Towards Financial Freedom
DBS Equity Research: Wired Daily 9 Jun 2015
Upgrade SingTel & M1 to Buy after recent price correction and with OMGTel out of the 4th telco license bid
SMRT will not bid for 4th telco license with OMGTel, leaving MyRepublic as a possible strong contender for the 4th telco license. The development is a relief for the 3 existing telcos as MyRepublic plans to spend capex of only US$250-300m and targets 10-12% market share in the long term. This compares to a possible S$500m-1bn by OMGTel. With OMGTel out of the picture, we model a 10% adverse impact on M1's revenue in 2022 (14% earlier in 2020), 4% adverse impact on StarHub's revenue (6% earlier) and 1% adverse impact on Singtel's revenue. We upgrade M1 to BUY with revised TP of S$3.60 (prev S$3.65) implying 8% upside potential and 6% yield. We also upgrade Singtel to BUY with revised TP of S$4.40 (prev. S$4.45) for 7% upside potential and 4.5% yield. Maintain HOLD on StarHub with revised TP of S$4.10.
Sinarmas Landhas been invited by KaiLong Holdings Limited (KLR) to participate in the proposed listing and offering of units in KaiLong China Real Estate Investment Trust, a Reit to be set up here and listed on the Singapore Exchange. KLR has proposed to set up KaiLong China Reit with an initial portfolio of seven business space properties in Shanghai and one office building in Chengdu in China.
Yamada Green Resources Limited has proposed to undertake a renounceable underwritten rights issue of 270.33mil new ordinary shares at an issue price of 7 cents apiece. This is slated to raise gross proceeds of about S$18.9mil. The rights issue is based on 1 rights share for every 2 existing ordinary shares.
Vard Holdings Limitedhas secured a contract for the design and construction of one Diving Support and Construction Vessel for Singapore-based Kreuz Subsea group. Delivery is scheduled in 2Q 2017.
Global airlines raised their forecast for 2015 industry profits by more than 17% to US$29.3bil (previous US$25mil), this according to the International Air Transport Association (IATA). The forecast is almost twice that in 2014. Lower oil price was the main factor pushing the industry further into the black but the windfall could be muted by the rise in the value of the dollar and widespread airline fuel hedging.
US stocks fell as investors continue to mull over when the FED will start raising rates while European equities slid as G7 leaders pushed for resolution to Greece's debt crisis. Bond yields pulled back and the USD fell. An index of airlines in the US retreated amid concerns over capacity growth.
Source: DBS
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