DBS Equity Research: Wired Daily 4 Jun 2015

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Publish date: Thu, 04 Jun 2015, 05:54 PM

Ezion - First hearing of AMS' suit adjourned to end of next week

The first hearing on AMS' suit, which was supposed to take place yesterday, has been adjourned to end of next week as AMS requires more time to file some of the documents. We will continue to monitor and provide further update. AMS has earlier accused Ezion for: 1) misinforming Maersk that AMS is in financial distress; 2) inducing Maersk to breach the agreement with AMS; and 3) inflated charter rates for higher loan values.

Singapore Exchange (SGX) reported growth in derivatives and commodities activities in May from a year earlier but securities trading declined. Securities turnover was $23.0 bn, down 2% year on year and 13% month on month. Daily average value of trading was $1.1 bn, down 2% year on year and 9% month on month. Derivatives volume was 15.4m contracts, up 89% from a year earlier but down 4% month on month. Equity index futures volume more than doubled year on year to 14.1m contracts but was 4% lower from April. Volume of traded or cleared commodities totalled 581,476 contracts, more than double that of a year earlier but 10% lower month on month.

Offshore marine solutions provider Vallianz Holdings has secured S$10m through the issue of 10m convertible preference shares. The net proceeds of US$9.5m will go towards fleet expansion and general working capital.

Q & M Dental Group has entered into a non-binding letter of intent (LOI) with the Liaoning Medical University (LMU) and the LMU affiliated hospital (LMU Stomatology Hospital No.2) for a possible partnership to corporatize and privately run the LMU Stomatology Hospital No.2 and the entire Stomatology faculty arm of the Medical department in LMU.

Separately, Q & M Dental Group has also entered into 2 separate non-binding memorandum of understanding(MOUs) to acquire a 60% stake in 2 dental clinics located in Panjin City, Liaoning Province, for RMB 10.14m and a 60% stake in a dental clinic located in Gaizhou City, Liaoning Province, China for RMB 2.016m. The revenue for the Panjin City Dental Clinics and Gaizhou City Dental Clinic was approximately RMB 4m and RMB 835,000 respectively in 2014.

YuuZoo Corporation has formed a new joint venture company in China with XG AMA, a leading provider and organizer of e-sport events and related gaming activities through internet gaming bars and cafes in China. YuuGames will target the over 146,000 internet gaming bars in China which serve some 120 million game players. XG AMA already has existing agreements with over 3,000 net bars in place.

Eratat Lifestyle proposed to transfer the listing status of the Company to Mogul Coal Holdings (MCH) in consideration of the issue of ordinary shares in the share capital of MCH to shareholders and eligible creditors of the Company. MCH owns certain Mongolian coal mining companies / assets.

Property consultants generally expect the authorities to either maintain the supply of private housing land for the second half of this year around the same level as H1 2015, or trim it slightly. The government is likely to weigh the substantial supply pipeline of new homes against the fact that developers are still demonstrating a healthy appetite for land at state tenders albeit at lower land bids.

US stocks rebounded but ended off session highs on hopes Greece will reach a deal with its creditors. Investors are speculating that Greece will reach a deal with European leaders and the IMF before payment deadlines due this month. At the same time, market watchers are also assessing economic reports for clues on when the Federal Reserve will raise interest rates. According to Bloomberg, economists project the first Fed rate increase will come in September. The May job numbers are scheduled for release tomorrow. Consensus expects non-farm payrolls to register 227k while the unemployment rate remains at 5.4%.

Source: DBS

Ezion (5ME)YuuZoo Networks (AFC)

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