Morning Buzz TODAY’S HEADLINE
Transcription
Morning Buzz TODAY’S HEADLINE
Morning Buzz Tuesday, 11 November TODAY’S HEADLINE STI INDEX (PREVIOUS DAY CLOSE) 3,301.00 (0.44%) KEPPEL T&T PUSHES AHEAD WITH IPO OF DATA CENTRE REIT Keppel Telecommunications & Transportation (Keppel T&T) is pushing ahead with the planned multi-million dollar initial public offer (IPO) of its data centre real estate investment trust (DC Reit), the first of its kind in Asia. Vol (mil): 1,768.2 / Val (S$ mil): 1,054.6 MAJOR STOCK INDICES Close DJ Ind Avg S & P 500 Nasdaq Comp Hang Seng % Chge 17,613.74 0.23% 2,038.26 0.31% 4,651.62 0.41% 23,744.70 0.83% COMMODITIES Gold (SPOT) US$ / oz Oil (NYMEX CWTI) US$ / bbl Baltic Dry Index Close % Chge 1,154.34 0.25% 77.21 -0.25% 1,418.00 -1.32% Bankers said Keppel T&T, the logistics and data centre arm of diversified marine conglomerate Keppel Corp, is looking to raise some S$540 million; the Reit's market capitalisation could be around S$840 million when it is listed. A yield of 7 per cent is being considered at a time when most Reits in Singapore are offering yields of between 5.5 and 7 per cent. Even Lotte Shopping Co, which runs 108 large stores and 31 department stores in South Korea, has planned to offer a yield of 6 to 7 per cent for its Reit listing in Singapore. On Monday, Keppel T&T said it would hold an extraordinary general meeting (EGM) on Nov 25 to seek its shareholders' approval to list Keppel DC Reit on the main board of the Singapore Exchange. The IPO is targeted for an early- to mid-December listing. In a circular to shareholders, Keppel T&T said it expected to raise some S$505.4 million in gross proceeds from the divestment of the four assets. About S$90.7 million will be used to pursue its growth strategies by funding investments in its logistics, data centre and other businesses, with the remaining amount to be used for general corporate and working-capital requirements. The initial portfolio of Keppel DC Reit is expected to comprise eight data centre properties in the Asia-Pacific and Europe: Keppel Digihub (S25) and Keppel Datahub 1 (T25) in Singapore; Gore Hill Data Centre in Sydney, Australia and iseek Data Centre in Brisbane, Australia; Basis Bay Data Centre in Selangor, Malaysia; GV7 Data Centre in London, the United Kingdom; Almere Data Centre in Amsterdam, the Netherlands; and Citadel 100 Data Centre in Dublin, Republic of Ireland. More assets are expected to be added after the listing. EXCHANGE RATES USD : SGD 1.2907 / MYR : SGD 0.3875 Keppel DC Reit will be managed by a wholly-owned subsidiary of Keppel T&T, Keppel DC Reit Management Pte Ltd. INTEREST RATES 3-mth Sibor 0.415% SGS (10yr) 2.279% Source: Bloomberg NEWS BUZZ ARA Asset Management: Expects boost from Straits Trading alliance Super Group: Q3 profit dives 47% AmFraser Research Team www.amfraserdirect.com.sg Giken Sakata: Plans to put itself under new holding company Sim Lian Group: Property development boosts Q1 net earnings AmFraser Securities Pte Ltd Page 1 Please see important disclosures at the end of this publication AmFraser Tuesday, 11 November 2014 News Buzz ARA Asset Management (S$1.705) Expects boost from Straits Trading alliance ARA Asset Management reported a 60% increase in 3Q total revenue to S$52.8mil. Net profit rose 53% in tandem to S$30.7mil. The better topline was driven by higher recurrent management fees from Reits which had performed better and achieved higher valuations for their property portfolios, as well as fee contribution from acquisitions made by its Reits and private funds. ARA manages eight Reits and seven private funds. The group's assets under management (AUM) also rose to S$26.1bil as at end-September. Super Group (S$1.065) Q3 profit dives 47% Super Group's net profit for the three months ended Sept 30 plunged 47% to S$9.98mil. The fall in profit attributable to shareholders - from the previous corresponding period's S$18.71mil - came as revenue dipped 3% to S$129.5mil and earnings margin fell. EPS stood at 0.89 Singapore cent and NAV per share was at 41.37 Singapore cents. Giken Sakata (S$0.290) Plans to put itself under new holding company Giken Sakata (S) is proposing a one-for-one share swap to place itself under a new listed holding company, to be called GSS Energy, to make it easier to pursue investment opportunities should they arise. The move comes after Giken Sakata recently acquired oil and gas services business Cepu Sakti Energy. Under the new structure, GSS Energy will be able to seek investors into or to sell the existing Giken Sakata business without having to undergo a business and/or asset sale, the company said. GSS Energy will also be able to raise capital on a standalone basis. The proposed scheme will require shareholders' approval. Sim Lian Group (S$0.845) Property development boosts Q1 net earnings Strong revenue booking from property development projects helped Sim Lian Group to more than double net earnings to S$71.66mil for the 1Q ended Sept 30, 2014. Group revenue jumped to S$379.02mill. EPS climbed to 7.1 Singapore cents and NAV per share stood at S$1.05 at Sept 30, 2014. Source: The Business Times / Bloomberg / Straits Times AmFraser Securities Pte Ltd Page 2 AmFraser Tuesday, 11 November 2014 Corporate Action Dividends Company Results Period Ann Date DPS Ex-Date Book Close Payable Share Price 10-Nov-14 Yield (%) OUE Hospitality Trust 3-Nov -14 3Q14 SGD 0.016400 7-Nov-14 11-Nov -14 3-Dec-14 SGD 0.895 1.8 Perennial China Retail Trust 4-Nov -14 3Q14 SGD 0.009500 10-Nov-14 12-Nov -14 3-Dec-14 SGD 0.535 1.8 Ox ley Hldgs 22-Aug-14 FY14 SGD 0.001800 11-Nov-14 13-Nov -14 25-Nov -14 SGD 0.535 0.3 StarHub 6-Nov -14 3Q14 SGD 0.050000 11-Nov-14 13-Nov -14 28-Nov -14 SGD 4.140 1.2 Ascendas Hospitality Trust 6-Nov -14 2Q14 SGD 0.024388 12-Nov-14 14-Nov -14 12-Dec-14 SGD 0.725 3.4 Far East Hospitality Trust 7-Nov -14 3Q14 SGD 0.013200 13-Nov-14 17-Nov -14 10-Dec-14 SGD 0.840 SIA Engrg Co 4-Nov -14 2Q15 SGD 0.060000 13-Nov-14 17-Nov -14 25-Nov -14 SGD 4.300 1.4 Singapore Airlines 6-Nov -14 2Q15 SGD 0.050000 14-Nov-14 18-Nov -14 27-Nov -14 SGD 10.250 0.5 Noble Grp 7-Nov -14 3Q14 USD 0.030000 18-Nov-14 20-Nov -14 5-Dec-14 SGD 1.250 3.1 Singapore Post 6-Nov -14 2Q15 SGD 0.012500 18-Nov-14 20-Nov -14 28-Nov -14 SGD 1.920 0.7 Ascendas India Trust 27-Oct-14 3Q15 SGD 0.024000 20-Nov-14 24-Nov -14 10-Dec-14 SGD 0.820 2.9 Rickmers Maritime 4-Nov -14 3Q14 24-Nov-14 26-Nov -14 12-Dec-14 SGD 0.290 2.7 USD 0.006000 * Include Ordinary, Cash, Special, Bonus, Variable and Base Buyout Company Rights Issue Ex-Date Book Close Singapura Finance 1 Rights Share @ S$1.00 each Rts Share for every 1 existing shares held 6-Nov-14 10-Nov-14 Right Trading Period From To 13-Nov-14 21-Nov-14 Source: SGX Annoucement Company Lee Kim Tah Holdings Offer Price SGD 1.08 Remarks Closing Date Cash 5.30 p.m. on 13 Nov 2014 Offeror Lee Kim Tah Investments Pte Ltd Source: SGX Annoucement AmFraser Securities Pte Ltd Page 3 AmFraser Tuesday, 11 November 2014 Financial Calendar Monday Tuesday 10-Nov Q3: ARA Asset Mgt / Delong Hldgs / Fuxing China Grp / Htl Royal / Super Grp Wednesday 11-Nov 12-Nov Q1: Croesus Retail Trust / Saizen REIT Q1: Ellipsiz Q3: CNMC Goldmine Hldgs / CSE Global / Ellipsiz / Fortune REIT / Genting Spore / OEL Hldgs / Petra Foods / UOL / Vard Hldgs / Vicom / Wilmar Int'l / World Precision Machinery 17-Nov Thursday 18-Nov Q2: AusNet Services / Biosensors Int'l Q3: Amara Hldgs / China Sunsine / City Devpts / DMX Technology / Golden Agri-Resources / Kingsmen Creatives / Lippo Malls Indonesia / Macquarie Int'l Infras Fund / SBS Transit / Sinarmas Land / Starburst Hldgs / Swiber Hldgs / TeleChoice Int'l SG (Nov 2014): 2nd Open Bidding Exercise for COE Start @ 12.00 noon 13-Nov Q1: Amtek Engrg / ASL Marine / Parkson Retail Asia Q2: KSH Hldgs / Religare Health Trust / SATS / Spore Telecoms Q3: ComfortDelgro / Ho Bee Land / HTL Int'l / KrisEnergy / QAF / YHI Int'l *Q3: Courage Marine / Techcomp Hldgs 24-Nov 25-Nov Q1: Olam Int'l Q2: Tat Hong Hldgs / Terratech Grp (Release on Sat, 15-Nov) *Q2: Azeus Systems / Willas-Array Q3: Changtian Plastic / Hong Leong Asia / Li Heng Chemical / Mewah Int'l / Otto Marine / Straco Corp / Utd Engineers 20-Nov 21-Nov SG: 3Q14 GDP *Q3: TPV Technology SG (Nov 2014): 2nd Open Bidding Exercise for COE 14-Nov *Q3: China Kangda Food / China New Town Devpt / Midas Hldgs Q4: Frasers Centrepoint 19-Nov SG: Prices of Private Residential Units Sold by Developers Friday SG (Nov 2014): 2nd Open Bidding Exercise for COE End @ 4.00 p.m. 26-Nov 27-Nov SG (Oct 2014): CPI 28-Nov *Q3: Golden Ocean 1-Dec-14 SG (Dec 2014): 1st Open Bidding Exercise for COE Start @ 12.00 noon 2-Dec SG (Dec 2014): 1st Open Bidding Exercise for COE 8-Dec 9-Dec 3-Dec SG (Dec 2014): 1st Open Bidding Exercise for COE End @ 4.00 p.m. 10-Dec 4-Dec 5-Dec 11-Dec 12-Dec STI Review * Tentative Source: Company; Bloomberg AmFraser Securities Pte Ltd Page 4 AmFraser Tuesday, 11 November 2014 Disclaimer This report is prepared by AmFraser Securities Pte Ltd (“AmFraser”), which is a holder of a capital markets services licence and an exempt financial adviser in Singapore. 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