May 21, 2012 -- Updated March 24, 2011 16:10 HKT
Singapore Stocks Preview, SGX, CWT
In Singapore yesterday the Straits Times Index gained 0.7%, or 20.84 points, at 3,043.03, after rising as much as 1% intraday.
Commodity firms sustained Wednesday’s gains on continuing expectations of upward commodity price pressures. Olam International led the advance, adding 2.9% to S$2.84. Wilmar International was up 1.3% at S$5.30, while Noble Group gained 1.9% at S$2.15.
Keppel Corp. rose 1% to S$11.90 after HSBC issued a bullish report on the rig builder, rating it Overweight with a S$14.20 target price. “We prefer Keppel as valuation estimates offer greater potential return (28% for Keppel versus 13% for Sembcorp Marine),” the house said, adding that global fundamentals for oilfield services are positive.
Today the market should move higher and Shayne Heffernan’s best buys are
Singapore Exchange
Singapore Exchange Ltd Upgraded to has been upgraded to a Strong Buy with a 2012 price target of $10.
Singapore Exchange Limited (SGX) is Asia-Pacific’s first demutualised and integrated securities and derivatives exchange.
SGX was inaugurated on 1 December 1999, following the merger of two established and well-respected financial institutions – the Stock Exchange of Singapore (SES) and the Singapore International Monetary Exchange (SIMEX).
On 23 November 2000, SGX became the first exchange in Asia-Pacific to be listed via a public offer and a private placement. Listed on our own bourse, the SGX stock is a component of benchmark indices such as the MSCI Singapore Free Index and the Straits Times Index.
Home to Singapore’s leading listed companies, SGX is also at the forefront of exchanges globally in attracting international issuers and is rapidly emerging as Asia’s offshore risk management centre for international derivatives.
Valuation Ratios
| Company | Industry | Sector | S&P 500 | |
|---|---|---|---|---|
| P/E Ratio (TTM) | 27.77 | 11.42 | 20.30 | 17.76 |
| P/E High – Last 5 Yrs. | 24.87 | 103.42 | 142.44 | 89.76 |
| P/E Low – Last 5 Yrs. | 15.43 | 11.49 | 106.04 | 12.28 |
| Beta | 1.24 | 1.17 | 1.21 | 1.32 |
| Price to Sales (TTM) | 13.00 | 4.07 | 11.24 | 2.21 |
| Price to Book (MRQ) | 11.62 | 0.84 | 1.18 | 2.99 |
| Price to Tangible Book (MRQ) | 14.01 | 0.74 | 1.41 | 5.39 |
| Price to Cash Flow (TTM) | 25.72 | 9.03 | 16.57 | 68.54 |
| Price to Free Cash Flow (TTM) | 36.69 | 7.36 | 4.68 | 20.80 |
| % Owned Institutions | – | – | – | – |
Dividends
| Company | Industry | Sector | S&P 500 | |
|---|---|---|---|---|
| Dividend Yield | 3.50 | 1.64 | 1.77 | 1.59 |
| Dividend Yield – 5 Year Avg. | 4.12 | 0.73 | 1.61 | 2.48 |
| Dividend 5 Year Growth Rate | 1.92 | 75.75 | 8.17 | -5.22 |
| Payout Ratio(TTM) | 96.90 | 13.54 | 16.28 | 42.56 |
Growth Rates
| Company | Industry | Sector | S&P 500 | |
|---|---|---|---|---|
| Sales (MRQ) vs Qtr. 1 Yr. Ago | 14.29 | 3.19 | 17.67 | 10.18 |
| Sales (TTM) vs TTM 1 Yr. Ago | 5.37 | 4.56 | 12.14 | 10.28 |
| Sales – 5 Yr. Growth Rate | 18.42 | 43.82 | 18.61 | 7.34 |
| EPS (MRQ) vs Qtr. 1 Yr. Ago | 3.28 | -1.21 | 72.18 | 77.87 |
| EPS (TTM) vs TTM 1 Yr. Ago | -3.14 | – | – | – |
| EPS – 5 Yr. Growth Rate | 24.38 | 32.63 | 9.52 | 4.53 |
| Capital Spending – 5 Yr. Growth Rate | 23.54 | 24.33 | 10.54 | 3.43 |
Historical Surprises
Earnings and Dividend Figures in Singapore Dollar (SGD)
| Estimates vs Actual | Estimate | Actual | Difference | Surprise % |
|---|---|---|---|---|
| SALES (in millions) | ||||
| Quarter Ending Dec-10 | 166.40 | 172.25 | 5.85 | 3.51 |
| Quarter Ending Jun-10 | 165.40 | 162.33 | 3.07 | 1.86 |
| Quarter Ending Dec-09 | 145.90 | 150.72 | 4.82 | 3.30 |
| Quarter Ending Sep-09 | 181.00 | 173.40 | 7.60 | 4.20 |
| Quarter Ending Jun-09 | 186.00 | 170.05 | 15.95 | 8.58 |
| Earnings (per share) | ||||
| Quarter Ending Dec-10 | 7.70 | 7.60 | 0.10 | 1.30 |
| Quarter Ending Jun-10 | 8.00 | 7.40 | 0.60 | 7.50 |
| Quarter Ending Dec-09 | 10.00 | 6.70 | 3.30 | 33.00 |
| Quarter Ending Sep-09 | 9.60 | 8.85 | 0.75 | 7.81 |
| Quarter Ending Jun-09 | 9.00 | 8.51 | 0.49 | 5.44 |
CWT Ltd is a strong buy in Singapore with a price target of $2.50SGD according to Shayne Heffernan.CWT was set up in 1970 as a private arm of the Port of Singapore Authority (PSA) to provide warehousing and container trucking services in support of the onset of container terminal operations.
One of the earliest logistics and trucking companies in Singapore, they diversified into other logistics and related services including the provision of warehouse management services for the storage and handling of soft and hard commodities, freight forwarding services and engineering services.
CWT was listed on the Singapore Exchange in 1993 and we continued to firmly establish our presence in the region.
Monday, 1 Nov 2010
CWT Limited announced the formation of a new company, Straits Financial LLC (Straits Financial), to clear futures and derivatives trades for its clients. Straits Financial is in the process of registering with the National Futures Association (NFA) as a United States Futures Commission Merchant (FCM) and applying for clearing memberships with the Chicago Mercantile Exchange (CME) and the Chicago Board of Trade (CBOT). Joseph Mazurek will serve as President of Straits Financial.
CWT Limited (CWT) is engaged in the provision of warehousing and logistics services, transportation services, import and export cargo consolidation and freight forwarding services, engineering services, collateral management services, container depot operations and investment holding.
CWT operates in three business segments: Logistics services, Engineering services and Other services.
Logistics services mainly consist of warehousing, transportation, freight forwarding and cargo consolidation, collateral management services, surface preparation of metal materials for corrosion control and container depot operations.
Engineering services include maintenance and repairs of vehicles and buildings. Other services of the Company consist of project management services and other investment-holding activities.
In November 2010, the Company announced the formation of a new company, Straits Financial LLC, to clear futures and derivatives trades for its customers.
Valuation Ratios
| Company | Industry | Sector | S&P 500 | |
|---|---|---|---|---|
| P/E Ratio (TTM) | 3.94 | 30.35 | 13.59 | 17.81 |
| P/E High – Last 5 Yrs. | 16.98 | 42.62 | 69.83 | 54.60 |
| P/E Low – Last 5 Yrs. | 2.37 | 11.45 | 14.48 | 12.27 |
| Beta | 1.37 | 0.76 | 1.15 | 1.32 |
| Price to Sales (TTM) | 0.94 | 1.32 | 1.28 | 2.23 |
| Price to Book (MRQ) | 1.61 | 1.62 | 1.17 | 3.02 |
| Price to Tangible Book (MRQ) | 1.87 | 2.90 | 1.53 | 5.43 |
| Price to Cash Flow (TTM) | 3.52 | 6.17 | 9.43 | 74.07 |
| Price to Free Cash Flow (TTM) | – | 17.53 | 31.37 | 20.82 |
| % Owned Institutions | – | – | – | – |
Dividends
| Company | Industry | Sector | S&P 500 | |
|---|---|---|---|---|
| Dividend Yield | 2.08 | 1.80 | 1.33 | 1.60 |
| Dividend Yield – 5 Year Avg. | 5.02 | 1.32 | 1.21 | 2.51 |
| Dividend 5 Year Growth Rate | 23.50 | 7.63 | 8.83 | -5.56 |
| Payout Ratio(TTM) | – | 28.38 | 17.06 | 32.60 |
Growth Rates
| Company | Industry | Sector | S&P 500 | |
|---|---|---|---|---|
| Sales (MRQ) vs Qtr. 1 Yr. Ago | 22.57 | 10.30 | 11.56 | 10.07 |
| Sales (TTM) vs TTM 1 Yr. Ago | 19.75 | 4.41 | 6.93 | 10.12 |
| Sales – 5 Yr. Growth Rate | 24.66 | 7.92 | 6.64 | 7.33 |
| EPS (MRQ) vs Qtr. 1 Yr. Ago | -28.30 | 22.86 | 132.66 | 77.92 |
| EPS (TTM) vs TTM 1 Yr. Ago | 415.53 | – | – | – |
| EPS – 5 Yr. Growth Rate | 69.01 | 9.29 | 9.69 | 4.54 |
| Capital Spending – 5 Yr. Growth Rate | 65.58 | 6.47 | 15.09 | 3.43 |
Shayne Heffernan
Contact
Chutinush Taksinapinunt (ANISTA)
Business Development Director
Heffernan Capital Management
Suite 53 Athenee Tower 63 Wireless Road, Lumpini, Pathumwan, Bangkok 10330 THAILAND
Tel: +66 2 126 8045
Fax: +66 2 126 8080
Mobile: +66 8 5997 0635
Email : info@heffcap.com
New York
347 5th Avenue, Suite 1402-508 Ny, NY 10016
Tel: +1 646-403-9881
Fax: +1 646-403-8014
Singapore
3 Raffles Place #07-01 Bharat Building Singapore 048617
Tel: +65 6329 6408
Fax: +65 6329 9699
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