Corporate Filings – 04 March 13

* China Minzhong (MINZ.sp): INDF.ij raised stake to 29.33% via purchase of 94.24m shares, confirming to be the block buyer of GIC’s block.

* China Minzhong (MINZ.sp): CMIA ceases to be substantial shareholder, having stakes diluted to 4.88% after recent placement to INDF.ij. Templeton’s stake has been diluted to 11.1% too.

* Chip Eng Seng (CHIP.sp): Tan Yong keng raised stake to 8% via purchase of 6m shares

* OSIM (OSIM.sp): Ron Sim raised stake to 70.47% after buying 200k shares

* Sembcorp Ind (SCI.sp): repurchased 500k shares @ $5.2399

* Sembmarine (SMM.sp): repurchased 400k shares @ $4.50

* Hobee (HOBEE.sp): repurchased 725k shares @ $1.9132

* Delmonte (DELM.sp):repurchased 2104k shares @ $0.8903

Market Morning Wrap by broker – 30 Jan 13

DOW+0.52%, SPX+0.51%, NDX-0.02%, OIL+1.12%, GOLD+0.46%
The FSSTI saw a sell down at the close yesterday to end at the lows of 3259. With US overnite seeing an uptick after some industrial companies reported good earnings, could see some support out here today. However, -ve newsflow on heavyweight ST will drag. Immediate support at previous highs of 3230.

* PROPERTY: A 99-year private condo plot about 450 metres from the Lakeside MRT station attracted 12 bids yesterday.

* MRT: 3Q NPAT -31.% to $25.5m despite rev +5% due to higher staff costs, depreciation, repair and maintenance costs and significantly higher bus losses.

* ST: announced that it has entered into an agreement for the sale of its entire 30% stake in Warid Telecom to Warid Telecom Pakistan. The estimated loss on disposal should be approximately SG$230m.

* CDREIT: FY12 Distributable income of $109.5m(+3%yoy) with DPU of 12.57cts(+2.4%yoy) due to improved hospitality performance overall and the recognition of a full 12 months contribution from Studio M Hotel (acquired on 3 May 2011).

* GLP: said it delivered a 35,000-square-meter distribution center in Brazil, which will be leased to a leading global automotive company.

* SMM: Jurong Shipyard has reached an agreement with its former auditors, Ernst & Young, for a “full and final amicable settlement” over a case of disputed foreign exchange transactions.

* MMT: gets subsea services contracts in various regions with potential value of $30m

* OLAM: allotted some 748.43m bonds and about 387.36m warrants. The bonds and warrants will be listed on the SGX mainboard on 31st Jan.

* RESULTS: SATS

Local News by broker – 18 Jan 13

* Global Logistics Properties (GLP SP) : will sell 3 more properties, for ¥12.6bn (S$173m) to GLP J-Reit. The latest sale will leave the warehouse operator with 35 wholly owned properties in Japan, as well as 15 partly owned assets. GLP J-REIT has priority over other potential buyers should Global Logistic decide to sell any of the 35 wholly owned properties over the next 10 years.
* Mapletree Logistics (MLT SP) : Q3 DPU of Sc1.72 was in line with our estimate and consensus. The stock rose 36% in 2012, and is trading at 1.29x book with a 6.2% forward yield. We think re-rating from here would require significant inorganic growth – the timing of which is uncertain. In Line, TP S$1.22
* CapitaMall Trust (CT SP) : FY12 DPU 9.46c in line with our est (9.67) and consensus (9.7). CT said its gross revenue +10% in 4Q to S$173.7m, while net property income was up 14.3% to S$112.9m. CT remains one of top pick as increase in suburban homes & higher social spending should favour suburban retail landlords
* SembCorp Marine (SMM SP) unit reports 8 cruise ships secured for refits in 2013; total est. sales of about S$60m

Morning Wrap by broker – 19 Nov 12

DOW+0.37%, SPX+0.48%, NDX+0.57%, OIL+1.43%, GOLD-0.14%

The FSSTI traded off the lows last Fri to close back flat at 2945 with NOBL and FNN seeing a pick up in vols. However, the US overnite last Fri reversed its early losses to close at the highs as the market reacted to comments from House Speaker Joe Boehner that budget talks with President Obama were “constructive.” Today we can expect back to lucklustre trading with the results season ending and lack of news catatlyst. Index should hold above 2900.

* FNN: FY NPAT of $835.6m (-6.9%yoy). Excluding fair value adj and exp gains of $363m, NPAT -26.5%yoy to $472m.

* SMM: Finalised a contract with Prosafe to build the 2nd unit of a new generation harsh-environment accomodation semi-submersible worth US$295.2m.

* YOMA: Trading Halt.

 

Market Commentary by broker – 6 Nov 12

DOW+0.15%, SPX+0.22%, NDX+0.59%, OIL+1.15%, GOLD+0.35%

The FSSTI saw subdued trading inline with regional mkts yesterday to close at 3030. US overnite traded weaker for most of the day before rallying higher led by Tech and Energy. We can expect continued slow trade today ahead of the US elections, however with weakness after SMM reported weaker earnings.

* PROPERTY: A Freehold mixed-use redevelopment site along Balestier Road is up for sale by tender, with a guide price of between $68m and $75m.

* SMM: 3Q NPAT of $116m(-48%yoy) with rev -31% to $892m. Fall in profits due to lower margins from the new design rigs and lower rev recognition from rig building projects.

* KEP: units Keppel Subic Shipyard in the Philippines and Keppel Verolme BV in the Netherlands secured contracts worth S$160m.

* CAPL: Upbeat on China’s demand factors with $13bn or 38% of its assets in China at the end of Sep.

* YNH: wins S$27m worth of new contracts for work on Fusionopolis.

* YOMA/ PRA: Enters JV in Myanmar to establish and operate departmental stores. The issued and paid-up capital of the JV Co will be US$3m comprising 3m ordinary shares.

* DBS: expanding its cash management services across Asia through a partnership with JP Morgan.

* RESULTS: SATS, EZI

SG : EZI SP 3Q NP +24.4%yoy $16.1m, 9mths NP +22.4%yoy to $58.3m 9mths 90.9% of FY consensus                                                                                                  

3Q revenue +21.1%yoy to $38.6m due to chartering contribution & higher contribution fr the offshore logistics support vessel   

Grp expect more assets to be deployed in 4Q 2012, these include Liftboats and Jack-up Rigs (“Service Rigs”). The Group is also expected to enjoy higher revenue from Australia with the commencement of the QCLNG project in the 4Q 2012.

SembCorp Marine new contracts

SG: SembCorp Marine (SMM.sp): Jurong Do Brasil secures
contract worth US$674m!