Wednesday, November 22, 2017

SG Market (22 Nov 17)

- The market could continue on its upward move as investors position into banks, property developers and tech manufacturers, ahead of the anticipated positive release for the 3Q final GDP data tomorrow.
- Technically, topside resistance for STI is seen at 3,460, with underlying support now at 3,390.

*Keppel Corp
- 24.5% owned PT Purimas Straits Resort will divest a 20.5ha site in West Bali's Tanah Lot district.
- The divestment will result in a net divestment gain of $17.6m, which is slated to complete by end-2017.
- Trades at 15.9x forward P/E.

*Viva Industrial Trust
- Singapore centric business park and industrial property trust will be included in the MSCI Singapore Small Cap Index as of the close of 30 Nov.
- Offers 7.44% indicative yield and trades at 1.27x P/B.
- MKE has a BUY with TP of $1.00.

- Warned of a FY17 net loss as operating losses were exacerbated by a full impairment of RM32.9m for its investment in Yamada Green Resources.
- Last traded at 0.43x P/B.

*Swing Media
- High Court of the Hong Kong Special Administrative Region has ordered the group to wind up.
- The official receiver of Hong Kong Special Administrative Region will be constituted as the provisional liquidator of the company.
- Counter has been suspended since 11 Jul.

*Sembcorp Industries
- To acquire an additional 3.7% stake in Vietnam Singapore Industrial Park (VSIP) for US$6.9m, lifting its stake from 92.9% to 96.6%.
- VSIP represents the Singapore consortium which holds a 51% stake in Vietnam Singapore Industrial Park JVCo, the developer of industrial park projects in Vietnam.
- Trades at 15.1x forward P/E.

- Launched private placement of new units between $1.305 and $1.345 each.
- Proceeds to be used mainly to repay debt and for asset enhancement initiatives.
- Offers 7.3% yield and trades at 1.03x P/B.
- MKE last had a BUY with TP of $1.60.

*Lum Chang
- Completed its collective acquisition of freehold residential property One Tree Hill Gardens for $65m, or a land rate of $1,664 psf.
- The 39,063 sf site could be redeveloped into 10 semi-detached homes plus three bungalows.
- Last traded at 7.2x trailing P/E.

- Issued 994,919 new shares in relation to a warrant exercise at US$1.09 each.
- 58.2m outstanding warrants remains, which expires on 29 Jan 2018.
- Last traded at 15.7x forward P/E.

*Gallant Venture
- To issue 513m new shares (10.63% of issued share capital) to three placees at $0.133 each.
- Net proceeds of $68.2m intended to fund business expansion and working capital.
- Trades at 15.8x trailing P/E.

*Singapore Kitchen Equipment
- Proposed placement of 5m new shares (3.33% enlarged share capital) at $0.20 apiece to Ascapia Capital.
- Ascapia Capital is a fund backed by Asian family offices and high net worth individuals, and it focuses on investment in emerging Asian countries.
- Net proceeds of $0.98m earmarked for business expansion and working capital.
- Trades at 9.8x trailing P/E.

*Raffles United
- Established a 51% owned subsidiary, PT Radiant Thompson Indonesia (RTI), with a paid-up capital of Rp2.5b.
- RTI will be in the business of trading in bearing products in Indonesia.

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