Wednesday, February 27, 2013

IHH Healthcare - Unmerited favour

Headline numbers were strong though seem unmerited, being distorted by non-recurring items that bumped up performance. We can get fussy very easily here, but we think IHH’s graceful recovery in key markets indicates the depth and strength of its operational capacity. IHH posted a set of better-than-expected results. 4Q12 and FY12 core EPS numbers comprise 25% and 117% of our forecasts respectively. We have fine-tuned our FY13-14 EPS, while introducing FY15 estimates. We retain our Outperform rating, and SOTP target price. Catalysts expected from a ramp-up of Novena Hospital's and revenue intensity in all its three markets. 

Tuesday, February 26, 2013

GLP Ltd: Singapore GIC Sold 596 Million Global Logistic Shares at S$2.60/Share

SINGAPORE--Government of Singapore Investment Corp., Singapore's sovereign wealth fund, has raised US$1.25 billion by selling about 596 million shares in warehouse operator Global Logistic Properties Ltd. (MC0.SG), according to a term sheet seen by Dow Jones Newswires on Tuesday. 

GIC sold the shares at 2.60 Singapore dollars each (US$2.10 each), which is a 4.8% discount to Monday's closing price of S$2.75, the term sheet showed. The pricing comes in at the lower end of the price range of S$2.60 to S$2.66 each. 

J.P. Morgan Chase & Co. (JPM) is the sole bookrunner for the sale, according to the term sheet. 

GIC will hold a 37% stake in GLP, down from 49%, following the share sale and will remain as a substantial shareholder for the long run, a person familiar with the transaction said, adding the move is part of the fund's portfolio rebalancing. 

The share sale is the third-biggest share sale in Asia so far this year. The Singapore sovereign wealth fund joins other companies that have taken advantage of buoyant markets in the region to sell stakes. 

China Petroleum & Chemical Corp. (0386.HK, 600028.SH, SNP), Asia's largest oil refiner, has topped Dealogic's tally of share sales so far this year, raising US$3.1 billion in private placement, followed by the Indian government's US$2.1 billion sale of shares in state-run power firm NTPC Ltd. (532555.BY). 

GLP listed on the Singapore Exchange in October 2010 after raising about 3.5 billion Singapore dollars (US$2.9 billion), in what was at the time the city-state's biggest IPO since 1993. The company's shares are up about 40% from the IPO price of S$1.96, but are down 1.1% so far this year. The benchmark Straits Times Index is up 3.8% so far this year.

Thursday, February 14, 2013

《校园SUPERSTAR 2013》见面会 Meet & Greet @ ARC


地点:ARC亚历山大零售中心 (Labrador Park MRT station)
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Wednesday, February 13, 2013

CapitaMalls Asia Limited: Improvement across the board

•    FY12 results slightly ahead of our expectations on across-the-board
operational improvement
•    Accelerated earnings growth momentum as operational assets ramp up
•    Maintain Buy, TP S$2.30

Results ahead of our expectations. CMA reported 4Q12 net profit of S
$184.8m, -10% y-o-y, on a 71% jump in revenue. Stripping out divestment and
revaluation gains, bottomline would have been S$56.8m. The improvement came
from both investment and management segments of the business. On a full
year basis, the group achieved a 20% increase in earnings to $546m on 47%
higher turnover to S$362m. Excl revals and portfolio gains, core net profit
was $176m, significantly higher than the $36m achieved a year ago. This was
slightly ahead of our forecast. The group has declared a final DPS of
1.625Scts, bringing full year DPS to 3.25Scts, translating to a 1.5% div
Improvement across the board. Key drivers to performance in the investment
business was higher rental contribution from the Japan assets, with the
inclusion of Olinas Mall and other malls while in China, tenant sales
continue to expand by 9.8% (13.2% excl Tier 1) on 7% higher shopper
traffic. Singapore also chalked 2% higher tenant sales with 1% improvement
in footfalls. Meanwhile, underlying rents in China are expected to have
grown by 30-40%, translating to a 16.9% rise in NPI. Management fee income
also rose as more mall openings – 7 in China, 3 in Spore - had led to
greater leasing commissions.

Our View
Portfolio coming into its own. Looking ahead, with 75% of its malls
operational, including 70% of its China malls, we believe the group is on
track to accelerate earnings growth in the coming years as the rental cycle
momentum picks up. In addition, the group is scheduled to open another 6
malls in 2013, of which 3 are in China and 2 in Spore. Meanwhile, Spore
contributions will be lifted by the recognition of maiden residential
contributions from Bedok Residences (95% sold).
Gearing healthy. Balance sheet remains healthy with see-through gearing at
36%. With a projected capex of S$800m in 2013 and another S$300m in 2014,
this ratio is anticipated to remain below its optimal 50% in coming years.
Management also indicated a possible more selective pace of acquisitions,
with 21 projects on hand as well as a focus to grow its human talent pool
to put in place skill sets for its future pipeline. This is positive for
the group’s long term growth prospects.

Maintain Buy. We retain our Buy call on the stock with a TP of S$2.30,
pegged at a 15% discount to RNAV. We continue to like CMA for its pan Asian
retail real estate focus and its exposure into the rapid consumption growth
story in China.

Tuesday, February 12, 2013


   1. Question Management: When someone asks you a question, make
sure they get an answer bigger, richer and far more thought
provoking than they ever expected.

    2. Problem Management: When someone brings you a problem, bring
them a solution that not only solves the problem, but which also
delivers and opportunity for them to capitalize on.

    3. Project Management: When someone gives you a project, see to
it that they get a plan that is bolder, more ambitious and more
detailed than they hoped for.

    4. Deadline Management: When you take on a task, finish it under
budget, before deadline, and with a cheerful attitude.

    5. Conflict Management: When a customer has a concern, go the
extra mile as a policy, exceed expectations, and blow their mind by
your professionalism and responsiveness.

    6. Quality Management: When you do your work, make your name and
results synonymous with excellence, consistency, originality, and

    7. Meeting Management: When you participate in a meeting,
anticipate questions, come fully prepared, and contribute your ideas
with clarity and conviction.

If you think about it, individuals are not much different from

Having a trusted personal brand, or reputation, nets you the same
advantages as a company.

You're likely to foster loyalty, be trusted, be forgiven for
occasional mistakes, and earn more money, especially if you develop
a reputation for delivering insanely good and consistent results.

We all build, manage or destroy our personal brand every day through
our character, choices, attitudes and actions.

If you want to be the one that people seek out, then follow these
seven strategies to ensure that you stand out!

Everything Counts!

Thursday, February 07, 2013

Global Logistic Properties - Ramping up in China

GLP’s 3Q13 saw a substantial ramp up in development starts and land acquisitions in China, a sign that excess capital will progressively be deployed into growth. Its recent monetisation of a third of its Japan assets appears timely, mitigating the negative impact of a Yen decline. The 3Q13 result was in line with our estimates at 22% of our full year forecast and 24% of consensus. 9M13 core EPS formed 75% of our full year. We lower our FY13-15 core EPS on asset sales into the JREIT, but lift our RNAV-based target price on accretion from an enlarged China portfolio. Maintain Outperform with catalysts from further asset recycling.

Saturday, February 02, 2013

StarHub TVB Golden Viva Spectacular 星和无线新春黄金庆典

Venue: Esplanade Outdoor Theatre
Date & Time: Wednesday, 6 February, 7.30pm
Free admission

In collaboration with TVB, StarHub is bringing the biggest Lunar New Year Party to Singapore. Come dressed in your best Lunar New Year outfits and enjoy a night of star-studded performances and entertainment.


Friday, February 01, 2013

CapitaMalls Asia (Buy) - Crouching Tiger; Riding Tailwinds of China’s Retail Growth

In the latest report in our Crouching Tiger series, we undertake a deep-dive analysis 
of CapitaMalls Asia (CMA), a mall developer offering balanced exposure to the retail 
markets of China (income growth) and Singapore (income visibility). Our Crouching 
Tiger reports identify Asian companies that have the strategies and competitive 
advantages to be long-term sector champions, regionally or even globally. CMA is 
poised to harvest multi-year gains from sustained investment in the China consumer 
growth story, while earnings will be anchored by recurring income in Singapore. In 
addition, a unique capital-recycling platform offers upside to our earnings forecasts. 
We raise our TP to S$2.58 and CMA is added to the Citi Focus List Pan Asia.