Wednesday, March 14, 2018

SG Market (14 Mar 18)

- Some profit-taking in risk assets is likely in the near-term due to political concerns in the US, while investors keep their eyes peeled on retail sales and industrial production data coming out from China this morning.
- Technically, the STI sees its next objective at 3,575 with near-term support at 3,470.

- Proposed conditional delisting from SGX at $0.65/share (HK$3.88/share) by Chairman and controlling shareholder, Mr. Zhang Wei.
- Shareholders who do not accept the exit offer will be able to continue trading their shares on HK Exchange.
- The delisting is due to the limited trading liquidity on SGX, as well as HK Exchange being geographically more aligned with its business operations.
- The mixed property developer trades at 0.36x P/B.

*Alliance Mineral
- The board has terminated the services of CEO Tjandra Adi Pramoko and his wife Simone Suen Sze Man, citing a loss of confidence in both persons.
- Both persons are its second largest shareholder and owns a 12.1% stake as at Jan'18.
- Separately, group updated that it has commenced production at Bald Hill Lithium and Tantalum Mine in Western Australia.

- Recently-installed financial controller, Lim Sze Chern, has resigned after four months on the job, to pursue personal interests.
- Last traded at 0.64x P/B.

- Proposed to combine the contract classes for exchange-traded derivatives and OTC commodities into a single contract class, as well as to refine the methodology for members' clearing fund contributions.
- Maybank KE last had a Buy and TP of $8.73.

- Divested an undeveloped land parcel in Ahmedabad, India, at book value of Rp528.5m, as part of the group's strategy to enhance capital productivity.
- Maybank KE has a Buy with TP of $4.10.

*Perennial Real Estate
- To acquire the remaining 50% stake in mixed development, Capitol Singapore, for $528m.
- The deal is expected to be completed by 8 May.
- Last traded at 0.53x P/B.

- Diversifying into the renewable energy sector via a 80:20 JV with Malaysia's Green Energy Resources.
- The Malaysian JVCo will look for opportunities to work on projects related to electricity generation on a build-own-operate basis.
- Group also expanded its trading operations into Indonesia, where it will provide engineering products and solutions to the country.

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