Towards Financial Freedom
DBS Equity Research: Wired Daily 7 Mar 2016
Chairman and CEO Ron Sim makes cash offer of S$1.32 per share for OSIM
The Chairman and Chief Executive Officer of OSIM International, Mr. Ron Sim Chye Hock, has made a voluntary unconditional cash offer of S$1.32 for all the issued ordinary shares in the company. Mr. Sim currently owns 68.31% stake in OSIM. The offer price represents a premium of approximately 31.8% and 33.5% to the volume-weighted average price per share for the corresponding one-month and three-month periods including 29 February 2016, respectively. The offeror intends to make the offer with a view to delist and privatise OSIM. At S$1.32, this represents 14.4x FY16 PE and 2.32x FY16 P/B and a 3% premium over our target price of S$1.28.
We expect Northpoint's asset enhancement initiative (AEI) to accelerate growth for Frasers Centrepoint Trustin the medium term. Our positive stance comes from the group having close to 75% market share of retail malls
(comparable malls basis), and entrenching itself further as a major player in the northern part of Singapore. Maintain BUY; TP revised to S$2.11 (Prev S$2.04). We believe FCT offers a steady and sustainable DPU outlook.
Hongkong Land's FY15 underlying earnings fell 3% to US$905m on lower provision write-backs for Singapore residential projects. The results were broadly in line with our forecast. The stock is trading at 45% discount to our assessed current NAV, against its 10-year average of 22%. Valuation sounds attractive from a historical viewpoint. Maintain BUY with US$8.16 TP.
Dairy Farm's FY15 and 2H15 earnings were within our and consensus' expectations. Full year earnings were US$424m (-17% y-o-y) on revenues of US$11.1bn (+1% y-o-y). A final DPS of 13.5 UScts was declared. North Asia's performance offsets decline in East Asia. Maintain BUY.
Moody's has changed the company rating on Thai Beverage to "Baa3" with a positive outlook from "Baa3" with stable outlook. The upcoming Budget on 24 Mar will look at how it can help companies cope with the current economic downturn. Finance Minister Heng Swee Keat said we have to continue to focus on what we need to do to manage in this slower growth environment, but at the same time, to focus on what are the medium-term opportunities that we'll continue to have.
Source: DBS
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This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
