Small/Mid Cap Strategy and Stock Picks - the DBS Vickers ...

More documents

Recommendations

Info

Regional Small/Mid Cap Strategy Q2 2008 Earnings Guide SINGAPORE : EARNINGS GUIDE Price/ Price/ Net Mkt Mkt Price Target Share Price Net Profit (Before EI) EPS CAGR EV/EBITDA BV Sales Dividend Yield Debt/ Company FYE Cap Cap (S$) Price % Performance (%) (Scts) 07-09 PE (x) (x) (x) (x) (%) Equity ROA ROE Disclosure (S$m) (US$m) 25-Mar (S$) Upside Rcmd 3M 6M 12M 07 08F 09F 08F 09F (%) 08F 09F 08F 09F 08F 08F 08F 09F 07 07 07 Analyst Legend BASIC MATERIALS Asia Enterprises Dec 110 80 0.40 0.73 85% B -16 -16 3 20 23 8.2 n.a 4.8x 3.2x n.a. 1.0x 0.5x 8.3% cash 16% 22% Jeremy Thia China Sun Bio-Chem Dec 227 165 0.28 0.61 118% B -43 -56 -48 60 64 70 8.0 8.6 8 3.5x 3.3x 1.9x 1.3x 0.7x 0.6x 2.8% 3.0% cash 11% 20% Team Coverage Ferro China Dec 1,079 782 1.35 2.75 104% B -26 -41 -16 75 218 286 27.0 35.3 55 5.0x 3.8x 5.0x 3.8x 0.8x 0.3x 1.5% 1.5% 0.46 5% 11% Paul Yong Fibrechem Dec 614 445 0.68 1.30 91% B -53 -46 -34 94 102 146 11.1 15.9 24 6.1x 4.3x 5.0x 3.2x 1.5x 1.7x 2.6% 3.7% cash 22% 36% Ho Pei Hwa Jiutian Chemical Dec 235 170 0.17 0.31 82% B -63 -74 -55 12 27 60 1.9 4.3 124 8.8x 4.0x 7.0x 2.7x 1.7x 1.6x 2.3% 5.1% 0.06 8% 13% Ho Pei Hwa Midas Hings Dec 811 851 0.96 1.60 67% B -38 -34 -37 32 43 70 5.0 8.3 48 19.1x 11.5x 13.3x 8.4x 3.9x 4.7x 2.6% 3.1% cash 15% 19% Paul Yong Note 3 SP Chemical Dec 258 187 0.47 0.72 54% H -30 -39 -32 52 48 59 8.7 10.7 6 5.4x 4.4x 3.9x 3.4x 1.0x 0.5x 2.7% 2.7% 0.87 11% 26% Ho Pei Hwa Sector 3,334 2,679 344 524 690 6.4x 4.7x CONSUMER GOODS Celestial NutriFoods Dec 366 265 0.58 1.59 177% B -46 -52 -63 83 89 102 13.1 14.6 8 4.4x 3.9x 2.8x 2.1x 0.9x 0.9x 4.1% 4.6% 0.00 13% 27% Andy Sim Cerebos Sep 1,184 858 3.76 4.65 24% B -13 -5 15 84 92 100 29.1 31.9 9 12.9x 11.8x 6.5x 5.8x 3.1x 1.5x 6.6% 6.6% cash 13% 23% Andy Sim China Dairy Dec 92 67 0.21 0.24 12% FV -43 -53 -57 11 9 9 2.0 2.2 -6 10.4x 9.7x 4.9x 4.0x 0.8x 0.4x 1.4% 1.5% cash 6% 11% Andy Sim China Essence Mar 206 149 0.53 0.85 62% B -44 -45 -35 29 39 47 8.8 10.5 18 6.0x 5.0x 3.6x 2.3x 1.3x 1.6x 2.0% 2.3% cash 20% 28% Andy Sim China Fishery Group Dec 1,197 867 1.53 2.72 77% B -19 -20 -30 122 156 173 19.9 22.1 19 7.7x 6.9x 6.1x 5.0x 2.6x 1.8x 4.3% 4.8% 1.05 16% 48% Andy Sim China Hongxing Dec 1,473 1,067 0.58 0.90 55% B -40 -37 -17 82 103 138 3.9 5.0 25 14.9x 11.6x 9.0x 6.1x 1.9x 2.7x 1.3% 1.7% cash 15% 19% Paul Yong China Lifestyle Dec 161 117 0.32 0.63 97% B -26 -27 -9 17 24 30 4.8 6.1 33 6.6x 5.3x 4.0x 3.1x 1.4x 0.9x 3.0% 3.8% cash 15% 21% Andy Sim China Sky Chemical Fibre Dec 781 566 0.99 1.70 73% B -55 -49 -29 128 151 222 18.5 27.2 30 5.3x 3.6x 2.4x 1.3x 1.2x 1.3x 2.8% 4.1% cash 27% 28% Ho Pei Hwa China Sports International Dec 301 218 0.90 1.77 98% B -50 -44 12 31 44 59 13.0 17.5 39 6.9x 5.2x 4.4x 2.9x 2.0x 0.9x 2.9% 3.9% cash 36% 47% Paul Yong First Resources Dec 1,468 1,064 1.00 2.00 100% B -12 -9 -9 64 162 145 11.1 9.9 50 9.0x 10.0x 5.2x 5.4x 2.3x 3.8x 0.0% 0.0% 0.13 9% 21% Benjamin Santoso Hongguo Int Dec 206 150 0.52 0.94 81% B -41 -41 -57 22 26 31 6.4 7.7 19 8.1x 6.8x 6.3x 5.3x 1.8x 1.1x 3.1% 3.7% cash 18% 24% Team Coverage Hsu Fu Chi Jun 739 536 0.93 1.45 56% B -15 -13 5 50 58 68 7.4 8.6 17 12.7x 10.9x 6.2x 5.1x 1.8x 1.2x 3.2% 3.7% cash 11% 17% Andy Sim Luzhou Bio-Chem Dec 73 53 0.19 0.25 33% FV -46 -53 -72 11 11 12 2.8 3.0 3 6.7x 6.1x 4.0x 3.4x 0.7x 0.1x 6.7% 7.4% 0.64 5% 14% Team Coverage Man Wah Mar 150 109 0.23 0.59 162% B -26 -4 0 16 31 43 4.7 6.5 64 4.8x 3.5x 3.0x 2.2x 1.4x 0.6x 5.4% 7.4% 0.04 19% 27% Wee Lee Chong Olam International Jun 3,533 2,560 2.27 3.80 67% B -21 -27 -24 109 140 217 8.8 12.6 34 25.8x 17.9x 15.1x 12.5x 4.7x 0.5x 0.9% 1.4% 3.86 4% 24% Paul Yong Note 2 Pacific Andes Mar 668 484 0.50 0.92 87% B -22 -33 -23 () 89 120 7.6 9.0 42 6.5x 5.5x 6.6x 5.8x 1.0x 0.4x 4.4% 6.0% 1.14 7% 27% Andy Sim Petra Food Dec 665 482 1.25 1.20 -4% FV -16 -19 -29 35 41 44 7.7 8.3 12 16.2x 15.1x 10.7x 8.8x 2.3x 0.5x 2.5% 2.6% 1.06 6% 15% Andy Sim Sing Lun Hings Dec 86 62 0.33 0.33 0% B 29 35 89 9 9 10 3.6 3.8 3 9.3x 8.7x 5.4x 4.8x 1.5x 0.4x 4.8% 4.8% cash 12% 18% Team Coverage YHI Hings Dec 158 114 0.27 0.42 55% B -25 -32 -32 26 25 27 4.2 4.5 1 6.4x 5.9x 4.8x 4.5x 0.9x 0.3x 4.7% 5.1% 0.41 9% 17% Team Coverage Wilmar Hings Dec 25,990 18,830 4.07 5.90 45% B -18 12 55 801 1,067 1,167 16.7 18.3 21 24.4x 22.3x 15.6x 13.6x 2.2x 0.5x 0.7% 0.7% 0.50 6% 13% Benjamin Santoso Note 2 Sector 39,499 28,618 1,731 2,365 2,764 16.7x 14.3x CONSUMER SERVICES Amara Hings Dec 309 224 0.54 0.81 51% B -18 -25 -14 5 16 24 2.8 4.1 113 19.0x 13.0x 13.6x 10.5x 1.7x 2.3x 0.9% 0.9% 1.16 7% 20% Team Coverage ComfortDelgro Dec 3,565 2,583 1.71 2.15 26% B -3 -13 -8 223 251 279 12.1 13.5 12 14.1x 12.7x 6.3x 5.8x 2.3x 1.1x 5.4% 6.1% 0.03 7% 15% Paul Yong Hotel Grand Central Dec 435 316 0.94 1.34 44% B -12 -19 6 34 35 37 7.6 8.0 5 12.3x 11.7x 6.5x 6.0x 0.7x 3.3x 2.2% 2.3% cash 8% 10% Team Coverage Oriental Century Dec 85 61 0.51 0.97 90% B -42 -42 -50 8 8 9 4.9 5.3 7 10.6x 9.7x 4.4x 3.0x 1.7x 5.3x 0.9% 1.0% cash 18% 20% Andy Sim Raffles Education Jun 2,167 1,570 0.95 1.86 96% B -33 -13 -17 49 90 126 4.0 5.6 54 24.0x 17.1x 19.6x 14.6x 6.7x 10.1x 3.6% 5.0% cash 26% 50% Andy Sim Robinson & Co Jun 593 430 6.90 6.26 -9% S 59 40 37 41 44 48 50.7 55.8 8 13.6x 12.4x 7.6x 6.0x 2.3x 1.1x 2.9% 3.2% cash 11% 16% Team Coverage Singapore Airlines Mar 17,842 12,927 15.04 22.50 50% B -14 -20 -12 1,708 1,830 1,964 154.0 161.5 5 9.8x 9.3x 3.9x 3.5x 1.1x 1.1x 3.6% 3.6% cash 9% 15% Paul Yong SPH Aug 7,187 5,207 4.52 5.80 28% B 1 5 4 506 521 545 32.9 34.4 4 13.7x 13.1x 10.4x 9.9x 3.1x 5.2x 7.1% 7.7% cash 16% 24% Paul Yong Note 2 Singapore Post Mar 2,194 1,590 1.14 1.35 18% B 3 -7 2 134 141 153 7.4 8.0 7 15.3x 14.2x 11.1x 10.4x 10.4x 4.7x 5.9% 6.0% 1.31 20% 84% Sachin Mittal SMRT Mar 2,697 1,954 1.78 1.78 0% H 6 3 19 135 145 156 9.6 10.3 7 18.5x 17.3x 8.9x 8.3x 4.1x 3.4x 4.1% 4.4% 0.10 10% 22% Paul Yong The Hour Glass Mar 192 139 0.83 1.19 43% B -15 2 36 18 26 28 11.4 12.3 -13 7.3x 6.8x 5.0x 4.4x 1.0x 0.4x 5.5% 5.9% cash 8% 11% Team Coverage Sector 37,266 27,000 2,862 3,107 3,368 12.0x 11.1x FINANCIALS Banking OCBC Bank Dec 25,200 18,258 8.06 9.00 12% B -4 -8 -9 1,878 2,035 2,259 66.0 73.3 10 12.2x 11.0x n.a. n.a. 1.6x n.a. 3.8% 4.2% cash nm 15% Team Coverage UOB Bank Dec 29,379 21,286 19.28 19.30 0% B -3 -11 -8 2,109 2,261 2,408 142.4 151.7 7 13.5x 12.7x n.a. n.a. 1.7x n.a. 3.9% 4.2% cash nm 13% Team Coverage Sector 54,578 39,544 3,987 4,295 4,668 12.7x 11.7x Non-Bank Financials ARA Asset Management Dec 413 299 0.71 1.13 59% B -30 -38 -38 34 37 47 6.4 8.1 18 11.2x 8.8x 7.8x 5.7x 3.7x 5.5x 6.3% 8.0% cash 41% 58% Team Coverage Note 2 Babcock & Brown Dec 239 174 0.62 1.20 95% B -35 -38 -42 32 34 8.7 n.a 7.1x 9.6x n.a. 0.8x 4.6x 17.1% 0.57 6% 11% Jesvinder Sandhu Hotung Investment Dec 269 195 US$0.16 US$0.22 42% B -3 -3 7 21 21 1.7 n.a 12.4x 6.0x n.a. 0.6x 5.0x 7.3% cash 5% 5% Team Coverage Kim Eng Hings Dec 1,230 891 2.05 2.37 16% H -7 9 29 149 157 170 26.9 29.2 7 7.6x 7.0x 1.5x 0.9x 1.2x 2.1x 3.9% 3.9% cash 7% 17% Team Coverage Pacific Shipping Trust Dec 191 138 US$ 0.41 US$0.52 27% B -2 -6 -5 19 20 5.8 n.a 9.7x 7.1x n.a. 0.9x 4.0x 10.3% 0.72 8% nm Jesvinder Sandhu Note 3, 5 Singapore Exchange Jun 8,050 5,833 7.55 13.20 75% B -44 -43 18 311 423 454 39.9 42.8 20 18.9x 17.6x 13.8x 12.9x 9.2x 11.0x 4.8% 5.1% cash 30% 60% Team Coverage Sing Investments & FinancDec 162 117 1.54 1.92 25% H -6 -10 -8 13 13 13 12.3 12.6 -3 12.5x 12.2x n.a. n.a. 0.8x n.a. 3.4% 3.4% cash nm 7% Team Coverage Sector 10,555 7,647 579 705 685 15.0x 14.4x Page 62
Regional Small/Mid Cap Strategy Q2 2008 Earnings Guide SINGAPORE : EARNINGS GUIDE Price/ Price/ Net Mkt Mkt Price Target Share Price Net Profit (Before EI) EPS CAGR EV/EBITDA BV Sales Dividend Yield Debt/ Company FYE Cap Cap (S$) Price % Performance (%) (Scts) 07-09 PE (x) (x) (x) (x) (%) Equity ROA ROE Disclosure (S$m) (US$m) 25-Mar (S$) Upside Rcmd 3M 6M 12M 07 08F 09F 08F 09F (%) 08F 09F 08F 09F 08F 08F 08F 09F 07 07 07 Analyst Legend HEALTHCARE AsiaPharm Group Dec 352 255 0.72 - NA Accept 21 32 1 12 16 3.2 n.a 22.6x 14.5x n.a. 2.1x 3.4x 0.8% 0.08 6% 8% Team Coverage Offer Eu Yan Sang Jun 198 144 0.55 0.65 18% H -6 -10 -15 15 16 18 4.4 4.9 7 12.4x 11.3x 6.9x 5.9x 2.0x 0.9x 4.0% 4.4% 0.11 11% 17% Team Coverage Note 3 LMA International Dec 132 95 0.23 0.43 91% FV -51 -59 -60 21 20 3.5 n.a 6.5x 1.9x n.a. 0.9x 1.0x 0.0% cash 15% 18% Team Coverage Parkway Dec 2,622 1,900 3.40 3.95 16% B -14 -20 5 90 102 118 13.3 15.4 14 25.6x 22.1x 21.9x 20.0x 5.3x 2.8x 3.5% 4.1% 0.07 26% 59% Andy Sim Raffles Medical Dec 624 452 1.21 1.74 43% B -19 -19 11 23 28 36 5.5 7.0 24 22.1x 17.3x 15.8x 11.8x 2.9x 3.0x 3.6% 4.6% 0.03 17% 23% Andy Sim Note 2 Thomson Medical Aug 187 135 0.64 0.87 36% B 3 -4 20 10 11 13 3.8 4.3 15 16.8x 14.9x 10.8x 9.3x 1.9x 3.1x 3.0% 3.4% cash 9% 11% Team Coverage Sector 4,115 2,981 172 193 184 21.4x 19.7x INDUSTRIALS Beng Kuang Dec 87 63 0.23 0.21 -7% FV -20 -17 55 7 8 9 2.1 2.5 21 10.7x 9.1x 9.5x 8.3x 2.3x 0.6x 3.7% 4.4% 0.47 9% 25% Jeremy Thia Boustead Singapore Mar 491 356 1.92 1.90 -1% FV -20 -19 10 35 45 50 17.7 19.4 18 10.8x 9.9x 4.8x 4.0x 2.9x 1.1x 3.9% 3.9% cash 12% 29% Tan Ai Teng China Merchants Dec 451 327 0.78 1.10 42% B -20 -4 -5 50 52 54 7.2 6.3 -14 10.7x 12.3x 6.7x 8.0x 0.8x 6.8x 6.5% 6.5% cash 8% 9% Paul Yong Cosco Corp Dec 7,700 5,579 3.44 5.40 57% B -42 -37 19 337 507 667 22.6 29.8 41 15.2x 11.5x 7.8x 5.9x 6.0x 1.6x 2.1% 2.4% 0.05 12% 42% Janice Chua Eng Kong Dec 45 33 0.19 0.23 21% H -14 -21 3 5 6 7 2.5 2.8 20 7.6x 6.8x 3.1x 2.6x 0.8x 0.6x 3.2% 3.5% cash 6% 10% Jeremy Thia Epure International Dec 639 463 0.50 1.07 117% B -29 -26 -23 32 54 63 4.2 4.9 40 11.9x 10.1x 7.8x 6.2x 2.4x 3.4x 0.0% 0.0% cash 11% 18% Wee Lee Chong Note 2 Hong Leong Asia Dec 942 683 2.47 4.30 74% B -34 -34 34 83 119 136 31.3 35.7 28 7.9x 6.9x 4.7x 4.2x 1.4x 0.3x 5.1% 5.8% 0.21 3% 17% Paul Yong Note 3 Hupsteel Jun 182 132 0.29 0.51 77% B -25 -39 -19 31 32 39 5.1 6.3 4 5.7x 4.6x 4.4x 3.6x 0.9x 0.5x 7.1% 8.6% 0.17 16% 23% Jeremy Thia Inter-Roller Engineering Dec 153 111 0.46 0.42 -9% S -26 -46 -47 4 14 4.2 n.a 11.0x 9.0x n.a. 1.9x 1.0x 6.0% cash 13% 24% Paul Yong Keppel Corporation Dec 15,914 11,530 10.02 12.56 25% B -22 -27 7 1,025 1,154 1,324 73.8 84.7 14 13.6x 11.8x 9.9x 8.9x 2.9x 1.5x 2.2% 2.5% 0.01 8% 24% Jesvinder Sandhu Kian Ho Bearings Dec 46 33 0.20 0.20 5% FV -7 -22 -32 6 6 2.6 n.a 7.5x 7.2x n.a. 0.8x 0.5x 2.0% 0.62 6% 12% Team Coverage KSH Holdings Mar 65 47 0.37 0.82 122% B -24 -40 13 6 8 19 3.9 9.1 62 9.4x 4.1x 5.7x 3.6x 1.4x 0.3x 2.8% 2.8% 0.05 5% 15% Team Coverage Note 2 Nam Lee Pressed Metal Sep 70 51 0.16 0.22 43% H -6 -59 -51 8 8 9 1.8 2.0 -4 8.4x 7.6x 5.6x 5.8x 0.8x 0.4x 1.9% 2.1% 0.22 7% 11% Jeremy Thia Pan-United Corporation Dec 338 245 0.62 1.16 89% B -19 -29 -23 34 38 43 6.9 7.9 12 8.9x 7.8x 5.6x 4.9x 1.4x 0.6x 7.6% 8.4% 0.10 8% 14% Jesvinder Sandhu Rickmers Maritime Dec 390 283 1.00 1.80 80% B -15 -35 -36 20 29 29 6.9 6.9 15 14.5x 14.5x 13.7x 13.5x 0.7x 3.5x 11.8% 11.8% 0.55 3% 5% Jesvinder Sandhu Note 2 See Hup Seng Dec 108 78 0.30 0.53 77% H -53 -65 -38 14 16 18 4.4 5.1 13 6.8x 5.9x 3.5x 3.0x 1.3x 0.6x 0.0% 0.0% cash 18% 29% Jesvinder Sandhu SembCorp Industries Dec 7,317 5,302 4.10 4.47 9% FV -28 -34 -18 602 553 31.0 n.a 13.2x 7.6x n.a. 2.2x 0.8x 3.8% 0.01 6% 18% Jesvinder Sandhu SembCorp Marine Dec 7,726 5,598 3.73 4.50 21% B -10 -18 50 362 434 524 21.0 25.3 20 17.8x 14.8x 11.4x 9.5x 4.0x 1.4x 3.9% 4.7% cash 6% 16% Jesvinder Sandhu SIA Engineering Mar 4,297 3,113 4.00 3.77 -6% H -10 -18 -16 242 262 288 25.1 27.6 9 15.9x 14.5x 12.1x 11.0x 3.7x 4.1x 3.3% 3.5% cash 18% 24% Janice Chua Singapore Shipping Mar 172 125 0.40 0.47 19% H 3 -6 8 7 7 5 1.5 1.1 -19 25.7x 34.9x 22.1x 20.2x 2.0x 13.4x 30.4% 5.1% cash 6% 6% Team Coverage Sinwa Limited Dec 63 46 0.28 0.39 39% H -51 -60 -44 8 10 12 4.6 5.4 23 6.0x 5.2x 5.3x 4.4x 1.1x 0.4x 5.2% 6.1% 0.21 10% 20% Jeremy Thia SP AusNet Mar 3,118 2,259 1.49 1.73 16% B -4 -11 -14 206 211 10.1 n.a 14.8x 13.4x n.a. 1.0x 2.4x 9.8% 1.43 6% 13% Jesvinder Sandhu SSH Corporation Jun 141 102 0.26 0.37 44% B -33 -34 6 18 23 28 4.3 5.2 24 6.0x 5.0x 5.2x 4.7x 1.4x 0.6x 4.2% 5.0% 0.41 14% 23% Wee Lee Chong ST Engineering Dec 10,017 7,258 3.35 4.00 19% H -11 -11 -1 504 542 615 18.2 20.6 11 18.4x 16.3x 11.4x 10.3x 6.0x 1.8x 5.4% 6.1% cash 9% 31% Janice Chua Sunpower Dec 61 44 0.19 Under nm NR -29 -42 -49 6 8 n.a 8.0x 5.8x n.a. 1.4x 0.4x 0.0% 0.37 6% 19% Ho Pei Hwa Review 2.3 Tat Hong Mar 1,098 795 2.21 2.70 22% FV -31 -1 52 46 87 103 17.5 20.7 43 12.6x 10.7x 7.6x 6.3x 3.0x 2.0x 3.2% 3.8% 0.25 14% 34% Wee Lee Chong Yangzijiang Dec 3,037 2,200 0.92 1.45 57% H -55 -51 -3 171 259 329 7.1 9.0 32 13.0x 10.3x 8.5x 5.5x 4.0x 2.4x 1.5% 2.0% cash 9% 40% Janice Chua Note 2 Sector 64,668 46,854 3,871 4,492 4,371 14.4x 12.4x OIL & GAS Aqua-Terra Dec 109 79 0.31 0.35 14% FV -34 -36 -26 12 15 18 4.4 5.1 23 7.0x 6.1x 4.5x 3.6x 1.0x 0.4x 1.5% 1.5% 0.03 7% 18% Wee Lee Chong Ezra Hings Aug 1,078 780 1.84 3.15 71% B -43 -40 -29 35 60 106 10.3 18.2 73 17.8x 10.1x 13.7x 9.4x 1.6x 3.8x 2.7% 3.3% 0.36 15% 35% Jesvinder Sandhu Note 3, 5 Jaya Hings Jun 1,093 792 1.42 2.15 51% B -22 -27 -2 122 149 167 19.3 21.7 17 7.3x 6.5x 5.9x 5.4x 2.4x 3.1x 8.1% 9.2% 0.00 22% 35% Jesvinder Sandhu KS Energy Dec 420 305 1.67 3.00 79% B -48 -57 -42 39 68 82 27.0 32.5 46 6.2x 5.1x 8.6x 7.9x 1.5x 0.7x 5.6% 5.8% 1.14 13% 42% Wee Lee Chong Singapore Petroleum Co Dec 3,397 2,462 6.58 7.27 10% B -13 0 41 508 495 460 96.1 89.4 -5 6.8x 7.4x 4.7x 4.7x 1.7x 0.4x 8.8% 8.1% 0.20 14% 30% Team Coverage Swiber Hings Dec 1,018 738 2.40 3.49 45% B -30 -26 94 37 99 134 23.3 31.6 95 10.3x 7.6x 9.7x 6.4x 2.7x 1.7x 0.0% 0.0% 0.11 22% 44% Wee Lee Chong Swissco International Dec 147 106 0.82 1.41 71% B -36 -37 30 5 12 13 6.8 7.1 67 12.0x 11.5x 2.7x 1.9x 0.8x 3.1x 2.4% 2.4% cash 25% 30% Wee Lee Chong Sector 7,263 5,262 757 898 980 8.1x 7.4x PROPERTY Allgreen Properties Dec 1,940 1,406 1.22 1.66 36% B -18 -31 -27 146 167 278 10.5 17.5 38 11.7x 7.0x 10.5x 5.6x 0.8x 3.4x 2.7% 2.7% 0.30 5% 8% Team Coverage Banyan Tree Dec 990 717 1.30 2.38 83% B -36 -33 -40 37 59 79 7.9 10.5 45 16.5x 12.3x 9.9x 8.1x 1.5x 2.1x 3.0% 4.0% 0.27 7% 17% Team Coverage City Development Dec 9,911 7,181 10.90 11.62 7% H -22 -34 -25 706 868 1,158 95.4 127.4 28 11.4x 8.6x 8.5x 6.4x 1.7x 2.6x 4.8% 6.4% 0.47 6% 14% Team Coverage Note 2 Fraser & Neave Sep 6,673 4,686 4.81 5.85 22% B -16 -11 -7 367 424 548 30.7 39.6 19 15.7x 12.1x 11.6x 9.8x 1.2x 1.3x 3.2% 4.1% 0.54 3% 9% Andy Sim Gallant Venutre Dec 1,532 1,110 0.64 1.22 92% B -35 -47 -47 15 99 146 4.1 6.1 215 15.5x 10.5x 7.5x 4.9x 1.1x 4.3x 0.0% 0.0% 0.01 1% 1% Team Coverage Guocoland Jun 3,621 2,623 4.08 4.14 1% H -28 -19 18 165 217 295 24.5 33.2 23 16.7x 12.3x 18.8x 12.4x 1.7x 4.7x 1.6% 1.8% 0.58 8% 22% Team Coverage Note 2 Ho Bee Dec 675 489 0.92 1.22 33% H -37 -57 -55 272 190 198 25.8 26.8 -15 3.6x 3.4x 4.2x 2.5x 0.7x 0.8x 1.6% 1.6% 1.08 18% 42% Team Coverage HPL Dec 1,442 1,045 2.86 3.38 18% H -29 -40 -38 49 91 123 18.1 24.4 56 15.8x 11.7x 10.8x 8.6x 1.1x 2.3x 1.1% 1.4% 0.74 6% 13% Team Coverage Note 2 Keppel Land Dec 3,991 2,892 5.54 6.84 23% B -25 -33 -40 246 424 559 59.3 78.2 51 9.3x 7.1x 10.2x 8.0x 1.5x 3.9x 1.2% 1.2% 0.41 14% 40% Team Coverage SC Global Dec 550 398 1.39 1.89 36% H -41 -50 -39 28 61 181 15.5 45.8 153 9.0x 3.0x 11.6x 2.4x 1.4x 2.1x 5.9% 5.9% 3.22 2% 9% Team Coverage Singapore Land Dec 2,743 1,987 6.65 10.81 63% B -16 -37 -38 137 175 221 42.4 53.6 27 15.7x 12.4x 15.1x 12.3x 0.7x 5.5x 2.6% 3.2% 0.16 28% 38% Jeremy Thia United Engineers Dec 851 616 3.85 4.52 18% B 3 1 28 8 93 106 42.1 48.2 nm 9.2x 8.0x 9.3x 8.1x 1.0x 1.3x 2.1% 2.1% 0.40 11% 25% Jeremy Thia United Industrials Corp Dec 3,609 2,615 2.62 3.22 23% H -5 -17 -8 124 209 225 15.2 16.3 35 17.3x 16.1x 18.6x 16.3x 1.0x 4.7x 1.1% 1.1% 0.25 20% 41% Jeremy Thia UOL Group Dec 3,057 2,215 3.84 5.46 42% B -14 -28 -23 93 267 391 33.5 49.2 105 11.5x 7.8x 7.3x 4.9x 0.7x 3.3x 2.2% 2.2% 0.06 14% 21% Jeremy Thia Wheelock Properties Mar 2,094 1,517 1.75 1.79 2% H -18 -35 -45 119 133 581 11.1 48.6 121 15.7x 3.6x 12.6x 1.7x 1.0x 5.3x 0.8% 3.3% cash 11% 17% Team Coverage Wing Tai Hings Jun 1,745 1,265 2.20 2.31 5% H -22 -38 -20 382 165 178 21.2 22.4 -34 10.4x 9.8x 10.2x 8.0x 1.1x 4.6x 2.0% 2.0% 0.39 13% 29% Team Coverage Note 2 Yanlord Dec 3,532 2,559 1.95 3.12 60% B -39 -40 -16 177 316 380 17.3 20.8 42 11.3x 9.4x 6.9x 4.8x 2.0x 2.4x 2.7% 3.2% 0.13 7% 18% Jeremy Thia Sector 48,956 35,321 3,073 3,958 5,648 12.4x 8.7x Page 63
Page 1 and 2:
DBS Group Research Regional Small/M
Page 3 and 4:
Regional Small/Mid Cap Strategy Q2
Page 5 and 6:
Regional Small/Mid Cap Strategy Q2
Page 7 and 8:
Regional Small/Mid Strategy Q2 2008
Page 9 and 10:
Regional Small/Mid Strategy Q2 2008
Page 11 and 12: Regional Small/Mid Strategy Q2 2008
Page 13 and 14: Regional Small/Mid Cap Strategy Q2
Page 41 and 42: Regional Small/Mid Strategy Q2 2008
Page 61: Regional Small/Mid Strategy Q2 2008
show all

Small/Mid Cap Strategy and Stock Picks - the DBS Vickers ...

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?