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DBS Equity Research: Wired Daily 20 May 2015

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Publish date: Wed, 20 May 2015, 03:58 PM
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iFAST - Initiate coverage with BUY and S$1.60 TP. Strong growth drivers on existing platform and new initiatives are expected to drive growth from 2H15.

We initiate coverage on iFAST with BUY and S$1.60 TP. iFAST is a unique proposition as an Internet-based investment platform. Strong growth drivers on existing platform and new initiatives are expected to drive growth from 2H15. M&A and new business ventures are key catalysts.

Noble Group has closed US$2.3bn of syndicated committed unsecured revolving loan facilities through the participation of 35 banks globally. The company will apply all amounts borrowed under the facility for the refinancing of certain of its existing debt and for its general corporate purposes.

LHN Limitedannounced that its subsidiaries in Indonesia and Myanmar have signed separate master leases in Jakarta and Yangon respectively. The premises secured through the master leases will be used to expand LHN's GreenHub brand of premium serviced spaces in the region.

Property developers may incur up to S$90m in extension charges for unsold units in their condo projects from April to December 2015, followed by S$238m in 2016 if the health of Singapore's real estate market does not improve. This adds up to a staggering S$328m that developers are expected to fork out in the worst-case scenario should they fail to sell any units by end-2016, according to calculations by property consultancy firm Cushman and Wakefield (C&W). As at the end of the first quarter, developers had paid about S$119m in extension fees for unsold units for condos completed from 2010 onwards. Among the developers who could incur considerable QC charges these two years are CapitaLand, City Developments (CDL), Wheelock Properties, Wing Tai, Heeton Holdings, and foreign multinational conglomerate China Sonangol.

An executive condominium (EC) site along Choa Chu Kang Avenue 5 launched yesterday is expected to fetch moderate land bid prices, due to a combination of factors. These include the site's far-flung location and mounting supply of  ECs in general as well as a significant build-up in Choa Chu Kang. Also at play is the generally slow take-up for most EC project launches since late last year, say property consultants.

US stocks finished mixed last night in a choppy session following disappointing Walmart earnings and a pullback in many petroleum stocks. Dow edged up 13.51 points at 18,312, striking an all-time high for the second day in a row. US housing starts leaped 20.2% in April to an annual rate of 1,135,000 units, the best level of new home construction since November 2007. Many petroleum-linked stocks tumbled following a big retreat in oil prices.

Source: DBS
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