Yoma Strategic Holdings - Quiet season
25 July 2014 | 10:06 am

Yoma's Landmark development project
■ 1QFY15 PATMI of S$1.4m is 7% of FY15F number; core results missed forecast as Q1 was seasonally weaker

■ Star City sales, especially new zone C, to remain the key earnings driver in the near future

■ Visible drivers in subsequent quarters; stock is a BUY for long term investment
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CDL Hospitality Trust - Speed bump
25 July 2014 | 9:53 am

CDL-HT’s 1H14 DPU was largely in line, at 46% of our full-year forecast. Although 2Q was a weak quarter, management indicated that 2H should be more positive. Coupled with fewer hotels coming online in FY14 and more events in 2H, we retain our positive view of this sub-sector and our Add rating for CDL-HT. But we are lowering our FY14-16 DPU forecasts by 1.9-4.9% in view of a slow corporate spending recovery and Chinese arrivals, leading to a slightly lower DDM-based (discount rate: 8.3%) target price of S$1.88.
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China Property - What to do after the recent rally?
25 July 2014 | 9:30 am

China developers’ historical 12-month rolling P/E chart
The China Property sector has risen 19% from a trough in late-June. After this week’s rally, the China Property sector finally recovered the loss from the beginning of the year, and is flat year-to-date. Money rotated out of names such as Greentown, COGO, Country Garden, CR Land, etc, and moved into Vanke, KWG, SUNAC, COLI, Kaisa, etc., reflecting that stock-picking is still a very important element in the sector.
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Consensus Asset Allocation - EM funds asset allocation and performance
25 July 2014 | 9:12 am

This report reviews the asset allocation (end June) and performance of major emerging market funds (to 23 July). A consensus overweight market is one in which there are more funds meaningfully overweight relative to those that are meaningfully underweight (>2% below index weight). The maximum, minimum and quartile cut-off positions are shown in Tables 1 to 3.
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CapitaRetail China Trust - Powering ahead
25 July 2014 | 6:04 am

CM Grand Canyon
Minzhong Leyuan (MZLY)
• 2Q14 NPI up 30% y-o-y, in line with expectations

• DPU of 2.59 Scts declared

• Positive momentum to continue

Maintain Buy, TP raised to S$1.70
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