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DBSVickers Reports March 2013
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PostPosted: Fri Mar 22, 2013 10:20 am    Post subject: Reply with quote

Today’s Focus
• Kreuz - Valuations still cheap; industry outlook robust.
Maintain BUY with higher TP of S$0.58
Eurozone uncertainty continued to cause market choppiness
after ECB turned up the pressure on Cyprus to deliver a rescue
package, saying it may cut off emergency funds to Cypriot
banks after March 25 unless a plan is in place “that would
ensure the solvency of the concerned banks.” Cyprus has
suggested raising the money through its wealthier bank
customers. Deposits less than €100k would remain whole as
per earlier guarantees; deposits in excess of €100k would be
clipped by about 15%. This should be enough to cover the
€6bil that is needed. Stay tuned.
Kreuz’s earnings delivery has consistently exceeded our
expectations as they have continued to secure additional work
at higher margins from customers, based on their execution
track record. The robust industry outlook underpins order
book momentum and earnings growth trajectory. Kruez is
building asset base to propel future growth. It has won
US$155m worth of orders in FY12, and current orderbook
stands at US$205m, of which about 90% will be recognised in
FY13. Valuations are still cheap at 4.6x FY13 earnings;
maintain BUY with higher TP of S$0.58 (Prev S$ 0.43).
In the latest of a series of contracts secured by ST Engineering
this year, its US shipyard, VT Halter Marine, has landed an
exercised option for a barge unit from Bouchard
Transportation in the region of US$100m. Bouchard
Transportation Co Inc's exercise of its option for the additional
articulated tug barge (ATB) unit follows its contract award for
a similar one last month. The construction of the first barge
will begin in April, with delivery scheduled for mid-2015.
Construction of the second barge will begin in the fourth
quarter of this year, with delivery slated for the first quarter of
2016.
SembCorp Marine's subsidiary, Sembmarine SLP, has secured
an exclusive licence from Seahorse Platform Partners Ltd (SPPL)
to use its patented technology in the design and construction
of Minimum Facilities Platforms (MFPs) for the North Sea, Irish
waters, and other territorial waters of the UK. The licence is for
SPPL's patented Seaharvester and SeaHorse technology. SLP
and SPPL have delivered 18 MFPs based on the Seaharvester
technology.
US Indices Last Close Pts Chg % Chg
Dow Jones �� 14,421.5 (90.2) (0.6)
S&P �� 1,545.8 (12.9) (0.Cool
NASDAQ �� 3,222.6 (31.6) (1.0)
Regional Indices
ST Index �� 3,267.7 19.3 0.6
ST Small Cap �� 569.2 1.6 0.3
Hang Seng �� 22,225.9 (30.6) (0.1)
HSCEI �� 10,944.4 (34.4) (0.3)
HSCCI �� 4,374.7 (12.5) (0.3)
KLCI �� 1,630.8 (0.Cool (0.0)
SET �� 1,529.5 (14.2) (0.9)
JCI �� 4,802.7 (28.Cool (0.6)
PCOMP �� 6,473.0 53.4 0.8
KOSPI �� 1,950.8 (8.6) (0.4)
TWSE �� 7,811.8 13.8 0.2
Nikkei �� 12,635.7 167.5 1.3
STI Index Performance
Singapore
1,000
2,000
3,000
4,000
2006 2007 2008 2009 2010 2011 2012 2013
100-Day MA
Index
STI
Total Market cap (US$bn) 609
Total Daily Vol (m shrs) 4,059
12m ST Index High 3,309
12m ST Index Low 2,699
Source: Bloomberg Finance L.P
Stock Picks – Large Cap
Rec’n Price ($)
21 Mar
Target Price
($)
Noble Group Buy 1.175 1.45
Neptune Orient Lines Buy 1.180 1.45
Keppel Corp Buy 11.430 13.00
SPH Buy 4.420 4.79
Stock Picks – Small /Mid Cap
Rec’n Price ($)
21 Mar
Target Price
($)
Ezra Holdings Buy 1.110 1.58
Tat Hong Holdings Buy 1.530 1.80
China Merchants Buy 0.880 1.12
Kreuz Holdings Buy 0.455 0.58
Source: Bloomberg Finance L.P, DBS Vickers
Singapore
Wired Daily
Page 2
Otto Marine announced that PT Batamec, its Indonesiabased
shipyard, has secured contracts to fabricate,
assemble and deliver four pre-erected columns and
pontoon blocks worth a total of S$6.3m. Secured from a
renowned Singapore-based customer, these contracts are
a significant milestone in Otto Marine’s bid to expand and
to strengthen its shipyard operations and presence in the
robust offshore oil and gas industry in the region. An
immediate boost to shipyard utilisation and contributes to
contract win momentum, these contracts are scheduled
for delivery in June 2013.
JES International has signed a letter of intent to construct
up to 4 Offshore Accommodation Vessels (OAVs) valued
at approximately US$147m each. This letter of intent is
signed with the buyer from a Singapore-based offshore
company.
Saizen Real Estate Investment Trust (Saizen Reit) has
acquired a residential property in Japan for about S$10m.
The property, Cosmos Kokura Eki Mae (CKEM) consists of
a building with 61 residential units and 28 parking lots. At
the current occupancy level of 88% (by revenue), the net
property income yield of CKEM is about 6.5%. At the
expected normalised occupancy rate of 94%, the net
property income yield of CKEM is expected to be about
7.1%. The purchase and its related costs are expected to
be financed via internal cash resources initially.
The Housing & Development Board (HDB) has launched
close to 3,900 Build-to-Order (BTO) flats, with another
7,850 flats to be made available for balloting in May. The
four latest projects released yesterday were in three nonmature
towns: Bukit Batok, Punggol and Sengkang. They
will comprise studio apartments and two-room to fiveroom
flats.
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PostPosted: Mon Mar 25, 2013 9:51 am    Post subject: Reply with quote

Today’s Focus
• OSIM – Growth not over yet; initiate coverage with a
BUY recommendation, target price S$2.25
Developments in Cyprus last week dealt a blow to the
improving confidence that the Eurozone debt crisis is on the
mend. However, investors are not panicking about another
contagion. Bond yields of key Eurozone countries stayed
suppressed. Latest out of Cyprus is that they have reached a
deal with the Troika, pending approval by the Eurozone
ministers. Euro’s on the rebound, so are Asian bourses this
morning.
We initiate coverage on OSIM with a BUY recommendation,
for 18% upside to S$2.25 TP. We believe OSIM is no longer
the entity it was before the write-off of Brookstone in FY08.
Quarterly results from 1Q09 to 4Q12 have shown that
earnings growth has been sustainable. OSIM is now a stronger
entity and better positioned for further growth. China and
product innovation are expected to drive the 16% earnings
growth CAGR from FY12-FY14F that we are forecasting. OSIM
is a beneficiary of the rising middle class population in China,
with 56% of revenues originating from North Asia. Rising
disposable income, a strong Rmb and increasing availability of
credit will encourage Chinese consumers to spend more. OSIM
now creates demand by innovating new products to target
new market segments.
Yoma Strategic has set up a new joint venture (JV) with First
Myanmar Investment (FMI), a unit of Serge Pun & Associates
(Myanmar) which is held by Yoma's executive chairman, Serge
Pun. The JV company, YSH Finance, was incorporated in the
British Virgin Islands to hold Yoma's and FMI's joint
investments in new investment opportunities in Myanmar. The
JV will be 80% owned by Yoma, with the remaining 20% held
by FMI. Yoma added that its current investment in the JV
entity is less than 3% of its latest consolidated audited net
tangible assets.
Mencast Holdings has revised the 1-for-1 bonus issue
proposed on 26 Feb 2013 to be on the basis of 1 Bonus Share
for every 4 existing shares held.
US Indices Last Close Pts Chg % Chg
Dow Jones �� 14,512.0 90.5 0.6
S&P �� 1,556.9 11.1 0.7
NASDAQ �� 3,245.0 22.4 0.7
Regional Indices
ST Index �� 3,258.6 (9.1) (0.3)
ST Small Cap �� 569.8 0.6 0.1
Hang Seng �� 22,115.3 (110.6) (0.5)
HSCEI �� 10,896.5 (47.9) (0.4)
HSCCI �� 4,402.3 27.5 0.6
KLCI �� 1,626.9 (3.9) (0.2)
SET �� 1,479.0 (50.6) (3.3)
JCI �� 4,723.2 (79.5) (1.7)
PCOMP �� 6,518.7 45.7 0.7
KOSPI �� 1,948.7 (2.1) (0.1)
TWSE �� 7,796.2 (15.6) (0.2)
Nikkei �� 12,338.5 (297.2) (2.4)
STI Index Performance
Singapore
Total Market cap (US$bn) 614
Total Daily Vol (m shrs) 5,842
12m ST Index High 3,309
12m ST Index Low 2,699
Source: Bloomberg Finance L.P
Stock Picks – Large Cap
Rec’n Price ($)
22 Mar
Target Price
($)
Noble Group Buy 1.175 1.45
Neptune Orient Lines Buy 1.190 1.45
Keppel Corp Buy 11.380 13.00
SPH Buy 4.450 4.79
Stock Picks – Small /Mid Cap
Rec’n Price ($)
22 Mar
Target Price
($)
Ezra Holdings Buy 1.115 1.58
Tat Hong Holdings Buy 1.505 1.80
China Merchants Buy 0.875 1.12
Kreuz Holdings Buy 0.465 0.58
Source: Bloomberg Finance L.P, DBS Vickers
Singapore
Wired Daily
Page 2
Mapletree Logistics Trust's planned divestment of its
property at 30 Woodlands Loop to a new buyer has been
granted in-principle approval by JTC Corporation, after a
deal with another prospective buyer fell through last year.
The new buyer, Advanced CAE, a unit of Advanced
Holdings which supplies process equipment and cleanenergy
technology solutions, has entered into an optionto-
purchase agreement to buy the property for $15.5m.
The sale price represents a 50.5% premium over its 2007
purchase price of $10.3m, and a 40.9% premium over its
year-ago valuation of $11m.
IEV Holdings has made its foray into the renewable
energy business with a biomass production project in
Vietnam. It planned to construct its maiden plant to
manufacture pellet forms of rice-husk biomass in the
middle of the Mekong Delta - the "Rice Bowl of Southern
Vietnam". The company hopes to achieve its first pellet
production in the first half of next year.
Thai Village has entered into a franchise agreement with
CAM F&B Services, a company incorporated in Cambodia,
to operate restaurants serving Thai Teochew Cuisine
under the name of “Thai Village” in the city of Phnom
Penh, Cambodia. This is Thai Village’s first franchisee in
Cambodia.
Transcu Group has recently signed two agreements in
Japan with Olympia Kogyo and Chiyoda Technol Corp.
Transcu has entered into an agreement with Olympia, the
leading thermal heat engine burner producer in Japan, to
manufacture the biomass energy plant for its customers.
Chiyoda is a pioneer and leading radioisotope applications
manufacturer in Japan. Transcu has entered into an
agreement with Chiyoda to jointly develop biomass
energy plants to remove radioactive cesium from the
contaminated wood in Fukushima prefecture.
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PostPosted: Tue Mar 26, 2013 10:49 am    Post subject: Reply with quote

Today’s Focus
• HPH Trust to replace F&N on FTSE STI with effect from
April 3
Cyprus gets saved but the devil is in the details. It comes at the
expense of a deposit levy on depositors with more than
€100K, senior bond holders taking losses and uninsured
depositors mostly wiped out. The news is a relief but nothing
beyond with US and European equity indices erasing initial
gains. While many of the large depositors are Russians that
can be classified as professionals rather than the “mums and
pops”, the bailout raises questions about how future crisis will
be handled or whether there will be a depositors’ flight among
the other Eurozone nations.
HPH Trust will replace F&N on the FTSE STI with effect from
April 3. F&N will be removed from the index amid uncertainty
over the future listing status.
Inflation surged to an eight-month high of 4.9% in February,
higher than market expectation of a 4.1% rise and up from
January's 3.6% inflation rate. This was mainly due to January's
record-high vehicle certificate of entitlement (COE) premiums,
as well as a seasonal Chinese New Year hike in food prices.
The 17.4% y-o-y jump in private road transport costs alone -
up from a 10.5% rise in January - made up more than twothirds
of the 1.3 percentage point increase in February's
inflation. Food prices rose 2.3% in February, up from one per
cent in January, a reflection of reversed base effects since
Chinese New Year was in February this year but in January last
year. Core inflation measure, which strips costs of private road
transport and accommodation out, rose to 1.9% in February
from 1.2% in January, on account of stronger food and
services inflation.
Swissco has diversified its business model to move higher up
the value chain and into the oil rig sector. It has incorporated a
special purpose vehicle with two partners, predominantly to
enter into engineering, procurement and construction (EPC)
contracts for oil rigs. Swissco will hold a 46.5% stake in the
SPV, Rockwood Asset Holdings, and its partners Golden Arch
Worldwide Offshore and Pulau Investments will hold 45.3%
and 8.2% respectively.
US Indices Last Close Pts Chg % Chg
Dow Jones �� 14,447.8 (64.3) (0.4)
S&P �� 1,551.7 (5.2) (0.3)
NASDAQ �� 3,235.3 (9.7) (0.3)
Regional Indices
ST Index �� 3,267.5 8.9 0.3
ST Small Cap �� 572.0 2.2 0.4
Hang Seng �� 22,251.2 135.9 0.6
HSCEI �� 10,978.0 81.5 0.7
HSCCI �� 4,428.3 26.1 0.6
KLCI �� 1,643.9 17.0 1.0
SET �� 1,524.0 45.0 3.0
JCI �� 4,777.9 54.7 1.2
PCOMP �� 6,597.6 78.9 1.2
KOSPI �� 1,977.7 29.0 1.5
TWSE �� 7,856.1 59.9 0.8
Nikkei �� 12,546.5 207.9 1.7
STI Index Performance
Singapore
Total Market cap (US$bn) 614
Total Daily Vol (m shrs) 5,531
12m ST Index High 3,309
12m ST Index Low 2,699
Source: Bloomberg Finance L.P
Stock Picks – Large Cap
Rec’n Price ($)
25 Mar
Target Price
($)
Noble Group Buy 1.18 1.45
Neptune Orient Lines Buy 1.205 1.45
Keppel Corp Buy 11.33 13.00
SPH Buy 4.44 4.79
Stock Picks – Small /Mid Cap
Rec’n Price ($)
25 Mar
Target Price
($)
Ezra Holdings Buy 1.115 1.58
Tat Hong Holdings Buy 1.51 1.80
China Merchants Buy 0.87 1.12
Kreuz Holdings Buy 0.475 0.58
Source: Bloomberg Finance L.P, DBS Vickers
Singapore
Wired Daily
Page 2
Tiong Seng Holdings has been awarded a total of
S$223.4m worth of contracts by SP Setia for a
condominium housing development, Eco Sanctuary, and a
terrace housing project, The Springside, by Kallang
Development. These new projects will boost order book
to S$1.47 bn. This is the first time Tiong Seng will be
working with both developers, an affirmation of the
Group’s growing influence in the construction industry.
Lian Beng Group has clinched a new contract worth
$220m for the construction of Bartley Ridge. With this
deal, the group's order book stands at about $884m.
Bartley Ridge, a 99-year leasehold project along Mount
Vernon Road, comprises eight 18-storey and one 19-
storey residential towers with penthouses. There are 868
units in all. The average per sq ft prices for the unit types
range from $930 to $1,350.
BBR Holdings has secured yet another S$102.8m contract
from the Housing and Development Board (HDB) to build
a total of 755 units at the Kallang Whampoa area in
Singapore. This is the fifth HDB contract won by the
Group since its first in 2009. Its order book now stands at
more than S$1.12 bn with projects lasting to 2016.
KLW Holdings is proposing to undertake a renounceable
non-underwritten rights issue of up to 1,220.1m new
shares at the issue price of S$0.01 for each Rights Share,
on the basis of one (1) Rights Share for every one (1)
existing share held. The Issue Price represents a discount
of approximately 50% to the last transacted price. The
net proceeds of approximately S$12.15m will be mainly
used for funding acquisition opportunities and business
growth in new businesses.
Driven by travel during the Chinese New Year holidays
last month, passenger movements at Singapore's Changi
Airport jumped 9.2% y-o-y to 4.12m. Air-traffic
movements grew 4.2% to 25,900 flights. Among the
airport's top 10 country markets, traffic between
Singapore and Australia, China, Hong Kong and Japan
grew by more than 10% last month.
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PostPosted: Wed Mar 27, 2013 9:48 am    Post subject: Reply with quote

Today’s Focus
• Rotary Engineering – Secured two contracts worth
S$42m
The trend for improving US economic data continued
yesterday, this time in February durable goods orders
(consensus 4.9%, actual 5.7%). Market trading action here in
Singapore could be mixed though as short-term traders are
likely to capitalize on current session strength to lock in gains
ahead of the long week-end. Don’t expect a big downswing
though as overseas news that China banks’ bad loan ratio
declined last year could underpin the North-Asian bourses.
Rotary Engineering has secured two new contracts worth
about S$42m that will commence in the first quarter of 2013.
The first contract worth S$30m was awarded by one of the
world’s leading independent storage operators for oil, gas and
chemicals. The project on Jurong Island involves engineering
design, procurement, and construction (EPC) of three spherical
storage tanks designed for more stringent storage conditions.
The second contract with a value of S$12m was awarded by
an international speciality chemicals company for the
fabrication and installation of pipe rack modules also on
Jurong Island.
Chip Eng Seng has entered into an agreement to purchase all
units of San Centre, an office building located at Chin Swee
Road, with a land area of 2,668.1 square metres and a gross
floor area of 12,253.43 square metres at a purchase price of
$113m. It is a leasehold property of 99 years commencing on
2 June 1969, and could be redeveloped into a 20-storey
commercial or mixed commercial and hotel development.
Global Logistic Properties has pre-leased approximately 91,000
sqm to Deppon Logistics, one of China’s largest third-party
logistics providers. Deppon Logistics is GLP's second-largest
customer in China by leased area. Including the latest lease,
Deppon Logistics has leased a total of 267,000 sqm, or 4.1%
of total leased area, with GLP across 13 cities in China.
US Indices Last Close Pts Chg % Chg
Dow Jones �� 14,559.7 111.9 0.8
S&P �� 1,563.8 12.1 0.8
NASDAQ �� 3,252.5 17.2 0.5
Regional Indices
ST Index �� 3,288.5 21.1 0.6
ST Small Cap �� 575.1 3.1 0.5
Hang Seng �� 22,311.1 59.9 0.3
HSCEI �� 10,925.1 (52.9) (0.5)
HSCCI �� 4,422.2 (6.1) (0.1)
KLCI �� 1,652.8 8.9 0.5
SET �� 1,544.0 20.1 1.3
JCI �� 4,842.5 42.9 0.9
PCOMP �� 6,665.1 67.5 1.0
KOSPI �� 1,983.7 6.0 0.3
TWSE �� 7,856.4 0.2 0.0
Nikkei �� 12,471.6 (74.Cool (0.6)
STI Index Performance
Singapore
1,000
2,000
3,000
4,000
2006 2007 2008 2009 2010 2011 2012 2013
100-Day MA
Index
STI
Total Market cap (US$bn) 618
Total Daily Vol (m shrs) 4,089
12m ST Index High 3,309
12m ST Index Low 2,699
Source: Bloomberg Finance L.P
Stock Picks – Large Cap
Rec’n Price ($)
26 Mar
Target Price
($)
Noble Group Buy 1.185 1.45
Neptune Orient Lines Buy 1.210 1.45
Keppel Corp Buy 11.290 13.00
SPH Buy 4.440 4.79
Stock Picks – Small /Mid Cap
Rec’n Price ($)
26 Mar
Target Price
($)
Ezra Holdings Buy 1.155 1.58
Tat Hong Holdings Buy 1.525 1.80
China Merchants Buy 0.890 1.12
Kreuz Holdings Buy 0.485 0.58
Source: Bloomberg Finance L.P, DBS Vickers
Singapore
Wired Daily
Page 2
February’s manufacturing output fell 16.6% y-o-y,
steeper than market expectation of 7.9% decline. The
drop was partly attributed to lower activities over the
Lunar New Year period. Excluding the biomedical cluster's
18% fall, manufacturing output still shrank 16.2% y-o-y.
Electronics led the manufacturing decline with a 21.1%
fall from a year ago, far larger than its 3% drop in
January. The semiconductors segment, in particular,
reverted to a 14.6% contraction after growing 3.9% in
January.
The Urban Redevelopment Authority (URA) introduced a
minimum average size for retail units of 50 square metres
(538 square feet) that takes effect today. The aim is to
prevent a rise in small units at malls that may not serve
their intended purpose. Also introduced were guidelines
that retail developments should have minimum corridor
widths of two to 2.4 metres for single loaded corridors,
and 2.4 to three metres for double-loaded corridors.
Single-loaded corridors serve retail shops on one side
while double-loaded ones serve retail units on both.
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PostPosted: Thu Mar 28, 2013 10:34 am    Post subject: Reply with quote

Today’s Focus
• Mapletree Industrial Trust - Built-to-suit project offers
good returns with accretion to distributions
• Keppel Corp - Secured US$820m contract from Mexico;
expect more orders to come from Mexican market
Mapletree Industrial Trust has signed an agreement to develop
a ‘built-to-suit’ facility for Equinix Singapore, a 7 storey, high
specification property located in One-North. We like this deal
as (i) the long lease provides good income visibility for this
proposed investment, with annual step ups providing longer
term organic growth (ii) high returns of cost of 7.75% (on
estimated rent of S$2.0 psf pm) for this property, which will be
accretive to distributions and (iii) quality earnings backed by a
blue chip tenant - Equinix Singapore is a subsidiary of
NASDAQ-listed Equinix Inc. a global interconnection and data
centre company. Target price is adjusted slightly higher to
S$1.46 (Prev S$ 1.43) after this latest deal has been factored
in. Maintain HOLD call, as upside to TP is limited.
Keppel Corp has secured contracts to build four jackup rigs
worth US$820m in total from Mexican drilling company,
Grupo R. The jackup rigs are scheduled for delivery
progressively from 2Q 2015 to 4Q 2015. We expect more
orders to come from the Mexican market as PEMEX, the
Mexican national oil company has announced investment
plans of US$25.3bn for 2013, of which US$20bn will be
targeted at upstream activities. It plans to add between eight
and 12 offshore platforms to its fleet. These latest contracts
bring Keppel's YTD order win to S$1,590m, making up 26.5%
of our full year assumption of S$6bn. Maintain BUY, TP:
S$13.00.
Nam Cheong announced the first round of contract wins in
2013, securing US$72m worth of contracts for 2 AHTS and 4
ERRV (Emergency Response and Rescue) vessels. The two AHTS
vessels are part of Nam Cheong's build-to-stock series and we
estimate 15 of the 19 vessels scheduled to be completed in
FY13 have now been sold already. The order for the 4 ERRVs,
which will be built on a build-to-order basis, could add further
upside to our FY14 numbers. Orderbook now stands at about
RM1.3bn. This underpins robust earnings trajectory for the
Group in FY13/14. Maintain BUY with TP of S$0.30.
US Indices Last Close Pts Chg % Chg
Dow Jones �� 14,526.2 (33.5) (0.2)
S&P �� 1,562.9 (0.9) (0.1)
NASDAQ �� 3,256.5 4.0 0.1
Regional Indices
ST Index �� 3,313.0 24.5 0.7
ST Small Cap �� 578.9 3.8 0.7
Hang Seng �� 22,464.8 153.7 0.7
HSCEI �� 11,033.6 108.5 1.0
HSCCI �� 4,445.5 23.3 0.5
KLCI �� 1,667.6 14.7 0.9
SET �� 1,560.9 16.8 1.1
JCI �� 4,928.1 85.6 1.8
PCOMP �� 6,847.5 182.4 2.7
KOSPI �� 1,993.4 9.7 0.5
TWSE �� 7,894.1 37.8 0.5
Nikkei �� 12,493.8 22.2 0.2
STI Index Performance
Singapore
1,000
2,000
3,000
4,000
2006 2007 2008 2009 2010 2011 2012 2013
100-Day MA
Index
STI
Total Market cap (US$bn) 623
Total Daily Vol (m shrs) 3,370
12m ST Index High 3,313
12m ST Index Low 2,699
Source: Bloomberg Finance L.P
Stock Picks – Large Cap
Rec’n Price ($)
27 Mar
Target Price
($)
Noble Group Buy 1.210 1.45
Neptune Orient Lines Buy 1.215 1.45
Keppel Corp Buy 11.220 13.00
SPH Buy 4.460 4.79
Stock Picks – Small /Mid Cap
Rec’n Price ($)
27 Mar
Target Price
($)
Ezra Holdings Buy 1.160 1.58
Tat Hong Holdings Buy 1.550 1.80
China Merchants Buy 0.890 1.12
Kreuz Holdings Buy 0.480 0.58
Source: Bloomberg Finance L.P, DBS Vickers
Singapore
Wired Daily
Page 2
Mermaid Maritime has secured a 2-yr contract with
potential value of approximately US$ 72m to provide
drilling and related services using the tender drilling rig
‘MTR-2’ for the client’s offshore oil and gas fields in
Indonesia.
NH Ceramics is proposing to acquire BlackGold Asia
Resources and BlackGold Energy, part of the BlackGold
Group. Through these two companies, the Group has
controlling interests in three Indonesian companies that
each has coal concessions covering a combined area of
approximately 53,000 hectares located in the Riau
Province, Island of Sumatra, Indonesia. The purchase
consideration of US$150m shall be satisfied via the issue
of 3.18bn new shares at an issue price of S$0.059 per
share. The Vendors would own an aggregate interest of
91.24% of the enlarged issued and paid-up share capital
of the company upon completion.
Hu An Cable is placing 150m new, representing
approximately 17.4% of the existing issued share capital,
at an issue price of S$0.12 each. The issue price
represents a discount of approximately 6.9% to the last
weighted average price. The net proceeds of about
S$18m will be used as the general working capital of
Shenhuan Cable Technology, a wholly owned subsidiary
of the company.
First Real Estate Investment Trust is buying two hospitals
in Indonesia for a total of $190.4m. The two hospitals,
Siloam Hospitals TB Simatupang (SHTS) in South Jakarta
and Siloam Hospitals Bali (SHBL), cost $93.1m and
$97.3m, respectively. The two hospitals are being bought
from PT Lippo Karawaci Tbk, the sponsor of First Reit. The
acquisitions will be financed through a mix of a
drawdown of committed debt facility and the issuance of
new units to the healthcare Reit's sponsor. These two
acquisitions bring First Reit's portfolio to 14 properties
across three countries - Indonesia, Singapore and South
Korea.
Standard & Poor's Ratings Services had revised the rating
outlook on China-based property developer Yanlord Land
Group to stable from negative. S&P expects that Yanlord
will maintain its good sales execution and continue to
have a cautious appetite toward expansion amid a
relatively stable property market over the next 12 months.
Office demand remained healthy in the first quarter of the
year as rents stayed competitive, data from property
consultancies showed. CBRE said vacancy rates for
Singapore offices fell 0.7 percentage points to 5.1%,
from 5.8% in the previous quarter. This corresponds with
DTZ's research that saw average occupancy rates gaining
0.4 percentage points to 95.4%. CBRE said vacancy rates
are the lowest since the fourth quarter of 2008, when it
was 4.8%.
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