Towards Financial Freedom
DBS Equity Research - Wired Daily 7 Jan 2016
CSE Global - Trim FY15F/16F earnings by 7%/15% due to slowdown in large greenfield projects. Downgrade to HOLD.
We trim FY15F/16F earnings for CSE Global by 7%/15% due to slowdown in large greenfield projects. With healthy net cash position, absolute dividends are likely to be maintained, implying over 6% yield. We downgrade the stock to HOLD for limited upside potential with our new TP at S$0.49 (Prev S$0.57). Dividend yield of 6% is expected to support the share price.
SPH REIT's1Q16 DPU was flat y-o-y, coming in at 1.33 Scts. This represented 24% of our FY16F DPU of 5.53 Scts and was in line with our expectations. Going forward, we believe that Paragon will continue to outperform the rest of Orchard Road, due to the property's prime location and successful track record with its tenants. In addition, with our expectations of 3% y-o-y uplift in tourist arrivals in 2016, we believe Paragon should be a beneficiary of a recovery in the tourist trade. Maintain HOLD call and TP of S$0.99.
Vallianz Holdingshas entered into two Memoranda of Agreement with an independent third party to purchase two new built vessels for a total consideration of US$21.8m.
Sarine Technologiesexpect revenues for the fourth and final quarter of the year to be approximately U.S. $12.25m, constituting a significant improvement on a sequential basis, though revenues are still expected to be less than in the corresponding quarter in 2014.
According to financial services data provider Markit, Singapore is forecast to distribute S$15.865 bn in 2016 - up a meagre 0.3% from 2015's S$15.824 bn. If specials are included, the distribution is projected to fall 2.5% to S$16.2 bn. It's the worst among Asia Pacific countries for positive dividend growth - excluding Australia and Indonesia, which are forecast to cut payouts, said Markit in the 2016 dividend outlook for 13 Asia Pacific countries.
The global aerospace and defence (A&D) industry is expected to return to growth in 2016 with total sector revenues to expand 3%, after contracting in 2015. Factors driving the bullish outlook include a pick-up in defence spend as well as big order books in the commercial aerospace sector, according to the Deloitte Touche Tohmatsu 2016 global aerospace and defence sector outlook.
US stocks fell following China's move to weaken the RMB, which rekindled concerns about a slowdown in the Chinese economy. The RMB has fallen nearly 4.5% against the USD in the initial few days of 2016 with the USDCNY currently at 6.556. Worries about a slowdown in China also weigh in on commodity prices with Brent crude falling below USD35pbl.
Source: DBS
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