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MORNING BUZZ
24 March 2015
Market Indicators
Mkt. T/O (S$ mil)
19-Mar
20-Mar
23-Mar
1,189.4
1,554.7
969.6
Stock Advances
274
292
251
Stock Declines
266
220
231
Major Indices
DJ Ind Avg
17,959.0
S & P 500
2,089.3
2,108.1
2,104.4
Nasdaq Comp
4,992.4
5,026.4
5,011.0
24,468.9
Hang Seng
STI Index
18,127.7 18,116.0
Potential monetary easing by MAS on the cards
The STI ended the first day of the week slightly lower (-0.07%) with a total traded
value of S$957.6m, a decline of almost 40% compared to the previous trading
session, where S$1,537.7m worth of shares were traded. Share price of Noble
(+4.00%; S$0.910) surged after the company mentioned that it will start legal
proceedings against Hong Kong resident Arnaud Vagner and Enlighten Ace Ltd for
conspiracy to injure Noble through the series of reports published under Iceberg
Research.
24,375.2 24,494.5
Singapore’s consumer prices fell 0.3% in February, registering a fourth consecutive
month dip as a soft housing rental market and fall in private transport costs
weighed on inflation. However, core inflation rose 1.3% on the back of stronger
increase in food prices and services fees. The decline in headline inflation might
prompt MAS to ease its monetary policy further during its policy review scheduled
in April. A poll by Reuters showed that seven out of 11 analysts expect MAS to ease
its monetary policy further. We expect SGD to weaken further should this happen.
Banks (DBS +0.75%; OCBC +0.10%; UOB +0.44%) may benefit from the rise in SOR
on the back of the weaker SGD.
3,410.13 (-0.07%)
Source: Bloomberg
Commodities
Current
% Chge
Price from Close
Gold (SPOT) US$ / OZ
Oil (NYMEX CWTI|) US$ / bbl
Baltic Dry Index
1,188.75
0.59%
47.23
3.69%
594.00
0.51%
Exchange Rates
Overnight, US markets (S&P -0.17%; DJIA -0.06%; Nasdaq -0.31%) also retreated on
profit-taking after initially posting gains earlier in the session on the back of strong
gains last week. The USD continued to weaken after US Fed Vice Chairman Stanley
Fisher indicated that while an interest rate hike is expected this year, the path
upwards will almost certainly not be smooth in anticipation of shocks such as
volatility in oil prices. Such dovish expectations may continue to benefit S-REITs in
the near term.
(By Yuxuan He)
Stocks to Watch

Roxy-Pacific Holdings: Acquires 4.4ha land in Western Australia with JV
partner for A$59mil
USD : SGD 1.3681 / MYR : SGD 0.3728
Source: Bloomberg

Rex International: Joint entity raises financing facility

Loyz Energy: Raises S$14mil through share placement
Interest Rates
3-mth Sibor
0.992%
SGS (10 yr)
2.432%
KGI Fraser Research Team
Joel NG
Renfred TAY
Yuxuan HE
[email protected]
[email protected]
[email protected]
[email protected]
+65 6231 2850
+65 6231 2630
+65 6231 2557
+65 6231 2389
Hong Wei WONG
KGI Fraser Securities Pte. Ltd.
PlePlease see important disclosures at the end of this publication
MORNING BUZZ
Roxy-Pacific Holdings (ROXY SP): Acquires 4.4ha land in Western
Australia with JV partner for A$59mil
Roxy-Pacific Holdings has, with its joint-venture (JV) partner Hostplus, acquired a
4.4-hectare land parcel in North Fremantle, Perth, Australia for A$59mil (S$63mil).
Roxy NF, a subsidiary of Roxy-Pacific, will provide 40% of the equity for the
acquisition. The remaining 60% will be provided by Hostplus, which is an
Australia-based superannuation fund. The JV partners intend to rezone the
industrial site - located next to the prime Leighton beach and a train station
connected directly to Perth's central business district - for residential and
commercial uses.
Rex International (REXI SP): Joint entity raises financing facility
Rex International Holding's jointly-controlled entity, Lime Petroleum Norway AS
(Lime Norway), has secured an increase of its financing facility from 300mil
Norwegian kroner (S$52mil) to 700mil kroner to fund its participation in its
offshore exploration drilling programme this year. In addition to this financing
facility, the shareholders of Lime Petroleum plc have made capital injections
totalling approximately US$35mil in November 2013, January 2014 and March
2015, which were proportionate to their respective shareholding interests in Lime
Petroleum plc, of which Lime Norway is a wholly-owned subsidiary.
Loyz Energy (LOYZ SP): Raises S$14mil through share placement
Loyz Energy has placed out about S$14mil worth of new shares at an issue price of
9.5 Singapore cents apiece. The 146,951,000 new shares represent approximately
34.6% and 25.7% of the existing and enlarged issued and paid-up share capital of
the company, respectively. Loyz Energy said that the placement is meant to raise
funds to improve the company's financial position as well as bolster its general
corporate requirements.
Source: The Business Times / Bloomberg / Straits Times
KGI Fraser Securities Pte. Ltd.
2
MORNING BUZZ
Apendix 1: Corporate Action
Dividends
Company
Results
Period
Ann Date
Payable
Share Price
23-Mar-15
Yield
(%)
Ex-Date
Book Close
19-Ja n-15 FY14 SGD 0.119000
17-Apr-15
21-Apr-15
30-Apr-15 SGD
3.790
3.1
Grea t Ea s tern Hl dgs
6-Feb-15 FY14 SGD 0.400000
21-Apr-15
23-Apr-15
7-Ma y-15 SGD 25.160
1.6
Grea t Ea s tern Hl dgs - Speci a l
6-Feb-15 FY14 SGD 0.050000
21-Apr-15
23-Apr-15
7-Ma y-15 SGD 25.160
0.2
Keppel Corp
23-Ja n-15 FY14 SGD 0.360000
22-Apr-15
24-Apr-15
6-Ma y-15 SGD
8.860
4.1
Keppel Tel ecoms & Tpt
20-Ja n-15 FY14 SGD 0.035000
22-Apr-15
24-Apr-15
5-Ma y-15 SGD
1.800
1.9
Keppel Tel ecoms & Tpt - Speci a l
20-Ja n-15 FY14 SGD 0.115000
22-Apr-15
24-Apr-15
5-Ma y-15 SGD
1.800
6.4
Sembcorp Indus tri es
17-Feb-15 FY14 SGD 0.110000
23-Apr-15
27-Apr-15
18-Ma y-15 SGD
4.280
2.6
Ex-Date
Book Close
M1
DPS
Rights & Bonus Issues
Company
Rights Issue
Chi na Fi s hery Group
4 Rts Sha res @ S$0.173 ea ch Rts
sha re for every 5 exi s ti ng s ha res
hel d
31-Ma r-15
GKE Corp
2 Rts Sha re @ S$0.07 ea ch Rts
sha re for every 5 exi s ti ng ord
sha res hel d
Ma nda ri n Ori enta l Int'l
1 Sha re @ US$1.26 ea ch s hare for
every 4 exi s ti ng s ha res hel d
Rights Trading Period
From
To
2-Apr-15
8-Apr-15
16-Apr-15
23-Ma r-15
25-Ma r-15
30-Mar-15
8-Apr-15
9-Ma r-15
11-Ma r-15
17-Mar-15
30-Mar-15
Source: SGX Annoucement
Buyout
Company
Offer
Price
Remarks
Closing Date
Offeror
Keppel La nd *
SGD 4.38
Ca s h
5.30 p.m. on 26 Ma r 2015
Keppel Corpora ti on Ltd
Uni ted Envi rotech
SGD 1.65
Ca s h
5.30 p.m. on 16 Apr 2014
CKM (Ca yma n) Compa ny Ltd
Source: SGX Annoucement
Keppel Land: A Base Offer Price of SGD 4.38 in cash for each Offer Share. A higher Offer Price of SGD 4.60 in cash, if KCL is able to reach the
Compulsory Acquisition Threshold.
KGI Fraser Securities Pte. Ltd.
MORNING BUZZ
Apendix 2: Financial Calendar
Monday
Tuesday
23-Mar
Wednesday
Thursday
24-Mar
SG (Feb 2015): CPI
25-Mar
1-Apr-15
31-Mar
Q2: Second Chance Properties
Q4: China Sky Chemical
*Q4: Blue Sky Power / Tan Chong int'l
*Q4: Alibaba Pictures
26-Mar
27-Mar
SG (Feb 2015): Index of Industrial
Production
*Q4: Shangri-La Asia
30-Mar
Friday
2-Apr
3-Apr
Good Friday
6-Apr
7-Apr
8-Apr
9-Apr
10-Apr
15-Apr
16-Apr
17-Apr
*Q2: EMAS Offshore
13-Apr
14-Apr
SG: 1Q15 Advance GDP Estimates
(Not later than 14 Apr)
20-Apr
21-Apr
Q4: Mapletree Industrial Trust
SG: Prices of Private Residential Units
Sold by Developers
22-Apr
23-Apr
SG (Mar 2015): CPI
Q1: China Aviation Oil
* Tentative
Source: Company; Bloomberg
KGI Fraser Securities Pte. Ltd.
24-Apr
SG (Mar 2015): Index of Industrial
Production
SG: 1Q15 Real Estate Statistics
MORNING BUZZ
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