Towards Financial Freedom
DBS Equity Research: Wired Daily 23 Mar 2015
STI to stay resilient as the Fed turns more dovish
STI's rebound off the 3357 low is in-line with our view for it to stay resilient despite US rate hike concerns. Singapore equity market valuation is attractive as it continues to trade below the 13.4x (-0.25SD) 12-mth forward PE level of 3425 and went near the valuation trough of 13x (-0.5SD) level of 3330 last week. With the more dovish FOMC statement last week, we expect the STI to remain resilient in the weeks ahead as investors bargain hunt ahead of numerous STI component stocks going ex-dividend in April.
Fund flows to/from financial markets continue to be influenced by central banks action. The next key event to watch will be the MAS monetary policy review in April, date yet to finalize. Consensus expectation is for the MAS to allow the SGD to weaken further.
Centurion has announced that it will defer its proposed REIT listing to a later stage. Centurion had originally intended for the REIT to be a capital recycling and value unlocking vehicle as it continues to expand its student accommodation and foreign workers dormitory business.
Noble Group has released an announcement refuting Iceberg's allegations, stating "We reject their allegations as inaccurate, unreliable and misleading". Noble will also start legal proceedings against Arnaud Vagner, a resident in Hong Kong, Enlighten Ace Ltd, a Seychelles company and any associates, at the Hong Kong High Court for conspiracy to injure Noble Group.
Frasers Hospitality, the hospitality arm of Frasers Centrepoint Ltd (FCL), has unveiled its third property in Germany, Hamburg. It is putting in a total of S$89.6m to acquire an iconic heritage building and refurbish it into a five-star 147-suite hotel.
Asia Fashion clinches RMB381m contract with Ningxia Baota to supply construction materials for the building of Baota's two projects - the heavy aromatics and olefins utilization refine factory and economical recycle supporting facilities in Xinjiang, China, as well as Baota's chain of petrol kiosks in Northwest China. This is the Group's second contract with Baota Group in 15 months.
GSS Energy has received the Qualified Person's Report ("QPR") on the reserves and contingent resources of the old oil wells located in the District of Trembul, Central Java, Indonesia. The Group had been granted the rights to manage and operate on the Trembul field, together with four other oil fields in Indonesia. Trembul is the third of the five fields being evaluated and this increases evaluated Proved, Probable and Possible Reserves of fields operated by the Group by 29% and high estimate Contingent Resources by 60%.
Loyz Energy has entered into a placement agreement to place 146.95m new shares at an issue price of S$0.095 per share, raising gross proceeds of approximately S$14m. The issue price represents a discount of approximately 6.5% to the last volume weighted average price. The placement is proposed to raise funds to improve the Company's financial position as well as bolster its general corporate requirements.
Dragon Group has entered into a co-operation agreement to manage a mixed-used property, consisting of a commercial mall and a cultural and convention centre, along the Yangtze Riverbank.
China's gross domestic product (GDP) will grow 7% this year as it enters a "new normal" growth cycle, the Organisation for Economic Co-operation and Development (OECD) said. OECD said the downside risks include a stronger-than-expected market correction in the real estate sector, a stronger US dollar which would affect the competitiveness of exports, and an excessive default of China's non-performing loans.
Source: DBS
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