- The market may take a pause as traders stay on the sidelines ahead of the 3Q GDP growth estimate and MAS policy meeting this Fri amid the absence of upside catalysts.
- Technically, the STI has broken clear of its short term downward trend and above its 3,275 resistance and appears headed for the next upside objective at 3,320.
- 4QFY17 DPU inched up 0.7% to 1.42¢, bringing FY17 DPU to 5.53¢ (+0.5%), at the lower end of consensus forecast.
- Quarter's gross revenue grew 1.3% on positive rental reversion from Paragon and The Clementi Mall, while NPI s bumped up 3.9% due to lower expenses.
- Tenant sales at Paragon rose 2.1% with steady footfall, while that for The Clementi Mall fell 5.8% as visitor traffic slowed 0.3%.
- Its two properties continued to enjoy full occupancy despite mounting competition from shifting shopping trends.
- Trades at 5.5% yield and 1.06x P/B.
- Announced a possible cash offer of 552.5p (21% premium to last close) for remaining 34.8% stake in UK-listed hotel arm Millennium & Corpthorne Hotels (M&C)
- This values the global hotel group at £1.79b or fairly attractive 12x EV/EBITDA and 0.67x P/B.
- While CDL intends to maintain M&C's current business model, MKE believes the asset-rich company offers potential to unlock value in in the medium term.
- MKE maintains Buy with TP of $13.60.
- Secured three contracts totalling $56m, comprising the design and building of an industrial management complex ($27m) and two other contracts ($29m) for additions & alternations and fit outs for repeated customers.
- Order book backlog lifted to $217m.
- Management stated its intention to grow further in the waste management sector.
- Last traded at 16.3x trailing P/E.
- Guided for a significant increase in 1H17 net profit stemming from:
1) Higher demand for energy saving and automotive applications
2) Improved gross profit margin on a shift in sales mix
3) FX gain arising from the appreciation of the yuan
- Expects to incur a net loss in 1HFY18 due to softer demand caused by depressed oil prices and intense market competition.
- Received SGX approval-in-principle for the proposed privatisation at $3.38/share via a scheme of arrangement.
- Full details of the scheme, including the IFA opinion, will be sent to shareholders by 1 Dec '17.
- If successful, GLP intends to complete the scheme on or before 14 Apr '18.
- Launched four thematic indices with FactSet to support growing investor demand to track technology, cybersecurity, robotics and healthcare industries within the region and globally.
- Separately, it reported Sep securities turnover of $21.8b (+5% y/y, -16% m/m), with daily average of $1.1b (+11% y/y, -8% m/m).
- Total derivatives volume expanded to 16m contracts (+19% y/y, +1% m/m), while commodities derivatives volume totalled 1.7m contracts (+44% YoY, -11% MoM).
- There was one mainboard listing raising $58.2m and 164 new bond listings, raising $67.4b.
- Last traded at 24.1x trailing P/E.
*Viva Industrial Trust
- Declined the right of first refusal to acquire an industrial building in Ang Mo Kio for $300m.
- The REIT manager cited that the acquisition would require a major equity fund raising exercise and would not be DPU accretive to unitholders.
- Filed a scheme of arrangement and 6-month moratorium with the High Court to restructure its debts, which will be heard on 12 Oct.
- Intends to convene a meeting with scheme creditors within three months.
- Trading in counter has been suspended since 21 Jul.
- Proposed to dispose two land parcels in Tangerang, West Java in Indonesia for Rp70b ($7m).
- The plots totalling 53,200 sqm is currently being utilised for the operation of one of its factory engaged in the production plywood and other wood products.
- The sale is in line with its strategy to streamline its operations and is expected to result in a disposal gain of $3.4m.
- Terminated the non-binding term sheet for the RTO of Maxz Universal Development Group.
- Maxz manages resorts and its assets include Movenpick Heritage Hotel Sentosa.