Towards Financial Freedom
DBS Equity Research: Wired Daily 7 Dec 2015
Sembcorp Industries - Signed MOU to develop a megawatt gas-fired power plant in Myanmar
US stocks rallied following a stronger-than-expected November non-farm payrolls that makes it all very likely now that the FED will hike rates at the FOMC meeting next week. The USD gained, oil price fell after OPEC meeting as members maintain oil output at 31.5mil bpd, supply glut continues.
Despite last Friday's strength in the USD, we observed that historically, the USD Index has tendency to correct average 3.7% in the 2-3 months after the FED rate hike cycle starts. The S&P500 would also correct an average 7.5%. If this happens again, we think Singapore stocks may outperform as the SGD rebounds, USD beneficiaries stocks would underperform and although weak now, Brent should head for a technical inflexion pt at USD38pbl in the worst case.
Sembcorp Industries(Sembcorp) announced that its whollyowned subsidiary, Sembcorp Utilities, has signed a memorandum of agreement with Myanmar's Department of Electric Power Planning (DEPP), under the Ministry of Electric Power of Myanmar (MOEP), to invest in and develop a 225-megawatt gas-fired power plant in central Myanmar. Expected to be completed in 2018, the US$300m power plant is set to be the largest gas-fired independent power plant in Myanmar. Sembcorp will have an 80% stake in this project, while its partner will hold the remaining 20%.
Vallianz Holdings has won a time charter contract valued at up to US$98m to supply four offshore support vessels (OSV). The contract was awarded to Vallianz by an existing state-owned customer in the Middle East, which is one of the world's largest national oil companies. The vessels will commence operations in the first quarter of 2016 for a period of up to five years. This latest contract win boosts the Group's chartering services order book to over US$1 bn, which comprises mainly long term time charters that stretch up to 2022.
Chip Eng Seng Corporation is proposing a spin-off of its subsidiaries in the construction business, and a listing of the construction business on the Singapore Exchange Securities Trading Limited.
The share prices of SBS Transit (SBST) and SMRT Corp, surged on Friday after Transport Minister Khaw Boon Wan suggested that the regulator, the Land Transport Authority (LTA), would also oversee train operators' assets, igniting speculation that a sector revamp is imminent. SBST gained 9.4% to an intraday high while SMRT ended up 5.41%.
Source: DBS
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