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Philips Capital Reports March 2013
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PostPosted: Fri Mar 01, 2013 9:36 am    Post subject: Philips Capital Reports March 2013 Reply with quote

Ho Bee – Company Results (Bryan Go)
Recommendation: Buy
Previous close: S$1.885
Fair value: S$2.29

• 4Q12 revenue at $224.9mn, increased 238%y-y and PATMI, after including the discontinued hotel operation, was $67mn or 0.3%y-y lower
• The management cautioned that 2013 will be a challenging year following the series of cooling measures
• The Metropolis is 60% pre-committed, expect reval gain upon completion
• Upgrade to Buy at higher fair value of $2.29

PAN UNITED – Results Update (Joshua Tan)
Recommendation: BUY
Previous Close: S$0.965
Fair Value: S$1.21

• Full year DPS raised from 3.5c to 4c (our forecast 4c)
• EPS up 42.2% from 5.5c to 7.8c (our forecast 8c)
• Maintain BUY with a raised TP from S$0.88 to S$1.21 as the market has begun to appreciate the qualities of Pan United’s ready mixed concrete business and Changshu Xinghua Port (CXP) in China.

Golden Agri-Resources Ltd - 4Q Results (Nicholas Ong)
Recommendation: Accumulate
Previous close: S$0.650
Fair value: S$0.685

• FY12 results below expectations
• Adjusted FY12 net profit dropped 29% yoy to US404mn
• Maintain Accumulate with revised target price of S$0.685

Source: Phillip Securities Research Pte Ltd
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PostPosted: Mon Mar 04, 2013 9:09 am    Post subject: Reply with quote

Auric Pacific Group Limited announced that it has entered into a share purchase agreement for the sale of all of Charm Fit’s redeemable preference shares (“RPS”) of a par value of S$0.01 each (the “Relevant RPS”) in the share capital of Auric Pacific Real Estate Fund (the “Fund”), representing 60.0% of all the issued and outstanding RPS of the Fund (the “Sale”). The consideration for the Sale and the sale of the One Ordinary Share is HK$130,752,647.08 (the “Consideration”), being approximately 60.0% of the net asset value of the Fund as at Completion and being also approximately 60.0% of the outstanding principal amount of the Mezzanine Loan, the sole investment of the Fund since its incorporation. (Closing price: S$1.31, -0.758%)
Source: SGX Masnet, The Business Times
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PostPosted: Tue Mar 05, 2013 9:27 am    Post subject: Reply with quote

CSC Holdings Ltd announced that it has secured foundation contracts aggregating in excess of $100 million in the past 4 months. Total contracts secured since the start of the current financial year has exceeded $400 million. Among the notable awards are foundation contracts for the Klang Valley Mass Rapid Transit (“KVMRT”) projects in Malaysia, whereby the Group will construct diaphragm walls, bored
piles and install foundation piles via the jack-in method at Bukit Ria MRT station, as well as a launching shaft for the MRT project. Construction is expected to commence in March 2013 and be completed by mid 2013. (Closing price: S$0.117, -2.500%)

Sunright Limited announced a profit guidance for the first half financial year ended 31 January 2013. Based on the preliminary financial figures available, the Group is expected to report a loss for the 1HFY2013 compared with a profit for the corresponding period in 2012. This is mainly attributable to weaker sales in burn-in, testing and electronic manufacturing services segment and provision for impairment on certain assets with excess capacity. (Closing price: S$ -, -%)

China Minzhong Food Corporation Limited announces the increase in shareholding interests by PT Indofood Sukses Makmur Tbk (IDX: INDF) (“Indofood”) from 14.95% to 29.33% of the Company’s total issued share capital, through the acquisition of 94,245,382 shares from Tetrad Ventures Pte Ltd at S$1.12 per share. (Closing price: S$1.19, -0.833%)

Phileo Capital Limited has agreed to acquire pursuant to a married deal an aggregate of 65,000,000 ordinary shares (the "Shares") in the issued and paid-up capital of HSR Global Limited (the "Company"), representing approximately 65.99% of the total number of issued Shares, of which 55,000,000 Shares are owned by Ms. Lim Sook Lin and 10,000,000 Shares are owned by Mr. Liew Siow Gian Patrick, at a consideration of S$0.21 per Share (the "Acquisition"). As a result of the Acquisition, the Offeror is required to make a mandatory unconditional cash offer (the "Offer") for all the remaining Shares, other than those Shares owned, controlled or agreed to be acquired by the Offeror as at the date of the Offer (the "Offer Shares"), pursuant to Rule 14 of the Singapore Code on Take-overs and Mergers (the "Code"). For each Offer Share: S$0.21 in cash. (Closing price: S$ -, -%)
Source: SGX Masnet, The Business Times
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PostPosted: Thu Mar 07, 2013 10:44 am    Post subject: Reply with quote

Communication Design International Limited announced that it had entered into a legally-binding heads of agreement (the “HOA”) for the proposed acquisition by the Company of the entire issued share capital of Teranova Group Limited (the “Proposed Acquisition”) from Phoon Wui Nyen as the vendor (the “Vendor”), Under the HOA, the Parties had agreed that they shall use their best endeavours to negotiate in good faith to agree and sign the definitive share purchase agreement regarding the Proposed Acquisition (the “Definitive Agreement”) within three (3) months from the execution of the HOA (i.e. by 5 March 2013). (Closing price: S$0.059, +7.273%)

Global Logistic Properties Limited announced that it has signed approximately 15,000 square metres (“sqm”) (162,000 square feet (“sq ft”)) of new leases with a third party logistics provider in Changzhou, Eastern China. With the new lease, the occupancy rate for GLP Park CND, GLP’s first development in Changzhou, has reached 97% within three months of its completion. (Closing price: S$2.57, +1.181%)
Source: SGX Masnet, The Business Times
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PostPosted: Fri Mar 08, 2013 9:11 am    Post subject: Reply with quote

Singapore Equity Strategy (Derrick Heng & Phillip Research Team)

· Industrials (Capital Goods) preferred, Commodities the wild card
· S-REITS & Telcos no longer cheap
· Property sector unlikely to do well with the impending price correction
· Margin pressures weigh on Banks, Transport
· Replaced Capitaland with Boustead SP. Top pick list: SIAEC, Pan United, Boustead SP.
Source: Phillip Securities Research Pte Ltd
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PostPosted: Tue Mar 12, 2013 9:39 am    Post subject: Reply with quote

Overseas Union Enterprise Ltd – Update (Bryan Go)
Recommendation: Accumulate
Previous close: S$2.86
Fair value: S$3.07


· Acquires iconic office tower and related properties in downtown Los Angeles for S$459mn
· Assets present room for improvement
· Betting on the US economy recovery
· Maintain Accumulate with fair value unchanged at $3.07
Source: Phillip Securities Research Pte Ltd
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PostPosted: Wed Mar 13, 2013 9:47 am    Post subject: Reply with quote

ST Engineering has exercised the purchase option it entered into with Pratt & Whitney for the use and acquisition of intellectual property assets. The deal was executed via its 50.1-per-cent owned subsidiary EcoServices LLC. This will enable EcoServices, a US-based engine wash services provider, to fully own, manage and protect its own portfolio of intellectual property assets required to operate its business. ST Engineering had acquired its stake in EcoServices in May 2012 through VT Aerospace, which in turn is owned by VT Systems, the US headquarters of ST Engineering. Pratt & Whitney retained the remaining 49.9 per cent in EcoServices, and contributed all the assets of the joint venture's business to EcoServices - except the intellectual property. EcoServices had entered into an exclusive, perpetual, irrevocable and worldwide licence and purchase option agreement with Pratt & Whitney for the use and acquisition of that intellectual property. At that time, the licence and purchase option had cost US$13.3 million. (Closing price: S$4.170, -0.714%)

Keppel Logistics, a wholly owned unit of Keppel Telecommunications & Transportation, said that it had leased a two-hectare site to develop an air logistics hub in eastern Singapore. The new four-storey ramp up warehouse will add about 350,000 square feet to Keppel Logistics' warehouse capacity in Singapore, and raise overall capacity by 20 per cent. The hub will be completed in early 2015. (Closing price: S$1.365, +0.368%)

Midas Holdings said that it had clinched five contracts worth 109.6 million yuan (S$21.71 million). The contracts to supply aluminium alloy extrusion and fabricated parts to five metro projects in China were secured by its subsidiary, Jilin Midas Aluminium Industries. Of the five, four were awarded by its 32.5 per cent owned joint-venture company, Nanjing SR Puzhen Rail Transport Co. It includes a 27 million yuan deal to supply parts to the Wuxi Metro Line 2 project, a 22.7 million yuan deal for the Dongguan Rapid Railway R2 Line project and a 17.6 million yuan deal for the Nanjing-Gaochun Intercity Rail project. Deliveries for these will take place between this year and 2014. (Closing price: S$0.500, +2.041%)

KSH Holdings Limited said it is looking to raise about S$13.9 million via a share placement. It intends to place up to 30.9 million new shares and 4.1 million existing shares at 40.8 Singapore cents apiece, representing a 5.18 per cent discount to the weighted average price for trades done on Monday. Together, the placement shares make up up to 8.45 per cent of KSH's enlarged capital after the placement. KSH plans to use about 70 per cent of the net proceeds to support the growth of its business and operations in Singapore, China and Southeast Asia, including the funding of strategic investments and joint ventures. The remainder will be used as working capital for existing business operations, it said. (Closing price: S$0.440, -%)

Ace Achieve Infocom Limited announced that it has secured a repeat contract from China Unicom Limited to supply IT infrastructure and related installation services for the third consecutive year. Based on the terms of the agreement, Ace Achieve will supply and install new server infrastructure in China Unicom’s facilities in 11 provinces in China, which is part of China Unicom’s annual IT infrastructure upgrading plan. Scheduled to be completed within nine months, the project is divided into various phases, with the first phase amounting to RMB5.0 million. “The consecutive contract win from China Unicom further reaffirms the group’s advanced technology and expertise in supporting leading telecommunication operators in China,” said Deng Zelin, Executive Chairman and Chief Executive Officer of Ace Achieve. As China’s mobile subscribers continue to grow – reaching 1.12 billion in January 2013, telecommunication operators are constantly upgrading their IT infrastructure to support customers expanding needs. At the same time, with increased 3G penetration rate and the shift towards non-voice and data based revenue, operators are placing greater focus on adopting new technology and equipment to enhance network performance and thereby improving service quality level. The latest contract is expected to generate RMB20.0 million in revenue to the group, it said. (Closing price: S$0.044, -%)
Source: SGX Masnet, The Business Times
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PostPosted: Thu Mar 14, 2013 9:04 am    Post subject: Reply with quote

Further to its announcement on Feb 28, 2013, Ezion Holdings Ltd said it has received the SGX-ST approval for the mainboard listing and quotation of 50 millon ordinary shares at an issue price of S$1.895 per new share. The entire net proceeds will be about S$93.5 million, all of which will be used to finance the acquisition of a liftboat to be used to support the oil and gas activities of a South East Asian-based national oil company. (Closing price: S$1.945, -2.261%)

Olam International Ltd announced it has sold Taraori Rice Mills Private Ltd, the holding company for its rice milling assets in India, to Spanish rice and pasta manufacturer, Ebro Foods, for US$14.5 million. "Through this sale we are monetising more than the book value of fixed investments, as well as releasing working capital - which will be used to reinforce our core supply chain and trading business in non-basmati rice from India and other origins for our conventional markets," said Rajeev Raina, global head of Olam's rice segment. The basmati rice mill, located in Haryana, India was acquired in 2008 and has a processing capacity of 18 tonnes of paddy per hour. (Closing price: S$1.675, +0.601%)

IHH Healthcare said its 60-per-cent owned GHK Hospital has purchased a land parcel in Hong Kong for HK$1.69 billion (S$271.07 million) to build and run a private hospital. The plot at Aberdeen Inland Lot No 458, Nam Fung Path in Wong Chuk Hang has a total site area of 27,500 sq m and a maximum gross floor area of 46,750 sq m. The total capital investment required for the new hospital is pegged at HK$5 billion, inclusive of the land acquisition cost. It is slated to commence operations in late 2016, with a total capacity of 500 beds. (Closing price: S$1.370, +0.366%)

Progen Holdings Limited announced that its wholly-owned subsidiary, Progen Pte Ltd, has been awarded a contract worth S$11.381 million for air-conditioning and mechanical ventilation installation at Changi General Hospital. The project will commence this year and is expected to complete in 2014. The group said the new contract is expected to contribute positively to its financial performance in 2013 and 2014 and is expected to have a material impact on group’s earnings per share for the financial year ending 31 December 2013. (Closing price: S$0.149, -%)
Source: SGX Masnet, The Business Times
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PostPosted: Fri Mar 15, 2013 9:46 am    Post subject: Reply with quote

Noble Group Ltd said it has priced US$400 million of its S$3 billion medium-term-notes (MTN) programme, first announced on Aug 17, 2011. The notes will bear interest per num, payable semi-annually. The yield for the notes to maturity in 2018 is 3.787 per cent per annum. Closing dates for the issuance of notes will be on Mar 20, 2013. (Closing price: S$1.175, +0.427%)

First Real Estate Investment Trust (First REIT) announced its trustee HSBC Institutional Trust Services (Singapore) Ltd has on Mar 13, 2013 signed a mandate letter for the establishment of a S$500 million multicurrency medium term note (MTN) programme. Documentation for the programme is currently in progress and an announcement will be made upon the establishment and signing of the programme documents, said the manager of the reit. The Hongkong and Shanghai Banking Corporation Limited and Oversea-Chinese Banking Corporation Limited have been appointed as joint lead arrangers of the programme. (Closing price: S$1.155, -0.431%)

THE subsea services arm of Ezra Holdings, EMAS AMC, has secured a US$165 million (S$206 million) engineering, procurement, construction and installation (EPIC) contract in the North Sea. Det norske oljeselskap, a drilling operator in the Norwegian continental shelf, awarded EMAS the contract to conduct rigid pipe-laying and related subsea work in the Ivar Aasen field. The contract also has an option for EMAS AMC to procure and install a subsea power cable connecting the neighbouring Edvard Grieg platform to the Ivar Aasen platform. Project management and engineering work will commence immediately and will be managed from EMAS AMC's office in Oslo. Offshore activities are scheduled to commence in 2015, with completion in 2016. (Closing price: S$1.070, -%)

Koyo International Ltd said its wholly owned subsidiary Koyo Engineering (S.E.Asia) Pte Ltd has been awarded two mechanical and electrical (M&E) engineering contracts worth S$23.7 million. The first contract, at S$15.21 million, was awarded by Jurong Town Corporation (JTC) on mechanical and electrical works for the proposed erection of a six-storey multi-user research and development building with basement car park. The second contract, valued at S$8.51 million, was awarded by Kong Meng San Phor Kark See Monastery, and will require the M&E company to conduct mechanical & electrical building services for its monastery at 88 Bright Hill Road. (Closing price: S$0.064, -%)
Source: SGX Masnet, The Business Times
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PostPosted: Mon Mar 18, 2013 10:11 am    Post subject: Reply with quote

Singapore Telecommunications Limited announced that completion of the sale of its wholly-owned subsidiary SingTel Pakistan Investments Limited’s entire 30% stake in Warid Telecom (Private) Limited to Warid Telecom Pakistan LLC has taken place. SingTel had previously announced on 29 Jan 2013 that had entered into an agreement for this sale. (Closing price: S$3.580, -1.105%)

Boustead Singapore Limited announced that the Company’s wholly owned subsidiary, Boustead Knowledge Pte Ltd has on 15 March 2013 entered into a joint venture with Kinnarii Power Assets Pte Ltd, a Singapore-based regional-focused renewable project developer, to develop utility-scale solar photo voltaic projects in Japan. The Directors are of the view that the Joint Venture presents an excellent opportunity for Boustead Knowledge to expand its expertise in renewal energy projects and will mark its first foray into utility-scale solar photo voltaic projects in Japan. (Closing price: S$1.400, -0.709%)
Source: SGX Masnet, The Business Times
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PostPosted: Wed Mar 20, 2013 9:10 am    Post subject: Reply with quote

SBI Offshore Ltd announced that the Company has received the listing and quotation notice (the “LQN”) from the Singapore Exchange Securities Trading Limited (the “SGX-ST”) on 19 March 2013 for the listing and quotation of the Placement Shares on the Catalist Board of the SGXST subject to the compliance with the SGX-ST’s listing rules. (Closing price: S$ 0.138, +15.000%)

China Aviation Oil (Singapore) Corporation Ltd (“CAO”), the largest physical jet fuel trader in the Asia Pacific region, announced that CAO and its subsidiaries namely, North American Fuel Corporation (“NAFCO”) and China Aviation Oil (Hong Kong) Company Limited (“CAOHK”) (collectively, the “Group”), have been awarded contracts to supply aviation fuel to Air China at three international airports. CAO will supply at Madrid International Airport whilst NAFCO and CAOHK will supply at Los Angeles International Airport and London Heathrow Airport respectively. The term of each of these supply contracts is 18 months commencing from 1 April 2013. The aggregate contractual volume for the expected term is approximately 120,000 metric tonnes. (Closing price: S$ 1.050, +0.478%)

Hoe Leong Corporation Limited announced that the Company has on 19 March 2013 acquired 400,000 ordinary shares, representing 40% shareholding interest in the capital of Supreme Energy Pte Ltd (“SEPL”) for an aggregate net purchase consideration of USD$0.5 million (“Purchase Consideration”) from Supreme Oilfield Services Pte Ltd (“SOS”), making SEPL, a wholly-owned subsidiary of the Company (“Acquisition”).The Purchase Consideration was arrived on a willing buyer willing seller basis, which has taken into account the net tangible asset value of SEPL and was paid in cash by the Company to SOS. (Closing price: S$ -, -%)

China Auto Corporation Ltd (“CAC”/“Company”) announced that the Company has purchased 20% of the issued share capital of Femto Pte Ltd (Femto), for $20,000 from Angada Ltd (“Angada”), a company incorporated in the British Virgin Islands controlled by Mr Victor Levin, a non-executive director and substantial shareholder of the Company. Mr Levin had offered the 20% stake in Femto to help CAC expand its portfolio of advanced fuel saving technologies. The purchase price of $20,000 paid by CAC is based on the original subscription price paid by Angada. The paid up share capital of Femto is $1,000,000. The initial paid up share capital of $100,000 was recently increased to $1 million when three experienced investors invested $900,000 for a 3% stake based on a valuation of $30 million. (Closing price: S$ 0.036, +9.091%)
Source: SGX Masnet, The Business Times
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PostPosted: Thu Mar 21, 2013 9:01 am    Post subject: Reply with quote

Ezion Holdings Limited announced that it has secured a charter contract with a value of approximately USD 48.2 million over a 3 year period to provide a service rig to be used by an international oil company to support its oil & gas activities in the Arabian Gulf. The Service Rig is expected to be deployed and working in the offshore oil & gas fields in the Arabian Gulf before the end of 2013 after its refurbishment and upgrading. The above mentioned project will be funded through internal resources as well as bank borrowings. (Closing price: S$1.970, +0.510%)

Jason Parquet Holdings Limited announced material adjustments to the 2012 Preliminary Results, and Potential Exposure Risk of the Group for the Financial Year ending 31 December 2013, arising from the proposed application in the High Court of the Republic of Singapore to place United Fiber System Limited’s subsidiary, Poh Lian Construction (Pte.) Ltd. under judicial management. Based on the 2012 Preliminary Results and after adjusting for payments subsequently received from Poh Lian, an amount of approximately $1.03 million remains due and owing to JPS from Poh Lian in relation to works done in FY2012. After due assessment of the FY2012 Exposure, the Board has decided that it would be prudent to make an additional provision for doubtful debts of approximately $0.38 million in the financial statements of the Company for FY2012. The Group also has an additional sum of approximately $0.34 million due and owing to JPS from Poh Lian in relation to works done in 2013 to-date. Subject to the outcome of the Proposed JM, the FY2013 Exposure may be provided for or written off in the Company’s financial statements for FY2013. (Closing price: S$0.200, -6.977%)

Koon Holdings Limited announced that, arising from the proposed application in the High Court of the Republic of Singapore to place United Fiber System Limited’s subsidiary, Poh Lian Construction (Pte.) Ltd. under judicial management, adjustments to the Group’s full year financial statement for the 12 months ended 31 December 2012 have been made. As a result of the adjustments, the Group’s net profit before tax will decrease by S$4,784,000 from a net profit before tax of S$2,375,000 to a net loss before tax of S$2,409,000. The Group’s net profit after tax will decrease by S$3,971,000 from S$3,994,000 to a net profit after tax of S$23,000. The Group’s net loss before tax will be S$2,409,000. The Group’s net profit after tax will be S$23,000. The Profit attributable to Owners of the Company will decrease by S$2,978,000 from S$3,024,000 to S$46,000. Given the Company’s robust financial position, the size of its retained earnings and the strength of its order book, the Board resolved to make no change to their recommendation of a final dividend of S$0.005 per ordinary share to the Company’s shareholders. (Closing price: S$0.230, +2.222%)

Singapore Exchange and Philippine Dealing System Holdings Corp have signed a Memorandum of Understanding to develop fixed income access between Singapore and Philippines. Also included in the MOU is the development of trading platforms to support cross-border fixed income trading. SGX and PDS will also explore the development of cross-border and intra-regional clearing, settlement and depository services for these fixed income markets. The collaboration will start with the cross-border depository of Republic of the Philippines Government Bonds and Singapore Government Securities between Philippines Depository and Trust Corp and SGX’s Central Depository (CDP). Domestic banks and institutional clients in the respective countries will be able to hold their government bond investments in their respective depositories via a link between PDTC and CDP. (Closing price: S$7.600, -1.170%)

Sim Lian JV (BP) Pte. Ltd. a joint venture between Sim Lian Group Limited and Sim Lian Development Pte Ltd, announced that it will launch Hillion Residences on Thursday, 21 March 2013, making it Singapore’s first mixed-use development in the west to integrate residential living with a retail mall, bus interchange as well as both MRT and LRT stations. Primed to be the heart of up-and-coming Bukit Panjang, Hillion Residences features 546 units comprising one to four-bedroom units and penthouses across three residential blocks above the retail mall and transportation hubs. The 99-year leasehold private condominium is expected to receive its Temporary Occupation Permit in September 2018. (Closing price: S$0.865, +1.170%)
Source: SGX Masnet, The Business Times
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PostPosted: Fri Mar 22, 2013 9:10 am    Post subject: Reply with quote

Rickmers Trust Management Pte. Ltd., as trustee-manager of Rickmers Maritime, announced that in a showing of strong support for its 1-for-1 renounceable rights issue, Capital Research and Management Company, an affiliate of The Capital Group Companies, Inc. has provided an undertaking to subscribe and pay, in full, for such number of rights units to maintain its current unitholding percentage level of approximately 6.47%, after the rights issue. (Closing price: S$0.335, +1.515%)

Sembmarine SLP Ltd, a subsidiary of Sembcorp Marine, announced that it has been awarded an exclusive licence by Seahorse Platform Partners Ltd to use its patented SEAHARVESTER ™ and SeaHorse™ technology in the design and construction of Minimum Facilities Platforms for the North Sea, Irish waters and other territorial waters of the UK. In addition SLP and SPPL have signed a Memorandum of Understanding by which, subject to contract, SPPL will award an additional exclusive licence for the technology for use in the design and construction of MFPs for South East Asia and Australasia (excluding Malaysia and Brunei). (Closing price: S$4.46, -0.668%)

JES International Holdings Limited announced that the Group, through its wholly-owned subsidiary Jiangsu Eastern Heavy Industries Co., Ltd, has signed a letter of intent to construct up to 4 Offshore Accommodation Vessels valued at approximately USD147 million each. This letter of intent is signed with the buyer from a Singapore-based offshore company. The eventual arrangement with the buyer is likely to be in the form of an order contract for 1 OAV and 3 options of 1 OAV each. The Group expects to sign the formal agreements with the buyer before May 2013 pending finalisation of certain details of the terms. The OSVs, a DPII type, are equipped with offshore construction capabilities and is expected to be capable of accommodating about 400 to 500 crews and staffs. The agreements are not expected to have a material impact on the net tangible assets and earnings per share of the Company for the year ending 31 December 2013. (Closing price: S$0.162, +0.621%)

Pan Hong Property Group Limited announced that Sino Harbour Property Group Limited and its subsidiaries have made a successful bid for the land use rights of the Land offered for sale by Hangzhou Bureau of Land and Resources through the tender by the Public Resources Transaction Centre of Hangzhou on 21 March 2013 for a total consideration of RMB506,000,000. The bidder qualification review by BLRH was passed and a successful Bid Confirmation was issued by BLRH on 21 March 2013. Land grant contract in relation to the acquisition will be entered into on or before 28 March 2013. (Closing price: - , - )

CapitaRetail China Trust Management Limited, in its capacity as manager of CapitaRetail China Trust, announced the establishment of the Distribution Reinvestment Plan, pursuant to which Unitholders may elect to receive New Units in lieu of all or part only of the cash amount of any distribution to which the Distribution Reinvestment Plan applies. The Distribution Reinvestment Plan will provide Unitholders with an opportunity to elect to receive distributions in the form of fully-paid New Units, instead of cash. It will enable Unitholders to increase their unitholdings in CRCT without incurring brokerage fees, stamp duties (if any) and other related costs. CRCT will also benefit from the participation by Unitholders in the Distribution Reinvestment Plan as, to the extent that Unitholders elect to receive distributions in the form of New Units, the cash which would otherwise be payable by way of cash distributions may be retained to fund the growth and expansion of CRCT. The issue of New Units in lieu of cash distributions under the Distribution Reinvestment Plan will also enlarge CRCT’s capital base and the cash retained thereof will strengthen its working capital. (Closing price: S$1.700, +0.592%)
Source: SGX Masnet, The Business Times
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PostPosted: Mon Mar 25, 2013 9:49 am    Post subject: Reply with quote

Courts Asia Limited – Initiation (Ken Ang)
Recommendation: BUY
Previous close: S$0.98
Fair value: S$1.14

Two sources of revenue

· Profit from sales of goods – Electrical products, IT products, Furniture, and Services
· Earned service charge income – in-house Credit Facilities
· 83% of 9M13 revenue from Sale of goods, 17% from earned service charge income
· 69% of 9M13 revenue from Singapore, 31% from Malaysia

Investment Merits

In Singapore
· Strong growth in market demands from:
· Increase in population – up to a yearly increase of 86k
· Increase in spending power – Favorable age demographics, positive impact from Budget 2013
· Rapid technological innovations – higher rates of Electrical and IT product replacements
· Increase in new housing units – 200,000 by 2016
· Earned service charge income from credit facilities also provides additional resilient revenue
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PostPosted: Tue Mar 26, 2013 9:03 am    Post subject: Reply with quote

Lian Beng Group announced that it has won a S$220 million contract to construct Bartley Ridge, a development comprising nine residential blocks along Mount Vernon Road. Eight of the nine blocks will rise 18 storeys high, and the last block, 19 storeys. The blocks, with a total of 868 units, will have penthouses. The construction is expected to commence this month and is due to be completed in mid-2016. (Closing price: S$0.430, -%)

Swissco Holdings Limited has diversified its business model to move higher up the value chain and into the oil rig sector. The company has, through its wholly-owned subsidiary Seawell Drilling Pte Ltd, incorporated a special purpose vehicle (SPV) with two partners, predominantly to enter into engineering, procurement and construction (EPC) contracts for oil rigs. Swissco will hold a 46.5 per cent stake in the SPV, Rockwood Asset Holdings Limited; its partners Golden Arch Worldwide Offshore Ltd and Pulau Investments Limited will hold a 45.3 per cent and 8.2 per cent stake respectively. Swissco will fund its US$8.2 million investment in Rockwood through a loan from Golden Arch, which is payable upon delivery of its first oil rig through the issuance of 35.57 million Swissco shares at 28.35 cents apiece. The conversion shares are equivalent to 8.22 per cent of the existing shares of the group and 7.59 per cent of the enlarged issued share capital. (Closing price: S$0.265, +1.923%)

Yoma Strategic Holdings has set up a new joint venture (JV) with First Myanmar Investment Co Ltd (FMI), a unit of Serge Pun & Associates (Myanmar) Ltd which is held by Yoma's executive chairman, Serge Pun. The JV company, YSH Finance Ltd, was incorporated in the British Virgin Islands to hold Yoma's and FMI's joint investments in new investment opportunities in Myanmar, it said. The JV will be 80-per-cent owned by Yoma, with the remaining 20 per cent held by FMI. Yoma added that its current investment in the JV entity is less than 3 per cent of the its latest consolidated audited net tangible assets. (Closing price: S$0.795, -1.242%)
Source: SGX Masnet, The Business Times
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