Towards Financial Freedom
DBS Equity Research: Wired Daily 18 May 2016
- Ascendas REIT - Firepower to acquire
- IREIT Global - Tailwinds from Europe
- Mm2 Asia - to co-produce film in US
- China Everbright Water - secured waste water treatment project in Qingdao
- SIA Engineering - signs maintenance agreement with Tigerair Australia
- Union Steel - buys offshore engineering firm for S$15m
- GS Holdings - wins new contract with Suntec Singapore
- April's NODX fell 7.9% y-o-y
- US stocks fall as rate hike concerns returned
Stocks to Watch
Ascendas REIT (AREIT SP): BUY
Last Traded Price: S$2.35; Price Target: S$2.50 (Upside 6.5%) (Prev S$2.52)
Firepower to acquire
- Australia portfolio write-off a dampener to an otherwise good set of 4Q16 results
- Diversified portfolio in terms of asset class and geography to weather through uncertain times
- Slight drop in DPU estimates, factoring assumed conversion of Exchange Collateralised Securities
IREIT Global (IREIT SP): BUY
Last Traded Price: S$0.72; Price Target: S$0.77 (Upside 6.9%)
Tailwinds from Europe
- 1Q16 DPU of 1.58 Scts (+42% y-o-y) in line
- Boost from acquisition of Berlin campus in mid 2015
- Forward renewal of Deutsche Telekom's 2017 lease
News
Mm2 Asia - to co-produce film in US
mm2 Asia has signed a film co-production term sheet agreement with BoulderLight Pictures, a US-based production and international sales company, to co-produce a film called "Good Match", a contemporary thriller. This will be mm2 Asia's first film investment in the US market. "Good Match" will commence production in July 2016 and is expected to be released in 2017.
China Everbright Water - secured waste water treatment project in Qingdao
China Everbright Water has secured the Qingdao Waste Water Treatment Upgrading Project. The total investment of the Project is approximately RMB208m to upgrade the current project that has a daily waste water treatment capacity of 140,000 m3.
SIA Engineering - signs maintenance agreement with Tigerair Australia
SIA Engineering has entered into a two-year contract (with an option to renew for an additional year) with Tigerair Australia to perform heavy maintenance services for its A320-200 fleet commencing in May 2016.
Union Steel - buys offshore engineering firm for S$15m
Union Steel Holdings has inked a deal to pay S$15m to acquire a loss-making group that provides products and engineering services to the offshore and marine industry.
GS Holdings - wins new contract with Suntec Singapore
GS Holdings, an established centralised commercial dishware washing company, was awarded a contract with a total annualised revenue of up to S$1.2m from Suntec Singapore Convention & Exhibition Centre, marking the Group's entry into Singapore's thriving Meetings, Incentive Travel, Conventions & Exhibitions ("MICE") industry. The two-year contract, which carries an additional one-year option, will commence on 1 June 2016. Order book is lifted to S$21.3m with this contract.
April's NODX fell 7.9% y-o-y
Singapore's non-oil domestic exports (NODX) continued to tumble in April from a year ago. Last month's NODX fell 7.9% y-o-y - not as bad as the 8.4% decline consensus was looking at, or March's 15.7% plunge. Month-on-month, the NODX rose a seasonally adjusted 4.5% to extend the 0.1% increase a month earlier. After sinking 30.9% in March, pharmaceutical shipments bounced back with a 17.9% jump last month. But the overall non-electronic NODX still slipped 8.1% in April, following an 18% fall in the previous month. Electronic NODX fell 7.4%, against a 9.1% drop in March. Taiwan, South Korea and Indonesia were the biggest contributors to the NODX decline last month.
US stocks fall as rate hike concerns returned
US stocks fell, given back gains in the previous session after comments by FED officials stroked concerns that rates may be raised as soon as June. On Tuesday, Atlanta Fed President Dennis Lockhart and San Francisco's John Williams said two rate increases this year may be warranted while Dallas Fed President Robert Kaplan said a hike may come soon. Consensus expectation is for the FED to keep rates unchanged at the June FOMC meeting. Attention will be on the April FOMC meeting minutes scheduled for release tonight.
Source: DBS
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