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  #131  
Old 01-Mar-2013, 07:57 PM
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DBSV

FY12 results for Yanlord Land in line with our estimates and
consensus forecasts. Yanlord is accelerating construction but
this may not drive pre-sales growth until 4Q13/2014.
Downgrade to Fully Valued with unchanged TP of S$1.24 due
to expensive valuation and policy headwinds.



  #132  
Old 01-Mar-2013, 07:58 PM
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DBSV

Ying Liís 2012 core profit of Rmb81m (down 8% y-o-y) below
expectations, largely due to slower-than expected revenue
recognition. 2013 earnings outlook is bright due to full year
contribution of rental revenue from IFC and revenue
recognition from Intíl Plaza. New reputable CEO will help set
up an efficient operating system and source lower cost offshore
loans. Maintain BUY with higher TP of S$0.55 (Prev S$
0.51) (40% discount to RNAV).
  #133  
Old 01-Mar-2013, 07:58 PM
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DBSV

Ventureís FY12 results below expectations but margin
rebounded in Q4. DPS adjusted to S$0.50 from S$0.55 but
6% yield is still decent. We expect better 2013 but more
strength in H2. New programmes and more profitable mix
are expected to drive growth in H2. TP raised to S$9.17 (Prev
S$ 7.62) after pegging to 15.6x PE (hist. mean). Maintain
Hold.
  #134  
Old 01-Mar-2013, 07:59 PM
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THe onli consolation of the sell off of the pennies is we have cleared some of the overhang.......in the pennies
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  #135  
Old 01-Mar-2013, 07:59 PM
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I DECLARE today is bloodbath day
  #136  
Old 01-Mar-2013, 07:59 PM
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DBSV

FY12 results for Tiong Seng in line; dividend of 1 Scts was
declared (yield 4%). Construction orderbook remain
robust. While management expects labour costs owing to
the levies and tightening man-year-entitlements (MYE) to
pressure margins in the coming 2 years, impact is likely to
be fairly marginal (at cS$1m hike in cost) and lower than
peers given the groupís focus in automation and
technology (through the automated pre-cast factory and
formworks) in its construction activities. In addition, the
group also acquired a site in Iskandar region to build
another pre-cast factory. Its property division is expected
to contribute meaningfully from FY13 onwards. Maintain
BUY, TP S$0.33 (Prev S$ 0.25).
  #137  
Old 01-Mar-2013, 08:01 PM
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DBSV

Noble Groupís 4Q core profit above expectations, aided
by tax credit. Growth in Energy and MMO segments was
partially offset by lower grain & oilseeds crush margins.
FY13/14F core earnings were trimmed by 4% each on
lower agriculture profitability. Maintain BUY; TP S$1.45
(Prev S$ 1.50).
  #138  
Old 01-Mar-2013, 08:03 PM
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Quote:
Originally Posted by Newcastle View Post
DBSV

Noble Groupís 4Q core profit above expectations, aided
by tax credit. Growth in Energy and MMO segments was
partially offset by lower grain & oilseeds crush margins.
FY13/14F core earnings were trimmed by 4% each on
lower agriculture profitability. Maintain BUY; TP S$1.45
(Prev S$ 1.50).
Noble closed down 1 to 117.5
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Listen only to Mr Market
Trade with TA and invest with FA
Don't hate a stock and never fall in love with a stock

It is not when u buy that matters but when u sell that counts
Taking profits is not a sin, but it is a cardinal sin to allow profits to turn into a loss

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  #139  
Old 01-Mar-2013, 08:09 PM
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DBSV

4Q/FY12 earnings, FY12 DPS of 7.1Scts for Super Group
were in line with expectations. Attractive 30% growth in
FY13F is supported by expanding product range and
higher ingredients utilisation. Maintain BUY, TP raised to
S$4.68 (Prev S$ 3.51) on peer group re-rating.
  #140  
Old 01-Mar-2013, 08:12 PM
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Scoop of the Day: Ventureís 4QFY12 results came in largely within our
estimates with PATMI of SGD38.0m (-0.1% y-o-y, +16.6% q-o-q) and revenue of
SGD592.8m (-6.3% y-o-y, -2.6% q-o-q). The dividends cut from SĘ55/share to
SĘ50/share came as a negative surprise which will affect the short-term share
performance. However, we are positive on the move as the big capex plans
ahead suggest a return to earnings growth. Going forward, the groupís customers
remain cautious on the first half of the year. Nonetheless, we believe that the
group is well-position to capture the growth opportunities once macroeconomics
improves. Maintain BUY with a higher TP of S$9.42, based on 15.2x blended
FY13 earnings (5-yr historical average forward P/E). (Edison Chen)
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