12 March 2013~ Good Morning Singapore!
Central Execution Team - Trading For A Living
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Global Flash: While You Were Sleeping
Source: Marketwatch
Quote for the day:You can't just ask customers what they want and then try to give that to them. By the time you get it built, they'll want something new.
- STEVE JOBS
Singapore: The Day AheadSINGAPORE DAYBOOK:OUE buys tallest building in California for US$367.5m [SINGAPORE] It pays to keep your chin up even after two failed takeover attempts, especially for Overseas Union Enterprise (OUE). Now, the property group will be able to look upwards at the tallest building in California that it will soon own.
The property group announced yesterday that it will buy the 1,018-foot- high US Bank Tower in downtown Los Angeles for US$367.5 million. The tower is the 10th tallest building in the United States, almost three-quarters the height of the Empire State Building in New York. It has 72 floors of office space, six levels of underground parking and covers an area of about 1.4 million square feet.
As part of the deal, OUE is also buying the accompanying Maguire Gardens and a car park facility.
MARKET SCOOP
WBL Q1 profit falls 74.3%
SingXpress plans US expansion, proposes to raise capital
S'pore tourism receipts to hit between S$23.5-24.5b this year
Retail electricity mkt to be liberalised further
Tiger Airways Feb passenger numbers up 44%
China Environmental in the red, hit by climate change
DMG OSK Securities says...
ASCENDAS REIT | NEUTRAL | TP: S$2.73
Ascendas REIT (recently proposed the placement of 140m new shares (with an upsize option of 20m new units) at price range of SGD2.50 to SGD2.55, posting a discount of 3.8% - 5.7% from Thursday's closing price
Fund potential acquisition of a property located within Singapore Science Park II
Fund potential acquisition of an integrated industrial mixed use property at Kallang Avenue
Of two properties that are to be acquired, based on the rental rate of the surrounding area, we expect the building at Science Park and the property at Kallang Avenue to provide the AREIT with an average yield of 6.8% and 6.2% respectively
Maintain NEUTRAL with slightly higher TP SGD2.73
UOB KAY HIAN says...
OVERSEAS UNION ENTERPRISE | BUY | TP: S$3.36
OUE's 2012 results were in line with our expectation
Office leasing momentum picked up in newly-completed buildings
The hotel segment is remaining steady
OUE is re-evaluating options to REIT its hospitality assets and is discussing some plans to strengthen this portfolio
Management is on the lookout for expansion opportunities in Singapore, the US and tier-3 cities in China
We increased our target price to S$3.36, pegged at a 20% discount to our higher RNAV of S$4.20
CIMB Securities says...
TAT HONG HOLDINGS | OUTPERFORM | TP: S$1.90
Hoisting sustainable growth
Earnings sustainability is organically driven while M&A ventures in resilient sectors/markets would lift its growth trajectory
Excitement over Singapore-Malaysia link projects is grabbing the headlines now
The group's 25ha land in Iskandar, bought two years ago, has gone up in value but is still recorded at historical cost
Current utilisation for crawler and mobile cranes is 71%, suggesting sufficient headroom for more optimization
We maintain our earnings estimates, target price basis of 11x CY14 P/E (5-year average forward P/E) and Outperform rating |
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