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DBS Equity Research: Wired Daily 5 Jun 2015

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Publish date: Tue, 09 Jun 2015, 11:18 AM
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No changes to STI constituents after quarterly review

Singapore Press Holdings (SPH), Singapore Exchange (SGX) and FTSE Russell announced that constituents of the Straits Times Index (STI) will remain unchanged following the conclusion of its quarterly review. The STI reserve list, comprising the five highest ranking non-constituents of the STI by market capitalisation, will be (in order of size) UOL Group, Yangzijiang Shipbuilding Holdings, CapitaLand Commerical Trust, Suntec REIT and Genting Hong Kong. Companies on the reserve list will replace any constituents that become ineligible as a result of corporate actions, before the next review. The next review is scheduled for 3 September 2015.

Viva Industrial Trust has launched a private placement exercise to raise gross proceeds of up to approximately S$40m, which will see the issuance of up to 50.955m new stapled securities at the issue price of S$0.785 per stapled security. The proceeds is to partially fund the asset enhancement initiative (AEI) at Technopark@Chai Chee (TPCC). AEI at TPCC is projected to yield additional net property income of S$9.8m per annum, translating to a return on investment of 12.1% per annum for the project. Indicative valuation suggests a possible increase in capital value of approximately S$184.7m to S$380m post-AEI.

SRX Property's latest flash estimates of the prices and transaction volumes of Housing & Development Board (HDB) resale flats point to signs of stabilisation setting in for this market segment. First, SRX Property's HDB resale flat price index remained unchanged in May 2015 over the previous month. This follows a 0.2% month-on-month appreciation in April. Second, while the volume of transactions slipped 2.2% to 1,575 resale flats in May from 1,610 in the previous month, resale volume increased by 19.3% compared with 1,320 units resold in May 2014. On a y-o-y basis, SRX Property's May flash estimate for its HDB resale flat price index reflects a 5% decline. The index has eased 11% since peaking in April 2013.

U.S. stocks fell after a slide in oil and metals prices weighed on commodities producers and Greece asked for a deferral on its debt payments. Oil price fell amid speculation OPEC will maintain production at a meeting on Friday. Meanwhile, the IMF said today the Fed should hold off from raising interest rates until 1H 2016 as it cuts US growth forecast for the second time in 3 months. Investors eye the release of May job numbers tonight.

Source: DBS
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