DBSV Research is re-instating coverage on Ezra with a BUY rating and target price of S$1.30. We expect catalysts from strong subsea order momentum, and see improving demand-supply dynamics in the OSV charter markets, supporting the firming of OSV day rates since 2011. The offshore support division is expected to post improved profitability. Balance sheet concerns are easing, with recent refinancing of convertible bonds. Multiple drivers are in place to underpin gradual earnings recovery and this should lead to a narrowing discount to book value, driving upside from current price levels.

Technically, we maintain our view that Yoma shares have little upside left. Instead of chasing the stock higher from here, we think traders should consider locking in some gains at this level. Yoma shares touched $0.74 intra-day but retreated to $0.71 by yesterday's end. The price action and the relatively higher volume day of 58mil shares traded points to profit taking after the stock's stellar performance in recent months. Elliot wave pattern and overbought weekly technical oscillators (8-wk RSI and stochastics) supports the view that risks are now higher. Technicals aside, Yoma shares are now just 10% from our fundamental TP of $0.79, which factors in recent land acquisitions. Considering the 40% rally since 1st Nov and the humongous 90% gain from as recent as early September, a further 10% upside from here is nothing to shout about.

Singapore's manufacturing sector contracted in November from the previous month, supporting the view that the economy may slip into a mild technical recession in the fourth quarter. The November's purchasing managers' index (PMI) improved slightly to 48.8 from October's 48.3 but remained under the 50-point threshold, signalling a contracting manufacturing economy. Though new orders, new export orders and production output all shrank at a slower pace, the latest reading also stands in contrast to a recent string of positive economic news from Asia - China's PMIs are in expansion, Japan posted better- than-expected industrial production growth and South Korea reported surprising export growth.

CapitaLand and Mitsubishi Estate Asia JV, a 75:25 joint venture, has been awarded the residential site at Bishan Street 14 by the HDB at a tender price of S$505.1m in the government land sales tender. This works out to S$852.93 psf ppr. The 11,227.80 sq m (120,856 sq ft) site has an estimated gross floor area of about 55,016.22 sq m (592,195 sq ft). The joint venture plans to develop the site into a condominium with approximately 700 units, which is expected to be launched in the second half of 2013.

Cambridge Industrial Trust is proposing to acquire a property located at 15 Jurong Port Road Singapore for S$43m. The property, with a gross floor area of approximately 245,172 sq ft, is a high quality industrial asset that will complement the existing CIT portfolio. The acquisition will also further reduce the reliance of CIT's income stream on any single asset or tenant.

TA Corporation has secured a $116.7m construction contract to design and build a residential site at Dairy Farm Road, its largest private residential development in Singapore to-date. Located in the heart of Dairy Farm Estate, the site will be developed into six blocks of 15-storey residential condominium of more than 400 units with a basement carpark, swimming pools, club house and communal facilities. Construction is expected to commence in the first half of 2013 and slated for completion by 2015. The orderbook for the group's construction business now stands at approximately $486.5m.

Keppel T&T is venturing into Indonesia's logistics services industry through a partnership with a Jakarta-based firm. The tie-up aims to provide customised and cost-effective integrated logistics services, focusing on Indonesia's fast-moving consumer goods, retail and health-care sectors. Keppel Logistics will contribute 1.225 billion Indonesian rupiah (S$155,573) to the subscribed and paid-up capital of the joint venture firm, while Puninar Logistics, one of the largest private third-party logistics service providers in Indonesia, will put in 1.275 billion Indonesian rupiah.

Novo Group expects to record a loss in its interim results for the six months ended Oct 12 mainly attributable to the decline in the Group's trading business brought about by the fluctuating raw material prices, stagnating global market conditions and the unpredictable economic situation due to heightening concerns of sovereign debt crisis in Europe throughout the period under review.

A uniquely zoned commercial site, specifically for food and beverage (F&B) use, was launched at Punggol Point for public tender by the Urban Redevelopment Authority (URA) yesterday. The subject F&B site, which has an area of 11,606.6 square metres, is expected to complement existing and upcoming attractions in the Punggol area such as the horse-riding centre and the development of Coney Island as a regional park. The site will be sold with a lease term of 15 years and will contribute to the overall vision of Punggol Point as a key recreation destination.

A 0.66-hectare plot, which has maximum permissible gross floor area (GFA) of 301,852 sq ft white site (which means it can be put to commercial, residential or hotel use) at the junction of Thomson Road and Irrawaddy Road yesterday drew a top bid of $492.5m, or $1,631.59 psf ppr. The bid, which was jointly put up by Hoi Hup Realty, Sunway Developments and Hoi Hup JV Development, topped that of eight other bidders and is 15.8% higher than the winning bid of $1,409 psf ppr for a white site at Marina View (Parcel A).

US equities ended marginally lower, still held hostage by the inconclusive discussions by lawmakers to avert the fiscal cliff. There is concern that these discussions can drag on for weeks or even months, pushing pass the January deadline. Still, our economist notes 2 signs of a political/fiscal compromise yet - the first is that Republican house speaker Boehner has reportedly removed four 4 hard-line Republicans that will vote on any deal to avert the fiscal cliff. The next is the indication from Obama that tax rates for the top 2% of income earners (>$250k / yr) would not necessarily have to go back to pre-Bush levels to bring about a deal. Ahead of Friday's November employment data, the ADP employment change (consensus 125k, previous month 158k) will be released tonight.

Source: DBSV