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HRnetGroup downgraded to 'hold' on weaker earnings outlook, lower valuation
SINGAPORE (May 14): DBS Vickers Securities is downgrading its call on HRnetGroup to “hold” from “buy” with a lower price target of 85 cents compared to $1.05 previously on expectations of a weaker Singapore jobs market, which is believed to drag on the group’s earnings growing forward. The research house is now anticipating FY19F core earnings to decline due to lower productive ...
FEHT downgraded to 'hold' on slowdown in upscale and mid-tier hotel RevPAR
SINGAPORE (Apr 16): “According to channel checks as well as Singapore Tourism Board (STB) data, we are likely looking at a soft 1Q19 for SG hotels,” says OCBC Investment Research analyst Deborah Ong in a Monday report. The STB data reflected poor RevPAR performance from upscale and mid-tier hotels for Jan-Feb 2019. Upscale hotels posted -3.8% and -6.5% y-o-y RevPAR growth for Jan and Feb ...
ESR-REIT downgraded to 'hold' on potential rental default from Hyflux Membrane
SINGAPORE (Apr 10): ESR-REIT has been downgraded to “hold” from “buy” previously by OCBC Investment Research with a decreased fair value of 55 cents from 57.5 cents, on the back of lower returns and concerns regarding Hyflux Membrane. The research house initiated its coverage on ESR-REIT on Dec 14, 2018 and the stock has since posted total returns of 9.76%, compared to the Straits ...
Maybank KE cuts Hi-P to 'sell' after share price run-up
SINGAPORE (April 9): Maybank Kim Eng is downgrading its call on Hi-P International to “sell” from “hold” previously with an unchanged price target of $1.22, which is based on 1.5 times FY19E price-to-book value. This is because the research house now deems Hi-P as overvalued at 14 times FY19E P/E versus its global peers’ 10.5 times, and its own 1 SD above the three-year mean of 12.3 ...
Memtech downgraded to 'hold' with lower TP of $1.08
SINGAPORE (Feb 28): CGS-CIMB is downgrading its recommendation on Memtech International to “hold” from “add” with a slightly lowered target price of $1.08 from $1.10 previously. The group yesterday announced that its FY18 earnings have declined by 32% y-o-y to US$9.6 million ($12.9 million), despite a 13.2% increase in revenue to US$19.2 million. See: Memtech reports 32% decline in ...
OCBC downgrades Hutchison Port Holdings Trust to 'sell' after HK$12.3 bil impairment blow
SINGAPORE (Feb 13): OCBC Investment Research is downgrading its call on Hutchison Port Holdings Trust (HPHT) to “sell” from “hold” while lowering its fair value to 22 US cents as at the close of Feb 12. The move comes on the back of a large goodwill write-down as reflected in HPHT’s latest set of 2H18 results; its manager’s low DPU guidance of 11-17 HK cents for FY19; as well as ...
OCBC downgrades SATS back to 'hold' due to limited near-term upside
SINGAPORE (Jan 11): OCBC Investment Research is downgrading SATS back to “hold” while raising its fair value to $5.34 from $5.23 previously, after updating its cost of equity (COE) assumptions to factor in its latest share price rally. This is because the research house sees diminishing upside in the near-term post SATS’s recent price appreciation, considering how trade tensions and ...
Japan Foods cut to 'neutral' for breather after 8% share price rise ytd
SINGAPORE (Nov 12): RHB Research is downgrading its call on Japan Foods to “neutral” from “buy” with a lower target price of 48 cents compared to 58 cents previously, as it believes the group’s share price could “take a breather” after delivering 8.3% YTD returns and outperforming the STI Index by 17.4%. The research house nonetheless continues to like Japan Foods for its strong ...
Food Empire downgraded as US ramps up sanctions against Russia
SINGAPORE (Aug 15): RHB Research is downgrading its call on Food Empire to “neutral” from “buy” while lowering its target price on the stock to 60 cents from $1.07 previously to reflect a lower target P/E of 14 times as a result of lower valuation, versus the peer average of 16 times. The research house has also applied a 10% discount to peers to account for geopolitical risk in Russia ...
BreadTalk gets too pricey for RHB's taste; FY18 earnings projected to decline
SINGAPORE (Aug 3): RHB Research is downgrading its call on BreadTalk to “sell” from “neutral” with a lower target price of $1 compared to $1.04 previously, as the research house expects FY18F earnings to decline on rising overhead costs and weaker JV & associates performance. This comes after the group’s 2Q18 results missed expectations due to losses from associates and joint ...