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Boustead/Biotreat:
Boustead has struck a deal to buy $42.7m worth of 1% 5-year redeemable convertible notes, which can be converted into 854.2m
Biotreat shares representing 20.4% stake in the China-based water treatment company.
Boustead views the acqn as complementary and synergistic to its water and wastewater business given Biotreat’s extensive portfolio of BOT and TOT wastewater projects in China with a potential treatment capacity of over 1m tpd.
Frasers Centrepoint Trust:
BoA-ML restarts FCT as a Buy with $1.55 target price. Notes FCT is trading at 6.4% FY10 yield or 400bps above 10-year govt bond.
Remains positive on the suburban mall segment, which is not under pressure from upcoming supply and expect retail rents to remain firm.
Likes its 100% exposure to the retail sub-segment as suburban malls have catchment population and benefit directly from population growth, higher consumer demand and improving consumer confidence.
FCT's malls have been operating at close to full occupancy while rental reversions have been positive since inception in 2006.
Yongnam announced that it has secured its sixth contract valued at S$35.9m for the Marina Coastal Expressway (MCE), bringing total order wins for the MCE to S$363m.
According to mgtm, the Contract is expected to complete in May 2012.
With this latest contract, we estimates Yongnam's order book stands at about S$524m, with various projects expected to complete till 2012.
The stock currently trades at an undemanding valuation of 6.1x FY10 and 5.4x FY11 PER, based on Bloomberg estimates.
DBS:
UOBKH cuts DBS target price to $19.82 from $21.00 based on 1.7X P/B and view that interest rates will rise only in 1Q 2011, not this year.
Higher interest rates will give DBS a huge boost due to its significant exposure to interbank lending and huge base of low-cost current accounts and savings accounts.
Keeps Buy call on optimism over loans growth.
Notes fixed-rate housing loans increasingly popular in S’pore while loans for businesses have picked up since 1Q 2010.
Thanks Chris168...
I felt as though I am talking in an empty room...
Feels like talking to air, with nobody's here.
Really Appreciate it.
Thanks!
chris168 ( Date: 15-Jun-2010 17:42) Posted:
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O&M:
Transocean has rejected a notice by Anadarko to cancel a rig contract relating to 3 rigs leased in the Gulf amid a US halt in deepwater drilling permits.
Transocean said that customers may shift rigs to places outside of the Gulf, perform activities that are allowed during the moratorium or vary the contracts using force majeure provision.
This is a 1st sign that the massive US Gulf oil spill may lead to a surplus of idle rigs, which may have a bearing on new rig orders.
KepCorp is currently completing some upgrade and life extension work on a semi-submersible for Transocean, having previously delivered a semi-submersible rig in 2009 and undertaken a semi-submersible upgrade in 2007.
You too.
Some forumers add much values to SJ. Your posts this thread, Alex, Victorf, Bintang and many others ...
Happy trading to all.
KEahzq ( Date: 15-Jun-2010 15:42) Posted:
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Haha..
Huat ahHhH!!!
:D
chris168 ( Date: 15-Jun-2010 12:20) Posted:
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YES!!
Big on this! $2 can liao ... all the way to the bank ...
YEAH! I am loving it.
KEahzq ( Date: 15-Jun-2010 11:45) Posted:
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Ezra:
DBS Vickers upgrades Ezra to Buy from Hold on attractive valuations noting supplier of offshore & marine vessels building up warchest to over US$300m in preparation for possible acquisitions.
This could be a positive share price catalyst should any acqn be earnings accretive or enhance the group's capabilities.
But trims target price to $2.50 after reducing FY10-11 recurring earnings forecasts by 5% to account for associate EOC's potentially weak 3Q10 performance due to maintenance downtime on 1 of its vessels as well as under-utilization of its barge.
DBS Vickers upgrades Ezra to Buy from Hold on attractive valuations noting supplier of offshore & marine vessels building up warchest to over US$300m in preparation for possible acquisitions.
This could be a positive share price catalyst should any acqn be earnings accretive or enhance the group's capabilities.
But trims target price to $2.50 after reducing FY10-11 recurring earnings forecasts by 5% to account for associate EOC's potentially weak 3Q10 performance due to maintenance downtime on 1 of its vessels as well as under-utilization of its barge.
SIA:
Daiwa downgrades SIA to Hold from Outperform, noting that market has already factored in traffic improvements and yield recovery as well as lack of strong share price catalysts over the near term. Cuts target price to $13.84 from $15.55 based on 1.1X P/B vs 1.2X previously but does not expect significant share price downside from current levels as valuation not demanding. Stack trapped between 200-day MA at $14.30 and support at $14.00.
Daiwa downgrades SIA to Hold from Outperform, noting that market has already factored in traffic improvements and yield recovery as well as lack of strong share price catalysts over the near term. Cuts target price to $13.84 from $15.55 based on 1.1X P/B vs 1.2X previously but does not expect significant share price downside from current levels as valuation not demanding. Stack trapped between 200-day MA at $14.30 and support at $14.00.
RH Petrogas announced that it has completed the acquisition of Orchard Energy's sole oilfield concession in South Sumatra from Temasek Hldgs.
Under the terms of a 30-year prodn sharing contract, RHP will assume Orchard Energy's balance commitment of US$5.66m to carry out exploration works on 1,402 sq km concession block over 3 years.
The maximum period for exploration and evaluation of the contract area is 6 years with an option to extend a further 4 years provided more funds are committed, after which the PSC shall automatically terminate if no oil is found.
While this acqn may raise RHP’s profile as a regional O&G player, investors need to be reminded that the gestation period of such projects are quite long as the 1st exploration oil well is expected to be spud only in the 3rd year of its work program and prospects of hitting a commercial oil discovery are relatively low.
Under the terms of a 30-year prodn sharing contract, RHP will assume Orchard Energy's balance commitment of US$5.66m to carry out exploration works on 1,402 sq km concession block over 3 years.
The maximum period for exploration and evaluation of the contract area is 6 years with an option to extend a further 4 years provided more funds are committed, after which the PSC shall automatically terminate if no oil is found.
While this acqn may raise RHP’s profile as a regional O&G player, investors need to be reminded that the gestation period of such projects are quite long as the 1st exploration oil well is expected to be spud only in the 3rd year of its work program and prospects of hitting a commercial oil discovery are relatively low.
DBS Vickers advising clients to avoid stocks of local manufacturers with factories in China as profit margins at risk with rising labour costs rising in wake of Beijing's recent move to raise minimum monthly wages by 20% following spate of suicides and unrest at Foxconn and Honda.
Cites Broadway Industrial, Armstrong, Sunningdale Tech as some names to avoid. Suggests investors consider consumer-related stocks such as SPH, Genting S’pore, CDL Hospitality, Tiger Airways.
Offshore & Marine:
VLCC day rates are expected to surge 43% to 2-year highs or US$100k by Dec from current US$70k on China’s insatiable energy and commodity appetite.
The demand is driven in part by China’s need to reach longer distance in search of oil, which would lead to tighter supply in the tanker market.
Increased environmental concerns may also hasten the phasing out of single hull tankers, which currently account for 11% of the supertanker fleet, from the market.
This should benefit yards like SembMaine, which specialises in building, repairing, conversion of VLCCs.
Stock has consolidated very well around the 39¢ level for the past 3 weeks with limited downside
KEahzq ( Date: 14-Jun-2010 14:20) Posted:
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Discussions for a proposed property tax in Big Chinese cities are still underway with no definitive timetable, according to Shanghai Securities News, citing an official from the State Admin of Taxation.
Chongqing Mayor Huang Qifan said on June 8 that the city plans to impose an 1% property tax only on houses valued at 3x the average market price.
This should take some selling pressure off Chinese property developer Ying Li, which is heavily exposed to prime commercial buildings in Chengdu.
Chongqing Mayor Huang Qifan said on June 8 that the city plans to impose an 1% property tax only on houses valued at 3x the average market price.
This should take some selling pressure off Chinese property developer Ying Li, which is heavily exposed to prime commercial buildings in Chengdu.
Plantations Malaysia's palm oil exports and earnings this year will be better than last year's due to growing uptakes from China, India and Russia, according to Plantation Industries and Commodities Minister.
Export earnings this year will be supported by the CPO prices which stayed above the RM2,500 per tonne.
Eastern Holdings +23% to 6-session high of $0.19 on higher average traded volume as interest in this thinly traded stock driven by proposed $43.5m sale of its exhibition business to SPH.
Sale would EPS would boost EPS to 8.86¢ from 1.95¢ and NTA to 23.61¢ from 15.8¢ on pro forma basis.
However, prospect of special payout to shareholders dim given weak FY10 earnings (-64.4%) from property business and net gearing of 0.41x
Sale would EPS would boost EPS to 8.86¢ from 1.95¢ and NTA to 23.61¢ from 15.8¢ on pro forma basis.
However, prospect of special payout to shareholders dim given weak FY10 earnings (-64.4%) from property business and net gearing of 0.41x
HK Market:
The valuation gap between China’s Rmb shares and Chinese stocks listed in Hong Kong will narrow further, according to Macquarie Research.
The so-called A-H premium will converge because of increasing QDII and QFII quotas widening the conduits for dual-market arbitrage, index-futures trading and short selling.
A-shares of China Life, Ping An Insurance and ICBC now trade at a discount to their H-share counterparts.
Can you elaborate on it E-war?!?!
:D
E-war ( Date: 12-Jun-2010 02:13) Posted:
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