Friday, November 30, 2007
Genting Bhd
Bingo and casinos group Rank advanced 15¾p to 108p as takeover speculation intensified. Malaysian gaming operator Genting, which last year acquired Stanley Leisure, is said to be keen on putting Rank's casinos in its hotels. A 135p-a-share cash bid is on the way.
Golden Agri-Resources
SINGAPORE, Nov 30 (Reuters) - An unidentified institutional investor is selling around 200 million shares of Singapore-listed Golden Agri-Resources at between S$1.76 and S$1.85 a share, market sources said on Friday.
Bankers said that CLSA is handling the sale, which would be worth around S$370 million ($256 million) if priced at the top end of the offer range.
At 0207 GMT, Golden Agri shares were down 5.6 percent at S$1.86 with almost 14 million shares traded.
Bankers said that CLSA is handling the sale, which would be worth around S$370 million ($256 million) if priced at the top end of the offer range.
At 0207 GMT, Golden Agri shares were down 5.6 percent at S$1.86 with almost 14 million shares traded.
CIMB Report - 30 Nov 2007
What’s on the table
Aviation Sector - Keeping the faith despite higher near-term fuel prices Our in-house forecasts for crude oil price have today been raised to US$73/barrel (from US$70) for 2007 and US$80 (from US$70) for 2008, but kept at US$65 for 2009 and US$60 thereafter. We believe that a weakening US economy will reduce global crude demand and eventually bring oil prices lower. As a result, we recommend investors to keep their faith in the aviation sector, as operating fundamentals remain solid. The near-term earnings estimates for our universe have been reduced, but we are leaving longer-term forecasts unchanged. We continue to rate SIA (TP: S$28.40), AirAsia (TP: RM3.00) and MAS (TP: RM11.70) as OUTPERFORMs. THAI (TP: THB47) remains a Neutral. SIA has the greatest resilience to higher fuel prices, but THAI is the most exposed. We rate MAS a distant second to SIA, while AirAsia is in a unique position due to its fuel derivative contracts.
Quick Takes
Aviation Sector - Keeping the faith despite higher near-term fuel prices Our in-house forecasts for crude oil price have today been raised to US$73/barrel (from US$70) for 2007 and US$80 (from US$70) for 2008, but kept at US$65 for 2009 and US$60 thereafter. We believe that a weakening US economy will reduce global crude demand and eventually bring oil prices lower. As a result, we recommend investors to keep their faith in the aviation sector, as operating fundamentals remain solid. The near-term earnings estimates for our universe have been reduced, but we are leaving longer-term forecasts unchanged. We continue to rate SIA (TP: S$28.40), AirAsia (TP: RM3.00) and MAS (TP: RM11.70) as OUTPERFORMs. THAI (TP: THB47) remains a Neutral. SIA has the greatest resilience to higher fuel prices, but THAI is the most exposed. We rate MAS a distant second to SIA, while AirAsia is in a unique position due to its fuel derivative contracts.
Quick Takes
- Singapore Airlines (S$18.00) - Keeping the faith
- Oil & Gas sector - Delayed impact of weaker demand News of the Day
- Cerebos announces 25-cent dividend as net profit jumps 21% to $84.4m
- Hyflux sees steady pipeline of China water projects
- 25.2m StarHub shares sold in married trade
- Time Watch launches outlet in Singapore
- MI-Reit acquires office, warehouse building for $25m
- MapletreeLog buys Japan warehouse
- Raffles Education plans $200m acquisitions a year
DBSVickers Report - 30 Nov 2007
Cerebos A good year and another bumper payout in Feb’08
Story: Cerebos Pacific reported a good set of FY07 results, which were slightly above our expectations.
Point: Topline grew 13%, while net profit ended at S$84.4m, up 21% from a year ago. The better-than-expected growth was largely from (i) slower operating expenses growth vis-à-vis topline; and, (ii) a lower effective tax rate against our forecasts. We adjusted our FY08F forecasts up slightly by 4% to account for higher sales growth from its businesses.
Relevance: We like this defensive counter for its steady business, geographical and business diversification spanning numerous countries across the Asia Pacific region and businesses, namely Health Supplements, Coffee and Sauces. More importantly, it pays out good dividends and, in our opinion, is likely to continue to do so. The proposed dividend of 25 Scts works out to rather attractive yields of around c. 6%. It also has a strong operating cashflow and is in a net cash position (about S$107m or S$0.34/share), which would come in handy should it decide to pursue more aggressive expansion plans. We maintain our BUY recommendation, TP raised marginally to S$4.65 as we roll our valuations to blended FY08/09 earnings, based on 16x PER.
MAP Technology HDD best buy: Growth, value & dividend
Story: MAP Tech is a dominant voice coil motor (VCM) plates and external hard disk drives (EHDD) supplier to Western Digital (WD), the faster growing of the two hard drive titans dominating the market currently. MAP Tech’s core competencies are metal stamping and PCB assembly with full box-build.
Point: Through WD, MAP Tech is a major beneficiary of the Seagate/Maxtor consolidation. Not only can MAP Tech participate in the growth of WD, it is also winning market share from competitors whose performance has deteriorated post buyouts. We believe MAP Tech has the potential to grow faster than the broader HDD industry (c.12-15% pa), as the company is also capturing more products (eg top cover) with WD. Additionally, the company has diversified into new businesses like auto and renewable-energy related products for its next phase of growth. All things considered, we expect net profit to grow 53% and 46% in FY07 and FY08 respectively.
Relevance: Apart from being the cheapest HDD proxy in Singapore at 5x FY08 PER and 1.5x P/B, compared to sector average of 8-9x FY08 PER and 2x P/B, MAP Tech has 7.5cts cash per share, generates strong free cashflow and maintains 25-30% ROE. As such, the stock offers attractive dividend yield of 5-7% based on conservative payout of 35%. Recommend Buy with target price of S$0.50 based on 8x FY08 earnings
Story: Cerebos Pacific reported a good set of FY07 results, which were slightly above our expectations.
Point: Topline grew 13%, while net profit ended at S$84.4m, up 21% from a year ago. The better-than-expected growth was largely from (i) slower operating expenses growth vis-à-vis topline; and, (ii) a lower effective tax rate against our forecasts. We adjusted our FY08F forecasts up slightly by 4% to account for higher sales growth from its businesses.
Relevance: We like this defensive counter for its steady business, geographical and business diversification spanning numerous countries across the Asia Pacific region and businesses, namely Health Supplements, Coffee and Sauces. More importantly, it pays out good dividends and, in our opinion, is likely to continue to do so. The proposed dividend of 25 Scts works out to rather attractive yields of around c. 6%. It also has a strong operating cashflow and is in a net cash position (about S$107m or S$0.34/share), which would come in handy should it decide to pursue more aggressive expansion plans. We maintain our BUY recommendation, TP raised marginally to S$4.65 as we roll our valuations to blended FY08/09 earnings, based on 16x PER.
MAP Technology HDD best buy: Growth, value & dividend
Story: MAP Tech is a dominant voice coil motor (VCM) plates and external hard disk drives (EHDD) supplier to Western Digital (WD), the faster growing of the two hard drive titans dominating the market currently. MAP Tech’s core competencies are metal stamping and PCB assembly with full box-build.
Point: Through WD, MAP Tech is a major beneficiary of the Seagate/Maxtor consolidation. Not only can MAP Tech participate in the growth of WD, it is also winning market share from competitors whose performance has deteriorated post buyouts. We believe MAP Tech has the potential to grow faster than the broader HDD industry (c.12-15% pa), as the company is also capturing more products (eg top cover) with WD. Additionally, the company has diversified into new businesses like auto and renewable-energy related products for its next phase of growth. All things considered, we expect net profit to grow 53% and 46% in FY07 and FY08 respectively.
Relevance: Apart from being the cheapest HDD proxy in Singapore at 5x FY08 PER and 1.5x P/B, compared to sector average of 8-9x FY08 PER and 2x P/B, MAP Tech has 7.5cts cash per share, generates strong free cashflow and maintains 25-30% ROE. As such, the stock offers attractive dividend yield of 5-7% based on conservative payout of 35%. Recommend Buy with target price of S$0.50 based on 8x FY08 earnings
Thursday, November 29, 2007
Stamford Land in A$220m Sydney project
SINGAPORE-LISTED Stamford Land, the hotel and property arm of shipping tycoon Ow Chio Kiat, is planning to build some of Australia's most expensive homes on the site of two old demolished warehouses and a heritage building.
Mr Ow bought the 99-year leasehold site on Sydney's The Rocks area fronting Gloucester Street and Cumberland Street for A$22 million in June 2004 and is developing a 30-storey building with 122 apartments, five luxury terraces and commercial and retail space, at a total cost of some A$220 million (S$279 million).
Even before the official launch, 55 per cent of the project is said to have been sold, at an average price of just over A$1,000 per square foot (psf).
The 427 square metre penthouse at The Stamford Residences and The Reynell Terraces is expected to fetch A$14 million, which, according to The Daily Telegraph, will beat the A$12 million paid for another apartment at The Bennelong. This would be just short of the record A$16.5 million paid for three adjoining apartments formerly owned by one of Australia's richest men, John Symond, who founded lending giant Aussie Home Loans and who in 2004 had a fortune estimated at A$365 million.
The cheapest apartment, a 62 sq m one-bedroom unit, is expected to go for A$645,000, or about S$1,200 psf - high, but way below the $4,000 psf apartments at Singapore's Orchard Turn are fetching.
A brochure for the project says: 'This unique development will create history as the last grand residential tower permitted in The Rocks - Sydney's first neighbourhood.'
According to The Daily Telegraph, The Stamford Residences is the final tower to be approved under the Sydney Cove Redevelopment Authority Planning Scheme. The scheme allowed for a single tower to be built in each of the six blocks south of the Cahill Expressway as a way to provide funding to upgrade other heritage buildings in The Rocks area.
In the past 25 years, the scheme has resulted in the Four Seasons Hotel, Grosvenor Tower, Quay West Apartments, the Shangri-la Hotel and the Cove Apartments.
The Telegraph quoted National Trust of Australia conservation director Graham Quint as saying: 'We warm to the idea that this is the last large development of this scale and size. You wouldn't want this encroaching further into the heart of The Rocks . . . This sort of thing is the trade-off to protect the rest of The Rocks . . . The area is becoming glitzier and glitzier but people and tourists don't want to see something they can in their own country. You don't want to lose all that character.'
Stamford Land, with a market capitalisation of about $500 million, owns seven of Australia's best hotels and one in New Zealand. It has also gone into the development of high-end property in the two territories, having developed three luxury residential projects in Sydney - Stamford on Kent, 187 Kent, and Stamford Marque.
Besides The Rocks, it has two other residential projects - The Stamford Residences in Auckland and The Stamford Cosmopolitan in Double Bay - and an office tower in Perth under development.
Mr Ow, Stamford Land's executive chairman, told BT: 'Stamford will continue to make its residential developments synonymous with its five-star luxury hotel brand. We are committed to focus on the upmarket end of the housing market throughout the region.'
SINGAPORE-LISTED Stamford Land, the hotel and property arm of shipping tycoon Ow Chio Kiat, is planning to build some of Australia's most expensive homes on the site of two old demolished warehouses and a heritage building.
Mr Ow bought the 99-year leasehold site on Sydney's The Rocks area fronting Gloucester Street and Cumberland Street for A$22 million in June 2004 and is developing a 30-storey building with 122 apartments, five luxury terraces and commercial and retail space, at a total cost of some A$220 million (S$279 million).
Even before the official launch, 55 per cent of the project is said to have been sold, at an average price of just over A$1,000 per square foot (psf).
The 427 square metre penthouse at The Stamford Residences and The Reynell Terraces is expected to fetch A$14 million, which, according to The Daily Telegraph, will beat the A$12 million paid for another apartment at The Bennelong. This would be just short of the record A$16.5 million paid for three adjoining apartments formerly owned by one of Australia's richest men, John Symond, who founded lending giant Aussie Home Loans and who in 2004 had a fortune estimated at A$365 million.
The cheapest apartment, a 62 sq m one-bedroom unit, is expected to go for A$645,000, or about S$1,200 psf - high, but way below the $4,000 psf apartments at Singapore's Orchard Turn are fetching.
A brochure for the project says: 'This unique development will create history as the last grand residential tower permitted in The Rocks - Sydney's first neighbourhood.'
According to The Daily Telegraph, The Stamford Residences is the final tower to be approved under the Sydney Cove Redevelopment Authority Planning Scheme. The scheme allowed for a single tower to be built in each of the six blocks south of the Cahill Expressway as a way to provide funding to upgrade other heritage buildings in The Rocks area.
In the past 25 years, the scheme has resulted in the Four Seasons Hotel, Grosvenor Tower, Quay West Apartments, the Shangri-la Hotel and the Cove Apartments.
The Telegraph quoted National Trust of Australia conservation director Graham Quint as saying: 'We warm to the idea that this is the last large development of this scale and size. You wouldn't want this encroaching further into the heart of The Rocks . . . This sort of thing is the trade-off to protect the rest of The Rocks . . . The area is becoming glitzier and glitzier but people and tourists don't want to see something they can in their own country. You don't want to lose all that character.'
Stamford Land, with a market capitalisation of about $500 million, owns seven of Australia's best hotels and one in New Zealand. It has also gone into the development of high-end property in the two territories, having developed three luxury residential projects in Sydney - Stamford on Kent, 187 Kent, and Stamford Marque.
Besides The Rocks, it has two other residential projects - The Stamford Residences in Auckland and The Stamford Cosmopolitan in Double Bay - and an office tower in Perth under development.
Mr Ow, Stamford Land's executive chairman, told BT: 'Stamford will continue to make its residential developments synonymous with its five-star luxury hotel brand. We are committed to focus on the upmarket end of the housing market throughout the region.'
Shangahi Zinc UP
SINGAPORE, Nov 29 (Reuters) - Zinc prices rose their 4 percent daily limit in Shanghai on Thursday after sharp gains in equity markets and rising hopes of a U.S. interest rate cut that helped boost London metals in the previous session. Shanghai zinc hit its 4 percent upside limit when the market re-opened after the midday break, rising 745 yuan to 19,455 yuan, following a $96 rally in London zinc on Wednesday. "Like copper, these prices look like good value," senior commodities analyst Mark Pervan at ANZ Bank said, adding that Shanghai zinc stocks levelled off last week, breaking a seven-week rising trend.
KSH HOLDINGS LIMITED secures two contracts
http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_E78F66E3264056DC482573A1002ABDC7/$file/KSH_NewsRelease_281107.pdf?openelement
CONSTRUCTION company KSH Holdings has secured two contracts from the Ho Bee Group worth more than $118 million to build high-end residences at Sentosa Cove and Orange Grove.
The deals take the value of construction contracts secured by KSH this year to $512.8 million. The company's order book now stands at a record $498 million.
One of the new contracts, worth about $64.8 million, is for Ho Bee's Turquoise @ Sentosa Cove condominium and showflat. Work will start in February 2008 and be completed within 26 months.
The contract takes the total value of KSH's projects at Sentosa Cove to more than $292.8 million. Besides Turquoise @ Sentosa Cove, it is building Ho Bee's The Coast @ Sentosa Cove.
The other contract announced yesterday is for The Orange Grove in Stevens Road. The contract value is about $53.2 million.
The development will have 72 units with attics. Work is scheduled to start this month and be completed in 28 months.
KSH chairman and managing director Choo Chee Onn said that his company has had a strong working relationship with Ho Bee since November 2000.
'With our solid track record of high-profile construction projects, we are confident of benefiting from the construction boom and achieving even greater heights,' he said.
KSH was listed on the Singapore Exchange in February at 36 cents a share but its stock closed at 94 cents yesterday - a jump of about 160 per cent.
On Tuesday, the company proposed a one-into-two stock split to improve the liquidity of the shares and enhance their affordability.
金成兴获和美集团1.18亿元豪宅建筑合同
本地建筑商金成兴控股(KSH)获得和美集团(Ho Bee)的两项总值超过1亿1800万元的高档豪宅建筑承包合同。这两个项目分别位于升涛湾(Sentosa Cove)和柑林路(Orange Grove)。
金成兴控股是通过其本地独资子公司金成兴工程建筑(KSHEC)，获得这两份新合同。
第一个项目是建造Turquoise@升涛湾的共管公寓项目，合同价值约为6480万元，集团将负责设计、建造和维修公寓，包括兴建临时的示范公寓和销售办公室。工程预计会在明年2月展开，预计26个月内竣工。
第二个项目是史蒂芬路(Stevens Road)和柑林路上的12层楼高私人共管公寓，合同价值约为5320万元。包括阁楼(attic)在内，这个项目共有72个单位，还有一个地下停车场。项目预计这个月会动工，估计28个月内竣工。
金成兴控股总裁朱峙安表示，金成兴与和美集团在2000年11月就开展合作关系。这次能再一次从和美集团手中取得新的承包项目，使集团感到非常荣幸。
金成兴控股目前已在升涛湾负责承包的工程，就包括圣淘沙升涛湾的ONE°15滨海俱乐部、泊宁轩(The Berth by The Cove)和海韵湾(The Coast)。前两个项目已竣工。第一个工程由SUTL集团颁发，后面两个高档私宅发展项目的发展商也都是和美集团。
新建筑合同的颁发，也使金成兴在升涛湾的承包合同总值，增加到超过2亿9200万元，并使金成兴自今年头开始承包的工程合同总值，达超过5亿1200万元。
与此同时，新的建筑项目也使金成兴的建筑业务的订单额，增加到4亿9800万元，所有手头上未竣工的项目，也能让它一直忙到2010年3月31日的财政年结束。
除了建筑承包外，金成兴最近也进军本地房地产发展市场，日前，金成兴就一口气以1亿2000万元(即容积率每平方英尺580元)，买下仰光路(Rangoon Road)五座集体求售的相连接小型私人公寓。
朱峙安表示，目前正同其他投资者进行洽谈，希望组成联营企业来发展这个优质私宅地段。
http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_E78F66E3264056DC482573A1002ABDC7/$file/KSH_NewsRelease_281107.pdf?openelement
CONSTRUCTION company KSH Holdings has secured two contracts from the Ho Bee Group worth more than $118 million to build high-end residences at Sentosa Cove and Orange Grove.
The deals take the value of construction contracts secured by KSH this year to $512.8 million. The company's order book now stands at a record $498 million.
One of the new contracts, worth about $64.8 million, is for Ho Bee's Turquoise @ Sentosa Cove condominium and showflat. Work will start in February 2008 and be completed within 26 months.
The contract takes the total value of KSH's projects at Sentosa Cove to more than $292.8 million. Besides Turquoise @ Sentosa Cove, it is building Ho Bee's The Coast @ Sentosa Cove.
The other contract announced yesterday is for The Orange Grove in Stevens Road. The contract value is about $53.2 million.
The development will have 72 units with attics. Work is scheduled to start this month and be completed in 28 months.
KSH chairman and managing director Choo Chee Onn said that his company has had a strong working relationship with Ho Bee since November 2000.
'With our solid track record of high-profile construction projects, we are confident of benefiting from the construction boom and achieving even greater heights,' he said.
KSH was listed on the Singapore Exchange in February at 36 cents a share but its stock closed at 94 cents yesterday - a jump of about 160 per cent.
On Tuesday, the company proposed a one-into-two stock split to improve the liquidity of the shares and enhance their affordability.
金成兴获和美集团1.18亿元豪宅建筑合同
本地建筑商金成兴控股(KSH)获得和美集团(Ho Bee)的两项总值超过1亿1800万元的高档豪宅建筑承包合同。这两个项目分别位于升涛湾(Sentosa Cove)和柑林路(Orange Grove)。
金成兴控股是通过其本地独资子公司金成兴工程建筑(KSHEC)，获得这两份新合同。
第一个项目是建造Turquoise@升涛湾的共管公寓项目，合同价值约为6480万元，集团将负责设计、建造和维修公寓，包括兴建临时的示范公寓和销售办公室。工程预计会在明年2月展开，预计26个月内竣工。
第二个项目是史蒂芬路(Stevens Road)和柑林路上的12层楼高私人共管公寓，合同价值约为5320万元。包括阁楼(attic)在内，这个项目共有72个单位，还有一个地下停车场。项目预计这个月会动工，估计28个月内竣工。
金成兴控股总裁朱峙安表示，金成兴与和美集团在2000年11月就开展合作关系。这次能再一次从和美集团手中取得新的承包项目，使集团感到非常荣幸。
金成兴控股目前已在升涛湾负责承包的工程，就包括圣淘沙升涛湾的ONE°15滨海俱乐部、泊宁轩(The Berth by The Cove)和海韵湾(The Coast)。前两个项目已竣工。第一个工程由SUTL集团颁发，后面两个高档私宅发展项目的发展商也都是和美集团。
新建筑合同的颁发，也使金成兴在升涛湾的承包合同总值，增加到超过2亿9200万元，并使金成兴自今年头开始承包的工程合同总值，达超过5亿1200万元。
与此同时，新的建筑项目也使金成兴的建筑业务的订单额，增加到4亿9800万元，所有手头上未竣工的项目，也能让它一直忙到2010年3月31日的财政年结束。
除了建筑承包外，金成兴最近也进军本地房地产发展市场，日前，金成兴就一口气以1亿2000万元(即容积率每平方英尺580元)，买下仰光路(Rangoon Road)五座集体求售的相连接小型私人公寓。
朱峙安表示，目前正同其他投资者进行洽谈，希望组成联营企业来发展这个优质私宅地段。
Starhub Ltd
Singapore's sole cable television operator Starhub Ltd is selling 27.58 million shares at S$2.90 to S$2.94 each, which may raise as much as S$81 million for the firm, a source close to the deal said.
星和一股东拟脱售 所持2760万股股票
新加坡彭博电）星和(StarHub)的一个股东正寻求脱售所持有的2760万股股票来套现高达8100万元。
据彭博社收到的一封电邮中透露，这个未透露身份的股东（机构投资者），准备以每股2.9元至2.94元的价格，出售2760万持股。这个价格比星和昨天闭市价3.04元低了4.6%。
星和的股价从年初起已上涨了15％，而海峡指数的涨幅是13％。星和的股票也是新加坡三家电信公司中表现最好的。
星和发言人翁美君昨天表示，公司并不知道有这个配售。她说：“公司的股价一直在上涨，投资者在市场不稳定时选择赚取利润并不令人惊讶。”
据了解，花旗集团负责这项配售。
星和一股东拟脱售 所持2760万股股票
新加坡彭博电）星和(StarHub)的一个股东正寻求脱售所持有的2760万股股票来套现高达8100万元。
据彭博社收到的一封电邮中透露，这个未透露身份的股东（机构投资者），准备以每股2.9元至2.94元的价格，出售2760万持股。这个价格比星和昨天闭市价3.04元低了4.6%。
星和的股价从年初起已上涨了15％，而海峡指数的涨幅是13％。星和的股票也是新加坡三家电信公司中表现最好的。
星和发言人翁美君昨天表示，公司并不知道有这个配售。她说：“公司的股价一直在上涨，投资者在市场不稳定时选择赚取利润并不令人惊讶。”
据了解，花旗集团负责这项配售。
Ho begins process to list casino empire
By Tom Mitchell and Sundeep Tucker in Hong Kong
Published: November 28 2007 19:43 Last updated: November 28 2007 19:43
Stanley Ho, the Macao tycoon, is launching his gaming company’s long-delayed initial public offering as he seeks to fend off overseas challengers in the world’s largest gambling market.
Mr Ho’s gaming company, Sociedade de Jogos de Macau , will apply to the Hong Kong stock exchange for approval to raise at least $1bn, according to people familiar with the matter. The IPO, expected in January, is being arranged by Deutsche Bank, BNP Paribas and CLSA.
However, people involved in the deal warned that the formal IPO process was just beginning.
Mr Ho has dominated Macao’s gaming market, which last year eclipsed the Las Vegas strip to become the world’s largest, for more than 40 years. Gross betting revenues in the former Portuguese enclave reached $7.2bn in 2006.
But Mr Ho’s position in the territory has been under threat since 2002, when the government decided to break up his monopoly. That attracted a wave of investment from some of the world’s largest gaming operators, led by Sheldon Adelson’s Las Vegas Sands and Steve Wynn’s Wynn Resorts. Mr Adelson now operates the world’s two largest casinos – the Venetian Macao and the Sands Macao – in Macao.
Other entrants include Galaxy Entertainment, controlled by Hong Kong property tycoon Lui Che-woo. Australia’s Publishing and Broadcasting and MGM-Mirage of the US have also formed joint ventures with two of Mr Ho’s 17 children – Lawrence and Pansy. The first Macao casino owned by MGM-Mirage and Pansy is set to open on December 18.
Bringing SJM to market has been complicated by a complex shareholding structure at its parent company, Sociedade de Turismo e Diversões de Macau. Mr Ho has been locked for years in a bitter STDM share dispute with his estranged sister, Winnie.
It is not clear how many of the 18 casinos SJM operates will be included in the listing vehicle.
By Tom Mitchell and Sundeep Tucker in Hong Kong
Published: November 28 2007 19:43 Last updated: November 28 2007 19:43
Stanley Ho, the Macao tycoon, is launching his gaming company’s long-delayed initial public offering as he seeks to fend off overseas challengers in the world’s largest gambling market.
Mr Ho’s gaming company, Sociedade de Jogos de Macau , will apply to the Hong Kong stock exchange for approval to raise at least $1bn, according to people familiar with the matter. The IPO, expected in January, is being arranged by Deutsche Bank, BNP Paribas and CLSA.
However, people involved in the deal warned that the formal IPO process was just beginning.
Mr Ho has dominated Macao’s gaming market, which last year eclipsed the Las Vegas strip to become the world’s largest, for more than 40 years. Gross betting revenues in the former Portuguese enclave reached $7.2bn in 2006.
But Mr Ho’s position in the territory has been under threat since 2002, when the government decided to break up his monopoly. That attracted a wave of investment from some of the world’s largest gaming operators, led by Sheldon Adelson’s Las Vegas Sands and Steve Wynn’s Wynn Resorts. Mr Adelson now operates the world’s two largest casinos – the Venetian Macao and the Sands Macao – in Macao.
Other entrants include Galaxy Entertainment, controlled by Hong Kong property tycoon Lui Che-woo. Australia’s Publishing and Broadcasting and MGM-Mirage of the US have also formed joint ventures with two of Mr Ho’s 17 children – Lawrence and Pansy. The first Macao casino owned by MGM-Mirage and Pansy is set to open on December 18.
Bringing SJM to market has been complicated by a complex shareholding structure at its parent company, Sociedade de Turismo e Diversões de Macau. Mr Ho has been locked for years in a bitter STDM share dispute with his estranged sister, Winnie.
It is not clear how many of the 18 casinos SJM operates will be included in the listing vehicle.
Singapore keeps up the tempo to attract new business at EIBTM
Wednesday, November 28, 2007
Capitalising on Singapore’s recent ranking among the world’s top three cities for meetings and as Asia’s top Country and City for meetings by the Union of International Associations, the Singapore Exhibition and Convention Bureau (SECB), a group of the Singapore Tourism Board is attending EIBTM, the global meetings and incentives exhibition in Barcelona, Spain, together with a delegation of 19 Singapore tourism organisations.
The Singapore delegation will share with the European MICE industry the latest developments in Singapore’s business events industry and showcase upcoming landmark projects as it continues to attract and spearhead major tourism investments that will significantly transform the cityscape and enhance Singapore's appeal as a premier and vibrant business destination.
Last year Singapore’s Business Travel and Meetings, Incentives, Exhibition and Convention (BTMICE) industry performed strongly, accounting for 3 million visitor arrivals in Singapore, 28% of the total and 35% or €2 billion of total tourism receipts. The performance reflects the SECB’s business strategy focus on securing business events centered on Singapore’s key economic drivers and leveraging its strategic location in Asia-Pacific and pro-business environment.
Some of the new events that Singapore has secured include Games Convention Asia 2007, Imaging Expo Singapore and P.I.X - Photo Imaging X-change 2007, FDI World Dental Federation Congress, International Conference on Thalassaemia and Haemoglobinopathies and the inaugural ITB Asia. These events, being staged or home-based in Singapore, were drawn to Singapore’s effective reach into Asia- Pacific for new markets and networks development as well as the support rendered by SECB and the industry through the “BE in Singapore” incentive scheme designed to help MICE organisers stage a successful event in Singapore.
Mr Aloysius Arlando, Assistant Chief Executive (BTMICE Group), STB said: “Singapore has witnessed sterling results in recent times as we ramp up our efforts to capture a bigger slice of the BTMICE market. However, in today’s competitive environment, it is no longer enough to have an established track record, quality infrastructure, strong transportation, trade and communication connectivity. A dynamic and integrated MICE city also needs the “X-factor” - vibrancy, colour and excitement to draw business events and discerning business travellers from all over the world.”
Construction and development is feverishly underway to realise this ambition and a raft of new projects are planned to come on stream over the next three years which will further enhance the BTMICE experience.
Opening in March 2008, the much anticipated Singapore Flyer, the world’s highest observation wheel, will be Singapore’s most visible attraction, offering visitors a breathtaking view out over the South China Sea. The panoramic views of the glimmering harbour and city skyscrapers will create a visually exciting venue for groups holding private functions and meetings.
In September 2008, subject to final safety approvals, Singapore will host the world’s first ever Formula One night race which will also be the first Formula One street race in Asia, making it perhaps the most spectacular event in the history of the sport.
Opening in 2009, is Marina Bay Sands, a high intensity mixed-use integrated resort located along the vibrant Marina Bay waterfront. It will add more than 100,000 sq m of MICE space and 2,500 hotel rooms to Singapore’s tourism infrastructure along with enhancing Singapore’s entertainment, retail and dining scene.
Mr Arlando said: “Singapore must continue to attract and spearhead major tourism investments and lifestyle attractions that will augment Singapore’s position as a vibrant destination for BTMICE travelers. Iconic projects like these will not only increase Singapore’s MICE space, but enhance the appeal of Singapore as a destination that offers a unique and all-encompassing experience for all business delegates.”
Resorts World at Sentosa, opening in 2010, will further position Singapore as a fun and exciting incentive travel destination. It will offer four major attractions including the very first Universal Studios theme park in Southeast Asia, along with other lifestyle experiences including a plethora of dining outlets, shopping options, outdoor entertainment and six hotels offering some 1,800 rooms.
Other inventive developments in the pipeline that will provide facilities for MICE events include the Gardens by the Bay, a SGD1 billion (€500 million), 94 hectare green oasis in the heart of Singapore’s Central Business District, reinforcing Singapore’s tropical garden city reputation.
Mr Arlando concluded: “Amidst intensifying competition, Singapore is keenly aware of the need to continually re-invent itself to remain a relevant, compelling and appealing MICE destination. We are moving beyond being merely an efficient and effective venue. In addition to offering a full complement of products and attractions, we are able to provide a personalised service that caters for the individual needs of the business traveler and MICE organiser. Through investment and partnerships, we are striving to be a catalyst for business success and an exchange capital of the world where people, technology and ideas converge to create value for both business events and visitors. I’m confident that the buoyant outlook of the Singapore’s MICE industry will continue, especially with the vibrant calendar of business events in the pipeline, and many exciting tourism developments in the coming years.”
Wednesday, November 28, 2007
Capitalising on Singapore’s recent ranking among the world’s top three cities for meetings and as Asia’s top Country and City for meetings by the Union of International Associations, the Singapore Exhibition and Convention Bureau (SECB), a group of the Singapore Tourism Board is attending EIBTM, the global meetings and incentives exhibition in Barcelona, Spain, together with a delegation of 19 Singapore tourism organisations.
The Singapore delegation will share with the European MICE industry the latest developments in Singapore’s business events industry and showcase upcoming landmark projects as it continues to attract and spearhead major tourism investments that will significantly transform the cityscape and enhance Singapore's appeal as a premier and vibrant business destination.
Last year Singapore’s Business Travel and Meetings, Incentives, Exhibition and Convention (BTMICE) industry performed strongly, accounting for 3 million visitor arrivals in Singapore, 28% of the total and 35% or €2 billion of total tourism receipts. The performance reflects the SECB’s business strategy focus on securing business events centered on Singapore’s key economic drivers and leveraging its strategic location in Asia-Pacific and pro-business environment.
Some of the new events that Singapore has secured include Games Convention Asia 2007, Imaging Expo Singapore and P.I.X - Photo Imaging X-change 2007, FDI World Dental Federation Congress, International Conference on Thalassaemia and Haemoglobinopathies and the inaugural ITB Asia. These events, being staged or home-based in Singapore, were drawn to Singapore’s effective reach into Asia- Pacific for new markets and networks development as well as the support rendered by SECB and the industry through the “BE in Singapore” incentive scheme designed to help MICE organisers stage a successful event in Singapore.
Mr Aloysius Arlando, Assistant Chief Executive (BTMICE Group), STB said: “Singapore has witnessed sterling results in recent times as we ramp up our efforts to capture a bigger slice of the BTMICE market. However, in today’s competitive environment, it is no longer enough to have an established track record, quality infrastructure, strong transportation, trade and communication connectivity. A dynamic and integrated MICE city also needs the “X-factor” - vibrancy, colour and excitement to draw business events and discerning business travellers from all over the world.”
Construction and development is feverishly underway to realise this ambition and a raft of new projects are planned to come on stream over the next three years which will further enhance the BTMICE experience.
Opening in March 2008, the much anticipated Singapore Flyer, the world’s highest observation wheel, will be Singapore’s most visible attraction, offering visitors a breathtaking view out over the South China Sea. The panoramic views of the glimmering harbour and city skyscrapers will create a visually exciting venue for groups holding private functions and meetings.
In September 2008, subject to final safety approvals, Singapore will host the world’s first ever Formula One night race which will also be the first Formula One street race in Asia, making it perhaps the most spectacular event in the history of the sport.
Opening in 2009, is Marina Bay Sands, a high intensity mixed-use integrated resort located along the vibrant Marina Bay waterfront. It will add more than 100,000 sq m of MICE space and 2,500 hotel rooms to Singapore’s tourism infrastructure along with enhancing Singapore’s entertainment, retail and dining scene.
Mr Arlando said: “Singapore must continue to attract and spearhead major tourism investments and lifestyle attractions that will augment Singapore’s position as a vibrant destination for BTMICE travelers. Iconic projects like these will not only increase Singapore’s MICE space, but enhance the appeal of Singapore as a destination that offers a unique and all-encompassing experience for all business delegates.”
Resorts World at Sentosa, opening in 2010, will further position Singapore as a fun and exciting incentive travel destination. It will offer four major attractions including the very first Universal Studios theme park in Southeast Asia, along with other lifestyle experiences including a plethora of dining outlets, shopping options, outdoor entertainment and six hotels offering some 1,800 rooms.
Other inventive developments in the pipeline that will provide facilities for MICE events include the Gardens by the Bay, a SGD1 billion (€500 million), 94 hectare green oasis in the heart of Singapore’s Central Business District, reinforcing Singapore’s tropical garden city reputation.
Mr Arlando concluded: “Amidst intensifying competition, Singapore is keenly aware of the need to continually re-invent itself to remain a relevant, compelling and appealing MICE destination. We are moving beyond being merely an efficient and effective venue. In addition to offering a full complement of products and attractions, we are able to provide a personalised service that caters for the individual needs of the business traveler and MICE organiser. Through investment and partnerships, we are striving to be a catalyst for business success and an exchange capital of the world where people, technology and ideas converge to create value for both business events and visitors. I’m confident that the buoyant outlook of the Singapore’s MICE industry will continue, especially with the vibrant calendar of business events in the pipeline, and many exciting tourism developments in the coming years.”
DBSVickers Report - 29 Nov 2007
Midas Holdings Nanjing Puzhen Plant Visit: Gathering Speed
Story: We paid a visit last week to Nanjing SR Puzhen’s new production plant.
Point: The new production plant, with an initial capacity of 250 metro cars per annum, is on track for completion by December and commercial production should begin in 1Q08. With this enhanced production capacity, we believe that Nanjing SR Puzhen can go to bid for more contracts to add on to its current order book of RMB3.5bn to help underpin Midas’ earnings growth (at the associate level) over the next three to five years.
Relevance: We continue to favour Midas as a firm beneficiary of China’s booming railway sector and its robust demand for metro & high-speed trains and parts. Maintain BUY and our target price of S$1.84, which is based on 24x FY08 PER.
Story: We paid a visit last week to Nanjing SR Puzhen’s new production plant.
Point: The new production plant, with an initial capacity of 250 metro cars per annum, is on track for completion by December and commercial production should begin in 1Q08. With this enhanced production capacity, we believe that Nanjing SR Puzhen can go to bid for more contracts to add on to its current order book of RMB3.5bn to help underpin Midas’ earnings growth (at the associate level) over the next three to five years.
Relevance: We continue to favour Midas as a firm beneficiary of China’s booming railway sector and its robust demand for metro & high-speed trains and parts. Maintain BUY and our target price of S$1.84, which is based on 24x FY08 PER.
CIMB Report - 29 Nov 2007
What’s on the table
Singapore Healthcare Sector - Near-term constraints While we expect a still-healthy Singapore economy to drive robust patient numbers in 2008, we remain cautious about the strengthening S$, which could prompt foreigners to seek treatment elsewhere, while a global shortage of nursing staff could increase operating costs. In addition, medium-term growth could be limited by capacity constraints and land shortages faced by private hospital operators that are operating near full capacity. As such, we downgrade the sector to Neutral from Overweight.
Sector catalysts could come from:
1) the implementation of means testing; and
2) a continuous immigration boom. Our top pick remains Parkway for its growing regional franchise, good earnings prospects and relatively attractive dividend yields.
Quick Takes
Singapore Healthcare Sector - Near-term constraints While we expect a still-healthy Singapore economy to drive robust patient numbers in 2008, we remain cautious about the strengthening S$, which could prompt foreigners to seek treatment elsewhere, while a global shortage of nursing staff could increase operating costs. In addition, medium-term growth could be limited by capacity constraints and land shortages faced by private hospital operators that are operating near full capacity. As such, we downgrade the sector to Neutral from Overweight.
Sector catalysts could come from:
1) the implementation of means testing; and
2) a continuous immigration boom. Our top pick remains Parkway for its growing regional franchise, good earnings prospects and relatively attractive dividend yields.
Quick Takes
- Parkway Holdings (S$3.80) - Multiple growth drivers
- Thomson Medical Centre (S$0.67) - There’s demand, but where’s the space?
- Raffles Medical Group (S$1.53) - Rich valuations News of the Day
- KSH Holdings secures two new contracts worth S$118m
- Keppel Land to build 140 Viet waterfront villas
- Stamford Land in A$220m Sydney project
- Ezra associate EOC wins US$148m deal · Penguin takes delivery of 2nd tow-supply ship
- CosmoSteel full-year profit up 25% to $7.6m
OCBC Report - 29 Nov 2007
Infrastructure and Industrial sector: Rising high with parallel plays
Summary: Infrastructural developments continue unabated especially in the Asian region. The Asian Development Bank expects Asia ex-Japan to grow by 8.3% in 2007 (+7.4% YoY) and 8.2% in 2008. These growth drivers are expected to come from rising domestic demand and consumerism which will push the region's affluence. In China, the government is committing about US$1 trillion to develop its transport infrastructure. In this report, we highlight companies that are able to leverage on this economic growth to give investors a good return in the medium to long term. ST Engineering's aerospace division is anticipated to ride the boom in air travel, Midsouth is poised to ride China's growth in the trucking industry and Midas is in the sweet spot for the estimated RMB1,500b government investment plan for the railway industry as a licensed manufacturer of rolling stock. We are positive on these companies that provide a parallel play to the infrastructural boom. Under our coverage, we have BUY ratings on ST Engineering, Midsouth and Midas. (Kelly Chia)
For more information on the above, visit www.ocbcresearch.com for detailed report.
Ezra Holdings Ltd: Clinches US$148 m contract
Summary: Ezra Holdings Ltd (Ezra), through its 48.9%-owned EOC Limited, has jointly clinched a regional contract worth US$148m to provide transportation and installation services for the Malaysian-Thailand Joint Development Area (MTJDA). This contract, which will commence in 3Q08 and end a year later, involves the use of various support vessels from Ezra, including EOC's heavy-lift, accommodation, pipe-lay vessel, the Lewek Champion. We understand that this is Ezra's maiden endeavour to jointly cooperate with a regional partner and to integrate Ezra's various business synergies, providing a "one-stop-shop solution" offshore support and marine service. We expect this contract to contribute positively to FY09F EPS by approximately 5 cents. Taking into consideration the bonus issue, we maintain our fair value estimate of S$4.03, based on 18x FY08F earnings. We reiterate our BUY rating on Ezra. (Serene Lim)
NEWS HEADLINES
Summary: Infrastructural developments continue unabated especially in the Asian region. The Asian Development Bank expects Asia ex-Japan to grow by 8.3% in 2007 (+7.4% YoY) and 8.2% in 2008. These growth drivers are expected to come from rising domestic demand and consumerism which will push the region's affluence. In China, the government is committing about US$1 trillion to develop its transport infrastructure. In this report, we highlight companies that are able to leverage on this economic growth to give investors a good return in the medium to long term. ST Engineering's aerospace division is anticipated to ride the boom in air travel, Midsouth is poised to ride China's growth in the trucking industry and Midas is in the sweet spot for the estimated RMB1,500b government investment plan for the railway industry as a licensed manufacturer of rolling stock. We are positive on these companies that provide a parallel play to the infrastructural boom. Under our coverage, we have BUY ratings on ST Engineering, Midsouth and Midas. (Kelly Chia)
For more information on the above, visit www.ocbcresearch.com for detailed report.
Ezra Holdings Ltd: Clinches US$148 m contract
Summary: Ezra Holdings Ltd (Ezra), through its 48.9%-owned EOC Limited, has jointly clinched a regional contract worth US$148m to provide transportation and installation services for the Malaysian-Thailand Joint Development Area (MTJDA). This contract, which will commence in 3Q08 and end a year later, involves the use of various support vessels from Ezra, including EOC's heavy-lift, accommodation, pipe-lay vessel, the Lewek Champion. We understand that this is Ezra's maiden endeavour to jointly cooperate with a regional partner and to integrate Ezra's various business synergies, providing a "one-stop-shop solution" offshore support and marine service. We expect this contract to contribute positively to FY09F EPS by approximately 5 cents. Taking into consideration the bonus issue, we maintain our fair value estimate of S$4.03, based on 18x FY08F earnings. We reiterate our BUY rating on Ezra. (Serene Lim)
NEWS HEADLINES
- Wilmar International plans to raise up to US$600m in a 5-year convertible bond, with proceeds for the repayment of existing borrowings and for expansion.
- Keppel Land has entered into a 60-40 JV in Vietnam to develop a 9.7ha waterfront villa project in Ho Chi Minh City. The project, yielding about 140 premier luxury villa homes, has a total investment capital of US$55.2m.
- STX Pan Ocean is buying 3 bulk carriers for US$257m to meet demand for moving iron ore, coal and other commodities.
- Citing turbulent market conditions, Allco REIT has decided to cancel its non-renounceable preferential offering. The existing unit will not trade "ex-entitlements" as scheduled today.
- SembMarine has entered into a 60-40 JV with a Saudi Arabian partner to build, own and operate a 21ha floating dock for shipbuilding and ship repair in Saudi Arabia.
- Mermaid Maritime has secured 2 contracts worth about US$32m to US$38m to provide remotely operated vehicle and diving services to BP Indonesia.
- Oculus said it had entered into an agreement with Aretae and the vendors to extend the time for definitive agreements on the RTO deal by two months from Nov 30. The terms of the definitive agreements are still being finalized.
Singapore Hot Stocks - 29 Nov 2007
SINGAPORE, Nov 29 (Reuters) - Wilmar International may be in focus on Thursday after Macquarie Research raised its recommendation on the stock and the palm oil firm confirmed it would raise $600 million through convertible bonds.
The Dow Jones Industrial Average notched its biggest percentage gain in four and a half years on Wednesday, after comments by the vice chairman of the Federal Reserve raised expectations for an interest rate cut in December.
Stocks and factors to watch.
- Macquarie Research has raised its rating on shares of Wilmar International to "outperform" from "neutral", citing the stock's current price weakness and strong growth prospects as attractive. [ID:nSGC001477]
- Wilmar International, the world's biggest listed palm oil firm by market value, said it will raise $600 million in convertible bonds due in 2012, confirming an earlier Reuters report. [ID:nSNBT10011]
- Deutsche Bank has upped its rating on shares of United Overseas Bank to "buy" from "hold", citing attractive valuations for the stock and Singapore's second-largest lender's strong capital management. [ID:nSGC001476]
- Morgan Stanley has raised its rating on shares of Southeast Asia's largest developer CapitaLand but cut its price target for the region's second-biggest property firm City Developments (CityDev) to S$13.76 from S$16.09. [ID:nSGC001475]
- Singapore's sole cable television operator Starhub Ltd is selling 27.58 million shares at S$2.90 to S$2.94 each, which may raise as much as S$81 million for the firm, a source close to the deal said. [ID:nSGC001472]
- Ezra Holdings
- Allco Commercial Real Estate Investment Trust, a property trust based on Singapore and Australian assets, has cancelled a planned preferential offering that would have raised up to S$150 million ($104 million), citing poor market conditions. [ID:nSP129280]
- South Korean shipping firm STX Pan Ocean said it plans to buy three bulk carriers for 239 billion won ($256.8 million) from a Chinese company. [ID:nSEO345741]
- SembCorp Marine, the world's second-largest offshore oil rig maker, has lodged a complaint to Singapore's white-collar police over alleged unauthorised trades by a former executive. [ID:nSP268451]
- Temasek Holdings [TEM.UL] sold $255 million worth of shares in China Construction Bank in the second big share sell-down in a Chinese bank this week by Singapore's state investment agency. [ID:nHKG347302]
- Singapore's Straits Times Index inched 0.09 percent lower to 3,369.72 points on Wednesday.
- The Dow Jones Industrial Average surged 2.55 percent to end at 13,289.45. The Nasdaq Composite Index jumped 3.18 percent to 2,662.91.
The Dow Jones Industrial Average notched its biggest percentage gain in four and a half years on Wednesday, after comments by the vice chairman of the Federal Reserve raised expectations for an interest rate cut in December.
Stocks and factors to watch.
- Macquarie Research has raised its rating on shares of Wilmar International to "outperform" from "neutral", citing the stock's current price weakness and strong growth prospects as attractive. [ID:nSGC001477]
- Wilmar International, the world's biggest listed palm oil firm by market value, said it will raise $600 million in convertible bonds due in 2012, confirming an earlier Reuters report. [ID:nSNBT10011]
- Deutsche Bank has upped its rating on shares of United Overseas Bank to "buy" from "hold", citing attractive valuations for the stock and Singapore's second-largest lender's strong capital management. [ID:nSGC001476]
- Morgan Stanley has raised its rating on shares of Southeast Asia's largest developer CapitaLand but cut its price target for the region's second-biggest property firm City Developments (CityDev) to S$13.76 from S$16.09. [ID:nSGC001475]
- Singapore's sole cable television operator Starhub Ltd is selling 27.58 million shares at S$2.90 to S$2.94 each, which may raise as much as S$81 million for the firm, a source close to the deal said. [ID:nSGC001472]
- Ezra Holdings
- Allco Commercial Real Estate Investment Trust, a property trust based on Singapore and Australian assets, has cancelled a planned preferential offering that would have raised up to S$150 million ($104 million), citing poor market conditions. [ID:nSP129280]
- South Korean shipping firm STX Pan Ocean said it plans to buy three bulk carriers for 239 billion won ($256.8 million) from a Chinese company. [ID:nSEO345741]
- SembCorp Marine, the world's second-largest offshore oil rig maker, has lodged a complaint to Singapore's white-collar police over alleged unauthorised trades by a former executive. [ID:nSP268451]
- Temasek Holdings [TEM.UL] sold $255 million worth of shares in China Construction Bank in the second big share sell-down in a Chinese bank this week by Singapore's state investment agency. [ID:nHKG347302]
- Singapore's Straits Times Index inched 0.09 percent lower to 3,369.72 points on Wednesday.
- The Dow Jones Industrial Average surged 2.55 percent to end at 13,289.45. The Nasdaq Composite Index jumped 3.18 percent to 2,662.91.
Government eases regulations on hiring foreign workers
By Asha Popatlal, Channel NewsAsia Posted: 28 November 2007 2306 hrs
SINGAPORE: The government is easing regulations across the board on the hiring of foreign workers, in view of a tight labour market.
The overall unemployment rate fell to 1.7 percent in September this year – the lowest in almost a decade. The Manpower Ministry (MOM) said far more jobs are being created than locals can fill.
Amidst this tight labour market, companies said they have been finding it increasingly difficult to employ workers, especially locals.
That is why MOM is introducing a slew of measures to ease regulations on the hiring of foreign workers across all levels.
With growing industry demand for mid-skilled, mid-level foreign workers, the quota of S-pass holders will be increased from 15 percent to 25 percent from January next year.
To ease the manpower pressure in the booming Construction, Process and Marine sectors, MOM will raise the dependency ratio for the Construction and Process sectors from 1 local worker : 5 foreign workers, to 1 local worker : 7 foreign workers from 1 January 2008.
It will also reduce the work experience requirement for workers in Construction from four to two years from next March, and raise the dependency ratio for the Marine sector from 1 local worker : 3 foreign workers, to 1 local worker : 5 foreign workers from 1 January.
As the Manufacturing and Services sectors also expect to enjoy high growth, they will be allowed a higher proportion of foreign workers in their workforce as well.
For Manufacturing, the ratio will be increased to 6.5 foreign workers for every Singaporean hired, and for Services, that figure is 5 foreign workers to one local.
Refinements will also be made to the Personalised Employment Pass.
Launched earlier this year, this scheme helps professionals to continue working in Singapore as it is tied to an individual's merits rather than a specific employer.
Announcing the changes at an event on Wednesday evening, Manpower Minister Ng Eng Hen explained why they were necessary.
He said: "There isn't an inexhaustible supply of local workers and it has slowed down this year to about 2 percent. In the World Competitiveness Yearbook for 2007 released earlier this year, Singapore emerged as having the most competitive labour market.
"One of the underlying factors is that companies here have access to the manpower that they need. Indeed, this must be a key concern for any company operating here, especially in the current tight labour market."
Industry players welcome the moves to ease the labour market.
Dr Robert Yap, YCH Group, said: "I'm sure this is something that's good for the industry. Our labour situation is getting very tight. With this tightness, you see job-hopping and all that, so it's affecting people like us who are entrepreneurs trying to build an organisation."
人力部放宽外劳配额
人力部决定松绑外劳政策，提高几个缺少员工情况较严重行业的外劳配额，以缓解这些行业雇主所面对的人手压力。
从政府这次推出的减压措施中受惠的行业，除了人手短缺问题最严重的建筑业和服务业，也包括制造业、加工业和海事业。
人力部将调整这些业者的本地对外籍劳工比例（dependency ratio），让他们聘用更多外籍劳工。另外，为鼓励业者聘用多一些至少有中级技能的熟练劳工，当局也把所有行业的S准证配额从目前的15%调高到25%。这些调整明年1月1日生效。
S准证是人力部发给拥有大专学历和相关工作经验外籍员工的准证，申请这项准证的员工月入必须至少1800元。
人力部长黄永宏医生昨晚为2007年度安永企业家奖(Ernst & Young Entrepreneur of The Year)主持颁奖仪式时，透露这个松绑外劳政策的消息。
他指出，当局是鉴于目前本地劳动市场快速紧缩，而决定推出这些减压措施。
黄永宏说：“这些措施将确保企业能聘用到足够人手，来应付他们业务的增长，这将为新加坡人创造更多就业机会。”
经济持续蓬勃增长为本地就业市场创造更多工作机会，单是今年首三季新添的工作就多达17万1500份，全年的新增工作有望突破20万大关，创下人力部自1978年来开始总结就业数字的最高纪录。就业率也下跌到1.7％，是过去10年来的最低点，回复到亚洲金融危机前的水平。
由于劳动市场紧缩，不少企业近年来多次向当局提出放宽聘用外籍劳工的要求，不过当局一直以情况还不至于防碍业者业务增长为理由，回拒一些行业业者的要求。如今当局立场软化，显示人手短缺情况已经相当严重。
事实上，人力部刚在今年4月才调高建筑业和加工业可聘用的外劳比例，不过这显然不足以应付需求。建设局本月初就宣布展延总值最少20亿元的公共建设工程，以减轻建筑业因资源不足所面对的压力。
London Metals - 27 Nov 2007
| LONDON METALS | Nov 27 | |
| Aluminium, 99.7% | ||
| purity (US$/tonne) | Close | Previous |
| Cash | 2455.20 | 2458.00 |
| 3 months | 2508.00 | 2510.00 |
| Copper, Grade A (US$/tonne) | ||
| Cash | 6565.50 | 6721.00 |
| 3 months | 6605.00 | 6750.00 |
| Lead (US$/tonne) | ||
| Cash | 3002.00 | 3007.00 |
| 3 months | 3006.00 | 3000.00 |
| Nickel (US$/tonne) | ||
| Cash | 28405.00 | 28585.00 |
| 3 months | 28705.00 | 28850.00 |
| Tin (US$/tonne) | ||
| Cash | 16715.00 | 16560.00 |
| 3 months | 16825.00 | 16650.00 |
| Zinc, Special High Grade (US$/tonne) | ||
| Cash | 2375.00 | 2391.00 |
| 3 months | 2385.00 | 2389.00 |
| Source: Bloomberg |
Wednesday, November 28, 2007
亚太股市周三收盘多数下挫
2007年11月28日18:37
亚太股市周三收盘多数下挫，石油类股和蓝筹股拖累东京股市走低；而投资者对政府将采取更多紧缩措施的担忧也导致中国股市收低。
东京股市收盘走低，日经225指数结束了连续三个交易日的涨势，主要因原油价格下跌拖累Inpex Holdings等石油类股走低，同时投资者对近来上涨的个股进行获利了结。日经225指数收盘跌69.07点，至15153.78点，跌幅0.5%，回吐了前三个交易日的部分涨幅。
香港股市收盘走高，有关美国联邦储备委员会(Federal Reserve, 简称Fed)将减息的预期刺激地产开发商类股上扬，美股前夜上涨亦推动了大盘，但中国重汽(Sinotruk)首日上市即下挫。分析师表示，鉴于近期的负面消息目前已被本地市场所消化，大盘近几周来的盘整态势或将很快结束。恒生指数收盘上涨161.03点，至27,371.24点，涨幅0.59%。
中国股市收盘走低，主要是因为投资者对中国政府可能采取更多宏观调控措施表示担忧，同时未来几桩首次公开募股(IPO)交易前市场流动性吃紧的担忧情绪也在进一步加重。
基准上证综合指数收盘跌1.2%，至4803.39点。分析师们称，鉴于上证综合指数自10月16日创出历史高点6124.04点之后已经回落了20%以上，股指下行空间应当有限；预计本周上证综合指数的支撑位将指向4700点。深证综合指数跌1.6%，至1219.98点。
新加坡股市收盘基本持平，美国股市前夜强劲反弹亦未能推高大盘，不过分析师称，股指已经触底，年底前行情可能有所改善。海峡时报指数收盘跌2.92点，至3369.72点，跌幅0.087%。
澳大利亚股市回落，因市场担心信贷趋紧将继续令美国股市承压并可能导致美国经济在2008年出现衰退。尽管美国股市前夜上扬，但基准S&P/ASX 200指数收盘跌62.6点，至6370.1点，跌幅1.0%，该指数盘中一度跌至6346.4点。
2007年11月28日18:37
亚太股市周三收盘多数下挫，石油类股和蓝筹股拖累东京股市走低；而投资者对政府将采取更多紧缩措施的担忧也导致中国股市收低。
东京股市收盘走低，日经225指数结束了连续三个交易日的涨势，主要因原油价格下跌拖累Inpex Holdings等石油类股走低，同时投资者对近来上涨的个股进行获利了结。日经225指数收盘跌69.07点，至15153.78点，跌幅0.5%，回吐了前三个交易日的部分涨幅。
香港股市收盘走高，有关美国联邦储备委员会(Federal Reserve, 简称Fed)将减息的预期刺激地产开发商类股上扬，美股前夜上涨亦推动了大盘，但中国重汽(Sinotruk)首日上市即下挫。分析师表示，鉴于近期的负面消息目前已被本地市场所消化，大盘近几周来的盘整态势或将很快结束。恒生指数收盘上涨161.03点，至27,371.24点，涨幅0.59%。
中国股市收盘走低，主要是因为投资者对中国政府可能采取更多宏观调控措施表示担忧，同时未来几桩首次公开募股(IPO)交易前市场流动性吃紧的担忧情绪也在进一步加重。
基准上证综合指数收盘跌1.2%，至4803.39点。分析师们称，鉴于上证综合指数自10月16日创出历史高点6124.04点之后已经回落了20%以上，股指下行空间应当有限；预计本周上证综合指数的支撑位将指向4700点。深证综合指数跌1.6%，至1219.98点。
新加坡股市收盘基本持平，美国股市前夜强劲反弹亦未能推高大盘，不过分析师称，股指已经触底，年底前行情可能有所改善。海峡时报指数收盘跌2.92点，至3369.72点，跌幅0.087%。
澳大利亚股市回落，因市场担心信贷趋紧将继续令美国股市承压并可能导致美国经济在2008年出现衰退。尽管美国股市前夜上扬，但基准S&P/ASX 200指数收盘跌62.6点，至6370.1点，跌幅1.0%，该指数盘中一度跌至6346.4点。
United Engineers makes top bid for AMK DBSS site
UNITED Engineers (UE) has emerged as the top bidder for HDB's latest Design, Build and Sell Scheme (DBSS) site in Ang Mo Kio, the government agency said yesterday.
UNITED Engineers (UE) has emerged as the top bidder for HDB's latest Design, Build and Sell Scheme (DBSS) site in Ang Mo Kio, the government agency said yesterday.
UE's bid - which was the highest of five - came in at $134.2 million, or some $212 per square foot per plot ratio (psf ppr).
The amount was higher than analysts' estimates, who said that the public housing site could fetch between $170 and $200 psf ppr when it was launched.
UE's bid was 12.8 per cent higher than the second-highest bid of $118.9 million, or $188 psf ppr, which was put in by Chip Eng Seng.
UE's bid was also 20.9 per cent higher than the lowest bid of $111 million, or $175 psf ppr, put in by Boon Keng Development.
The two other bidders were the Sim Lian Group and a partnership between Straits Construction subsidiary Hoi Hup Realty and Sunway Concrete Products, which is part of the consortium that won the DBSS site in Boon Keng Road earlier this year.
The Ang Mo Kio land parcel has a site area of 180,716 sq ft, with an allowable gross floor area of 632,506 sq ft. It is close to the Ang Mo Kio town centre with its MRT station, bus interchange and the AMK Hub.
The development will target HDB upgraders or en bloc sale downgraders, said analysts, who predict that the take-up for any project coming up on the site should be good because the stock of vacant HDB flats has fallen of late.
UE will be required to build a minimum of 30 per cent of the flats with a floor area of 95 sq m (1,023 sq ft) or less - equivalent to flats of four rooms or smaller.
CBRE Research estimated that the site can yield more than 500 units.
UE's shares closed 10 cents down at $3.70 yesterday. The company's stock has climbed 49.8 per cent since the start of the year.
湛江致力发展境外旅游 做大做强邮轮产业
陈耀光等出席天秤星号首航湛江庆祝酒会
2007-11-27 21:57:45 碧海银沙
碧海银沙网讯（图文/特约摄影师 邓丽娜 编辑/文 静）蓝天碧海，湛江港区码头今日接待了丽星邮轮集团旗下的豪华邮轮“天秤星号”。今天下午，市长陈耀光出席首航湛江庆祝酒会，并参观了刚抵湛不久的“天秤星号”，他说，丽星邮轮相继访问湛江，为湛江和香港两地搭起了交流与友谊的桥梁，湛江将大力发展旅游业，打造“滨海度假胜地，海鲜美食天堂”。
为了庆祝“天秤星号”的湛江首航，“天秤星号”今天下午举办了一场庆祝酒会，并进行了精彩的文艺演出。100多名嘉宾和市民代表兴致勃勃地参观了“天秤星号”邮轮。
陈耀光等出席天秤星号首航湛江庆祝酒会
2007-11-27 21:57:45 碧海银沙
碧海银沙网讯（图文/特约摄影师 邓丽娜 编辑/文 静）蓝天碧海，湛江港区码头今日接待了丽星邮轮集团旗下的豪华邮轮“天秤星号”。今天下午，市长陈耀光出席首航湛江庆祝酒会，并参观了刚抵湛不久的“天秤星号”，他说，丽星邮轮相继访问湛江，为湛江和香港两地搭起了交流与友谊的桥梁，湛江将大力发展旅游业，打造“滨海度假胜地，海鲜美食天堂”。
市长陈耀光出席首航湛江庆祝酒会
副市长麦教猛等陪同参观。
丽星邮轮集团是全球第三大联盟邮轮公司，旗下的豪华邮轮“天秤星号” 于11月26日从香港出发，共接载超过2300多名游客及船员今日在湛江相聚。
市领导在邮轮参观
“丽星邮轮也成了湛江市民经常牵挂的老朋友。” 陈耀光说，湛江拥有天然的深水良港和丰富的旅游资源，蓝色滨海、绿色生态、红土文化等景观，特别是湛江的海鲜、温泉、醒狮、人龙舞等享誉海内外。“天秤星号”重访湛江，对湛江香港加强交流合作、发展两地友谊，对湛江开拓境外旅游市场、加快旅游业发展，都具有重要的意义。湛江市政府会致力于改善人居环境和投资环境，做大做强邮轮旅游业，把湛江建设成为宜于居住、宜于旅游、宜于创业的滨海城市。
双方互相赠送纪念品
为了庆祝“天秤星号”的湛江首航，“天秤星号”今天下午举办了一场庆祝酒会，并进行了精彩的文艺演出。100多名嘉宾和市民代表兴致勃勃地参观了“天秤星号”邮轮。
Singapore Hot Stocks - 28 Nov 2007
SINGAPORE, Nov 28 (Reuters) - Shares of Hosen Group climbed as much as 13.6 percent to a four-month high of S$0.335 with 33 million shares traded, after the canned fruit and vegetable distributor bought a Chinese lottery company for US$36 million.
The firm said it would issue 150 million new ordinary shares at an issue price of S$0.35 per share to fund the acquisition.
The stock was the most actively traded counter on the Singapore bourse.
0249 GMT- Straits Times Index down 0.12 percent.
The firm said it would issue 150 million new ordinary shares at an issue price of S$0.35 per share to fund the acquisition.
The stock was the most actively traded counter on the Singapore bourse.
0249 GMT- Straits Times Index down 0.12 percent.
Singapore Hot Stocks - 28 Nov 2007
SINGAPORE, Nov 28 (Reuters) - Shares of Mermaid Maritime soared as much as 13.1 percent to S$1.81 after Macquarie Research initiated coverage of the stock with an "outperform" rating an a target price of S$3.00.
Macquarie Research said in a client note that it expects robust earnings for the oil rig firm because sustained high oil prices would keep demand for oil services high.
"The combination of strong earnings growth, improving balance sheet, attractive valuation and significant upside makes Mermaid one of our top picks in Singapore," said Macquarie Research analyst Ashwin Sanketh.
0234 GMT- Straits Times Index down 0.15 percent.
(Reporting by Melanie Lee, editing by Sebastian Tong)
Bintan planning to build a casino
Indonesian island's income could increase tenfold if gaming is allowed at its integrated resort site. By Azhar Ghani, Indonesia Bureau Chief
JAKARTA - A CASINO located less than an hour away from Singapore by ferry on Indonesia's Bintan island could be built if some local politicians have their way.
District legislator Timbul Sianturi was reported by the Associated Press as saying on Friday that Bintan's government has submitted a draft bylaw to the local parliament to legalise gambling at a planned integrated resort (IR) development site at Lagoi Bay, spread over roughly 1,300ha.
The 130 land parcels there, ranging from 2,000 sq m to 30ha, will allow for resort, residential and commercial investment purposes.
There is already a high level of interest in Lagoi Bay from potential investors from Singapore as well as the Middle East, with almost 25 per cent of saleable land available already being reserved.
No one is saying for now where exactly at Lagoi Bay the casino would be located if the proposal goes through.
Malaysia's Landmarks is said to be behind the casino plan. It is partly owned by leisure group and casino operator Genting, and is developing a RM4 billion (S$1.7 billion) resort in Lagoi Bay.
Although Malaysian business daily The Edge quoted Landmarks as saying on Nov 2 that it has no plans to set up gaming operations for the Bintan resort, The Sunday Times understands that the company has been involved in talks with the local government and legislators.
If gaming is allowed on Bintan, the economic boost could be spectacular. Bintan's deputy regent Mastur Taher estimated that the proposed casino could raise the island's annual income tenfold to US$132 million (S$190 million).
Bintan is already popular with tourists, most of whom take the ferry ride from Singapore. The island's resorts welcomed 323,600 visitors last year, just 5 per cent shy of the 2001 record of 340,500 visitors.
Singaporeans made up half of the island's visitors in the past, but that ratio has dropped to one-
third, with Korean and Japanese tourists fast catching up.
Other plans to build casinos in Indonesia, including one on the neighbouring island of Batam, have faltered due to vocal opposition from Islamic activists.
It is unclear when lawmakers will debate the casino bylaw. But if passed, it could face legal obstacles, given that it would be at odds with Indonesia's anti-gambling national laws and could be annulled by the country's Home Affairs Ministry.
In addition, the Bintan government would need approval from Indonesia's investment board to set up the casino, as well as clearance from the national police.
Current police chief Sutanto is known for his tough stand on gambling and was the bane of illegal casino syndicates in his previous postings.
Sources in the provincial government of Riau Islands, of which Bintan is a part, however told The Sunday Times yesterday that they expect objections from the central authorities to be less vehement than many expect.
They claimed that the push to allow a casino on Bintan came from elements in Jakarta, and that Indonesia's Tourism Ministry has already given in-principle support.
Still, it remains to be seen whether Bintan island's local government will be able to push the plan through. As it is, the proposed bylaw has already courted controversy, with student groups protesting against the plan.
District legislators from the Islamic Prosperous Justice Party have also indicated that they would vote against the proposal.
'We are aware of the controversy,' said deputy regent Mastur, pointing out that only foreign tourists and non-Muslims would be allowed into the casino.
Indonesian island's income could increase tenfold if gaming is allowed at its integrated resort site. By Azhar Ghani, Indonesia Bureau Chief
JAKARTA - A CASINO located less than an hour away from Singapore by ferry on Indonesia's Bintan island could be built if some local politicians have their way.
District legislator Timbul Sianturi was reported by the Associated Press as saying on Friday that Bintan's government has submitted a draft bylaw to the local parliament to legalise gambling at a planned integrated resort (IR) development site at Lagoi Bay, spread over roughly 1,300ha.
The 130 land parcels there, ranging from 2,000 sq m to 30ha, will allow for resort, residential and commercial investment purposes.
There is already a high level of interest in Lagoi Bay from potential investors from Singapore as well as the Middle East, with almost 25 per cent of saleable land available already being reserved.
No one is saying for now where exactly at Lagoi Bay the casino would be located if the proposal goes through.
Malaysia's Landmarks is said to be behind the casino plan. It is partly owned by leisure group and casino operator Genting, and is developing a RM4 billion (S$1.7 billion) resort in Lagoi Bay.
Although Malaysian business daily The Edge quoted Landmarks as saying on Nov 2 that it has no plans to set up gaming operations for the Bintan resort, The Sunday Times understands that the company has been involved in talks with the local government and legislators.
If gaming is allowed on Bintan, the economic boost could be spectacular. Bintan's deputy regent Mastur Taher estimated that the proposed casino could raise the island's annual income tenfold to US$132 million (S$190 million).
Bintan is already popular with tourists, most of whom take the ferry ride from Singapore. The island's resorts welcomed 323,600 visitors last year, just 5 per cent shy of the 2001 record of 340,500 visitors.
Singaporeans made up half of the island's visitors in the past, but that ratio has dropped to one-
third, with Korean and Japanese tourists fast catching up.
Other plans to build casinos in Indonesia, including one on the neighbouring island of Batam, have faltered due to vocal opposition from Islamic activists.
It is unclear when lawmakers will debate the casino bylaw. But if passed, it could face legal obstacles, given that it would be at odds with Indonesia's anti-gambling national laws and could be annulled by the country's Home Affairs Ministry.
In addition, the Bintan government would need approval from Indonesia's investment board to set up the casino, as well as clearance from the national police.
Current police chief Sutanto is known for his tough stand on gambling and was the bane of illegal casino syndicates in his previous postings.
Sources in the provincial government of Riau Islands, of which Bintan is a part, however told The Sunday Times yesterday that they expect objections from the central authorities to be less vehement than many expect.
They claimed that the push to allow a casino on Bintan came from elements in Jakarta, and that Indonesia's Tourism Ministry has already given in-principle support.
Still, it remains to be seen whether Bintan island's local government will be able to push the plan through. As it is, the proposed bylaw has already courted controversy, with student groups protesting against the plan.
District legislators from the Islamic Prosperous Justice Party have also indicated that they would vote against the proposal.
'We are aware of the controversy,' said deputy regent Mastur, pointing out that only foreign tourists and non-Muslims would be allowed into the casino.
Amara Group Selects Alcatel-Lucent to Enhance Communications and Improve Visitors' Experience
Alcatel-Lucent has announced that it has been awarded a contract for the delivery of an IP telephony infrastructure for the Amara Sanctuary Resort Sentosa, a hospitality property in Singapore.
The Amara Sanctuary Resort Sentosa is a 121-room boutique resort to be built by the Amara Group on a 3.5 hectares package that includes four old colonial buildings.
The resort will influence leading-edge technology to offer hotel guests unprecedented convenience and communications capabilities at the touch of a button. It is expected to be complete by end 2007.
Alcatel-Lucent is delivering the OmniPCX Enterprise IP telephony system which will be fully integrated with special XML software applications jointly developed for the resort with its application partner FCS Computer System Pvt Ltd.
FCS Computer System is a leader in communications solutions for the hospitality industry which is Malaysia-based. Guests will be able to access hotel features and services on state-of-the-art IP phones in their own rooms, as well as enjoy wireless IP access throughout the hotel premises, transforming the visitor experience.
These features include up-to-date weather reports, tourist and visitor information, and resort facility guides.
These innovative and guest friendly applications will reside on both the advanced Alcatel-Lucent’s IP phones in-room, and the resort’s website. The whole new level of convenience will ensure people with different set of experience rather than that offered by other hotels.
“The Sentosa project will transform the Amara Sanctuary Resort into a world-class island destination, and we will see the Amara Sanctuary Resort setting the benchmark not only in luxury accommodation and holiday making, but also in the way that the latest IP telephony technology from Alcatel-Lucent is used to enhance the guest experience.
The type of guest expected to stay at the hotel will demand the very best, and this is a key part of our strategy of satisfying their needs during their stay, Corinne Teo, Group Systems and Quality Manager, Amara Sanctuary Resort, was quoted as saying in the report.
Amid the lush surroundings and luxurious facilities, guests will be able to gain access to both hotel services and facilities through fine deployment of technologies and applications throughout the surrounding area.
“The hospitality industry is evolving rapidly and the major resort chains are finding it increasingly challenging to come up with new ways to instill customer loyalty and improve brand experience. This greatly revolutionizes the way information is being delivered to and obtained by hotel guests, and also opens a sea of new possibilities to meet the changing demands of the industry,” Matthew Kuan, FCS, was quoted as saying in the report.
Hong Kong-listed Star Cruises
Hong Kong-listed Star Cruises 'B1' rating to remain under review
Tuesday, November 27, 2007; Posted: 03:57 AM
HONG KONG, Nov 27, 2007 (XFN-ASIA via COMTEX) ---- Moody's investors service said the "B1" corporate family rating of Star Cruises Ltd (SCL) will remain under review with its direction uncertain.
The review was initiated on Aug 20, 2007, after the announcement by Apollo Management LP (Apollo) that it was to invest 1 bln usd cash in NCL Corp Ltd for a 50 pct equity interest with SCL owning the remaining 50 pct stake..
"SCL's current financial profile is largely dragged down by its consolidation with NCL. An improvement in the latter's financial and liquidity positions could lower SCL's financial burden and therefore the need to provide ongoing support to NCL," Moody's said.
Moody's added that a potential dissociation with NCL, as a result of a reduction in the ownership stake it holds, could also enhance SCL's adjusted key credit metrics.
Moody's review will focus on the future development and funding plans of SCL and the associated impact on its stand-alone credit profile as well as the likelihood of SCL extending support to NCL and the impact on its adjusted financial profile.
穆迪继续检讨丽星邮轮信贷评级
评级机构穆迪周二表示，仍在检讨丽星邮轮(0678.HK)的“B1”企业家族信贷评级，因其早前以10亿美元出售旗下邮轮旅游业务公司挪威邮轮(NCL)50%股权，予机构投资者Apollo Management。所以，该行对丽星邮轮的未来方向仍未清晰。
穆迪表示，丽星邮轮出售挪威邮轮50%股权，有助减轻本身的财务负担及增加流动资金，但因其减少对挪威邮轮的投资，投资者需注意大股东云顶集团及林氏家族会否改变对丽星邮轮的支持。穆迪认为，检讨丽星邮轮的信贷评级时，需考虑其未来发展、筹资计划、信贷状况以及大股东云顶集团及林氏家族的持续支持。(中国证券报·中证网)
Tuesday, November 27, 2007; Posted: 03:57 AM
HONG KONG, Nov 27, 2007 (XFN-ASIA via COMTEX) ---- Moody's investors service said the "B1" corporate family rating of Star Cruises Ltd (SCL) will remain under review with its direction uncertain.
The review was initiated on Aug 20, 2007, after the announcement by Apollo Management LP (Apollo) that it was to invest 1 bln usd cash in NCL Corp Ltd for a 50 pct equity interest with SCL owning the remaining 50 pct stake..
"SCL's current financial profile is largely dragged down by its consolidation with NCL. An improvement in the latter's financial and liquidity positions could lower SCL's financial burden and therefore the need to provide ongoing support to NCL," Moody's said.
Moody's added that a potential dissociation with NCL, as a result of a reduction in the ownership stake it holds, could also enhance SCL's adjusted key credit metrics.
Moody's review will focus on the future development and funding plans of SCL and the associated impact on its stand-alone credit profile as well as the likelihood of SCL extending support to NCL and the impact on its adjusted financial profile.
穆迪继续检讨丽星邮轮信贷评级
评级机构穆迪周二表示，仍在检讨丽星邮轮(0678.HK)的“B1”企业家族信贷评级，因其早前以10亿美元出售旗下邮轮旅游业务公司挪威邮轮(NCL)50%股权，予机构投资者Apollo Management。所以，该行对丽星邮轮的未来方向仍未清晰。
穆迪表示，丽星邮轮出售挪威邮轮50%股权，有助减轻本身的财务负担及增加流动资金，但因其减少对挪威邮轮的投资，投资者需注意大股东云顶集团及林氏家族会否改变对丽星邮轮的支持。穆迪认为，检讨丽星邮轮的信贷评级时，需考虑其未来发展、筹资计划、信贷状况以及大股东云顶集团及林氏家族的持续支持。(中国证券报·中证网)
CIMB Report - 28 Nov 2007
What’s on the table
News of the Day
Pine Agritech (S$0.255) - Negatives priced in The moderation in the pace of store growth at its SOS master distributor, Shenji, is expected to reduce Pine’s SOS sales. Pine is expected to move to consignment sales, utilising supermarket distribution channels. We expect the decline in SOS sales to compress Pine’s margins, as SOS is its key profit contributor with margins of 60+%. Adding to the margin pressure would be aggressive marketing for new products and soaring soybean prices. As a result, we have lowered our FY07-09 EPS estimates by 4-29%, and reduced our target price to S$0.27 from S$0.39, still based on 10x CY09 P/E. That said, the negatives appear to have been priced in as the stock price has plummeted 42% in recent weeks. Hence, we upgrade our rating to Neutral from Underperform.
News of the Day
- Fed officials lean toward no 'holiday' rate cut
- JPMorgan estimates US$260b in CDO market losses
- Google aims for renewable energy priced below coal
- Jurong Shipyard seeks to block wind-up petition
- APB names new chairman at key juncture
- China Oilfield Q3 net surges 80% to 43.1m yuan
- United Engineers makes top bid for AMK DBSS site
- JEP Precision, Singapore Aerospace in US$40m deal
- Hosen buys into China lottery market
- Datapulse Q1 profit up at $5m
- Autron Group and Kuwait Finance House in Malaysian property investment
DBSVickers Report - 28 Nov 2007
Raffles Education Visit to China acquisitions
Story: We paid a visit to RLS’ acquired schools and campuses in China last week, including Oriental University City in Hebei, Boustead College in Tianjin and Shanghai Zhongfa in Shanghai.
Point: The visit gave us a better idea of the size and scope of the Group’s acquisitions in China, and in particular, the potential for growth in contribution from these businesses. We were also impressed with the depth in number of high quality managers that RLS has in place to manage these acquisitions. In summary, we came away from the visit more upbeat about the prospects of RLS, with increased confidence about the Group’s ability to execute.
Relevance: We continue to like Raffles Education as an education play, with strong growth prospects in China and Asia. We maintain our BUY recommendation and S$3.72 target price, based on DCF (WACC 9.1%, terminal growth 3%).
Advance Sct Limited Higher earnings growth to offset equity dilution
Story: Advance SCT has completed the placement of 50m ordinary shares at an issue price of S$1.01 per share, which should be listed on SGX today.
Point: Proceeds of S$50.5m would be used for (1) acquiring additional capacity for smelter and recycling (2) funding working capital requirements. In addition, management has guided for better margins per tonne at the smelter in China, by virtue of securing the licence for importing scrap copper in China. As such, we are conservatively raising our FY08 and FY09 earnings estimates by 10% each based on lower interest burden, higher margins at the Chinese smelter and potential buy-out of minority stake in Malaysian smelter.
Relevance: Maintain BUY at one-year target price of S$1.40 based on 14x fully diluted FY08 EPS. We see a very healthy upside of over 42% at the current stock price. Potential acquisition announcements would be the catalyst for the stock price.
Story: We paid a visit to RLS’ acquired schools and campuses in China last week, including Oriental University City in Hebei, Boustead College in Tianjin and Shanghai Zhongfa in Shanghai.
Point: The visit gave us a better idea of the size and scope of the Group’s acquisitions in China, and in particular, the potential for growth in contribution from these businesses. We were also impressed with the depth in number of high quality managers that RLS has in place to manage these acquisitions. In summary, we came away from the visit more upbeat about the prospects of RLS, with increased confidence about the Group’s ability to execute.
Relevance: We continue to like Raffles Education as an education play, with strong growth prospects in China and Asia. We maintain our BUY recommendation and S$3.72 target price, based on DCF (WACC 9.1%, terminal growth 3%).
Advance Sct Limited Higher earnings growth to offset equity dilution
Story: Advance SCT has completed the placement of 50m ordinary shares at an issue price of S$1.01 per share, which should be listed on SGX today.
Point: Proceeds of S$50.5m would be used for (1) acquiring additional capacity for smelter and recycling (2) funding working capital requirements. In addition, management has guided for better margins per tonne at the smelter in China, by virtue of securing the licence for importing scrap copper in China. As such, we are conservatively raising our FY08 and FY09 earnings estimates by 10% each based on lower interest burden, higher margins at the Chinese smelter and potential buy-out of minority stake in Malaysian smelter.
Relevance: Maintain BUY at one-year target price of S$1.40 based on 14x fully diluted FY08 EPS. We see a very healthy upside of over 42% at the current stock price. Potential acquisition announcements would be the catalyst for the stock price.
Tuesday, November 27, 2007
Genting Bhd ups Landmarks stake to 30.28%
27-11-2007: Genting ups Landmarks stake to 30.28%
KUALA LUMPUR: Genting Bhd continued to accumulate shares of Landmarks Bhd, acquiring 2.87 million shares from Nov 19 to 23 to increase its stake to 145.55 million shares, or 30.28%.
A filing with Bursa Malaysia showed the shares were acquired by Genting’s unit Phoenix Spectrum Sdn Bhd.
It acquired 130,000 shares at RM3.18 apiece on Nov 19 and another 1.18 million shares the next day at RM3.159 each.
On Nov 21, it bought 1.2 million shares for RM3.16 apiece, another 306,000 shares for RM3.10 each on Nov 22 and another 60,000 shares at RM3.10 each on Nov 23.
Landmarks closed two sen lower at RM3.10 yesterday.
KUALA LUMPUR: Genting Bhd continued to accumulate shares of Landmarks Bhd, acquiring 2.87 million shares from Nov 19 to 23 to increase its stake to 145.55 million shares, or 30.28%.
A filing with Bursa Malaysia showed the shares were acquired by Genting’s unit Phoenix Spectrum Sdn Bhd.
It acquired 130,000 shares at RM3.18 apiece on Nov 19 and another 1.18 million shares the next day at RM3.159 each.
On Nov 21, it bought 1.2 million shares for RM3.16 apiece, another 306,000 shares for RM3.10 each on Nov 22 and another 60,000 shares at RM3.10 each on Nov 23.
Landmarks closed two sen lower at RM3.10 yesterday.
麗星郵輪（０６７８）
麗星郵輪（０６７８）：有意以合資方式，入標競投郵輪碼頭項目
11月 26日 星期一 13:23 更新
《經濟通通訊社２６日專訊》麗星郵輪（０６７８）執行董事兼副行政總裁吳高賢於記者會表示，有意以合資方式，入標競投本港郵輪碼頭項目，料會盡快入標。而被問及會否與九倉（０００４）合作競投時，他則不予置評。
另外，若明年「兩岸三通」措施能落實，集團計劃開設來往台灣及內地航線，目前正待台灣當局落實措施，但他對能成功開航感到樂觀。
此外，集團今年首三季業績虧損擴大，他承認與油價高企有關，目前油價佔總成本已高出以往７％水平，而集團對沖有關風險的主要做法為收取燃油附加費。
11月 26日 星期一 13:23 更新
《經濟通通訊社２６日專訊》麗星郵輪（０６７８）執行董事兼副行政總裁吳高賢於記者會表示，有意以合資方式，入標競投本港郵輪碼頭項目，料會盡快入標。而被問及會否與九倉（０００４）合作競投時，他則不予置評。
另外，若明年「兩岸三通」措施能落實，集團計劃開設來往台灣及內地航線，目前正待台灣當局落實措施，但他對能成功開航感到樂觀。
此外，集團今年首三季業績虧損擴大，他承認與油價高企有關，目前油價佔總成本已高出以往７％水平，而集團對沖有關風險的主要做法為收取燃油附加費。
Koh Brothers buys 2 Shell kiosks for $19.6m
KOH Brothers has bought two petrol kiosks from Shell - one in Bukit Timah and the other in Changi - for close to $19.6 million.
The first site, at 383 Bukit Timah Road, is next to Koh Brothers' freehold serviced apartment complex, Alocassia Apartment. The site has a strata land area of 13,500 square feet and cost Koh Brothers $13.3 million.
Singapore-listed Koh Brothers bought Alocassia Apartment - a residential and commercial site - in May last year for $30 million.
The company intends to convert the whole site to full residential use and launch a luxury condominium with about 50 units in the third quarter of next year, chief executive Francis Koh told BT.
With the new acquisition, the entire freehold site covers 44,900 sq ft and has a 1.4 plot ratio. The latest purchase brings the price paid by Koh Brothers for the site to $799 per square foot (psf) per plot ratio, including an estimated development charge of $6.9 million.
Mr Koh estimates the project could break-even around $1,250 psf since the company does not plan to tear down the whole building. Luxury apartments in the Bukit Timah area now go for about $1,800-$2,000 psf.
'Given its prime location, freehold status, proximity to reputable schools and easy accessibility to the city centre, we are confident the site will appeal to home buyers who appreciate the exclusivity and prestige,' Mr Koh said.
The second site bought by the company - at 80 Changi Road - adjoins its freehold Changi Hotel.
Bought for $6.3 million, the site has a strata area of 8,000 sq ft. The entire freehold Changi Road site now has a total area of 26,400 sq ft.
Mr Koh said the company will look to build a newer, larger hotel on the combined site. Changi Hotel is now a three-storey, 61-room hotel.
Shell's general manager for retail, Henry Chu, said such sales allow the company to capitalise on the hot property market.
'The timing of closure and sale of these sites is a commercial decision and is to allow us to take advantage of the buoyant property market to maximise our returns,' he said.
The first site, at 383 Bukit Timah Road, is next to Koh Brothers' freehold serviced apartment complex, Alocassia Apartment. The site has a strata land area of 13,500 square feet and cost Koh Brothers $13.3 million.
Singapore-listed Koh Brothers bought Alocassia Apartment - a residential and commercial site - in May last year for $30 million.
The company intends to convert the whole site to full residential use and launch a luxury condominium with about 50 units in the third quarter of next year, chief executive Francis Koh told BT.
With the new acquisition, the entire freehold site covers 44,900 sq ft and has a 1.4 plot ratio. The latest purchase brings the price paid by Koh Brothers for the site to $799 per square foot (psf) per plot ratio, including an estimated development charge of $6.9 million.
Mr Koh estimates the project could break-even around $1,250 psf since the company does not plan to tear down the whole building. Luxury apartments in the Bukit Timah area now go for about $1,800-$2,000 psf.
'Given its prime location, freehold status, proximity to reputable schools and easy accessibility to the city centre, we are confident the site will appeal to home buyers who appreciate the exclusivity and prestige,' Mr Koh said.
The second site bought by the company - at 80 Changi Road - adjoins its freehold Changi Hotel.
Bought for $6.3 million, the site has a strata area of 8,000 sq ft. The entire freehold Changi Road site now has a total area of 26,400 sq ft.
Mr Koh said the company will look to build a newer, larger hotel on the combined site. Changi Hotel is now a three-storey, 61-room hotel.
Shell's general manager for retail, Henry Chu, said such sales allow the company to capitalise on the hot property market.
'The timing of closure and sale of these sites is a commercial decision and is to allow us to take advantage of the buoyant property market to maximise our returns,' he said.
OKP HOLDINGS LIMITED - AWARD OF CONTRACT
The Board of Directors of OKP Holdings Limited (“the Company”) wishes to announce that the tender for contract RD226 – Road Works in City Centre (Phase 2) (“the Contract”) by its wholly-owned subsidiary, Or Kim Peow Contractors (Pte) Ltd has been accepted by the Land Transport Authority.The amount of the Contract is SGD5,786,000 and the commencement date for the Contract is 19 November 2007. The Contract is expected to be completed on 18 December 2008.The Contract is expected to contribute positively to, but has no material impact on, the earnings per share or net tangible assets per share of the Company and its subsidiary companies for the financial years ending 31 December 2007 and 31 December 2008.None of the Directors has any interest, direct or indirect, in the Contract. As far as the Directors are aware, none of the controlling shareholders of the Company has any interest, direct or indirect, in the Contract. The press release in respect of the award of the Contract is attached.
http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_D50CD68FA40467154825739F0030A050/$file/LTAContract.pdf?openelement
Week 48 (26 Nov 2007 - 30 Nov 2007)
Daily Share Buy-Back Notice - 26 Nov 2007
INNOTEK LIMITED (174,000)
TREK 2000 INT'L LTD (124,000)
UNITED OVERSEAS BANK LTD (70,000)
BANYAN TREE HOLDINGS LIMITED (775,000)
LMA INTERNATIONAL N.V. (110,000)
AZTECH SYSTEMS LTD (150,000)
CHUAN HUP HOLDINGS LIMITED (1,475,000)
ASTI HOLDINGS LIMITED (6,000)
Daily Share Buy-Back Notice - 27 Nov 2007
TREK 2000 INT'L LTD (550,000)
UNITED OVERSEAS BANK LTD (100,000)
DBS GROUP HOLDINGS LTD (100,000)
CHUAN HUP HOLDINGS LIMITED (2,958,000)
INNOTEK LIMITED (500,000)
LMA INTERNATIONAL N.V. (90,000)
ASTI HOLDINGS LIMITED (500,000)
JADASON ENTERPRISES LTD (300,000)
BANYAN TREE HOLDINGS LIMITED (2,025,000)
Daily Share Buy-Back Notice - 28 Nov 2007
STARHUB LTD (135,000)
TREK 2000 INT'L LTD (200,000)
INNOTEK LIMITED (200,000)
RICHLAND GROUP LIMITED (40,000)
NEPTUNE ORIENT LINES LIMITED (50,000)
LMA INTERNATIONAL N.V. (100,000)
UNITED OVERSEAS BANK LTD (100,000)
AZTECH SYSTEMS LTD (50,000)
ASTI HOLDINGS LIMITED (282,000)
Daily Share Buy-Back Notice - 29 Nov 2007
MEMTECH INTERNATIONAL LTD (80,000)
UNITED OVERSEAS BANK LTD (70,000)
TREK 2000 INT'L LTD (132,000)
CHUAN HUP HOLDINGS LIMITED (1,053,000)
RICHLAND GROUP LIMITED (50,000)
INNOTEK LIMITED (100,000)
Daily Share Buy-Back Notice - 30 Nov 2007
WBL CORPORATION LIMITED (31,000)
INNOTEK LIMITED (200,000)
ELEC & ELTEK INT CO LTD (50,000)
UNITED OVERSEAS BANK LTD (70,000)
TREK 2000 INT'L LTD (108,000)
AZTECH SYSTEMS LTD (180,000)
ASTI HOLDINGS LIMITED (750,000)
ASIAPHARM GROUP LTD (50,000)
INNOTEK LIMITED (174,000)
TREK 2000 INT'L LTD (124,000)
UNITED OVERSEAS BANK LTD (70,000)
BANYAN TREE HOLDINGS LIMITED (775,000)
LMA INTERNATIONAL N.V. (110,000)
AZTECH SYSTEMS LTD (150,000)
CHUAN HUP HOLDINGS LIMITED (1,475,000)
ASTI HOLDINGS LIMITED (6,000)
Daily Share Buy-Back Notice - 27 Nov 2007
TREK 2000 INT'L LTD (550,000)
UNITED OVERSEAS BANK LTD (100,000)
DBS GROUP HOLDINGS LTD (100,000)
CHUAN HUP HOLDINGS LIMITED (2,958,000)
INNOTEK LIMITED (500,000)
LMA INTERNATIONAL N.V. (90,000)
ASTI HOLDINGS LIMITED (500,000)
JADASON ENTERPRISES LTD (300,000)
BANYAN TREE HOLDINGS LIMITED (2,025,000)
Daily Share Buy-Back Notice - 28 Nov 2007
STARHUB LTD (135,000)
TREK 2000 INT'L LTD (200,000)
INNOTEK LIMITED (200,000)
RICHLAND GROUP LIMITED (40,000)
NEPTUNE ORIENT LINES LIMITED (50,000)
LMA INTERNATIONAL N.V. (100,000)
UNITED OVERSEAS BANK LTD (100,000)
AZTECH SYSTEMS LTD (50,000)
ASTI HOLDINGS LIMITED (282,000)
Daily Share Buy-Back Notice - 29 Nov 2007
MEMTECH INTERNATIONAL LTD (80,000)
UNITED OVERSEAS BANK LTD (70,000)
TREK 2000 INT'L LTD (132,000)
CHUAN HUP HOLDINGS LIMITED (1,053,000)
RICHLAND GROUP LIMITED (50,000)
INNOTEK LIMITED (100,000)
Daily Share Buy-Back Notice - 30 Nov 2007
WBL CORPORATION LIMITED (31,000)
INNOTEK LIMITED (200,000)
ELEC & ELTEK INT CO LTD (50,000)
UNITED OVERSEAS BANK LTD (70,000)
TREK 2000 INT'L LTD (108,000)
AZTECH SYSTEMS LTD (180,000)
ASTI HOLDINGS LIMITED (750,000)
ASIAPHARM GROUP LTD (50,000)
蔡明发：我们看好厦门所以说来就来
2007年5月才走马上任的丽星邮轮总裁蔡明发，在不到半年时间里已是第二次来厦门了。昨天上午，这位穿着丽星邮轮蓝色制服的总裁早早出现在厦门国际邮轮码头上。45岁的蔡明发，身材高大，戴着金丝眼镜，显得温文尔雅，但是，这位总裁却一点不闲着，不仅在码头上跑来跑去，招呼客人，还亲自推着一位坐轮椅的小朋友下船，并大声叫着“开车咯！”让孩子乐不可支。记者与这位可爱型总裁进行了对话。丽星邮轮是厦门的“常客”
记者：我7月份曾在厦门采访过您，这一次您又专程赶到厦门，对于厦门的市场很有兴趣吧？
蔡明发：7月7日我是来参加丽星邮轮“宝瓶星”号来厦的首航仪式，从那以后，“宝瓶星”号每月定期来厦两次，这次将是“宝瓶星”号第七次来厦，总共搭载了近14000人次来厦门观光旅游。而首航厦门的“天秤星”号，也载了1400人到厦观光。应该说，丽星邮轮是用“脚步”来体现对厦门市场的重视，因为我们说来就来了。丽星邮轮已是厦门的“常客”。
7月份来到厦门时，我和副市长叶重耕曾提出了一个“两岸一家亲”的策划。我当时说，如果顺利的话，今年11月2日，丽星的两艘邮轮分别从台湾和香港出发，同时来到厦门港口相聚，再载上福建的游客到澎湖旅游，这将是两岸一个历史性的邮轮会面。现在，我们的双星——“宝瓶星”和“天秤星”将分别载着香港和台湾游客来到厦门，实现了两岸在厦门相聚的设想。当然，惟一的遗憾就是我们的邮轮还不能载着福建和厦门的客人到澎湖旅游。希望不久的将来，这一个愿望能够实现。
厦门和丽星合作空间会更大
记者：据说，厦门政府曾经和丽星邮轮洽谈过在厦共建邮轮母港的事宜。目前，厦门的国际邮轮码头已经建好，丽星邮轮还有与厦门合作的可能吗？
蔡明发：7月份与叶重耕见面，他就和我开过玩笑，问我看到厦门这么好的国际邮轮码头是不是有点后悔没跟厦门合作。哈哈，当然后悔！不过，丽星和厦门市商谈的时候，我还不是丽星邮轮的总裁啊。如果是，我肯定会考虑。
应该说，厦门无论从硬件和软件上都基本具备了邮轮母港的条件。而且，厦门拥有天然的深水良港，码头和机场距离非常近，厦门及周边的旅游景点和接待设备都相当不错。比如，这次我们“天秤星”号载来的台湾客人就可以选择厦门、漳州、泉州和湄洲一日游，非常多样也非常方便。
丽星邮轮公司看好大中华区业务，今年五月已将营运总部自马来西亚迁到香港，目的就是希望未来两岸直航时可以有更大的发挥空间。厦门是我们大中华区布局上很重要的一个点。随着两岸旅游往来的加大，厦门将成为大陆居民赴台湾旅游的口岸，丽星邮轮和厦门合作的空间会更大。
将为北京奥运推出特别航次
记者：丽星邮轮在中国发展如何，对于分享中国的邮轮经济“蛋糕”有何打算？
蔡明发：丽星邮轮是一间以香港为基地的邮轮公司，致力发展大中华市场，并以拓展该地区旅游及邮轮市场为己任。丽星邮轮的创办人就是福建人，因此丽星邮轮也热衷于回馈祖国并以中国为家，致力推动中国旅游业，多年来先后在多个港口扎根。
目前我们尽可能地按照中国的国情和状况来制定航线，设计出不同的中、短航线及节目；提供充足的普通话服务人员，力求使客人不会感到语言障碍；船员和乘客的比例为1∶2，为客人提供亲切周到的服务；首创自由休闲式的邮轮旅游方式以迎合亚洲人的生活习惯，使游客能享受到更舒适的假期；在中国大力发展蜜月等主题旅游和公司会议奖励旅游。为迎接2008北京奥运积极推出特别航次，接载世界各地的观光者前往奥运主办或协办城市旅游。
本报记者 孙丽萍 王元晖
CIMB Report - 27 Nov 2007
What’s on the table
Jiutian Chemical Group (S$0.445) - Improving macro-environment Recent DMF prices have risen faster than our expectations, as DMF producers successfully raised prices to pass on higher costs of production to customers. On the other hand, methanol prices (key raw material) have started to decline in the past two weeks. As such, we expect Jiutian’s gross margins to improve in 4Q07. We have raised our FY07-08 EPS forecasts by 18-33% to factor in higher DMF ASPs and lower methanol cost assumptions. Accordingly, our target price climbs to S$0.77 from S$0.75, still based on DCF valuation (WACC 14%, LTG 1.5%). Maintain Outperform. We see catalysts from a good set of 4Q07 numbers in Feb 08, and potential M&A announcements.
News of the Day
Jiutian Chemical Group (S$0.445) - Improving macro-environment Recent DMF prices have risen faster than our expectations, as DMF producers successfully raised prices to pass on higher costs of production to customers. On the other hand, methanol prices (key raw material) have started to decline in the past two weeks. As such, we expect Jiutian’s gross margins to improve in 4Q07. We have raised our FY07-08 EPS forecasts by 18-33% to factor in higher DMF ASPs and lower methanol cost assumptions. Accordingly, our target price climbs to S$0.77 from S$0.75, still based on DCF valuation (WACC 14%, LTG 1.5%). Maintain Outperform. We see catalysts from a good set of 4Q07 numbers in Feb 08, and potential M&A announcements.
News of the Day
- Singapore Exchange's Sesdaq reborn as “Catalist”
- DBS, ING to take part in TMB's capital increase
- Keppel wins $100m contract
- Stamford Tyres H1 net falls 24% to $4.3m
- AusGroup wins A$16m deal for gas plant
- China Yuanbang acquires Spirit World
- MI-Reit pays $29.2m for Japanese warehouse
Star Cruises - Race for new hot spots
Race for new hot spots as cruise industry growsTourists made a total of 450,000 visits to Hong Kong aboard cruise liners in the first nine months of this year - an increase of 150 percent over the same period last year. Una So Tuesday, November 27, 2007
Tourists made a total of 450,000 visits to Hong Kong aboard cruise liners in the first nine months of this year - an increase of 150 percent over the same period last year.
The boom has led tourism bodies to explore new cruise destinations in the Greater China region and Asia Pacific, helped by the expected opening of the territory's second cruise terminal at Kai Tak in 2012.
Speaking at a ceremony yesterday to mark the arrival of Star Cruises' redeployed vessel, SuperStar Libra, Hong Kong Tourism Board executive director Anthony Lau Chun-hon said the cruise industry is now the fastest- growing tourism sector worldwide, and the Asia Pacific region will be the hot spot for growth.
Among the 450,000 cruise visits, more than half were made by tourists who flew here first and toured Hong Kong before boarding cruise liners.
Lau said Hong Kong needs to step up the game amid stiff competition from neighbors to become a regional cruise hub.
Star Cruises - the world's third- largest cruise operator owned by Malaysia's Genting Group - is one of the leading bidders for the Kai Tak cruise terminal project announced on November 9. William Ng Ko-yin, executive director of Star Cruises, said the company is interested in bidding for the project with partners, and hopes to submit its proposals soon.
Tenders will close on March 7 next year.
Tourism commissioner Au King-chi recently met with representatives from Guangdong, Guangxi, Fujian and Hainan provinces in Kunming to discuss the possibility of opening up more destinations for cruise tourists.
Cruise operators are also positioning themselves as Hong Kong steps up efforts to become the region's cruise hub.
The 42,000-tonne SuperStar Libra, which can carry 1,480 passengers, will operate out of Hong Kong until March next year.
At present, Star Cruises is the only cruise operator to have three vessels based in Hong Kong.
The other two are SuperStar Aquarius and Star Pisces, while another liner, Virgo, will join the fleet next year.
SuperStar Libra will soon begin cruises to Zhanjiang, Haikou and Sanya in the mainland, Halong Bay in Vietnam and Kaohsiung in Taiwan.
Ng said exploring new destinations in the Asia Pacific and the Greater China region will help the group meet its future targets.
"The cruise business must have good connections with nearby countries - having a terminal is not enough," he said.
The Tourism Commission said having more cruise vessels based in Hong Kong will strengthen the territory's position as a regional cruise hub.
Singapore Hot Stock
SINGAPORE, Nov 27 (Reuters) - Keppel Land
U.S. stocks tumbled on Monday as investors worried that rising mortgage defaults and credit market losses will be a drag on the economy and cause consumers to slash spending during the vital holiday season.
Stocks and factors to watch.
U.S. stocks tumbled on Monday as investors worried that rising mortgage defaults and credit market losses will be a drag on the economy and cause consumers to slash spending during the vital holiday season.
Stocks and factors to watch.
- Citigroup has downgraded its investor recommendation for shares of Keppel Land and City Developments and cut its target price for the stocks, citing a possibility of office space oversupply in 2010. [ID:nSGC001459]
- Macquarie Research has raised the target price for shares of SingTel
, Southeast Asia's top phone firm, to S$4.37 from S$3.76 and kept its "outperform" rating on the stock, citing strong fundamentals amid a turbulent global market and robust contributions to earnings from its Indian affiliate. [ID:nSGC001458] - Deutsche Bank has raised the target price for shares of Neptune Orient Lines
to S$3.11 from S$2.60 but kept its "sell" rating on the stock citing global downside risks in 2008 such as a U.S. economic recession as dampening future earnings. - Keppel Corp
said it had won a S$100 million contract ($69.44 million) from Prosafe to convert an oil tanker into a floating drilling, production and storage facility. [ID:nSGC001457] - Chinese property developer China Yuanbang Property Holdings
said it has acquired a British Virgin Islands property company for 200 million yuan ($27 million). [ID:nSNBQ91361] - Chinese adhesive tape maker Changtian Plastic & Chemical
said its third-quarter attributable profit rose 48.3 percent to 53.3 million yuan ($7 million). Revenue grew 20.6 percent to 159.1 million yuan. [ID:nSNBR60092] - Oil-equipment maker China Oilfield Technology
said its third-quarter net profit grew 80.1 percent to 43.1 million yuan ($6 million). Revenue grew 96.3 percent to 82.8 million yuan. [ID:nSNBR20052] - The Singapore Exchange
unveiled a new listing board, modelled after London's Alternative Investment Market (AIM). The new board hopes to attract fast-growing Asian firms looking for speedier fund-raising. [ID:nSIN165998] - State investment agency Temasek Holdings [TEM.UL] was selling up to US$571.5 million worth of shares in Beijing-controlled Bank of China <3988.hk>, cashing out part of its stake in the lender, several sources familiar with the deal said. [ID:nHKG308521]
- Singapore's Straits Times Index <.STI> rose 2.79 percent to 3,418.58 points on Monday.
- The Dow Jones Industrial average <.DJI> fell 1.83 percent to end at 12,743.44. The Nasdaq Composite Index <.IXIC> tumbled 2.14 percent to 2,540.99.
DBSVickers Report - 27 Nov 2007
Man Wah Holdings 1-for-1 bonus share issue
Story: Man Wah recently proposed a 1-for-1 bonus share issue for shareholders to improve share trading liquidity. This replaces a proposal earlier in November for a rights share and warrants issue that has since been scrapped. Our fair value is revised higher to S$1.18; using a similar 10x blended FY08/09 PER, and after removing the potential dilutive effect of a warrants issue.
Point: Man Wah’s share price is currently trading at 6.3x FY08 PER and 4.5x FY09 PER (financial year ended March), which is undemanding even if we factor in the current market weakness. Indeed, at our fair value, the use of 10x blended FY08/09 PER represents about 50% discount to its peers’ current 19x. We project 52% net profit CAGR for Man Wah in our FY08-10 forecast periods, which implies an attractive 0.2x PEG at our new fair value.
Relevance: Our recent conversations with management indicate positive sales outlook for both its export and domestic markets in October/November, while the stable raw material price trend is likely to support a normalised gross margin of 30% in 2H08. Hence, we have kept our net profit estimates unchanged at HK$176.7m in FY08 and HK$243.6m in FY09. Maintain BUY.
Monday, November 26, 2007
Singapore Hot Stock
SINGAPORE, Nov 26 (Reuters) - China Energy
Stocks and factors to watch.
Stocks and factors to watch.
- Citigroup has lowered its target price for shares in alternative fuel maker China Energy to S$1.96 from S$2.30 but maintained its "buy" rating on the stock, citing expectations of improved margins in the first quarter of 2008. [ID:nSGC001455]
- Chinese residential property developer China New Town Development
- Budget hotel operator Fragrance Group
- Bank of Communications Schroders Fund Management Co has won approval to launch funds for global securities investments, Chinese state media said. [ID:nSHA293674]
- Singapore and Malaysia will open the Singapore-Kuala Lumpur air route to budget airlines from February 1, the Singapore government said. [ID:nSIN56786]
- Singapore's monetary policy is appropriate for now and underlying inflation is in line with the country's Monetary Authority's forecasts, the deputy managing director of the authority, or central bank, said. [ID:nL23682343]
- Singapore's Straits Times Index rose 0.39 percent to 3,325.89 points on Friday.
- The Dow Jones Industrial average rose 1.42 percent to end at 12,980.88. The Nasdaq Composite Index jumped 1.34 percent to 2,596.60.
CIMB Report - 26 Nov 2007
What’s on the table
Telecommunications Sector - A less bumpy ride on the way up Singapore telco service consumption growth remains intact, as could be seen in 3Q07 results. We are bullish on Singapore telcos on account of their reliable earnings growth against the backdrop of a robust domestic economy with the fastest wage growth in seven years, coupled with an immigration boom and an expected take-off of 3G/wireless services in 2008. StarHub stands out for its ARPU growth while SingTel is a subscriber market-share gainer. Robust free cash flow is also supportive of our above-consensus CY08 sector yield projection of 8.4% (consensus: 6.0%). Maintain Overweight with StarHub as our top pick, followed by SingTel. Risk-reward is attractive as Singapore telcos are trading at 7.4x CY08 EV/EBITDA, towards the low end of their historical range.
Quick Takes
Telecommunications Sector - A less bumpy ride on the way up Singapore telco service consumption growth remains intact, as could be seen in 3Q07 results. We are bullish on Singapore telcos on account of their reliable earnings growth against the backdrop of a robust domestic economy with the fastest wage growth in seven years, coupled with an immigration boom and an expected take-off of 3G/wireless services in 2008. StarHub stands out for its ARPU growth while SingTel is a subscriber market-share gainer. Robust free cash flow is also supportive of our above-consensus CY08 sector yield projection of 8.4% (consensus: 6.0%). Maintain Overweight with StarHub as our top pick, followed by SingTel. Risk-reward is attractive as Singapore telcos are trading at 7.4x CY08 EV/EBITDA, towards the low end of their historical range.
Quick Takes
- HG Metal Manufacturing (S$0.49) - FY07 results - Best is yet to come
- Innovalues (S$0.265) - Look forward to 2008 recovery
- Global Equity Technicals - At the crossroads again News of the Day
- Singapore's October CPI up by 1.3% mom
- Pan Hong Property acquires 100% interest in land parcel in Fuzhou City
- China township developer enters Changchun deal
- AVJennings in joint venture to develop office complex at Sydney Olympic Park
- STI Weekly Outlook and HG Metal Manufacturing
OCBC Report - 26 Nov 2007
GRP Ltd: Steady growth in FY08
Summary: As GRP Ltd operates in a fairly mature industry, outlook for the next two financial years is steady with recurring income from its stable group of customers. We believe the company should not have any problems maintaining a dividend payout of at least 1.5 cents for FY08 and FY09, which translates into decent yields of 6.3% and 6.6% for FY08 and FY09, respectively. Given the recent market weakness, we believe there are good buying opportunities for oil and gas services-related companies. We remain positive of the operating environment for this industry, especially with high oil prices. Using 9x FY08F PER, our fair value remains at S$0.25. Coupled with an expected 6.3% dividend yield, we reiterate our BUY rating. (Serene Lim)
For more information on the above, visit www.ocbcresearch.com for detailed report.
NEWS HEADLINES
Summary: As GRP Ltd operates in a fairly mature industry, outlook for the next two financial years is steady with recurring income from its stable group of customers. We believe the company should not have any problems maintaining a dividend payout of at least 1.5 cents for FY08 and FY09, which translates into decent yields of 6.3% and 6.6% for FY08 and FY09, respectively. Given the recent market weakness, we believe there are good buying opportunities for oil and gas services-related companies. We remain positive of the operating environment for this industry, especially with high oil prices. Using 9x FY08F PER, our fair value remains at S$0.25. Coupled with an expected 6.3% dividend yield, we reiterate our BUY rating. (Serene Lim)
For more information on the above, visit www.ocbcresearch.com for detailed report.
NEWS HEADLINES
- October's inflation rate surged unexpectedly to 3.6%, a 16-year high for Singapore.
- SembMarine appointed Lim Joke Mui, group CFO of SembCorp Industries, as a non-executive director in an attempt to strengthen its corporate governance.
- HG Metal reported a 31.6% YoY rise in FY07 net profit to a record $18.1m, driven by higher steel prices and strong demand. It is proposing a 1-for-3 bonus share issue.
- CosmoSteel Hldgs and Federal International announced the formation of a 50-50 JV investment vehicle, KVA Energy to target energy projects in the Asia Pacific region.
- Sihuan Pharmaceutical Hldgs has bought the rights to a Chinese antithrombotic drug for RMB3.5m, with clinical trials expected to commence in the later half of 2008.
- China New Town Dev is to take an 80% stake in a 11 sq km township project in Changchun, China. 20% will be held by the Changchun Auto Industry Development Zone Administrative Committee.
- Pan Hong Property Group announced plans for 2 property launches in Jiangxi Province next year. It also acquired about 191k sqm of land in Fuzhou City for RMB210m in order to develop high-end residential and commercial properties.
DBSVickers Report - 26 Nov 2007
China Sky No rude shocks with crude price spike
Story: We had an update with management with a particular focus on the crude price impact as crude prices climb towards US$100 per barrel level.
Point: China Sky (CSCF) should be able to pass on the bulk of the additional material cost, if not fully, to customers on the assumption that crude price does not remain above US$100 a barrel. As evidence, management stated that it has successfully raised product ASP by RMB300-RMB500 per tonne in 4Q07 and would gradually increase ASPs further to fully pass on the additional cost. The Group’s stable margins over the past four years and our industry findings suggest a positive correlation in pricing of nylon chip and nylon fibre, and this enhances our confidence in the Group’s ability to minimise raw material price impact.
Relevance: We continue to like CSCF as a key beneficiary of rising consumption and affluence among the Chinese. Apart from decent organic growth of c. 20%, we see further re-rating catalyst on the M&A front. We reiterate our Buy call on the counter with a TP of S$3.40, pegged to 15x blended 08/09 diluted EPS.
Story: We had an update with management with a particular focus on the crude price impact as crude prices climb towards US$100 per barrel level.
Point: China Sky (CSCF) should be able to pass on the bulk of the additional material cost, if not fully, to customers on the assumption that crude price does not remain above US$100 a barrel. As evidence, management stated that it has successfully raised product ASP by RMB300-RMB500 per tonne in 4Q07 and would gradually increase ASPs further to fully pass on the additional cost. The Group’s stable margins over the past four years and our industry findings suggest a positive correlation in pricing of nylon chip and nylon fibre, and this enhances our confidence in the Group’s ability to minimise raw material price impact.
Relevance: We continue to like CSCF as a key beneficiary of rising consumption and affluence among the Chinese. Apart from decent organic growth of c. 20%, we see further re-rating catalyst on the M&A front. We reiterate our Buy call on the counter with a TP of S$3.40, pegged to 15x blended 08/09 diluted EPS.
Sunday, November 25, 2007
Week 47 (19 Nov 2007 - 23 Nov 2007)
Daily Share Buy-Back Notice - 23 Nov 2007
STARHUB LTD (13,000)
ASTI HOLDINGS LIMITED (500,000)
UNITED OVERSEAS BANK LTD (100,000)
BANYAN TREE HOLDINGS LIMITED (200,000)
LMA INTERNATIONAL N.V. (500,000)
INNOTEK LIMITED (262,000)
DATACRAFT ASIA LTD (300,000)
ELEC & ELTEK INT CO LTD (70,000)
TREK 2000 INT'L LTD (307,000)
MEMTECH INTERNATIONAL LTD (243,000)
ASIAPHARM GROUP LTD (50,000)
AZTECH SYSTEMS LTD (50,000)
HAW PAR CORP LTD (200,000)
CHUAN HUP HOLDINGS LIMITED (100,000)
Daily Share Buy-Back Notice - 22 Nov 2007
CHIP ENG SENG CORPORATION LTD (4,134,000)
MEMTECH INTERNATIONAL LTD (257,000)
STARHUB LTD (135,000)
LMA INTERNATIONAL N.V. (210,000)
UNISTEEL TECHNOLOGY LTD (88,000)
NEPTUNE ORIENT LINES LIMITED (100,000)
TREK 2000 INT'L LTD (402,000)
CHUAN HUP HOLDINGS LIMITED (5,360,000)
ASTI HOLDINGS LIMITED (600,000)
UNITED OVERSEAS BANK LTD (100,000)
ADVANCED HOLDINGS LTD (750,000)
AZTECH SYSTEMS LTD (250,000)
INNOTEK LIMITED (500,000)
TREK 2000 INT'L LTD (145,000)
Daily Share Buy-Back Notice - 21 Nov 2007
EZRA HOLDINGS LIMITED (340,000)
EZRA HOLDINGS LIMITED (200,000) Dated 19 Nov 2007
EZRA HOLDINGS LIMITED (1,585,000) Dated 16 Nov 2007
UNISTEEL TECHNOLOGY LTD (8,000)
DBS GROUP HOLDINGS LTD (200,000)
MFG INTEGRATION TECHNOLOGY LTD (35,000)
MAGNECOMP INTERNATIONAL LTD (404,000)
STARHUB LTD (45,000)
UNITED OVERSEAS BANK LTD (85,000)
ASTI HOLDINGS LIMITED (650,000)
LMA INTERNATIONAL N.V. (257,000)
NEPTUNE ORIENT LINES LIMITED (100,000)
ELEC & ELTEK INT CO LTD (100,000)
CHUAN HUP HOLDINGS LIMITED (4,084,000)
AZTECH SYSTEMS LTD (200,000)
HAW PAR CORP LTD (350,000)
TREK 2000 INT'L LTD (22,000)
Daily Share Buy-Back Notice - 20 Nov 2007
CHIP ENG SENG CORPORATION LTD (500,000)
MFG INTEGRATION TECHNOLOGY LTD (22,000)
DBS GROUP HOLDINGS LTD (200,000)
NEPTUNE ORIENT LINES LIMITED (150,000)
UNITED OVERSEAS BANK LTD (70,000)
LMA INTERNATIONAL N.V. (138,000)
CHUAN HUP HOLDINGS LIMITED (2,875,000)
ASTI HOLDINGS LIMITED (700,000)
Daily Share Buy-Back Notice - 19 Nov 2007
WING TAI HLDGS LTD (500,000)
UNITED OVERSEAS BANK LTD (70,000)
LMA INTERNATIONAL N.V. (150,000)
NEPTUNE ORIENT LINES LIMITED (150,000)
ASTI HOLDINGS LIMITED (100,000)
CHUAN HUP HOLDINGS LIMITED (565,000)
STARHUB LTD (13,000)
ASTI HOLDINGS LIMITED (500,000)
UNITED OVERSEAS BANK LTD (100,000)
BANYAN TREE HOLDINGS LIMITED (200,000)
LMA INTERNATIONAL N.V. (500,000)
INNOTEK LIMITED (262,000)
DATACRAFT ASIA LTD (300,000)
ELEC & ELTEK INT CO LTD (70,000)
TREK 2000 INT'L LTD (307,000)
MEMTECH INTERNATIONAL LTD (243,000)
ASIAPHARM GROUP LTD (50,000)
AZTECH SYSTEMS LTD (50,000)
HAW PAR CORP LTD (200,000)
CHUAN HUP HOLDINGS LIMITED (100,000)
Daily Share Buy-Back Notice - 22 Nov 2007
CHIP ENG SENG CORPORATION LTD (4,134,000)
MEMTECH INTERNATIONAL LTD (257,000)
STARHUB LTD (135,000)
LMA INTERNATIONAL N.V. (210,000)
UNISTEEL TECHNOLOGY LTD (88,000)
NEPTUNE ORIENT LINES LIMITED (100,000)
TREK 2000 INT'L LTD (402,000)
CHUAN HUP HOLDINGS LIMITED (5,360,000)
ASTI HOLDINGS LIMITED (600,000)
UNITED OVERSEAS BANK LTD (100,000)
ADVANCED HOLDINGS LTD (750,000)
AZTECH SYSTEMS LTD (250,000)
INNOTEK LIMITED (500,000)
TREK 2000 INT'L LTD (145,000)
Daily Share Buy-Back Notice - 21 Nov 2007
EZRA HOLDINGS LIMITED (340,000)
EZRA HOLDINGS LIMITED (200,000) Dated 19 Nov 2007
EZRA HOLDINGS LIMITED (1,585,000) Dated 16 Nov 2007
UNISTEEL TECHNOLOGY LTD (8,000)
DBS GROUP HOLDINGS LTD (200,000)
MFG INTEGRATION TECHNOLOGY LTD (35,000)
MAGNECOMP INTERNATIONAL LTD (404,000)
STARHUB LTD (45,000)
UNITED OVERSEAS BANK LTD (85,000)
ASTI HOLDINGS LIMITED (650,000)
LMA INTERNATIONAL N.V. (257,000)
NEPTUNE ORIENT LINES LIMITED (100,000)
ELEC & ELTEK INT CO LTD (100,000)
CHUAN HUP HOLDINGS LIMITED (4,084,000)
AZTECH SYSTEMS LTD (200,000)
HAW PAR CORP LTD (350,000)
TREK 2000 INT'L LTD (22,000)
Daily Share Buy-Back Notice - 20 Nov 2007
CHIP ENG SENG CORPORATION LTD (500,000)
MFG INTEGRATION TECHNOLOGY LTD (22,000)
DBS GROUP HOLDINGS LTD (200,000)
NEPTUNE ORIENT LINES LIMITED (150,000)
UNITED OVERSEAS BANK LTD (70,000)
LMA INTERNATIONAL N.V. (138,000)
CHUAN HUP HOLDINGS LIMITED (2,875,000)
ASTI HOLDINGS LIMITED (700,000)
Daily Share Buy-Back Notice - 19 Nov 2007
WING TAI HLDGS LTD (500,000)
UNITED OVERSEAS BANK LTD (70,000)
LMA INTERNATIONAL N.V. (150,000)
NEPTUNE ORIENT LINES LIMITED (150,000)
ASTI HOLDINGS LIMITED (100,000)
CHUAN HUP HOLDINGS LIMITED (565,000)
Rank rebuffs move by US rival
Rank rebuffs move by US rival
By Ben Harrington
Last Updated: 11:47pm GMT 24/11/2007
Last Updated: 11:47pm GMT 24/11/2007
Rank, the embattled casino and bingo operator, has rejected an audacious proposal from Harrah's Entertainment, the owner of the Caesars Palace casino and one of the world's largest gambling companies.
The proposal would have seen the Las Vegas-based company sell a significant portion of London Clubs International (LCI) to Rank in return for a stake of around 28 per cent, according to people familiar with the discussions.
It is not clear why Harrah's made the unusual offer - which is not thought to have included LCI's overseas operations, such as its South African Emerald Casino resort.
The US company, which is in the process of being acquired by Apollo and TPG, the private equity groups, bought LCI only last year for around £300m, its first foray into the newly deregulated British gambling market.
However, the operating environment has since changed after Gordon Brown's new government torpedoed the liberalisation plans set out by his predecessor, Tony Blair.
Leisure groups such as Rank have seen their shares hit in recent months as investors have raised concerns that tougher legislation, in particular the smoking ban, will hit profits. Last week Riva Gaming warned that 100 bingo clubs could close within six months.
In addition, changes introduced by the Gambling Act have already forced Rank, led by chief executive Ian Burke, to remove around 950 gaming terminals from its Mecca Bingo clubs and Grosvenor casinos.
Rank, which has 33 casino operating licences and 12 non-operating licences, issued a profits warning last month that sent its shares crashing to their lowest level in seven years. On Friday the shares closed at 80p, valuing the company at around £315m.
Since the profits warning, analysts have speculated that a predator - such as Harrah's, Genting, the Malaysian gaming group, or a private equity firm - could emerge with a bid for Rank.
Ladbrokes and William Hill have also been cited as potential bidders and analysts have said there would be no competition issues. However, sceptics believe that Rank's debt and a minimal freehold estate mean it is unlikely that a bidder will emerge.
There has certainly been interest from private equity firms in the past. At the beginning of the summer Charterhouse Capital Partners made an approach for Rank, but it was rebuffed by Burke. Two years ago Apollo teamed up with BC Partners and Global Leisure Partners to launch an offer; however, that plan was aborted at the last minute.
None of the parties involved would comment last night.
Saturday, November 24, 2007
铟市场难以回暖
【安泰科讯】市场参与者认为年底前铟价反弹的可能性较小，其原因主要是由于需求冷淡，生产量大，再生产量增长，以及走私严重。
株冶进出口公司王建军前不久在北京举办的2007亚洲小金属高峰论坛上表示，今年是困难的一年，现在市场的库存很难被消化完全。他认为年内不会在发生任何影响铟市场的大事件，购买商也由于价格下滑开始犹豫是否在此时进货。
德国小金属贸易商Tradium Gmbh公司负责人Matthias Ruth表示铟价不可能马上反弹，未来价格还有下降可能。市场出价很多，但无人问津，他认为铟价可能会跌至400美元，他认为2008年下半年铟价可能有回调。同时再生金属参量也肯以满足购买者的额外需求。
尽管再生铟产量并不确定，但是市场参与者相信一部分再生铟用于日本韩国生产平板显示器中使用的氧化铟锡（ITO）。业内人士还表示自从北京开始实施铟出口许可以后，走私日渐猖獗，导致价格下跌。很多公司没有拿到出口配额，或者是为了逃税将铟锭藏在锌锭中，或者将寄往香港的金属改寄到附近的越南。10月中旬中国出口精铟离岸价450-550美元/公斤。
（铅锌贵稀部编译 63978092-8062 王维玮）
（铅锌贵稀部编译 63978092-8062 王维玮）
Sale! Stock discounts! (updated weekly)
ANALYSTS GALORE!
Jesvinder Sandhu, DBS Vickers
Kevin Chong, Citigroup
Jessie Lai, CIMB-GK Securities
Goh Han Peng, Kim Eng Live
Lee Wen Ching, OCBC Inv Research
* Time Watch EPS in FY07 was boosted by exceptional gains.
Compiled by NextInsight
Linus Loo, Lim & Tan Securities
Low Horng Han, Citigroup
Joseph Yap, SBI-E2
Foo Sze Ming, NetResearch
Jonathan Ng, CIMB-GK Securities
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