Friday, April 20, 2018

SG Market (20 Apr 18)

- The market could take a breather from sharp rally but banking and oil-linked stocks could continue o be supported by upbeat results expectations and firm crude prices.
- Technically, the STI is running into overhead resistances at last peak at 3,570 with momentum indcators in overbought territory. Downside support is at 3,510.

*SLB Development
- Listing on the Catalist board at IPO price $0.23, representing 1.46x P/B.
- The group's portfolio comprise both ongoing development properties and pipeline projects with total gross development value of $892m . Development profits from these property development projects and the unsold completed properties held by the Group are estimated to be S$136m.
- Anchor investors include Super Group founder, David Teo, United Envirotech founder, Lin Yucheng, Oxley Holdings deputy CEO, Eric Low, SC Global Simon Cheong, Toe Teow Heng of ICH as well as former stockbroker Han Seng Juan

*Keppel Corp
- 1Q18 headline net profit jumped 33.7% to $337.5m, partly boosted by $298m gain from divestment of Keppel Cove, a marina residential project in China.
- Stripping out non-core items, core operating profit and pre-tax earnings would have been $167.9m (+52%) and $130m (-39.5%), missing estimates.
- Revenue rose 17.8% to $1.47b, lifted by stronger property (+107%) business in China and Singapore, as well as infrastructure (+21%) division, which outweighed the continued decline in O&M (-31%).
- Pre-tax earnings was eroded by a $26m loss (1Q17: $115.7m profit) from O&M and associates.
- Net gearing edged lower to 0.42x from 0.46x in Dec '17.
- Year-to-date new O&M contracts of $580m lifted order book to $4.3b (Dec' 17: $3.9b).
- Trades at 15x forward P/E.

*Frasers Commercial Trust
- 2Q18 DPU of 2.4 cents (-4.4% yoy) was in line with estimates but stable compared with the preceding quarter.
- Gross revenue of $33m (-18%) and Net property income of $22.4 (-25.3%) due to the lower occupancy rates for the properties in Singapore, Central Park, 357 Collins Street, the absence of one-off payment in relation to a termination of lease in Central Park and the effects of the average weaker AUD.
- 2QFY18 total distributable income of S$20.6m included the maiden contribution from FCOT's 50% indirect interest in Farnborough Business Park, UK following the completion of the acquisition on 29 Jan 20183.
- Trades at 1.0x P/B with annualised yield of 6.5%

- After adjusting for the enlarged unitholder base, 1Q18 DPU was up slightly by 0.4% yoy to 1.008 cents.
- Gross Revenue rose 21.2% yoy to S$33.6m, Net Property Income increased 20.8% yoy to S$23.8m due to full quarter contriubtions from the two recent acquisitiond completed in Dec 2017.
- Proceeds from S$141.9m Preferential Offering on 28 March 2018 used to pay down debt and as a result, aggregate leverage was reduced from 39.6% to 30.0%
- Trades at 0.9x P/B with annualized yield of 7.7%

*Silverlake Axis
- Secured a new contract to implement its cloud-based retail automation solution, QR Cloud for Metro's Singapore retail operations.
- Contract is QR Cloud's maiden win and will be made available to Metro's supply chain partners.
- While the contract is expected to contribute positively to its results over the next two years, no specific financial disclosures were made.
- Trades at 8.2x trailing P/E.

*China Sunsine
- Issued a positive profit alert for 1Q18 in light of short supply in the market, which enabled it to achieve higher sales volumes at a higher ASP.
- To announce results on 25 Apr.
- Last traded at 9x forward P/E.

*Singapore O&G
- Signed a service agreement with SATA CommHealth to provide on-site medical services through its specialist medical practitioners for an initial 12 months.
- SATA will be responsible for all equipment and supplies related to these services.
- The deal will help the group increase its patient reach, particularly in the heartland areas.
- Trades at 19x forward P/E.

*Frasers Property
- Divesting its entire shareholding interest in 21 properties in Germany and the Netherlands for an aggregate consideration of €316.2m (approximately S$515.4m)
- The deal is in line with the group's strategy to optimise capital productivity by recycling capital from stabilised investment properties via its REIT platforms.
- Trades at 0.7x P/B and yield of 4.4%

*ComfortDelGro Corporation
- Further expanding its operations in the UK through a £1.2m (about S$2.2m) acquisition of the business and assets of Dial-a-Cab Ltd, which is a taxi circuit operator in London.
- The deal will enable the Group to grow and strengthen its position as the leading taxi circuit operator in London through an expansion of the customer base.
- It will also help CD achieve cost synergies through the consolidation of back-end processes and functions. - When completed, the acquisition will add another 1,100 Black Cab drivers to the combined circuit, bringing the total fleet to 3,000.
- MKE has a Buy with TP of $2.35

*UnUsal Entertainment
- Will bring Taiwanese singer, Rainie Yang's "Youth Lies Within" World Tour concerts to eight cities in China together with Sun Entertainment

- Entering into a 45:54:1:1 JV with Panthera and two individuals to acquire a plot of land at 31B Ngu Hanh Son, in the prime district of Danang, Vietnam.
- The group will provide advance payment of VND50.7b ($2.9m) to Panthera and one individual in exchange for the 45% stake in the JV.
- The 3,825 sqm land will be developed into a residential apartment, with minor retail spaces, swimming pool, gym, BBQ and other facilities.
- The JV allows the group to develop cash generating projects which have shorter turnaround time as compared to hotel development projects.
- Last traded at 0.76x P/B.

1 comment:

  1. I’m Charles David by name, i want to use this medium to alert all loan seekers to be very careful because there are scam everywhere, Few months ago I was financially strained, and due to my desperation I was scammed by several online lenders. I had almost lost hope until a friend of mine referred me to a very reliable lender called Dr Purva Pius ( A God fearing man) who lend me a loan of $237,000 under 72 working hours without any stress. I explain to the company by mail and all they told me was to cry no more because i will get my loan from this company and also i have made the right choice of contacting them i filled the loan application form and proceeded with all that was requested of me and to my shock I was given the loan, If you are in need of any kind of loan just contact him now via: {}

    I‘m using this medium to alert all loan seekers because of the hell I passed through in the hands of those fraudulent lenders.

    Thanks you Dr Purva Pius Loan service for your help.