SPH BUY Target Price $4.32 by OCBC Research

 Singapore Press Holdings (SPH) recently bid S$917m for a 99-year white site beside Jurong East MRT station and came just 5.4% below the top bid. We think management is committed to expanding their retail landlord business and could be interested in three GLS sites in 2H11, or TripleOne and 313@Somerset which are likely to come onto the market. We visited Clementi Mall and found that it has opened for operations smoothly with good foot traffic. Our S$4.32 fair value indicates an upside of 13.4% against the current price of S$3.81. Also, we think the downside is limited by an attractive dividend yield of 7.1%, which is underpinned by a core newspaper segment yielding solid recurrent cash. Upgrade SPH to BUY with a fair value estimate of S$4.32.

Tiger Airways Target Price SELL $1.43 by CIMB Research

During its analysts' briefing, management discussed the tough operating conditions in Australia but remained bullish on Asian demand. Tiger will no longer expand its Australian capacity, but instead focus on Asia.

In response to this, we lower our cost estimates and adjust our operating assumptions. Our FY2012 estimate drops by 10.1% but FY2013-2014 forecasts rise by 4.8-10.3%. Our target price also climbs to $1.43 (from $1.39) following our adjustments, still based on 8X CY12 P/E.

Execution of Tiger's plans remains uncertain in the near term, providing potential de-rating catalysts, though given time, Tiger's business model could mature. MAINTAIN UNDERPERFORM.

The Sentosa Spa Resort Singapore

Exclusive kampung-like environment on Sentosa Island, 2 Bukit Manis Road with 167 rooms. Getting to the Genting Resorts World Casino is a breeze literally a walking distance away.