Re: {LONGTERMINVESTORS} INTERNATIONAL SECTOR & COMPANY RESEARCH REPORTS....Thread

[RAJESH DESAI]

Report attached.


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CA. Rajesh Desai

[RAJESH DESAI]

Report attached.

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CA. Rajesh Desai

[RAJESH DESAI]

Report attached.

thread on INTERNATIONAL SECTOR & COMPANY RESEARCH REPORTS so as to increase and widen our perspective.


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CA. Rajesh Desai

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CA. Rajesh Desai

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CA. Rajesh Desai

[RAJESH DESAI]

[RAJESH DESAI]

Macquarie Int’l Infrastructure Fund: Superb yield in growing assets

pfa....interesting report

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CA. Rajesh Desai

[RAJESH DESAI]

PFA



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CA. Rajesh Desai

[RAJESH DESAI]

Hard Disk Drive Sector: Riding the wave of recovery (OVERWEIGHT)

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CA. Rajesh Desai

[Indinomics]

Thanks for sharing, Over weight on Hard Disk Manufacturers means firm prices, -ve for IT Hardware Sector.

With warm reg,

Indinomics

Sent on my BlackBerry®

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From: RAJESH DESAI <stock...@gmail.com>

Sender: globalsp...@googlegroups.com

Date: Fri, 10 Feb 2012 13:10:06 +0530

To: LONGTERMINVESTORS<longterminve...@googlegroups.com>; DAILY REPORTS<daily-r...@googlegroups.com>; STOCK BUFFS<stock...@googlegroups.com>; <stock...@googlegroups.com>; <equity-rese...@googlegroups.com>; globalspeculators<globalsp...@googlegroups.com>

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Subject: {GS} Re: {LONGTERMINVESTORS} INTERNATIONAL SECTOR & COMPANY RESEARCH REPORTS....Thread

Hard Disk Drive Sector: Riding the wave of recovery (OVERWEIGHT)

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[RAJESH DESAI]

[RAJESH DESAI]

MICROSOFT...PFA


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[RAJESH DESAI]

pfa


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[RAJESH DESAI]

[RAJESH DESAI]

[RAJESH DESAI]

AIG - 4Apr: Credit Suisse

On Thu, Mar 29, 2012 at 1:15 PM, RAJESH DESAI <stock...@gmail.com> wrote:

 Accenture - Q2FY12 Result Excerpts

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CA. Rajesh Desai

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CA. Rajesh Desai

[RAJESH DESAI]

Singapore Rigbuilders DBS

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CA. Rajesh Desai

[RAJESH DESAI]

[RAJESH DESAI]

In its Q1CY12 result commentary, Alcoa retained its CY12 global aluminum
demand growth estimate of 7% but reduced deficit estimate from 600kt to
435kt due to increased supply in China. In such a scenario, rebound in
aluminium prices could be limited which is negative for upstream
operations of all Indian aluminium players (Hindalco, NALCO, and Sterlite).
However, Alcoa’s rolled products segment (comparable to Novelis)
delivered strong results with volumes up 11% QoQ and EBITDA/t up USD209
QoQ to an all‐time high. We see possibility of Novelis beating our Q1CY12
EBITDA estimate of USD 270mn. We see Novelis continuing to be a stronger
driver of profits for Hindalco than its Indian operations in FY13.
Aluminum demand to grow 7% in CY12E but deficit expectation lower
Alcoa expects global aluminum demand to grow 7% in CY12E but has slightly downgraded
Chinese aluminium demand growth rate from 12% to 11%. However, it has cut the global
deficit for CY12 from 600kt mentioned in previous quarter to 435kt now due to reduced
deficit in China from 850kt expected earlier to 350kt now. Unlike the previous quarter
wherein Alcoa indicated that aluminium prices would rebound, it is now silent on the
same, which may indicate it is less bullish on the matter.
Rolled products business strong: Volumes up, margin at all‐time high
In the rolled products segment, volumes were up 11% QoQ (from 407kt to 452kt). EBITDA
doubled QoQ to USD 202mn while EBITDA/t was up from USD238 in Q4CY11 to USD447 in
Q1CY12 to its all‐time high. Based on this, Novelis could post a positive surprise for the
March quarter (our EBITDA estimate is USD270mn).
Results above expectations primarily led by productivity gains
Alcoa reported revenue, EBIDTA and PAT (excl one‐offs) of USD6,006mn (consensus
estimate:USD5,769mn), USD624mn (consensus estimate:USD461mn) and USD104mn
(consensus estimate: loss of USD39mn), respectively. It achieved productivity gains of
USD108mn led by process improvement, usage reduction and higher scrap recovery.
Outlook: Robust growth expected in rolled products
Alcoa’s strong outlook for rolled products is driven by auto sector demand in North
America and can sector demand (mainly led by China) growing 34% and 4‐20%
respectively in 2011‐13. Moreover, demand for consumer electronics rolled products is
likely to rise 18% in the same period. Outlook for rolled products is stronger than that for primary aluminium. Alcoa also believes that China would under‐deliver on the planned 10mt aluminium capacity addition up to 2015 due to energy/sustainability challenges




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CA. Rajesh Desai

[RAJESH DESAI]

Asean Plantations - Citi


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CA. Rajesh Desai

[RAJESH DESAI]

Sakari Resources

For those who track Coal industry



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CA. Rajesh Desai

[RAJESH DESAI]

Can we do this in India for tourism?


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CA. Rajesh Desai

[RAJESH DESAI]

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CA. Rajesh Desai

[RAJESH DESAI]

S'pore Offshore & Marine Sector - CS


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CA. Rajesh Desai

[RAJESH DESAI]

PFA- Hewlett Packard - Credit Suisse

On Mon, May 14, 2012 at 12:09 PM, RAJESH DESAI <stock...@gmail.com> wrote:

	14 May 2012 Singapore
Company Flash Note
Singapore Airlines  [ PDF ]
Yields fall below year-ago levels
SIA SP / SIAL.SI  |  UNDERPERFORM - Maintained  |  Share Price S$10.28 - Tgt. S$9.35
Airlines  |  - by Raymond YAP, CFA
SIA produced a slide during its analysts’ briefing last week, indicating accelerated sequential declines in passenger yields for six consecutive months. It also guided that the softness will likely persist in the near term. Meanwhile, cargo demand continues to be lacklustre. We maintain our Underperform rating as the negative earnings momentum is not expected to dissipate for at least the next six months. Our target price remains set at 0.85x P/BV, 2 s.d. below its 10-year mean.

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CA. Rajesh Desai

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CA. Rajesh Desai

[RAJESH DESAI]

REUTERS - Cognizant Technology Solutions Corp(CTSH.O) reported a higher quarterly profit on increased demand for its outsourcing services.

The information technology services provider's net income rose to $251.9 million, or 82 cents per share, for the second quarter from $208 million, or 67 cents per share, a year earlier.

Excluding items, the company earned 88 cents per share.

Revenue rose 21 percent to $1.8 billion.

(Reporting by Sruthi Ramakrishnan)

On Mon, Aug 6, 2012 at 12:53 PM, RAJESH DESAI <stock...@gmail.com> wrote:

	6 August 2012 Singapore
Sector Flash Note
Offshore & Marine  [ PDF ]
Brazilian fever begins
OVERWEIGHT - Maintained
- by Siew Khee LIM
Petrobras has confirmed charter contracts for 12 floating rigs with Sete Brasil and a host of rig operators. Singapore yards should announce construction contracts for these rigs in the weeks ahead. There is no doubt that Sembmarine’s and Keppel’s order wins will hit a record this year. We expect Keppel to clinch S$10.2bn and Sembmarine S$11.2bn. Maintain Overweight, with stronger-than-expected contract awards being the key catalyst. SCI is still our top pick for its valuation and resilient utilities business.
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[RAJESH DESAI]

	24 September 2012 Singapore
Economic Update  [ PDF ]
Sub-4% inflation for a month
- by Seng Wun SONG / Quan Jian CHING
Once again, thanks to a high year-ago base of comparison, Aug’s CPI moderated from 4.0% yoy in Jul to 3.9% yoy (consensus and CIMB: 3.8%), the first time in nearly two years that CPI was under 4%. Barring sharply higher food costs or spikes in COE premiums, the base effect will likely contain 2H12 CPI to below 4% (1H12: 5.1%). We maintain our CPI forecast of 4.5% for the year, at the upper bound of the government’s prevailing forecast of 4-4.5%.
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[RAJESH DESAI]

	27 September 2012 Singapore
Sector Flash Note
Telco - Overall  [ PDF ]
SingTel playing BPL for keeps
NEUTRAL - N/A
- by Kelvin GOH, CFA
We think SingTel is looking to retain its broadcast rights to the Barclays Premier League (BPL) but on a non-exclusive basis in order to compel viewers to sign up instead of cross-carrying over. SingTel still needs the BPL to complete its football line-up. The Premier League will not price exclusive and non-exclusive broadcast rights very differently to maximise revenues, in our view. The risk of StarHub overpaying is low as we believe its aggressive spending appetite has not changed much over the years. The sector is a Neutral with StarHub (Outperform) our top pick for its potential dividend upside.

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[RAJESH DESAI]

	28 September 2012 Singapore
Sector Flash Note
Banks  [ PDF ]
Surprisingly good volumes
NEUTRAL - Maintained
- by Kenneth NG, CFA / Daniel LAU
Business loan demand rebounded in Aug, lifting YTD system loan growth to 7%. The system is still flush with liquidity but the margin outlook remains weak given the stiff deposit competition on the ground. Leading credit indicators suggest potential asset quality deterioration. We remain Neutral on Singapore banks. While the latest loan volume is a positive data point, the sector faces NIM pressure and potential credit cost increases. DBS remains our top pick for its cheap valuations and growth potential from its pan-Asian franchise.

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[RAJESH DESAI]

	15 October 2012 Regional
Sector Flash Note
Plantations  [ PDF ]
Shifting fortunes in Malaysia’s palm oil chain
TRADING BUY - Maintained
- by Ivy NG, CFA
Malaysia’s plan to cut CPO export tax to 4.5-8.5% and scrap its tax- free CPO quota effective 1 Jan 2013 is not a surprise. This is negative for Malaysian planters, but good news for Malaysian refiners. This could help support near-term local CPO price if there is a rush to export the remaining quota of 2.5m tonnes of CPO tax free. We estimate that the new tax could cut earnings for pure Malaysian planters by up to 12% for FY13. We retain our Trading Buy on the sector given the potential recovery of CPO price by year-end. Our top picks are Astra Agro, Indofood Agri, and Sime Darby.

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[RAJESH DESAI]

	16 October 2012 Regional
Sector Flash Note
Shipping Monitor  [ PDF ]
Maersk culls Asia-Europe capacity
NEUTRAL - Maintained
- by Raymond YAP, CFA
Maersk announced substantial capacity cuts of 13-14% on its Asia-North Europe and Asia-Med trade networks last week, reducing industry capacity by 2.8-3.5%. This is a major positive step by the industry leader, and should encourage other carriers to do likewise. The action may help falling rates find a floor, although we caution that cuts of another four loops will be needed to ensure the success of the planned 1 November AE rate hikes. We stay Neutral on shipping overall, with Outperforms on our top picks, OOIL and SITC. While we are Neutral on CSCL, the share price could rerate in the near-term on the optimism.

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[RAJESH DESAI]

	9 November 2012 Singapore
Company Results Note
Sembcorp Industries  [ PDF ]
Saved by Utilities
SCI SP / SCIL.SI  |  OUTPERFORM - Maintained  |  Share Price S$4.99 - Tgt. S$6.26
Conglomerate | - by Siew Khee LIM
Utilities reached a new record in earnings in 3Q12 from continued strength in power spreads and gas sales in Singapore. International operations could be the next growth drivers, as Singapore remains steady with lower power prices expected. Maintain Outperform 9M12 net profit was in line with our expectations, at 74% of our FY12 forecast (3Q12: 24%) and consensus, despite the earnings miss in SMM. Higher utilities output in Singapore were the drivers. We cut our EPS by 5-7% for FY12-14, from our downgrade of SMM. Accordingly, our target price is lowered to S$6.26, still on SOP. Stronger international operations could be the key catalysts.

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[RAJESH DESAI]

	9 November 2012 Singapore
Company Results Note

Wilmar International  [ PDF ]

Best quarter for the year

WIL SP / WLIL.SI  |  NEUTRAL - Maintained  |  Share Price S$3.12 - Tgt. S$3.32

Plantations | - by Ivy NG, CFA

3Q results marginally beat our estimates due mainly to better performance from its oilseeds and grains division and a stronger palm refining margin. However, the results were in line with consensus. 9M12 core net profit accounted for 81% of our FY12 forecast and 75% of consensus. 3Q is typically the peak earnings quarter for the group and we expect 4Q earnings to be weaker qoq. We keep our earnings forecasts and target price (12x forward P/E or 15% discount to market P/E) pending today's briefing. Maintain Neutral for the lack of catalysts.

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[Rajesh Desai]

Ambit - Cognizant (NOT RATED): Soft 2H guidance suggest demand uncertainties
Cognizant reported 1QCY13 revenues up 3.7% QoQ (3.1% organic) 100bps ahead of its guidance and 60bps ahead of consensus estimates. Growth was driven by Banking clients and scale service lines (application management, infrastructure etc.). Importantly, the management indicated no adverse impact from the uncertainties on client decision making arising from the immigration bill, which is positive news for Indian IT services firms. It further highlighted that although the visa reform bill in its current form is clearly detrimental to the Indian IT offshore outsourcing industry it is unlikely to become a law undiluted. It expects the version of its bill that passes through the Senate to remain substantially restrictive to Indian IT firms, while facing substantial dilution in the House of Representatives. It also expects clients to influence the eventual debate on this issue. Finally, Cognizant guided to 5.4% QoQ /4.8% organic QoQ growth in 2Q whilst maintaining its CY13 guidance (17% YoY, 15.8% organic YoY). Although management accepted possibility of a beat this suggests persisting uncertainties in demand conditions. Clearly, Cognizant’s results remain more reflective of company-specific strengths rather than the overall demand environment. We maintain our cautious stance on demand recovery in FY14 and would warn clients against reading the results as a sign of sector strength. (Ankur Rudra, CFA, +91 22 3043 3211) 

On Thu, May 9, 2013 at 10:24 AM, Rajesh Desai <stock...@gmail.com> wrote:

	8 May 2013 Singapore  Company Results Note
Sembcorp Industries   | PDF
Fruitful overseas operations
SCI SP / SCIL.SI | OUTPERFORM - Maintained | S$4.98 - Tgt. S$5.95 Mkt.Cap: US$7220m | Avg.Daily Vol: US$15.82m | Free Float: 50.00%
Conglomerate | Author(s): Siew Khee LIM,
▊ Key growth drivers China and the Middle East helped to lift Utilities’ earnings by 10% qoq, despite a lower spark spread and the month-long outage in Singapore cogen. 1Q13 net profit came in largely within our expectations at 23% of our and consensus full-year forecasts. We adjust our EPS by -3% in FY13 and +2-3% in FY14-15 for SCI’s interest dilution in Gallant Venture (GV) and our upgraded earnings for SMM. Our SOP-based target price is cut to S$5.95 for the lower SMM target and smaller stake in GV, but our rating remains an Outperform. Catalysts include stronger-than- expected overseas assets and M&As. The ex-SMM valuation is cheap at 8x CY14 P/E vs. 14x for peers.   Overseas operations saved the day Overseas operations contributed 44% of Utilities’ profits. The acquisition of wind-power assets, AES in China, has proven to be earnings accretive; it lifted China profits by 172% yoy (stable qoq) to S$13m. Middle East profits of S$8m (+34% yoy, +50% qoq) were from the full-commissioning since 2Q12 and the lack of minor-outage in the Salalah plant. UK profits rose 96% qoq to S$8m (-14% yoy) as Wilton 10 resumed operations following a 17-week maintenance in 4Q12. Power prices in the UK have also improved from an average of ￡45/MW in FY12 to ￡54/MW in 1Q13. Vietnam profits dipped 36% yoy and 16% qoq to S$10m from lower capacity charge tariffs in Phu My3 Vietnam.     Lower power prices in Singapore factored in As expected, Singapore profits fell by about 19% yoy and qoq from 1) lower adhoc gas sales, 2) weaker power spread (blended spread dipped by 8-9% yoy), and 3) the lack of deferred billings that boosted 4Q12’s earnings by S$8m. Management guidance of competition from new gencos in 2H13 remains and we have factored in an 11% yoy dip in profits.     Wild cards We see the potential for divestment gains from SCI’s IPO of the Salalah plant in 3Q/4Q13 that will reduce its stake in the US$1bn project to 40% from 60% currently.

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