valuations

OCBC is top banking stock on cost efficiencies: UOB

SINGAPORE (Dec 14): UOB Kay Hian says Oversea-Chinese Banking Corporation (OCBC) leads local banks in cost efficiency with the lowest staff cost per employee at $83,333 and lean other non-wage expenses.

OCBC has also grown income per employee and pre-provision operating profit (PPoP) per employee at a faster pace ith CAGR at 4.7% and 4.4% for 2013 and 2017 respectively.

UOB has a "buy" on OCBC with a target price of $13.56 based on 1.44 times 2018 book.

3 ways this ETF could be a useful defensive portfolio component

SINGAPORE (Sept 7): Phillip Capital is highlighting ProShares S&P 500 Dividend Aristocrats ETF (NOBL) as a defensive addition to investor portfolios, given recent geopolitical events and global market volatility.

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Hong Kong's property shadow leaves Singapore developers ahead

SINGAPORE/HONG KONG (Aug 14): Hong Kong’s property stocks are cheaper than Singapore’s, although not cheap enough to account for the risk that the world’s least affordable city could have a housing crash.

Expect modest rally in Asian equities over the next 12 months: Deutsche

SINGAPORE (July 17): Deutsche Bank Wealth Management sees a modest rally in Asian equities over the next 12 months, on expectations of a supportive regional economic landscape and regional valuations.

In its latest chief investment officer (CIO) insights report, the global wealth manager projects a 12-month target of 660 for MSCI Asia ex-Japan with a rise of about 6.5%, following a period of remaining at the bottom of a 620-630 range peaking at 631 on June 26.

The index has already risen more than 20% year to date (YTD).

Divestment bodes well for Mapletree Logistics Trust, but positives likely priced in: OCBC

SINGAPORE (July 11): OCBC continues to rate Mapletree Logistics Trust at “hold”, raising its fair value estimate on the counter to $1.15 from $1.14 given its stronger balance sheet and improved outlook of Singapore's REIT sector.

This comes after the trust’s recent announcement of its intention to divest two of its freehold properties in Japan, Zama Centre and Shiroishi Centre for a consideration of $165.4 million.

Strong fundamentals keep SATS grounded in robust long-term outlook

SINGAPORE (May 22): UOB Kay Hian is keeping SATS at “hold” with a higher target price of $5.05 from $4.60 previously after the airline gateway services and food solutions provider reported $67 million in earnings for the fourth quarter ended March 31.

(See also: SATS reports 31% rise in 4Q earnings to $67 mil)

The path for US equities will be uneven, driven by data & policy: Barclays

SINGAPORE (March 22): Barclays Capital is forecasting Standard & Poor’s (S&P) 500 earnings per share (EPS) to hit US$129 ($181) this year, assuming that a 5% sales growth combined with modest margin expansion and continued repurchases will lead to 8% EPS growth.

In a research report dated March 21, Barclays’ equity research team note that valuations have re-rated closer to “fair”, and that fund flows are still supportive.

Battle of the property plays in a risk-averse environment

SINGAPORE (Dec 6): Maybank Kim Eng is maintaining a “neutral” stance on Singapore’s property sector while positioning defensively at the lower end of the risk spectrum, expressing a preference for exposure to stable platforms over trading portfolios.

“With another challenging year ahead for the physical market, we struggle to turn more positive on property counters despite cheap valuations,” comments analyst Derrick Heng in a Monday report.

This consumer stock should remain steady in the face of stronger competition

SINGAPORE (Nov 30): OCBC Investment Research has declared Sheng Siong Group (SSG) as its latest and sole preferred “buy” pick at an estimated fair value of $1.15, while maintaining its “neutral” stance on Singapore’s consumer sector.

In a Tuesday report, lead analyst Jodie Foo notes how the consumer sector saw a series of privatisations and acquisitions, which suggests that valuations have been generally reasonable.

‘Tis the season to ride the M&A wave

SINGAPORE (Nov 9): Following the recent spate of privatisation, UOB Kay Hian is casting the spotlight on the merger and acquisition (M&A) investment theme.

Given the recent privatisation of ARA Asset Management; Jacobs Douwe Egbert’s conditional general offer for Super Group; and Northstar Advisors’ acquisition of Innovalues via a scheme of arrangement, the research house believes the theme could continue to play out as the yearend approaches.

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