Hutchison Port Holdings Trust's 3Q earnings fell 8% y-o-y to HK$539m, but improved 28% q-o-q as its HK port operations are now back on track. There are signs of some improvement in US bound trade but cargo traffic to Europe remains tepid. HPHT is on track for DPU of 40HKcts for the full year. We maintain our view that the worst is over for HPHT. We project HPHT's DPU to improve from 5.3UScts to 5.9UScts in FY14. Maintain BUY and US$0.82 TP

Midas has finally announced the high-speed train contract wins worth Rmb168m, the first in three years. This is a positive sign of turning point, with more such contracts expected to flow in rapidly. Order book is now nearly Rmb1bn, with potential for much more. Maintain BUY, TP S$0.60. Further upside to our TP could come from large high-speed train contract wins in 2014. The stock is

currently trading at just 0.9x P/BV, with a firm turnaround story to boot.

United Envirotech has signed a concession agreement with the local government of Qixia City in Yantai, Shandong for the transfer- expand-operate-transfer (TEOT) of a municipal wastewater treatment project. Under the terms of the agreement, the total investment for the project is approximately RMB105m (~S$21m). The expansion and upgrading work will commence immediately and is expected to be completed by third quarter of 2014. The construction of this project will add RMB70m to EPC's orderbook, lifting YTD new contract win to RMB521m, ahead of our RMB 400m assumption. However, major recognition of this orderbook would be in FY15 and the impact of this particular project on UENV's existing portfolio is small. Hence, impact of this project is immaterial to existing performance. However, separately, we believe higher interest expenses arising from the recent MTN issues could take toll on earnings. Our earnings and TP of S$0.98 are under review.

Civmec has recently won over S$$210m of contracts. These contracts have increased the order book to over S$$330m.

TTJ has clinched $41m deals for Downtown Line 2 jobs. It had re-secured the sub-contracts from McConnell Dowell SEA to supply, fabricate and install civil defence shelter doors for the Sixth Avenue and King Albert Park stations on the Downtown Line 2. The new contract, which the group expects to complete substantially in FY2014 and 2015, will bring TTJ's order book to $151m.

OKH Global has been awarded a S$32.8m contract in relation to the design and build for the proposed new erection of a 4-storey warehouse with ramp up facilities at No. 7 Pioneer Sector Lane, by Nam Leong Co. The Project is expected to have a positive impact on FY June 2014.

New and existing players in the foreign school arena looking for a long-term investment in a flagship Singapore campus will soon be able to bid for a 26-year lease for a property surrounded by international schools and near Good Class Bungalow (GCB) areas. The German European School Singapore (GESS) has launched a tender for a 26-year sublease on its main campus at 72 Bukit Tinggi Road in the Swiss Club locale. The minimum reserve price is set at $39m, which translates to $415 psf on the existing gross floor area of 93,969 sq ft for the campus. Selling a long sub-lease for the Bukit Tinggi premises to another educational institution will help the school to fund development of a new campus in Upper Bukit Timah which is expected to be ready in 2017. GESS is currently in talks with the Singapore authorities for allocation of the site for the new campus.

US markets ended mixed ahead of the September employment numbers scheduled for release tonight. Consensus expects non-farm payrolls to improve to 180k from 169k in August. Meanwhile, consensus now expects QE tapering to begin only in 1Q 2014 earliest, accessing the impact of the recent partial federal government shutdown.

Source: DBSV