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2. company
3. joint venture

 Morning Buzz
Tuesday, 11 November
TODAY’S HEADLINE
STI INDEX (PREVIOUS DAY CLOSE)
3,301.00 (0.44%)
KEPPEL T&T PUSHES AHEAD WITH IPO OF DATA CENTRE
REIT
Keppel Telecommunications & Transportation (Keppel T&T) is
pushing ahead with the planned multi-million dollar initial public
offer (IPO) of its data centre real estate investment trust (DC Reit),
the first of its kind in Asia.
Vol (mil): 1,768.2 / Val (S$ mil): 1,054.6
MAJOR STOCK INDICES
Close
DJ Ind Avg
S & P 500
Nasdaq Comp
Hang Seng
% Chge
17,613.74
0.23%
2,038.26
0.31%
4,651.62
0.41%
23,744.70
0.83%
COMMODITIES
Gold (SPOT) US$ / oz
Oil (NYMEX CWTI) US$ / bbl
Baltic Dry Index
Close
% Chge
1,154.34
0.25%
77.21
-0.25%
1,418.00
-1.32%
Bankers said Keppel T&T, the logistics and data centre arm of
diversified marine conglomerate Keppel Corp, is looking to raise
some S$540 million; the Reit's market capitalisation could be
around S$840 million when it is listed.
A yield of 7 per cent is being considered at a time when most Reits
in Singapore are offering yields of between 5.5 and 7 per cent.
Even Lotte Shopping Co, which runs 108 large stores and 31
department stores in South Korea, has planned to offer a yield of 6
to 7 per cent for its Reit listing in Singapore.
On Monday, Keppel T&T said it would hold an extraordinary
general meeting (EGM) on Nov 25 to seek its shareholders'
approval to list Keppel DC Reit on the main board of the Singapore
Exchange. The IPO is targeted for an early- to mid-December
listing.
In a circular to shareholders, Keppel T&T said it expected to raise
some S$505.4 million in gross proceeds from the divestment of the
four assets. About S$90.7 million will be used to pursue its growth
strategies by funding investments in its logistics, data centre and
other businesses, with the remaining amount to be used for
general corporate and working-capital requirements.
The initial portfolio of Keppel DC Reit is expected to comprise
eight data centre properties in the Asia-Pacific and Europe: Keppel
Digihub (S25) and Keppel Datahub 1 (T25) in Singapore; Gore Hill
Data Centre in Sydney, Australia and iseek Data Centre in
Brisbane, Australia; Basis Bay Data Centre in Selangor, Malaysia;
GV7 Data Centre in London, the United Kingdom; Almere Data
Centre in Amsterdam, the Netherlands; and Citadel 100 Data
Centre in Dublin, Republic of Ireland. More assets are expected to
be added after the listing.
EXCHANGE RATES
USD : SGD 1.2907 / MYR : SGD 0.3875
Keppel DC Reit will be managed by a wholly-owned subsidiary of
Keppel T&T, Keppel DC Reit Management Pte Ltd.
INTEREST RATES
3-mth Sibor
0.415%
SGS (10yr)
2.279%
Source: Bloomberg
NEWS BUZZ
 ARA Asset Management: Expects boost from Straits Trading
alliance
 Super Group: Q3 profit dives 47%
AmFraser Research Team
www.amfraserdirect.com.sg
 Giken Sakata: Plans to put itself under new holding company
 Sim Lian Group: Property development boosts Q1 net
earnings
AmFraser Securities Pte Ltd
Page 1
Please see important disclosures at the end of this publication
AmFraser Tuesday, 11 November 2014
News Buzz
ARA Asset Management (S$1.705)
Expects boost from Straits Trading alliance
ARA Asset Management reported a 60% increase in 3Q total revenue to
S$52.8mil. Net profit rose 53% in tandem to S$30.7mil. The better topline was
driven by higher recurrent management fees from Reits which had performed
better and achieved higher valuations for their property portfolios, as well as fee
contribution from acquisitions made by its Reits and private funds. ARA manages
eight Reits and seven private funds. The group's assets under management (AUM)
also rose to S$26.1bil as at end-September.
Super Group (S$1.065)
Q3 profit dives 47%
Super Group's net profit for the three months ended Sept 30 plunged 47% to
S$9.98mil. The fall in profit attributable to shareholders - from the previous
corresponding period's S$18.71mil - came as revenue dipped 3% to S$129.5mil
and earnings margin fell. EPS stood at 0.89 Singapore cent and NAV per share
was at 41.37 Singapore cents.
Giken Sakata (S$0.290)
Plans to put itself under new holding company
Giken Sakata (S) is proposing a one-for-one share swap to place itself under a
new listed holding company, to be called GSS Energy, to make it easier to pursue
investment opportunities should they arise. The move comes after Giken Sakata
recently acquired oil and gas services business Cepu Sakti Energy. Under the new
structure, GSS Energy will be able to seek investors into or to sell the existing
Giken Sakata business without having to undergo a business and/or asset sale,
the company said. GSS Energy will also be able to raise capital on a standalone
basis. The proposed scheme will require shareholders' approval.
Sim Lian Group (S$0.845)
Property development boosts Q1 net earnings
Strong revenue booking from property development projects helped Sim Lian
Group to more than double net earnings to S$71.66mil for the 1Q ended Sept 30,
2014. Group revenue jumped to S$379.02mill. EPS climbed to 7.1 Singapore cents
and NAV per share stood at S$1.05 at Sept 30, 2014.
Source: The Business Times / Bloomberg / Straits Times
AmFraser Securities Pte Ltd
Page 2
AmFraser Tuesday, 11 November 2014
Corporate Action
Dividends
Company
Results
Period
Ann Date
DPS
Ex-Date
Book Close
Payable
Share Price
10-Nov-14
Yield
(%)
OUE Hospitality Trust
3-Nov -14 3Q14 SGD 0.016400
7-Nov-14
11-Nov -14
3-Dec-14
SGD
0.895
1.8
Perennial China Retail Trust
4-Nov -14 3Q14 SGD 0.009500
10-Nov-14
12-Nov -14
3-Dec-14
SGD
0.535
1.8
Ox ley Hldgs
22-Aug-14 FY14 SGD 0.001800
11-Nov-14
13-Nov -14
25-Nov -14 SGD
0.535
0.3
StarHub
6-Nov -14 3Q14 SGD 0.050000
11-Nov-14
13-Nov -14
28-Nov -14 SGD
4.140
1.2
Ascendas Hospitality Trust
6-Nov -14 2Q14 SGD 0.024388
12-Nov-14
14-Nov -14
12-Dec-14
SGD
0.725
3.4
Far East Hospitality Trust
7-Nov -14 3Q14 SGD 0.013200
13-Nov-14
17-Nov -14
10-Dec-14
SGD
0.840
SIA Engrg Co
4-Nov -14 2Q15 SGD 0.060000
13-Nov-14
17-Nov -14
25-Nov -14 SGD
4.300
1.4
Singapore Airlines
6-Nov -14 2Q15 SGD 0.050000
14-Nov-14
18-Nov -14
27-Nov -14 SGD
10.250
0.5
Noble Grp
7-Nov -14 3Q14
USD 0.030000
18-Nov-14
20-Nov -14
5-Dec-14
SGD
1.250
3.1
Singapore Post
6-Nov -14 2Q15 SGD 0.012500
18-Nov-14
20-Nov -14
28-Nov -14 SGD
1.920
0.7
Ascendas India Trust
27-Oct-14 3Q15 SGD 0.024000
20-Nov-14
24-Nov -14
10-Dec-14
SGD
0.820
2.9
Rickmers Maritime
4-Nov -14 3Q14
24-Nov-14
26-Nov -14
12-Dec-14
SGD
0.290
2.7
USD 0.006000
* Include Ordinary, Cash, Special, Bonus, Variable and Base
Buyout
Company
Rights Issue
Ex-Date
Book Close
Singapura Finance
1 Rights Share @ S$1.00 each Rts Share
for every 1 existing shares held
6-Nov-14
10-Nov-14
Right Trading Period
From
To
13-Nov-14
21-Nov-14
Source: SGX Annoucement
Company
Lee Kim Tah Holdings
Offer
Price
SGD 1.08
Remarks
Closing Date
Cash
5.30 p.m. on 13 Nov 2014
Offeror
Lee Kim Tah Investments Pte Ltd
Source: SGX Annoucement
AmFraser Securities Pte Ltd
Page 3
AmFraser Tuesday, 11 November 2014
Financial Calendar
Monday
Tuesday
10-Nov
Q3: ARA Asset Mgt / Delong Hldgs /
Fuxing China Grp / Htl Royal / Super
Grp
Wednesday
11-Nov
12-Nov
Q1: Croesus Retail Trust / Saizen
REIT
Q1: Ellipsiz
Q3: CNMC Goldmine Hldgs / CSE
Global / Ellipsiz / Fortune REIT /
Genting Spore / OEL Hldgs / Petra
Foods / UOL / Vard Hldgs / Vicom /
Wilmar Int'l / World Precision
Machinery
17-Nov
Thursday
18-Nov
Q2: AusNet Services / Biosensors Int'l
Q3: Amara Hldgs / China Sunsine /
City Devpts / DMX Technology /
Golden Agri-Resources / Kingsmen
Creatives / Lippo Malls Indonesia /
Macquarie Int'l Infras Fund / SBS
Transit / Sinarmas Land / Starburst
Hldgs / Swiber Hldgs / TeleChoice
Int'l
SG (Nov 2014): 2nd Open Bidding
Exercise for COE Start @ 12.00 noon
13-Nov
Q1: Amtek Engrg / ASL Marine /
Parkson Retail Asia
Q2: KSH Hldgs / Religare Health
Trust / SATS / Spore Telecoms
Q3: ComfortDelgro / Ho Bee Land /
HTL Int'l / KrisEnergy / QAF / YHI
Int'l
*Q3: Courage Marine / Techcomp
Hldgs
24-Nov
25-Nov
Q1: Olam Int'l
Q2: Tat Hong Hldgs / Terratech Grp
(Release on Sat, 15-Nov)
*Q2: Azeus Systems / Willas-Array
Q3: Changtian Plastic / Hong Leong
Asia / Li Heng Chemical / Mewah Int'l
/ Otto Marine / Straco Corp / Utd
Engineers
20-Nov
21-Nov
SG: 3Q14 GDP
*Q3: TPV Technology
SG (Nov 2014): 2nd Open Bidding
Exercise for COE
14-Nov
*Q3: China Kangda Food / China
New Town Devpt / Midas Hldgs
Q4: Frasers Centrepoint
19-Nov
SG: Prices of Private Residential Units
Sold by Developers
Friday
SG (Nov 2014): 2nd Open Bidding
Exercise for COE End @ 4.00 p.m.
26-Nov
27-Nov
SG (Oct 2014): CPI
28-Nov
*Q3: Golden Ocean
1-Dec-14
SG (Dec 2014): 1st Open Bidding
Exercise for COE Start @ 12.00 noon
2-Dec
SG (Dec 2014): 1st Open Bidding
Exercise for COE
8-Dec
9-Dec
3-Dec
SG (Dec 2014): 1st Open Bidding
Exercise for COE End @ 4.00 p.m.
10-Dec
4-Dec
5-Dec
11-Dec
12-Dec
STI Review
* Tentative
Source: Company; Bloomberg
AmFraser Securities Pte Ltd
Page 4
AmFraser Tuesday, 11 November 2014
Disclaimer
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Copyright 2014. AmFraser Securities Pte Ltd. All rights reserved.
______________________________ LEE Wing How
for AmFraser Securities Pte Ltd
AmFraser Securities Pte Ltd
Page 5