Towards Financial Freedom
DBS Equity Research: Wired Daily 14 Jan 2016
S&P500 near-term - Support 1875, possible rebound back towards 1950 in week(s)
US stocks tumbled, led by consumer stocks as concerns about China's slowdown and falling oil price continued to weigh on investors' sentiment that led to more selling pressure. On charts, the S&P500 (currently at 1890) is approaching a short-term downside objective at 1875 that should lend near-term support. Bounces though should be capped at the 1950 level in the week(s) ahead.
Cambridge Industrial Trust(CIT) reported a lower distribution per unit (DPU) of 1.139 Singapore cents for 4Q15, down 9% from the DPU of 1.252 cents a year ago due to reduced capital distributions. For the full year 2015, DPU fell by 4.2% to 4.793 cents from a year ago.
Viva Industrial Trusthas decided not to exercise the right of first refusal (ROFR) from Ho Lee Group Pte. Ltd. for the acquisition of a 1,070,642 square feet industrial property located at 7000 Ang Mo Kio Avenue 5 at a purchase consideration of S$255m. The ROFR agreement was entered on 14 October 2013. The acquisition would not be accretive to the distribution (DPU) as a major equity fund raising exercise would be required to partially finance the acquisition in order for the Trust to maintain its gearing ratio at the current level.
ST Engineeringannounced that its electronics arm, ST Electronics, has secured about $435m worth of contracts in the fourth quarter (4Q) of 2015 for Rail Electronics & Intelligent Transportation, Satellite & Broadband Communications, as well as Advanced Electronics & Information Communications Technologies (ICT) solutions.
Asia-Pacific Strategic Investmentsproposes to raise capital by issuing 2,624.02m new shares at an issue price of S$0.0054 for each subscription share, to raise gross proceeds of S$14.2m. The issue price represents a discount of approximately 10% to the last volume weighted average price.
An expression of interest (EOI) exercise ended early last month for the sale of a half stake in CapitaLand Commercial Trust's(CCT) One George Street office tower in the CBD, say sources. It is understood that CCT and the incoming investor will each hold 50% of shares in a new special purpose vehicle that will be set up to own the 23-storey tower. The building is on a site with a balance lease term of 86 years. The financial resources that could be freed from the sale would come in handy for CCT to help fund a potential purchase of the 60% of CapitaGreen that it does not own. CCT acquired One George Street in 2008 from CapitaLand at S$1.165 bn. As at June 30, 2015, the building was valued at S$1 bn, which works out to S$2,235 per square foot based on the building's net lettable area of 447,395 sq ft.
Companies with significant operating leases such as those in transport and logistics, property and the retail sectors, are expected to face significant difficulties as they try to comply with a new accounting rule for leases. IFRS 16 Leases - the new accounting standard issued by the International Accounting Standards Board (IASB), requires leases of more than a year to be placed on balance sheets from January 2019. Those that are under a year or low in value, such as the rental of computers, are exempted.
Source: DBS
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