Morning Wrap by broker – 26 Feb 13
February 26, 2013 Leave a comment
CPO names in focus: CPO fut fell the most in 3 mths -2.53%DoD as fcst for a record U.S. soybean crop next yr deepened concern that global cooking oil supplies may increase & a tax on exports will curb demand for M’sian supplies. Dorab Mistry warned CPO probably will fall this yr after Asian producers boosted acreage & global oilseed supplies rose.
*Banks in focus; COE to drop? Govt re-introduces restrictions on car loans given by banks. From today onwards, someone buying a car with OMV S$20k can only borrow up to 50% of purchase price. Car loans also capped at 5 yrs. A new tiered ARF structure are also introduced for cars & taxis.
*Wilmar(WIL) says China soybean crushers are draining inventories as they expect prices to drop on Brazil’s record harvest, even as China struggles with shipping delays.
*(GLP) in placement: GIC selling 595.7m shs, raised S$1.55b @ S$2.60 apiece, @ low-range & a 5.5% discount to last close with stake around 13% of total shs outstanding; JPMorgan sole book-runner. GIC reassures that the sale of stake is part of a regular rebalancing & remains confident of GLP’s long-term prospect & will remain a substantial long-term shareholder. Separately, GLP signs 19,000 sqm of leases in Xi’an, China.
*(DBS): Indo’s Finance Minister says RECIPROCITY was an important consideration for the Govt as it weighed the merits of a long delayed purchase of Bank Danamon(BDMN.IJ) by DBS; Deal has been delayed for almost a yr now.
*Mapletree Greater China Comm Trust(MAGIC) priced its IPO at top range of S$0.93/shr raising ~ US$1.3b. Risk appetite rising?
Earnings:
*(OUE) 4Q12 NP of S$21.65m & EPS of S$0.024 came 39% below our fcst due to a S$40.6m fair value loss @ One Raffles Place vs S$21.3m fair value gain in 2011. We suspect that the independent valuation of ~S$2390/sq ft was probably too bullish last yr. Other key items were above fcst. Office valuation +1%YoY for OUE bay front & remained flat YoY for 6 Shenton Way (Twr 1 & 2). Declared final div of S$0.08 (S$0.03 final div + S$0.05 special), translating into FY12 div of S$0.11/shr.
*ARA Asset Mgmt(ARA) 4Q12 NP of S$17.69m +33%YoY while total REV +39%YoY to S$36.96m; FY12 NP +7%YoY while REV +9%YoY. Final cash div remained at 2.7cps, unchanged from a yr ago.
Earnings due today: SembIndus(SCI) 4Q12 @ 5.15PM
(MIDAS) 4Q12
Morning Wrap by broker – 27 Nov 13
November 27, 2013 by marketdecoder Leave a comment
Baltic Dry: 1512 +1.34% Gold: 1242.75 -0.73% Palm Crude: 2622 -0.30%
VIX: 12.81 +0.16% WTI Crude: 93.53 -0.16% USD/SGD: 1.2513 +0.06%
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*Wilmar(WIL) buys Vopak Terminals Pasir Gudang [VTPG] for RM45m (US$14m); Main activity of VTPG is the provision of tank facilities for storage, unloading, loading & drumming of bulk liquid chemicals.
*(GLP) leases out 140K sq ft @ GLP Park Suzhou to Geodis Group; Incl. this, Geodis leases total of 495k sq ft with GLP across 3 cities in China & Brazil.
*(DBS) prices 1st Basel 3 issue @ 4.7% @ lower end of the tender range of bet 4.7% to 4.9% & met S$800m target. Perpetuals were offered in exchange via a tender for an outstanding S$1.7b pref shr issue, helping DBS transit to the new Basel III regulatory capital rules, under which the existing pref shs no longer fully qualify as Tier 1 capital of DBS Bank. Separately, Credit Suisse
now among final bidders for SocGen PB, according to Reuters, joining DBS & ABN in the bidding war.
*(CAPL) reported interest in Australand(ALZ.AU) now reduced to 39.1% & sees booking loss of S$149.4m.
*IHH Healthcare(IHH) 3Q13 #s: NP RM117m +61%YoY (below Berg est. of RM163.5m) on REV RM1.67b +12.8%YoY (below Berg est. of RM1.798b); No div declared.
*Vallianz(VALZ) awarded $150m chartering contacts in Mideast, boosting order book 45% to record.
*United Envirotech(UENV) syas Shangzhi Tot project was terminated.
Filed under Daily Market Commentary Tagged with capitaland, DBS, GLP, wilmar