Towards Financial Freedom
DBS Equity Research: Wired Daily 27 Nov 2015
ASEAN Small Mid Caps Radar - UG Healthcare: manufacturer of latex and nitrile gloves; trades at c.34% discount to larger peers
In our ASEAN Small Mid Caps Radar for this month, we highlight UG Healthcarefor SGX-listed stock. UG Healthcare is principally engaged in the manufacture and distribution of latex gloves, nitrile gloves and a variety of ancillary disposable products. At 15.8x FYE Jun'15 PE, the Group trades at a c.34.2% discount to larger peers' 24.0x trailing 12m PE which seems justified due to its much smaller scale.
China Everbright Water has signed a supplementary concession agreement with the People's Government of Daxing District, Beijing for the upgrading of Beijing Daxing Tiantanghe Waste Water Treatment Project Phase I and the expansion of Project Phase II. Project Phase I has a daily waste water treatment capacity of 40,000 m³. The total investment for the upgrading of Project Phase I and expansion of Project Phase II is approximately RMB228m. Project Phase II has a designed daily waste water treatment capacity of 40,000 m³. Securing the upgrading and expansion project lays a solid foundation for the Company to expand its market share in Beijing.
City Developments has entered into contract for the acquisition of the £158m (approximately S$335m) freehold Stag Brewery land site in Mortlake, within the London Borough of Richmond upon Thames in south-west London. The site has potential to redevelop into a new mixed-use development complete with a riverside residential belt.
China Fishery Group sinks after a missed installment on a club loan facility triggered a series of events. The industrial fishing group failed to repay a US$31m installment on its US$650m club loan facility due earlier this month, according to Standard & Poor's (S&P).
The governance gap between S-chips and other stocks is widening. The divergence is more notable from 2012, when the revised Code of Corporate Governance was put in place. Singapore Exchange (SGX) issued a terse warning earlier this month over tardy disclosure s by companies with large operations in China. S-chips have improved their governance standards over the years, but the problem is that the pace of improvement lags the rest of the listed companies.
Ascendas, which won the tender for the CPF Building at 79 Robinson Road, with its top bid of S$550m, plans to redevelop the property into a Grade A CBD office project with supporting retail elements. The tender, which closed on Oct 28, drew three bids. The results were announced by the Central Provident Fund Board on Thursday. The win marks Ascendas' maiden Singapore office acquisition.
Rumours have been swirling that CapitaLand Commercial Trust (CCT) could kickstart plans to redevelop Golden Shoe Car Park (GSCP) next year. The speculation appears to have been fuelled by market buzz surrounding expiring leases in the 10-storey Market Street building in the Raffles Place financial district. Some leases are ending next year while others are said to have been renewed recently but on shorter terms.
Source: DBS
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