UOB Kay Hian - Market Outlook & Strategy
2 September 2014 | 8:51 am

August ended on a weak note (-1.39% mom) after a stellar performance in July. Geopolitical risks in Iraq and Ukraine continued to be a drag, offsetting the strong set of 2Q14 results by US corporates. Closer to home, Singapore’s 2Q14 corporate reports ended with limited upside surprise as 55% of the companies under our coverage reported in-line results (1Q14: 51%). Only 14% of the results exceeded expectations (1Q14: 16%), one of the lowest since 2Q12
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Yangzijiang - Bigger and Better; Raising Estimates and Target Price
2 September 2014 | 8:15 am

Raising estimates
Consensus-beating margins, strong EPS visibility into 2016E, breaking into 10K TEU containerships reinforce YZJ's fundamental outlook. While the stock has risen 23% (12M), we see further re-rating as YZ secures a firmer foothold in larger container vessels and achieves better margins from productivity gains. Ability to shorten the manufacturing cycle for its 10k TEU containerships will be key. It is also scaling up the value chain targeting complex LPG vessels. We raise 2014-16E EPS 21-50% on better than expected margins, one-off gains, and higher contribution from HTM assets. SOTP TP is raised from S$1.50 to S$1.60.
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OSIM International - Steady as she goes
2 September 2014 | 6:59 am

■ No acquisition target yet but clear on what will pique its interest. Maintain BUY and SGD3.50 TP on 20x FY15E EPS. Catalysts from signs of greater new product traction in 2H14.

■ Shareholders will be protected. No dilution if enough shares are repurchased, similar to 2011 CBs.

■ Steady sales growth so far in 2H14. Eyeing North Asia for TWG store expansion and to add franchisees internationally.
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Herd Instinct - Key Emerging Markets and Developed Asia Fund Flow Weekly, 21 - 27 August 2014
2 September 2014 | 5:32 am

During the week to 27 August, there were net subscriptions of US$2.2billion in EM equity funds. YTD redemption in 
EM is US$4.3billion.

The net flows by mandate were:
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Traders' Corner - Pacc Offshore Services Holdings, Hankore Environment & SMRT Corp
2 September 2014 | 5:17 am

Daily Chart
Pacc Offshore Services Holdings (POSH SP, U6C)
Technical BUY with 10.1% potential return
Last price: S$0.935
Target price: S$1.03
Protective stop: S$0.92

BUY with a target price of S$1.03 with protective stops placed at S$0.92. The stock has formed a low of S$0.93 and subsequently formed a bullish Harami pattern which has been followed by a potential bullish gravestone doji. Watch to see if there is a follow-through of the said pattern, and if so, the 14-day Stochastic indicator could move out of its oversold region and the MACD histogram could move above its centerline.

Expected timeframe: 2 weeks to 1 month
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