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Author: traderhub8   |   Latest post: Wed, 18 Sep 2019, 9:14 AM

 

Phillip Capital Morning Note - 18 Sept 2019

Author: traderhub8   |  Publish date: Wed, 18 Sep 2019, 9:14 AM


Singapore's non-oil domestic exports (Nodx) fell 8.9 per cent in August from a year ago, breaking a five-month-long slump of double-digit declines, according to data out on Tuesday (Sept 17) by Enterprise Singapore. This was also the second month in a row that the slide in shipments eased after they sank 17.4 per cent in June, the worst drop in six years. July's number was revised to a fall of 11.4 per cent.

Blackgold Natural Resources is now working towards holding its FY2018 annual general meeting by Oct 31 after the Singapore Exchange (SGX) rejected its application for a third extension of time. The Catalist-listed coal mining company had applied for a further two-month extension, citing more time needed for its qualified person's report. The firm was entangled in an Indonesian power plant graft scandal last year.

Warburg Pincus-backed ARA Asset Management, one of the largest Asian real estate fund managers, is exploring a dual stock market listing, including one in Singapore, in the next two to three years, group CEO and co-founder John Lim said.

The board of Sing Investments & Finance on Monday clarified that its substantial shareholders and persons acting in concert as a whole held more than 30 per cent of the voting rights of the company as at March 2, 2018 and March 1, 2019. However, because they have not increased their voting rights by more than 1 per cent in any six-month period, there is no obligation for the group to make a general offer for the remaining shares in the firm.

Anheuser-Busch InBev said Tuesday that it hopes to raise as much as $4.8 billion when it lists its Asia business in Hong Kong. That's roughly half of the $9.8 billion AB InBev (BUD) was hoping to raise when it first proposed a public offering. It scrapped those plans in July, citing market conditions. An IPO of that size would have been the largest of the year. Budweiser Brewing Company APAC, the largest brewer in Asia by retail sales, plans to offer 1.26 billion shares for between 27 and 30 Hong Kong dollars ($3.45 to $3.83).

Mainboard-listed Tiong Seng Holdings said on Tuesday that its chief executive and executive director Pek Lian Guan and project director Pay Teow Heng are on bail amid a corruption probe. This is in relation to alleged offences under Section 6(b)1 of the Prevention of Corruption Act (Chapter 241) of Singapore, the construction firm said in a regulatory filing.

The Securities Industries Council (SIC), which administers Singapore's takeover code, is looking into the circumstances that saw billionaire couple Celine and Gordon Tang emerge as substantial shareholders of Chip Eng Seng in October last year. "The SIC is looking into the acquisition of shares in the company in October 2018 by the relevant parties," the council said on Tuesday in response to queries from The Business Times.

Saudi Arabia will soon restore most of its oil output and return to normal production levels in weeks, the country’s energy ministry said Tuesday, following the attacks last weekend on the country’s facilities that hobbled the world’s largest oil exporter. Prince Abdulaziz, the son of King Salman, said the IPO offering of Aramco won’t be affected by the attacks.

Source: SGX Masnet, The Business Times, Bloomberg, Channel NewsAsia, Reuters, PSR

Labels: Tiong Seng
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Phillip Capital Morning Note - 17 Sept 2019

Author: traderhub8   |  Publish date: Tue, 17 Sep 2019, 8:51 AM


Sydney-headquartered Lendlease Group has lodged a prospectus to list a new Reit (real estate investment trust) - Lendlease Global Commercial Reit - on the Singapore Exchange's (SGX) main board. About 387.5 million units at $0.88 each will be offered under the initial public offering (IPO) and a placement tranche. The Reit will initially consist of leasehold retail mall 313@Somerset in Singapore and freehold office property Sky Complex, which comprises three buildings, in Milan, Italy. The Reit's portfolio has an appraised value of about $1.41 billion.

Regional property and lifestyle group Wing Tai Holdings said on Monday that a trustee of its wholly-owned subsidiary WT DC Trust II has agreed to buy a freehold data centre in Australia for A$51 million (S$48.2 million). Evergreen Nominees (Victoria) is the seller of the data centre, which is located within Tally Ho Business Park in Victoria.

Moody’s has downgraded Hong Kong’s rating outlook to negative, citing growing risks to the Asian financial hub’s institutional strength, but maintained its current rating in a break with the recent downgrade by rival Fitch Ratings.

Developers in Singapore moved 1,122 private homes in August 2019, down 4.8 per cent from the 1,179 units they sold in the previous month, but 81.8 per cent higher than the the 617 units sold in August 2018.

Source: SGX Masnet, The Business Times, Bloomberg, Channel NewsAsia, Reuters, PSR

Labels: Wing Tai
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Phillip Capital Morning Note - 12 Sept 2019

Author: traderhub8   |  Publish date: Thu, 12 Sep 2019, 9:30 AM


US President Donald Trump announced on Wednesday that he agreed to delay an increase in tariffs on US$250 billion worth of Chinese goods by two weeks, saying the decision was requested by Beijing.

US President Donald Trump wants US "interest rates down to ZERO, or less," he tweeted Wednesday amid widespread expectations that the Federal Reserve will cut rates later this month.

Hong Kong Exchanges and Clearing Ltd (HKEX) unveiled a US$39 billion takeover approach to the London Stock Exchange Plc (LSE) on Wednesday that received a cool response from investors concerned about its regulatory and financial hurdles.

Singapore state investor Temasek Holdings and buyout firm KKR are among the suitors who have advanced to the second round of an auction to buy into the hospital unit of Metro Pacific Investments Corp, sources told Reuters.

Alpha Energy's S$21.1 million rights issue has been oversubscribed, the Catalist-listed owner and operator of oil assets said on Wednesday.

Keppel DC Reit will be included in the FTSE EPRA Nareit Global Developed Index with effect from Sept 23, 2019.

Source: The Business Times

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Phillip Capital Morning Note - 11 Sept 2019

Author: traderhub8   |  Publish date: Wed, 11 Sep 2019, 9:21 AM


China on Tuesday removed limits on foreign institutions wanting to invest in its stocks and bond markets, as it seeks to attract overseas investment amid a slowing economy and a trade spat with the United States.

Singapore - From Wednesday (Sept 11), more first-time buyers will get higher grants and more flexibility to choose the size of their flat and where it is located. The income ceiling for eligible buyers has also been raised for the first time since 2015.

Apple unveiled its iPhone 11 models Tuesday with a price cut for the most basic models while also laying out plans for streaming and gaming services as it bids to weather the slump in the global smartphone market.

South-east Asian online realtor PropertyGuru Group, which counts buyout firms TPG Capital and KKR among its backers, is targeting an Australian IPO which could raise up to A$400 million (S$378.5 million) this year, sources with knowledge of the deal told Reuters on Tuesday.

Isetan Singapore and YTL Starhill Global Reit (SGReit) issued statements to the Singapore Exchange after trading hours on Tuesday, clarifying that no deal has been inked yet.

Upstream oil and gas firm KrisEnergy will receive three months of court protection from creditors’ legal action, until Nov 14, while it restructures its debt totalling US$476.8 million, the mainboard-listed company said on Tuesday morning.

Source: The Business Times, The Straits Times

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Phillip Capital Morning Note - 10 Sept 2019

Author: traderhub8   |  Publish date: Tue, 10 Sep 2019, 9:07 AM


Trans-cab Services, Singapore's second-largest taxi operator, is reviving its plans for an initial public offering (IPO), according to people with knowledge of the matter, as the city-state prepares to tighten regulations on its ride-hailing rivals.

Capitaland announced on Monday that its shopping mall Raffles City Chongqing in China saw over 900,000 visitors during its opening weekend, following its launch on Sept 6.

KOSDAQ-listed electronics components company Magic Micro has emerged as a substantial shareholder of Raffles Infrastructure Holdings on Monday, with a 20.3 per cent stake acquired in an off-market deal at S$0.50 a share.

Ascott Reit Manager announced the establishment of Ascott Business Trust (Ascott BT), in a filing to the Singapore Exchange late on Monday.

Source: SGX Masnet, The Business Times, Bloomberg, Channel NewsAsia, Reuters, PSR

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Phillip Capital Morning Note - 9 Sept 2019

Author: traderhub8   |  Publish date: Mon, 9 Sep 2019, 10:25 AM


Tiong Seng clinches $287mn deal from JTC to build an industrial building

Del Monte swings to US$38.3mn loss in 1Q on lower revenue

Keppel Pacific Oak US REIT agreed to acquire an office complex in Dallas for US$101.5mn

Thailand announced a relocation package to attract foreign companies looking to move production due to US-China trade tension.

Japan's economy grew an annualised 1.3 per cent in April-June, less than the initial estimate of a 1.8 per cent expansion, revised data from the Cabinet Office showed on Monday.

Pro-democracy activists jammed Hong Kong streets in a march to the United States consulate on Sunday in a bid to ramp up international pressure on Beijing, but hardcore protesters later clashed with riot police across the city's core.

United Arab Emirates' Minister of Energy and Industry Suhail al-Mazrouei said on Sunday that Opec and non-Opec producers are "committed" to achieving oil market balance.

Mainboard-listed engineering group TEE International is appointing an external third party independent investigator to look into unauthorised transactions totalling S$6.55 million made by its subsidiaries to related parties.

Source: The Business Times

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