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

Local News – 4 Jan 13 (Special mention – Semb Corp)

* Overseas Union Enterprise Ltd. (OUE SP) extended a deadline for a S$13.1bn ($10.7 bn) bid for Fraser & Neave to Jan 14, prolonging its battle with a Thai billionaire for control of the Singapore conglomerate

* SC Global (SCGD SP) : Wheelock Prop increased its stake in SC Global to 16.77% yesterday after paying S$1.82 for 700K shares

* SINGAPORE Exchange (SGX) cleared a record 108.9m tonnes (217,803 lots) for its flagship iron ore swaps last year. This is 2.5 times of the 43.2m tonnes (86,391 lots) cleared in 2011. Open interest reached an all-time high of 12.3m tonnes (24,627 lots) on Dec 28, 2012. For the SGX iron ore option contract, SGX also cleared 758,000 tonnes (1,516 lots) since the product’s launch in September 2012.

*Semb Corp (SCI SP) : Demand for water on Jurong Island could double in a decade according to the Public Utilities Board. This also implies material growth in demand for power. Jurong Island accounts for an estimated 60% of Sembcorp Industries’ (SCI) utilities business (power and water). A good mix of defensive and growth characteristic, all in one stock.   

* Econs : The purchasing managers’ index (PMI) for December released yesterday dipped 0.2 point from the previous month to 48.6 – its sixth straight month of decline.

 

Market Morning Wrap by broker – 29 Nov 12

Singapore’s 7-day winning streak stalled y’day altho strong support seen at the psychological 3k level. With overnight sentiment encouraging should see upside momentum resume altho resistance expected 3,030 (100-day MA) CLSA flows 2x SELL with Buyers of O&M & REITs vs Sellers of Jardines, Transport, F&B & Property

* ADR prem/disc: DBS +0.1% UOB flat; JM +0.4% JS -0.3% ST +0.2%

* SMM: Wins 7th drillship contract from Sete Brasil worth US$806.4mn which takesYTD order wins to S$10.6bn vs CLSA f/cast S$10.4bn; Margins better ~9-10%

* SCI: Plans to acquire & develop new plants

* COS: Wins bulk carrier orders worth USS$41mn

* IHH: Core 9-month NP hits 70% of CLSA ests; Maintain O-PF & raise PT Rm3.77

* MRT: Bus driver returned y’day post strike action; Business ran as scheduled

* UOB: Enters JV with Sumitomo Mitsui AM

DJ MKT TALK: Sembcorp -2.8%; Cogen Plant Maintenance Eyed

Sembcorp (SCI SP) is down 2.8% at S$4.86 in strong volume, tapping its lowest level since June 7 and underperforming the STI’s 0.8% drop.

Three analysts say they aren’t aware of a specific reason for the decline.

“One thing it may be is that its cogen plant in Singapore is going to be offline for maintenance for 40-45 days,” one analyst says, but he adds, “it should be well-known by the market. Maybe it’s a delayed reaction to that.” He notes 4Q12 and 1Q13 earnings forecasts may be taken down.

Another analyst says the decline may be due to the stock taking a leg down after it held up fairly well after SembMarine (SMM SP) dropped sharply when its earnings disappointed; she notes SembMarine still contributes 60% of Sembcorp’s NAV.