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Bookmark this page   Saturday, 28 Jan 2012

Today's Headlines Keppel Corporation: FY11 results in line with expectations Keppel Corporation (KEP) reported a 10.3% increase in revenue to S$10.1b and a 21.8% rise in net profit to S$1.84b in FY11. Excluding exceptional items comprising mainly of fair value gains on investment properties, core net profit rose 14.1% to S$1.49b, which was 1.4% and 4.1% above ours and the street’s expectations, respectively. The offshore marine division remained the largest contributor to net profit with a 71% share. Though the group’s remaining jack-up options have lapsed, management remains upbeat on the outlook of the offshore market. In line with our expectations, a final dividend of S$0.26/share has been recommended. Maintain BUY with S$12.27 fair value estimate (prev. S$12.02). Previous Headlines >>     Market Pulse MARKET PULSE: Keppel Corp, Goodpack Ltd and First REIT MARKET PULSE: PEC Ltd & Olam International MARKET PULSE: CCT & Suntec REIT MARKET PULSE: KepLand, FCT, ART, MLT, CCT, MPM, Suntec (20 Jan 2012) MARKET PULSE: CMT, SPH, Cache & FCT MARKET PULSE: A-REIT and Viz Branz MARKET PULSE: M1, SGX, SIA and KS Energy MARKET PULSE: SembMarine and Golden Agri (16 Jan 2012) MARKET PULSE: Ezra, CSE and City Dev MARKET PULSE: SPH, Lian Beng and TEE International more >>   Research Keppel Corporation: FY11 results in line with expectations Keppel Corporation (KEP) reported a 10.3% increase in revenue to S$10.1b and a 21.8% rise in net profit to S$1.84b in FY11. Excluding exceptional ... Goodpack Limited: Odds of revenue loss lowered Goodpack has rebounded strongly by almost 20% since our last report on 12 Dec. With the positive developments in EU and largely accommodative mone ... Olam Int’l: HOLD with higher S$2.63 fair value Since the start of the year, Olam International Limited’s share price has staged a sharp recovery, rising 24% YTD to hit a recent high of S$2.64. ... PEC Ltd: Seeks share buyback mandate PEC recently announced that it will hold an EGM on 10 Feb 2012 for a proposed share purchase mandate where the group will be authorized to purchas ... CapitaCommercial Trust (CCT): FY11 numbers in line CapitaCommercial Trust (CCT) reported a distributable income of S$212.8m (DPU for 7.52 S-cents) down 3.7% YoY, and in line with our full year fore ... Suntec REIT: Stock appears fairly priced Suntec REIT’s FY11 DPU of 9.932 S cents were slightly ahead of market expectations, forming 106.6%/102.4% of our/consensus DPU forecasts. Going fo ... more >>    Strategy Transport Sector: Likely bumpy ride ahead – seek defensives The uncertain economic outlook ahead continues to weigh down on business confidence, which in turn negatively impacts global travel and trade volu ... Technology Sector: Treading on choppy waters 2011 has been a year fraught with challenges and volatility for the technology sector, as supply chain disruptions and macroeconomic uncertainties ... Construction Sector: Demand to remain robust 2011 has been a good year for the construction sector, helped by strong demand from the private residential segment which expanded order books and ... Healthcare Sector: Healthy outlook amidst uncertain times The FTSE ST Health Care Index has continued to outperform the broader market significantly YTD, following its stellar performance in 2010. Given c ... Commodities Sector: Downgrade to UNDERWEIGHT - risks outweigh rewards Renewed weakness in the US economy and uncertainties over the EU sovereign debt issues have exacerbated the risk of the economy slipping into a “d ... Industrial REITs: Resilience to continue in 2012 Industrial REITs have proven its defensive nature YTD, having generally outperformed both the broader REIT sector and STI. On the operational leve ... more >>

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