitaGreen.

CapitaLand Commercial Trust (#CCT)’s 4Q16 distributable income increased 10.1% YoY mainly due to increased contributions from the Trust’s higher stake in #CapitaGreen.
The trust’s overall occupancy rate dipped slightly QoQ to 97.1% as at end 4Q16 from 97.4% in 3Q16.

#AnalystReport #SGinvestors
CapitaLand Commercial Trust - OCBC Investment 2017-01-18: Boost from higher stake in CapitaGreen. CapitaLand Commercial Trust (CCT)’s 4Q16 distributable income increased 10.1% YoY mainly due to increased contributions from t...
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Stock Analysis  - 
 
#CapitaLand Ltd -
RHB Invest 2017-01-17: Divestment of remaining units in ‘The Nassim’ for a gain of SGD161m.

CapitaLand announced that it will divest remaining 45 units (total of 55 units) in the ‘#TheNassim’ for aggregate sale price of SGD411.6m.
The buyer is Kheng Leong Company (Private) Limited, the private real estate arm of Mr Wee Cho Yaw, who is the chairman emeritus of #UnitedOverseasBank.

#AnalystReport #SGinvestors
CapitaLand Ltd - RHB Invest 2017-01-17: Divestment of remaining units in ‘The Nassim’ for a gain of SGD161m. CapitaLand announced that it will divest remaining 45 units (total of 55 units) in the ‘The Nassim’ for aggregate s...
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