PhillipCapital has just yesterday (4th July 2016), initiated coverage of Hock Lian Seng Holdings with a sell/reduce recommendation:

http://smr.theedgemarkets.com/article/phillipcapital-initiates-hock-lian-seng-%E2%80%98reduce%E2%80%99-recommendation?utm_source=Singapore+Market+Report&utm_campaign=b9c953a47b-SMR05072016&utm_medium=email&utm_term=0_46b7beec93-b9c953a47b-90572429

“SINGAPORE (July 4): PhillipCapital has initiated coverage for Hock Lian Seng Holdings with a “reduce” recommendation and a target price of 31 cents.

Hock Lian Seng (HLS), the civil engineering and property development company, is likely to face challenges in its operating performance, despite forecasts that public sector construction demand in 2016 will be at its highest in 14 years, according to PhillipCapital research analyst Peter Ng.

The group currently faces increasing competition in public project tenders, due to the falling construction demand in the private sector. Coupled with higher labour and construction material costs, the group is expected to see compressed margins moving forward.

Ng added that the slowdown in the Singapore real estate market will also weigh down on HLS’s property development business. HLS’s FY2016 earnings ...