Broadway Industrialreported operating losses of S$5m on weak demand and high cost. With persistent margin pressure and uncertain HDD recovery, our analyst has cut FY12/13F mearnings by 38%/29%. Accordingly, TP is lowered to S$0.26 (Prev S$ 0.38) based on peer average of 7.4x PE. Downgrade to Fully Valued on potential downside near term.

Losses for Tiger Airwayscontinue in the seasonally weaker 2QFY Mar13 quarter. The bigger story at this point, however, is the proposed JV between Tiger Airways and Virgin Australia in a bid to enhance and expand the Tiger Australia platform. Virgin Australia will buy 60% stake in Tiger Australia, signalling a higher growth trajectory. We view this as an opportunistic move by Tiger Airways to improve balance sheet and partner with Virgin. If and when the deal is finalised, subject to regulatory risks, Tiger Airways will be booking a net gain of about S$120m from the transaction, which boosts its NTA per share by about 60% to 42Scts per share. Though we lower our revenue and earnings projections for Tiger Airways in FY14/15F to account for potential de-consolidation of Tiger Australia earnings, the improved balance sheet, better earnings quality and growth prospects should lead to a rerating. We are positive on this development; maintain BUY with higher TP of S$0.95 (Prev S$ 0.90).

Wing Tai reported a strong set of 1Q13 results, slightly ahead of expectations. Going forward, progressive billings and new launches are expected to underpin income stream. Its recent win of land parcel at Redhill has extended earnings visibility. Upgrade to Buy, TP $1.83 (Prev S$ 1.75).

Results for CapitaLandin line, 9-mth numbers makes up 80% of our full year forecast. Improvement was seen across all segments. Looking ahead, earnings momentum is likely to sustain into 4Q12 from its residential activities in China. In the medium term, the acceleration in CMA's performance is expected to underpin core ROE expansion. Maintain Buy, with a slightly higher TP of S$3.54 (Prev S$ 3.42).

2QFYMar13 net profit for SIA Engineering is on track with our estimates. A higher interim DPS of 7Scts (up from 6Scts) was declared. Outlook for MRO demand remains fairly stable. Maintain BUY for resilient earnings and >5% yield, TP is unchanged at S$4.40.

3Q12 results for CDL Hospitality Trust slightly below expectations, caused by a 1% drop in RevPAR by the Singapore Hotels and the weakening AUD/SGD exchange rate. Revenues could peak in 4Q12 due to year end peak activities in its banquet and F&B revenues. We believe that opportunities for further meaningful hikes in RevPAR are unlikely in the coming 2 quarters and will weigh on stock price performance in the near term. HOLD call maintained with a reduced TP of S$2.01 (Prev S$ 2.09). Stock offers a prospective FY12-14F yield of 5.9-6.3%.

Indo Agri Resourcesreported 3Q12 net profit of Rp257.9 bn (+2% q-o-q and -12% y-o-y). This was ahead of our expectations of Rp192-210 bn, due mostly to lower-than-expected cost of sales. Our HOLD and TP are under review, pending further details at the results briefing this morning.

JES Internationalhas secured a second newbuild order for a Platform Support Vessel since it expanded its shipbuilding business into the offshore oil & gas industry. The second contract was secured from the same customer based in Norway, and is also scheduled for delivery at the end of FY2014. With the new order, JES now has a total of 2 PSVs in its offshore support vessels order book.

Source: DBSV