Thursday, April 5, 2018

SG Market (05 May 18)

- The market could recover some losses after Wall Street staged a stunning comeback from an initial plunge as US trade officials played down the trade spat with China by suggesting that the impact of its proposed tariffs against Chinese imports is overblown and is a negotiating tactic to win concessions.
- Technically, the STI has broken beneath 200-dma at 3,373 but may find support at the 3,340 double bottom. Immediate resistance is seen at 3,440.

*Perennial Real Estate
- Entered into 40:60 JV with Qingjian Group to jointly redevelop the former Goodluck Garden freehold site (360,130sf), which was previously acquired for $610m, or $1,210 psf ppr, in an en bloc tender.
- Perennial's capital commitment of $96.5m will be funded by internal cash and debt.
- Trades at 0.51x P/B.

- Signed LOI with Swiss-based river cruise firm Viking to design and construct two cruise vessels for NOK4.5b, with option for two more vessels.
- The hulls will be built at its Romanian yard and delivery will be in 2Q21 and 2Q22.
- The parties have a common intention to enter into final contract by mid-2018.
- Trades at 0.85x P/B.

*Compact Metal
- Received the approval in-principle from SGX its exit from SGX Watch-List, with effect from 5 Apr.
- Trades at 54.1x trailing P/E and 0.77x P/B.

*Singapore Myanmar Investco
- Entered into a JV agreement with Pinnacle Myanmar to operate Jones the Grocer, a restaurant and food retailing concept.
- As part of the deal, the JVCo, SMI Pinnacle, will be the master franchisee of the concept in Myanmar.
- Trades at 2.56x P/B.

*Samudera Shipping
- Divested Sinar Emas, an 18-year old Indonesia flagged oil tanker, for US$6.9m.
- The disposal will net a disposal gain of US$0.54m.
- Trades at 13.5x forward P/E and 0.38x P/B.

*Manufacturing Integration Tech
- Extended the exclusivity period and expiry date of the proposed disposal of its semiconductor equipment business to China Fortune-Tech Capital till 7 Jun '18.
- Trades at 12.6x trailing P/E and 1.48x P/B.

- Divested its 50%-stake in T RACE Linear Technology (Suzhou) to an undisclosed party for €250,000 or 1.7x P/B.
- Trades at 6.4x forward P/E and 0.61x P/B.

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