25 April 2013~ Good Morning Singapore!
Central Execution Team - The Excellence of Execution
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Global Flash: While You Were Sleeping
Source: Marketwatch
Quote for the day :When you are courting a nice girl an hour seems like a second. When you sit on a red-hot cinder a second seems like an hour. That's relativity.
- ALBERT EINSTEIN
Singapore: The Day AheadSINGAPORE DAYBOOK:Fans will have to pay more, says SingTel [SINGAPORE] SingTel's top executive, Allen Lew, said that the Media Development Authority's (MDA) decision yesterday will drive Barclays Premier League (BPL) prices up, and has vowed to fight its finding to the very end.
If SingTel shares the content with StarHub as per MDA's instruction, the subscription cost of content will be "substantially higher", an irate Mr Lew warned last night.
Currently, mio TV customers pay $34.90 for its sports package, the bulk of which is BPL content. Apart from existing mio TV customers with BPL subscriptions that extend beyond the start of BPL season this August, all football viewers - mio TV's and StarHub's - will have to pay more because of this decision.
"If (viewers) are on StarHub's platform . . . I cannot upsell them other content that I have. (So), for them, I have to charge a higher price for BPL," he said.
MARKET SCOOP
Olam plan may slam the brakes on growth to appease investors
MDA: SingTel has to share BPL content
QAF Q1 profit up 14% on lighter tax load
Hotung Group Q1 net profit falls 13%
Cache Logistics Trust posts DPU of 2.234 cents in Q1, up 7.1%
AVJennings to raise up to A$41.2m in 2- for-5 entitlement offer
Singapore Airlines lifts stake in Virgin Australia to 19.9%
UOB KAY HIAN says... MAPLETREE INDUSTRIAL TRUST | BUY | TP: S$1.66 Mapletree Industrial Trust (MIT) reported a 4QFY13 distributable income of S$38.9m (+8.7% yoy, +3.4% qoq) and a DPU of 2.37cents (+6.8% yoy, +2.2% qoq)
The DPU of 9.24cents for FY2013 is above expectations, accounting for 102.7% of our full year estimate of 9.0 cents
4QFY13 revenues increased to S$72.1m (+8.8%yoy, +4.2% qoq) while Net Property Income increased to S$49.6m (+7.8% yoy, +1.0%qoq), driven by positive rental reversions at flatted factories (+30%), business parks (+13%) and stack-up/ramp-up buildings (+36%), partially offset by a 12% qoq rise in property expenses
6.3% rise in portfolio valuations, which are up S$183m to S$2,880m
The increase is attributable to a portfolio revaluation gain of S$134.9m, arising from higher NPI and occupancies, and capitalized development costs of S$48.4m
Aggregate leverage has fallen 2.3ppt qoq to 34.8% due to higher portfolio valuations
AEIs and BTS to drive income growth over next 2 years
With the positive results surprise, we are likely to review our DPU estimates
We currently have a BUY on MIT with a target price of S$1.66 per unit based on DDM (required rate of return: 6.8%, terminal growth: 2.0%)
DBS VICKERS Securities says...
NAM CHEONG | BUY | TP: S$0.30
Nam Cheong announced another round of vessel sales worth US$59m for two accommodation work barges to be delivered in 1H-2014
The pricing is within expectations and the vessels were sold to repeat customer Perdana Petroleum, one of the major offshore services providers in Malaysia
Nam Cheong has won orders for 6 vessels across its build-to-stock and build-to-order business models and is on track to achieve FY13/14 sales targets
Orderbook now stands at about RM1.4bn
We expect Nam Cheong to secure order wins for another 8-10 vessels in FY13, which will cover FY13 completions and half of FY14 completions
Maintain BUY with TP of S$0.30, expect the stock to firm up after holding at $0.245-0.25 over the past 2-3 weeks
OCBC Securities says...
TIGER AIRWAYS | BUY | TP: S$0.79
Tiger Airways (TGR) announced yesterday that it received approval from the Australian ACCC to sell 60% of TGR AU to Virgin Australia
Following this approval, TGR will record a one-time gain on disposal of S$119.8m and shore up its balance sheet
More importantly, investors can now look to TGR SG as the main growth driver for the Group
Although operating losses have narrowed, TGR AU remains loss-making and this trend could continue until the new entity incorporates complimentary services with Virgin Australia
Similarly, TGR's other associate - South East Asian Airlines (SEAir) - is still in its infancy stage and operating losses could still hit TGR's books in the nearterm
Despite the risk of a drag on performance by its associates, we continue to stand by our assertion that TGR's turnaround is ongoing
Maintain BUY rating on TGR with a lower fair value estimate of S$0.79 (S$0.86 previously) after taking into consideration the recent rights and PCCS issuance
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