3Q13 earnings of US$51.4m for First Resources exceeded expectations. FFB output peaked during the quarter, jumping 38% q-o-q. Our analyst expects sequentially lower 4Q13 earnings on lower volumes. Rating cut to HOLD; recent outperformance has priced in the strong earnings recovery, TP unchanged at S$2.19.

2Q14 results for Courts Asia below expectations, growth and margins disappoint. Lower earned interest charges led to sharply lower gross margins and earnings. Our analyst has cut FY14F/FY15F earnings by 32%/33%. Downgrade to HOLD with lower TP of S$0.77 (Prev S$ 1.00).

 3Q13 profit for CSE Global missed our estimates slightly due to timing. Costs were booked for two projects, whose revenue would accrue in 4Q13F. Post divestment of Servlec, earnings may grow at over 12% CAGR organically, in addition to the potential for inorganic growth. Maintain BUY with revised TP of S$1.11 (Prev S$ 1.07) as we roll over to FY14F earnings.

ComfortDelgro's3Q13 results in line, steady growth as expected. 9M13 forms 77% of forecasts. CD is our preferred land transport pick, given its geographical diversification and steady growth profile. Maintain BUY, TP: S$2.19.

3Q13 net profit of S$5.6m for Overseas Education in line. 9M13 profits formed 78% of FY13F. Growth was driven by tuition fee hikes across all grades for the academic year starting Aug 13. Based on current momentum, OEL looks set to achieve our FY13F earnings. Maintain BUY with S$1.01 TP.

2Q14 results for Tat Hong were in line; Australian operations, crane utilisation and margins remained weak. Australia operations may take time to recover. Interim DPS of 1 Sct declared. Maintain HOLD with TP of S$1.01 (Prev S$ 1.00).

3Q results for Petra Food within expectations. Effects of weak IDR felt but margins should be sustained with higher ASP and better cost management. FY14F estimate is trimmed by 3% to reflect higher admin expenses. Maintain HOLD, TP revised to S$3.65 (Prev S$4.06) on PE valuation metric. Prefer to accumulate at below c.S$3.15 for c.15% upside potential.

Excluding translational FX loss of Rp19.1bn, Bumitama Agri reported core 3Q13 net profit of Rp187.1bn (+10% y-o-y; +12% q-o-q) - in line with our expected range of Rp181-186 bn. This brought 9M13 earnings to Rp508.7 bn, representing 67% of our full year forecast. Including translational FX loss, the group reported 3Q13 net profit of Rp168.8bn (-19% y-oy; +2% q-o-q). Sequential earnings growth was mainly driven by 48% q-o-q drop in net interest expense and 32% q-o-q drop in income tax; as top line had declined by 8% q-o-q; and operating profit had eased by 5% q-o-q. Our forecasts and TP of S$1.26 are under review, pending analyst briefing and further analysis.

SingTel's 2Q14 results were released this morning. Underlying profit of S$884m -0.2% y-o-y, -1.1.4% q-o-q) was in line with our estimates. However, group topline declined 8.9% y-o-y due to lower mobile termination fee in Australia and weak AUD. Will provide more updates.

Yangzijiang has secured 15 bulk carriers contracts worth US$533m in total, comprising :- (i) four capesize 208k dwt bulk carriers (ii) nine panamax 82k dwt bulk carriers (of which four are exercise of options) (iii) two handymax 64k dwt bulk carriers through the exercise of options.

YTD wins has been lifted to US$2,6bn, exceeding our expectation of US$2.5bn. We will raise our FY13 order win accordingly but lower our FY14 assumption as yard is already filling up slots in 2016. With these new wins, Yangzijiang now has a total of eight units 208k dwt capesizes, 19 units 82k dwt panamxes, and 33 units 64k dwt handymaxes in its orderbook. These formed 82% of its total bulk carrier orders of 73 units. The economies of scales from building the same vessel type is one of the key contributors to Yangzijiang's above-industry-average margins. Maintain BUY, TP: S$1.32.

We expect stable growth for Yanlord Land Group in 2014. Sales target set at Rmb15bn, with c.15% y-o-y growth. Backloaded delivery to 4Q and cash collection could be a concern. Trimmed FY13 EPS by 15%; maintain HOLD, TP S$1.24.

BH Global has won multiple contracts worth a total of approximately S$8.1m. These contracts were awarded by both locally and internationally renowned companies.

Asiasons WFG Capital, for and on behalf of Asia New Energy Holding, is proposing to acquire all the shares in Asia Power Corp for S$0.16 cash.

CCM has been awarded three (3) contracts worth an aggregate of S$5.6m from the Bishan-Toa Payoh Town Council, for repairs and redecoration works.

Source: DBSV