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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.

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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  - 
 
#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.

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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.

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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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Stock Analysis  - 
 
#SIICEnvironment -
DBS Research 2017-01-17: Room for more deals.

#SIIC announced that it intends to place 350m new shares to #ShanghaiIndustrialHoldings (363 HK), its parent company. The placement price is set at S$0.63 per share, representing a 11.5% premium to the previous day’s closing price.
We estimate the net debt-to-equity ratio would improve from 80% to 60% after the transaction.

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SIIC Environment - DBS Research 2017-01-17: Room for more deals. SIIC announced that it intends to place 350m new shares to Shanghai Industrial Holdings (363 HK), its parent company. The placement price is set at S$0.63 per ...
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Stock Analysis  - 
 
#CityDevelopments -
RHB Invest 2017-01-17: Watch Out For Acquisitions In 2017.

City Developments (#CDL)’s share price has rebounded 7% YTD outpacing the #STI Index. We expect outperformance to continue with acquisitions acting as the key re-rating catalyst. Its UK portfolio (11% of assets) is also set to receive a boost from better-than-expected performance of UK economy.

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City Developments - RHB Invest 2017-01-17: Watch Out For Acquisitions In 2017. City Developments (CDL)’s share price has rebounded 7% YTD outpacing the STI Index. We expect outperformance to continue with acquisitions acting...
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Stock Analysis  - 
 
#RafflesMedicalGroup (RFMD SP) -
UOB Kay Hian 2017-01-17: Chugging Along Steadily.

Our recent visits to #RMG’s Medical Centres at Orchard and Holland V suggest that these facilities are tracking expectations and would complement its Singapore presence. We make no change to our 2016-18 estimates (3-year EPS CAGR of 13.9%) and re-iterate BUY with a DCF-based target price of S$1.70 (maintained).

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Raffles Medical Group (RFMD SP) - UOB Kay Hian 2017-01-17: Chugging Along Steadily. Our recent visits to RMG’s Medical Centres at Orchard and Holland V suggest that these facilities are tracking expectations and would comple...
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Stock Analysis  - 
 
#UOLGroup Limited -
Phillip Securities 2017-01-16: The Slow and Steady Wins the Race.

UOL Group Limited (#UOL) has four primary business segments, namely property development, hotel operations, property investments and investment in securities.
Under UOL’s hotel subsidiary, Pan Pacific Hotels Group, the company owns the two brands, #PanPacific and #PARKROYAL.
UOL has a 44.3% stake in listed property developer, #UnitedIndustrialCorporation (UIC).

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UOL Group Limited - Phillip Securities 2017-01-16: The Slow and Steady Wins the Race. UOL Group Limited (UOL) has four primary business segments, namely property development, hotel operations, property investments and invest...
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Stock Analysis  - 
 
#SGX -
RHB Invest 2017-01-16: SADV Jumped In 4Q16.

The Singapore securities market saw strong trading activities over the past three months. 2QFY17’s (Oct-Dec 2016) SADV of SGD1.06bn was up 9% QoQ, with strength in Nov 2016 attributable to the US Presidential elections.
We maintain our BUY call.

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SGX - RHB Invest 2017-01-16: SADV Jumped In 4Q16. The Singapore securities market saw strong trading activities over the past three months. 2QFY17’s (Oct-Dec 2016) SADV of SGD1.06bn was up 9% QoQ, with strength in Nov 2016 a...
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Stock Analysis  - 
 
#SingaporePressHoldings - OCBC Investment 2017-01-16: Underwhelming start to the year

Singapore Press Holdings (#SPH)’s 1QFY17 PATMI declined 43.8% to S$45.7m mostly due to a S$15.9m charge arising from the media business review and impairment of an associate, and a decline of S$12.6m in profits from the media business.
Given the uncertain economic outlook and the continuing disruption of the media industry, we expect conditions to remain challenging for the group’s media business ahead.

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Singapore Press Holdings - OCBC Investment 2017-01-16: Underwhelming start to the year Singapore Press Holdings (SPH)’s 1QFY17 PATMI declined 43.8% to S$45.7m mostly due to a S$15.9m charge arising from the media business re...
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Stock Analysis  - 
 
#SembcorpMarine (#SMM SP) -
UOB Kay Hian 2017-01-16: Buoyant LNG Demand Outlook Might See Contract Win Upside Surprise.

Wood Mackenzie’s upgraded demand outlook suggests Asian LNG is set to see increased demand for LNG terminals. SMM is well-poised to benefit from its stake in GraviFloat.
Outsized contract values for such products, combined with other non-rig awards could lead to upside surprise.

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Sembcorp Marine (SMM SP) - UOB Kay Hian 2017-01-16: Buoyant LNG Demand Outlook Might See Contract Win Upside Surprise. Wood Mackenzie’s upgraded demand outlook suggests Asian LNG is set to see increased demand for LNG termi...
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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.

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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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Stock Analysis  - 
 
#SingaporePressHoldings -
DBS Research 2017-01-16: Declining advertising revenue.

We maintain our FULLY VALUED recommendation for #SPH.
We see that advertising expenditure will remain under pressure on the back of a flat GDP growth forecast of 1.3% for 2017. We anticipate that core print ad revenue will remain weak, dragging earnings and DPS.


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SPH - DBS Research 2017-01-16: Declining advertising revenue. We maintain our FULLY VALUED recommendation for SPH. We see that advertising expenditure will remain under pressure on the back of a flat GDP growth forecast of ...
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Stock Analysis  - 
 
#SembcorpMarine -
OCBC Investment 2017-01-17: In the running for Statoil’s FPSO contract.

According to Upstream, Norway’s #Statoil will host key meetings this month with a group of contractors vying to build the hull and living quarters for a newbuild FPSO vessel for its Johan Castberg project in the Barents Sea.
Upstream’s sources said that three South Korean players (#Daewoo, #Hyundai, #Samsung) and one Singaporean yard (#JurongShipyard) are in the running for this contract.

#AnalystReport #SGinvestors
Sembcorp Marine - OCBC Investment 2017-01-17: In the running for Statoil’s FPSO contract. According to Upstream, Norway’s Statoil will host key meetings this month with a group of contractors vying to build the hull and livi...
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Stock Analysis  - 
 
#LianBeng -
OCBC Investment 2017-01-17: Ceasing coverage.

#LianBengGroup’s 1H17 revenue fell 54.8% YoY to S$120.0m, mainly due to a decrease in contributions from the construction and ready-mixed concrete segments.
Nonetheless, due to higher profit recognition from the construction division, gross profit dropped by a much smaller 3.8% to S$29.4m.
As of its last closing price on 16 Jan, Lian Beng is trading at 37% of its net tangible assets.

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Lian Beng - OCBC Investment 2017-01-17: Ceasing coverage. Lian Beng Group’s 1H17 revenue fell 54.8% YoY to S$120.0m, mainly due to a decrease in contributions from the construction and ready-mixed concrete segments. Nonethe...
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Stock Analysis  - 
 
#ChinaAviationOil -
CIMB Securities 2017-01-16: Charting new heights.

China Aviation Oil (#CAO) is a well-backed, integrated supplier and trader of jet and other fuels, with strong baseline net profit driven by China’s burgeoning international aviation market.
Further capacity enhancement in Shanghai Pudong airport and expansion in global markets, especially the US, could propel earnings further.

#AnalystReport #SGinvestors
China Aviation Oil - CIMB Securities 2017-01-16: Charting new heights. China Aviation Oil (CAO) is a well-backed, integrated supplier and trader of jet and other fuels, with strong baseline net profit driven by China’s burge...
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Stock Analysis  - 
 
#SingaporePressHoldings (#SPH SP) -
UOB Kay Hian 2017-01-16: 1QFY17 Results In Line With Expectations Of Continued Earnings Headwinds.

Headline earnings of S$45.7m (-44%) were marred by a S$15.9m impairment charge to the media business. Excluding this, SPH’s 1QFY17 core earnings were in line with expectations. The media business continues to face headwinds, while property earnings remain stable. SPH’s media business remains dependent on the economic prosperity of Singapore which looks lacklustre. Earnings remain pressured and dividends cuts will be likely. Maintain SELL. Target price: S$3.29.

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Singapore Press Holdings (SPH SP) - UOB Kay Hian 2017-01-16: 1QFY17 Results In Line With Expectations Of Continued Earnings Headwinds. Headline earnings of S$45.7m (-44%) were marred by a S$15.9m impairment charge to the med...
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Stock Analysis  - 
 
#Delfi Ltd -
OCBC Investment 2017-01-16: Formation of new strategy committee bodes well.

Delfi Ltd had earlier in the year announced the appointment of former #Nestlé S.A. executive board member, Mr Doreswamy Nandkishore, as an Independent Director. As Delfi seeks to expand regionally, the group believes Mr Nandkishore's experience can "greatly benefit" them.

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Delfi Ltd - OCBC Investment 2017-01-16: Formation of new strategy committee bodes well. Delfi Ltd had earlier in the year announced the appointment of former Nestlé S.A. executive board member, Mr Doreswamy Nandkishore, as a...
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Stock Analysis  - 
 
#OverseaChineseBankingCorp -
Phillip Securities 2017-01-16: Expect #GreatEasternHoldings (#GEH) Contributions to Support Performance.

Expect #OCBC to actively manage Loan to Deposit Ratio (LDR) lower.
Customers Loans would be affected by strengthening USD.
OCBC’s insurance business would benefit from interest rate increases.

#AnalystReport #SGinvestors
Oversea-Chinese Banking Corp - Phillip Securities 2017-01-16: Expect GEH Contributions to Support Performance. Expect OCBC to actively manage Loan to Deposit Ratio (LDR) lower. Customers Loans would be affected by strengthen...
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Stock Analysis  - 
 
#CNMCGoldmine Holdings -
DBS Research 2017-01-16: 4Q16 hiccup a minor blip.

CNMC Goldmine Holdings (#CNMC) expects to report net loss for upcoming 4Q16 results.
Losses due to unrealised forex losses and decline in revenue from lower ore grades.
Beyond this blip, we remain optimistic of CNMC’s earnings outlook in 2017.


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CNMC Goldmine Holdings - DBS Research 2017-01-16: 4Q16 hiccup a minor blip. CNMC Goldmine Holdings (CNMC) expects to report net loss for upcoming 4Q16 results. Losses due to unrealised forex losses and decline in revenue fro...
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