KepLand: Obtained masterplan approval for integrated waterfront resi dev in Ho Chi Minh City (HCMC), Vietnam. The 30 hectare site is expected to comprise of 6,430 homes supported by quality retail, comm, educational and medical facilities of total gfa of 1m sqm. The 1st phase of dev is expected to be approx 1500 waterfront apt units tgt in 2012…
Co has also built 500 homes to HCMC People's Committee in a separate location in exchange for the 30 ha site. These homes are part of a public priv initiative to build a resettlement housing proj and a further 1300 homes will be delivered over the nxt 2 yrs. This proj will be undertaken together with its JV partner Tien Phuoc which it earlier secured a 13.5 ha waterfront site with as well…
Co has recently been expanding in both China and Vietnam in residential space. Co trades at current P/B 1.2x but YTD share price performance has been similar to that of Capitaland at current P/B 0.9x.
Monday, June 20, 2011
Spore Market
Spore Market: may take a positive cue from Wall Street, where stocks ended mostly higher on hopes for a resolution to the Greek debt crisis, while investors may feel better buying at current levels after recent declines. However, uncertainty will remain, capping any bargain hunting demand.
The STI declined 2.4% last week, completing an 8-session session losing run. Friday, it closed down 0.5% at 3005, its lowest level since Mar 23. Eyes will continue to be on the progress of the Greek debt crisis this week. While Germany agreed to compromise and work with the ECB on a debt plan for Greece, there are still fears in the market that Greece will eventually default, and such uncertainty has weighed on the markets.
STI support tipped at 2970-2980, resistance at 3040.
The STI declined 2.4% last week, completing an 8-session session losing run. Friday, it closed down 0.5% at 3005, its lowest level since Mar 23. Eyes will continue to be on the progress of the Greek debt crisis this week. While Germany agreed to compromise and work with the ECB on a debt plan for Greece, there are still fears in the market that Greece will eventually default, and such uncertainty has weighed on the markets.
STI support tipped at 2970-2980, resistance at 3040.
Friday, June 17, 2011
Boustead
Boustead: Secured $23m in contracts from O&G and petrochem industries. They involve the production and construction of largescale process systems for refineries and gas processing plants…
This is on the back of sustained recovery of crude oil prices and with OPEC set to cut supply (according to Oil Movements), prices could remain at a relatively higher level for 2H11. This brings the contracts secured by their Energy-Related Engineering division to over $55m for FY12. Overall, the group has secured over $220m in contracts since January. Their order book backlog stands at $275m…
Stock currently trades at 9.7X P/E. Recommendations two weeks ago from KE was Buy with TP$1.36 and DBSV was Neutral with TP$1.10.
This is on the back of sustained recovery of crude oil prices and with OPEC set to cut supply (according to Oil Movements), prices could remain at a relatively higher level for 2H11. This brings the contracts secured by their Energy-Related Engineering division to over $55m for FY12. Overall, the group has secured over $220m in contracts since January. Their order book backlog stands at $275m…
Stock currently trades at 9.7X P/E. Recommendations two weeks ago from KE was Buy with TP$1.36 and DBSV was Neutral with TP$1.10.
TTJ
TTJ has secured 4 industrial construction projects worth approx $15m. 2 contracts are for the Sg LNG Terminal on Jurong Island, the 3rd for provision of structural steelwork for a rubber production plant in Sg and the 4th from Shell for proj on Pulau Bukom. Co has commenced work on some projects with completion due by end of 2012. This boosts co's orderbook to current $184m with order visibility to 2012. Stock currently trades at 7.4X P/E.
HPL
HPL: Proposal of acquisition of leasehold hotel land in Langkawi on 2 June 2011 by associated co has not gone through. This is due to precedent conditions not being fulfilled. Co’s current P/E stands at 7.7x, CDLHT at 13.9x
LC Dev
LC Dev: Thai subsidiaries have sold two pieces of land for $14.8m and $7.7m in Surat Thani Province, Thailand with combined land area of 121.5k sqm. Land was originally intended for development into a luxury hotel and residential villas but owing to the political uncertainty, co has decided to divest the land…
Co will suffer a loss of $9.2m as the carrying value was $30.4m Proceeds will be used to reduce external borrowings. Net assets are expected to reduce by 0.74c per share due to the divestment. Co has posted most recent quarterly loss of 530k for Mar results.
Co will suffer a loss of $9.2m as the carrying value was $30.4m Proceeds will be used to reduce external borrowings. Net assets are expected to reduce by 0.74c per share due to the divestment. Co has posted most recent quarterly loss of 530k for Mar results.
Hi-P
Hi-P: US-based RIM fell 15% after sharply reducing its forecasts, likely to cause some selling pressure on Hi-P. In prev reports DBS has est RIM to contribute 30-35% of co’s rev and Apple at approx 15%...
While co may be negatively impacted by RIM’s new forecasts, on the flipside, co counts Apple as one of its clients and is involved in supplying parts for the iPhone and iPad. Co is still viewed as one of the counters exposed to the smartphones (est 50% of rev) and tablet PC (25%) mkt. Hi-P trades at 8.8x current P/E but has fell from peak of $1.24 to $1.01 and is on a steep decline.
While co may be negatively impacted by RIM’s new forecasts, on the flipside, co counts Apple as one of its clients and is involved in supplying parts for the iPhone and iPad. Co is still viewed as one of the counters exposed to the smartphones (est 50% of rev) and tablet PC (25%) mkt. Hi-P trades at 8.8x current P/E but has fell from peak of $1.24 to $1.01 and is on a steep decline.
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