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(Maybank KE) SG Daily: StarHub: Stars Moving Out Of Alignment; Downgrade to Sell TP $4.20 | Ezion Holdings: Entering the High Growth Years; Buy TP $2.56 Inbox | | | | SG Daily: StarHub: Stars Moving Out Of Alignment; Downgrade to Sell TP $4.20 | Ezion Holdings: Entering the High Growth Years; Buy TP $2.56 Singapore Daily StarHub: Stars Moving Out Of Alignment; Downgrade to Sell TP $4.20 STH SP | Mkt Cap USD6.6b | ADTV USD6.1m Ø Downgrade to SELL. Admittedly, this is a risky call amidst the current liquidity and yield compression conditions, but we had held on to our BUY call with the highest TP on the Street even when the stock exceeded all expectations. Switch to M1. Ø Now the dividend spread is getting ever thinner, competition is heating up, revenue guidance cut and demands on cash are growing more onerous. While gearing is ultra-low, the nearest window for more dividends has now been pushed back with a delay in the 4G spectrum auction toward 2H12. Ø The fixed dividend and yield of 4% may still provide some comfort and prevent an immediate rush to the exit, but we would still advise clients to sell into strength. Our DCF-derived TP is SGD4.20 (prev SGD4.31). Click here for full report gyap@maybank-ke.com.sg Ezion Holdings: Entering the High Growth Years; Buy TP $2.56 EZI SP | Mkt Cap USD1.7b | ADTV USD12m Ø Maintain BUY on Ezion as we raise our valuation multiple to 15x FY13F PER (from 13x), TP SGD2.56. We believe that previous concerns on high gearing have mostly dissipated as Ezion demonstrates astute use of its capital. Ø 1Q13 results were within expectations. Our forecast of 51% growth in FY13F EPS and a CAGR of 40% over FY13-15F remain well on track to be met. These high growth expectations are primarily backed by secured charter contracts limiting the risk of major misses. Ø We see sequential quarterly growth as more liftboat units are deployed. Net gearing has risen to 0.83x in 1Q13 and is expected to rise further in subsequent quarters. Upcoming results 10 May Amtek Engineering | Best World International | Fraser & Neave | Hotel Royal | IFS Capital | Otto Marine | Pan Pacific Hotels | UOL | Vicom | Yamada Green 13 May China Minzhong | Golden Agri-Resources | SBS Transit | Super Group | SuperBowl 14 May ComfortDelgro | CSE Global | Li Heng Chemical Fibre | Mewah International | Noble Group | SIA Engineering | Telechoice | Vallianz 15 May Hiap Hoe | Hong Leong Asia | Olam International | Petra Food | SATS | SingTel | Swiber | United Engineers 16 May Singapore Airlines | |
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