19 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 : The art of leadership is saying no, not saying yes. It is very easy to say yes.
-TONY BLAIR
Singapore: The Day AheadSINGAPORE DAYBOOK:Feb exports dive 30.6%; S'pore lags trading rivals.Pharmaceuticals and oil rigs register big fall, even as weakness in electronics persists. [SINGAPORE] Singapore's exports plunged far more than expected in February from a year earlier, dragged down by a sharp drop in pharmaceuticals and oil rigs as well as continued weakness in electronics.
In a performance more reminiscent of recessions, non-oil domestic exports (NODX) fell 30.6 per cent last month from a year ago - on a par with the 31 per cent decline when the tech bubble burst in 2001 and the 35 per cent slide during the global financial crisis.
Latest data released yesterday by International Enterprise Singapore surprised private-sector economists who were forecasting a 16 per cent decline. Singapore scraped through a technical recession in the last quarter, and the NODX bounced back from a 16.3 per cent drop in December to record a modest 0.4 per cent gain in January.
MARKET SCOOP
Sakae shareholders vote out Andy Ong
A-Reit acquires The Galen for S$126m
Yongnam to diversify into infrastructural development
Lam Soon Industrial Building up for en-bloc sale again
S&P rates UOB's new notes 'BBB'
Sing dollar falls on weak exports data; seen to drop further
UOB KAY HIAN Securities says...
S'PORE TELECOMMUNICATIONS | SELL | TP: S$3.41
Key Takeaways From SingTel Investor Day
Unfortunately, SingTel continues to confront slower growth in Singapore and Australia
The presentation was organised around the new organisation structure with three business units, namely Group Consumer, Group Enterprise and Group Digital Life
In particular, margins for Singapore continue to be under pressure. Continued investment in start-up companies contributing to start-up losses almost immediately but has long gestation period
SingTel has maintained its guidance of low single digit revenue growth for Singapore and mid single-digit revenue decline for Australia
No turnaround at Bharti as the telco industry is overcrowded and there are no initiatives to encourage consolidation in India
Our valuation is S$3.41 based on sum-of-the-parts (SOTP) methodology. The slight increase in target price is primarily due to higher valuation for Telkomsel
DMG OSK Securities says...
SEMBCORP MARINE | NUETRAL | TP: S$4.76
Sembcorp Marine (SMM)'s PPL Shipyard has secured two new jackup rig orders from Mexico-based Oro Negro for USD417m
We estimate that the new contracts lifted SMM's FY13 order win to SGD1.68bn, 42% of our FY13 new order estimate of SGD4bn
SMM has won three jackup orders in 2013 from Perisai (one unit) and Oro Negro (two unit) and we expect more jackup orders in 2013 as the fleet renewal cycle is still intact
We believe share price will react positively to the news. However, we maintain Neutral on the stock as we see limited upside to our TP of SGD4.76, which values the stock at 17.2x FY13F P/E
DBS VICKERS Securities says...
OVERSEAS UNION ENTERPRISES | NOT RATED | TP: S$3.16
Pure play into core real estate sectors in Singapore
With a Singapore oriented portfolio (97% of RNAV), Overseas Union Enterprise (OUE) offers a unique exposure to Singapore' prime assets across various real estate segments - office, hotel, retail and residential
Looking ahead, we expect the group's portfolio to continue undergoing transformation via: (i) addition of retail space at One Raffles Place retail podium and 6 Shenton Way, (ii) growing its hospitality portfolio through construction of an additional 240 rooms in an extension wing at Crown Plaza
OUE is re-looking at its plan to list a hotel REIT, which we believe is likely to include its flagship Meritus Mandarin Hotel and Crowne Plaza Changi Airport Hotel in Singapore and potentially include the converted towers at Twin Peaks and DBS Tower
This listing could potentially reap a valuation surplus of up to c. S$1bn in value for the group
Fair Value of $3.16, pegged at a 25% discount to RNAV |
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