Towards Financial Freedom
DBS Equity Research: Wired Daily 3 Feb 15
Japfa - Buying rest of Myanmar subsidiary; insignificant impact on FY15F earnings. Maintain BUY, TP S$0.80
Japfa has entered into a sale purchase agreement to acquire the remaining 15% of Japfa Comfeed Myamar. We estimate 1.7% impact on FY15F earnings (ex biological and FX gains/losses). Based on our recent checks, we understand that the broiler Day-Old-Chick (DOC) prices in Indonesia have now recovered. FY15F average selling price (ASP) assumptions maintained, pending 1Q15 results. BUY call reiterated for 25% upside to S$0.80 target price.
OKP Holdings has been awarded with two design and build contracts which are worth a total of S$143.8m, by the Land Transport Authority (LTA) for the construction of sheltered linkways under the island-wide Walk2Ride programme. These two contracts update OKP's gross order book to S$296.8m, extending to 2019.
BBR Holdings has successfully secured a winning bid for the acquisition of land parcel at Yishun Avenue 4 for a proposed mixed commercial and residential development. The 99-years leasehold site has an area of approximately 9,759.8 square metres and is proposed for a mixed development consisting of about 60% residential and 40% commercial.
Sakae Holdings said that given the group's progress in its corporate advisory business, it is now focused on establishing an asset management business and exploring starting a S$250m "opportunistic fund" to invest in both public and private opportunities. The group identifies such opportunities as having deep value because of growth prospects, market inefficiencies or otherwise.
Credit rating agency Moody's called STATS ChipPAC's weak FY14 results credit negative, but said that this will not have an immediate impact on its Ba3 corporate family rating and senior unsecured rating. The ratings remain under review for downgrade, however. STATS ChipPAC last week said it narrowed its net losses to US$21.8m in FY14. Its full-year revenue also dipped 0.8% to US$1.59 bn.
SMJ International Holdings is expected to report a lower net profit for FY14 as compared to the financial year ended 31 December 2013.
Luzhou Bio-Chem Technology is expected to report a net loss for 4QFY14 and a net loss for the full financial year ended 31 December 2014.
A total of 100.1 million shares were bought back by Singapore-listed companies in January, according to data by ShareInvestor.com. This was about six times the 16 million shares that were purchased in the same month a year ago, in line with a general increase in buyback activity in the second half of 2014. The total value of the shares bought back in January was S$97m. But January's activity represented a sequential slowdown against December, when 294 million shares worth S$262m were taken back by companies. The most active share buyback programmes in January came from Genting Singapore, which bought back 16.7 million shares worth S$16.8m. Investment commitments in Singapore is set to ease further from S$11.8 bn last year to S$9-11 bn in the next few years, according to the Economic Development Board. The forecast rests on the assumption of a benign global environment - and that there would be no major shocks in the years ahead.
US stocks rose as energy shares rallied after oil price advanced. According to Bloomberg, oil rose on speculation some investors bought contracts to close out bearish bets amid a falling rig count. Gasoline climbed as a refinery strike entered a second day. Data showed the January ISM manufacturing retreated to a reading of 53.5, worse-off than consensus expectation for 54.5. Thus far into the US reporting season, about 78% of the companies that posted earnings this season have beaten analyst estimates, while 55% have topped sales projections, data compiled by Bloomberg show. On earnings, Exxon Mobil reported a steep drop in 4Q profit on lower prices and declining production amid decline in oil price.
Source: DBS
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