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Monthly Archives: February 2017

Today’s SGX Hot Stock List

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Ng Shin Ein, a non-executive director of the manager of Sabana Shari’ah Compliant Industrial Real Estate Investment Trust has called it quits amid a revolt by Sabana REIT’s unitholders. According to Ng’s resignation letter, which was submitted to SGX late on Monday night by Kevin Xayaraj, the CEO of the manager of Sabana REIT, she had notified the board of her resignation on Jan 16.

Ng says she had expressed her “inability to contribute” to Sabana REIT management as a result of “certain internal dynamics within the company.Just three weeks later, on Feb 6, a number of dissident unitholders of Sabana REIT requisitioned an extraordinary general meeting to vote on resolutions to replace the manager of the REIT and perhaps liquidate the REIT’s portfolio and return the cash to investors.

Sabana REIT has been under pressure from minority unitholders who are dissatisfied with its performance. The REIT was listed in 2010 with 15 properties valued at $851 million. Of these, five had been injected by its sponsor, Vibrant Group, under a sale-and-leaseback arrangement.

For 2011, the first full year following IPO, Sabana REIT reported distribution per unit of 8.77 cents. Its DPU climbed to 9.28 cents in 2012, and to 9.38 cents in 2013. But its DPU began falling steadily after that. In 2016, its DPU was just 5.01 cents.

Noting the campaign by unitholders for the removal of the REIT manager, Ng says she withdrew her resignation out of a sense of duty given that the Sabana REIT management was “faced with various concerns.Before her departure, Ng says she “wanted to ensure that a basic framework and process for the Strategic Review was established”.

Ng adds that she continues to believe that it is essential that the fundamental issues relating to a pipeline of good properties, financing costs, and management are resolved.The manager of Sabana REIT on Feb 17 announced the formation of a strategic review board committee to review the options available for Sabana REIT to enhance unitholder value. It announced on Monday that it has appointed Morgan Stanley Asia (Singapore) as its financial adviser in relation to the strategic review of the REIT.

Singapore Hot Stock List:
Noble
CapitaLand
Venture
QAF

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Posted by on February 28, 2017 in Uncategorized

 

Today’s SGX Hot Stock List

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Maybank Kim Eng Research is keeping IHH Healthcare on “hold” but cutting its target price by 11% to MYR5.80 ($1.83), from MYR6.52 previously. In a report on Friday, Maybank analyst John Cheong says IHH is seeing healthy topline growth, but core earnings have been hit by start-up costs.

We cut our EPS by 6-16% to account for higher start-up costs and longer gestation periods for new hospitals, says Cheong. Pre-opening expenses of Gleneagles Hong Kong had surged 95% q-o-q to RM38 million ($12 million) in the fourth quarter ended Dec 31. The costs are expected to drag on earnings until six months after the opening of the hospital in first half 2017.

Due to the substantial costs, we expect FY17E earnings to be flat, before picking up in FY18E when the hospital operation stabilises,says Cheong. IHH will be adding three new hospitals with around 1,100 new beds in 2017, according to Cheong.

On top of 500-bed Gleneagles Hong Kong, IHH is also expected to open the 325-bed Acibadem Altunizade in Istanbul in 1H17. In addition, the 350-bed ParkwayHealth Chengdu Hospital is scheduled to be launched in second half 2017.

One positive in the results was FY16 revenue, which increased 19% y-o-y driven by organic growth and newly acquired entities in India and Bulgaria. Three new hospitals, in Hong Kong, China and Turkey could drive revenue growth ahead,” says Cheong. However, Cheong opines that IHH is “not cheap”. The stock is trading at 60x FY17E PE, compared to 34x for its regional peers. As at 12.23am, IHH Healthcare is trading 6 sens lower at MYR5.85 on Bursa Malaysia while the stock is trading 2 cents lower at $1.91 on the SGX.

Singapore Hot Stock List:
Noble
Sinarmas
Venture
Golden Agri

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Posted by on February 27, 2017 in Uncategorized

 

Today’s SGX Hot Stock List

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RHB is maintaining its buy call on Fu Yu, the manufacturer of precision plastic molds, as it believes the counter is an attractive candidate for privatization or takeover, with net cash position and zero debt. We also think it can weather through the current tough macroeconomic environment. In addition, it continues to trim costs and improve margins,says analyst Jack Seet.

In a Friday report, Seet says Fu Yu has a net cash of 14 cents per share, zero debt, strong cash generation capabilities and low CAPEX requirements. In addition, its NAV of 23 cents per share is significantly lower than the current market value, given peers like Broadway Industrial Group and Chasen Holdings were recently acquired at much higher valuations.

To recap, Fu Yu reported a 44.4% rise in NPAT to $5.6 million in 4Q16. A 1 cent dividend was declared, bringing total FY16 dividends to 1.5 cents, which represents a 6.8% FY16 yield. Meanwhile, FY16 gross margin improved to 16.3%, from 15.9% a year ago.

We expect margins to continue to rise going forward,” says Seet, “This is due the company’s ongoing cost-cutting measures and increased operational efficiencies, coupled with the switch towards higher margin projects. Shares of Fu Yu are up 0.5 cent to 21.5 cents.

Singapore Hot Stock List:
HEALTHWAY MED
NOBLE
GSS NERGY
REX INTL

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Posted by on February 24, 2017 in Uncategorized

 

Today’s SGX Hot Stock List

todays-sgx-hot-stock-listThe Ascott Limited, CapitaLand’s serviced residence business unit, is partnering Singapore Management University to launch a lab to field-test co-living concepts of its newest brand, lye. Named lyf@SMU, Ascott will simulate a lye product at SMU to test out various co-living concepts, enabling its students to be the first in the world to experience and shape upcoming lyf properties.

lyf@SMU is located in the city center within the former home of Malaya Publishing House built in the 1900s. It will be open 24/7 for all SMU students from Feb 27. With more than 32,000 sf spread over three storeys, there are co-working lounges with modular furniture, large communal tables at the social pantry with interactive voting boards, multimedia rooms to encourage collaboration and free flow of ideas, days beds and napping pods.

Ascott will also test out recreation areas such as a soundproof music jamming studio and an exercise zone for a game of foosball or table tennis. Lee Chee Koon, Ascott’s CEO, said We will be directly engaging the more than 1,200 millennials expected to visit lyf@SMU daily to field test various co-living concepts and community building activities. With each of the students clocking an average staying time of about four hours, we will be building up a sizeable data reservoir of user preferences and space usage patterns. The data will be translated into actionable insights to better tailor lyf to their needs as they prepare to become working professionals, our main target customers of lyf.

Ascott has set its sights to roll out 10,000 units under the lyf brand globally by 2020 in gateway cities of markets like Australia, China, France, Germany, Indonesia, Japan, Malaysia, Singapore, Thailand and the United Kingdom.

Singapore Hot Stock List:
SEMBCORP MARINE
ALLIANCE MINERAL
ASIAN PAY TV TR
EZION
NOBLE

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Posted by on February 23, 2017 in Uncategorized

 

Today’s SGX Hot Stock List

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The Trendlines Group, an Israeli-based company focused on developing technology-based companies in the medical and agricultural fields, posted a full-year loss of US$6.6 million ($9.4 million), double from its loss of US$3.3 million declared in the previous year.

For the year ended Dec 31, the group received a total income of US$0.1 million as compared to US$9.9 million in FY15 despite noting a strong rise in revenue from Trendlines Labs to US$1.14 million from US$0.4 million in the previous year.

This was primarily due to a US$8 million loss from the change in the fair value of Trendlines’ portfolio companies during the year, versus a net gain of about $5 million in FY15, which was partially attributable to a write-off of nine portfolio companies due to lack of funding.

Another factor was the decrease in fair market value of various companies after the completion of “fund raising exercises at less favorable terms to the company”, in addition to “general commercial or technological difficulties demonstrated in some portfolio companies” during the financial year, says the group.

Operating, general and administrative expenses grew 29.1% to US$8.7 million in FY16 from US$6.7 million a year ago, mainly due to an increase in employment costs due to the recruitment of new high-level employees as part of the Company expansion, and listing expenses as a public company. Current assets for FY16 were US$17.3 million, down from US$24.0 million for FY15.

The fair value of portfolio companies was US$83.7 million as at Dec 31, compared to a portfolio value of approximately US$84.4 million at end-2015. In 2016, Trendlines succeeded in achieving significant goals that we set for ourselves and our investors. The accomplishment of these objectives has set the stage for strong portfolio expansion in 2017 and beyond,” says chairman and CEO Steve Rhodes on the group’s corporate developments during the year.

In the group’s outlook, Trendlines says it remains committed to its stated plans in the medical and agricultural technologies fields and believes that the continued need for new and improved products in these fields represents investment opportunities for the company. Shares of Trendlines closed 1 cent lower at 19 cents on Tuesday.

Singapore Hot Stock List:
HONG LEONG ASIA
DISA
NOBLE
HOCK LIAN SENG
SINO GRANDNESS

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Posted by on February 22, 2017 in Uncategorized

 

Today’s SGX Hot Stock List

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Auric Pacific Group announced earnings of $7.2 million for FY16, turning around from its $40.8 million of losses posted in FY15. Auric Pacific attributed the upswing in profitability to its rationalisation exercise to streamline its non-performing businesses and investments in FY15.

This resulted in higher operating profit for the year from its wholesale and distribution unit; lower operating losses from Edmontor; and a turnaround in Food Junction’s performance from improved contributions from its food courts and self-operated stalls in Singapore, in addition to the rationalisation of operating costs including the closure of non-performing restaurants in 2015 and 2016.

For the fourth quarter ended Dec 31, the group registered losses of $0.3 million, a 98.5% improvement from the $19.1 million loss declared in the same quarter a year ago on lower costs. Revenue for the quarter fell 1.4% to $106.4 million from $108 million in 4Q15, mainly due to the loss of revenue resulting from the closer of non-performing outlets and the restaurant business from the food retail division – where the group’s Edmontor and Food Junction both registered a decline in revenue by 8.9% and 17.5% respectively.

Food Junction’s performance for the fourth quarter also included an impairment charge of $2 million for part of the intangible assets, following “a shift in strategic focus by the business”, says the group. The lower revenue was however partially offset by a growth in revenue from the food division.

In its outlook, the group says that although it has achieved a “stronger landing” in FY16, it will continue to focus building a stronger foundation for its core business, as well as seek new avenues and opportunities for business growth, in view of the challenges and certainties in the year ahead.

Auric Pacific last month received a voluntary conditional cash offer from Silver Creek Capital, an investment vehicle jointly owned by its largest shareholder, Stephen Riady and his son-in-low Andy Adhiwana, at an offer price of $1.65 in cash per share. Riady is the executive chairman of real estate developer OUE. Shares of Auric Pacific closed flat at $1.65 on Monday.

Singapore Hot Stock List:
YONGMAN
NATURAL COOL
MAXI CASH FIN
HL GLOBAL ENT
NOBLE

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Posted by on February 21, 2017 in Uncategorized

 

Today’s SGX Hot Stock List

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Singapore bank DBS Group Holdings posted its lowest quarterly profit in two years as provisions for soured loans to the city-state’s oil services industry surged, and it joined smaller rival OCBC in forecasting more pain for that sector.

The city-state’s banks, long lauded for their conservative lending practices, have been subjected to a severe test over the past year as a number of local offshore and marine companies have been forced to restructure their loans due to low oil prices, weak charter rates and delays to projects.

The financial results of DBS, Singapore and South-East Asia’s biggest lender by assets, underscore a subdued outlook for the city-state’s banks this year and the potential downside risk to share prices that have rallied over the past three months on hopes of a profit boost from higher interest rates.

I don’t think the worst is over,” DBS CEO Piyush Gupta told a results briefing in response to a question on what he thought of the oil and gas sector. Gupta, however, said that the bank doesn’t expect to be as impacted this year as in 2016.

OCBC, Singapore’s No. 2 lender, said on Tuesday that parts of its portfolio, particularly those exposed to the oil and gas services sector, would remain stressed. Its quarterly profit tumbled to a three-year low. And quarterly profit at Singapore’s No. 3 bank, UOB , which reports results today, is expected to fall by 7.4% to S$730mil.

Last year, Singapore’s banks were caught off-guard by the collapse of oilfield services company Swiber Holdings. DBS had a loan exposure to Swiber of US$721mil, the highest among the city-state’s lenders, but has since said it made enough provisions for that. In a sign that the pain in the offshore services sector is continuing, Ezra Holdings warned earlier this month it may have to take a US$170mil writedown on a joint venture.

S&P Global Ratings said in a report on Wednesday it expects growth will remain flat for Singapore’s banks in 2017. DBS reported a fourth-quarter net profit of S$913mil (US$643mil), the lowest in two years, and below an average forecast of S$936mil from six analysts polled by Reuters.

Charges for bad loans jumped 87% for the quarter to S$462mil, while its full-year non-performing loan ratio rose to 1.4% from 0.9%. On a full year basis, though net profit fell 2%, it was up 10% before provisions. And total income rose to a record S$11.5bil, driven by higher loan volumes and improved net interest margin.

The wealth management business, a key focus for DBS, which bought Australia and New Zealand Banking Group’s wealth and retail business last year, reported a 19% jump in income to a record high last year.

Singapore Hot Stock List:
AA
SINO GRANDNESS
SINGMEDICAL
SAMKO TIMBER
ST ENGINEERING

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Posted by on February 17, 2017 in Uncategorized