Our analyst visited Pan United's port, Xinghua Port in Changshu (CXP), in China recently and gained further insights to the Port's operations. He now believes that CXP is capable of contributing sustainable earnings to Pan U going forward. CXP now contributes more significantly (27% vs 18% previously) to Pan U's earnings. Maintain BUY with S$1.21 TP.

2Q14 results for Ascendas REIT in line. New acquisitions, developments to underpin a steady growth profile in coming quarters. Maintain BUY, TP revised to S$2.37 (Prev S$ 2.27). We continue to like A-REIT for its stability and attractive yields of c6.1-6.2%.

Keppel Land's3Q13 results in line, boosted by development and recurrent income contributions. More launches are in the pipeline in China and Singapore. With a current gearing 0.44x, the group has deep balance sheet capacity of S$1.1bn debt headroom assuming a gearing of 0.6x. Maintain BUY, TP S$4.35.

SIA reported its September operating stats that showed a mild 1.8% y-o-y growth in passenger carriage to 8,058.8m p-km on 2.6% increase in capacity, resulting in a slight drop in load factor 0f 0.7ppt to 79.9%. Silkair registered a 3.5% increase in carriage to 407m p-km but load factor declined 4ppt to 64.9% on 10% growth in capacity. Meanwhile, SIA Cargo's carriage fell 6.7% yoy to 536.3m tonne-km with load factor falling 1.1ppt to 63%. Overall, a fairly uninspiring set of numbers as the overall macro-environment remains soft. Our BUY call for SIA is predicated on its undemanding valuation of just 0.9x P/B, with 40% of its market cap in net cash. TP of S$11.50 is based on 1x P/B.

Midas had secured contracts to supply aluminium alloy extrusion profiles and fabricated parts to two major train projects in Europe worth 17.7m Euros, as well as profiles and fabricated parts to major PRC metro projects worth RMB75.9m. The European contracts are expected to be delivered between 2013 to 2017, whilst the PRC metro contracts, which include projects in Shenzhen Metro Line 4, Ningtian Intercity Line 1, and Nanjing Metro Line 4 amongst others, will be for delivery between 2013 to 2016. This is positive news for the Group as it will grow its order book to c. RMB800m, which should underpin its earnings recovery next year. However, given the delayed re-starting of high speed railway projects in China, Midas' earnings recovery will likely be pushed back further out into next year. Still, we maintain our BUY call as the stock is trading at just 0.9x P/B, with a turnaround story next year as China re-embarks on its high speed railway development plans. TP S$0.60 is based on 1.2x P/B.

CNA Group has won over S$8.5m in new projects in Asia. The new project wins include: integrated building management system for Tanjong Pagar Centre, upgrading SCADA systems at Jurong Water Reclamation Plant - inclusive of a 5-year maintenance; and second airport project win in Laos.

AusGroup has signed a Multi-Discipline Services Agreement (MDSA) with Woodside Energy as operator of the North West Shelf Project for maintenance work at the Domestic Gas Plant. The MDSA will provide AusGroup with the opportunity to participate in a rolling program of general and campaign maintenance activity potentially over the next 5 years.

Developers' private home sales surged 65% to 1,246 units in September from 756 units in August - though the figure was slightly less than half the 2,621 units transacted in the primary market in September last year. The figures exclude executive condominium (EC) units. Based on preliminary figures, developers have sold 2,484 private homes in the third quarter - the weakest showing since Q4 2009, when 1,860 units were sold. This shows the total debt servicing ratio (TDSR) framework introduced in late June has bitten the private housing sector deeper than previous cooling measures. September's top-selling project was CapitaLand's Sky Vue condo, with 433 units sold at a median price of $1,401 psf.

US stocks surged as the market reacted positively to news that Senate lawmakers have reached a deal that would end a 16-day government shutdown and raise the debt ceiling ahead of the deadline and avoid a possible United States debt default. On the economic front, the Fed said in its latest snapshot of economic conditions, known as the Beige Book, that growth continues at a modest pace.

Source: DBSV