Tuesday, December 19, 2017

SG Market (19 Dec 17)

- Risk-on mood could spill over to the SG market, on optimism that the US tax bill could be passed in the near term.
- Technically, the STI sees downside support at 3,390, with upside resistance at 3,475.

- Singapore Changi Airport welcomed a record 60m passengers ytd, surpassing 2016's 58.7m.
- This would be positive for airport operator SATS.

*Keppel Corp
- Acquiring two prime sites (13ha & 6ha) in Ho Chi Minh City to build 1,549 homes with total development cost of US$297m.
- One 13-ha site in the city south will be developed into 220 landed homes and a 1.029-unit condominium with GFA of 36,110 sqm and 141,540 sqm respectively and will cost US$235m.
- The other 6-ha plot located in District 9 will have 300 homes with GFA of 55,000 sqm, costing US$62m.
- The two projects add to its pipeline of over 20,000 homes in Vietnam.
- The group sold 1,010 homes in 9M17, four times the number it sold in the same period last year, and has received positive response for Tilia Residences, Phase 2 of Empre City, which was launched un Julu and has sold more than 90% out of 472 units launched as at Sep.
- Last traded at 15.1x forward P/E.

*Citic Envirotech
- Secured an EPC contract worth Rmb130m in Xiangban City, Fujian Province, China.
- The project involves the upgrading and expansion of an existing conventional wastewater treatment plant by 12.5% to 90,000 m3/day, and improving water quality to Grade 1A from 1B, and is slated to be completed by Jun '18.
- Trades at 17.1x forward P/E.

- Updated that its Royal Wharf project in UK achieved its 1,000-unit handover milestone.
- The 3,385-unit development is ~90% sold and Oxley expects to hand over another 400 units by 30 Jun '18.
- Trades at 25% discount to its RNAV/share at $0.84.

- Entered franchise agreement with Ho Sing Food to establish and operate JUMBO Seafood restaurants in Taiwan.
- The franchise agreement has an initial term of 10 years, with the franchisee targeting eight outlets across Taiwan.
- The group also updated that its first JUMBO Seafood outlet in Taiwan was opened three days back.
- Trades at 21.3x forward P/E.

- Signed master franchise agreement with Evergrande Group in Vietnam to open 20 PreSchool and Reading centres in the country.
- Trades at FY16 P/E of 29.9x.

- Secured a NOK2.7b contract for the design and construction of one luxury polar expedition cruise vessel for French cruise company PONANT.
- The hull will be built at Vard Tulcea in Romania, with delivery scheduled in 2Q21 from Vard Søviknes in Norway.
- Last traded at 0.82x P/B.

- Entered term sheet to dispose five of its wholly-owned subsidiaries (known as STI Group) to Shanghai Pudong Science and Technology, for $100m collectively.
- The sale price is subject to net debt and net working capital adjustments, and both parties have 60 days exclusivity period for negotiation.
- At $0.088, ASTI has a market cap of $60m and trades at 51.8x forward P/E and 0.93x P/B.

*China Sports International
- Received statutory demand from legal advisor RHT Corporate Advisory in relation to the group's outstanding professional fee of $0.051m.
- RHT may commence winding up proceedings against the group if it fails to pay the due payment within three weeks.

*First Ship Lease Trust
- In negotiations with lenders of its US$480m term syndicated loan facility to extend the maturity date by one year.
- The group currently has US$165.6m outstanding loan under the syndicated loan facility.
- While majority of the lenders have indicated their support for the extension, consensus from all lenders is required for the approval.
- Last traded at 0.19x P/B.

- Issued 698,991 new shares in relation to a warrant exercise at US$1.09 each.
- 55m outstanding warrants remains, which expires on 29 Jan 2018.

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