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 Morning Buzz
Tuesday, 20 January 2015
TODAY’S HEADLINE
STI INDEX (PREVIOUS DAY CLOSE)
3,307.70 (0.21%)
INFLATION EXPECTATIONS LOWEST IN 3 YEARS
Singapore's inflation expectations have plummeted to their lowest
levels in three years, due to sliding oil prices and shaky global
growth.
Coupled with an anticipated increase in benchmark interest rates,
consumers polled in December now expect overall inflation to
stand at 3.53 per cent this year, according to the latest Singapore
Index of Inflation Expectations (SInDEx) by the Singapore
Management University (SMU).
Vol (mil): 1,444.2 / Val (S$ mil): 908.7
MAJOR STOCK INDICES
Close
DJ Ind Avg
S & P 500
Nasdaq Comp
Hang Seng
% Chge
17,511.57
1.10%
2,019.42
1.34%
4,634.38
1.39%
23,738.49
-1.51%
COMMODITIES
Gold (SPOT) US$ / oz
Oil (NYMEX CWTI) US$ / bbl
Baltic Dry Index
Close
% Chge
1,275.49
-0.01%
47.58
-2.28%
739.00
-0.27%
This is not only lower than their previous one-year inflation
expectation of 3.73 per cent recorded in September last year, it is
also below the historical headline and fourth quarter inflation
expectations averages of 4.11 per cent and 4.08 per cent,
respectively.
Still, the latest 3.53 per cent figure is higher than the official
headline inflation forecast of 0.5-1.5 per cent in 2015.
Derived from an online poll of 500 consumers, the latest SInDEx
report - originally developed by SKBI in collaboration with
MasterCard International - also found that the public now expects
a lower rate of core inflation, which excludes accommodation and
private transport costs.
Expectations for core inflation this year have dropped to 3.61 per
cent, from 3.95 per cent last September.
Both the overall and core inflation expectations are at their lowest
levels since the SInDEx survey started in September 2011.
Indeed, Minister for Trade and Industry Lim Hng Kiang noted in
Parliament on Monday that the sharp fall in global oil prices - from
a peak of US$115 per barrel to around US$50 per barrel - "will
translate to lower electricity tariffs and fuel costs, which will directly
benefit businesses and consumers".
EXCHANGE RATES
The Department of Statistics will announce the inflation rate for
December this Friday. The 18 economists polled by Bloomberg
expect headline inflation to remain in negative territory - albeit
barely at -0.1 per cent.
USD : SGD 1.3334 / MYR : SGD 0.3734
NEWS BUZZ
INTEREST RATES
3-mth Sibor
0.638%
SGS (10yr)
1.823%
Source: Bloomberg
AmFraser Research Team
www.amfraserdirect.com.sg
 China Everbright Water: Places out 120.7m new shares at
S$0.94 each
 M1: Record full-year net profit S$175.8m
 Mapletree Logistics Trust: Q3 DPU slightly higher at 1.87
cents
 Keppel Reit: Fourth quarter DPU drops to 1.51 Singapore
cents
AmFraser Securities Pte Ltd
Page 1
Please see important disclosures at the end of this publication
AmFraser Tuesday, 20 January 2015
News Buzz
China Everbright Water (S$1.035)
Places out 120.7m new shares at S$0.94 each
China Everbright Water is placing out 120.7mil new shares at S$0.94 each to raise
S$113.4mil to International Finance Corp (IFC), a member of the World Bank, and
RRJ Capital, which focuses on private equity investments in China and South-East
Asia.
M1 (S$3.620)
Record full-year net profit S$175.8m
M1 reported a 9.9% increase in 4Q profit to S$44.5mil, capping off a year of record
net profit while operating revenue stood at S$1.08bil, a 6.8% increase for the full
year ended Dec 31, 2014. EPS for the group stood at 4.8 Singapore cents for the
quarter, up from 4.4 Singapore cents. The group declared a final cash dividend of
11.9 Singapore cents per share.
Mapletree Logistics Trust (S$1.230)
Q3 DPU slightly higher at 1.87 cents
Mapletree Logistics Trust reported a DPU of 1.87 Singapore cents for its 3Q ended
Dec 2014. This came on the back of a 2.7% increase in its total amount
distributable to unitholders to S$46.19mil. Gross revenue rose 6.2% to S$82.92mil,
helped by contribution from six properties acquired in China, Singapore, Malaysia
and South Korea during this financial year, as well as from Mapletree Benoi
Logistics Hub and higher revenue from its existing assets. Net property income
went up 3.1% to S$69.48mil. The distribution will be paid on Feb 27.
Keppel Reit (S$1.230)
Fourth quarter DPU drops to 1.51 Singapore cents
Keppel Reit has posted DPU of 1.51 Singapore cents for the 4Q ended Dec 31,
2014, down from 1.97 cents in the same year-ago period. Net property income
eased 8.3% to S$34.25mil - due mainly to the absence of contribution from
Prudential Tower. Keppel Reit's NAV per unit stood at S$1.41 as at Dec 31, 2014.
Source: The Business Times / Bloomberg / Straits Times
AmFraser Securities Pte Ltd
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AmFraser Tuesday, 20 January 2015
Corporate Action
Dividends
Company
Results
Period
Ann Date
SPH REIT
Cambridge Industrial Trust
DPS
Share Price
19-Jan-15
Yield
(%)
Ex-Date
Book Close
Payable
12-Jan-15 1H15 SGD 0.013300
16-Jan-15
20-Jan-15
13-Feb-15
SGD
1.065
1.2
16-Jan-15 FY14 SGD 0.012520
22-Jan-15
26-Jan-15
27-Feb-15
SGD
0.680
1.8
Fraser and Neav e
13-Nov -14 FY14 SGD 0.030000
3-Feb-15
5-Feb-15
16-Feb-15
SGD
2.710
1.1
Frasers Centrepoint
12-Nov -14 FY14 SGD 0.062000
3-Feb-15
5-Feb-15
16-Feb-15
SGD
1.670
3.7
* Include Ordinary, Cash, Special, Bonus, Variable and Base
Rights & Bonus Issues
Company
Rights Issue
Ex-Date
Book Close
Swiber Holdings
1 Rts Share @ S$0.15 each Rts share for
every 2 shares held
6-Jan-15
Yoma Strategic Holdings
1 Rts Share @ S$0.38 each Rts share for
every 3 existing ord shares held
12-Jan-15
Right Trading Period
From
To
8-Jan-15
13-Jan-15
21-Jan-15
14-Jan-15
19-Jan-15
27-Jan-15
Source: SGX Annoucement
Buyout
Company
Offer
Price
CH Offshore
Remarks
Closing Date
Offeror
SGD 0.495
Cash
5.30 p.m. on 26 January 2015
Energian Pte. Ltd.
euNetworks Group
SGD 1.16
Cash
5.30 p.m. on 30 January 2015
EUN Holdings, LLP
UE E&C
SGD 1.25
Cash
5.30 p.m. on 28 January 2015
Universal EC Investments Pte. Ltd.
Source: SGX Annoucement
AmFraser Securities Pte Ltd
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AmFraser Tuesday, 20 January 2015
Financial Calendar
Monday
Tuesday
19-Jan
Q3: Mapletree Logistics Trust
Q4: Keppel Infras Trust / Keppel REIT
/ M1
Wednesday
20-Jan
Q3: Mapletree Industrial Trust
Q4: Keppel Telecoms & Tpt
Thursday
21-Jan
Q2: Spore Exchange
Friday
22-Jan
Q1: Frasers Commercial Trust
Q3: Mapletree Commercial Trust
Q4: CapitaCommercial Trust / Keppel
Land / Sabana Shari'ah / Soilbuild Biz
Space
26-Jan
27-Jan
Q3: CitySpring Infrastructure /
Mapletree Greater China
Q4: Cache Logistics Trust / OUE
Hospitality Trust / Starhill Global REIT
Q3: Ascendas REIT
Q4: Ascott Residence Trust / Keppel
Corp / Suntec REIT
Q1: Frasers Centrepoint Trust
Q4: CapitaMall Trust
28-Jan
Q4: CDL Hospitality Trusts
29-Jan
Q3: AIMS AMP Capital / SMRT Corp
Q4: CapitaRetail China Trust / Tuan
Sing
Frasers Hospitality Trust ( For the period
14 Jul to 31 Dec 14)
Q3: Ascendas India Trust
SG (Dec 2014): CPI
SG: 4Q14 Real Estate Statistics
*Q4: Fortune REIT / Lonza Grp
SG (Dec 2014): Index of Industrial
Production
23-Jan
30-Jan
SG (Dec 2014): Unemployment Rate
& Employment
Q4: Global Premium Hotels
Q4: OUE Commercial REIT
2-Feb-15
3-Feb
Q4: Osim Int'l
4-Feb
5-Feb
Q3: Global Logistics Properties
Q3: SATS
6-Feb
Q3: Spore Airlines
Q4: Great Eastern Hldgs
9-Feb
10-Feb
11-Feb
Q2: Ellipsiz
Q3: Valuetronics
Q4: OCBC ( Before mkt open) / Utd
Overseas Insurance
Q4: Vicom
Q4: DBS (Before mkt open)
Q2: Croesus Retail Trust
16-Feb
SG: Prices of Private Residential Units
Sold by Developers
17-Feb
12-Feb
Q4: China Aviation Oil / Sembcorp
Marine / Starburst Hldgs / Wilmar Int'l
13-Feb
Q2: Olam Int'l
Q4: Hi-P Int'l / Utd Overseas Bank
18-Feb
19-Feb
20-Feb
Q4: Sembcorp Industries
Q4: Challenger Technologies / City
Devpts / COSCO Corp / Rowsley
Chinese New Year
Chinese New Year
* Tentative
Source: Company; Bloomberg
AmFraser Securities Pte Ltd
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AmFraser Tuesday, 20 January 2015
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Copyright 2015. AmFraser Securities Pte Ltd. All rights reserved.
______________________________ LEE Wing How
for AmFraser Securities Pte Ltd
AmFraser Securities Pte Ltd
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