StarHub Engage Enterprise

It’s not rocket science, just good risk/reward. Upgrade to BUY We upgrade StarHub to BUY on a good risk-reward profile. Our base and best-case DCF-derived TPs of SGD4.15(WACC 6.5%, LTG 1%) and SGD4.30suggest18% and 22% upside vs downside of 8%…

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Raffles Medical Group Uncharted waters in China

We downgrade RFMD from Hold to Reduce, as we think too much positivity has been priced into China At 25.8xCY16 EV/EBITDA,RFMD is currently trading above its 1 s.d. level. These are rich valuations given that FY15 core earnings growth was…

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PACC Offshore Services Holdings Petrobras renews Xanadu

Xanadu’s renewal eases near-term concerns PACC Offshore Services Holdings said that it has successfully renewed its semisub accommodation vessel (SSAV), POSH Xanadu,for another year with Petrobras. It did not disclose the renewed day rate,but we believe that it would likely…

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Koh Brothers Group Pursuing M&A opportunities and new hotel assets

Eyeing M&A opportunities post its construction business restructuring Aims to develop private condominiums priced at SGD900-1,500/sq ft Seeking new hotel assets in Singapore and the UK Koh Brothers is primarily a construction company focused on infrastructure projects. It also has…

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Ezra Holdings EMAS AMC-Chiyoda JV finalised

Ezra announces the completion of EMASAMC -Chiyoda Subsea Joint Venture Cash receipts by Ezra will be used to repay standby credit facilities and lead to lower gearing TP adjusted up to S$0.11; maintain HOLD as the industry outlook remains lacklustre…

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Ezra Holdings Chiyoda JV finalised

Ezra announces the completion of EMASAMC -Chiyoda Subsea Joint Venture Cash receipts by Ezra will be used to repay standby credit facilities and lead to lower gearing TP adjusted up to S$0.11; maintain HOLD as the industry outlook remains lacklustre…

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CAPITALAND MALL TRUST STILL HOLDING THE FORT

1Q16 DPU grew 1.9% YoY Robust footfall and tenants’ sales But rental reversions moderated 1Q16 results met our expectations CapitaLand Mall Trust (CMT) reported a 7.4% YoY increase for its 1Q16 gross revenue to S$179.8m and this formed 25.2% of…

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