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  Bookmark this page   Friday, 22 May 2015
 
Today's Headlines
Oil and Gas: Still on the defensive mode

Many oil and gas stocks saw a rally in early Apr as oil prices were supported by geopolitical tensions in the Middle East, and investors also took to bargain hunting with depressed valuations of stocks in the sector. This rally lasted about two to three weeks, and the momentum has fizzled out for now. On the operational front, many companies continued to see deterioration in outlook and business profitability. Unsurprisingly, 1Q15 had many companies reporting earnings that were lower versus a year ago, and many were in fact below ours and the street’s expectations. In the Offshore Support Vessel (OSV) segment, vessel owners are prioritizing utilisation rates over charter rates while yards seek to defend their existing order books. So far, the most resilient in terms of earnings has been Ezion Holdings [BUY, FV: S$1.55], and the liftboat segment is still one of the relatively brighter spots of the sector in terms of demand. As such, investors may also want to consider Triyards Holdings [BUY, FV: S$0.60]. Maintain NEUTRAL on the broader sector.

 
  Market Pulse
Market Pulse: Oil & Gas sector (22 May 2015)
Market Pulse: Hyflux (21 May 2015)
Market Pulse: Land Transport, S-REIT Sectors (20 May 2015)
Market Pulse: Healthcare Sector, Midas (19 May 2015)
Market Pulse: Thai Beverage, StarHub, SIA (18 May 2015)
Market Pulse: Genting, GLP, CWT, Hyflux, SATS, NOL, Olam, Midas, SIA, Thai Bev (15 May 2015)
Market Pulse: CityDev, BreadTalk, ComfortDelgro, Raffles Med, SingTel, Dyna-Mac, GLP, SATS, Nam Cheong (14 May 2015)
Market Pulse: SingPost, GAR, UOL, STE, Vard, Ezion, SIAEC (13 May 2015)
Market Pulse: Fortune REIT, CSE Global (12 May 2015)
Market Pulse: Land Transport Sector, HPL, OUE, Fortune REIT (11 May 2015)
  Research
Oil and Gas: Still on the defensive mode
Many oil and gas stocks saw a rally in early Apr as oil prices were supported by geopolitical tensions in the Middle East, and investors also took ...
Hyflux: Small project in Myanmar
Recently, Yoma Strategic Holdings announced the opening of a potable water plant at Pun Hlaing Gold Estate, in Myanmar, which is designed by Hyflu ...
Singapore REITs: Hospitality REITs the key underperformers
All 22 S-REITs under OIR’s coverage have announced their 1QCY15 results. The clear underperformer came from the hospitality subsector, whereby all ...
Land Transport Sector: OVERWEIGHT on positive outlook
While ComfortDelgro (CDG) had a relatively smooth journey through 1QCY15 on diversified revenue growth, SMRT’s cost recovery momentum seen for the ...
Healthcare Sector: Eyeing China for next chapter of growth story
In recent days, we witnessed more players in the healthcare sector announcing expansion plans into China. Aging population, rising consumer wealth ...
Thai Beverage PLC: Earnings growth intact
Thai Beverage PLC’s (ThaiBev) posted a set of decent 1Q15 results despite a poor economic environment in Thailand. Revenue was up 11.4% YoY to THB ...
 
 Strategy
Oil and Gas: Still on the defensive mode
Many oil and gas stocks saw a rally in early Apr as oil prices were supported by geopolitical tensions in the Middle East, and investors also took ...
Singapore REITs: Hospitality REITs the key underperformers
All 22 S-REITs under OIR’s coverage have announced their 1QCY15 results. The clear underperformer came from the hospitality subsector, whereby all ...
Land Transport Sector: OVERWEIGHT on positive outlook
While ComfortDelgro (CDG) had a relatively smooth journey through 1QCY15 on diversified revenue growth, SMRT’s cost recovery momentum seen for the ...
Land Transport Sector: LTA awards contract for first bus package
LTA last Friday awarded the contract for Singapore’s first bus package to London-based Tower Transit Group Limited. Recall that TTG’s bid was the ...
Aviation Sector: Safety concerns rock Thai aviation
The recently surfaced safety concerns over Thailand’s aviation industry resulted from issues found through the audit conducted by UN’s Internation ...
Aviation & Shipping Sectors: Clear skies not yet in sight
The aviation and shipping sectors saw a weak end to CY14 with mostly disappointing results. The cost savings on lower oil prices expected by most ...
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