15 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 : Be as smart as you can, but remember that it is always better to be wise than to be smart.
-ALAN ALDA
Singapore: The Day AheadSINGAPORE DAYBOOK:Samsung Galaxy S4 emerges to do battle on Apple's home turf NEW YORK - Samsung Electronics Co on Thursday premiered its latest flagship phone, the Galaxy S4, which sports a bigger display and unconventional features such as gesture controls and will spearhead its effort to challenge Apple Inc on its home turf.
The phone is the first in Samsung's highly successful Galaxy S-series to make its global debut on US soil, and represents another bet that consumers prefer larger screens.
The S4 - which Samsung preceded with a marketing blitz that drummed up industry speculation reminiscent of some of Apple's past launches - will be available globally in the second quarter. Samsung said all major US service providers will sell the phone but it kept mum on exact dates and prices.
MARKET SCOOP
Sunright posts S$3.39m H1 loss
Ezra subsea arm clinches US$165m contract
Noble prices US$400m notes at 3.6%
First REIT proposes S$500m multicurrency MTN programme
STX OSV to stay listed on SGX
Koyo wins 2 M&E contacts worth S$23.7m
CNA inks MOA with Thai property developer
MAYBANK KIM ENG Securities says...
CAPITALAND | BUY | TP: S$4.30
Since CapitaLand reported its FY12 results, residential property policy concerns in both Singapore and China have affected its market value
With new home prices in China showing stronger-than-expected appreciation in January, the government is widely expected to introduce more measures in the coming months to rein in prices
We believe that such measures, when implemented, may decelerate home sales, but unlikely to materially impact CapitaLand's profitability on their China residential projects
Its retail business under CapitaMalls Asia (CMA SP) is gathering momentum, and is likely to underpin the medium term growth for CapitaLand in China
The divestment of CapitaLand's 59% stake in Australand remains on the cards as fellow Australian developers GPT and Mirvac continue to be touted as interested parties
With potential cash proceeds of SGD1.6b, the payout of a special dividend is quite possible
We are nonetheless of the opinion that the recent pullback offers an attractive entry-level for investors with a medium-term view
CIMB Securities says...
IHH HEALTHCARE | OUTPERFORM | TP: S$1.53
IHH is adding Hong Kong to its extensive global network. We are not surprised by its winning bid to acquire a site on which it will construct, develop and operate a private hospital in Hong Kong
IHH will own 60% of the project while NWS Holdings will hold the other 40%
The estimated capital investment of approximately HK$5bn (RM2bn),which includes land cost of HK$1.7bn (RM675.4m),will be financed by internal funds and bank borrowings, the breakdown of which has yet to be determined
We have often mentioned that this news is a stock catalyst and is consistent with the growth trajectory IHH is charting
Other potential catalysts are the ramp-up of Novena Hospital's operations and revenue intensity in all its three markets
UOB KAY HIAN Securities says...
SATS | HOLD | TP: S$3.13
Fast on the heels of a new partnership announcement, SATS appointed a new CEO, Mr Hungate, who is currently the CEO of HSBC Singapore
Sports Catering Services (SCS) has won a contract from the Singapore Sports Hub to provide catering and food and beverage services for 50 retail concessions, 62 corporate suites, members' dining areas, MICE and special events across five venues
SCS is a 70:30 JV between SATS and Delaware North Companies (Delaware), which in turn is a hospitality and food service provider at more than 70 sports and entertainment stadia in the US, Australia and the UK
Operations will commence in Apr 14. The contract tenure is for 21 years, with expected revenue of approximately S$50m annually in its steady state of operations
The new contract will further enable SATS to diversify from the aviation-related food solutions business
We upgrade SATS to HOLD and raise our target price to S$3.13 after raising our long-term ROE (13.8% vs 12% previous). The rationale for a higher sustainable ROE is based on the assumption that SATS is likely to gear up to fund any potential M&A
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