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Far East Orchard "Grossly Undervalued" 15 Oct 2012 15:16 CST DJ MARKET TALK: Far East Orchard "Grossly Undervalued" - Maybank-KE 0716 GMT [Dow Jones] STOCK CALL: Far East Orchard (O10.SG) is grossly undervalued, Maybank-Kim Eng says, estimating its post-restucturing sum-of-the-parts valuation at a conservative S$2.82/share. The residential development, medical assets, other commercial assets, net-cash post-restructing, special dividend and YHS (Y03.SG) distribution-in-specie alone are worth S$2.50/share, it says, indicating the hospitality-management business and the REIT manager are "effectively free," with the two offering stable recurring income of about S$24 million p.a. "At 25% discount to SOTP for all Singapore assets, risk to our estimates remains firmly on the upside." It notes post-restucturing, FEO has divested non-core assets, including its hotel assets to Far East Hospitality Trust (Q5T.SG), it has pared its debt to S$70 million from S$456 million and it has a S$234 million cash surplus as working capital. It expects FEO to focus on residential development and healthcare real estate ahead; it notes its parent plans to inject all future healthcare assets into the company. The house rates FEO at Buy with S$2.82 target. The stock is up 11.8% at S$2.85; YHS is up 27.1% at S$5.35. ([email protected]) 15 Oct 2012 13:06 CST DJ MARKET TALK: Yeo Hiap Seng +17.6%; Spillover F&N Interest - SIAS 0506 GMT [Dow Jones] Yeo Hiap Seng (Y03.SG) is up 17.6% at S$4.95, for a nearly 148% month-to-date rise, even as the beverage and property play told SGX in a filing it wasn't aware of a reason for the rise. The gains are probably linked to interest in peer F&N (F99.SG), says Ng Kian Teck, an analyst at SIAS Research. Property play Far East Orchard (O10.SG), which owns around 14.5% of YHS, is up 6.7% at S$2.72, or more than 15% month-to-date. ([email protected]) Disclaimer
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15-Oct 2012 Monday
4:24 PM (4212 days ago)
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