Wednesday, January 3, 2018

SG Market (03 Jan 18)

- The market could extend its fine start to the year, with technology stocks in the limelight after S&P 500 and Nasdaq notched fresh records, while investors look to Dec PMI for further direction.
- Technically, STI is testing its immediate resistance at 3,430 with the next objective at 3,470, while downside support is at 3,380.

- Inked a 15-year regional tie-up with general insurer Chubb to distribute the latter's products to SME clients across Singapore, HK, China and Taiwan.
- Last traded at 1.39x P/B and MKE has a Hold with TP of $22.75.

- BlackRock emerged as a substantial shareholder, raising its stake to 5% from 4.99%, following the purchase of 52,700 shares in the open market at $2.91 each.
- Trades at 17.8x forward P/E and 5.9% dividend yield.

- Obtained consent from all proprietors at freehold residential development Derby Court.
- To recap, Roxy emerged the top bidder for the collective sale tender of the condominium located in Novena, Singapore, for $73.9m.
- The site has a land area of 18,506 sf and gross plot ratio of 2.872, which translates to $1,390 psf ppr.
- Last traded at 2.96x forward P/E and 1.3x P/B.

*Manufacturing Integration Tech
- Secured new orders totalling $14.2m for its semiconductor equipment and contract equipment manufacturing services.
- Most of these orders are expected to complete by 1H18.
- Counter is loss-making and trades at 1.21x P/B.

*Addvalue Technologies
- Obtained type approval for the sales of mobile satellite terminal, Thuraya Atlas IP, in Russia.
- The launch of the product in Russia's maritime market is expected to commence in the next 2-3 months.
- Company believes the addressable market size is estimated to be ~2,000 vessels.
- Counter is loss-making and trades at 3.26x P/B.

*IPS Securex
- Received a letter of award for the provision of CCTV upgrading work in Singapore worth $0.6m.
- Works slated to complete by 30 Jun '18.

- Selling 0.15m shares in ACPL Marine for $15m, paring its stake to 16.67% from 41.67%.
- The entity owns and charters maintenance-cum-laying cableships and Singtel is estimated to record a divestment gain of $8.1m.
- Trades at 14.9x forward P/E and offers an indicative 4.9% yield.

*SIIC Environment
- Substantial shareholder Value Partners disposed 626,100 shares at an average $0.5169 apiece via the market, paring its stake from 11.01% to 10.99%.

*Cosco Shipping/ Cogent
- The $1.02/share privatisation offer for Cogent has been deemed unconditional following the receipt of 92.05% in valid acceptances.
- Cosco Shipping intends to exercise its right of compulsory acquisition.
- The offer will remain open for acceptance until 19 Jan.

*HC Surgical Specialists (HCSS)
- Proposed to acquire a 51% stake in general practitioner HMC Medical for $0.67m.
- As at Jun '17, the clinic has a net liability of $0.15m and made an adjusted net profit for $0.026m for the trailing 12 months.
- Vendors Dr. Chee Hsing Gary Andrew and Dr. Lee Peng Khow will continue to helm operations for 3.5 years.
- Following 42 months into the employment contract, the vendors will have an option to repurchase the sale shares for a nominal sum of $2.
- Last traded at 67.5x trailing P/E.

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