据新加坡4月14日消息，韩国国家采购机构一官员周一表示，该机构已经发布招标会，寻购6,000吨非西方铝锭及少量镍、锡和铟。
韩国公共采购服务机构（PPS）原材料库存分部主管Chang Kyung Soon称，铝供应的投标将于4月16日开放，其余金属在4月17日。
招标寻购的6,000吨非西方LME可交割铝锭船货定于6月30日前抵达仁川港。在赢得竞标的当日至6月30日期间为船货定价，由PPS决定。
招标的镍被指定在6月10日前100吨运往釜山港，另外100吨运往仁川港。
在锡招标中，200吨纯度在99.85%以上的锡锭运往仁川港，80吨纯度在99.9%以上的锡锭亦运往仁川，另外20吨纯度为99.9%的锡锭运往釜山。
招标寻购的2吨纯度为99.995%的铟锭要求在7月15日前运往仁川。
Source
Wednesday, April 30, 2008
盲目出口致海外收购压价 "铟"何时实现以稀为贵
新疆阿勒泰加快建设我国重要的矿产资源基地，这是3月19日拍摄的新疆阿勒泰地区富蕴县矿业工业园区。新华社记者:沙达提 摄
作为我国优势战略资源的高科技产品关键原材料金属铟，由于盲目出口，海外收购方不断压价，目前价格跌至近年最低值，国内铟企业被迫"惜售"。专家指出，铟资源极其有限，未来几年全球市场将供不应求，国家实施储备政策，将是我国在未来高科技领域竞争取得优势的重要砝码。
企业"惜售"应对日本低价收购
铟产业被称为"信息时代的朝阳产业"。作为低熔合金、轴承合金、半导 体、电光源等的原料，铟广泛应用于电子工业、航空航天、合金制造、太阳能电池新材料等高科技领域，在电子、电信、光电、国防、通讯等领域具有战略地位。
铟常伴生在铅、锌、锡等矿中，仅为黄金储量的1/6。据美国国家地质调查局(2005)年最新资源显示，除中国以外的全球地质储量为6000吨，中国保有地质储量为1.3万吨。其中广西的铟储量约5000吨，居全国第一。
中国是世界最大的产铟国和出口国，原生铟产量占全球60%以上。从上世纪90年代开始，铟在液晶显示器上广泛应用，铟价在国际市场上不断上涨，一度超过1000万元/吨。然而近两年来，我国对外贸易中铟市场价格却极度贬值。
广西堂汉锌铟公司董事长伍永田博士介绍说，目前铟价已跌至320万元/吨，这样的价格走势，对产铟大国来说极不相称。
堂汉锌铟公司位于我国铟资源最富集的广西河池市南丹县。南丹县县长陈继勇告诉记者，目前该县四家主要产铟企业在政府支持下与银行签订协议，企业铟产品不再卖给日本企业，因为他们出价太低。企业周转资金可从合作抵押的银行获取。
伍永田说，当前国内铟产业的发展存在"群龙无首"、中小企业当道的局面。目前我国有100多家铟厂，铟资源呈分散状态，约95%的生产厂家年生产量都在1至5吨左右，且多数只能加工初级原料产品。日本采取向中小企业分散收购方式，这些企业竞相压价出货，从而造成目前铟资源大量低价流失。
中国地质科学院全球矿产资源战略研究中心博士后王明艳说，日本是中国铟矿的最大买家，但是，日本从中国进口的铟矿只有一部分用作生产，另外一部分转为战略储备。实际上，美、欧、韩都有相应的国家储备政策，这些资源主要是从中国进口。
世界高科技产品发展将大量依赖铟
铟是液晶显示器的关键性材料。从1994年薄板显示产业发展以来，铟每年需求量都在以25%至40%的速度增长，日本对铟的消费量占全球的70%，中国铟产品80%出口日本和韩国。
王明艳介绍说，虽然日本消费商一直致力于研发铟锭在液晶显示方面的替代品，都没有进展，预计在未来很长一段时间内都不会有太大突破。另外，铟在高科技领域的核心价值在未来还将不断体现，世界芯片巨头英特尔已经发布了运算速度将提升50%的下一代标准半导体晶体管--锑化铟晶体管，如果2010年新生产电脑有一半使用该晶体管，全球每年对铟的需求至少增加300吨以上。
正是鉴于铟金属在高科技领域运用的重要战略价值，经济发达国家正在加紧对铟产品的战略储备。 1989年美国国家储备局首次将铟列为国家战略储备物资，第一次购买了1.56吨铟，随后逐年增加。日本在上世纪80年代制定了储备稀有金属的相关法律，规定国家和部分企业必须储备一定数量的稀有金属，并要求储备足够3个月到半年左右的消耗量。目前日本铟金属的储备可供一年使用。
伍永田说，因为有了储备，日本才能将铟价压得很低。日本100多家企业用户形成联盟，靠5家代理采购商统一采购，我们供应商提价时，其运用储备，三个月不采购，一些企业为了生存发展，不得不低价出货。我国企业松散，与日本企业竞争难以形成合力，最终造成资源的巨大损失。伍永田表示，希望在国家的政策引导下，借鉴石油输出国"欧佩克"组织模式，利用垄断性资源形成硬实力，实现铟价值最大化。
稀有金属储备量将成为国家发展高科技的实力标志
稀有金属是高科技产品主要材料，据统计，我国稀有金属以占世界20%的储量供应着全球80%的消耗。照此速度，20年之后，一些具有战略意义和关系到国防安全的稀有金属将在中国消失。
王明艳认为，随着全球资源减少，未来科技竞争中，稀有金属储备量将成为国家发展高科技的实力标志，铟就是最典型的战略资源。我国应通过原材料控制，一方面取得定价话语权，另外，在制造业通过以材料换产业合作方式，还可获得发达国家更多的核心技术。
河池市津泰资源再生有限公司是一家利用冶金废渣进行铟回收的高科技企业，总经理伍定勇说，从目前形势看，国家在对外贸易中仅仅对铟、钼等战略矿产资源实行配额管理是不够的，这些战略资源仍在通过各种方式低收益地流向海外。对这些特殊品种矿产，必须在保证国家利益的前提下，控制出口。
对于铟金属产业发展，专家建议应彻底规范小企业生产，同时实行国家专卖制度，实施中央统一管理、委托开发，产品集中收购、统一销售。实行国家储备，鼓励民间储备，制定官方与民间的储备机制。我国正走向液晶生产大国，目前中国的铟廉价卖给国外，未来有可能花几十倍甚至几百倍价格从国外有储备的国家、企业购买铟。
伍永田说，国家还应培育和扶持金属铟深加工产业，加快下游产品研发及产业化步伐。目前我国铟产品以初级产品为主，日本等国液晶产品生产商通过购入这些附加值不高的原料，生产价格昂贵的平板电视等高科技产品。国家应通过培育一批先进企业，使我国优势金属的影响力变为最终产品的影响力。(文贻炜 向志强)
Source
作为我国优势战略资源的高科技产品关键原材料金属铟，由于盲目出口，海外收购方不断压价，目前价格跌至近年最低值，国内铟企业被迫"惜售"。专家指出，铟资源极其有限，未来几年全球市场将供不应求，国家实施储备政策，将是我国在未来高科技领域竞争取得优势的重要砝码。
企业"惜售"应对日本低价收购
铟产业被称为"信息时代的朝阳产业"。作为低熔合金、轴承合金、半导 体、电光源等的原料，铟广泛应用于电子工业、航空航天、合金制造、太阳能电池新材料等高科技领域，在电子、电信、光电、国防、通讯等领域具有战略地位。
铟常伴生在铅、锌、锡等矿中，仅为黄金储量的1/6。据美国国家地质调查局(2005)年最新资源显示，除中国以外的全球地质储量为6000吨，中国保有地质储量为1.3万吨。其中广西的铟储量约5000吨，居全国第一。
中国是世界最大的产铟国和出口国，原生铟产量占全球60%以上。从上世纪90年代开始，铟在液晶显示器上广泛应用，铟价在国际市场上不断上涨，一度超过1000万元/吨。然而近两年来，我国对外贸易中铟市场价格却极度贬值。
广西堂汉锌铟公司董事长伍永田博士介绍说，目前铟价已跌至320万元/吨，这样的价格走势，对产铟大国来说极不相称。
堂汉锌铟公司位于我国铟资源最富集的广西河池市南丹县。南丹县县长陈继勇告诉记者，目前该县四家主要产铟企业在政府支持下与银行签订协议，企业铟产品不再卖给日本企业，因为他们出价太低。企业周转资金可从合作抵押的银行获取。
伍永田说，当前国内铟产业的发展存在"群龙无首"、中小企业当道的局面。目前我国有100多家铟厂，铟资源呈分散状态，约95%的生产厂家年生产量都在1至5吨左右，且多数只能加工初级原料产品。日本采取向中小企业分散收购方式，这些企业竞相压价出货，从而造成目前铟资源大量低价流失。
中国地质科学院全球矿产资源战略研究中心博士后王明艳说，日本是中国铟矿的最大买家，但是，日本从中国进口的铟矿只有一部分用作生产，另外一部分转为战略储备。实际上，美、欧、韩都有相应的国家储备政策，这些资源主要是从中国进口。
世界高科技产品发展将大量依赖铟
铟是液晶显示器的关键性材料。从1994年薄板显示产业发展以来，铟每年需求量都在以25%至40%的速度增长，日本对铟的消费量占全球的70%，中国铟产品80%出口日本和韩国。
王明艳介绍说，虽然日本消费商一直致力于研发铟锭在液晶显示方面的替代品，都没有进展，预计在未来很长一段时间内都不会有太大突破。另外，铟在高科技领域的核心价值在未来还将不断体现，世界芯片巨头英特尔已经发布了运算速度将提升50%的下一代标准半导体晶体管--锑化铟晶体管，如果2010年新生产电脑有一半使用该晶体管，全球每年对铟的需求至少增加300吨以上。
正是鉴于铟金属在高科技领域运用的重要战略价值，经济发达国家正在加紧对铟产品的战略储备。 1989年美国国家储备局首次将铟列为国家战略储备物资，第一次购买了1.56吨铟，随后逐年增加。日本在上世纪80年代制定了储备稀有金属的相关法律，规定国家和部分企业必须储备一定数量的稀有金属，并要求储备足够3个月到半年左右的消耗量。目前日本铟金属的储备可供一年使用。
伍永田说，因为有了储备，日本才能将铟价压得很低。日本100多家企业用户形成联盟，靠5家代理采购商统一采购，我们供应商提价时，其运用储备，三个月不采购，一些企业为了生存发展，不得不低价出货。我国企业松散，与日本企业竞争难以形成合力，最终造成资源的巨大损失。伍永田表示，希望在国家的政策引导下，借鉴石油输出国"欧佩克"组织模式，利用垄断性资源形成硬实力，实现铟价值最大化。
稀有金属储备量将成为国家发展高科技的实力标志
稀有金属是高科技产品主要材料，据统计，我国稀有金属以占世界20%的储量供应着全球80%的消耗。照此速度，20年之后，一些具有战略意义和关系到国防安全的稀有金属将在中国消失。
王明艳认为，随着全球资源减少，未来科技竞争中，稀有金属储备量将成为国家发展高科技的实力标志，铟就是最典型的战略资源。我国应通过原材料控制，一方面取得定价话语权，另外，在制造业通过以材料换产业合作方式，还可获得发达国家更多的核心技术。
河池市津泰资源再生有限公司是一家利用冶金废渣进行铟回收的高科技企业，总经理伍定勇说，从目前形势看，国家在对外贸易中仅仅对铟、钼等战略矿产资源实行配额管理是不够的，这些战略资源仍在通过各种方式低收益地流向海外。对这些特殊品种矿产，必须在保证国家利益的前提下，控制出口。
对于铟金属产业发展，专家建议应彻底规范小企业生产，同时实行国家专卖制度，实施中央统一管理、委托开发，产品集中收购、统一销售。实行国家储备，鼓励民间储备，制定官方与民间的储备机制。我国正走向液晶生产大国，目前中国的铟廉价卖给国外，未来有可能花几十倍甚至几百倍价格从国外有储备的国家、企业购买铟。
伍永田说，国家还应培育和扶持金属铟深加工产业，加快下游产品研发及产业化步伐。目前我国铟产品以初级产品为主，日本等国液晶产品生产商通过购入这些附加值不高的原料，生产价格昂贵的平板电视等高科技产品。国家应通过培育一批先进企业，使我国优势金属的影响力变为最终产品的影响力。(文贻炜 向志强)
Source
纽约汇市综述：美元在FOMC利率决定公布前夕走高
美元兑欧元周二走高，受疲软的欧元区数据以及市场对美国联邦储备委员会(Federal Reserve, 简称Fed)周三仅小幅减息并暗示暂停减息的预期提振。
欧元兑美元周二跌至1.5540美元，几乎达到四周低点，较上周触及的1.6020美元纪录高位回落了将近5美分。
伦敦交易时段公布的4月份法国消费者信心跌至历史低位，一项欧元区零售指数也下滑，这引发了针对欧元的首轮抛盘。
这些数据进一步说明，欧洲经济正在遭受美国经济低迷的影响。
另外，市场预计Fed旨在刺激经济增长的大幅减息战略即将结束，或者至少会在一段时间内，Fed将维持利率不变，这种看法周二也对美元构成支撑。
虽然经济数据依然疲软，但最近几周股市表现稳定，公司业绩也不像人们担心的那么糟，这减轻了Fed下调利率的紧迫性。
从利率期货的走势来看，市场预计Fed周三仅会减息25个基点，将基准利率调低至2.0%。
甚至有一小部分人认为，Fed可能会把利率维持在2.25%不变。
纽约汇市周二后市，电子交易系统显示，欧元兑1.5565美元，周一尾盘为1.5640美元；美元兑103.98日圆，周一尾盘为104.17日圆；欧元兑161.85日圆，周一尾盘报162.92日圆；英镑兑1.9684美元，周一尾盘报1.9897美元；美元兑1.0379瑞士法郎，周一尾盘报1.0347瑞士法郎。
英镑兑美元追随欧元兑美元走低，在疲软的英国数据指引下，许多对冲基金和投机者纷纷作空英镑，或者押注英镑将会走软。
英国工业联合会(Confederation of British Industry)的调查显示，英国零售商4月份销售额降至2005年11月份以来的最低水平。
英国央行(Bank of England)也表示，英国3月份抵押贷款批准数量降至1999年1月份以来的最低水平。
英镑兑美元一度跌至1.9668美元的低点，为一周多来的最低点。
美元虽然兑欧元上涨，但兑日圆有所下跌。
美国股市今日多数时段处于前收盘水平下方，投资者因此买入低收益率的日圆而不是持有高收益率的风险头寸，这推动日圆走强。
美元兑智利比索周二走高，因为随着Fed货币政策立场趋于紧缩，智利比索相对于美元的利差也将减少，外国投资者押注智利比索升值的盈利空间将萎缩。
美元收报459.80智利比索，周一收报453.70比索。哥伦比亚比索兑美元周二也遇到了相似的情况，美元升至1,786比索，周一尾盘报1,786比索。
分析师称，近一年前开始实施的抑制哥伦比亚比索升值的资本管制措施开始发挥显著的作用。
欧元兑美元周二跌至1.5540美元，几乎达到四周低点，较上周触及的1.6020美元纪录高位回落了将近5美分。
伦敦交易时段公布的4月份法国消费者信心跌至历史低位，一项欧元区零售指数也下滑，这引发了针对欧元的首轮抛盘。
这些数据进一步说明，欧洲经济正在遭受美国经济低迷的影响。
另外，市场预计Fed旨在刺激经济增长的大幅减息战略即将结束，或者至少会在一段时间内，Fed将维持利率不变，这种看法周二也对美元构成支撑。
虽然经济数据依然疲软，但最近几周股市表现稳定，公司业绩也不像人们担心的那么糟，这减轻了Fed下调利率的紧迫性。
从利率期货的走势来看，市场预计Fed周三仅会减息25个基点，将基准利率调低至2.0%。
甚至有一小部分人认为，Fed可能会把利率维持在2.25%不变。
纽约汇市周二后市，电子交易系统显示，欧元兑1.5565美元，周一尾盘为1.5640美元；美元兑103.98日圆，周一尾盘为104.17日圆；欧元兑161.85日圆，周一尾盘报162.92日圆；英镑兑1.9684美元，周一尾盘报1.9897美元；美元兑1.0379瑞士法郎，周一尾盘报1.0347瑞士法郎。
英镑兑美元追随欧元兑美元走低，在疲软的英国数据指引下，许多对冲基金和投机者纷纷作空英镑，或者押注英镑将会走软。
英国工业联合会(Confederation of British Industry)的调查显示，英国零售商4月份销售额降至2005年11月份以来的最低水平。
英国央行(Bank of England)也表示，英国3月份抵押贷款批准数量降至1999年1月份以来的最低水平。
英镑兑美元一度跌至1.9668美元的低点，为一周多来的最低点。
美元虽然兑欧元上涨，但兑日圆有所下跌。
美国股市今日多数时段处于前收盘水平下方，投资者因此买入低收益率的日圆而不是持有高收益率的风险头寸，这推动日圆走强。
美元兑智利比索周二走高，因为随着Fed货币政策立场趋于紧缩，智利比索相对于美元的利差也将减少，外国投资者押注智利比索升值的盈利空间将萎缩。
美元收报459.80智利比索，周一收报453.70比索。哥伦比亚比索兑美元周二也遇到了相似的情况，美元升至1,786比索，周一尾盘报1,786比索。
分析师称，近一年前开始实施的抑制哥伦比亚比索升值的资本管制措施开始发挥显著的作用。
成功置地819萬韓國聯營度假村
( 吉隆坡29日訊) 成功置地(BJLAND，4219，主板貿服股)獨資子公司成功休閒(開曼)有限公司，與濟州國際城市發展中心(簡稱JDC)簽署聯營合約，將與韓國政府合作設立成功濟州度假村有限公司(Berjaya Jeju Resort)，成本總計高達260萬美元(約819萬7800令吉)，而毛發展價值達360萬美元(約1135萬800令吉)。
雙方旗下的聯營公司成功濟州度假村有限公司，將成為韓國濟州的74.37公頃土地主要發展商，以在當地建設渡假屋式的住宅與商場，其中將有200棟別墅、600個公寓單位、500間房的酒店及賭場等建設。賭場將會是該計劃的主要發展項目，預計將歷時8到10年。
此外，該聯營公司將以7300萬美元(約2億3016萬9000令吉)，向JDC收購上述土地。成功休閒(開曼)有限公司將佔聯營公司的81%股權，而JDC則持有其余19%股權。
Source
雙方旗下的聯營公司成功濟州度假村有限公司，將成為韓國濟州的74.37公頃土地主要發展商，以在當地建設渡假屋式的住宅與商場，其中將有200棟別墅、600個公寓單位、500間房的酒店及賭場等建設。賭場將會是該計劃的主要發展項目，預計將歷時8到10年。
此外，該聯營公司將以7300萬美元(約2億3016萬9000令吉)，向JDC收購上述土地。成功休閒(開曼)有限公司將佔聯營公司的81%股權，而JDC則持有其余19%股權。
Source
Singapore Hot Stocks-Parkway Hldgs soars on Malaysia stake buy
SINGAPORE, April 30 (Reuters) - Parkway Holdings surged as much as 8.8 percent after Malaysia's state investment arm Khazanah said it bought a stake in the firm for S$531.5 million ($390.5 million).
Shares of the medical and healthcare services provider hit an intraday high of S$3.70 with over 19 shares million traded.
0629 GMT - Straits Times Index <.FTSTI> steady.
COSCO REBOUNDS AHEAD OF Q1 RESULTS
Shares of Cosco Corp (Singapore) rebounded after strong profits posted by its Hong Kong-listed sister firm COSCO Pacific <1199.hk> raised investors' optimism, dealers said.
The Chinese shipbuilding and repair firm, which will report its first-quarter earnings later on Wednesday, rose as much as 5.2 percent to cancel out losses from the previous day.
Its shares hit an intraday high of S$3.24 with over 15 million shares traded.
"Sentiments have been gyrating lately. Investors expect an improvement quarter-on-quarter but are still worried about high steel costs," a dealer said.
COSCO Pacific, a container leasing firm also controlled by Cosco (Singapore)'s parent China Ocean Shipping (Group) Co, said on Tuesday its first-quarter net profit rose 15.6 percent.
Global steel prices have seen new highs this year but are poised to ease towards the end of 2008, analysts said.
0404 GMT - Straits Times Index <.FTSTI> up 0.33 percent.
CHINA FLEX SLUMPS AFTER PROFIT WARNING
China Flexible Packaging Holdings plunged nearly 13 percent to S$0.335 after the packaging materials maker warned investors that second-quarter profit would fall.
The China-based firm said second-quarter net profit is expected to be lower from a year ago, due to a fall in demand for its products.
High prices for crude oil, which is a key raw material for packaging materials, and more than a month of stoppages in production also contributed to lower earnings for this quarter ending April 30, 2008.
But the firm said it will remain profitable for the full-year 2008.
0121 GMT - Straits Times Index <.FTSTI> down 0.13 percent. (Reporting by Tan Wei Xin; Editing by Jan Dahinten) ((weixin.tan@thomsonreuters.com; +65 6403 5667; Reuters Messaging: weixin.tan.reuters.com@reuters.net))
Shares of the medical and healthcare services provider hit an intraday high of S$3.70 with over 19 shares million traded.
0629 GMT - Straits Times Index <.FTSTI> steady.
COSCO REBOUNDS AHEAD OF Q1 RESULTS
Shares of Cosco Corp (Singapore) rebounded after strong profits posted by its Hong Kong-listed sister firm COSCO Pacific <1199.hk> raised investors' optimism, dealers said.
The Chinese shipbuilding and repair firm, which will report its first-quarter earnings later on Wednesday, rose as much as 5.2 percent to cancel out losses from the previous day.
Its shares hit an intraday high of S$3.24 with over 15 million shares traded.
"Sentiments have been gyrating lately. Investors expect an improvement quarter-on-quarter but are still worried about high steel costs," a dealer said.
COSCO Pacific, a container leasing firm also controlled by Cosco (Singapore)'s parent China Ocean Shipping (Group) Co, said on Tuesday its first-quarter net profit rose 15.6 percent.
Global steel prices have seen new highs this year but are poised to ease towards the end of 2008, analysts said.
0404 GMT - Straits Times Index <.FTSTI> up 0.33 percent.
CHINA FLEX SLUMPS AFTER PROFIT WARNING
China Flexible Packaging Holdings plunged nearly 13 percent to S$0.335 after the packaging materials maker warned investors that second-quarter profit would fall.
The China-based firm said second-quarter net profit is expected to be lower from a year ago, due to a fall in demand for its products.
High prices for crude oil, which is a key raw material for packaging materials, and more than a month of stoppages in production also contributed to lower earnings for this quarter ending April 30, 2008.
But the firm said it will remain profitable for the full-year 2008.
0121 GMT - Straits Times Index <.FTSTI> down 0.13 percent. (Reporting by Tan Wei Xin; Editing by Jan Dahinten) ((weixin.tan@thomsonreuters.com; +65 6403 5667; Reuters Messaging: weixin.tan.reuters.com@reuters.net))
30-04-2008: Genting International ends talks with Singapore Sports Hub
KUALA LUMPUR: Genting International plc has discontinued talks with the Singapore Sports Hub Consortium on a proposed construction of a hotel in the Singapore Sports Hub.
Talks have ceased “as it has been informed that the Singapore Sports Council has decided not to have a hotel in the Singapore Sports Hub at this point in time”, Genting International managing director Justin Tan Wah Joo said in a statement yesterday.
It was previously reported that the plan had been to build, at the sports hub, a four-star hotel with 500 rooms that will cost about S$200 million (RM463.12 million). Genting International was reportedly to have been given the go-ahead to run the hotel for 25 years.
Genting International shares fell 0.5 Singapore cents to 60.5 Singapore cents on the Singapore Exchange yesterday with 3.65 million shares done. Investor’s concerns on Genting International are more related to costs at its integrated resort.
Genting Bhd, which owns 56.61% of Genting International via Genting Overseas Holdings and Resorts World Bhd (or an effective stake of 54.43%), ended trading unchanged at RM6.50.
Source
Talks have ceased “as it has been informed that the Singapore Sports Council has decided not to have a hotel in the Singapore Sports Hub at this point in time”, Genting International managing director Justin Tan Wah Joo said in a statement yesterday.
It was previously reported that the plan had been to build, at the sports hub, a four-star hotel with 500 rooms that will cost about S$200 million (RM463.12 million). Genting International was reportedly to have been given the go-ahead to run the hotel for 25 years.
Genting International shares fell 0.5 Singapore cents to 60.5 Singapore cents on the Singapore Exchange yesterday with 3.65 million shares done. Investor’s concerns on Genting International are more related to costs at its integrated resort.
Genting Bhd, which owns 56.61% of Genting International via Genting Overseas Holdings and Resorts World Bhd (or an effective stake of 54.43%), ended trading unchanged at RM6.50.
Source
Tuesday, April 29, 2008
新加坡股市收低，因投资者获利回吐；市场关注美国方面消息
新加坡股市周二收盘走低，因联邦储备委员会(Federal Reserve, 简称Fed)将于今晚召开政策会议，美国第一季度国内生产总值(GDP)数据也即将公布，投资者在此之前获利回吐。
当地经纪行某策略师表示，周三公布的美国GDP数据将为市场提供关键指引。
如果该数据显示美国经济并未出现衰退，则将大大提振投资者对美国经济的信心；但如果GDP数据不佳，海峡时报指数最低或下探2950点。
新加坡海峡时报指数收盘下跌29.27点，至3172.36点，跌幅0.9%。30只成份股中有21只下跌；整体市场401只股票下跌，201只股票上涨。
市场成交量仅为12亿股，因投资者选择离场观望，等待关于美国经济形势的更多线索。
美国是新加坡最大的出口市场。
当地经纪行某策略师表示，周三公布的美国GDP数据将为市场提供关键指引。
如果该数据显示美国经济并未出现衰退，则将大大提振投资者对美国经济的信心；但如果GDP数据不佳，海峡时报指数最低或下探2950点。
新加坡海峡时报指数收盘下跌29.27点，至3172.36点，跌幅0.9%。30只成份股中有21只下跌；整体市场401只股票下跌，201只股票上涨。
市场成交量仅为12亿股，因投资者选择离场观望，等待关于美国经济形势的更多线索。
美国是新加坡最大的出口市场。
海峡时报指数跌0.7%；船舶/钻探平台建造商股大跌
新加坡股市午盘脱离低点，海峡时报指数跌0.7%，至3178.05点，脱离了盘中低点3171.30点；支撑位在上周五的盘中低点3174点，随后看3150点。
当地经纪行的策略师们称，在美国经济数据为市场提供催化剂之前，大盘走势将缺乏交投指引；他们称，将于明日公布的美国国内生产总值将是关键交投信号。
如果该数据显示美国经济没有进入衰退，则市场对美国经济的信心将为之大振，但若是相反，则海峡时报指数预计最低将下探2950点。
大部分蓝筹股都出现下挫，其中跌幅最深的是船舶/钻探平台建造商类股，受订单减少担忧情绪的持续性拖累；吉宝企业(BN4.SG)跌4.4%，至10.32新元，中远投资(F83.SG)跌6.4%，至3.09新元。
成交量与近日水平持平，但按照历史标准来看则偏低；整体市场方面，305只股票下跌，158只股票上涨。
当地经纪行的策略师们称，在美国经济数据为市场提供催化剂之前，大盘走势将缺乏交投指引；他们称，将于明日公布的美国国内生产总值将是关键交投信号。
如果该数据显示美国经济没有进入衰退，则市场对美国经济的信心将为之大振，但若是相反，则海峡时报指数预计最低将下探2950点。
大部分蓝筹股都出现下挫，其中跌幅最深的是船舶/钻探平台建造商类股，受订单减少担忧情绪的持续性拖累；吉宝企业(BN4.SG)跌4.4%，至10.32新元，中远投资(F83.SG)跌6.4%，至3.09新元。
成交量与近日水平持平，但按照历史标准来看则偏低；整体市场方面，305只股票下跌，158只股票上涨。
Genting International PLC - Not building hotel in S’pore Sports Hub
Genting International is not going to build a hotel in the Singapore Sports Hub because the Singapore Sports Council does not want a hotel in the hub for now.
CESSATION OF DISCUSSIONS WITH THE SINGAPORE SPORTS HUB CONSORTIUM
http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_2696AEECB9DB41454825743A0007F53F/$file/cessation_Consortium.pdf?openelement
CESSATION OF DISCUSSIONS WITH THE SINGAPORE SPORTS HUB CONSORTIUM
http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_2696AEECB9DB41454825743A0007F53F/$file/cessation_Consortium.pdf?openelement
Singapore Hot Stocks-Hong Leong Asia, Jade Tech in focus
SINGAPORE, April 29 (Reuters) - Hong Leong Asia may be in focus on Tuesday after Malaysian cement maker Tasek Corp Bhd has agreed to buy its building materials business for S$323.5 million ($238 million).
U.S. stocks ended little changed on Monday after the biggest U.S. takeover deal proposed this year helped offset the comments by influential investor Warren Buffett, one of the deal's backers, that the country could face a long and deep recession.
Stocks and factors to watch:
U.S. stocks ended little changed on Monday after the biggest U.S. takeover deal proposed this year helped offset the comments by influential investor Warren Buffett, one of the deal's backers, that the country could face a long and deep recession.
Stocks and factors to watch:
- Malaysia's cement maker Tasek Corp Bhd has agreed to buy a building materials business from Hong Leong Asia for S$323.5 million ($238 million) in an all-share deal, Tasek said.
- Following the resignation of its chairman, Jade Technologies said Sam Chong Keen will replace Group President Anthony Soh, who will remain in the firm as an non-executive director.
- Neptune Orient Lines , the world's eighth-biggest container shipping firm, said it carried 13 percent more containers on its ships in the four weeks to April 4 compared with the same period a year ago.
- Goldman Sachs has cut its share price target for Jardine Cycle & Carriage to S$20.40 from S$24.60 after lowering its earnings estimates and price target for the firm's Indonesian unit, Astra International , due to falling domestic consumption.
- Property developer Allgreen Properties said its first-quarter net profit fell by 64.8 percent, citing a decrease in development properties due to a slowdown in the property market.
- Singapore Airlines said one of its flights to Paris was diverted to India's capital New Delhi because of engine trouble.
- Singapore's benchmark Straits Times Index <.FTSTI> rose 0.39 percent to 3,201.63 points on Monday.
- The Dow Jones Industrial Average <.DJI> fell 0.16 percent to 12,871.75 points, and the Nasdaq Composite Index <.IXIC> gained 0.06 percent to 2,424.40 points.
(Reporting by Tan Wei Xin; Editing by Jan Dahinten) ((weixin.tan@reuters.com; +65 6403 5667; Reuters Messaging: weixin.tan.reuters.com@reuters)
Monday, April 28, 2008
新加坡股市收于3个月高点，蓝筹股上涨
新加坡股市周一收于3个月高点，一些蓝筹股上涨带动基准股指突破关键阻力位，不过在美国联邦储备委员会(Federal Reserve, 简称Fed)政策会议召开前市场仍保持谨慎。
一位交易员称，认为未来两天中市场交投会非常淡静，因为投资者预计Fed在本次政策会议上减息幅度会很小，甚至有人预计Fed不会减息。
市场中出现一些担忧情绪。
新加坡海峡时报指数收盘涨12.43点，至3201.63点，涨幅0.4%；收盘突破了3200点的阻力位。
30只成份股中有15只上涨；整体市场351只股票上涨，279只股票下跌。
市场成交量低，只有13亿股，表明短期内进一步上行空间有限。
一位交易员称，认为未来两天中市场交投会非常淡静，因为投资者预计Fed在本次政策会议上减息幅度会很小，甚至有人预计Fed不会减息。
市场中出现一些担忧情绪。
新加坡海峡时报指数收盘涨12.43点，至3201.63点，涨幅0.4%；收盘突破了3200点的阻力位。
30只成份股中有15只上涨；整体市场351只股票上涨，279只股票下跌。
市场成交量低，只有13亿股，表明短期内进一步上行空间有限。
Saturday, April 26, 2008
AMARA HOLDINGS LTD
Divestment of interest in a Joint Venture, Amara Hotel Saigon Company, Limited
http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_E64D60F79F3AA1A8482573B6003A8F30/$file/DivestmentofInterest-JV.pdf?openelement
http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_E64D60F79F3AA1A8482573B6003A8F30/$file/DivestmentofInterest-JV.pdf?openelement
新加坡股市收盘小幅走高；可能在升至阻力位3300点后出现回调
新加坡股市周五收盘小幅走高，因前夜有关美国联邦储备委员会(Federal Reserve, 简称Fed)可能很快终止减息周期的消息推动美国股市上涨。
不过交易员称，新加坡股市涨幅不大，对整体经济前景挥之不去的担忧令投资者继续驻足观望。
AmFraser负责研究部门的高级副总裁Najeeb Jarhom表示，投资者仍担心虽然最糟糕的时期可能已经过去，但股市将在5、6月份迎来一次相对较小的回调，之后在下半年才会实现持续上涨。
新加坡海峡时报指数收盘涨11.65点，至3189.20点，涨幅0.4%。
30只成份股中有18只上涨，整体市场上涨股和下跌股数量均为317只。
市场成交量约18亿股，低于周四的23亿股。
Jarhom对目前进行长期投资发出警告，称市场可能在Fed 4月30日会议后出现回落。
他预计，海峡时报指数至少会在升至关键阻力位3300点时出现一定程度的回调。
不过交易员称，新加坡股市涨幅不大，对整体经济前景挥之不去的担忧令投资者继续驻足观望。
AmFraser负责研究部门的高级副总裁Najeeb Jarhom表示，投资者仍担心虽然最糟糕的时期可能已经过去，但股市将在5、6月份迎来一次相对较小的回调，之后在下半年才会实现持续上涨。
新加坡海峡时报指数收盘涨11.65点，至3189.20点，涨幅0.4%。
30只成份股中有18只上涨，整体市场上涨股和下跌股数量均为317只。
市场成交量约18亿股，低于周四的23亿股。
Jarhom对目前进行长期投资发出警告，称市场可能在Fed 4月30日会议后出现回落。
他预计，海峡时报指数至少会在升至关键阻力位3300点时出现一定程度的回调。
Friday, April 25, 2008
圣淘沙名胜世界 为工程筹得40亿贷款
圣淘沙名胜世界(Resorts World at Sentosa)为圣淘沙综合度假胜地(IR)的工程筹得了40亿元的贷款，是本地规模最大的银团贷款计划之一。
这项由10家银行提供的贷款，期限至2015年，贷款利率是新元掉期利率(SOR)加1.75个百分点。
圣淘沙名胜世界在文告中说，圣淘沙综合度假胜地项目的总成本是60亿元，这次贷款所得可支付三分之二的开支，其余资金来自母公司云顶国际(Genting)去年8月发行附加股所筹得的资金。
今年2月，圣淘沙名胜世界宣布获得了这项贷款，公司总裁陈启德对银行伙伴的支持表示感激，尽管全球信贷市场的环境艰巨，公司还是在两个月内完成了这项贷款。
圣淘沙名胜世界至今已经为圣淘沙综合度假胜地发出了超过20亿元的建筑合同。
Source
这项由10家银行提供的贷款，期限至2015年，贷款利率是新元掉期利率(SOR)加1.75个百分点。
圣淘沙名胜世界在文告中说，圣淘沙综合度假胜地项目的总成本是60亿元，这次贷款所得可支付三分之二的开支，其余资金来自母公司云顶国际(Genting)去年8月发行附加股所筹得的资金。
今年2月，圣淘沙名胜世界宣布获得了这项贷款，公司总裁陈启德对银行伙伴的支持表示感激，尽管全球信贷市场的环境艰巨，公司还是在两个月内完成了这项贷款。
圣淘沙名胜世界至今已经为圣淘沙综合度假胜地发出了超过20亿元的建筑合同。
Source
Name change of subsidiary – Anwell to explore further opportunities in Thin Film and Vacuum Coating Technologies
Name change of subsidiary – Anwell to explore further opportunities in Thin Film and Vacuum Coating Technologies
• The name of existing wholly-owned subsidiary “Dongguan Anwell Electronics Co. Ltd.” will be changed to “Anwell Thin Film and Vacuum Technology Ltd.”
• Thin film solar cell equipment - a natural progression for Anwell with core competencies based on Thin Film and Vacuum Coating Technologies
Singapore, 10 April 2008 - Anwell Technologies Limited (“Anwell” or “The Group”), the world’s only vertically integrated optical disc equipment maker with a disc-manufacturing arm, has announced that the name of their subsidiary “Dongguan Anwell Electronics Co. Ltd.” will be changed to “Anwell Thin Film and Vacuum Technology Ltd.” The management will dedicate this subsidiary to explore further opportunities with the Group’s core competencies in Thin Film and Vacuum Coating Technologies. In the near future, optical disc production equipment will remain as the Group’s primary business to capture the opportunities in Blu-ray technologies.
“The vertical integration has strengthened the Group’sposition and hence enables us to explore other sectors ofthe hi-tech industry by leveraging on our coretechnologies in the optical disc industry.
The solar energy industry is one of the fastest growingindustries with great potential. The visible route map forcost reduction and the fast energy payback time of the thinfilm solar cell will make it a star for the future energysegment.
By completing the R&D in FY08, Anwell is expected tooffer equipments with complete turnkey solution for thesolar energy industry as well as solution for thin film glasscoating. The design of the system aims at lowest cell costwith highest quality.
Besides, the energy payback time and the manufacturingcost of the thin film solar cell are much less than theconventional type of silicon crystalline solar cell.” Mr Franky Fan, Executive Chairman & CEO of Anwell
Focusing on Thin Film and Vacuum Coating TechnologiesAlong with the new business structure of the Group, it is scheduled to complete the R&D for theGroup’s first thin film solar module production equipment in the second half of 2008.
A complete turnkey solutionA new factory in Dongguan, PRCThe subsidiary will explore the various opportunities that Thin Film and Vacuum Technologies can be applied in. Some of these applications are: TCO and ITO coatings, Thin Film Solar Cell, Low-E coatings on glass and etc.
Currently, the Group is on track to complete their R&D for the solar cell production system andhas already completed the R&D for the large scale sputtering machine. The machine is capable ofsputtering metallic thin film, ITO (“Indium Tin Oxide”), TCO (“Transparent Conductive Oxide”) andLow-E (“Low-Emissivity) glass. The PECVD tool for deposition of p-i-n silicon
ITO coated optical filters for electronicdisplays are used for electromagnetic/radio-frequency shielding, optically clear heatersand as the active component in resistive andcapacitive touch panels.
TCO coated glass act as electrodes and “lighttraps” which are key components in thin filmsilicon modules.
Low-E glass reflects a significant amount ofthis radiant heat, thus lowering the total heatflow through the window.
thin film is expected to be finished by June 2008. The group is expected to offer complete turnkey solution for the thin film solar cell manufacturers by FY09.
Industry Information: Solar Industry
Global demand for energy is expected to keep increasing over the next two decades, fueled by emerging economic giants such as China and India. With oil prices costing more than US$100/bbl,solar energy is one of the most encouraging alternatives.
However, the issue has always been the cost per watt and the energy pay back time. Recentincreases in the price of silicon feedstock have heightened the cost advantage opportunity of thinfilm technology. The price of silicon feedstock increased from $28-$32/kg for 2004 delivery to $45-$50/kg for 2006 delivery, and spot prices have been reported to exceed $100/kg in 2006. With Anwell adopting the Thin Film Silicon Solar Cell approach, significantly less Silicon (raw materialof Solar Cells) is required, thus lowering the cost of production per cell.
About AnwellAnwell Technologies Ltd. (“Anwell”) is a global leader in providing integrated business solutions for the optical mediareplication business. The Group’s activities include the design, manufacture and sales of innovative and cost efficientoptical media replication systems. The Group also provides customers with the necessary technical expertise, businessknowledge, production systems and service support worldwide. In 2007, the Group built a synergistic platform byintegrating into optical media replication business. Leveraging with its core competencies in high-precision andautomation technologies, Anwell is targeting to be a world class equipment manufacturer in different high-technologyindustries.
For more information, please refer to the corporate website www.anwell.com.
Investor Relations ContactKen Wu, CFO Mark Lee / Kamal SamuelAnwell Technologies LimitedFinancial PR Pte Ltd Tel: (852) 2499 9178Tel: (65) 6438 2990 Fax: (852) 2499 9170Fax: (65) 6438 0064 E-mail: kenwu@anwell.comE-mail: marklee@financialpr.com.sg/kamal@financialpr.com.sg
Source
• The name of existing wholly-owned subsidiary “Dongguan Anwell Electronics Co. Ltd.” will be changed to “Anwell Thin Film and Vacuum Technology Ltd.”
• Thin film solar cell equipment - a natural progression for Anwell with core competencies based on Thin Film and Vacuum Coating Technologies
Singapore, 10 April 2008 - Anwell Technologies Limited (“Anwell” or “The Group”), the world’s only vertically integrated optical disc equipment maker with a disc-manufacturing arm, has announced that the name of their subsidiary “Dongguan Anwell Electronics Co. Ltd.” will be changed to “Anwell Thin Film and Vacuum Technology Ltd.” The management will dedicate this subsidiary to explore further opportunities with the Group’s core competencies in Thin Film and Vacuum Coating Technologies. In the near future, optical disc production equipment will remain as the Group’s primary business to capture the opportunities in Blu-ray technologies.
“The vertical integration has strengthened the Group’sposition and hence enables us to explore other sectors ofthe hi-tech industry by leveraging on our coretechnologies in the optical disc industry.
The solar energy industry is one of the fastest growingindustries with great potential. The visible route map forcost reduction and the fast energy payback time of the thinfilm solar cell will make it a star for the future energysegment.
By completing the R&D in FY08, Anwell is expected tooffer equipments with complete turnkey solution for thesolar energy industry as well as solution for thin film glasscoating. The design of the system aims at lowest cell costwith highest quality.
Besides, the energy payback time and the manufacturingcost of the thin film solar cell are much less than theconventional type of silicon crystalline solar cell.” Mr Franky Fan, Executive Chairman & CEO of Anwell
Focusing on Thin Film and Vacuum Coating TechnologiesAlong with the new business structure of the Group, it is scheduled to complete the R&D for theGroup’s first thin film solar module production equipment in the second half of 2008.
A complete turnkey solutionA new factory in Dongguan, PRCThe subsidiary will explore the various opportunities that Thin Film and Vacuum Technologies can be applied in. Some of these applications are: TCO and ITO coatings, Thin Film Solar Cell, Low-E coatings on glass and etc.
Currently, the Group is on track to complete their R&D for the solar cell production system andhas already completed the R&D for the large scale sputtering machine. The machine is capable ofsputtering metallic thin film, ITO (“Indium Tin Oxide”), TCO (“Transparent Conductive Oxide”) andLow-E (“Low-Emissivity) glass. The PECVD tool for deposition of p-i-n silicon
ITO coated optical filters for electronicdisplays are used for electromagnetic/radio-frequency shielding, optically clear heatersand as the active component in resistive andcapacitive touch panels.
TCO coated glass act as electrodes and “lighttraps” which are key components in thin filmsilicon modules.
Low-E glass reflects a significant amount ofthis radiant heat, thus lowering the total heatflow through the window.
thin film is expected to be finished by June 2008. The group is expected to offer complete turnkey solution for the thin film solar cell manufacturers by FY09.
Industry Information: Solar Industry
Global demand for energy is expected to keep increasing over the next two decades, fueled by emerging economic giants such as China and India. With oil prices costing more than US$100/bbl,solar energy is one of the most encouraging alternatives.
However, the issue has always been the cost per watt and the energy pay back time. Recentincreases in the price of silicon feedstock have heightened the cost advantage opportunity of thinfilm technology. The price of silicon feedstock increased from $28-$32/kg for 2004 delivery to $45-$50/kg for 2006 delivery, and spot prices have been reported to exceed $100/kg in 2006. With Anwell adopting the Thin Film Silicon Solar Cell approach, significantly less Silicon (raw materialof Solar Cells) is required, thus lowering the cost of production per cell.
About AnwellAnwell Technologies Ltd. (“Anwell”) is a global leader in providing integrated business solutions for the optical mediareplication business. The Group’s activities include the design, manufacture and sales of innovative and cost efficientoptical media replication systems. The Group also provides customers with the necessary technical expertise, businessknowledge, production systems and service support worldwide. In 2007, the Group built a synergistic platform byintegrating into optical media replication business. Leveraging with its core competencies in high-precision andautomation technologies, Anwell is targeting to be a world class equipment manufacturer in different high-technologyindustries.
For more information, please refer to the corporate website www.anwell.com.
Investor Relations ContactKen Wu, CFO Mark Lee / Kamal SamuelAnwell Technologies LimitedFinancial PR Pte Ltd Tel: (852) 2499 9178Tel: (65) 6438 2990 Fax: (852) 2499 9170Fax: (65) 6438 0064 E-mail: kenwu@anwell.comE-mail: marklee@financialpr.com.sg/kamal@financialpr.com.sg
Source
Star Cruises Sells Two Ships To Strengthen Capital Structure
Star Cruises Group, the leading cruise line in Asia Pacific and the third largest cruise operator in the world has announced the sale of two ships.
Star Cruise has sold the Norwegian Dream and Norwegian Majesty to the Cyprus Louis Group for US$218 million and US$162 million respectively.
The two ships will be chartered back from the new owner to complete their announced scheduled itineraries in November 2008 for Norwegian Dream and December 2009 for Norwegian Majesty.
The sale was made as part of a fleet optimization plan which is yet another step to further strengthen the Group’s capital structure
“The sale of the 2 ships will improve on the Star Cruises Group’s capital structure following on the completion of Apollo’s investment in Norwegian Cruise Line (“NCL”) in January 2008. It is expected that there will be net savings in interest expenses and the additional cash flow will provide opportunities arising in Asia for Star Cruises like our hotel and casino project in the Philippines announced on 2 April 2008.” said Mr. David Chua, President of Star Cruises.
“This transaction will also speed up the optimization plan for the upgrade of our existing fleet in Asia and the international fleet in America and Europe so as to realize our mission and promise for delivering the best quality cruising experience to our cruisers by continuously upgrading our hardware and software. In fact, we have two new ships currently under construction and will deliver 10,800 lower berths by completion in 2010. Star Cruises will continue our investment in NCL and explore opportunities for our international fleet,” added Mr. Chua.
Source
Star Cruise has sold the Norwegian Dream and Norwegian Majesty to the Cyprus Louis Group for US$218 million and US$162 million respectively.
The two ships will be chartered back from the new owner to complete their announced scheduled itineraries in November 2008 for Norwegian Dream and December 2009 for Norwegian Majesty.
The sale was made as part of a fleet optimization plan which is yet another step to further strengthen the Group’s capital structure
“The sale of the 2 ships will improve on the Star Cruises Group’s capital structure following on the completion of Apollo’s investment in Norwegian Cruise Line (“NCL”) in January 2008. It is expected that there will be net savings in interest expenses and the additional cash flow will provide opportunities arising in Asia for Star Cruises like our hotel and casino project in the Philippines announced on 2 April 2008.” said Mr. David Chua, President of Star Cruises.
“This transaction will also speed up the optimization plan for the upgrade of our existing fleet in Asia and the international fleet in America and Europe so as to realize our mission and promise for delivering the best quality cruising experience to our cruisers by continuously upgrading our hardware and software. In fact, we have two new ships currently under construction and will deliver 10,800 lower berths by completion in 2010. Star Cruises will continue our investment in NCL and explore opportunities for our international fleet,” added Mr. Chua.
Source
价格3亿8000万美元 丽星脱售两游轮
丽星游轮（Star Cruises）刚签署两项协议，以3亿8000万美元总额脱售公司两艘游轮。
丽星游轮和其非直属全资子公司Ocean Dream以2亿1800万美元，将挪威之梦号（Norwegian Dream）售卖给Louis & Marzio Shipholding。在交易完成后，挪威之梦号将会回租给Ocean Dream以完成其其已宣布的航期。
丽星游轮及其另一家子公司Ocean Voyager以1亿6200万美元，将挪威之王号（Norwegian Majesty）脱售给Louis & Crew Navigation。在交易完成后，挪威之王号将会回租给Ocean Voyager以完成其已宣布的航期。
丽星游轮表示，出售两艘游轮所得款项会用于削减集团的未偿还债务、作为一般营运资金或为可能进行的投资新商机提供资金.
出售挪威之梦号及挪威之王号两艘游轮，丽星邮轮分别取得1730万美元及6630万美元的收益。
两项交易必须获得公司股东批准才能生效。Louis集团的主要业务是在东地中海地区经营游轮及渡假酒店。
Source
丽星游轮和其非直属全资子公司Ocean Dream以2亿1800万美元，将挪威之梦号（Norwegian Dream）售卖给Louis & Marzio Shipholding。在交易完成后，挪威之梦号将会回租给Ocean Dream以完成其其已宣布的航期。
丽星游轮及其另一家子公司Ocean Voyager以1亿6200万美元，将挪威之王号（Norwegian Majesty）脱售给Louis & Crew Navigation。在交易完成后，挪威之王号将会回租给Ocean Voyager以完成其已宣布的航期。
丽星游轮表示，出售两艘游轮所得款项会用于削减集团的未偿还债务、作为一般营运资金或为可能进行的投资新商机提供资金.
出售挪威之梦号及挪威之王号两艘游轮，丽星邮轮分别取得1730万美元及6630万美元的收益。
两项交易必须获得公司股东批准才能生效。Louis集团的主要业务是在东地中海地区经营游轮及渡假酒店。
Source
S'pore's Star Cruises sells 2 vessels for $380 mln
SINGAPORE, April 24 (Reuters) - Singapore-listed Star Cruises said Thursday it had sold two of its vessels for $380 million and intends to use the proceeds to pay debt and to fund unidentified investment opportunities.
(Reporting by Jan Dahinten) ((jan.dahinten@thomsonreuters.com; +65 6403 5659; Reuters Messaging: jan.dahinten.reuters.com@reuters.net))
(Reporting by Jan Dahinten) ((jan.dahinten@thomsonreuters.com; +65 6403 5659; Reuters Messaging: jan.dahinten.reuters.com@reuters.net))
新加坡海峡时报指数涨0.8%；市场缺乏动能
新加坡蓝筹股走高，因前夜美国股市上扬激发了投资者的买盘兴趣，但由于新加坡海峡时报指数是否有效突破3200点尚不确定，市场缺乏动能。
股指目前涨0.8%，至3202.29点，早盘触及高点3209.71点，这预示3250点将成为强劲阻力位，支撑位见3150点。
大盘普遍走强。
富时海峡时报所有股指数涨0.7%，至816.97点。但总成交量低迷。
某外资经纪公司交易商称，散户投资者逐渐重新入市，但人气不旺；市场信心仍然不强。
吉宝企业(BN4.SG)跌4.6%，至11.12新元，受其2008年第一季度利润疲软以及盈利前景不佳的拖累。
股指目前涨0.8%，至3202.29点，早盘触及高点3209.71点，这预示3250点将成为强劲阻力位，支撑位见3150点。
大盘普遍走强。
富时海峡时报所有股指数涨0.7%，至816.97点。但总成交量低迷。
某外资经纪公司交易商称，散户投资者逐渐重新入市，但人气不旺；市场信心仍然不强。
吉宝企业(BN4.SG)跌4.6%，至11.12新元，受其2008年第一季度利润疲软以及盈利前景不佳的拖累。
Resorts World Awards S$1.05 Billion Contract
SINGAPORE, April 23 (Bernama) -- Resorts World at Sentosa announced today the award of its largest building contract to date worth S$1.05 billion to a joint venture between major Japanese contractor Kajima Overseas Asia (Pte) Ltd and local player Tiong Seng Contractors (Pte) Ltd.The award marked a milestone for the S$6 billion integrated resort slated for completion in early 2010 and tallied the total building contracts awarded so far to a value of over S$2 billion, the company said in a statement.
Kajima-Tiong Seng (KTS) which has a reputable building track record such as the recently completed St Regis Singapore hotel, would construct three of the six hotels in Sentosa and the resort's main shopping, eating and entertainment thoroughfare, it said.
The contract also included the construction of the 15,000-square metre casino which would feature exclusive gaming rooms, suites and lounges, Resorts World said.
The three hotels -- Festive Hotel (400 rooms), Hotel Michael (470 rooms) and Maxim Residences (130 suites) -- together offer some 1,000 suites and rooms, out of the 1,800 to be found throughout the Sentosa island resort, the company said.
The joint venture company would also build the dual purpose 1,600-seat showroom which doubles as a plenary hall in Festive Hotel, it added.-- BERNAMA
Source
Kajima-Tiong Seng (KTS) which has a reputable building track record such as the recently completed St Regis Singapore hotel, would construct three of the six hotels in Sentosa and the resort's main shopping, eating and entertainment thoroughfare, it said.
The contract also included the construction of the 15,000-square metre casino which would feature exclusive gaming rooms, suites and lounges, Resorts World said.
The three hotels -- Festive Hotel (400 rooms), Hotel Michael (470 rooms) and Maxim Residences (130 suites) -- together offer some 1,000 suites and rooms, out of the 1,800 to be found throughout the Sentosa island resort, the company said.
The joint venture company would also build the dual purpose 1,600-seat showroom which doubles as a plenary hall in Festive Hotel, it added.-- BERNAMA
Source
Genting unit completes financing syndication
SINGAPORE: Resorts World at Sentosa (RWS) has completed the syndication of S$4bil credit facilities for its integrated resort development, closing one of the largest loans ever undertaken in Singapore.
The borrowings were made at an interest rate of 175 basis points above the Singapore Swap Offer Rate and the tenure of the loan extended to 2015, the company said in a statement.
Ten banks participated in the syndication, jointly underwritten and book run by five original mandated lead arrangers – DBS Bank Ltd, Oversea-Chinese Banking Corp Ltd, The Hongkong and Shanghai Banking Corp Ltd, The Royal Bank of Scotland Plc and Sumitomo Mitsui Banking Corp.
The credit facilities would fund two-thirds of the integrated resorts S$6bil project cost, with the remaining to be paid through equity raised through a successful rights issue last year by RWS parent company, Genting Interna-tional Public Ltd Co, RWS said.
The company said it had obtained the credit facility on Feb 11 and the loan syndication was completed in about two months despite a very difficult global credit environment. – Bernama
Source
The borrowings were made at an interest rate of 175 basis points above the Singapore Swap Offer Rate and the tenure of the loan extended to 2015, the company said in a statement.
Ten banks participated in the syndication, jointly underwritten and book run by five original mandated lead arrangers – DBS Bank Ltd, Oversea-Chinese Banking Corp Ltd, The Hongkong and Shanghai Banking Corp Ltd, The Royal Bank of Scotland Plc and Sumitomo Mitsui Banking Corp.
The credit facilities would fund two-thirds of the integrated resorts S$6bil project cost, with the remaining to be paid through equity raised through a successful rights issue last year by RWS parent company, Genting Interna-tional Public Ltd Co, RWS said.
The company said it had obtained the credit facility on Feb 11 and the loan syndication was completed in about two months despite a very difficult global credit environment. – Bernama
Source
Malaysia Hot Stocks - Factors to watch
KUALA LUMPUR, April 25 (Reuters) - Here are news stories that may affect the Malaysian stock market on Friday.
MALAYSIA, THAI LEADERS IN FOOD SECURITY TALKS
- Thailand has no plans to restrict rice exports and the country will meet all export commitments, Wichianchot Sukchotrat, a Thai government spokesman, said in the Malaysian capital on Thursday.
For details, please double-click on [ID:nKLR33816]
MALAYSIA'S DRB-HICOM TO ISSUE 549M NEW SHARES
- Malaysian autos-to-property group DRB-Hicom will issue 548.7 million new shares to pay for its agreed purchase of a 70 percent stake in Bank Muamalat Malaysia, DRB-Hicom said on Thursday.
For details, please double-click on [ID:nWNA5451]
HOLCIM NOT BIDDING FOR MALAYSIA CEMENT-MAKER TASEK
- Swiss cement-maker Holcim Ltd is not in talks to buy Malaysian cement manufacturer Tasek Corp Bhd , Tasek said on Thursday. A Malaysian newspaper had reported that Holcim would make a bid for Tasek. Tasek has annual production capacity of 2.3 million tonnes of cement and Holcim currently makes about 1.2 million tonnes a year in Malaysia, according to the websites of both firms.
MALAYSIA'S SAUJANA SHARES SUSPENDED FROM TRADE
- Malaysian leisure firm Saujana Consolidated Bhd has suspended trade in its shares pending an announcement, the stock exchange said on Thursday.
SOLID Q1 FOR SE ASIA TELECOMS, PRICE CUTS MAY BITE
- Most Southeast Asian telecom companies look set to post buoyant quarterly profits, thanks to a surge in mobile subscribers and as users send more text messages and surf the Web on their phones.
For details, please double-click on [ID:nSIN72330]
MALAYSIA TO TACKLE DIESEL SUBSIDIES AS PRIORITY
- Malaysia plans to tackle diesel subsidies as its first priority in dealing with an energy-subsidy bill that is costing the government about $17 billion a year, the domestic trade minister said on Thursday.
For details, please double-click on [ID:nKLR36049]
INDONESIA NATRINDO CONFIDENT OF 1 MLN MOBILE USERS IN '08
- Indonesia's PT Natrindo Telepon Selular, the latest entrant into the country's rapidly growing telecoms sector, said it is confident of signing on more than one million mobile phone users by the end of the year. Malaysia's biggest mobile phone operator, Maxis Communications Bhd, holds a 44 percent stake in Natrindo.
For details, please double-click on [ID:nJAK236886]
MALAYSIA AIRLINES SAYS EYEING MERGERS AS FUEL SOARS
- Flag carrier Malaysian Airline System is considering possible mergers, as the industry struggles to cope with soaring fuel prices and softer demand, Chief Executive Idris Jala said on Thursday.
For details, please double-click on [ID:nKLR330358]
MALAYSIA CAR DISTRIBUTORS IN MERGER TALKS - PAPER
- Malaysian car-maker Proton Holdings Bhd is set to enter talks over a possible merger of its distribution arm with rival Edaran Otomobil Nasional Bhd (EON) , a local newspaper said on Friday.
A merger would allow state-controlled Proton to focus solely on manufacturing and create a distribution business with annual sales of more than 2 billion ringgit ($637 million), the Business Times said, quoting unidentified bankers.
($1=3.141 Malaysian Ringgit) (Reporting by Clarence Fernandez and Naveen Thukral) ((jalil.hamid@reuters.com; +603-2333-8046; Reuters messaging: naveen.thukral.reuters.com@reuters.net; areuters@gmail.com)) ($1=1.359 Singapore Dollar)
MALAYSIA, THAI LEADERS IN FOOD SECURITY TALKS
- Thailand has no plans to restrict rice exports and the country will meet all export commitments, Wichianchot Sukchotrat, a Thai government spokesman, said in the Malaysian capital on Thursday.
For details, please double-click on [ID:nKLR33816]
MALAYSIA'S DRB-HICOM TO ISSUE 549M NEW SHARES
- Malaysian autos-to-property group DRB-Hicom will issue 548.7 million new shares to pay for its agreed purchase of a 70 percent stake in Bank Muamalat Malaysia, DRB-Hicom said on Thursday.
For details, please double-click on [ID:nWNA5451]
HOLCIM NOT BIDDING FOR MALAYSIA CEMENT-MAKER TASEK
- Swiss cement-maker Holcim Ltd is not in talks to buy Malaysian cement manufacturer Tasek Corp Bhd , Tasek said on Thursday. A Malaysian newspaper had reported that Holcim would make a bid for Tasek. Tasek has annual production capacity of 2.3 million tonnes of cement and Holcim currently makes about 1.2 million tonnes a year in Malaysia, according to the websites of both firms.
MALAYSIA'S SAUJANA SHARES SUSPENDED FROM TRADE
- Malaysian leisure firm Saujana Consolidated Bhd has suspended trade in its shares pending an announcement, the stock exchange said on Thursday.
SOLID Q1 FOR SE ASIA TELECOMS, PRICE CUTS MAY BITE
- Most Southeast Asian telecom companies look set to post buoyant quarterly profits, thanks to a surge in mobile subscribers and as users send more text messages and surf the Web on their phones.
For details, please double-click on [ID:nSIN72330]
MALAYSIA TO TACKLE DIESEL SUBSIDIES AS PRIORITY
- Malaysia plans to tackle diesel subsidies as its first priority in dealing with an energy-subsidy bill that is costing the government about $17 billion a year, the domestic trade minister said on Thursday.
For details, please double-click on [ID:nKLR36049]
INDONESIA NATRINDO CONFIDENT OF 1 MLN MOBILE USERS IN '08
- Indonesia's PT Natrindo Telepon Selular, the latest entrant into the country's rapidly growing telecoms sector, said it is confident of signing on more than one million mobile phone users by the end of the year. Malaysia's biggest mobile phone operator, Maxis Communications Bhd, holds a 44 percent stake in Natrindo.
For details, please double-click on [ID:nJAK236886]
MALAYSIA AIRLINES SAYS EYEING MERGERS AS FUEL SOARS
- Flag carrier Malaysian Airline System is considering possible mergers, as the industry struggles to cope with soaring fuel prices and softer demand, Chief Executive Idris Jala said on Thursday.
For details, please double-click on [ID:nKLR330358]
MALAYSIA CAR DISTRIBUTORS IN MERGER TALKS - PAPER
- Malaysian car-maker Proton Holdings Bhd is set to enter talks over a possible merger of its distribution arm with rival Edaran Otomobil Nasional Bhd (EON) , a local newspaper said on Friday.
A merger would allow state-controlled Proton to focus solely on manufacturing and create a distribution business with annual sales of more than 2 billion ringgit ($637 million), the Business Times said, quoting unidentified bankers.
($1=3.141 Malaysian Ringgit) (Reporting by Clarence Fernandez and Naveen Thukral) ((jalil.hamid@reuters.com; +603-2333-8046; Reuters messaging: naveen.thukral.reuters.com@reuters.net; areuters@gmail.com)) ($1=1.359 Singapore Dollar)
Thursday, April 24, 2008
新加坡股市收盘走低，受到获利回吐影响；投资者逢高抛售
新加坡股市周四收盘走低，因投资者尾盘在股市上涨三天后进行了获利回吐。
一位本地交易员称，鉴于股市最近已取得相当大涨幅，投资者可能在逢高抛售。
他还表示，股市进一步下跌的空间可能有限，尽管在美国第一季度国内生产总值(GDP)先期数据于4月30日公布之前投资者可能变得日益谨慎。
新加坡海峡时报指数收盘跌16.29点，至3177.55点，跌幅0.5%。
该指数30只成份股中有16只下跌，但整体市场403只股票上涨，286只股票下跌。
市场成交量约23亿股，高于周三的19亿股。
一位本地交易员称，鉴于股市最近已取得相当大涨幅，投资者可能在逢高抛售。
他还表示，股市进一步下跌的空间可能有限，尽管在美国第一季度国内生产总值(GDP)先期数据于4月30日公布之前投资者可能变得日益谨慎。
新加坡海峡时报指数收盘跌16.29点，至3177.55点，跌幅0.5%。
该指数30只成份股中有16只下跌，但整体市场403只股票上涨，286只股票下跌。
市场成交量约23亿股，高于周三的19亿股。
Wednesday, April 23, 2008
$1b contract for Sentosa IR awarded
RESORTS World At Sentosa on Wednesday awarded its biggest construction contract to date - a $1.05 billion deal to build three hotels.
The contract went to Kajima-Tiong Seng joint venture. The Japanese and local tie-up will build RWS' Hotel Michael, Maxims Residences and Festive Hotel, as well as the casino and the theatre.
This brings the total amount of contracts given out to $2 billion for the construction of the $6 billion integrated resort on Sentosa.
Mr Michael Chin, RWS' executive vice-president of projects said: 'This contract covers some of the key components of the development, and we were looking for a contractor with the relevant experience and reputation for completing projects on time. Kajima and Tiong Seng's track record, ranging from the Marina Bay Financial Centre (Phase I) to the St. Regis Singapore, speaks for itself.'
Giving a further update on the construction, Mr Chin said that the buildings can be seen rising from the ground within the next few months.
The foundation work for the roller coaster ride in its Universal Studios theme park will start in June or July.
The resort is on track to be completed for its soft opening in 2010.
新加坡股市收盘上探3个月高点，受投资者乐观情绪提振
新加坡股市周三收盘上探三个月新高，因尽管投资者愈加担心原油价格创历史新高或使企业营运成本增加，但他们仍预计股市将走强。
新加坡海峡时报指数收盘涨6.61点，至3193.84点，涨幅0.2%。
该指数30只成份股中有16只走高。
整体市场380只股票上涨，257只股票下跌。市场成交量约为19亿股，高于周二的16亿股。
某交易员称，股市涨势有望延续，因本地市场在近期美国公司收益和经济数据欠佳的情况下表现出了抗跌性。
交易员称，海峡时报指数阻力位看3300点，届时可考虑获利回吐，或至少对部分多头头寸进行风险对冲。
新加坡海峡时报指数收盘涨6.61点，至3193.84点，涨幅0.2%。
该指数30只成份股中有16只走高。
整体市场380只股票上涨，257只股票下跌。市场成交量约为19亿股，高于周二的16亿股。
某交易员称，股市涨势有望延续，因本地市场在近期美国公司收益和经济数据欠佳的情况下表现出了抗跌性。
交易员称，海峡时报指数阻力位看3300点，届时可考虑获利回吐，或至少对部分多头头寸进行风险对冲。
Singapore casino gives $780 mln contract to Kajima
SINGAPORE, April 23 (Reuters) - Singapore casino Resorts World at Sentosa said on Wednesday it has awarded a S$1.05 billion ($780 million) building contract to Japan's Kajima Corp and Singapore's Tiong Seng Contractors.
The contract, the largest to date for the S$6 billion casino, was awarded to a joint venture set up by Kajima and Tiong Seng, Resorts World said.
Resorts World, one of Singapore's two planned casinos, is set to be completed by early 2010, and has awarded over S$2 billon worth of building contracts so far, it said.
(Reporting by Koh Gui Qing, editing by Neil Chatterjee) ((Guiqing.Koh@Reuters.com; Reuters Messaging; guiqing.koh.reuters.com@reuters.net; +65 6403 5665)) ($1=1.347 Singapore Dollar)
The contract, the largest to date for the S$6 billion casino, was awarded to a joint venture set up by Kajima and Tiong Seng, Resorts World said.
Resorts World, one of Singapore's two planned casinos, is set to be completed by early 2010, and has awarded over S$2 billon worth of building contracts so far, it said.
(Reporting by Koh Gui Qing, editing by Neil Chatterjee) ((Guiqing.Koh@Reuters.com; Reuters Messaging; guiqing.koh.reuters.com@reuters.net; +65 6403 5665)) ($1=1.347 Singapore Dollar)
Tuesday, April 22, 2008
新加坡海峡时报指数涨1.9%，受S股跃升提振－分析师
新加坡股市走高。投资者的买盘兴趣受到激发，主要因美国股市上周五上涨，另外由于中国政府采取措施限制大股东在公开市场卖出股票，市场认为，中国公司在新加坡上市的股票（S股）与在中国大陆和香港上市股票间的价差有望收窄。
新加坡海峡时报指数午盘涨1.9，至3185.38点，但已脱离盘中高点3201.38点。
若股指有效突破3200点，则阻力位见3250点。
UOB-KayHian分析师K Ajith表示，尽管市场人气有所改善，从当前水平上涨的幅度可能较小；道琼斯指数仍然面临趋势线阻力位，而标准普尔500指数仍在盘整，这种情况促使大家采取防御性战略，即对多数股票进行逢高减磅。
富时海峡时报中国指数涨3.5%，至461.06点，反映出上海和香港股市的涨势。总体交投淡静，但上涨股与下跌股的比例超过2比1。
新加坡海峡时报指数午盘涨1.9，至3185.38点，但已脱离盘中高点3201.38点。
若股指有效突破3200点，则阻力位见3250点。
UOB-KayHian分析师K Ajith表示，尽管市场人气有所改善，从当前水平上涨的幅度可能较小；道琼斯指数仍然面临趋势线阻力位，而标准普尔500指数仍在盘整，这种情况促使大家采取防御性战略，即对多数股票进行逢高减磅。
富时海峡时报中国指数涨3.5%，至461.06点，反映出上海和香港股市的涨势。总体交投淡静，但上涨股与下跌股的比例超过2比1。
Saturday, April 19, 2008
‘Meet & Stay’ package for corporate meetings at Amara Sanctuary Resort Sentosa
S$395 overnight promotion for corporate and social events
Amara Sanctuary Resort Sentosa, Singapore’s stylish new resort getaway, has launched a new ‘Meet & Stay’ package designed for groups of at least ten, priced at S$395 for each guest.
The new package includes overnight accommodation, breakfast for one and lunch at the stylish new ‘urban lifestyle retreat’ overlooking Sentosa’s popular Palawan Beach, just ten minutes from the city centre.
Designed for corporate or stylish social gatherings, the package also includes free use of a meeting room with presentation facilities from 9–5pm, and two coffee/tea breaks with snacks.
Accommodation for guests is in a well-appointed Deluxe Room, complete with a welcome drink & fruit basket.
Guests or delegates also receive a 25% discount voucher for food & beverage at the resort’s signature restaurant, Shutters.
The package rate is subject to 10% service charge and 7% GST, with reservations subject to availability of meeting rooms & guest rooms.
Amara Sanctuary is a stylish and unique new venue for business meetings and stylish events on Sentosa.
The resort combines colonnaded colonial architecture, contemporary design, a secluded tropical landscape, fine dining and ‘casual chic’ style.
Recreational facilities include three swimming pools, including one infinity-edged pool on a rooftop overlooking the South China Sea reserved exclusively for adults.
A health and wellness spa with fully equipped gym opens later this year.
Singapore’s colonial architectural heritage is retained through the conversion of a historic 1930s British Sergeants Quarters building into sensational Courtyard and Verandah Suites.
The resort’s Japanese fine dining restaurant, Si Bon, was converted from the oldest chapel on Sentosa and is the only restaurant in Singapore serving the authentic Japanese delicacy “Kushikatsu”, or skewer cuisine.
All-day restaurant, Shutters, serves modern intercontinental cuisine whilst Thanying is an authentic Royal Thai restaurant and Silk Road of The Sea is a new beachfront seafood restaurant serving cuisine which traces the culinary footsteps of legendary seafarer Admiral Zheng from the Mediterranean to the South China Sea.
The 121-room Amara Sanctuary is owned and managed by Singapore’s Amara Group and was recently honoured in the URA Architectural Heritage Awards which recognize developments restoring listed buildings and monuments to their former glory.
For reservations or more information: Tel. +65 6825 3888Fax +65 6825 3878 Visit: www.amarasanctuary.com.
Source
Amara Sanctuary Resort Sentosa, Singapore’s stylish new resort getaway, has launched a new ‘Meet & Stay’ package designed for groups of at least ten, priced at S$395 for each guest.
The new package includes overnight accommodation, breakfast for one and lunch at the stylish new ‘urban lifestyle retreat’ overlooking Sentosa’s popular Palawan Beach, just ten minutes from the city centre.
Designed for corporate or stylish social gatherings, the package also includes free use of a meeting room with presentation facilities from 9–5pm, and two coffee/tea breaks with snacks.
Accommodation for guests is in a well-appointed Deluxe Room, complete with a welcome drink & fruit basket.
Guests or delegates also receive a 25% discount voucher for food & beverage at the resort’s signature restaurant, Shutters.
The package rate is subject to 10% service charge and 7% GST, with reservations subject to availability of meeting rooms & guest rooms.
Amara Sanctuary is a stylish and unique new venue for business meetings and stylish events on Sentosa.
The resort combines colonnaded colonial architecture, contemporary design, a secluded tropical landscape, fine dining and ‘casual chic’ style.
Recreational facilities include three swimming pools, including one infinity-edged pool on a rooftop overlooking the South China Sea reserved exclusively for adults.
A health and wellness spa with fully equipped gym opens later this year.
Singapore’s colonial architectural heritage is retained through the conversion of a historic 1930s British Sergeants Quarters building into sensational Courtyard and Verandah Suites.
The resort’s Japanese fine dining restaurant, Si Bon, was converted from the oldest chapel on Sentosa and is the only restaurant in Singapore serving the authentic Japanese delicacy “Kushikatsu”, or skewer cuisine.
All-day restaurant, Shutters, serves modern intercontinental cuisine whilst Thanying is an authentic Royal Thai restaurant and Silk Road of The Sea is a new beachfront seafood restaurant serving cuisine which traces the culinary footsteps of legendary seafarer Admiral Zheng from the Mediterranean to the South China Sea.
The 121-room Amara Sanctuary is owned and managed by Singapore’s Amara Group and was recently honoured in the URA Architectural Heritage Awards which recognize developments restoring listed buildings and monuments to their former glory.
For reservations or more information: Tel. +65 6825 3888Fax +65 6825 3878 Visit: www.amarasanctuary.com.
Source
Friday, April 18, 2008
新加坡股市收盘持平，因美国公司业绩报告喜忧参半
新加坡股市周五收盘持平，美国公司公布的业绩报告喜忧参半，投资者难以确定美国的经济前景。
美国是新加坡最大的出口市场。
新加坡海峡时报指数收盘跌1.43点，至3124.87点，跌幅0.05%。该指数30只成份股中有12只走低。
整体市场244只股票上涨，310只股票下跌。
市场成交量较低，为12亿股。
交易员称，周五市场微跌可能标致着持续三天的涨势暂时停止。
AmFraser研究部门高级副总裁Najeeb Jarhom称，海峡时报指数仍有望上探3300点。
美国是新加坡最大的出口市场。
新加坡海峡时报指数收盘跌1.43点，至3124.87点，跌幅0.05%。该指数30只成份股中有12只走低。
整体市场244只股票上涨，310只股票下跌。
市场成交量较低，为12亿股。
交易员称，周五市场微跌可能标致着持续三天的涨势暂时停止。
AmFraser研究部门高级副总裁Najeeb Jarhom称，海峡时报指数仍有望上探3300点。
Singapore Hot Stocks-Super Coffeemix soars on takeover talk
SINGAPORE, April 18 (Reuters) - Food and beverage firm Super Coffeemix surged as much as 21 percent to S$0.975 with 3 million shares traded.
Its shares also soared 20 percent on Thursday, prompting queries from Singapore Exchange about its stock rise.
The firm replied on late Thursday that it has received interest regarding a "possible transaction" and they are still in the early stage of discussions.
Super Coffeemix did not give further details when contacted by Reuters.
Three dealers said there has been speculation of a takeover bid for Super Coffeemix.
"There's talk of a takeover bid. But the firm's market cap is around half a billion, so a reverse takeover might be ruled out," one trader said.
0357 GMT - Straits Times Index down 0.37 percent.
SEMBMARINE UP ON BRAZIL SHIPYARD DEAL
Sembcorp Marine extended gains for a fourth day after the rig-maker signed an agreement with Mac Laren Shipyard to operate a shipyard in Brazil.
The world's second-biggest rig-builder, rose as much as 4.9 percent to S$4.05, with over 5.9 million shares traded.
Sembcorp Marine will also collaborate with Brazil's Mac Laren for all future offshore oil and gas projects in the Latin American country, the firm said in a statement on Thursday.
"SMM's (Sembcorp Marine) main rival Keppel has a Brazilian yard...and this latest alliance puts SMM on par with Keppel when bidding for Petrobras contracts," Citigroup said in a client note.
Keppel Corp's shares only rose as much as 1.4 percent to S$11.66 with a volume about 2 million shares.
Analysts said earlier this week Sembcorp Marine and Keppel could benefit from a new Petrobras oil discovery in Brazil.
0319 GMT - Straits Times Index down 0.09 percent.
(Reporting by Tan Wei Xin, editing by Neil Chatterjee)
((weixin.tan@reuters.com; +65 6403 5667; Reuters Messaging: weixin.tan.reuters.com@reuters.net))
Its shares also soared 20 percent on Thursday, prompting queries from Singapore Exchange about its stock rise.
The firm replied on late Thursday that it has received interest regarding a "possible transaction" and they are still in the early stage of discussions.
Super Coffeemix did not give further details when contacted by Reuters.
Three dealers said there has been speculation of a takeover bid for Super Coffeemix.
"There's talk of a takeover bid. But the firm's market cap is around half a billion, so a reverse takeover might be ruled out," one trader said.
0357 GMT - Straits Times Index down 0.37 percent.
SEMBMARINE UP ON BRAZIL SHIPYARD DEAL
Sembcorp Marine extended gains for a fourth day after the rig-maker signed an agreement with Mac Laren Shipyard to operate a shipyard in Brazil.
The world's second-biggest rig-builder, rose as much as 4.9 percent to S$4.05, with over 5.9 million shares traded.
Sembcorp Marine will also collaborate with Brazil's Mac Laren for all future offshore oil and gas projects in the Latin American country, the firm said in a statement on Thursday.
"SMM's (Sembcorp Marine) main rival Keppel has a Brazilian yard...and this latest alliance puts SMM on par with Keppel when bidding for Petrobras contracts," Citigroup said in a client note.
Keppel Corp's shares only rose as much as 1.4 percent to S$11.66 with a volume about 2 million shares.
Analysts said earlier this week Sembcorp Marine and Keppel could benefit from a new Petrobras oil discovery in Brazil.
0319 GMT - Straits Times Index down 0.09 percent.
(Reporting by Tan Wei Xin, editing by Neil Chatterjee)
((weixin.tan@reuters.com; +65 6403 5667; Reuters Messaging: weixin.tan.reuters.com@reuters.net))
Wednesday, April 16, 2008
龍馬有信心獲建印尼首個合法賭場
（吉隆坡16日訊）雲頂（GENTING，3182，主板貿易）持股30%的龍馬（LANDMRK，1643，主板旅店），展望在印尼總值31億美元（約98億令吉）的度假村計劃內，興建當地首個合法賭場。
龍馬總營運長林文順接受《彭博社》訪問時指出，設立賭場“旨在為印尼打造新景點”。
他說，博彩元素將加速印尼民丹的綜合發展。
上述賭場將與新加坡的拉斯維加斯金沙集團，以及雲頂的新加坡賭場度假村競爭。
僑豐投資研究分析員黃德強指出，儘管存在執行風險，但上述計劃可行。
他也認為，由于大馬及新加坡皆有賭場，因此競爭將很嚴峻。
根據普華永道數據，亞太區博彩市場可能每年增長16%，2011年達303億美元（約960億令吉）。
林文順說，公司計劃掌握新加坡旅客人數增長的外溢效應，展望每年吸引300萬名訪客到民丹，比現有的37萬人增長8倍。
需時8年
龍馬股項今日表現亮眼，盤中攀升13仙或5.4%，報2.52令吉，並進入10大上升榜。雲頂則是4天內首次走高，盤中上揚10仙或1.6%，報6.45令吉。
龍馬在印尼的發展計劃總值31億美元，將建有5座度假村、高級住宅及別墅等。
不過，報導指出，在印尼開設賭場，可能遭當地政治界反對。
另外，林文順指出，龍馬將以8年時間興建度假村，發展成本達20億新元（約63.4億令吉）。
龍馬計劃出售5個綜合度假村地段，每地段佔地約25公頃，包括賭場。
他說，放眼年底前售出至少兩塊地段，並可能保留其中一塊地段及管理一間酒店和賭場，以取得經常收入。
Source
龍馬總營運長林文順接受《彭博社》訪問時指出，設立賭場“旨在為印尼打造新景點”。
他說，博彩元素將加速印尼民丹的綜合發展。
上述賭場將與新加坡的拉斯維加斯金沙集團，以及雲頂的新加坡賭場度假村競爭。
僑豐投資研究分析員黃德強指出，儘管存在執行風險，但上述計劃可行。
他也認為，由于大馬及新加坡皆有賭場，因此競爭將很嚴峻。
根據普華永道數據，亞太區博彩市場可能每年增長16%，2011年達303億美元（約960億令吉）。
林文順說，公司計劃掌握新加坡旅客人數增長的外溢效應，展望每年吸引300萬名訪客到民丹，比現有的37萬人增長8倍。
需時8年
龍馬股項今日表現亮眼，盤中攀升13仙或5.4%，報2.52令吉，並進入10大上升榜。雲頂則是4天內首次走高，盤中上揚10仙或1.6%，報6.45令吉。
龍馬在印尼的發展計劃總值31億美元，將建有5座度假村、高級住宅及別墅等。
不過，報導指出，在印尼開設賭場，可能遭當地政治界反對。
另外，林文順指出，龍馬將以8年時間興建度假村，發展成本達20億新元（約63.4億令吉）。
龍馬計劃出售5個綜合度假村地段，每地段佔地約25公頃，包括賭場。
他說，放眼年底前售出至少兩塊地段，並可能保留其中一塊地段及管理一間酒店和賭場，以取得經常收入。
Source
Landmarks Plans Indonesia's First Casinos in Bintan
April 16 (Bloomberg) -- Malaysia's Landmarks Bhd., backed by Asia's largest gambling company, hopes to build Indonesia's first legalized casinos in a $3.1 billion resort project to compete with Las Vegas Sands Corp. in Singapore.
The ``objective is to develop a new destination for Indonesia,'' Chief Operating Officer Lim Boon Soon said in an interview in Kuala Lumpur. The gaming element ``will accelerate the whole integrated development in Bintan,'' an island in Indonesia, which has the world's largest Muslim population.
The planned casinos in Bintan will compete with gaming resorts that Las Vegas Sands and Genting Bhd., Landmarks's biggest shareholder, are racing to build in Singapore, which is a 55-minute ferry ride away. The regulated gambling market in the Asia-Pacific region may expand 16 percent a year to $30.3 billion in 2011, according to PricewaterhouseCoopers LLP.
``It could work, though the execution risks are there,'' said Keith Wee, an analyst at OSK Research Sdn. With casinos in Malaysia as well as Singapore, ``competition will be tough.''
Singapore plans to double the number of overseas visitors to 17 million annually and triple tourism receipts to S$30 billion ($22 billion) by 2015. The island-nation ended a four- decade ban on casinos in 2005 amid surging gambling revenue in the Chinese city of Macau.
Landmarks aims to capture the spillover from Singapore, targeting about 3 million visitors a year to Bintan, eight times more than the 370,000 tourists now, Lim said.
Shares Climb
Landmarks climbed 2.5 percent to close at 2.45 ringgit in Kuala Lumpur, the highest level since March 27. It earlier rose 5.4 percent. Genting was unchanged at 6.35 ringgit after gaining 2.4 percent.
Bintan, the largest island in the Riau archipelago of Indonesia in the South China Sea, is being developed into one of Asia's biggest holiday resorts by the governments of Indonesia and Singapore and a group of companies.
Resorts there include the Banyan Tree Bintan, Bintan Lagoon Resort and Club Med Ria.
Occupancy rates for resorts in Bintan climbed to 61.4 percent last year from 54.9 percent in 2006, according to the Web site of Bintan Resorts International Pte, the marketing consultant for resorts in Bintan. There are more than 1,300 hotel rooms in the island, it said.
Landmarks's project, which will be valued at S$4.2 billion ($3.1 billion), will have as many as five resorts, condominiums, villas, health spas and water canals, Lim said in an interview yesterday. ``Five years down the road, having a casino won't be special.''
`Gambling Is Banned'
The casinos may be opposed by local politicians. ``The plan to build casinos uses a newly issued regional regulation,'' said Ferry Mursidan Baldan, a member of the Indonesian parliament's domestic and regional affairs commission. ``This is a problem'' because ``the national law says that gambling is banned.''
Should gambling be legalized in Bintan, ``then other regions would follow suit,'' he said. ``This we don't want to happen.''
Landmarks will build the resorts over eight years at a development cost of S$2 billion. The company plans to sell five so-called integrated resort lots of about 25 hectares (62 acres) each to investors, Lim said. Each of them comes with a ``casino offering,'' he said.
The company, based in Kuala Lumpur, agreed in February to buy the 26 percent it doesn't already own in Bintan Treasure Bay Pte, which owns 338 hectares of land in Bintan that's being developed into an integrated resort called Treasure Bay, for S$157 million in cash.
Not Just Casinos
Part of the land for Landmarks's project has been designated for activities such as gaming and medical tourism to help boost the development potential of Treasure Bay, it said in January. The statement didn't mention casinos. Treasure Bay will have other facilities apart from casinos, Lim said. The floor area for gambling will be ``minimal,'' he said.
The casino license is held by PT Wisata Hiburia, an Indonesian entity. ``In the zoning agreement, they are the ultimate approving party as to which operators they want,'' Lim said.
Landmarks aims to sell at least two lots by the end of the year. It may retain one and manage a hotel with a casino to provide recurring income, he said. It also may sell private homes, including 120 villa units and 4,000 ``high-end'' condominium units, and retain ownership of stores in the town center for rental income, he said.
``We have not really finalized the terms and conditions of the gaming business, so our priority is to get the land ready,'' Lim said. The project will create as many as 30,000 jobs in Bintan, he said.
Genting, which is opening a S$5.75 billion casino-resort on the Singapore island of Sentosa in 2010, owns 30 percent of Landmarks.
To contact the reporter on this story: Chan Tien Hin in Kuala Lumpur at thchan@bloomberg.net
Source
The ``objective is to develop a new destination for Indonesia,'' Chief Operating Officer Lim Boon Soon said in an interview in Kuala Lumpur. The gaming element ``will accelerate the whole integrated development in Bintan,'' an island in Indonesia, which has the world's largest Muslim population.
The planned casinos in Bintan will compete with gaming resorts that Las Vegas Sands and Genting Bhd., Landmarks's biggest shareholder, are racing to build in Singapore, which is a 55-minute ferry ride away. The regulated gambling market in the Asia-Pacific region may expand 16 percent a year to $30.3 billion in 2011, according to PricewaterhouseCoopers LLP.
``It could work, though the execution risks are there,'' said Keith Wee, an analyst at OSK Research Sdn. With casinos in Malaysia as well as Singapore, ``competition will be tough.''
Singapore plans to double the number of overseas visitors to 17 million annually and triple tourism receipts to S$30 billion ($22 billion) by 2015. The island-nation ended a four- decade ban on casinos in 2005 amid surging gambling revenue in the Chinese city of Macau.
Landmarks aims to capture the spillover from Singapore, targeting about 3 million visitors a year to Bintan, eight times more than the 370,000 tourists now, Lim said.
Shares Climb
Landmarks climbed 2.5 percent to close at 2.45 ringgit in Kuala Lumpur, the highest level since March 27. It earlier rose 5.4 percent. Genting was unchanged at 6.35 ringgit after gaining 2.4 percent.
Bintan, the largest island in the Riau archipelago of Indonesia in the South China Sea, is being developed into one of Asia's biggest holiday resorts by the governments of Indonesia and Singapore and a group of companies.
Resorts there include the Banyan Tree Bintan, Bintan Lagoon Resort and Club Med Ria.
Occupancy rates for resorts in Bintan climbed to 61.4 percent last year from 54.9 percent in 2006, according to the Web site of Bintan Resorts International Pte, the marketing consultant for resorts in Bintan. There are more than 1,300 hotel rooms in the island, it said.
Landmarks's project, which will be valued at S$4.2 billion ($3.1 billion), will have as many as five resorts, condominiums, villas, health spas and water canals, Lim said in an interview yesterday. ``Five years down the road, having a casino won't be special.''
`Gambling Is Banned'
The casinos may be opposed by local politicians. ``The plan to build casinos uses a newly issued regional regulation,'' said Ferry Mursidan Baldan, a member of the Indonesian parliament's domestic and regional affairs commission. ``This is a problem'' because ``the national law says that gambling is banned.''
Should gambling be legalized in Bintan, ``then other regions would follow suit,'' he said. ``This we don't want to happen.''
Landmarks will build the resorts over eight years at a development cost of S$2 billion. The company plans to sell five so-called integrated resort lots of about 25 hectares (62 acres) each to investors, Lim said. Each of them comes with a ``casino offering,'' he said.
The company, based in Kuala Lumpur, agreed in February to buy the 26 percent it doesn't already own in Bintan Treasure Bay Pte, which owns 338 hectares of land in Bintan that's being developed into an integrated resort called Treasure Bay, for S$157 million in cash.
Not Just Casinos
Part of the land for Landmarks's project has been designated for activities such as gaming and medical tourism to help boost the development potential of Treasure Bay, it said in January. The statement didn't mention casinos. Treasure Bay will have other facilities apart from casinos, Lim said. The floor area for gambling will be ``minimal,'' he said.
The casino license is held by PT Wisata Hiburia, an Indonesian entity. ``In the zoning agreement, they are the ultimate approving party as to which operators they want,'' Lim said.
Landmarks aims to sell at least two lots by the end of the year. It may retain one and manage a hotel with a casino to provide recurring income, he said. It also may sell private homes, including 120 villa units and 4,000 ``high-end'' condominium units, and retain ownership of stores in the town center for rental income, he said.
``We have not really finalized the terms and conditions of the gaming business, so our priority is to get the land ready,'' Lim said. The project will create as many as 30,000 jobs in Bintan, he said.
Genting, which is opening a S$5.75 billion casino-resort on the Singapore island of Sentosa in 2010, owns 30 percent of Landmarks.
To contact the reporter on this story: Chan Tien Hin in Kuala Lumpur at thchan@bloomberg.net
Source
新加坡股市收盘走高，受美股涨势带动；未来或振荡反弹
新加坡股市周三收盘走高，因投资者在美国股市前夜上扬鼓舞下继续逢低买进。
新加坡海峡时报指数涨31点，至3087.49点，涨幅1%；该指数30只成份股中有20只上涨。
整体市场348只股票上涨，260只股票下跌。然而成交量依然不大，为12亿股，这意味着投资者都在等待本周将公布的美国大公司收益报告，以从中获得指引。
DBS唯高达(DBS Vickers)表示，鉴于本周余下时间内将迎来一系列业绩报告和经济数据，股市可能会振荡反弹。
DBS唯高达还称，由于当前的市场预期值较低，投资者不太会对业绩报告过于失望，因此股市下行空间有限。
新加坡海峡时报指数涨31点，至3087.49点，涨幅1%；该指数30只成份股中有20只上涨。
整体市场348只股票上涨，260只股票下跌。然而成交量依然不大，为12亿股，这意味着投资者都在等待本周将公布的美国大公司收益报告，以从中获得指引。
DBS唯高达(DBS Vickers)表示，鉴于本周余下时间内将迎来一系列业绩报告和经济数据，股市可能会振荡反弹。
DBS唯高达还称，由于当前的市场预期值较低，投资者不太会对业绩报告过于失望，因此股市下行空间有限。
Tuesday, April 15, 2008
亚太股市多数上扬
亚太股市周二收盘多数走高，虽然投资者在美国大型公司发布业绩前依然谨慎，但逢低吸纳仍推动东京和中国股市实现反弹。
东京股市收盘走高，市场交投清淡；主要是因为周一股市大幅下挫3.1%之后，投资者逢低买进丰田汽车(Toyota)及其他部分蓝筹股，从而给股市以提振。不过，本周剩余时间投资者不太可能大举买进股票，而会等待美国主要金融机构公布业绩。日经225指数收盘涨73.07点，至12990.58点，涨幅0.6%；该指数周一收盘跌406.22点，跌幅3.1%。东京证交所一部成交量估计为16.67亿股，远低于25日移动均线19.58亿股，但高于上周三的15.08亿股（不包括半日交易的年内最低成交量）。包括东京证交所一部所有股票的东证指数收盘涨9.73点?255.97点，涨幅0.8%。
香港股市出现反弹，受电力供应商类股及中国大陆股市上涨提振。分析师称，市场对中国大陆将采取进一步紧缩政策的担忧情绪限制了香港股市的涨幅，并可能导致股市在短期内出现大幅波动。投资者目前正等待本周发布的大陆重要经济指标，其中包括定于周三发布的第一季度国内生产总值(GDP)数据。恒生指数收盘涨90.13点，至23,901.33点，涨幅0.4%，盘中交易区间为23,613.49点至24,043.89点。成交额降至714.5亿港元，低于周一的748.5亿港元。
中国股市收盘走高，因蓝筹股继周一大幅下挫后获得逢低买盘推动；不过由于投资者担心中国政府可能会在周三公布完第一季度经济数据后采取进一步紧缩货币政策，因此市场涨幅有限。上证综合指数收盘涨1.6%，至3348.35点，盘中曾一度跌至3212.15点，为2007年4月2日以来的最低水平。
深证综合指数涨1.9%，至1028.77点。
澳大利亚股市收盘走高，逆转了五个交易日以来的跌势，澳大利亚央行的积极言论、能源价格走强及针对Insurance Australia Group的收购出价相关事宜推动市场上涨。
基准S&P/ASX 200指数收盘涨58点，至5400.4点，涨幅1.1%，未受美国股市前夜下跌0.2%影响。
新加坡股市收盘走高，受温和逢低买盘提振，但交易员表示，在美国大型企业本周公布业绩前，市场人气将继续保持谨慎。新加坡海峡时报指数收盘涨13.53点，至3056.49点，涨幅0.4%。
东京股市收盘走高，市场交投清淡；主要是因为周一股市大幅下挫3.1%之后，投资者逢低买进丰田汽车(Toyota)及其他部分蓝筹股，从而给股市以提振。不过，本周剩余时间投资者不太可能大举买进股票，而会等待美国主要金融机构公布业绩。日经225指数收盘涨73.07点，至12990.58点，涨幅0.6%；该指数周一收盘跌406.22点，跌幅3.1%。东京证交所一部成交量估计为16.67亿股，远低于25日移动均线19.58亿股，但高于上周三的15.08亿股（不包括半日交易的年内最低成交量）。包括东京证交所一部所有股票的东证指数收盘涨9.73点?255.97点，涨幅0.8%。
香港股市出现反弹，受电力供应商类股及中国大陆股市上涨提振。分析师称，市场对中国大陆将采取进一步紧缩政策的担忧情绪限制了香港股市的涨幅，并可能导致股市在短期内出现大幅波动。投资者目前正等待本周发布的大陆重要经济指标，其中包括定于周三发布的第一季度国内生产总值(GDP)数据。恒生指数收盘涨90.13点，至23,901.33点，涨幅0.4%，盘中交易区间为23,613.49点至24,043.89点。成交额降至714.5亿港元，低于周一的748.5亿港元。
中国股市收盘走高，因蓝筹股继周一大幅下挫后获得逢低买盘推动；不过由于投资者担心中国政府可能会在周三公布完第一季度经济数据后采取进一步紧缩货币政策，因此市场涨幅有限。上证综合指数收盘涨1.6%，至3348.35点，盘中曾一度跌至3212.15点，为2007年4月2日以来的最低水平。
深证综合指数涨1.9%，至1028.77点。
澳大利亚股市收盘走高，逆转了五个交易日以来的跌势，澳大利亚央行的积极言论、能源价格走强及针对Insurance Australia Group的收购出价相关事宜推动市场上涨。
基准S&P/ASX 200指数收盘涨58点，至5400.4点，涨幅1.1%，未受美国股市前夜下跌0.2%影响。
新加坡股市收盘走高，受温和逢低买盘提振，但交易员表示，在美国大型企业本周公布业绩前，市场人气将继续保持谨慎。新加坡海峡时报指数收盘涨13.53点，至3056.49点，涨幅0.4%。
新加坡股市收盘走高，市场在美国企业公布业绩前继续保持谨慎
新加坡股市周二收盘走高，受温和逢低买盘提振，但交易员表示，在美国大型企业本周公布业绩前，市场人气将继续保持谨慎。
新加坡海峡时报指数收盘涨13.53点，至3056.49点，涨幅0.4%。
该指数30只成份股中有19只上涨；整体市场有326只股票上涨，262只股票下跌。
市场交投清淡，成交量为11亿股。
AmFraser研究部门的资深副总裁Najeeb Jarhom表示，股指不可能会跌破2800点。
海峡时报指数很有可能会在未来一到两个月中触及50%回撤目标3250-3300点。
新加坡海峡时报指数收盘涨13.53点，至3056.49点，涨幅0.4%。
该指数30只成份股中有19只上涨；整体市场有326只股票上涨，262只股票下跌。
市场交投清淡，成交量为11亿股。
AmFraser研究部门的资深副总裁Najeeb Jarhom表示，股指不可能会跌破2800点。
海峡时报指数很有可能会在未来一到两个月中触及50%回撤目标3250-3300点。
CIMB Report - 15 April 2008
Singapore What's on the table
China Fishery Group (S$1.49) - Improving efficiency of fishmeal operations China Fishery has announced the acquisition of its eighth fishmeal plant for US$19.9m. The new plant with a steam-dried fishmeal processing capacity of 110 tonnes/hour is located in the central-southern part of Peru, complementing its existing fishmeal processing plants along the northern coast.
The new plant is expected to improve overall efficiency as it would allow the company's fishing vessels harvesting in nearby waters to dislodge their catch quickly and return to the fishing grounds. However, we maintain our EPS estimates for now as the ability to procure anchovies and not processing capacity is the critical factor. Maintain Outperform. The company continues to trade at a discount to our unchanged target price of S$3.30, still based on 14.0x CY09 P/E, in line with the industry’s normal trading band.
Quick takes
News of the Day
China Fishery Group (S$1.49) - Improving efficiency of fishmeal operations China Fishery has announced the acquisition of its eighth fishmeal plant for US$19.9m. The new plant with a steam-dried fishmeal processing capacity of 110 tonnes/hour is located in the central-southern part of Peru, complementing its existing fishmeal processing plants along the northern coast.
The new plant is expected to improve overall efficiency as it would allow the company's fishing vessels harvesting in nearby waters to dislodge their catch quickly and return to the fishing grounds. However, we maintain our EPS estimates for now as the ability to procure anchovies and not processing capacity is the critical factor. Maintain Outperform. The company continues to trade at a discount to our unchanged target price of S$3.30, still based on 14.0x CY09 P/E, in line with the industry’s normal trading band.
Quick takes
- Pacific Andes (S$0.49) - Acquisition of eighth fishmeal processing plant
- SGX (S$7.93) - 3QFY08 results - Encouraging signs in a downturn
- Singapore Press Holdings (S$4.43) - 2QFY08 results - Still going strong
News of the Day
- Japan shares open higher
- Brazil oil find may be biggest in 30 years
- Wachovia loss hits banks, cancels oil gains
- Record $8bn worth of government tenders up for grabs
- Stronger S$ may weigh down interest rates
- Tuan Sing set to gain from sale of two Aussie hotels
- Dayen to sell Indonesian coal concession
- C&O Pharma in venture with US outfit
DBSVicker Report - 15 April 2008
Singapore Telecom : BUY S$3.87;
Bloomberg: ST SP Associate setback but potential special dividends
Price Target : 12-month S$ 4.35 (Prev S$ 4.50)
By: Sachin Mittal +65 6398 7950
Story: SingTel’s upcoming 4QFY08 results will be clouded by a strong Singapore dollar and not-so strong performance of Indonesian associate Telkomsel. We expect SingTel to complement its regular dividend with a special dividend to be announced with 4QFY08 results.
Point: Three issues surrounding SingTel are (i) concerns of strong appreciation of SGD against the Indian rupee that could impact earnings and valuation contribution of its Indian associate - Bharti in terms of SGD; (ii) significant reduction in tariff of Indonesian associate Telkomsel that could lower its earnings contribution; and (iii) SingTel potentially paying 8-10 cents in special dividends on top of the 6.5 cents regular dividend with 4QFY08 results.
Relevance: We trimmed our pre-exceptional estimates for FY08F and FY09F by 1.4% and 3.7%, respectively. Overall, net profit for FY08F is unchanged due to S$155m exceptional income (evident in 9M08 results) compared to our assumption of S$100m. SingTel remains a BUY with a new sum-of-parts (SOP) based valuation of S$4.35 (prev. S$4.50) due to lower contribution from Telkomsel and Bharti.
SPH: BUY S$4.43;
Bloomberg: SPH SP Core business going strong;
Price Target : 12-month S$ 5.80
BY; Paul Yong +65 6398 7951
Story: SPH reported a good set of operating results as at 1H08, which helped to offset poorer investment income. 1H08 PBT for the core newsprint and magazine business rose by 16% yoy to S$191m, boosted by double-digit ad revenue growth whilst PBT for Treasury and Investment dropped by 76% yoy to S$14.5m, due to a lack of special dividends and a poor equities market. Stronger contribution from the property segment, boosted by contribution from Sky@Eleven also helped offset lower investment income. As at halftime, net earnings for the Group declined by 2% yoy to S$212m. An S 8cts dividend was declared, vs S 7 cts a year ago.
Point: SPH continues to benefit from strong consumer sentiment in Singapore, as evidenced by the double-digit growth in ad spend in 2Q08 and we believe the Group can post double digit earnings growth for the full year for this business even with a slower second half. Meanwhile, we have lowered our investment income projections for FY08 and FY09 and also factored in a delay in construction for Sky@Eleven, which has been affected somewhat by a shortage in manpower and bad weather. These changes have not impacted our sum-of-the-parts valuation for SPH.
Relevance: We continue to like SPH for its attractive valuation and as a defensive stock, backed by a net yield of 7.2% (premised on 90% payout of EBIT; in line with last 6 years), and re-iterate our BUY call. Our 12-month target price is S$5.80, based on SOTP valuation.
Bloomberg: ST SP Associate setback but potential special dividends
Price Target : 12-month S$ 4.35 (Prev S$ 4.50)
By: Sachin Mittal +65 6398 7950
Story: SingTel’s upcoming 4QFY08 results will be clouded by a strong Singapore dollar and not-so strong performance of Indonesian associate Telkomsel. We expect SingTel to complement its regular dividend with a special dividend to be announced with 4QFY08 results.
Point: Three issues surrounding SingTel are (i) concerns of strong appreciation of SGD against the Indian rupee that could impact earnings and valuation contribution of its Indian associate - Bharti in terms of SGD; (ii) significant reduction in tariff of Indonesian associate Telkomsel that could lower its earnings contribution; and (iii) SingTel potentially paying 8-10 cents in special dividends on top of the 6.5 cents regular dividend with 4QFY08 results.
Relevance: We trimmed our pre-exceptional estimates for FY08F and FY09F by 1.4% and 3.7%, respectively. Overall, net profit for FY08F is unchanged due to S$155m exceptional income (evident in 9M08 results) compared to our assumption of S$100m. SingTel remains a BUY with a new sum-of-parts (SOP) based valuation of S$4.35 (prev. S$4.50) due to lower contribution from Telkomsel and Bharti.
SPH: BUY S$4.43;
Bloomberg: SPH SP Core business going strong;
Price Target : 12-month S$ 5.80
BY; Paul Yong +65 6398 7951
Story: SPH reported a good set of operating results as at 1H08, which helped to offset poorer investment income. 1H08 PBT for the core newsprint and magazine business rose by 16% yoy to S$191m, boosted by double-digit ad revenue growth whilst PBT for Treasury and Investment dropped by 76% yoy to S$14.5m, due to a lack of special dividends and a poor equities market. Stronger contribution from the property segment, boosted by contribution from Sky@Eleven also helped offset lower investment income. As at halftime, net earnings for the Group declined by 2% yoy to S$212m. An S 8cts dividend was declared, vs S 7 cts a year ago.
Point: SPH continues to benefit from strong consumer sentiment in Singapore, as evidenced by the double-digit growth in ad spend in 2Q08 and we believe the Group can post double digit earnings growth for the full year for this business even with a slower second half. Meanwhile, we have lowered our investment income projections for FY08 and FY09 and also factored in a delay in construction for Sky@Eleven, which has been affected somewhat by a shortage in manpower and bad weather. These changes have not impacted our sum-of-the-parts valuation for SPH.
Relevance: We continue to like SPH for its attractive valuation and as a defensive stock, backed by a net yield of 7.2% (premised on 90% payout of EBIT; in line with last 6 years), and re-iterate our BUY call. Our 12-month target price is S$5.80, based on SOTP valuation.
OCBC Report - 15 April 2008
Singapore Exchange: Strong 3Q despite uncertain market
Summary: Singapore Exchange posted 3Q earnings of S$101.5m, +14% YoY (-35% QoQ), in line with market estimate of S$103m. The QoQ decline was due to the slowdown in the securities market, but mitigated by derivatives market revenue which grew 36% YoY to S$39m. Moving ahead, there are several pockets of growth for SGX despite present uncertain market conditions.
The increase in the net clearing fee for the MSCI Singapore futures and CNX Nifty futures with effect from 1 April 2008 should help to support revenue contribution from the Derivatives segment.
The Structured Warrant segment registered 9-month traded value of S$24.5b, surpassing the S$18.8b in FY07. The ETF segment jumped 127% YoY to S$1500m in 9MFY08. Management has declared a 3Q dividend of 3 cents, payable on 13 May 2008.
We have raised our FY08 earnings estimate to S$460.5m. Using the same parameter of 21x earnings, we are raising our fair value estimate from S$8.20 to S$8.80. At this level, yield is still attractive at 4.1%. We are therefore retaining our BUY rating on the stock. (Carmen Lee)
For more information on the above, visit www.ocbcresearch.com for detailed report.
Singapore Press Holdings: Still a Stalwart
Summary: SPH reported its 2Q08 results yesterday with topline rising 19% YoY to S$301.8m but net profit declined 6.3% YoY to S$99.6m. This was primarily due to lower than expected recognition from the Sky@Eleven project and weaker investment income.
About S$150m has been committed for investment into new media businesses which we anticipate is currently loss making. Along with yearly annual increments, this expansion has caused staff costs to rise 12% YoY to S$159m at half time.
We expect SPH to ride its monopolistic market position in the growing Singapore economy to insulate itself against the slowing western economies. Paragon will continue to contribute strongly to the group due to strong rental income and increased NLA by Oct 08 with its S$82m makeover.
Assuming a similar payout ratio as previous years, we estimate that the stock’s dividend yield could be 5.7% in FY08, making SPH an attractive defensive play for a shaky market. Using SOTP, we raise our fair value slightly to S$5.15 (vs. S$5.14) as SPH pays down its debt for Paragon. Maintain BUY. (Kelly Chia)
For more information on the above, visit www.ocbcresearch.com for detailed report.
Pacific Andes Holdings: Widening its Peru footprint
Summary: Pacific Andes Holdings (PAH) announced that its subsidiary, China Fishery Group Limited (CFG) has entered into an agreement to buy the entire share capital of Epesca Pisco S.A.C for US$19.9m. This marks its eight fishmeal plant in Peru.
This acquisition comes with one fishmeal plant and three fishmeal depots, increasing its processing capacity by 110 tons per hour to 655 tons per hour. In addition, this plant is located in the south of Lima, complementing its existing operations in the north and central parts of Peru. We view this acquisition as complementary to its operations and retain our BUY rating for PAH with fair value estimate of 82.5 cents. As its FY08 result is coming out soon, we will review our numbers then. (Carmen Lee)
Li Heng Chemical Fibre: Weaving a good FY07 showing
Summary: Li Heng Chemical Fibre Technologies (Li Heng) posted a good set of FY07 results, with revenue up 62.6% at RMB2758.1m, buoyed by strong demand for its high-end nylon yarn products, which it was able to meet by the first full-year operation of its Liheng plant at Binhai Industrial Zone. New products, namely nylon FDY and DTY, contributed positively to its product mix and output.
And thanks to higher ASPs of these products, Li Heng was able to hold its gross margin stable at 34.3% (versus 35.0% in FY06), despite higher raw material prices. Net profit jumped 89.4% to RMB905.1m, in part aided by a tax exemption, which helped to offset higher depreciation (+68.0% at RMB46.9m) and interest cost (+108.4% at RMB21.5m). We will have more after we speak to management later. We currently do not have a rating on the stock. (Carey Wong)
For more information on the above, visit www.ocbcresearch.com for detailed report.
NEWS HEADLINES
Summary: Singapore Exchange posted 3Q earnings of S$101.5m, +14% YoY (-35% QoQ), in line with market estimate of S$103m. The QoQ decline was due to the slowdown in the securities market, but mitigated by derivatives market revenue which grew 36% YoY to S$39m. Moving ahead, there are several pockets of growth for SGX despite present uncertain market conditions.
The increase in the net clearing fee for the MSCI Singapore futures and CNX Nifty futures with effect from 1 April 2008 should help to support revenue contribution from the Derivatives segment.
The Structured Warrant segment registered 9-month traded value of S$24.5b, surpassing the S$18.8b in FY07. The ETF segment jumped 127% YoY to S$1500m in 9MFY08. Management has declared a 3Q dividend of 3 cents, payable on 13 May 2008.
We have raised our FY08 earnings estimate to S$460.5m. Using the same parameter of 21x earnings, we are raising our fair value estimate from S$8.20 to S$8.80. At this level, yield is still attractive at 4.1%. We are therefore retaining our BUY rating on the stock. (Carmen Lee)
For more information on the above, visit www.ocbcresearch.com for detailed report.
Singapore Press Holdings: Still a Stalwart
Summary: SPH reported its 2Q08 results yesterday with topline rising 19% YoY to S$301.8m but net profit declined 6.3% YoY to S$99.6m. This was primarily due to lower than expected recognition from the Sky@Eleven project and weaker investment income.
About S$150m has been committed for investment into new media businesses which we anticipate is currently loss making. Along with yearly annual increments, this expansion has caused staff costs to rise 12% YoY to S$159m at half time.
We expect SPH to ride its monopolistic market position in the growing Singapore economy to insulate itself against the slowing western economies. Paragon will continue to contribute strongly to the group due to strong rental income and increased NLA by Oct 08 with its S$82m makeover.
Assuming a similar payout ratio as previous years, we estimate that the stock’s dividend yield could be 5.7% in FY08, making SPH an attractive defensive play for a shaky market. Using SOTP, we raise our fair value slightly to S$5.15 (vs. S$5.14) as SPH pays down its debt for Paragon. Maintain BUY. (Kelly Chia)
For more information on the above, visit www.ocbcresearch.com for detailed report.
Pacific Andes Holdings: Widening its Peru footprint
Summary: Pacific Andes Holdings (PAH) announced that its subsidiary, China Fishery Group Limited (CFG) has entered into an agreement to buy the entire share capital of Epesca Pisco S.A.C for US$19.9m. This marks its eight fishmeal plant in Peru.
This acquisition comes with one fishmeal plant and three fishmeal depots, increasing its processing capacity by 110 tons per hour to 655 tons per hour. In addition, this plant is located in the south of Lima, complementing its existing operations in the north and central parts of Peru. We view this acquisition as complementary to its operations and retain our BUY rating for PAH with fair value estimate of 82.5 cents. As its FY08 result is coming out soon, we will review our numbers then. (Carmen Lee)
Li Heng Chemical Fibre: Weaving a good FY07 showing
Summary: Li Heng Chemical Fibre Technologies (Li Heng) posted a good set of FY07 results, with revenue up 62.6% at RMB2758.1m, buoyed by strong demand for its high-end nylon yarn products, which it was able to meet by the first full-year operation of its Liheng plant at Binhai Industrial Zone. New products, namely nylon FDY and DTY, contributed positively to its product mix and output.
And thanks to higher ASPs of these products, Li Heng was able to hold its gross margin stable at 34.3% (versus 35.0% in FY06), despite higher raw material prices. Net profit jumped 89.4% to RMB905.1m, in part aided by a tax exemption, which helped to offset higher depreciation (+68.0% at RMB46.9m) and interest cost (+108.4% at RMB21.5m). We will have more after we speak to management later. We currently do not have a rating on the stock. (Carey Wong)
For more information on the above, visit www.ocbcresearch.com for detailed report.
NEWS HEADLINES
- US benchmark crude hit US$111.76 per barrel – an all-time high, even after adjusting prices during past booms for inflation.
- Wachovia Corp, the fourth-largest US bank, reported an unexpected 1Q loss, cut its dividend and said it will raise about US$7b in a share sale to replenish capital.
- China’s central bank chief said there’s still room to raise interest rates after six increases last year, as China tries to counter the highest inflation since 1996.
- Indonesia said it is unlikely to import rice from other Asian nations in 2008 because of big local harvests, reducing pressure on global supplies.
- The Singapore government is calling for S$5.8b worth of tenders in the construction sector this fiscal year. All in, its tenders for FY08 will touch a record S$8b.
- Yongnam Holdings has entered into a JV with Japan’s JFE Engineering Corp to undertake a S$50.3m contract for the Marina Bay Sands IR. This marks Yongnam’s second set of contracts for the IR.
- C&O Pharma is setting up a JV with a US contract research organization, XenoBiotic Labs as demand for research outsourced to Asia booms.
世界银行警告 雅加达2025年可能被海水淹没
（雅加达法新电）世界银行警告，印尼首都雅加达正在下沉；如果印尼当局再不采取行动，这个拥有1200万人口的沿海城市，将在2025年后逐渐被海水淹没。
世界银行一份最新研究报告指出，如果印尼当局不采取预防措施，到了2025年12月6日，海水将往内陆挺进5公里，一直来到印尼总统府，甚至完全淹没雅加达北部的历史古城。
专家说，2025年年底，是一个18.6年为一周的天文周期的下一个高峰点，到时爪哇海平面将升高，足以吞噬雅加达的低洼地区。
参与此项研究的荷兰代尔夫特水资源研究院工程师布林克曼认为，全球气候暖化的确造成海平面上升，但雅加达被海水入侵的主要因素是该城市过度发展，造成地面不堪建筑物的重量而下沉。
布林克曼说：“雅加达被淹没的主要原因，不是气候暖化或其他因素，而是雅加达正在下沉……我们可以准确地预计，海水什么时候会涌入雅加达。”
据联合国政府间气候变化委员会（IPCC）预测，到了2025年，海平面将只上升5公分，但布林克曼说，届时雅加达将下沉40至60公分。
除了建筑物的重压之外，雅加达工厂、酒店和富裕居民，无节制地抽取地下水，也使问题恶化。
世界银行已呼吁雅加达停止开采深层地下水，雅加达市政府也提高了地下水的价格，但情况至今仍没有得到显著改善。
布林克曼说：“如果不采取行动解决抽取地下水的问题，（到了2025年）雅加达部分地区将下沉5米。”
他也警告，2025年12月6日是潮汐周期的高潮，但之前极可能发生多场水灾。
Source
世界银行一份最新研究报告指出，如果印尼当局不采取预防措施，到了2025年12月6日，海水将往内陆挺进5公里，一直来到印尼总统府，甚至完全淹没雅加达北部的历史古城。
专家说，2025年年底，是一个18.6年为一周的天文周期的下一个高峰点，到时爪哇海平面将升高，足以吞噬雅加达的低洼地区。
参与此项研究的荷兰代尔夫特水资源研究院工程师布林克曼认为，全球气候暖化的确造成海平面上升，但雅加达被海水入侵的主要因素是该城市过度发展，造成地面不堪建筑物的重量而下沉。
布林克曼说：“雅加达被淹没的主要原因，不是气候暖化或其他因素，而是雅加达正在下沉……我们可以准确地预计，海水什么时候会涌入雅加达。”
据联合国政府间气候变化委员会（IPCC）预测，到了2025年，海平面将只上升5公分，但布林克曼说，届时雅加达将下沉40至60公分。
除了建筑物的重压之外，雅加达工厂、酒店和富裕居民，无节制地抽取地下水，也使问题恶化。
世界银行已呼吁雅加达停止开采深层地下水，雅加达市政府也提高了地下水的价格，但情况至今仍没有得到显著改善。
布林克曼说：“如果不采取行动解决抽取地下水的问题，（到了2025年）雅加达部分地区将下沉5米。”
他也警告，2025年12月6日是潮汐周期的高潮，但之前极可能发生多场水灾。
Source
Singapore Hot Stocks-SGX, Singapore Press in focus
SINGAPORE, April 15 (Reuters) - Singapore Exchange may be in focus on Tuesday after the bourse operator posted its smallest profit in four quarters.
U.S. stocks edged lower on Monday after an unexpected quarterly loss from Wachovia Corp dragged down the financial sector, overshadowing strong gains in energy companies as oil closed at a record.
Stocks and factors to watch:
(Reporting by Tan Wei Xin; Editing by Jan Dahinten)
U.S. stocks edged lower on Monday after an unexpected quarterly loss from Wachovia Corp dragged down the financial sector, overshadowing strong gains in energy companies as oil closed at a record.
Stocks and factors to watch:
- Singapore Exchange, Asia's second-biggest listed bourse, reported net profit of S$101.5 million ($75 million) as trading volumes slowed due to weakness in global markets. [ID:nSIN142889]
- Singapore Press Holdings, Southeast Asia's biggest newspaper publisher, said its quarterly profit fell 6.3 percent due to a sharp drop in investment income coupled with higher costs, and warned it may suffer from a slowing economy. [ID:nSIN139384]
- Shipbuilder and repair firm Cosco Corp (Singapore) plans to quote some future contracts in Chinese yuan and euros and the company has yet to receive initial payment for seven vessels valued at $280 million, Cosco said in response to queries from the stock market. [ID:nSN4E81891]
- Private equity firm MBK Partners said it has extended a deadline for shareholders to accept its takeover offer for drug company AsiaPharm for another eight days to last until April 22. [ID:nSP249135]
- Singapore's benchmark Straits Times Index fell 2.68 percent to 3,042.96 points on Monday.
- The Dow Jones Industrial Average lost 0.19 percent to 12,302.06 points and the Nasdaq Composite Index lost 0.63 percent to 2,275.82 points.
(Reporting by Tan Wei Xin; Editing by Jan Dahinten)
Friday, April 11, 2008
Singapore Hot Stocks-Cosco up on Credit Suisse recommendation
SINGAPORE, April 11 (Reuters) - Cosco Corp rose as much as 3.2 percent to S$2.94 on Friday, with 14 million shares traded, as Credit Suisse said it expected the stock to outperform.
Citi analysts had downgraded the stock to "sell" from "buy" and cut its share price target to S$2.70 from S$4.50, citing margin contraction and slowing order book momentum. For more details, double-click on [ID:nSGC001897].
But Credit Suisse disagreed and kept its "outperform" rating on Cosco with a target price of S$4.40 as it does not expect changes in its estimates based on the net change in Cosco's order book.
"We have reviewed Cosco's order book, contract by contract ... and we do not believe a wholesale meltdown of Cosco's S$9.2 billion order book will occur. Severity of market reaction does not appear to be justified," Credit Suisse analysts said in a client note.
0146 GMT - Straits Times Index <.FTSTI> up 0.96 percent.
Citi analysts had downgraded the stock to "sell" from "buy" and cut its share price target to S$2.70 from S$4.50, citing margin contraction and slowing order book momentum. For more details, double-click on [ID:nSGC001897].
But Credit Suisse disagreed and kept its "outperform" rating on Cosco with a target price of S$4.40 as it does not expect changes in its estimates based on the net change in Cosco's order book.
"We have reviewed Cosco's order book, contract by contract ... and we do not believe a wholesale meltdown of Cosco's S$9.2 billion order book will occur. Severity of market reaction does not appear to be justified," Credit Suisse analysts said in a client note.
0146 GMT - Straits Times Index <.FTSTI> up 0.96 percent.
Ma Ying-jeou Pledges to Open Up Gambling Business
Taipei, April 10, 2008 (CENS)--President-elect Ma Ying-jeou pledged yesterday (April 9) to push opening up of gambling business after swearing into office by revising the Statute for Offshore Island Development, a move expected to benefit mainly Penghu whose residents have been advocating permission for it to develop gambling business in order to invigorate its sluggish economy.
Ma made the announcement during a trip to Penghu to express his gratitude for the support of its residents for him during the presidential election, adding that after the revision of the aforementioned statute, the central government will be able to delegate municipal governments to decide whether to develop gambling business, preferably after achieving consensus among local people via either resolution of local assemblies or regional referendum.
Ma also noted that Makung airport of Penghu will be among the first batch of airports permitted to engage in direct cross-Taiwan Strait flights, which will facilitate effort of the local tourist industry to solicit Chinese tourists from coastal areas in Southern China, notably southern Fujian Province.
In fact, Penghu has been gearing up for development of gambling business in recent years, as the county government has planned to permit initiation of gambling business at four sites, including Meijing Fengkuei vacation resort, Great Penghu International Vacation Resort, a site of Penghu Oceanic Development Co. and a four-hectare plot owned by the county government.
Wang Chien-kang, Penghu county magistrate, noted that four foreign conglomerates, including Malaysia`s Genting Group, have expressed interest in investing in gambling business in Penghu, attracted as they are by Penghu`s favorable conditions, including convenient access to Makung airport via international charter flights.
Except Penghu, a number of other municipalities are also actively seeking permission for the development of gambling business, including Taipei county, Kaohsiung county, Miaoli county, Taoyuan county, Taichung city, Changhua county, and Taitung county.
Four leading U.S. gambling business groups, MGM, Harras, SANDS, and Wynn, have provided information to the government in formulating the statute for casino management, via the mediation of the Nevada state office in Taipei.
Charlyne Chen, Taipei representative of the Nevada state government, reported that the four U.S. groups are evaluating proper sites for their potential gambling business in Taiwan.
Source
Ma made the announcement during a trip to Penghu to express his gratitude for the support of its residents for him during the presidential election, adding that after the revision of the aforementioned statute, the central government will be able to delegate municipal governments to decide whether to develop gambling business, preferably after achieving consensus among local people via either resolution of local assemblies or regional referendum.
Ma also noted that Makung airport of Penghu will be among the first batch of airports permitted to engage in direct cross-Taiwan Strait flights, which will facilitate effort of the local tourist industry to solicit Chinese tourists from coastal areas in Southern China, notably southern Fujian Province.
In fact, Penghu has been gearing up for development of gambling business in recent years, as the county government has planned to permit initiation of gambling business at four sites, including Meijing Fengkuei vacation resort, Great Penghu International Vacation Resort, a site of Penghu Oceanic Development Co. and a four-hectare plot owned by the county government.
Wang Chien-kang, Penghu county magistrate, noted that four foreign conglomerates, including Malaysia`s Genting Group, have expressed interest in investing in gambling business in Penghu, attracted as they are by Penghu`s favorable conditions, including convenient access to Makung airport via international charter flights.
Except Penghu, a number of other municipalities are also actively seeking permission for the development of gambling business, including Taipei county, Kaohsiung county, Miaoli county, Taoyuan county, Taichung city, Changhua county, and Taitung county.
Four leading U.S. gambling business groups, MGM, Harras, SANDS, and Wynn, have provided information to the government in formulating the statute for casino management, via the mediation of the Nevada state office in Taipei.
Charlyne Chen, Taipei representative of the Nevada state government, reported that the four U.S. groups are evaluating proper sites for their potential gambling business in Taiwan.
Source
Genting Intl invests another RM924m in RWS
PETALING JAYA: Genting International Plc is pumping an additional S$400 million (RM924.15 million) into its wholly owned Resorts World at Sentosa Pte Ltd (RWS) by subscribing to 400 million new shares in the firm.
In a statement yesterday, the integrated resorts specialist said the additional investment, via its unit Star Eagle Holdings Ltd, raised its investment in RWS to S$1.5 billlion from S$1.1 billiion.
Genting International had used proceeds from its three-for-five-rights issue of 3.61 million shares at 60 cents apiece for the S$400 million subscription.
The firm said the additional investment in RWS was not expected to have any material impact on the its consolidated net tangible assets and earnings per share for its fiscal year ending Dec 31, 2008.
RWS, incorporated in Singapore in 2005, had on Dec 8, 2006 obtained the right from the Singapore government to develop an integrated resort project on Sentosa Island.
The family resort, with an estimated investment of S$5 billion, is targeted for completion in 2010. It will be home to Universal Studios Singapore, which is the region’s first Universal Studios theme park, and also the world’s largest oceanarium Quest Marine Life Park.
Source
In a statement yesterday, the integrated resorts specialist said the additional investment, via its unit Star Eagle Holdings Ltd, raised its investment in RWS to S$1.5 billlion from S$1.1 billiion.
Genting International had used proceeds from its three-for-five-rights issue of 3.61 million shares at 60 cents apiece for the S$400 million subscription.
The firm said the additional investment in RWS was not expected to have any material impact on the its consolidated net tangible assets and earnings per share for its fiscal year ending Dec 31, 2008.
RWS, incorporated in Singapore in 2005, had on Dec 8, 2006 obtained the right from the Singapore government to develop an integrated resort project on Sentosa Island.
The family resort, with an estimated investment of S$5 billion, is targeted for completion in 2010. It will be home to Universal Studios Singapore, which is the region’s first Universal Studios theme park, and also the world’s largest oceanarium Quest Marine Life Park.
Source
新加坡股市收盘走高，因美国股市上扬；预计上行空间有限
新加坡股市周五收盘走高，与前夜美国股市及亚洲主要股市走势一致，一举逆转此前三个交易日的颓势。
不过，交易员们表示，新加坡收益季来临之前，股市上涨空间有限。
新加坡海峡时报指数收盘上涨62.27点，至3126.87点，涨幅2%。
该指数30只成份股中有23只上涨；整体市场有396只股票上涨，227只股票下跌。
市况清淡，成交量13亿股，预示短线上行空间有限，因收益季来临之前，投资者交投愈加谨慎。
不过，交易员们表示，新加坡收益季来临之前，股市上涨空间有限。
新加坡海峡时报指数收盘上涨62.27点，至3126.87点，涨幅2%。
该指数30只成份股中有23只上涨；整体市场有396只股票上涨，227只股票下跌。
市况清淡，成交量13亿股，预示短线上行空间有限，因收益季来临之前，投资者交投愈加谨慎。
新加坡海峡时报指数午盘涨0.9%；阻力位看3130点
新加坡股市午盘走高，追随亚洲多数市场的涨势，但市场交投温和，表明大多投资者仍在离场观望。
海峡时报指数午盘涨0.9%，至3092.84点，多数成份股走高。
若大盘突破3100点，或将在周二收盘水平3130点处遇阻。
DBS唯高达指出，自市场周二回落以来，投资者依然谨慎。称，中远投资(F83.SG)昨日因订单意外被取消而下跌，这意味着只要有一点风吹草动，投资者们随时都会离场。
中远投资涨1.4%，至2.89新元。富时海峡时报所有股指数涨0.8%，至787.01点。
海峡时报指数午盘涨0.9%，至3092.84点，多数成份股走高。
若大盘突破3100点，或将在周二收盘水平3130点处遇阻。
DBS唯高达指出，自市场周二回落以来，投资者依然谨慎。称，中远投资(F83.SG)昨日因订单意外被取消而下跌，这意味着只要有一点风吹草动，投资者们随时都会离场。
中远投资涨1.4%，至2.89新元。富时海峡时报所有股指数涨0.8%，至787.01点。
Thursday, April 10, 2008
Construction of Singapore's first Hard Rock Hotel to start in May
SINGAPORE: Construction of Singapore's first Hard Rock Hotel, which will be located at the upcoming Resorts World at Sentosa, will begin in May. The 360-room hotel is one of six to be developed, and fans and visitors will be grooving to it when the famous chain opens in 2010.
Together, the hotels will provide 1,800 rooms, but this may still not be enough. Elena Arabadjieva, Deputy Vice-President, Resort Marketing, Resorts World at Sentosa, said: "We have 15 million visitors projected for the first year of operation, out of which 60% will be from overseas. "
We will definitely have challenges accommodating all our guests. Therefore, we are working with the hotels on the island to forge out some partnership. "In the years to come, we are looking at different opportunities, from block booking part of the properties and other forms of partnership."
The S$346 million five-star hotel will have 20 conference rooms which are expected to be in high demand, especially the massive ballroom with no columns. This will be located at the basement of the Hard Rock Hotel and could take up to 7,300 people.
The Hard Rock Hotel chain has operations in the US and around the region, including Bali, Penang and Pattaya. Resorts World has been promoting its wide range of offerings in trade shows overseas.
It is expected to rev up its marketing activities in 2009 in Southeast and North Asia, Australia as well as Europe. The Hard Rock Hotel is part of the S$6 billion resort development. It is also the first of six hotels to begin construction work after the building contract was awarded to Low Keng Huat Limited.
The construction firm edged out two other bidders to secure the deal. Resorts World said Low Keng Huat was selected based on its proven track record and its expertise in building construction and property development, especially in the hospitality-related sectors.
This deal is the latest in a string of construction contracts amounting to over S$1 billion that have been awarded so far. - CNA/vm
Source
Related Videos
Together, the hotels will provide 1,800 rooms, but this may still not be enough. Elena Arabadjieva, Deputy Vice-President, Resort Marketing, Resorts World at Sentosa, said: "We have 15 million visitors projected for the first year of operation, out of which 60% will be from overseas. "
We will definitely have challenges accommodating all our guests. Therefore, we are working with the hotels on the island to forge out some partnership. "In the years to come, we are looking at different opportunities, from block booking part of the properties and other forms of partnership."
The S$346 million five-star hotel will have 20 conference rooms which are expected to be in high demand, especially the massive ballroom with no columns. This will be located at the basement of the Hard Rock Hotel and could take up to 7,300 people.
The Hard Rock Hotel chain has operations in the US and around the region, including Bali, Penang and Pattaya. Resorts World has been promoting its wide range of offerings in trade shows overseas.
It is expected to rev up its marketing activities in 2009 in Southeast and North Asia, Australia as well as Europe. The Hard Rock Hotel is part of the S$6 billion resort development. It is also the first of six hotels to begin construction work after the building contract was awarded to Low Keng Huat Limited.
The construction firm edged out two other bidders to secure the deal. Resorts World said Low Keng Huat was selected based on its proven track record and its expertise in building construction and property development, especially in the hospitality-related sectors.
This deal is the latest in a string of construction contracts amounting to over S$1 billion that have been awarded so far. - CNA/vm
Source
Related Videos
S$400m increase in investments in Resorts World at Sentosa
SINGAPORE: Genting International is injecting an additional S$400 million into the integrated resort at Sentosa.
Genting said the funds will come in part from a rights issue of 400 million new ordinary shares. This will be done through its wholly-owned subsidiary, Star Eagle Holdings Limited.
Resorts World at Sentosa is slated to open in early 2010.
Genting won the bid to build the S$6 billion integrated resort in 2006. It had earlier secured more than S$4.19 billion in syndicated funding to pay for the mega project.
The funding is a record for Genting and one of the largest syndicated credit deals in Singapore’s banking history. - CNA/vm
Source
Genting said the funds will come in part from a rights issue of 400 million new ordinary shares. This will be done through its wholly-owned subsidiary, Star Eagle Holdings Limited.
Resorts World at Sentosa is slated to open in early 2010.
Genting won the bid to build the S$6 billion integrated resort in 2006. It had earlier secured more than S$4.19 billion in syndicated funding to pay for the mega project.
The funding is a record for Genting and one of the largest syndicated credit deals in Singapore’s banking history. - CNA/vm
Source
Singapore's first farm resort in Lim Chu Kang to offer villas
SINGAPORE: Lim Chu Kang looks all set for a change if the Singapore Land Authority’s plans for the first agri-tainment resort work out. Developers of the agri-tainment farm resort hope to offer visitors a more unconventional experience when it opens its doors later this year.
Visitors will be able to find out how crops like corn and coffee are grown and may even get the chance to harvest their own vegetables. In addition, the five-hectare site, which is equal to the size of six football fields, will have 21 villas and a nearby spa. And the villas will be going for up to S$200 a night.
HLH Agri International is paying S$880,000 for a 20-year lease, which it admits is "cheap". It plans to sub-lease 21 plots to entrepreneurs and will charge 10 per cent of their total earnings in management fees.
Dr Tan Siang Hee, CEO of HLH Agri International, said: "We're going to create the opportunity for people to have a storefront. They can be planting from somewhere else and bringing in the product. "Or in another sense, they could be planting within the 70 square metres that we give them as a demonstration plot."
HLH has refused to disclose other financial details. Each operator will be given a two-year operating permit that will be renewable subject to the overall performance of the operator.
Interested operators will be able to operate rent-free and will only have to pay a minimum management fee. They will need to submit a business plan specifying crop type.
Other nearby farm owners that Channel NewsAsia spoke to said they do not feel threatened by the new resort farm and expect it to help renew interest in the industry.
Developers are aiming to draw 500,000 local and foreign visitors a year with plans to increase that number to 650,000 by 2012. - CNA/vm/ls
Source
Related Video
Visitors will be able to find out how crops like corn and coffee are grown and may even get the chance to harvest their own vegetables. In addition, the five-hectare site, which is equal to the size of six football fields, will have 21 villas and a nearby spa. And the villas will be going for up to S$200 a night.
HLH Agri International is paying S$880,000 for a 20-year lease, which it admits is "cheap". It plans to sub-lease 21 plots to entrepreneurs and will charge 10 per cent of their total earnings in management fees.
Dr Tan Siang Hee, CEO of HLH Agri International, said: "We're going to create the opportunity for people to have a storefront. They can be planting from somewhere else and bringing in the product. "Or in another sense, they could be planting within the 70 square metres that we give them as a demonstration plot."
HLH has refused to disclose other financial details. Each operator will be given a two-year operating permit that will be renewable subject to the overall performance of the operator.
Interested operators will be able to operate rent-free and will only have to pay a minimum management fee. They will need to submit a business plan specifying crop type.
Other nearby farm owners that Channel NewsAsia spoke to said they do not feel threatened by the new resort farm and expect it to help renew interest in the industry.
Developers are aiming to draw 500,000 local and foreign visitors a year with plans to increase that number to 650,000 by 2012. - CNA/vm/ls
Source
Related Video
Wednesday, April 9, 2008
新加坡股市收盘下跌，因投资者等待公司公布业绩
新加坡股市周三收盘走低，因投资者继续等待当地公司即将公布的业绩报告，以期获得新的交投线索。
海峡时报指数收盘跌40.70点，至3089.72点，跌幅1.3%。30只成份股中有22只走低；大盘有412只股票下跌，202只股票上涨。市场交投清淡，成交量为16亿股，低于周二的20亿股。
交易员称，目前股指下行空间有限，因为投资者最近对负面消息的反应不再那么明显。
海峡时报指数收盘跌40.70点，至3089.72点，跌幅1.3%。30只成份股中有22只走低；大盘有412只股票下跌，202只股票上涨。市场交投清淡，成交量为16亿股，低于周二的20亿股。
交易员称，目前股指下行空间有限，因为投资者最近对负面消息的反应不再那么明显。
Tuesday, April 8, 2008
Singapore firm to build Hard Rock Hotel for $247 mln
SINGAPORE, April 8 (Reuters) - Genting International said on Tuesday it has chosen Low Keng Huat (Singapore) to build the city-state's first Hard Rock Hotel in a deal worth more than S$340 million ($246.6 million).
The Hard Rock Hotel will be one of six hotels at the planned S$6 billion Resorts World at Sentosa casino-resort, which is expected to be completed by 2010.
Genting International is the overseas arm of Malaysian gaming giant Genting Bhd.
(Reporting by Kevin Lim; Editing by David Cowell)
The Hard Rock Hotel will be one of six hotels at the planned S$6 billion Resorts World at Sentosa casino-resort, which is expected to be completed by 2010.
Genting International is the overseas arm of Malaysian gaming giant Genting Bhd.
(Reporting by Kevin Lim; Editing by David Cowell)
新加坡股市收盘走低，投资者等待进一步的交易线索
新加坡股市周二收盘走低，经过近期涨势后投资者纷纷平仓，等待来自美国的交易线索以及本地公司业绩。
经纪商表示，很多公司将在几周之内陆续公布业绩，投资者的焦虑情绪可能再次高涨，如果银行公布的亏损大于预期将更是如此。
海峡时报指数收盘跌51.50点，至3130.42点，跌幅1.6%。30只成份股中有26只走低；大盘有243只股票上涨，408只股票下跌。
市场成交量为20亿股，高于周一的17亿股。
经纪商表示，很多公司将在几周之内陆续公布业绩，投资者的焦虑情绪可能再次高涨，如果银行公布的亏损大于预期将更是如此。
海峡时报指数收盘跌51.50点，至3130.42点，跌幅1.6%。30只成份股中有26只走低；大盘有243只股票上涨，408只股票下跌。
市场成交量为20亿股，高于周一的17亿股。
Monday, April 7, 2008
Richardson family lifts Rank stake - report
LONDON (Thomson Financial) - The Richardson family has secretly upped its stake in Rank Group Plc., the embattled casino and bingo operator, to more than 11 pct from 9.3 pct, the Sunday Times reported.
The Richardsons, who have built an estimated 500 million pounds fortune from haulage and property, have been amassing the stake using derivatives known as contracts for difference, through a vehicle called Richardsons Capital.
Rank's shares slumped by more than 10 percent last week following the resignation of Rank's finance director and a statement from Malaysian group Genting, owner of an 11 percent stake in the gaming company, which ruled itself out from making a bid for the group.
Another big investor in Rank is Guoco, a Singaporean group, which could yet make an offer for the business, the report said.
Source
The Richardsons, who have built an estimated 500 million pounds fortune from haulage and property, have been amassing the stake using derivatives known as contracts for difference, through a vehicle called Richardsons Capital.
Rank's shares slumped by more than 10 percent last week following the resignation of Rank's finance director and a statement from Malaysian group Genting, owner of an 11 percent stake in the gaming company, which ruled itself out from making a bid for the group.
Another big investor in Rank is Guoco, a Singaporean group, which could yet make an offer for the business, the report said.
Source
新加坡股市收盘走高，投资者未受美国就业数据影响
新加坡股市周一收盘上涨，因投资者未受美国就业数据创5年来最大跌幅影响，转而追随亚洲地区其他主要市场涨势。
海峡时报指数收盘涨26.36点，至3181.92点，涨幅0.8%。30只成份股中有18只上涨；大盘有400只股票上涨，235只股票下跌。
市场成交量约为17亿股，高于上周五的14亿股。
DMG & Partners Securities资深交易主管Gabriel Yap称，股指在过去的6个月中显著下挫；市场今日对美国就业数据的反应是股指筑底的初步迹象。
但分析师称，股指短线涨幅或有限。
大华继显(UOB-KayHian)分析师K. Ajith表示，股指已从近期低点2746点上涨超过400点而未发生任何明显回调；目前股指明显处于超买水平，至少应有一次回调。
海峡时报指数收盘涨26.36点，至3181.92点，涨幅0.8%。30只成份股中有18只上涨；大盘有400只股票上涨，235只股票下跌。
市场成交量约为17亿股，高于上周五的14亿股。
DMG & Partners Securities资深交易主管Gabriel Yap称，股指在过去的6个月中显著下挫；市场今日对美国就业数据的反应是股指筑底的初步迹象。
但分析师称，股指短线涨幅或有限。
大华继显(UOB-KayHian)分析师K. Ajith表示，股指已从近期低点2746点上涨超过400点而未发生任何明显回调；目前股指明显处于超买水平，至少应有一次回调。
Friday, April 4, 2008
海峡时报指数跌0.3%；交投淡静，关注美国就业数据
新加坡股市尾盘仍微跌，市场交投淡静，因缺乏香港方面的指引，而且美国关键的就业数据将于今晚公布，令市场保持谨慎。
海峡时报指数午盘跌0.3%，至3162.49点，预计支撑位在3100点。AmFraser研究部高级副总裁Najeeb Jarhom称，市场在关键技术水平徘徊，并尝试在3160点一线形成新的支撑位，这是个好兆头。
至于基本面因素，他表示，美国就业数据将是下一关键影响因素。如果该数据好于预期，将推动市场再度走高。
大盘成交量低迷；214只股票上涨，221只股票下跌。
海峡时报指数午盘跌0.3%，至3162.49点，预计支撑位在3100点。AmFraser研究部高级副总裁Najeeb Jarhom称，市场在关键技术水平徘徊，并尝试在3160点一线形成新的支撑位，这是个好兆头。
至于基本面因素，他表示，美国就业数据将是下一关键影响因素。如果该数据好于预期，将推动市场再度走高。
大盘成交量低迷；214只股票上涨，221只股票下跌。
DBSVickers Report - 04 April 2008
Hyflux Water Trust (Buy (Initiating Coverage); S$0.59; Bloomberg: HYFT SP)
Ready To Surf Up
Price Target : 12-Month S$ 0.78
BY: Singapore Research Team +65 6533 9688 and : Ai Teng Tan +65 6398 7967
Story: Hyflux Water Trust (“HWT”) is the first pure-play water trust to be listed in the region and should benefit from strong market fundamentals in the water infrastructure sector in China.
Point: The initial portfolio consists of water-related assets – water treatment plants, wastewater treatment plants and water recycling plants – capable of supplying a total capacity of 445,000 cu m / day in key industrial belts of high growth provinces in China. Growth potential in the initial years will stem from completing plants and escalating utilization rates of existing plants, which could lead to an 82% increase in annual tariff receipts over 2008-2010. Additionally, Hyflux has granted HWT the rights of first offer and refusal (“ROFOAR”) to a pipeline of assets with total design capacity of 760,000 cu m/ day, all ready to be injected into the trust in tranches every 12-18 months. HWT’s debt free position at IPO also leaves significant headroom for debt-sponsored acquisitions in the future.
Relevance: HWT is a defensive earnings play with predictable cash flows, promising a DPU yield of 7-9% for FY08 and FY09. At current valuation of 0.88x P/BV, HWT compares favourably with REITS and other infrastructure/ shipping trusts listed in Singapore, but with a much higher debt headroom to fund stronger growth potential. We believe the counter will outperform over time as HWT begins to deliver on it post-IPO acquisition schedule, just as market has favoured developer-backed REITs which have delivered on their acquisition promises. We initiate coverage on HWT with a BUY call at a DDM-backed Target Price of S$0.78 (WACC 10.0%).
Ready To Surf Up
Price Target : 12-Month S$ 0.78
BY: Singapore Research Team +65 6533 9688 and : Ai Teng Tan +65 6398 7967
Story: Hyflux Water Trust (“HWT”) is the first pure-play water trust to be listed in the region and should benefit from strong market fundamentals in the water infrastructure sector in China.
Point: The initial portfolio consists of water-related assets – water treatment plants, wastewater treatment plants and water recycling plants – capable of supplying a total capacity of 445,000 cu m / day in key industrial belts of high growth provinces in China. Growth potential in the initial years will stem from completing plants and escalating utilization rates of existing plants, which could lead to an 82% increase in annual tariff receipts over 2008-2010. Additionally, Hyflux has granted HWT the rights of first offer and refusal (“ROFOAR”) to a pipeline of assets with total design capacity of 760,000 cu m/ day, all ready to be injected into the trust in tranches every 12-18 months. HWT’s debt free position at IPO also leaves significant headroom for debt-sponsored acquisitions in the future.
Relevance: HWT is a defensive earnings play with predictable cash flows, promising a DPU yield of 7-9% for FY08 and FY09. At current valuation of 0.88x P/BV, HWT compares favourably with REITS and other infrastructure/ shipping trusts listed in Singapore, but with a much higher debt headroom to fund stronger growth potential. We believe the counter will outperform over time as HWT begins to deliver on it post-IPO acquisition schedule, just as market has favoured developer-backed REITs which have delivered on their acquisition promises. We initiate coverage on HWT with a BUY call at a DDM-backed Target Price of S$0.78 (WACC 10.0%).
CIMB Report - 04 April 2008
What’s on the table
Construction Sector - Caution on opportunistic developers With rising property prices over the past few years, many opportunistic property developers have jumped into the fray to capitalise on quick profits. However, the tide has since turned following the US subprime problems in mid 07, leading to a massive weakening in buyer sentiment.
With continued rising construction costs exacerbated by higher steel prices, these construction companies turned developers are likely to be saddled with properties that are below current benchmark prices. We maintain our Overweight call but recommend that investors focus on pure-play construction companies or specialist contractors. Our top picks are Tat Hong Holdings, Tiong Woon Corporation and CSC Holdings.
Quick Takes
Dry Bulk Shipping - Will conversions cause freight rates to collapse?
Corporate News
Construction Sector - Caution on opportunistic developers With rising property prices over the past few years, many opportunistic property developers have jumped into the fray to capitalise on quick profits. However, the tide has since turned following the US subprime problems in mid 07, leading to a massive weakening in buyer sentiment.
With continued rising construction costs exacerbated by higher steel prices, these construction companies turned developers are likely to be saddled with properties that are below current benchmark prices. We maintain our Overweight call but recommend that investors focus on pure-play construction companies or specialist contractors. Our top picks are Tat Hong Holdings, Tiong Woon Corporation and CSC Holdings.
Quick Takes
Dry Bulk Shipping - Will conversions cause freight rates to collapse?
Corporate News
- Genting Group to take part in the Philippines’ first integrated casino resort
- Pacific Healthcare increases stake in The Clinic @ Cuppage to 100%
- Al-Futtaim bags Robinson after Lippo accepts offer
- Wilmar in JV with Ukraine, Russia firms
- Japan Land unveils new focus
- Japan Asia Hldgs, unit serious about share buy-back: chief
- Noble raises $209m from private placement
OCBC Report - 04 April 2008
Infrastructural Sector: Building blocks for growth
Summary: Singapore's construction sector is booming again after years of languishing at below S$12b contract level. Since 2004, the total contract awarded grew at annual rate of 25% and hit a new record high of S$24.5b in 2007.
For this year, the Building and Construction Authority (BCA) is projecting some S$23-27b worth of contracts to be awarded. Of this, the bulk will still come from the private sector at around 62%, but the pace of public sector jobs is likely to pick up due to numerous infrastructural projects in the country.
The slew of residential projects launched in the past 12-18 months and the re-development of residential sites have also added to the pool of available jobs. However, prices of raw materials have spiked up and could impact margins, especially if the developers or contractors are unable to pass on the additional costs.
With order books at unprecedented levels, this should help to mitigate rising construction costs. Overall, the outlook for the sector is still positive for the next 2-3 years. (Research Team)
For more information on the above, visit www.ocbcresearch.com for detailed report.
Pan-United Corporation: Constructing a good yield
Summary: Pan-United Corporation (PANU) recently reported its FY07 results with topline growing 45% to S$437m while PATMI (ex EI) grew a respectable 16% to S$34.2m.
Total gross dividends declared for FY07 was 4.56 cents, translating to a payout ratio of 72%. Singapore's infrastructural spending surge with mega projects like the Circle and Downtown line, Coastal Expressway, Sports Hub and Youth Olympic Village will healthily sustain PANU's pipeline for the next 2-5 years.
We project a pay out of >65% of FY08F PATMI to sustain a healthy yield of 7.5%. A divestment of freehold Octagon property at current market value could yield up to S$0.036/share cash which could be partially distributed to shareholders via a special dividend. We have not factored in a divestment of freehold Octagon property at S$20m that could yield up to S$0.036/share.
Based on our DCF model (WACC: 10.1%, Terminal: 2%), we derive a fair value of S$1.03, cross checked with a 14.7x FY08F PER (vs. peer FY08 PER of 20x). Initiate coverage on PANU with BUY. (65% upside). (Kelly Chia)
For more information on the above, visit www.ocbcresearch.com for detailed report.
NEWS HEADLINES
Summary: Singapore's construction sector is booming again after years of languishing at below S$12b contract level. Since 2004, the total contract awarded grew at annual rate of 25% and hit a new record high of S$24.5b in 2007.
For this year, the Building and Construction Authority (BCA) is projecting some S$23-27b worth of contracts to be awarded. Of this, the bulk will still come from the private sector at around 62%, but the pace of public sector jobs is likely to pick up due to numerous infrastructural projects in the country.
The slew of residential projects launched in the past 12-18 months and the re-development of residential sites have also added to the pool of available jobs. However, prices of raw materials have spiked up and could impact margins, especially if the developers or contractors are unable to pass on the additional costs.
With order books at unprecedented levels, this should help to mitigate rising construction costs. Overall, the outlook for the sector is still positive for the next 2-3 years. (Research Team)
For more information on the above, visit www.ocbcresearch.com for detailed report.
Pan-United Corporation: Constructing a good yield
Summary: Pan-United Corporation (PANU) recently reported its FY07 results with topline growing 45% to S$437m while PATMI (ex EI) grew a respectable 16% to S$34.2m.
Total gross dividends declared for FY07 was 4.56 cents, translating to a payout ratio of 72%. Singapore's infrastructural spending surge with mega projects like the Circle and Downtown line, Coastal Expressway, Sports Hub and Youth Olympic Village will healthily sustain PANU's pipeline for the next 2-5 years.
We project a pay out of >65% of FY08F PATMI to sustain a healthy yield of 7.5%. A divestment of freehold Octagon property at current market value could yield up to S$0.036/share cash which could be partially distributed to shareholders via a special dividend. We have not factored in a divestment of freehold Octagon property at S$20m that could yield up to S$0.036/share.
Based on our DCF model (WACC: 10.1%, Terminal: 2%), we derive a fair value of S$1.03, cross checked with a 14.7x FY08F PER (vs. peer FY08 PER of 20x). Initiate coverage on PANU with BUY. (65% upside). (Kelly Chia)
For more information on the above, visit www.ocbcresearch.com for detailed report.
NEWS HEADLINES
- Wilmar International is establishing a US$136m JV firm with Russia's Nizhny Novgorod Fats & Oils Group and Ukraine's Delta Exports Pte Ltd.
- SIA is adding flights to Australia, Vietnam and Dubai, but suspending service on two other routes, in response to 'changing patterns in demand for travel'.
- The Al-Futtaim offer for Robinson & Co is now unconditional, and at a higher offer price of S$7.20 per share. The S$619m offer, which will close on 30 April, has been accepted by Indonesia's Lippo Group.
- Hosen Group is planning the demolition of its existing single storey JTC standard factory and the construction of a new office cum warehouse at Pandan Loop for S$6.29m.
- The average occupancy rate for business parks has hit a five-year high, crossing the 90% mark.
- The public tender for the Ten Mile Junction development site closed with just two bids received. A Kheng Leong unit emerged as the top bidder, offering S$162.4 psf ppr or S$61m.
- Indonesia may join China, India, Vietnam and Egypt in curbing rice exports as declining inventories threaten to spark unrest around Asia.
- The Land Transport Authority has turned down SMRT Corp's request for a reduction in the S$387,176 penalty imposed for an incident in January that disrupted train services.
Thursday, April 3, 2008
KSH wins $53m KepLand deal
CONSTRUCTION and property group KSH Holdings has secured a contract worth about $53 million from a Keppel Land subsidiary.
Mr Choo: Orders secured in the first three months of this year - $277m - are more than half of the $510m KSH achieved for 2007
The contract from Keppel Land Realty is for the construction of Madison Residences, an 18-storey luxury condominium development at Bukit Timah Road.
Construction work is scheduled to begin in June and expected to be completed within 130 weeks.
Choo Chee Onn, executive chairman and managing director of KSH Holdings, said: 'Including this contract, our total contract value secured within the first three months of this year has exceeded $277 million, more than half of the $510 million we had achieved for 2007.'
Existing orders now stand at more than $658 million, with the unfulfilled contract value for all existing contracts on hand expected to cover up till the third quarter of the financial year ending March 31, 2011.
Mr Choo added that KSH would continue to expand its clientele base to include more blue-chip property developers.
Besides the Madison Residences deal, the group's current residential contracts include three at Sentosa Cove. These include the $121 million The Coast contract and the $65 million Turquoise contract, both from Ho Bee Group.
The third, Seascape At Sentosa Cove, was awarded by Seaview (Sentosa), a co-owned company of Ho Bee and IOI Group.
Other residential projects on hand include a $53 million high-end condominium residential project at Orange Grove Road, also from Ho Bee, and a $32 million contract for the construction of landed housing at Old Holland Road from developer Brisbane Development.
Anthony Soh's offer for Jade Tech hits a snag
Ownership of 295m shares pledged to failed Aussie broker unclear
By CHEW XIANG
JADE Technologies group president Anthony Soh's takeover bid for the company has run into a snag after Dr Soh said yesterday in a letter to Jade's board he could not confirm he had sufficient resources to go through with the offer. He also said that OCBC has ceased to be the financial adviser for the offer.
Dr Soh explained that his ownership of a block of shares, representing about 30.5 per cent of Jade, has become unclear.
On Tuesday he revealed that to secure financing he had pledged that block of shares last October to Australian stockbroker Opes Prime. Opes went into receivership last Thursday after directors found irregularities in the firm's accounts. Under the terms of the agreement with Opes, ownership of those shares may now have passed to Opes and on to its creditors.
In yesterday's letter, Dr Soh said that assuming his shareholdings were stated at just 16.06 per cent of the company, rather than about 46 per cent as previously thought, then he could 'not confirm as at 2 April 2008 that sufficient resources are available ... to satisfy full acceptances of the offer'.
Last month, Dr Soh through his investment vehicle Asia Pacific Links (APL) had offered 22.5 cents a share to acquire all outstanding shares. The offer document stated then that he controlled about 46 per cent of the company's shares.
Jade had called a trading halt yesterday for the release of an earlier letter dated Apr 1 from Dr Soh stating that he had entered into a Global Master Securities Lending Agreement (SLA) with Opes dated Oct 12, 2007, pledging 295,450,000 shares in Jade, or about 30.47 per cent of its total share capital, in order to secure financing from Opes.
Although news of Opes's collapse broke last week, in his letter dated Apr 1 to Jade's board of directors, Dr Soh said he 'did not realise until 1 April 2008 that the SLA had operated as a transfer of title and was under the impression all along that the said shares were pledged'.
He added that he was 'under the impression', due to 'representations made by the CEO of Opes, Laurie Emini, that the ownership of the said shares remained with the offeror (APL) at all times and that at any time the said shares could be redeemed by the offeror'.
He added that a circular sent out on Monday by receivers and managers appointed by a creditor of Opes told clients that 'where securities are 'lent' to Opes, absolute title to the securities passes from the lender to Opes'.
Dr Soh said 'a review of the terms of the SLA is consistent with the position as set out' in that circular, meaning that ownership may have passed to Opes.
An analyst said that if this is the case the offer may not become unconditional as Dr Soh may not be able to secure more than 50 per cent of the company. 'In this case, they may have to return the acceptances,' he said. Dr Soh said yesterday that as at Apr 1, he had received acceptances representing 3.06 per cent of Jade's share capital.
Traded volume in Jade has spiked recently. Last Wednesday, about 1.46 million shares changed hands. This rose to 15.9 million shares on Friday and hit 196 million on Tuesday before trading was halted. Its share price closed at 22 cents.
According to Australian media reports, clients of Opes have become unsecured creditors because the securities lending agreements they signed transfered away legal title to their shares.
Opes lent clients money on the securities, mostly small cap stocks, financing its loans by borrowing from banks at a lower cost. The firm reportedly owed A$650 million to ANZ and A$350 million to investment bank Merrill Lynch.
By CHEW XIANG
JADE Technologies group president Anthony Soh's takeover bid for the company has run into a snag after Dr Soh said yesterday in a letter to Jade's board he could not confirm he had sufficient resources to go through with the offer. He also said that OCBC has ceased to be the financial adviser for the offer.
Dr Soh explained that his ownership of a block of shares, representing about 30.5 per cent of Jade, has become unclear.
On Tuesday he revealed that to secure financing he had pledged that block of shares last October to Australian stockbroker Opes Prime. Opes went into receivership last Thursday after directors found irregularities in the firm's accounts. Under the terms of the agreement with Opes, ownership of those shares may now have passed to Opes and on to its creditors.
In yesterday's letter, Dr Soh said that assuming his shareholdings were stated at just 16.06 per cent of the company, rather than about 46 per cent as previously thought, then he could 'not confirm as at 2 April 2008 that sufficient resources are available ... to satisfy full acceptances of the offer'.
Last month, Dr Soh through his investment vehicle Asia Pacific Links (APL) had offered 22.5 cents a share to acquire all outstanding shares. The offer document stated then that he controlled about 46 per cent of the company's shares.
Jade had called a trading halt yesterday for the release of an earlier letter dated Apr 1 from Dr Soh stating that he had entered into a Global Master Securities Lending Agreement (SLA) with Opes dated Oct 12, 2007, pledging 295,450,000 shares in Jade, or about 30.47 per cent of its total share capital, in order to secure financing from Opes.
Although news of Opes's collapse broke last week, in his letter dated Apr 1 to Jade's board of directors, Dr Soh said he 'did not realise until 1 April 2008 that the SLA had operated as a transfer of title and was under the impression all along that the said shares were pledged'.
He added that he was 'under the impression', due to 'representations made by the CEO of Opes, Laurie Emini, that the ownership of the said shares remained with the offeror (APL) at all times and that at any time the said shares could be redeemed by the offeror'.
He added that a circular sent out on Monday by receivers and managers appointed by a creditor of Opes told clients that 'where securities are 'lent' to Opes, absolute title to the securities passes from the lender to Opes'.
Dr Soh said 'a review of the terms of the SLA is consistent with the position as set out' in that circular, meaning that ownership may have passed to Opes.
An analyst said that if this is the case the offer may not become unconditional as Dr Soh may not be able to secure more than 50 per cent of the company. 'In this case, they may have to return the acceptances,' he said. Dr Soh said yesterday that as at Apr 1, he had received acceptances representing 3.06 per cent of Jade's share capital.
Traded volume in Jade has spiked recently. Last Wednesday, about 1.46 million shares changed hands. This rose to 15.9 million shares on Friday and hit 196 million on Tuesday before trading was halted. Its share price closed at 22 cents.
According to Australian media reports, clients of Opes have become unsecured creditors because the securities lending agreements they signed transfered away legal title to their shares.
Opes lent clients money on the securities, mostly small cap stocks, financing its loans by borrowing from banks at a lower cost. The firm reportedly owed A$650 million to ANZ and A$350 million to investment bank Merrill Lynch.
Special audit for Advance Modules
THE Singapore Exchange (SGX) has directed Advance Modules Group to appoint special auditors immediately to investigate the affairs of the company, including a US$11.89 million acquisition that has been questioned by its auditors.
Advance Modules, which disclosed this yesterday, said it is in the process of appointing Messrs KPMG to undertake the special audit. The special auditors will report to both the company's audit committee and SGX.
Trading in shares of Advance Modules, a manufacturer of memory modules and flash memory products, was halted yesterday prior to the release of the news in the evening.
The company earlier disclosed concerns from its auditors, Horwath First Trust, in its 2007 full-year financial statement on March 31.
Advance Modules had made deposit payments and acquired new machinery and equipment amounting to around US$11.89 million, but Horwath did not 'consider evidence and information made available to them sufficient for them to form an opinion on the validity of the acquisition'.
Horwath recommended that the company's audit committee commission a special audit to look into the validity of the acquisition, and the board, following the audit committee's advice, has agreed to appoint an independent auditor to do so.
Shares of Advance Module resume trading today.
Advance Modules, which disclosed this yesterday, said it is in the process of appointing Messrs KPMG to undertake the special audit. The special auditors will report to both the company's audit committee and SGX.
Trading in shares of Advance Modules, a manufacturer of memory modules and flash memory products, was halted yesterday prior to the release of the news in the evening.
The company earlier disclosed concerns from its auditors, Horwath First Trust, in its 2007 full-year financial statement on March 31.
Advance Modules had made deposit payments and acquired new machinery and equipment amounting to around US$11.89 million, but Horwath did not 'consider evidence and information made available to them sufficient for them to form an opinion on the validity of the acquisition'.
Horwath recommended that the company's audit committee commission a special audit to look into the validity of the acquisition, and the board, following the audit committee's advice, has agreed to appoint an independent auditor to do so.
Shares of Advance Module resume trading today.
麗星郵輪涉足菲律賓賭場
麗星郵輪稱，同意與一個集團攜手發展和經營菲律賓賭場。
麗星郵輪宣布，計劃與Alliance Global Group. Inc聯合發展和經營於菲律賓的賭場綜合項目。公司通告稱，雙方就有關合作訂立的框架協議，包括麗星郵輪透過購買現有股份及新股方式，收購AGI旗下附屬公司--Travellers International Hotel Group Inc，合共50%的權益，收購總代價為3.35億美元。AIG承諾，將完成於菲律賓其中一個名為Newport City的項目。
此外，該框架協議亦包括，Travellers及麗星郵輪將組成合營公司，發展另一個在菲律賓馬尼拉灣的綜合城市項目--Pagcor City。Travellers將持有合營公司60%的股權，其餘則由麗星郵輪持有，麗星郵輪有權提高於合營公司的持權至75%。
AGI股份於菲律賓證券交易所上市，主要從事物業發展、餐飲及快餐店等業務。
Source
麗星郵輪宣布，計劃與Alliance Global Group. Inc聯合發展和經營於菲律賓的賭場綜合項目。公司通告稱，雙方就有關合作訂立的框架協議，包括麗星郵輪透過購買現有股份及新股方式，收購AGI旗下附屬公司--Travellers International Hotel Group Inc，合共50%的權益，收購總代價為3.35億美元。AIG承諾，將完成於菲律賓其中一個名為Newport City的項目。
此外，該框架協議亦包括，Travellers及麗星郵輪將組成合營公司，發展另一個在菲律賓馬尼拉灣的綜合城市項目--Pagcor City。Travellers將持有合營公司60%的股權，其餘則由麗星郵輪持有，麗星郵輪有權提高於合營公司的持權至75%。
AGI股份於菲律賓證券交易所上市，主要從事物業發展、餐飲及快餐店等業務。
Source
Rank Slides as Malaysia's Genting Says It Doesn't Plan Offer
April 3 (Bloomberg) -- Rank Group Plc, the second-largest U.K. bingo hall operator, dropped the most in more than five months in London trading after Malaysia's Genting Bhd. denied speculation that it plans to make an offer.
Genting, Asia's largest listed casino company, said in a statement today it has ``no intention'' of making a bid for Maidenhead, England-based Rank. The Daily Mail reported this week that the Kuala Lumpur-based company had made an approach about a cash offer worth 485 million pounds ($959 million).
Rank fell as much as 11 percent in the English capital and was down 9.25 pence, or 9.3 percent, to 90.5 pence at 12:55 p.m. local time, the steepest percentage drop since Oct. 15. The stock gained 9.9 percent on April 1 after the Daily Mail said Genting proposed paying 124 pence a share.
``This decline today says to me the market thought talks were maybe closer on a takeover,'' said William Birch, an analyst at Jefferies International Ltd. who rates the stock ``hold.''
Genting fell 2.3 percent to 6.4 ringgit on the Kuala Lumpur stock exchange, extending this year's drop to 19 percent.
Rank has become a takeover target after its shares slid 59 percent last year because of an indoor-smoking ban and changes to gambling laws that hurt sales. Genting, which became the U.K. casino-market leader on buying Stanley Leisure Plc in 2006, has built a stake of about 11 percent in the British gaming company, which has a market value of about 355 million pounds.
Separately, Rank said today that Peter Gill will resign as finance director after almost three years with the company.
New Finance Director
Gill, who oversaw a 1.2 billion-pound restructuring of the U.K. company, will leave in June and be replaced by Paddy Gallagher, chief financial officer of Quadriga Worldwide Ltd.
Under the restructuring overseen by Gill, Rank sold film and media businesses and its Hard Rock restaurant, hotel and casino chain to focus on gaming in Britain. Rank, which owns the Blue Square betting Web site, also agreed in February to transfer its pension plan to a Goldman Sachs Group Inc. unit, avoiding 30.8 million pounds of future payments.
Gill ``was generally viewed as someone better suited to the old Rank,'' said Jefferies' Birch. ``This new guy has more of a technological background. For Rank to have a future they need to develop Blue Square and bring more technology into bingo.''
Source
Genting, Asia's largest listed casino company, said in a statement today it has ``no intention'' of making a bid for Maidenhead, England-based Rank. The Daily Mail reported this week that the Kuala Lumpur-based company had made an approach about a cash offer worth 485 million pounds ($959 million).
Rank fell as much as 11 percent in the English capital and was down 9.25 pence, or 9.3 percent, to 90.5 pence at 12:55 p.m. local time, the steepest percentage drop since Oct. 15. The stock gained 9.9 percent on April 1 after the Daily Mail said Genting proposed paying 124 pence a share.
``This decline today says to me the market thought talks were maybe closer on a takeover,'' said William Birch, an analyst at Jefferies International Ltd. who rates the stock ``hold.''
Genting fell 2.3 percent to 6.4 ringgit on the Kuala Lumpur stock exchange, extending this year's drop to 19 percent.
Rank has become a takeover target after its shares slid 59 percent last year because of an indoor-smoking ban and changes to gambling laws that hurt sales. Genting, which became the U.K. casino-market leader on buying Stanley Leisure Plc in 2006, has built a stake of about 11 percent in the British gaming company, which has a market value of about 355 million pounds.
Separately, Rank said today that Peter Gill will resign as finance director after almost three years with the company.
New Finance Director
Gill, who oversaw a 1.2 billion-pound restructuring of the U.K. company, will leave in June and be replaced by Paddy Gallagher, chief financial officer of Quadriga Worldwide Ltd.
Under the restructuring overseen by Gill, Rank sold film and media businesses and its Hard Rock restaurant, hotel and casino chain to focus on gaming in Britain. Rank, which owns the Blue Square betting Web site, also agreed in February to transfer its pension plan to a Goldman Sachs Group Inc. unit, avoiding 30.8 million pounds of future payments.
Gill ``was generally viewed as someone better suited to the old Rank,'' said Jefferies' Birch. ``This new guy has more of a technological background. For Rank to have a future they need to develop Blue Square and bring more technology into bingo.''
Source
新加坡股市收盘走高，市场人气出现改善
新加坡股市周四继续走高，追随亚洲主要市场涨势，因该地区投资者并未受到美国联邦储备委员会(Federal Reserve, 简称Fed)主席贝南克(Ben Bernanke)的讲话影响；贝南克周三首次公开表示，美国经济可能陷入衰退。
分析师称，市场人气已经回暖；但AmFraser负责研究部门的资深副总裁Najeeb Jarhom称，只有更多个股实现上涨才能推动海峡时报指数继续走高。
海峡时报指数收盘涨46.94点，至3171.55点，涨幅1.5%。30只成份股中有20只走高，大盘有374只股票上涨，284只股票下跌。
市场成交量约为17亿股，低于周三的20亿股。
分析师称，市场人气已经回暖；但AmFraser负责研究部门的资深副总裁Najeeb Jarhom称，只有更多个股实现上涨才能推动海峡时报指数继续走高。
海峡时报指数收盘涨46.94点，至3171.55点，涨幅1.5%。30只成份股中有20只走高，大盘有374只股票上涨，284只股票下跌。
市场成交量约为17亿股，低于周三的20亿股。
Malaysia's Genting has not approached Rank - source
KUALA LUMPUR, April 3 (Reuters) - Malaysian gaming and leisure group Genting has not made a bid approach to British casino operator Rank Group and is unlikely to be preparing one, a source close to the situation said on Thursday. "That's wholly inaccurate," the source said when asked if Genting had made an approach.
Genting said in an email it did comment on media speculation.
Rank shares have jumped 13 percent since Monday's close, after the Daily Mail reported that Genting, already an 11 percent shareholder, was strongly rumoured to have approached Rank with a cash offer of 124 pence per share.
Rank shares closed on Wednesday at 99.75 pence, valuing the company at about 390 million pounds ($776 million).
Genting bought into the British casino market in 2006 when it acquired its biggest player, Stanley Leisure, for 640 million pounds. It is like to face competition concerns if it makes a bid for Rank, Malaysian investment bank CIMB said in a research note.
Rank has had a torrid time over the last year.
Its bingo clubs have been hammered by a ban on smoking and the forced removal of nearly 1,000 lucrative slot machines, while its casinos have been hit by a surprise hike in tax.
Its share price slumped more than 20 percent after a profit warning in October and in December it scrapped its final dividend and shelved 30 million pounds of projects as its woes continued.
Takeover speculation took off in February after Rank unveiled plans to transfer its pension liabilities to an insurer, making it a more attractive target in the view of some analysts.
Genting bought most of its Rank stake in December. Hong Kong-listed investment house Guoco and the Richardson property and haulage family have also been building stakes. (Reporting by Mark Bendeich; Editing by Lincoln Feast)
Source
Genting said in an email it did comment on media speculation.
Rank shares have jumped 13 percent since Monday's close, after the Daily Mail reported that Genting, already an 11 percent shareholder, was strongly rumoured to have approached Rank with a cash offer of 124 pence per share.
Rank shares closed on Wednesday at 99.75 pence, valuing the company at about 390 million pounds ($776 million).
Genting bought into the British casino market in 2006 when it acquired its biggest player, Stanley Leisure, for 640 million pounds. It is like to face competition concerns if it makes a bid for Rank, Malaysian investment bank CIMB said in a research note.
Rank has had a torrid time over the last year.
Its bingo clubs have been hammered by a ban on smoking and the forced removal of nearly 1,000 lucrative slot machines, while its casinos have been hit by a surprise hike in tax.
Its share price slumped more than 20 percent after a profit warning in October and in December it scrapped its final dividend and shelved 30 million pounds of projects as its woes continued.
Takeover speculation took off in February after Rank unveiled plans to transfer its pension liabilities to an insurer, making it a more attractive target in the view of some analysts.
Genting bought most of its Rank stake in December. Hong Kong-listed investment house Guoco and the Richardson property and haulage family have also been building stakes. (Reporting by Mark Bendeich; Editing by Lincoln Feast)
Source
海峡时报指数跌0.1%；进一步下跌空间有限－OCBC
新加坡海峡时报指数早盘一度上扬，但随后小幅下跌，受前夜美国股市回调影响；海峡时报指数最新跌0.1%，至3122.84点，支撑位料在3100点。
OCBC Investment Research的技术分析师Ritesh Menon称，大盘下跌空间有限，因为继昨日上扬后，市场信心有所恢复；称，昨日大盘的上涨有高成交量配合，表明随着本周交易的推进，大盘可能进一步上扬。
蓝筹股涨跌互见；Noble (N21.SG)跌5.8%，至2.13新元，因配股方案引发市场对股权稀释的担忧。
大盘成交量低于昨日水平，128只股票下跌，114只股票上涨。
OCBC Investment Research的技术分析师Ritesh Menon称，大盘下跌空间有限，因为继昨日上扬后，市场信心有所恢复；称，昨日大盘的上涨有高成交量配合，表明随着本周交易的推进，大盘可能进一步上扬。
蓝筹股涨跌互见；Noble (N21.SG)跌5.8%，至2.13新元，因配股方案引发市场对股权稀释的担忧。
大盘成交量低于昨日水平，128只股票下跌，114只股票上涨。
OCBC Report - 03 April 2008
SingTel: Optus Loses Broadband Deal
Summary: SingTel's Australian unit Optus said it is considering all of its options after the Australian Government canceled a A$958m funding for its consortium's (Opel) planned regional broadband network; this after the government found that Optus' proposed WiMax network would only meet 72% of specified premises in the under-served regional areas and not the 90% condition spelt out under the contract.
If Optus cannot make any claims, SingTel will write off A$9m it had spent on building a broadband network; Opel had intended to invest an additional A$918m on the network. While SingTel noted that the disappointing event is not expected to have a material impact on its FY08 results, there may be other implications.
For one, Optus will miss out on extending its reach into the rural areas and becoming a true network-driven competitor to Telstra. Secondly, we suspect Optus may need to increase capex on the A$500m 3G mobile phone network extension, as it will now be unable to piggyback on the subsidized Opel fibre network.
Meanwhile, Optus will need to focus on the FTTN (Fibre To The Node) tender, but current odds appear to favour Telstra. We are leaving our estimates unchanged for now and will review them once we get a clearer picture after its FY08 results announcement (due in early May). As such, we retain our BUY rating and S$4.35 fair value. (Carey Wong)
StarHub: S$10 UEFA Season Pass
Summary: StarHub has announced that it plans to charge S$10 (all prices before 7% GST) for its Sports Group subscribers to catch the 2008 UEFA European Football Championship in Singapore across all three platforms – cable TV, mobile and online.
However, those who sign up after 8 May will need to pay S$20 to catch these matches on four new channels, while non-Sports Group subscribers need to pay S$50. Out of StarHub's 500,000 subscribers base, we estimate that at least 50% will subscribe, scoring a minimum of S$2.5m for the event.
However, we believe the price that StarHub paid for the TV rights may be more than that. Hence, we would not be adjusting our figures. We retain our BUY rating and S$3.51 fair value. (Carey Wong)
Noble Group Ltd: Raising S$209m via share placement
Summary: Noble Group Ltd (Noble) has announced that it will be raising S$209m via a placement of approximately 100m new shares to institutional investors. The placement shares priced at S$2.09 each represent around 3.83% of the Group's existing share capital.
Net proceeds will be used for general corporate purposes and to support the Group's continued business expansion. In line with soaring commodities prices, we expect Noble will need more working capital to fund its business operations.
While the placement will serve to strengthen its capital base, there will be dilutive impact for existing shareholders. Pending further discussion with the management, our fair value of S$2.64 is under review. Nevertheless, we retain our BUY rating. (Lee Wen Ching)
Singapore Food Industries: Renewal of key catering contract
Summary: Singapore Food Industries (SFI) has announced the renewal of its key catering contract for a further 5-year term expiring 31st March 2013. This comes as no surprise as there is no major local competitor for this aspect of its business. We are retaining our HOLD rating with fair value estimate of 82 cents. (Carmen Lee)
BBR Holdings: Secured orders until 2011
Summary: BBR Holdings, with its three core business activities in General Construction, Specialist Engineering and Property Development, is well placed to benefit from Singapore's construction boom.
According to the BCA Singapore, construction demand is expected to hit some S$23-27b this year. BBR currently sits on some S$518m worth of confirmed orders which will last out to 2011. Based on our estimates, BBR should be able to recognize about S$200m this year and next year.
Management is also confident that it will be able to add further to its order book, given the plethora of projects currently in the pipeline. Besides its construction and engineering business, BBR also intends to focus on its property business, where it wants to be a residential boutique developer as well as a value-added property player.
BBR is also looking to grow its construction/engineering business regionally, where it can leverage on the global BBR network of 46 countries and latest internationally approved technologies. We do not have a rating on the stock. (Carey Wong)
For more information on the above, visit www.ocbcresearch.com for detailed report.
Tiong Woon Corporation: World-Class Heavy Lifter
Summary: Tiong Woon Corporation (TWC) is one of the leading one-stop integrated service providers in heavy lifts, heavy haulage, marine transportation and equipment installation works operating in numerous countries in the Asia Pacific region.
TWC derives the bulk of its revenue from its Heavy Lift and Haulage segment, which contributed some S$44.2m (or 67%) of its 1H08 revenue of S$65.8m, fueled by increased construction activities both domestically and from emerging markets such as Indonesia, Vietnam and the Middle East.
Going forward, TWC plans to actively seek business opportunities in the emerging markets as well as invest in higher capacity and specialized equipment. And in view of the good growth prospects in the oil-rich regions, TWC also plans to develop its fabrication and engineering competency for marine, oil & gas projects.
TWC also remains confident and will continue to work hard to grow its new income stream from fabrication and engineering projects. We do not have a rating on the stock currently. (Carey Wong)
For more information on the above, visit www.ocbcresearch.com for detailed report.
NEWS HEADLINES
Summary: SingTel's Australian unit Optus said it is considering all of its options after the Australian Government canceled a A$958m funding for its consortium's (Opel) planned regional broadband network; this after the government found that Optus' proposed WiMax network would only meet 72% of specified premises in the under-served regional areas and not the 90% condition spelt out under the contract.
If Optus cannot make any claims, SingTel will write off A$9m it had spent on building a broadband network; Opel had intended to invest an additional A$918m on the network. While SingTel noted that the disappointing event is not expected to have a material impact on its FY08 results, there may be other implications.
For one, Optus will miss out on extending its reach into the rural areas and becoming a true network-driven competitor to Telstra. Secondly, we suspect Optus may need to increase capex on the A$500m 3G mobile phone network extension, as it will now be unable to piggyback on the subsidized Opel fibre network.
Meanwhile, Optus will need to focus on the FTTN (Fibre To The Node) tender, but current odds appear to favour Telstra. We are leaving our estimates unchanged for now and will review them once we get a clearer picture after its FY08 results announcement (due in early May). As such, we retain our BUY rating and S$4.35 fair value. (Carey Wong)
StarHub: S$10 UEFA Season Pass
Summary: StarHub has announced that it plans to charge S$10 (all prices before 7% GST) for its Sports Group subscribers to catch the 2008 UEFA European Football Championship in Singapore across all three platforms – cable TV, mobile and online.
However, those who sign up after 8 May will need to pay S$20 to catch these matches on four new channels, while non-Sports Group subscribers need to pay S$50. Out of StarHub's 500,000 subscribers base, we estimate that at least 50% will subscribe, scoring a minimum of S$2.5m for the event.
However, we believe the price that StarHub paid for the TV rights may be more than that. Hence, we would not be adjusting our figures. We retain our BUY rating and S$3.51 fair value. (Carey Wong)
Noble Group Ltd: Raising S$209m via share placement
Summary: Noble Group Ltd (Noble) has announced that it will be raising S$209m via a placement of approximately 100m new shares to institutional investors. The placement shares priced at S$2.09 each represent around 3.83% of the Group's existing share capital.
Net proceeds will be used for general corporate purposes and to support the Group's continued business expansion. In line with soaring commodities prices, we expect Noble will need more working capital to fund its business operations.
While the placement will serve to strengthen its capital base, there will be dilutive impact for existing shareholders. Pending further discussion with the management, our fair value of S$2.64 is under review. Nevertheless, we retain our BUY rating. (Lee Wen Ching)
Singapore Food Industries: Renewal of key catering contract
Summary: Singapore Food Industries (SFI) has announced the renewal of its key catering contract for a further 5-year term expiring 31st March 2013. This comes as no surprise as there is no major local competitor for this aspect of its business. We are retaining our HOLD rating with fair value estimate of 82 cents. (Carmen Lee)
BBR Holdings: Secured orders until 2011
Summary: BBR Holdings, with its three core business activities in General Construction, Specialist Engineering and Property Development, is well placed to benefit from Singapore's construction boom.
According to the BCA Singapore, construction demand is expected to hit some S$23-27b this year. BBR currently sits on some S$518m worth of confirmed orders which will last out to 2011. Based on our estimates, BBR should be able to recognize about S$200m this year and next year.
Management is also confident that it will be able to add further to its order book, given the plethora of projects currently in the pipeline. Besides its construction and engineering business, BBR also intends to focus on its property business, where it wants to be a residential boutique developer as well as a value-added property player.
BBR is also looking to grow its construction/engineering business regionally, where it can leverage on the global BBR network of 46 countries and latest internationally approved technologies. We do not have a rating on the stock. (Carey Wong)
For more information on the above, visit www.ocbcresearch.com for detailed report.
Tiong Woon Corporation: World-Class Heavy Lifter
Summary: Tiong Woon Corporation (TWC) is one of the leading one-stop integrated service providers in heavy lifts, heavy haulage, marine transportation and equipment installation works operating in numerous countries in the Asia Pacific region.
TWC derives the bulk of its revenue from its Heavy Lift and Haulage segment, which contributed some S$44.2m (or 67%) of its 1H08 revenue of S$65.8m, fueled by increased construction activities both domestically and from emerging markets such as Indonesia, Vietnam and the Middle East.
Going forward, TWC plans to actively seek business opportunities in the emerging markets as well as invest in higher capacity and specialized equipment. And in view of the good growth prospects in the oil-rich regions, TWC also plans to develop its fabrication and engineering competency for marine, oil & gas projects.
TWC also remains confident and will continue to work hard to grow its new income stream from fabrication and engineering projects. We do not have a rating on the stock currently. (Carey Wong)
For more information on the above, visit www.ocbcresearch.com for detailed report.
NEWS HEADLINES
- Brazil's Petrobras says it will order a new giant platform modeled on a working production unit and it wants the same firms, led by SembMarine's Jurong Shipyards, to build it. The original unit cost US$900m.
- Singapore's purchasing managers' index – seen as an early barometer of manufacturing – is at its lowest level in almost five years. - Island-wide office occupancy dipped in 1Q08, easing 50 basis points QoQ to 97.1%.
- Motorola is shutting down its handset production unit in Singapore by the end of this year, a near one-third cutback of its local workforce.
- CityDev's Chairman Kwek Leng Beng said the government should review its current land sales program, which was fixed in last year's buoyant market, and to rethink its decision to scrap the deferred payment scheme.
- DBS chairman Koh Boon Hwee said that although Asian banks were less affected by the US sub-prime crisis, all banks would feel the impact of the ensuing liquidity shortage.
- Biosensors announced the full launch of its drug-eluting stent system in major European markets as well as in key markets in the Middle East, Africa and Asia.
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