Towards Financial Freedom
DBS Equity Research: Wired Daily 4 Dec 2014
NOL said to have short-listed potential buyers for APL Logistics
Singapore Post acquisition of CP Holding seem positive -TP raised to $2.18
Singapore Postwill acquire CP Holdings, a leading metropolitan small parcel delivery player with extensive national coverage in Australia, for A$95m (~S$105m) on a cash-free, debt-free basis from New Zealand Post on "willing buyer-willing seller" basis. The acquisition will allow SPOST to roll out end-to-end solutions across e-commerce, forwarding, warehousing and delivery in Australia. We raise our FY16F/17F EPS by 4%/5% with potential upside from SPOST switching to its own network for last mile delivery. Maintain Buy, TP: $2.18 (prev. $2.12)
Parkway Life REIThas one of the longest WALE at 10 years, offering strong earnings visibility of which 94% of income has downside earnings protection. Distributions will not be impacted by forex volatility in the medium term as the manager has prudently hedged 100% of its SGD-JPY exposures till 2017. The manager might look to capitalize on the robust investor interest to re-cycle capital and extract value, a strategy that we remain excited about. We continue to like P-Life REIT for its strong earnings visibility and see re-rating catalysts from further acquisitions, asset re-cycling activities in the medium term. Maintain BUY, TP S$2.66.
According to an article from Bloomberg, KKR & Co., CJ Korea Express Co. and XPO Logistics Inc. have been picked to make final bids for the logistics unit of Neptune Orient Lines. Bain Capital Partners LLC and CVC Capital Partners Ltd. were also chosen to conduct due diligence on APL Logistics Ltd, according to unnamed sources. The article added that NOL is seeking about US$1bil for the unit and has asked for final offers by next month.
TriTech said its wholly-owned subsidiary, Presscrete Engineering, has won a tender with a contract value of c.S$19.24mil in relation to the works for the "Proposed Sewers in Sembawang Road and Sembawang Avenue Areas" by the PUB of Singapore. The commencement date of the contract is 17 December 2014 and the expected completion date is 16 June 2017. The contract is not expected to have any material impact on the consolidated EPS and/or NTA per share of the Group for the current financial year ending 31 March 2015.
LionGold Corp said it would divest its remaining 10% stake in the Amayapampa Gold Project in Bolivia to Silvermane Investments for S$3.5mil.
U.S. stocks rose, led by industrial and commodity companies while the ADP employment data boosted confidence in the economy before Friday's jobs report. The ADP employment figure showed companies added 208k workers in November. The government Labour Department releases its jobs data on Friday. Consensus expects November nonfarm payrolls of 230k with the unemployment rate holding at 5.8%.
Source: DBS
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