Towards Financial Freedom
DBSV S'pore Wired Daily 30 October 2013
Today's Focus
Ezra - Awarded US$110m new projects in subsea construction and offshore support services
Ezra Holdings announced that its Subsea Services (EMAS AMC) and Offshore Support Services (EMAS Marine) divisions have been awarded projects worth US$110m. These projects will be executed in the Gulf of Mexico and the Asia-Pacific region. Adding to Ezra's contract wins, EMAS Marine has also been awarded three new charters with a national oil company and an oil major in South East Asia for two anchor, handling, towing and supply (AHTS) vessels and a platform supply vessel (PSV). The contracts have an average tenure of around 3.5 years, including options.
Great Eastern Holdings' 3Q13 earnings recover; non-par fund back in the black from market recovery; underlying business was strong. OCBC will release 3Q13 results on 1 Nov; we expect earnings to improve q-o-q. Maintain BUY on OCBC, TP: S$12.40.
United Envirotech (UEL) has entered into an agreement to acquire an additional 5% stake of its joint-venture
company, United Envirotech Water Treatment (Dafeng) from the existing joint venture partner for RMB5.9m.
Dafeng will then be a 55% owned subsidiary of UEL post acquisition.
Yanlord acquires a 386,000 sqm gross floor area (GFA) prime integrated development site in Sino-Singapore
Nanjing Eco Hi-Tech Island for RMB2.877 bn. Ideally situated for the development of a prime integrated
development, the project will include the development of high-quality residential apartments, offices and commercial units and is well connected via key thoroughfares and the adjacent metro line 10 station.
Sembcorp Industries has entered into an agreement to divest its entire stake in Sembcorp Enviro (India) to Ramky International (Singapore) for S$7.25m. Sembcorp Enviro (India) is a special purpose vehicle that owns a 51% stake in SembRamky Environmental Management, a medical waste collection and treatment player in India.
Loyz Energy draws first oil in the US, one year after inking its landmark E&P deal. This is a milestone for the Group as a fullfledged independent E&P player. Loyz Energy will step up the pace as it brings other concessions to production and selectively adds more producing assets.
Cacola Furniture has entered into a MOU to acquire a 51% stake in Hubei Goldmine for RMB71.4m cash. The proposed acquisition represents the company's first acquisition within its stated plan to expand its business into mining and related business activities.
MAS sees inflation picking up in next few quarters before easing towards end-2014. As overall wage growth continues to strengthen above Singapore's historical average of 3.3%, businesses here should brace themselves for intensifying cost pressures amid a further tightening labour market. This was the view of the Monetary Authority of Singapore (MAS) in its twice-yearly Macroeconomic Review released yesterday.
The number of low-cost carrier (LCC) seats in Asia jumps 28.7% y-o-y in 1H 2013, driven largely by budget carriers in Indonesia, India, Thailand and Malaysia. The four markets collectively account for over half of total global LCC growth. According to the study by technology travel firm Amadeus, Asia, the Middle East and Africa are experiencing sharp growth in LCC capacity while more mature markets such as Europe and the Americas are seeing flat or marginal increases.
US stocks rallied, underpinned by corporate earnings and as investors await the outcome of the FOMC meeting and policy statement. A weaker-than-expected October consumer confidence (actual 71.2, consensus 85) lifted optimism that the FED will delay QE tapering till next year. As US and European markets have rallied to their highest levels in more than 3 years, valuations have also increased. According to Bloomberg, the S&P500 trades at 16.8x reporting earnings that is the highest since May 2010. Likewise, the Stoxx 600 that tracks European equities is currently valued at 20.9x reported and 14.9x projected earnings, the highest since end 2009.
Source: DBSV
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