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DBSV S'pore Wired Daily 23 November 2012

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Publish date: Fri, 23 Nov 2012, 11:43 AM
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Today's Focus
Telecom sector ' Buy StarHub for 11% upside potential and 6% yield.

Falling 3G smartphone prices is expected to benefit telcos in the region. Our pick in Singapore is StarHub (TP: S$4.00). StarHub's projected yield is about 6%. Besides a lower subsidy burden from Android phones, StarHub is managing its traffic costs better than peers and is set to benefit from the National Broadband Network in two ways: (i) higher adoption grant as official OpCo (ii) Gains in the corporate data market where SingTel commands > 80% share.

China's manufacturing activity grew in November for the first time in 13 months. The preliminary purchasing managers' index (PMI) released by HSBC hit 50.4, up from 49.5 in October, after 12 consecutive months in negative territory. Exports, industrial production, retail sales and fixed asset investment - a key gauge of infrastructure spending - have all shown improvement. This further reinforces our positive view on China. Separately, Senior Minister Goh Chok Tong also highlighted that China, together with India, is expected to grow strongly for at least the next two decades.

Singapore Airlines has signed agreements worth some A$5m with six tourism organisations in Australia to jointly fund marketing campaigns and activities to promote tourism to the different states in Australia. The agreements are for a period of between two and four years. SIA and the tourism organisations will jointly fund marketing campaigns and activities, including mounting advertising campaigns and organising familiarisation visits for travel agents and media. The move is part of SIA's strategy to further tighten its foothold in Australia, a market on which it has been increasingly focusing over the past year.

Keppel Land has established a US$3bn multicurrency medium-term note program. Net proceeds from notes issued through the program will be used to refinance debt for general corporate purposes or acquisition opportunities.

IPC Corporation is acquiring a business hotel in Japan for ''434m (S$6.4m). The acquisition marks the company's sixth business hotel in Japan and is expected to begin contributing positively to the group in December 2012.

In property news, an executive condominium (EC) site at the intersection of Pasir Ris Drive 3 and Pasir Ris Rise was keenly contested, fetching a top bid of $207m, or $331.10 psf ppr. There were 10 bidders in all for the 99-year leasehold plot.

Hao Yuan Investment, controlled by mainland China parties, put in the highest offer. Breakeven price is expected to be between $600 and $650 psf.

Source: DBSV
StarHub (CC3)SIA (C6L)
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