Towards Financial Freedom
DBSV S'pore Wired Daily 5 December 2013
Today's Focus
Courts Asia - Upgrade to BUY on attractive valuations. Target price remains at S$0.77.
CDL Hospitality Trust - Second foray into Maldives offers strong growth potential. Maintain BUY, TP raised to S$1.84.
Our analyst upgrades Courts Asia to BUY on attractive valuations, and believe share price have more than factored in the negative aspects. The recent 22% share price correction presents accumulation opportunities. We believe credit tightening has already factored into share price; and is likely to end post FYE Mar'14. FY15F growth is expected to be driven by new stores and relaxation of credit tightening. Target price remains at S$0.77.
CDL Hospitality Trust (CDREIT) announced its acquisition of Jumeirah Dhevanafushi, a 35-villa top-end luxury resort located in Maldives, for US$59.6m (S$74.8m). This is CDREIT's 2nd acquisition in Maldives and will see its contribution increase to c.7.8% (vs. 4.6% previously) of FY14F net property income. This acquisition offers strong growth potential; FY15F yield is estimated to hit a high of 7.7%. Maintain BUY, TP raised to S$1.84 (Prev S$1.80).
Cosco's Zhoushan yard has secured contracts worth US$54m from an Asian buyer to build two 64k dwt bulk carriers. The two bulk carriers are scheduled for delivery in the 4Q14. With these contracts, YTD wins is lifted to slightly over US$3bn. While Cosco's strong order win momentum is encouraging, we need to monitor its execution and ability to translate these orders to bottomline. In addition, overhang risk from drillship saga persists. Maintain FULLY VALUED call; TP: S$0.76.
Yoma Strategic Holdings has entered into a new joint venture with LCT Investment (LCT) and First Myanmar Investment (FMI) to establish a Myanmar-incorporated joint venture company to build and operate a steel mesh products manufacturing plant in Yangon. Parties will invest in the Joint Venture by way of equity and shareholders' loans amounting to an aggregate of US$6.5m.
Swissco Holdings has placed orders for two anchor handling tug supply vessels (AHTS) and a fast utility/crew boat with a one plus one option. The newbuild vessels, excluding owner supplied equipment, are worth an aggregate of S$42m. Swissco continuously renews its fleet to maintain a low age profile and to capitalise on strong demand for offshore support vessels.
Ascendas Hospitality Trust (A-HTRUST), has signed a 5-year management agreement with Oakwood Asia Pacific to operate its serviced apartment property in Tokyo, Japan.
SBI Offshore proposed issue or placement of 22m new shares at S$0.125 per share. The Placement Shares represents 14.1% of the existing issued share capital and 12.38% of the enlarged issued share capital. The Placement Price represents a premium of approximately 12% to the last volume weighted average price. The net proceeds of approximately S$2.7m will
be used for working capital and funding for existing projects and for new market expansion, new business development plans and new projects.
The global air cargo market continues gradual recovery with the industry posting 4% y-o-y growth in traffic in October, as most regions registered an expansion thanks to an improving business environment. Global capacity was up 4.9%, which caused freight load factor to come in at 46.4%, according to a report by the International Air Transport Association (Iata). However, load factors are showing signs of bottoming out after a year of continued decline, Iata noted. The airfreight market was also stronger in October compared to the month before, when traffic contracted 0.3%. Asia-Pacific carriers, which account for nearly 40% of global cargo traffic, rebounded with volumes increasing by 2% in October after posting year-on-year declines throughout 2013. However, this was outstripped by a 4.1% bump in capacity, resulting in a load factor of 56.2%.
US stocks ended mixed despite better-than expected economic reports. In its Beige Book report on regional economic activity, the Fed said the economy expanded at a "modest to moderate pace" from early October to mid-November. It noted gains in the auto and high-tech industries and reported that retailers are "hopeful, but cautious" about the holiday shopping season.
Source: DBSV
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This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
