Treasury China Trust
1QFY12 Results Update - Treading on liquidity constraints
Angelia Phua
-
Fri, 4 May 2012
In view of liquidity constraints amid tight credit market conditions for the real estate sector, we do not expect TCT to reinstate the final distributions for FY11 and expect possible suspension of interim distribution for FY12, depending on how the disposal of BLP pends out. To account for potential yield loss, we keep a steep discount of 60% to valuation to arrive at a target price of $1.48, as previously.
Petra Foods Limited
3QFY11 Results Update
Angelia Phua
-
Tue, 22 November 2011
We see Petra’s business operation as relatively defensive amid the challenging global environment and expect Petra’s growth momentum to remain healthy. We value the Branded Consumer and Cocoa Ingredients businesses at 16x PER (FY12F) and 8x PER (FY12F) respectively, similar to peer valuations, and arrive at a fair value of S$1.80. Maintain Long-term BUY.
Petra Foods Limited
Petra Foods Limited – On Track Towards A Record Year (Update)
Liu Jinshu
-
Fri, 11 November 2011
Petra Foods Limited (Petra) reported a strong set of results with net attributable profit growing by 34.4% YoY from US$10.3m in 3Q FY10 to US$13.7m in 3Q FY11. 9M 2011 revenue and net attributable profit were largely in-line with our expectations, coming in at 74.5% and 70.6% of our forecasts respectively. The company will be bringing new capacity online in 2012 to grow processing capacity by 10%.
Treasury China Trust
3QFY11 Results Update
Angelia Phua
-
Fri, 4 November 2011
Cash has been deployed to fund recent acquisitions, which questions the sustainability of the annual distribution profile of 10Scts (FY11F). Using cap-rate approach, we revise our target price to S$2.16 (previously S$2.25). Price-to-book (P/B) of 0.4x is also low compared to P/B of peers of 0.8x. The existing assets and development projects remain undervalued. Long-Term BUY.
FAQ
What is the SNCIR Scheme?
The SNCIR Scheme is similar to the SGX scheme except that this scheme is now
supported by SIAS Research and NRA Capital and administered by SIAS.
Will the report come with recommendation?
Yes. There will be valuation and recommendation.
Any requirements to view the reports?
A free registration is required to view the reports. Click
here to sign up now.
News
Launch of SNCIR scheme newspaper clippings
10 February 2010
Financial Blogs
Francken offers $0.18 in cash for each Juken share or 1 new Francken share for every 1.8 Juken shares subject to.......
Thu, 17 May 2012
-by Kevin Scully
Summary of Armstrong Q1-2012 analyst briefing this morning
Wed, 16 May 2012
-by Kevin Scully
Armstrong Industrial Group announces Q1-2012 results with net profit growth of 20.3% to S$5.43mn.....despite a decline in turnover by 7.1%
Wed, 16 May 2012
-by Kevin Scully
Reports Archive
*Reports require registration on their respective websites
SIAS Research reports
NRA Capital Research
reports
SIAS Research
SIAS Research Pte Ltd was created by the Securities Investors’ Association of
Singapore (SIAS) to provide investors with independent and professional insights
and analysis on publicly listed companies.
Incorporated in October 2003, our portfolio of covered stocks started from
a large group of under-researched “gems”. These were mainly smaller-cap stocks
listed on the SGX. Over the years, our portfolio has grown to include listed
companies with larger market capitalization such as Macquarie International
Infrastructure Fund (MIIF).
NRA Capital Research
NRA Capital was founded in July 1999 by a team of highly experienced equity
analysts and fund managers led by Kevin Scully who believed that there was and
will continue to be an important role for independent equity research. The
founders also believed that as the stockbroking industry consolidates under
rising commission pressure, there would be a need for stockbrokers to outsource
some of their equity research functions.
NRA Capital prides itself in being the first independent equity research company
to be licensed by the Monetary Authority of Singapore to offer independent
institutional quality equity research written for the sophisticated investors.
The Internet was used as a delivery medium given its timeliness and low costs.