- Trading in the market could be muted ahead of OPEC's decision on another extension to its output curb agreement, and a widely anticipated US tax reform vote later today.
- Technically, STI sees underlying support at 3,390, with topside resistance at 3,460.
*Chip Eng Seng
- Acquiring 245-room Mercure & Ibis Styles Grosvenor Hotel in Adelaide, Australia, and adjoining commercial properties at 72 and 74-78 Hindley Street, for A$43m.
- This lifts its rapidly growing hospitality portfolio to four, of which two are in Australia.
- Last traded at 16.8x forward P/E.
*Cosco Shipping Intl Singapore
- 51% owned Cosco Shipyard delivered a 9,785 dwt subsea support vessel to Maersk Supply Service AS.
- The vessel, MAERSK INVOLVER, measures 11 meters high, 27 meters wide, and 137m long.
- Counter is loss-making and valued at 4.4x P/B.
- Awarded contract in Myanmar worth US$3.9m ($5.3m) for civil work and superstructure work of a food service distribution centre in Thilawa Special Economic Zone.
- The project is expected to commence in Dec and is slated to complete within 7 months.
- This brought order book to $508m (3Q17: $502.7m).
- Trades at 16.8x forward P/E.
- Secured a $7.5m contract to construct an integrated laboratory facility for a biopharmaceutical MNC.
- Project involves consolidating various existing laboratories with a new laboratory which requires highly stringent industry standards.
- The facility is located at Science Park, Singapore, with a gross lettable area of 3,100 sqm.
- Project is slated to complete by 30 Apr '18.
- Loss-making and trades at 3.9x P/B.
- Secured a HK$15m (US$1.9m) project from the Hong Kong government to carry out platform migration works for a critical database system in a key government agency.
- Works are expected to commence in Nov '17 and be completed over the next 13 months, followed by a six-month nursing period.
- This lifted contract value secured year-to-date to HK$127.9m (US$16.4m).
- Loss-making and last traded at 0.9x P/B.
- 50% owned Thakral Japan Properties invested in two Japanese properties in Osaka.
- First is R Hotel Inn Kita Umeda, a 120-room business hotel in the heart of the city.
- Second is Namba retail redevelopment site, with gross area of 237 sqm and development plans for a 3-storey retail building, which has been pre-leased to a retail chain in Japan.
- Construction for the second property is expected to commence in Mar '18, and complete within a year.
- Last traded at 1.8x trailing P/E.
- Proposed improvements to back-end clearing and settlement processes, shortening settlement cycle to two days from three days and eliminating time lag between money and securities settlement.
- The bourse aim to introduce the changes by 2H18.
- Trades at 21.5x forward P/E.
- Undertaking a strategic review of its China logistics portfolio.
- In relation, group appointed Evercore Asia (Singapore) as its financial adviser for the review.
- Trades at 16.5x forward P/E and 1.11x P/B.
- Entered into a conditional agreement to acquire 94.8% of German company, greenfield Logistikpark Freiberg GmbH, for 32.44m.
- The firm holds freehold interest in a new logistics warehouse located in industrial estate Logistikpark Freiberg, Baden-Württemberg in Germany.
- It has a gross lettable area of 21,071 sqm and is leased on a long-term basis to be used as a warehousing facility for a leading company in the automotive industry.
- Trades at 10.6x forward P/E.
- Acquired 49% stake in Vietnam F&B Alliance Investment for 98m dong from a third party shareholder.
- The company was incorporated on 27 Sep for the purpose of management consultancy and investment holdings activities.
- Last traded at 20.7x forward P/E.
*Wilmar / Perennial Real Estate
- Wilmar acquired 51.7m Perennial shares at $0.8808 apiece, 4.2% above last closing price, raising its stake to 20% from 16.89%.
- The vendor was Wilmar co-founder and deputy chairman Martua Sitorus, whose stake in Perennial was pared to 3.32% from 6.42%.
- F&B operator will make its trading debut on Catalist board at 9am today.
- IPO of 65.7m shares, comprising 63.2m placement and 2.5m public shares, at $0.28 each were 23.6x subscribed.
- Cornerstone investors include Lion Global Investors, JPMorgan Asset Management and Asian Opportunities Absolute Return Master Fund.
- Net proceeds of $18.7m will be used to build a new brewery in Indonesia, grow its Draft Denmark beer brand, as well as to open two Chinese casual dining restaurants.
- At $0.28, the counter is valued at FY16 P/E of 16.6x.
*Cromwell European REIT
- Trading debut at 12pm today for the European REIT with a portfolio across industrial, commercial and retail properties.
- IPO of 428.5m units, comprising 392.2m placement and 36.7m public units, at 0.55 each.
- The public tranche was 3.1x subscribed but no figure was disclosed for its placement tranche.
- Notable investors consist of DBS Bank (Treasury investments), Temasek-back SeaTown Master Fund and UBS Asset Management (HK), while cornerstone investors include Cerberus.
- Total proceeds will be used to acquire 60 properties across Denmark, France, Germany and the Netherlands from the four funds managed by Cromwell Property, and 14 Italian properties from independent third parties.
- At 0.55, the REIT offers projected FY18/19 distribution yield of 7.8%/8%, and P/B at 1.04.
- Extended the build-operate-transfer agreement for the land on which Siloam Hospitals Kupang & Lippo Plaza Kupang are located from 25 years to 30 years till 12 May 2041 for $5m.
- Offers 6.3% indicative yield and valued at 1.37x P/B.