Towards Financial Freedom
DBS Equity Research: Wired Daily 8 July 2015
Telecom Sector - IDA discloses details on 4th telco spectrum and rollout requirements.
IDA discloses details on 4th telco spectrum and rollout requirements. 4th telco can start at the earliest in April 2017 when IDA will allocate spectrum at 60% lower price than others. IDA has not given other special concessions. With no other special concession and limited capex budget, new player may struggle to gain high-single digit revenue share in 2022 in our view and nation-wide rollout timeframe seems challenging. We modelled 10% adverse impact on M1's revenue in 2022 and 4% adverse impact on StarHub'srevenue.
SPH REIT's3Q15 revenue and net property income rose 2.1% and 4.3% y-o-y respectively, attributable to better performance at Paragon, while contribution from Clementi Mall also improved. DPU of 1.35Scts was unchanged y-o-y, bringing YTD DPU to 4.08Scts, in line with our FY forecast of 5.5Scts. Portfolio occupancy dipped slightly to 99.8%. Portfolio reversions of 9.2% were largely contributed by Paragon, which saw 9.8% uplift in rents. Clementi Mall saw a 11.4% dip. We have a HOLD call, TP S$1.03.
Noble Grouphas commissioned PricewaterhouseCoopers LLP (PwC) to conduct a third-party review of its mark-tomarket (MTM) models, valuations, as well as governance framework.
OEL (Holdings)proposes to issue up to S$40m in aggregate principal amount of redeemable zero coupon convertible bonds. The Bonds will be issued in 20 separate successive Tranches, each Tranche having an aggregate principal amount of S$2m which may be convertible into ordinary shares. The Group intends to use the proceeds from the proposed Bond Issue for, expansion of the Group's business through investments, mergers and acquisitions, joint ventures and/or strategic alliances and general working capital purpose.
GCCP Resources has secured a contract from Lhoist Group, for the supply of crushed calcium carbonate over a period of 13 months commencing July 2015. Lhoist develops mineral and lime-based products for environmental applications and use in the steel, chemical, paper and other industries. The contract with GCCP will see the latter supplying to Lhoist a total of 60,000 metric tons of precipitated calcium carbonate grade (PCC-grade) calcium carbonate that are finely crushed to between 30 and 50 millimetres in size over the contract period.
KSH Holdings has won a S$34.8m design and build tender for the construction of a Steel Structure, Electrical Intake Station and Ancillary works in Singapore. Works are expected to commence in July 2015 and targeted to complete within 16 months. This contract lifts construction order book to S$400m.
Sysma Holdings has secured a contract with an established private owner, worth approximately S$8.7m for the erection of a 2-storey detached dwelling house with an attic at Holland Road. The contract shall commence in July 2015 for a period of 18 months.
The International Monetary Fund (IMF) urged the US Federal Reserve to delay raising interest rates "until there are greater signs of wage or price inflation" in the US - probably in the first half of 2016. The IMF said that US dollar strength in anticipation of rate rises was already "impacting growth and job creation" in the US and that further rises in the dollar could reignite global financial imbalances.
US stocks rebounded on optimism that the crisis in Greece can be contained. Greece has been given until Sunday to put forward a new set of reform proposals. European leaders signaled the country will be booted out of the Eurozone if the deadline is not met. European bonds climbed on optimism that the ECB will protect holders from a wider fallout from Greece.
Source: DBS
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