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DBS Equity Research: Wired Daily 20 Jan 2016

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Publish date: Wed, 20 Jan 2016, 04:38 PM
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CapitaLand Commercial Trust - 4Q15 DPU of 2.17cts in line with our expectations

CapitaLand Commercial Trust(CCT) reported distribution per unit (DPU) of 2.17 cents for 4Q 2015, which was 0.9% above the 4Q14 DPU of 2.15 cents and in line with our expectations. For FY15, the DPU was 8.62 cents, up 1.9% yo-y. Distributable income of S$254.5m in FY15 was 2.1% higher y-o-y. This was largely due to higher net property income (NPI) from CCT's wholly owned properties and higher distributable income from Raffles City Singapore. The 4Q15 distributable income of S$64.1m was up 0.8% y-o-y.

ST Engineeringannounced that its aerospace arm has secured new contracts worth $415m in 4Q of 2015, for projects ranging from airframe maintenance and cabin interiors reconfiguration, to engine wash and landing gear overhaul.

It was reported in Business Times that according to sources, Sembcorp Industries may inject funds into Sembcorp Marine or buy full control of the drilling rig builder to replenish finances strained by a collapse in oil prices. Sembcorp Industries owns 61% of Sembcorp Marine, which services an oil industry plagued by oversupply. The plunge in oil prices to multi-year lows has led to a drop in orders for rigs and cancelled contracts.

Ezra Holdingsis proposing an eight-to-one consolidation of its shares. The share consolidation comes as the six-month volume-weighted average price of Ezra, at S$0.117, is below the minimum trading price requirement of S$0.20 for mainboard-listed stocks.

Koh BrothersEco Engineering has secured contracts worth an aggregate of approximately S$35.4m during the financial year ended 31 December 2015. Since its acquisition by Koh Brothers Group, Koh Brothers Eco has been restructured and has embarked on a steady growth path. As at 30 November 2015, the Company's outstanding orderbook stands at approximately S$48.8m.

Jiutian Chemical Group is expected to report a net loss for FY15, mainly attributable to the worsening market conditions in the second half which impacted both sales volumes and average selling prices of its products. The Dow and S&P 500 finished in slight positive territory as the earlier rally fizzled on worries about falling oil prices and the slowing global economy. Dow rose 0.17% to 16,016 while the broad-based S&P 500 added a mere 0.05% at 1,881.

Source: DBS
ST Engineering (S63)Sembcorp Ind (U96)Sembcorp Marine (S51)Ezra (5DN)Koh Bros (K75)Jiutian Chemical (C8R)
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