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Located on the banks of the River Irwell and adjacent to the historic quarter of Castlefield, Downtown is a prestigious residential development consist of 368 one, two and three bedroom apartments. The Manhattan-inspired development has been specifically designed to exceed all expectations, ultimately enhancing the lifestyles of its residents. Downtown is Manchester’s premier residence with a host of hotel-style services, including a concierge located within the lobby, an onsite gymnasium and spa, a media room for movies and rooftop terraces with outdoor chill out seating areas. For convenience, Downtown offers dry and cold storage rooms to facilitate supermarket deliveries, a postal room and a business centre with High Speed Wifi. There is also secure undercroft car and bicycle parking. Downtown is a collection of six statement blocks, different in heights and ranging from 4 storeys up to 14, yet interlinked to create a new contemporary and iconic landmark property, to service the needs of an ever increasing aspirational residential community. “Downtown creates a step change in the quality and current level of service offering of apartments in Manchester and the extended locality. The adjacency to the River Irwell, the fantastic facilities and the exterior's exceptional finish represents a pioneering class of new generation, service-led apartment living.” - LRW Architects
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Be greedy when others are fearful
Although we are projecting a lower 2H, GuocoLeisure’s (GLL) 1HFY6/15 core earnings were still slightly above our expectation, at 71% of our full-year forecast. This is due to better cost discipline and slightly earlier-than-expected debenture refinancing. We raise our FY15 EPS estimate by 4% to reflect lower operating cost, but cut FY16 by 18% and FY17 by 12% to factor in lower O&G royalty income from Bass Strait. We believe 1) the fundamentals of GLL’s hotel segment remain sound and 2) the market has overreacted to the FX and oil price hiccups. We maintain an Add on GLL, with an unchanged RNAV-based target price of S$1.18. Key catalysts include expanding hotel earnings and a potential bounce in oil price. 1HFY15 results highlights GLL reported revenue of US$200.6m in 1H15, Guocoleisure (ADD, TP:S$1.18) - Be greedy when others are fearful f COMPANY RESULTS SELL
(Maintained) Share Price S$4.32 Target Price S$3.50 Upside -18.9% (Previous TP S$3.54) COMPANY DESCRIPTION Aircraft maintenance, repair, and overhaul (MRO) operator. STOCK DATA GICS sector Industrials Bloomberg ticker: SIE SP Shares issued (m): 1,121.1 Market cap (S$m): 4,843.3 Market cap (US$m): 3,580.7 3-mth avg daily t'over (US$m): 1.7 Price Performance (%) 52-week high/lo SIA Engineering (SIE SP) 3QFY15: Sequential Decrease In Top-Line And Further Revenue Warnings 3QFY15 results disappointed amid weak revenue and a 55% yoy reduction in engine maintenance earnings. Management warned of a challenging business environment and we expect continued margin pressure. Maintain SELL. Target price: S$3.50. http://research.uobkayhian.com/content_download.jsp?id=26581&h=a79f393b36fd04bbbdd6d344caba8e11 |