Excerpts from latest analyst reports.....

Phillip Securities says 'buy' Foreland Fabrictech, target price 19.1 cents

Analyst: Lee Kok Joo

Reasons why we are featuring the stock:

• An inflexion point was observed in 1Q10, profitability since then has rebounded strongly. Future earnings are premised on strong demand for functional fabrics.

• Current entry point looks attractive relative to 2 previous batches of placees. 1st batch paid $0.1235, 2nd batch paid $0.16.

• A top 10 customer took a 3.9% stake in the company at $0.16, signifying confidence in a long term business relationship.

Recent story: ERATAT, GENTING, CITYDEV, FORELAND: What analysts now say.....



Kim Eng says ASL Marine is 'cheap', target price 85 cents

Analyst: Eric Ong

AngKT_ferry
Ang Kok Tian, chairman and MD of ASL Marine, chatting with analysts on board ASL Marine's ferry. File photo: Leong Chan Teik

ASL Marine announced that it has secured new shipbuilding contracts worth about $131m for the construction of 11 vessels.

These include two units of emergency response and rescue vessels and nine units of anchor handling towing supply (AHTS) vessels. According to management, these vessels are scheduled to be completed between 4Q12 and 3Q13.

We understand that the two units of North Sea standard emergency response and rescue vessels are repeat orders secured from an undisclosed customer and will be built at the group’s shipyard in Singapore.

The nine AHTS vessels, however, will be built at its shipyard in Guangdong Province, China.

While we think that ASL is well-positioned to benefit from the potential return of an OSV capex cycle, shipbuilding gross margin is expected to remain slim (under 10%) due to the keen competition among the regional shipyards.

With this latest contract win, we estimate ASL will have a net orderbook of $300m, which should keep its yard busy in the meantime, thus offsetting the high fixed costs.

Trading at only 0.73x FY12 P/B, the stock remains undemanding on cheap valuation. We maintain our BUY recommendation and target price of $0.85.

Recent story: ASL MARINE, SWING MEDIA, ASIATRAVEL.COM: What analysts say now....

 



Credit Suisse has 90-cent target for Tiger Airways

tiger_july11_chrt
Tiger Airways stock has lost altitude very fast inthe last six weeks or so.

Credit Suisse said it is concerned over the negative perception over Tiger Airways Australia's safety record. This could have a negative impact on both demand and total fares, said Credit Suisse.

"Thus, we remain negative on Tiger Airways, and reiterate our UNDERPERFORM rating on the stock."

Its S$0.90 target price (based on 5x CY12 earnings) implies a 14% potential downside to the stock which recently traded at $1.04.

The S$0.90 target price is at an implied P/B multiple of 2.5x FY11 BV of S$0.37.

Recent story: SINO GRANDNESS, ZIWO, TIGER AIRWAYS: What analysts now say.....


Share Prices

Counter NameLastChange
AEM Holdings1.1600.030
Alliance Mineral0.123-
Anchor Resources0.0140.001
AusGroup0.0280.002
Avi-Tech Electronics0.2900.005
Best World Int.1.360-
China Sunsine1.1300.010
CSE Global0.480-
Food Empire0.500-
Geo Energy0.1570.002
Golden Energy0.200-
GSS Energy0.084-
HMI0.7200.005
ISDN Holdings0.230-0.005
KSH Holdings0.415-0.010
Miyoshi0.0450.002
Moya Asia0.0770.002
Nordic Group0.2850.005
Oxley Holdings0.330-
REX International0.068-0.001
Riverstone0.915-0.005
Roxy-Pacific0.385-0.015
Sing Holdings0.405-
SingMedical0.380-
Sino Grandness0.0510.001
Straco Corp.0.750-0.010
Sunningdale Tech1.4100.010
Sunpower Group0.5250.010
The Trendlines0.0910.013
Tiong Seng0.220-
Uni-Asia Group0.750-
XMH Holdings0.154-
Yangzijiang Shipbldg1.520-

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