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  Bookmark this page   Thursday, 02 Oct 2014
 
Today's Headlines
Swiber Holdings: Too early to turn bullish

Since our previous report on 14 Aug, the share price of Swiber Holdings has dropped 13% compared to the STI’s flattish performance. We believe that this could be related to its relatively slow new order flow, as well as sliding oil prices of late. There has also been news of Indonesia’s Pertamina cancelling its West Madura tender (in which Swiber was a contender). Against the current backdrop, we believe players with high overheads and operating on thin margins like Swiber are more susceptible to any downturn in sentiment. Looking ahead, the upcoming 3Q results may continue to be lacklustre. We lower our valuation from 0.45x to 0.4x FY14F P/NTA, but may look to lift it should the group be able to reduce its accounts receivables in the coming quarters. As such, our fair value estimate slips from S$0.57 to S$0.49. Maintain HOLD.

 
  Market Pulse
Market Pulse: Swiber Holdings (2 Oct 2014)
Market Pulse: Noble Group, City Dev (1 Oct 2014)
Market Pulse: ComfortDelGro, Tuan Sing, ECS Holdings (30 Sep 2014)
Market Pulse: OUE, ECS, Nam Cheong (29 Sep 2014)
Market Pulse: Singapore Airlines (25 Sep 2014)
Market Pulse: Yangzijiang (24 Sep 2014)
Market Pulse: Vard, Keppel Land (23 Sep 2014)
Market Pulse: Astro Malaysia (22 Sep 2014)
Market Pulse: Keppel Land (19 Sep 2014)
Market Pulse: Tiger Airways (18 Sep 2014)
  Research
Swiber Holdings: Too early to turn bullish
Since our previous report on 14 Aug, the share price of Swiber Holdings has dropped 13% compared to the STI’s flattish performance. We believe tha ...
Noble Group Ltd: CIC pares stake to 9.4%
Noble Group (Noble) noted that China Investment Corp (CIC), through its subsidiary Best Investment Limited, has pared its stake from 13.8% to 9.4% ...
Tuan Sing Holdings Limited: A significant shareholder emerges
Last Friday evening, it was reported that Mr Koh Wee Meng, Chairman and CEO of the Fragrance Group, brought his shareholdings of Tuan Sing from 4. ...
ComfortDelGro: DTL 2 to open ahead of schedule
Singapore Transport Minister Lui Tuck Yew announced on 29-Sep that the Downtown Line 2 (DTL 2) will be opened in 1Q16, a few months ahead of sched ...
OUE Limited: Investing US$200m in mutual fund
OUE announced that it agreed to invest US$200.0m (S$254.2m) in Nuvest Real Return Fund, a Cayman Islands-domiciled exempted mutual fund. The Fund, ...
Singapore Airlines: Alliances and incentives to provide some growth
Changi Airport Group (CAG) recently expanded incentive programme to include 50% rebate on landing fees for all non-stop long-haul passenger flight ...
 
 Strategy
Singapore Market: Position for better 1H15
Despite yesterday’s correction for the STI, equities are still up for the year. We expect equities to remain in favor, despite higher interest rat ...
Healthcare Sector: Rich valuations may cap upside potential
SGX-listed healthcare companies which we track have largely reported improved financial performance during the recent 2QCY14 results season. Under ...
Telecom Sector: Pretty dull 2QCY14
For 2QCY14, it was a pretty muted quarter for the telcos, with all of them reporting results that were within our expectations. Nevertheless, we h ...
Oil and Gas: Neutral view, but positive over the longer term
In our earlier report, we highlighted that international oil companies are reining in their capex plans, though national oil companies are still k ...
Singapore Property: Further enhancement of Singapore’s outer regions
Over the last week, the authorities highlighted their various plans to transform the Jurong Lake District into a key regional center and also anno ...
Singapore Property: Deep value in West Orchard could be unlocked
With a dearth of upcoming projects in the Orchard retail space pipeline over 2015-17, we believe there could be a greater impetus for strategic re ...
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