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O&M/KepCorp, SMM:
Citigroup opines that while US drilling ban has left 33 rigs idle in Gulf of Mexico, prompting wait-and-see attitude among drillers, demand for rigs unlikely to change over next 1-2 years unless the moratorium stays in place indefinitely.
Hence, it expects the impact to be short-lived and will not alter rig supply-demand dynamics. Argues that concerns have masked increased need for more modern rigs with better safety features & more frequent repair and refurbishment activities
Adds S’pore rig builders are best positioned to capitalise in this area, which Chinese and Korean yards do not compete in.
Keeps Keppel, SembMarine as Buy with respective targets of $11.10 and $4.60
Sound Global had earlier proposed to sell 261m new shares at up to HK$5.60. Now those proceeds are not forthcoming and they may have to look for alternative financing to fund expansion plans.
KEahzq ( Date: 25-Jun-2010 09:32) Posted:
Sound Global: halted this morning. Trivial announcement on the appointment of Morgan Stanley HK Securities as Stabilizing Managers in relation to the HK IPO. No details yet on when trading halt to be lifted. |
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KEahzq
Well done! you are doing a good job by your postings!
Parkway:
Fortis Healthcare down 1.4% after company defers preference share allotment to GIC Special Investments.
Fortis says GIC mulling to invest in a bigger fund-raising plan of company.
This means that Fortis may now be short of capital in its battle with Khazanah to buy a controlling stake in Parkway Holdings and investors are likely to be apprehensive if Fortis is able to pay a big premium for Parkway.
FirstLink Invmt:
could see return of investor interest, following proposed acquisition of a PRC aluminum pdts co., which operates a 200,000 sqm facility in Taishan producing aluminum extrusions and alloy structures for use in construction, electronics, and transport industries.
Currently placed on the SGX Watch-List, the acquisition would help FirstLink meet certain requirements by the 2 Dec 10 deadline, to prevent it from being delisted
Cost of acquisition is ~$150m, which values the Al business at 9.4x PE. This will be paid via issue of 1.4bn new shares (vs 0.5bn shares out).
This is turn values the new FirstLink shares at $0.11/sh, vs last price of $0.07/sh. A 2-for-1 share consolidation would be carried out thereafter.
Sound Global: halted this morning. Trivial announcement on the appointment of Morgan Stanley HK Securities as Stabilizing Managers in relation to the HK IPO. No details yet on when trading halt to be lifted.
BBR announced that it has won its fourth contracts YTD worth about S$81.5m from LTA, which consist of the design and construction of the Tai Seng Facility Building in connection with the Downtown Line Project.
The contract is for a 53-mth period and is scheduled for completion in Nov 2014. We understand planning and design work on the project has already started in June 2010.
With this latest order wins, I estimate BBR’s grosss order book stands at about S$605m (almost 3x its annual revenue size).
This comprises mainly civil engineering and building projects in Singapore and Malaysia, with completion up to 2014.
Based on Bloomberg estimates, the stock currently trades at an undemanding valuation of 4.7x FY10 and 5x FY11 PER.
Opps...
Sorry. Wanted to write in a new tread... accidentally quote it...
Olam:
Morgan Stanley keeps Overweight call with $3.16 target.
Says near-term earnings have reasonable visibility as most of the recent acquisitions are ongoing businesses that have been tracking well and likely to contribute to earnings growth.
baberic ( Date: 24-Jun-2010 14:59) Posted:
Thanks KEahzq.
KEahzq ( Date: 24-Jun-2010 14:53) Posted:
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Hi Baberic,
nope, the QDII has nothing to do with m'sian company prospects.
it just means that qualified chinese funds are able to invest in m'sian companies.
they may or may not invest in them.
it is like allowing cpf funds to invest in m'sian stocks.
nothing to do with company earnings.
Hope that answer your questions.
Cheers |
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Thanks KEahzq.
KEahzq ( Date: 24-Jun-2010 14:53) Posted:
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Hi Baberic,
nope, the QDII has nothing to do with m'sian company prospects.
it just means that qualified chinese funds are able to invest in m'sian companies.
they may or may not invest in them.
it is like allowing cpf funds to invest in m'sian stocks.
nothing to do with company earnings.
Hope that answer your questions.
Cheers
baberic ( Date: 24-Jun-2010 09:55) Posted:
Does it mean that all company shares of Msian bosses or businesses will have good prospects of better earnings and opportunities? |
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Hi Baberic,
nope, the QDII has nothing to do with m'sian company prospects.
it just means that qualified chinese funds are able to invest in m'sian companies.
they may or may not invest in them.
it is like allowing cpf funds to invest in m'sian stocks.
nothing to do with company earnings.
Hope that answer your questions.
Cheers
baberic ( Date: 24-Jun-2010 09:55) Posted:
Does it mean that all company shares of Msian bosses or businesses will have good prospects of better earnings and opportunities?
KEahzq ( Date: 24-Jun-2010 09:14) Posted:
News Alert:
China has approved Malaysia as an approved investment destination under its QDII scheme. At present, quota for funds investing offshore under the QDII scheme stands at US$47.6bn, of which US$27.8bn has been invested, i.e. 41% still to be invested.
This is viewed as positive even if a small portion of that comes to Malaysia; improved liquidity will increase MSCI weighting in time.
Expect the Chinese funds to target the big commodity-related names as part of wider plans to secure more resource assets and raw materials worldwide to feed its hungry factories.
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Mandarin Oriental:
UBS upgrades HK-based hotel stock to Buy from Neutral, raises target price to US$1.82 from US$1.35 after increasing FY10-FY11 earnings estimates by 25%-21%.
Highlights changes reflect strong rebound in HK's business conditions, tourist-arrivals, hotel demand.
Notes hotel group's guidance for revenue per available room in 1H11 to rise 30%-40% on-year, driven by increased occupancy.
Expects revenue for HK this year to reach close to 2008 levels, representing growth of over 30%
Commodity/GMG Global:
Asian rubber futures are settling higher on tight physical supply due to continuing rains that have slowed tapping of trees in major growing regions in Thailand and Malaysia. Nov rubber futures on the Shanghai Futures Exchange settled 0.1% higher at Rmb21,520/ton or S$4,380/ton.
In comparison, GMG Global’s average selling price in 1Q10 was S$3,900/ton. Empirical evidence shows that GMG’s share price is closely correlated to rubber price trends.
According to S&P, the outlook for global tyre sales is improving this year and has reached a turning point following a sharp downturn in 2008 and 2009. In the US, new tyre sales are expected to increase 21% in the consumer market from 2009 and 7.5% in the commercial market.
In Europe, new tire sales are expected to rise 5% and 40%. Tyre demand in India and China is projected to grow at 7.8% and 9.9% respectively.
The US$140bn global tyree market is dominated by 5 large companies, which account for about 54% share - Japan’s Bridgestone, France’s Michelin, Germany’s Continental, and US-based Cooper and Goodyear.
GMG Global key customers are Bridgestone and Goodyear.
Does it mean that all company shares of Msian bosses or businesses will have good prospects of better earnings and opportunities?
KEahzq ( Date: 24-Jun-2010 09:14) Posted:
News Alert:
China has approved Malaysia as an approved investment destination under its QDII scheme. At present, quota for funds investing offshore under the QDII scheme stands at US$47.6bn, of which US$27.8bn has been invested, i.e. 41% still to be invested.
This is viewed as positive even if a small portion of that comes to Malaysia; improved liquidity will increase MSCI weighting in time.
Expect the Chinese funds to target the big commodity-related names as part of wider plans to secure more resource assets and raw materials worldwide to feed its hungry factories.
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News Alert:
China has approved Malaysia as an approved investment destination under its QDII scheme. At present, quota for funds investing offshore under the QDII scheme stands at US$47.6bn, of which US$27.8bn has been invested, i.e. 41% still to be invested.
This is viewed as positive even if a small portion of that comes to Malaysia; improved liquidity will increase MSCI weighting in time.
Expect the Chinese funds to target the big commodity-related names as part of wider plans to secure more resource assets and raw materials worldwide to feed its hungry factories.
Kingsmen has recently completed 7 pavilions worth $20m at the Shanghai Expo. We note that these are high margin projects, which will be recognised in P&L in 2QFY10.
Looking ahead, we believe Kingsmen is well-positioned to win more contracts.
The group is in the process of bidding for several new projects including thematic & scenic works around the region.
On the interior front, the group faces overwhelming demand to fit out high-end boutiques at the Marina Bay Sands Shoppes®.
In addition, fast expansion plans of its blue chip retail clients will continue to spur Kingsmen’s order book.
The group can capitalise on its solid balance sheet strength and net cash of $21.5m to grow. The group is working on a few trade shows, and possibly some mega theme park projects in China.
Kim Eng maintains BUY recommendation as the stock also offers an decent dividend yield of 6%. Positive catalysts include mega contract wins in the region.
EMS Energy has won a US$22.35m engineering, procurement and construction (EPC) contract from a regional shipyard to design and build a ship transfer system. The delivery schedule is expected to be 14 months.
The transfer system is part of a shiprepair facility that will ultimately cost US$250m and will be able to handle 160 vessels a year when fully operational.
EMS has built up an order book of S$70m and is pursuing opportunities around the region.
Mtgm expects order wins momentum to continue amid stiff global competition. Recall that in Jan, the company won a S$2.5m contract for an offshore pedestal crane in Vietnam and in May, it announced another contract win for a mobile modular walkover unit worth US$17m.
Operationally, we expect the Co to show a sharp turnaround in earnings this year after disposing its loss-making water-treatment business.
thks, dun sell my united envirotech, hope for better day tmrw.lawcheemeng, sing us the song leh
according to cnbc, the futures is now +54
hey.not with tv now, can I know wats US future index now
