- Likely to trade higher as Wall Street continues on its second longest bull run in US history on hopes over President's Trump's tax cut plan.
- Focus this week will also be centred on 3Q results of REITs, OCBC and some mid-cap property counters, industrial production and property data.
- Technically, STI could make another attempt at scaling the 3,355 objective although some momentum indicators are approaching overbought levels. Underlying support is at 3,320.
- 2QFY18 in line as DPU jumped 5.8% to 1.868¢, bringing 1HFY18 DPU to 3.714¢ (+2.9%).
- Gross revenue and NPI grew to $88.1m (+6.1%) and $70.9m (5.4%) from higher rental rates at Festival Walk in HK and Gateway Plaza in Beijing, lower accrued revenue for Gateway Plaza last year due to uncertainty in VAT rate, as well as stronger HKD and RMB against SGD.
- Portfolio occupancy slid 0.6ppt to 98.2%, while aggregate leverage was steady at 38.5% (-0.9ppt q/q).
- Last traded at annualised 2Q annualised yield of 6.3% and 0.96x P/B.
*CapitaLand Mall Trust
- Flat 3Q17 DPU of 2.78¢ on par with estimates.
- Revenue dipped 0.2% to $169.4m on lower rental achieved for Bedok Mall, Plaza Singapura and Junction 8, while NPI rose 1.6% to $121.4m from lower property tax and utilities expenses.
- 9M17 shopper traffic crept up 0.2% (1H17: +0.4%), while tenant sales held steady.
- Portfolio occupancy improved 0.4ppt q/q to 99%, while aggregate leverage was steady at 34.7%.
- Trades at annualised 3Q yield of 5.5% and 1.05x P/B.
- 45.2% owned Vietnam-based JVCo, VSIP JSC, entered a conditional 30:70 JV with Tokyo-listed Nishitetsu Group, to jointly develop a residential project in Hai Phong City, Vietnam.
- The proposed development is subject to a planned revision to the master plan of VSIP Hai Phong Integrated Township and Industrial Park by mid-2018.
- VSIP JSC is the master developer behind the 1,600-hectare VSIP Hai Phong, where the proposed residential development will be located.
- Trades at 15.1x forward P/E.
- Announced progress update on its strategic review and sale of its global oil liquids business, Noble Americas Corp, to Vitol for US$1,418m, which will bring in net proceeds of US$582m after repayment of credit facility.
- The group also guided for a 3Q17 loss of US$1.1b-1.25b as it continues to be hurt by capital constraints and non-cash losses related to the certain asset disposals and impairment.
- Further, discussions with lenders remains ongoing.
- Expects post 3Q NAV/share in the range of $0.99-1.14.
- Proposed acquisition of three related entities for a base consideration of RM154.9m and a variable-based earn-out consideration.
- The interested party transaction for Silverlake Digital Economy (RM93.9m), Silverlake Digitale (RM46.6m) and Silverlake One Paradigm (RM14.4m) are majority-owned (70%) by Executive Chairman Goh Peng Ooi.
- Funding for the acquisition will be via an issue of up to 70.1m new shares at $0.71 apiece.
- The deal is expected to provide the group with a significantly larger fintech platform with scope, scale and operating leverage to for strategic expansion.
- Pro forma FY17 EPS post-deal is expected to slip 0.3% to RM0.3198.
- Last traded at 19.6x forward P/E.
- To open Marvel's AVENGERS S.T.A.T.I.O.N World Tour in Melbourne, Australia, in Mar 2018.
- IP owner Disney will exclusively stage and promote the exhibition in Australia.
- Additionally, Disney also has an option to stage the exhibition in New Zealand, to be exercised prior to 31 Dec 2018.
- Secured $56.5m worth of projects from LTA for the implementation of noise barriers at rail viaduct phase 2.
- Work scheduled to be completed by 2020.
- The new contracts brought order book to $252.8m.
- Last traded at 1.02x P/B.
- Awarded RM20.5m construction and development project of 213 units of single-storey terrace house in West Malaysia.
- Proposed 1-for-10 bonus share issue.
- Last traded at 10.8x forward P/E and 1.85x P/B.
- Updated that discussion since Sep '17 relating to a potential transaction remains ongoing.
- Last traded at 0.5x P/B.
- Commenced drilling of East Mayura-1 exploration well in G10/48 contract area of 1,677 sq km in Thailand.
- The potential eight-well program would take 125 days to complete and KrisEnergy is the operator of G10/48 with 89% working interest.
- Proposed placement of up to 30.3m new shares (29.5% enlarged share capital) at $0.65 each to Wang Zhi @ Robert Wang.
- Wang is currently the Chairman of Future Investment Enterprise, a HK firm involved in the investment and management of water supply and wastewater treatment.
- Net proceeds of $19.4m earmarked for investment in environmental related infrastructure projects (70%) and working capital (30%).
- Proposed disposal of SMJ Furnishings, which engages in the carpet business, to the group's CEO and deputy CEO for $13.8m, implying 1x P/B.
- The group intends to focus its resources on developing its property business.
- Signed a procurement agreement with an Indonesian-based company to co-operate exclusively to execute a gas pipeline project in Kalimantan, Indonesia.
- Federal will undertake the project management and provide the expertise for materials and consumables supply.
- The construction would take 10 months to complete.