Tuesday, December 12, 2017

SG Market (12 Dec 17)

- Market might take cue from fresh record gains on Wall Street as investors position in banks ahead of the impending Fed rate hike tomorrow.
- Technically, the next resistance for the STI is at 3,550, with 3,390 as the underlying support.

*Keppel Corp
- Secured projects from repeat customers, Petrobras and SOFEC, worth a combined value of $130m.
- Works include installation of equipment and cables for the hull of FPSO P-69, as well as fabrication of a turret mooring system for a newbuild FLNG vessel.
- Last traded at 15.9x forward P/E.

*China Everbright Water
- Won the bid for the Rmb70m Dezhou waste water pipeline network BOT project in Shandong, China, with concession period of 22 years.
- This is the first public-private-partnership project implemented by Lingcheng district government.
- Trades at 12.9x forward P/E.

*KSH/ Lian Beng
- 48%/ 42% owned Development 24 is acquiring 12 freehold properties at Lorong 24 Geylang Singapore for $60m.
- The properties are sited on 26,188 sf of land area and can be redeveloped into an 8-storey residential project with max gfa of 73,325 sf.
- KSH trades at 10.6x forward P/E, while Lian Beng is valued at 7.1x trailing P/E.

- Purchasing all eight freehold residential units at 21 Meyappa Chettiar Road in Singapore for $21.5m.
- The group intends to redevelop the property that is sited on residential land area of 898.1 sqm.
- Trades at 11.2x forward P/E and 1.78x P/B.

*TEE Intl
- Awarded new engineering contracts worth $65m between Sep and Nov '17.
- Works include sub-contracts from Dragages Singapore for the air-conditioning and mechanical ventilation system and building management system, as well as electrical works for the commercial development at Market Street, slated to be completed by end-2020.
- This brought total outstanding order book to $318m.

- Signed a master franchise agreement with Myanmar firm Passion Capital Venture (PCV).
- PCV intends to launch 10 MindChamps PreSchool centres and five MindChamps Reading Centres with the first centre expected to be completed in Yangon in Aug '18.

*Sapphire Corp
- Secured three new rail transit contracts worth Rmb280m in Chengdu.
- Projects include construction of two tunnels of close to 3km, as well as certain open cut earthworks worth Rmb253m, and the supervision of construction across 25km of tracks worth Rmb27m.
- Projects are slated to complete between 31 Dec 2018 and 31 Dec 2020.
- Order book remained unchanged at Rmb3.4b.
- Last traded at 7.4x trailing P/E.

*First Ship Lease Trust
- Sold 14-year old containership FSL Santos for US$6.2m, netting a disposal gain of US$0.8m.
- Net proceeds will be used to repay outstanding debt.
- Loss-making and valued at 0.18x P/B.

- Acquring 3.45% of stapled securities in ASX-listed Cromwell Property Group (CPG) for A$59.1m.
- CPG is the sponsor of SGX-listed Cromwell European REIT, of which SingHaiyi's non-executive director, Gordon Tang, and managing director, Celine Tang, also hold a combined 13.9% interest.
- Pro forma FY3/17 EPS is expected to rise 14.4% to 1.24¢.

*Top Global
- Acquired 32.5% stake in 5Footway Founders for $0.8m, raising its total stake to 83.75%.
- The target is in the business of hospitality management for hostels, hotels, and service apartments across China, Japan, and Singapore.
- Loss-making and trades at 0.29x P/B.

- Proposed a 2-for-1 renounceable non-underwritten rights issue at $0.045 each (36.6% discount to last close).
- Maximum net proceeds of $5.9m earmarked to finance the redevelopment of recently-acquired land at 17 Balmoral Road and working capital.

*Asia Fashion
- Proposed 1-for-1 renounceable non-underwritten rights issue at $0.112 each (6.7% discount to last close).
- Maximum net proceeds of $9.4m intended for potential projects or investments and working capital.

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