Morning Buzz Tuesday, 10 June 2014
AmFraser Research Team www.amfraserdirect.com.sg
STI Index (previous day Close)
3,305.20 (0.17%)
TODAY’S HEADLINE FRASERS HOSPITALITY TRUST IPO COULD RAISE UP TO US$358M Thai billionaire Charoen Sirivadhanabhakdi's Singapore real estate company Frasers Centrepoint Ltd (FCL) could raise as much as US$358 million by lis ng a hospitality industry trust business in the Republic, two people with direct knowledge of the ma er said.
Vol (mil): 2,517.0 / Val (S$ mil): 941.1 Source: Bloomberg
MAJOR STOCK INDICES DJ Ind Avg
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0.09%
S & P 500 Nasdaq Comp Hang Seng
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23,117.47
0.73%
Source: Bloomberg
COMMODITIES Gold (SPOT) US$
1,251.92
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Oil (NYMEX WTI)
104.47
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Baltic Dry
999.00
1.01%
The deal size is slightly below an earlier es mate for the ini al public offering, made before Frasers Hospitality Trust (FHT) began pre‐ marke ng last week. The trust comprises six serviced residences controlled by FCL and six hotels such as Singapore's InterCon nental Hotel, owned by Mr Charoen's TCC group. FCL indicated to investors the newly listed firm will have a market capitalisa on of between S$1.02 billion and S$1.12 billion, one of the people told Reuters. The parent plans to sell a 30 per cent to 40 per cent stake in FHT to investors, raising up to S$448 million, both people said. The sale could be formally launched as early as next week, they said. A formal indica ve range is yet to be disclosed, but one source said FHT could offer an indica ve dividend yield of 6.5 per cent to 7.5 per cent. The lis ng would mark the first step in merging the property assets of Mr Charoen's business empire, comprising Singapore‐listed FCL and his Bangkok‐based TCC Group, a er the Thai tycoon won control of the drinks‐and‐property conglomerate Fraser and Neave in a US$11 billion deal last year. Banks DBS, HSBC, Morgan Stanley, Standard Chartered and United Overseas Bank are advisers on the deal.
Source: Bloomberg
EXCHANGE RATES
NEWS BUZZ Ley Choon Group: Awarded contracts worth S$20.4 million Sheng Siong Group: Buys Tampines property USD : SGD 1.2504 / MYR : SGD 0.3907
Saizen Reit: Completes strategic review
Source: Bloomberg
INTEREST RATES 3-mth Sibor
0.404%
SGS (10yr)
2.375% Source: Bloomberg
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Tuesday, 10 June 2014
News Buzz Ley Choon Group (S$0.174) Awarded contracts worth S$20.4 million Ley Choon Group Holdings said that it has clinched contracts worth a total of $20.4mil from Singapore's Public U li es Board (PUB). The contracts are for the supply, laying, repair and maintenance of water pipes/mains at different loca ons in Singapore between this year and 2016. The PUB deals, raised Ley Choon's total outstanding order book to $201.4mil. Sheng Siong Group (S$0.630) Buys Tampines property Sheng Siong Group has exercised an op on to buy a three‐storey Housing and Development Board commercial property at Block 506 Tampines Central 1 for $65mil. Saizen Reit (S$0.965) Completes strategic review Saizen Reit will focus on cash management and debt levels a er comple ng a strategic review. It may consider buying back units "at mes of unit price weakness", it said. Source: The Business Times / Bloomberg / Straits Times
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Corporate AcƟon Dividend Company
Results Period Ann Date
DPS
Ex-Date
Book Close
Payable
Share Price 9-Jun-14
Yield (%)
Singapore Post
16-May -14 FY14 SGD
0.02500
8-Jul-14
10-Jul-14
18-Jul-14
SGD
1.680
1.5
OSIM Int'l
06-May -14 1Q14 SGD
0.01000
15-Jul-14
17-Jul-14
24-Jul-14
SGD
2.700
0.4
Global Logistic Properties
23-May -14 FY14 SGD 0.045000
22-Jul-14
24-Jul-14
8-Aug-14
SGD
2.770
1.6
SIA Engrg Co
06-May -14 FY14 SGD
0.13000
24-Jul-14
29-Jul-14
7-Aug-14
SGD
5.050
2.6
SIA Engrg Co
06-May -14 FY14 SGD
0.05000
24-Jul-14
29-Jul-14
7-Aug-14
SGD
5.050
1.0
Boustead Spore
26-May -14 FY14 SGD 0.030000
31-Jul-14
4-Aug-14
19-Aug-14 SGD
1.880
1.6
Boustead Spore - Special
26-May -14 FY14 SGD 0.020000
31-Jul-14
4-Aug-14
19-Aug-14 SGD
1.880
1.1
* Include Ordinary, Cash, Special, Bonus, Variable and Base
Rights & Bonus Issue Company Global Yellow Pages KLW Holdings
Rights Issue 3 Rts Share @ S$0.05 each Rts share + 3 free detachable wrts for ev ery 2 existing ord shares held 1 Rts Share @ S$0.02 each + 1 free wrt for 1 existing shares
Ex-Date
Book Close
4-Jun-14 30-May-14
Right Trading Period From
To
6-Jun-14
11-Jun-13
13-Jun-14
3-Jun-14
-
-
Book Close
Crediting Date / Payable
Listing Date
Source: SGX Annoucement
Company
Particulars
Keong Hong Holdings
1 Bonus share for ev ery 2 existing ord shares
12-Jun-14
16-Jun-14
-
-
UMS Holdings
1 Bonus share for ev ery 4 existing ord share
5-Jun-14
9-Jun-14
-
-
Ex-Date
Source: SGX Annoucement
BUYOUTS
Offer Price
Remarks
Closing Date
Offeror
ASJ Holdings
SGD 0.065
Cash
5.30 p.m on 7 July 2014
Ralec Electronic Corp
CapitaMalls Asia
SGD 2.35
Cash
5.30 p.m. on 9 June 2014
Sound Investment Holdings Pte. Ltd.
Hotel Properties
SGD 4.05
Cash
5.30 p.m. on 26 June 2014
LCD Global Inv estments
SGD 0.17
Cash
5.30 p.m. on 9 June 2014
68 Holdings Pte. Ltd. RDL Investments Pte. Ltd.
Source: SGX Annoucement
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Financial Calendar Monday
Tuesday
Wednesday
Thursday
Friday
9-Jun
10-Jun
11-Jun
12-Jun
13-Jun
16-Jun
17-Jun
18-Jun
19-Jun
20-Jun
23-Jun
24-Jun
25-Jun
26-Jun
27-Jun
30-Jun
1-Jul-14
2-Jul
3-Jul
4-Jul
8-Jul
9-Jul
10-Jul
11-Jul
Q1: China XLX / Oceanus Grp (Release on Sun, 15-Jun)
SG (May 2014): CPI
Q1: Sinopipe Hldgs Q3: Second Chance Properties Q4: Erata Lifestyle
7-Jul
* TentaƟve Source: Company; Bloomberg
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Disclaimer This report is prepared by AmFraser SecuriƟes Pte Ltd (“AmFraser”), which is a holder of a capital markets services licence and an exempt financial adviser in Singapore. This report is provided for informa on only and is not an offer or a solicita on to deal in securi es or to enter into any legal rela ons, nor an advice or a recommenda on with respect to such securi es. This report is prepared for general circula on. It does not have regard to the specific investment objec ves, financial situa on and the par cular needs of any recipient hereof. You should independently evaluate par cular investments and consult an independent financial adviser before dealing in any securi es men oned in this report. This report is confiden al. This report may not be published, circulated, reproduced or distributed in whole or in part by any recipient of this report to any other person without the prior wri en consent of AmFraser. This report is not intended for distribu on, publica on to or use by any person in any jurisdic on outside Singapore or any other jurisdic on as AmFraser may determine in its absolute discre on, where the distribu on, publica on or use of this report would be contrary to applicable law or would subject AmFraser and its connected persons (as defined in the Financial Advisers Act, Chapter 110 of Singapore) to any registra on, licensing or other requirements within such jurisdic on. The informa on or views in the report (“Informa on”) has been obtained or derived from sources believed by AmFraser to be reliable. However, AmFraser makes no representa on as to the accuracy or completeness of such sources or the Informa on and AmFraser accepts no liability whatsoever for any loss or damage arising from the use of or reliance on the Informa on. AmFraser and its connected persons may have issued other reports expressing views different from the Informa on and all views expressed in all reports of AmFraser and its connected persons are subject to change without no ce. AmFraser reserves the right to act upon or use the Informa on at any me, including before its publica on herein. Except as otherwise indicated below, (1) AmFraser, its connected persons and its officers, employees and representa ves may, to the extent permi ed by law, transact with, perform or provide broking, underwri ng, corporate finance‐related or other services for or solicit business from, the subject corpora on(s) referred to in this report; (2) AmFraser, its connected persons and its officers, employees and representa ves may also, to the extent permi ed by law, transact with, perform or provide broking or other services for or solicit business from, other persons in respect of dealings in the securi es referred to in this report or other investments related thereto; and (3) the officers, employees and representa ves of AmFraser may also serve on the board of directors or in trustee posi ons with the subject corpora on(s) referred to in this report. (All of the foregoing is herea er referred to as the “Subject Business”.) However, as of the date of this report, neither AmFraser nor its representa ve(s) who produced this report (each a “research analyst”), has any proprietary posi on or material interest in, and AmFraser does not make any market in, the securi es which are recommended in this report. Each research analyst of AmFraser who produced this report hereby cer fies that (1) the views expressed in this report accurately reflect his/ her personal views about all of the subject corpora on(s) and securi es in this report; (2) the report was produced independently by him/ her; (3) he/she does not carry out, whether for himself/herself or on behalf of AmFraser or any other person, any of the Subject Business involving any of the subject corpora on(s) or securi es referred to in this report; and (4) he/she has not received and will not receive any compensa on that is directly or indirectly related or linked to the recommenda ons or views expressed in this report or to any sales, trading, dealing or corporate finance advisory services or transac on in respect of the securi es in this report. However, the compensa on received by each such research analyst is based upon various factors, including AmFraser’s total revenues, a por on of which are generated from AmFraser’s business of dealing in securi es. Copyright 2014. AmFraser Securi es Pte Ltd. All rights reserved.
______________________________ LEE Wing How for AmFraser SecuriƟes Pte Ltd
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