Wednesday, March 7, 2018

SG Market (07 Mar 18)

- The market appears primed for more volatility on news that US President Trump's top economic adviser, Gary Cohn, viewed as a bulwark against protectionism, has resigned.
- This comes as the administration prepares to impose more tariffs on Chinese imports as well as clamp down on Chinese investments in the US, specifically targeting its economic rival for the first time.
- Technically, the STI could pull back to immediate support at 3,420 with topside resistance at 3,575.

- Teaming up with IMDA again to produce short videos under the government's Public Service Broadcast initiatives.
- The second season will feature 120 videos and will be released under 16 titles from May '18- Apr '19.
- Separately, the group is partnering NeuroTrend to launch a neuromarketing consumer insights lab in Singapore.
- The lab will cater to its clients and help marketers gain a better understanding of consumer behaviour.
- Currently trades at 19.2x forward P/E, below historical average of 21.1x.

- Secures contract for the design and construction of two luxury expedition cruise vessels for PONANT.
- The New contract adds to an existing pipeline of four cruise vessels with deliveries extending till 2020.
- No financial details were disclosed.
- Trades at 0.8x P/B.

*Koh Brothers Eco Engineering
- Secured a contract through a 20%-owned JVCo, lifting order book to $954.7m from $762.7m in Dec '17.
- Further details of the contract award will be announced upon clearance from client and JVCo partners.
- Trades at 11.1x trailing P/E.

*Singapore O&G
- Receiving $1.3m from former independent director, Christopher Chong following a dispute settlement.
- Chong owns 200,000 SO&G shares as of 27 Dec.
- Trades at 18.3x forward P/E

*Golden Agri
- Acquired a 26%-stake in Emperius Infralogistics for Rs72.7m (US$1.1m), or 9.5% above valuation.
- India-based Emperius provides liquid storage tank and related logistics solution at Indian ports.
- Currently trades at 18.7x forward P/E, above historical average of 15.9x.

*Huan Hsin
- Entered conditional agreement to acquire Chinese mining company, Huangshan Zhongtian Weiliang Mining (HZWM) from Jade Merit Developments for $1.06b in reverse takeover deal.
- Payment will be made via $60m in cash and issue of consideration shares at $0.033 each, which will give Jade Merit a 87.02% stake, thereby triggering a general offer.
- HZWM owns a vanadium mine in China with a licence to mine up to 115,000 tonnes/year, while Jade Merit is a BVI company, whose sole shareholder, Yip Zhao Lin, is the MD of Sum V Energy, formerly known as China Minerals Group.
- To fund the acquisition, the group will raise $80m trough a placement of 3.6b new shares to Oriental Straits Investment.
- The group also proposes to undertake a 20-into-1 share consolidation.
- The deal is subject to shareholder approval and expected to be completed by 4 Mar 2019.
- Extended its deadline to exit the SGX watchlist till 4 Mar '19, pending the RTO.

*SIIC Environment
- Requested for a 2-month extension to hold its AGM to mmet the requirements of its primary dual listing on the Stock Exchange of Hong Kong.
- Trades at 11.3x forward P/E.

*Datapulse Tech
- Filed a claim for defamation against Singapore-based hedge fund, Ascapia Capital following its publication of an open letter entitled "Minority shareholders demand answers".
- Ascapia, which owns 410,000 shares is also mulling a possible partial offer to acquire a 27%-stake

*CWG Int'l
- Disclosed that Elidom Investment, now control 641.6m shares or a 96.91% stake of the company following the close of its privatisation offer at $0.195 each.
- As the free float has fallen below 10% since 6 Feb, the shares will be delisted.
- Offer closes on 19 Mar, 5.30pm.

- To be delisted from SGX from 9 Mar

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