-The market could be off to a muted start following the fallout from the G-7 meeting, and ahead of a busy week dominated by the historic Trump-Kim summit and Fed, ECB and BOJ policy meetings.
- Technically, the STI is likely to trade within a broad band bounded by 3,510 (near 50-dma) and 3,428 level (200-dma).
- Acquiring 51% stake in REForce (Shanghai) HR Management Consulting Co, which will operate executive search business in Shanghai, Beijing, Guangzhou and Suzhou, with remaining 49% held by a team of owner managers.
- REForce specialises in mid-senior level recruitment in sales & marketing, operations, R&D, HR, finance and legal positions; and consumer, new energy automotive, financial services, industrial and TMT sectors.
- The JV is expected to commerce operations in 3Q18, upon obtaining the relevant licences and business transfer procedures.
- With a staff strength of 68, the acquisition raising the group's headcount to 187 in China and 865 in Asia. The addition of Suzhou is its 4th city of operation in China and the 12th city in Asia.
- Trades at 16.8x forward P/E
- Commenced the delivery of an in-house developed high-end proprietary software define radio (SDR) communication module for advanced communications industries.
- Expects a repeat order of the SDR module from the same government agency before the closing out the current order.
- The total value of the supply contract is ~$1m, and the entire order is expected to be fulfilled in the current financial year.
- The group also expects orders from other sectors, both commercial and non-commercial, as it starts marketing the product worldwide.
- In addition, it has in its pipeline a variety of projects and services not related to the Inter-Satellite Data Relay System totalling US$12m earmarked for delivery by FY19.
- Awarded $147.5m contract for construction of JTC's new industrial development at Woodlands North Coast.
- The industrial development has a site area and gfa of 29,900 sqm and 43,900 sqm respectively.
- Contract involves the construction of a new 9-storey light industrial building with one basement car park and two roof floors, and a covered walkway to Republic Polytechnic.
- Work is scheduled to begin in mid-Jun' 18 with a contract period of 22 months.
- This deal brings total outstanding construction order book yet to be recognized to $740m.
- Trades at 0.57x P/B.
- The group's hospitality arm opens its second property in Tianjin.
- An additional 16 properties and 3,400 rooms will bring China portfolio to 32 properties over the next few years.
- This will see it enlarging its footprint in cities such as Chengdu, Nanjing, Shanghai and Wuhan, as well as opening in new cities such as Nanchang and Haikou.
- Trades at 0.78x P/B
- Disposing its freehold rental properties with a gross land area of 1,784 sqm in Malaysia to Perfect Plastic for RM7m.
- As at end-Mar'18, the aggregate book value of the properties was $2.42m and hence, the loss on disposal of its assets would be $75,000.
- Net proceeds from the proposed disposal will be placed in short-term deposits and/or used for the group's working capital purposes.
- Trades at 0.73x P/B
- Entered a non-binding MOU to acquire 20% stake in Jiangsu Kaixinfenxiang Green Finance Co for Rmb15m
- Kaixinfenxiang is the first provincial-level green finance operation platform in Jiangsu province, with a focus to boost green industries in China, including intelligent transportation, education, medical care and pharmaceutics, culture and travel, infrastructure and mega data.
- The group intends to use this initial acquisition as a stepping stone to exploring more opportunities in the finance business sector.
- Trades at 16.3x trailing P/E
- Entered into strategic collaboration with Fuzhou-based real estate company, Rong Qiao Group.
- This is expected to open up opportunities for both parties to enter into strategic alliances through M&As, land auction or joint operations and development of real estate and related projects both within and outside of China.
- Specific terms and structure of partnership will depend on individual projects where a binding agreement will be entered into.
- Trades at 0.68x P/B
- Proposing to consolidate 10 shares to one, subject to approval of shareholders at EGM.
- The board believes that share consolidation will reduce volatility of share price and increase market interest and appeal of the group.
- Trades at 2.3x P/B.
- Warned of a net loss for FY18 results due to challenging business conditions and competitiveness in crane rental markets.