Singapore Post'sFY13 underlying profit of S$140.9m (+4.1% y-oy) was 3% ahead of our estimates on the back of better organic and inorganic growth. FY14 is expected to benefit from full-year contribution of acquired companies. FY14/15 EPS raised by 14%/19%. Upgrade to BUY with revised TP of S$1.56 (Prev S$ 1.14) as we see significant growth in addition to 4.9% yield. Its strong free cash generation supports dividends.

It has been reported that port workers at HPH Trust's port have ended their strike as they accepted a 9.8% wage increase, in contrast to the 23% increase they were seeking and the 6%-7% that was offered previously. Whilst 2Q numbers will be somewhat affected, it is a positive that this strike is now over. The 9.8% increase in HK port wages is within our recently adjust numbers and we maintain our estimates, as well as BUY recommendation and target price of US$0.87. The stock is currently offering c. 7% yield.

Super Group has announced its entire disposal of 35.3% associated company Sun Resources, which develops property in China which is non-core investment for Super, for S$26m. Super will book in net gain of S$16m which will increase earnings and dividend estimate by 14% for FY13F. Dividend yield will increase from 2.2% to 2.5% assuming minimum of 50% dividend payout is made in FY13F. Maintain BUY and S$4.68 TP.

Hiap Seng Engineeringhas been awarded a three-year term integrated plot contract by Singapore Refining Company (SRC) to provide plant maintenance services on a cost-plus/unit rate basis for the SRC refinery located on Jurong Island. This contract is effective for the period from 1 April 2013 to 31 March 2016.

Elektromotive Grouphas entered into a non legal binding Memorandum of Understanding (MOU) with the Government of Renshou County for the setting up of an electric vehicle (EV) fleet and recharging network to support public transportation activities for Shigao Industrial Zone. The first phase of collaboration will entail RMB 30-50m investment. Future phases will potentially involve setting up of similar arrangements for 60 other towns and industrial zones under administration of Renshou County This is a significant entry for the Group into China's fast-growing EV market, with focus on emerging urban areas which will leapfrog to EV public transport networks.

CCM Group has secured a contract from the National Parks Board. The contract amounts to approximately S$6.8m and covers maintenance and upgrading works of park facilities in conservation, Singapore Botanic Gardens, Streetscape and Horticulture & Community Gardening Divisions for a period of 3 years.

Global Investmentsis proposing to undertake a renounceable non-underwritten rights issue of up to 340.6m new shares at an issue price of S$0.143 for each Rights Share, on the basis of two (2) Rights Shares for every five (5) existing shares held. The issue price represents a discount of approximately 15.9% to last close. Net proceeds of about S$48.5m will be used for opportunistic investments.

Jubilee Industriesis proposing placement of 13.7m new shares at the issue price of S$0.2316 per share. The issue price represents a discount of 10% to the last weighted average price. The gross proceeds of approximately S$3.2m will be used for general working capital purposes and reducing the borrowings of the Group.

In property news, Yi Mei Garden, a freehold residential development at Tampines Road, is up for collective sale by tender with its owners looking at a selling price between $132m and $135m. This works out to $805 - $810 psf ppr for the site including an estimated development charge of $4m. The plot has a land area of 78,030.38 square feet and a gross plot ratio of 2.1. The residential collective sale market is showing signs of revival of late, with at least three collective sales sealed so far this year. Most of them were relatively bite-sized deals at below $200m.

Source: DBSV