What’s on the tableSembCorp Logistics 3Q05 results - Setting the stage for FY06Target price maintained at S$2.02. This follows our unchanged 20x FY06 P/Emultiple for SembLog. While this places it at a premium to global peerswhich have a rating of 18x, SembLog deserves a premium for exposure to Chinaand Japan. Furthermore, a divestment scenario or buyout attempt cannot yetbe ruled out. With 18% upside now to the stock, we are upgrading SembLog toan Outperform.
Quick Takes·
Venture Corporation 3Q05 results - Muted qoq growth in coming quarter·
Mentor Media 2Q06 results - Waiting for resolution of the offer·
City Developments - M&C’s 3Q05 in line·
Property Sector - Marina IR site land price fixed at S$1.2bn
News of the Day·
Sunningdale Tech reported a 44.5% rise in turnover to $115.7m for 1Q06·
China Paper Holdings posted strong 3Q05 performance.·
Global Active registered net loss of $0.64m for 1H06·
Airocean announces 1H06 net profit of S$2.5m on turnover of S$245.4m
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