- The market appears to be stabilising from recent selloff as US-China trade tensions take a temporary backseat despite no signs of near term resolution.
- Technically, the grossly oversold STI has bounced off the 3,190-3,200 support area with immediate resistance seen at 3,280, followed by 3,340.
- Entered into a franchise agreement with C J Seafood for the latter to operate a JUMBO Seafood restaurant in Bangkok.
- The agreement has an initial term of 10 years and may be renewed for a further 10 years.
- The first Bangkok outlet is slated to open by end 2018.
- Trades at 25.2x forward P/E
- Acquired a 154,500 sqm GFA prime residential development site in Hangzhou for Rmb2.94m via public land auction.
- The site lies within the Zhijiang Resort Centre in Xihu district that has been earmarked b the government to be developed into a key cultural and lifestyle centre in Zhejiang Province.
- The deal reinforces the group's strategic focus to extend its footprint within the greater Hangzhou real estate market, which continues to witness strong demand for premium commercial and residential developments.
- Trades at 0.6x P/B.
- Updated that it sold 575 out of 800 units released at Riverfront Residences with majority of sales signed on 5 July, prior to implementation of new property curbs.
- On an aggregate basis, it achieved total sales of c$1b for the residential projects launched in Singapore so far.
- Management estimates Chevron House is worth $1.1b or $2,800 psf post-AEI. The bullish valuation arises from higher NLA (+13%) and unit value (+6%).
- If need be, it can potentially raise gearing from several assets for funds. For example, Chevron House and Stevens Road hotels has LTV of 68% and 57%.
*AIMS AMP Capital Industrial REIT
- Undertaking $13m asset enhancement initiative (AEI) at NorthTech light industrial building in Woodlands.
- Works include upgrades to passenger lift lobbies, toilets, drop-off area, external landscaping and installation of energy efficient fittings and will be completed in 2H18.
- AEI will not affect its rental income as the asset will remain operational, while works are ongoing.
- As at 30 Jun, NorthTech is fully occupied with a weighted-average-lease-expiry of 3.3 years.
- Offers 7.6x annualised 1Q yield and 1.0x P/B.
*Keppel Corp/ ST Engineering
- Both parties have inked a MOU to collaborate in the design and implementation of smart city masterplans and solutions in Keppel's developments, as well as third-party projects in Asia Pacific.
- Partnership will tap on expertise of Keppel Urban Solutions as an integrated master developer in sustainable urbanisation, targeting developments looking end-to-end services in smart city technologies.
- Acquiring 70% of Brand Connect for US$2.8m or 2x P/B), to be funded from its internal resources.
- Brand Connect is in the marketing and distribution of alcohol and other beverage products across countries in the Asia Pacific region.
- The proposed acquisition will help to develop and grow the group's alcohol distribution business as well as to expand its market operations beyond the current sales channels in the duty free market of Malaysia to include the duty paid market across South East Asia.
- Trades at 17.85x trailing P/E
- Acquiring 49% stake in Chinese film and concert company Beijing Wish for Rmb25.2m ($5.2m).
- Purchase will be funded y IPO proceeds and internal resources.
- Trades at 50.6x trailing P/E.
- Alleged that there was an overstatement of plant, inventory and machinery (Rm74.4m) and overvaluation (Rm640.5m) in Aspion's acquisition price.
- The findings was based on an interim report by an independent accounting firm.
- To recap, the group acquired Aspion for Rm1.4b from Adventas Capital in Apr.
- As such, the group is suing Adventas Capital and two directors for up to Rm714.9m.
- However, litigation will not impact Aspion's business, which will continue as usual.
- Trades at 26.6x forward P/E.
- The $94.6m contract to build the TPE-PIE Changi viaduct has been terminated by mutual agreement with LTA wef 6 July.
- No reasons were given for the termination but work has been stopped and one of its units has been charged in court in late May for its role in the fatal collapse of the road viaduct under construction in Jul 2017.
- Separately, its licence to operate a representative foreign construction service company in Jakarta has expired on 8 July and the group does not intend to renew it.
- Trades at 8.65x trailing P/E
- UOB Kay Hian, the stabilising manager for its IPO has ceased price stabilisation action after purchasing an aggregate of 8.5m shares at a price range of $0.56-0.635.
- Trades at 13.4x trailing P/E.