DBS Equity Research: Wired Daily 22 May 2015

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Publish date: Fri, 22 May 2015, 04:23 PM

iFAST - Launch distribution of Bonds and ETFs.

iFAST has launched the distribution of bonds and Exchange Traded Funds (ETFs), to add to unit trusts (funds) and Singapore Government Securities (SGS), which have so far been its main investment product offerings to investors and wealth advisers. iFAST can now distributes bonds on its Fundsupermart.com and iFAST platforms. iFAST platform will also be distributing ETFs to the Financial Advisor companies, banks and financial institutions using its platform. To help investors find useful research and information on bonds, iFAST has launched a regional bond information portal, Bondsupermart. We expect initial contribution to be small but should see a gradual pick up after that. Maintain BUY, TP: S$1.60.

CWT has been awarded a Design-and-Build Project for a new warehouse facility at 30 & 32 Tuas West Road. The construction of the 287,859 square-foot, five-storey rampup warehouse facility will commence this third quarter. Following its target completion in first quarter 2017, CWT will have a staggered master lease on the warehouse to further support its logistics operations.

PEC has successfully secured two new contracts worth approximately S$70m that brings its orderbook above S$450m. The Group expects the latest contracts, secured from its existing clients, to contribute to earnings from FY16.

Genting Hong Kong plans to sell another tranche of 10m shares or 4.35% of Norwegian Cruise Line Holdings (NCLH) for US$546.1m. Post-sale, Genting Hong Kong's stake in the NCLH will be cut to about 17.7% from some 22%. This in turn will result in a one-off accounting gain of US$1.69 bn. The group has US$260m net cash on the balance sheet at end-2014. Plus the US$317m raised in an earlier share sale in March this year and this latest deal, the firm's net cash position will vault to a sweet US$1.12 bn.

KS Energy has been awarded a contract for the provision of drilling services and the charter of "KS Discoverer 3", the Group's 1,500HP onshore drilling rig, with Ocean Pakistan Limited (OPL). Work is expected to begin in Q2 2015 and shall continue until the completion of one well, with an anticipated duration of 60 days. The total value of the contract is expected to be around US$1.5m.

Ley Choon Group, a leading one-stop service provider for underground utilities construction and road works, was awarded a S$25m contract from the Public Utilities Board (PUB). The Group's unfulfilled order book based on secured contracts stood at S$186m as at 31 March 2015, keeping the Group busy with projects for the next two years.

Intercontinental Exchange Inc delayed the start date for its Singapore futures market a third time, another setback for the exchange operator's expansion into Asia. ICE Futures Singapore will not offer trading in Brent crude, gold or yuan derivatives until the second half of the year. The owner of European and US futures markets and the New York Stock Exchange had planned to open the Asian market by the end of June. The delay was needed "to accommodate customer preparations."

In US, the S&P 500 rose to a new record last night following strong earnings from Best Buy and news that CVS Health would acquire senior pharmacy services company Omnicare for US$12.7 bn. Nasdaq Composite Index rose 0.38% to 5,091, while the Dow Jones Industrial Average wasessentially flat.

Source: DBS

IFAST (AIY)PEC (IX2)Ley Choon (Q0X)

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