1. business and industrial
2. company
3. joint venture

 Morning Buzz
Friday, 17 October 2014
AmFraser Research Team
www.amfraserdirect.com.sg
STI Index (previous day Close) 3,154.21 (‐1.39%)
TODAY’S HEADLINE MARKETS IN TAILSPIN; VOLATILITY TO CONTINUE TILL CENTRAL
BANKS GIVE CLARITY
All eyes will be on next FOMC mee ng at the end of Oct and Opec conference next month. The global anxiety over asset classes has reverberated across equity markets in the past few days. On Thursday, Singapore's Straits Times Index dropped 44.51 points, or 1.39 per cent, to 3,154.21 points, following Japan's Nikkei 225 and Hong Kong's Hang Seng Index which lost 2.22 per cent and 1.03 per cent respec vely. Vol (mil): 1,602.2 / Val (S$ mil): 1,349.8
Source: Bloomberg
MAJOR STOCK INDICES
DJ Ind Avg
16,117.24
-0.15%
1,862.76
0.01%
S & P 500
Nasdaq Comp
Hang Seng
4,217.39
0.05%
22,900.94
-1.03%
Source: Bloomberg
COMMODITIES
Gold (SPOT) US$
1,238.67
-0.02%
Oil (NYMEX WTI)
83.12
0.51%
930.00
-0.53%
Baltic Dry
The Vix index, which tracks the vola lity of S&P 500 stocks, hit its highest level since June 2012, while yields on 10‐year US Treasuries lurched below 2 per cent ‐ the lowest since June last year ‐ as investors piled into safe haven assets. Fears of a recession in Europe were renewed a er a string of disappoin ng data on factory orders, industrial produc on and foreign trade from Germany, the largest economy in eurozone. The Interna onal Monetary Fund (IMF) has warned of a 35‐40 per cent chance of the eurozone slipping back into recession if preven ve ac on was not taken. The IMF also trimmed its 2014 global growth forecast from 3.7 per cent to 3.3 per cent last week. The darkening economic clouds led the Interna onal Energy Administra on, an energy watchdog for Western countries, to trim its forecast for oil demand growth to its slowest pace in five years as well. A er the Federal Open Market Commi ee mee ng on Oct 30 will come the Opec mee ng on Nov 27, when the cartel will decide whether or not it will cut produc on to boost oil prices. Source: Bloomberg
EXCHANGE RATES
NEWS BUZZ  Asco Residence Trust: Acquires hotel in Tokyo USD : SGD 1.2737 / MYR : SGD 0.3879
Source: Bloomberg
 M1: Higher revenue sends Q3 earnings up 12.7%  RH Petrogas: Plan for China oilfield gets nod  Keppel Reit: Q3 distribu on dips 6.1% to 1.85 cents a unit INTEREST RATES
3-mth Sibor
0.413%
SGS (10yr)
2.185%
Source: Bloomberg
AmFraser Securities Pte Ltd
1
AmFraser
Friday, 17 October 2014
News Buzz Asco Residence Trust (S$1.205)
Acquires hotel in Tokyo Asco Residence Trust (ART) has announced its acquisi on of a hotel in Tokyo's Shinjuku area for eight billion yen (about S$95.2mil), was valued at 8.4bil yen as at Sept 10 this year. The acquisi on will be accre ve at an earnings before interest, tax, deprecia on and amor sa on (Ebitda) yield of 4.3% and is expected to increase Asco Reit's FY2013 DPU by 0.6% to 8.45 Singapore cents on a pro forma basis. This acquisi on in Shinjuku has increased the trust's assets in Japan to 16.5% of its total por olio value, broadened its earnings base, and will further enhance Asco Reit's por olio, added Mr Ronald Tay, chief execu ve officer of Asco Residence Trust Management Limited. M1 (S$3.440)
Higher revenue sends Q3 earnings up 12.7% A be er topline drove M1's net profit 12.7% higher to S$44.5mil for its third quarter. Opera ng revenue, which includes service revenue and handset sales, was up 3.5% at S$250.2mil. EPS share stood at 4.8 Singapore cents for the quarter. M1 is shelving its plans to be a receiver of cross‐carriage content through its MiBox Internet TV service, having withdrawn its applica on for a na onwide TV licence. RH Petrogas (S$0.505)
Plan for China oilfield gets nod RH Petrogas (RHP) said that its overall development plan for the Yongping Oilfield in the Fuyu 1 Block has received approval from China's Na onal Development and Reform Commission. The block is expected to yield a total of 14.6mil barrels of oil during its produc on cycle, of which RHP will hold a 49% interest. Keppel Reit (S$1.175)
Q3 distribu on dips 6.1% to 1.85 cents a unit Keppel Reit's DPU dipped 6.1% to 1.85 cents for the third quarter ended Sept 30, due to factors such as higher borrowing costs and trust expenses. For its fiscal third quarter, Keppel Reit's net property income grew 12.4% year on year to S$38.52mil given be er performance at Ocean Financial Centre and 8 Exhibi on Street in Melbourne. Keppel Reit's leverage level stood at 42.1% as at Sept 30 and it has no refinancing requirements for the next 14 months. The Reit manager is staggering the distribu on payout, with the first 1.8 cents per share to be distributed on Nov 12 and the remaining 0.05 cent on Nov 28. Source: The Business Times / Bloomberg / Straits Times
AmFraser Securities Pte Ltd
2
AmFraser
Friday, 17 October 2014
Corporate Ac on Dividend
Company
Results
Ann Date
Period
DPS
Ex-Date
Book Close
Payable
Share Price
Yield
16-Oct-14
(%)
13-Oct-14
FY14
SGD 0.013900
17-Oct-14
21-Oct-14
14-Nov -14
SGD
1.065
1.3
Sabana Shari'ah Compliant
15-Oct-14
3Q14
SGD 0.018100
21-Oct-14
24-Oct-14
28-Nov -14
SGD
1.000
1.8
Parkson Retail Asia
21-Aug-14
FY14
SGD 0.025000
3-Nov-14
5-Nov -14
13-Nov -14
SGD
0.890
2.8
Parkson Retail Asia - Special
21-Aug-14
FY14
SGD 0.030000
3-Nov-14
5-Nov -14
13-Nov -14
SGD
0.890
3.4
Wing Tai Hldgs
28-Aug-14
FY14
SGD 0.030000
6-Nov-14
10-Nov -14
24-Nov -14
SGD
1.730
1.7
Wing Tai Hldgs
28-Aug-14
FY14
SGD 0.030000
6-Nov-14
10-Nov -14
24-Nov -14
SGD
1.730
1.7
Singapore Press Hldgs
15-Oct-14
FY14
SGD 0.080000
8-Dec-14
10-Dec-14
23-Dec-14
SGD
4.160
1.9
Singapore Press Hldgs - Special
15-Oct-14
FY14
SGD 0.060000
8-Dec-14
10-Dec-14
23-Dec-14
SGD
4.160
1.4
SPH REIT
* Include Ordinary, Cash, Special, Bonus, Variable and Base
Rights & Bonus Issue
BUYOUTS
Offer
Price
Remarks
Closing Date
Offeror
China Energy
SGD 0.052
Cash
5.30 p.m. on 14 Oct 2014
Lianguo Int'l Ltd
Fischer Tech
SGD 0.16
Cash
5.30 p.m. on 8 Oct 2014
Harmony (S) Holdings Pte. Ltd.
Source: SGX Annoucement
AmFraser Securities Pte Ltd
3
AmFraser
Friday, 17 October 2014
Financial Calendar Monday
Tuesday
13-Oct
Wednesday
14-Oct
SG: 3Q14 Advance GDP Estimates
Q4: SPH REIT
(Not later than 14 Oct)
Thursday
15-Oct
SG: Prices of Private Residential Units
Sold by Developers
Friday
16-Oct
Q3: Keppel Infrastructure Trust /
Keppel REIT / M1
17-Oct
Q3: CapitaMall Trust / Keppel T&T
*Q3: First REIT
Q3: Qian Hu / Sabana Shari'ah
Q4: Spore Press Hldgs
20-Oct
SG (Oct 2014): 2nd Open Bidding
Exercise for COE Start @ 12.00 noon
21-Oct
SG (OCT 2014): 2nd Open Bidding
Exercise for COE
Q2: Mapletree Logistics Trust
Q1: Spore Exchange
Q3: Keppel Land
Q2: Mapletree Industrial Trust
Q4: Frasers Commercial Trust
Q3: Keppel Corp / Soilbuild Biz Space
/ Suntec REIT
22-Oct
SG (Oct 2014): 2nd Open Bidding
Exercise for COE End @ 4.00 p.m.
23-Oct
Q2: Ascendas REIT
SG (Sept 2014): CPI
Q3: Aztech Grp / Cache Logistics
Trust / Cambridge Industrial Trust
SG: 3Q14 Real Estate Statistics
Q4: Frasers Centrepoint Trust
Q2: Mapletree Commercial Trust /
Mapletree Greater China
Q3: CapitaCommercial Trust /
CapitaRetail China Trust / Utd
Overseas Insurance
Deepavali
27-Oct
24-Oct
28-Oct
Q2: Ascendas India Trust
Q3: CDL Hospitality Trust / OSIM
Q3: Raffles Medical Grp
*Q1: Micro-Mechanics Hldgs
29-Oct
Q3: Great Eastern Hldgs
30-Oct
Q3: Indofood Agri Resources / OCBC
(Before mkt open) / Parkway Life REIT /
Tuan Sing / UOB
31-Oct
SG (Sept 2014): Unemployment
Rate & Employment
Q3: Forterra Trust / Global Premium
Htls
Q4: Second Chance Properties
*Q3: DBS
3-Nov-14
SG (Nov 2014): 1st Open Bidding
Exercise for COE Start @ 12.00 noon
4-Nov
SG (Nov 2014): 1st Open Bidding
Exercise for COE
Q2: CitySpring Infrastructure Trust
Q2: Global Logistic Properties
Q3: Cosco Corp
Q3: Hi-P Int'l
10-Nov
5-Nov
SG (Nov 2014): 1st Open Bidding
Exercise for COE End @ 4.00 p.m.
Q3: SembCorp Maritime
11-Nov
Q3: Vard Hldgs
6-Nov
Q2: SIA
7-Nov
Q1: IFS Capital
Q3: Asian Pay Television Trust /
China Aviation Oil / SembCorp
Industries
12-Nov
13-Nov
Q1: Croesus Retail Trust
Q3: HTL Int'l
Q2: AusNet Services
*Q2: SATS
14-Nov
Q2: Terratech Grp (Release on Sat, 15Nov)
Q3: Macquarie Int'l Infras Fund
* TentaƟve
Source: Company; Bloomberg
AmFraser Securities Pte Ltd
4
AmFraser
Friday, 17 October 2014
Disclaimer
This report is prepared by AmFraser Securi es Pte Ltd (“AmFraser”), which is a holder of a capital markets services licence and an exempt
financial adviser in Singapore.
This report is provided for informa on only and is not an offer or a solicita on to deal in securi es or to enter into any legal rela ons, nor an advice or a recommenda on with respect to such securi es. This report is prepared for general circula on. It does not have regard to the specific investment objec ves, financial situa on and the par cular needs of any recipient hereof. You should independently evaluate par cular investments and consult an independent financial adviser before dealing in any securi es men oned in this report. This report is confiden al. This report may not be published, circulated, reproduced or distributed in whole or in part by any recipient of this report to any other person without the prior wri en consent of AmFraser. This report is not intended for distribu on, publica on to or use by any person in any jurisdic on outside Singapore or any other jurisdic on as AmFraser may determine in its absolute discre on, where the distribu on, publica on or use of this report would be contrary to applicable law or would subject AmFraser and its connected persons (as defined in the Financial Advisers Act, Chapter 110 of Singapore) to any registra on, licensing or other requirements within such jurisdic on. The informa on or views in the report (“Informa on”) has been obtained or derived from sources believed by AmFraser to be reliable. However, AmFraser makes no representa on as to the accuracy or completeness of such sources or the Informa on and AmFraser accepts no liability whatsoever for any loss or damage arising from the use of or reliance on the Informa on. AmFraser and its connected persons may have issued other reports expressing views different from the Informa on and all views expressed in all reports of AmFraser and its connected persons are subject to change without no ce. AmFraser reserves the right to act upon or use the Informa on at any me, including before its publica on herein. Except as otherwise indicated below, (1) AmFraser, its connected persons and its officers, employees and representa ves may, to the extent permi ed by law, transact with, perform or provide broking, underwri ng, corporate finance‐related or other services for or solicit business from, the subject corpora on(s) referred to in this report; (2) AmFraser, its connected persons and its officers, employees and representa ves may also, to the extent permi ed by law, transact with, perform or provide broking or other services for or solicit business from, other persons in respect of dealings in the securi es referred to in this report or other investments related thereto; and (3) the officers, employees and representa ves of AmFraser may also serve on the board of directors or in trustee posi ons with the subject corpora on(s) referred to in this report. (All of the foregoing is herea er referred to as the “Subject Business”.) However, as of the date of this report, neither AmFraser nor its representa ve(s) who produced this report (each a “research analyst”), has any proprietary posi on or material interest in, and AmFraser does not make any market in, the securi es which are recommended in this report. Each research analyst of AmFraser who produced this report hereby cer fies that (1) the views expressed in this report accurately reflect his/
her personal views about all of the subject corpora on(s) and securi es in this report; (2) the report was produced independently by him/
her; (3) he/she does not carry out, whether for himself/herself or on behalf of AmFraser or any other person, any of the Subject Business involving any of the subject corpora on(s) or securi es referred to in this report; and (4) he/she has not received and will not receive any compensa on that is directly or indirectly related or linked to the recommenda ons or views expressed in this report or to any sales, trading, dealing or corporate finance advisory services or transac on in respect of the securi es in this report. However, the compensa on received by each such research analyst is based upon various factors, including AmFraser’s total revenues, a por on of which are generated from AmFraser’s business of dealing in securi es. Copyright 2014. AmFraser Securi es Pte Ltd. All rights reserved. ______________________________ LEE Wing How
for AmFraser Securi es Pte Ltd
AmFraser Securities Pte Ltd
5