Ezra – Awarded US$110m new projects in subsea
construction and offshore support services
Ezra Holdings announced that its Subsea Services (EMAS
AMC) and Offshore Support Services (EMAS Marine)
divisions have been awarded projects worth US$110m.
These projects will be executed in the Gulf of Mexico and
the Asia-Pacific region. Adding to Ezra’s contract wins,
EMAS Marine has also been awarded three new charters
with a national oil company and an oil major in South East
Asia for two anchor, handling, towing and supply (AHTS)
vessels and a platform supply vessel (PSV). The contracts
have an average tenure of around 3.5 years, including
options.
Great Eastern Holdings’ 3Q13 earnings recover; non-par
fund back in the black from market recovery; underlying
business was strong. OCBC will release 3Q13 results on 1
Nov; we expect earnings to improve q-o-q. Maintain BUY
on OCBC, TP: S$12.40.
United Envirotech (UEL) has entered into an agreement to
acquire an additional 5% stake of its joint-venture
company, United Envirotech Water Treatment (Dafeng)
from the existing joint venture partner for RMB5.9m.
Dafeng will then be a 55% owned subsidiary of UEL post
acquisition.
Yanlord acquires a 386,000 sqm gross floor area (GFA)
prime integrated development site in Sino-Singapore
Nanjing Eco Hi-Tech Island for RMB2.877 bn. Ideally
situated for the development of a prime integrated
development, the project will include the development of
high-quality residential apartments, offices and
commercial units and is well connected via key
thoroughfares and the adjacent metro line 10 station.
Sembcorp Industries has entered into an agreement to
divest its entire stake in Sembcorp Enviro (India) to Ramky
International (Singapore) for S$7.25m. Sembcorp Enviro
(India) is a special purpose vehicle that owns a 51% stake
in SembRamky Environmental Management, a medical
waste collection and treatment player in India.
US Indices Last Close Pts Chg % Chg
Dow Jones 15,680.4 111.4 0.7
S&P 1,772.0 9.8 0.6
NASDAQ 3,952.3 12.2 0.3
Regional Indices
ST Index 3,208.8 1.0 0.0
ST Small Cap 539.7 (1.0) (0.2)
Hang Seng 22,846.5 40.0 0.2
HSCEI 10,390.6 132.1 1.3
HSCCI 4,451.9 26.9 0.6
KLCI 1,815.7 (2.7) (0.2)
SET 1,455.9 6.2 0.4
JCI 4,562.8 (27.8) (0.6)
PCOMP 6,543.5 3.6 0.1
KOSPI 2,051.8 3.6 0.2
TWSE 8,421.0 13.1 0.2
Nikkei 14,326.0 (70.1) (0.5)
STI Index Performance
Singapore
1,000
2,000
3,000
4,000
2006 2007 2008 2009 2010 2011 2012 2013
100-Day MA
Index
STI
Total Market cap (US$bn) 598
Total Daily Vol (m shrs) 2,049
12m ST Index High 3,454
12m ST Index Low 2,946
Source: Bloomberg Finance L.P.
Stock Picks – Large Cap
Rec’n Price ($)
29 Oct
Target Price
($)
ST Engineering Buy 4.180 4.80
ComfortDelgro Buy 1.910 2.19
OCBC Bank Buy 10.400 12.40
Singapore Airlines Buy 10.460 11.40
Stock Picks – Small /Mid Cap
Rec’n Price ($)
29 Oct
Target Price
($)
Ezion Holdings Buy 2.220 3.10
CSE Global Buy 0.885 1.07
Frasers Centrepoint Trust Buy 1.870 2.14
Yoma Strategic Holdings Buy 0.755 1.02
Source: Bloomberg Finance L.P., DBS Vickers
Singapore
Wired Daily
Page 2
Loyz Energy draws first oil in the US, one year after inking its
landmark E&P deal. This is a milestone for the Group as a fullfledged
independent E&P player. Loyz Energy will step up the
pace as it brings other concessions to production and
selectively adds more producing assets.
Cacola Furniture has entered into a MOU to acquire a 51%
stake in Hubei Goldmine for RMB71.4m cash. The proposed
acquisition represents the company’s first acquisition within
its stated plan to expand its business into mining and related
business activities.
MAS sees inflation picking up in next few quarters before
easing towards end-2014. As overall wage growth continues
to strengthen above Singapore's historical average of 3.3%,
businesses here should brace themselves for intensifying cost
pressures amid a further tightening labour market. This was
the view of the Monetary Authority of Singapore (MAS) in its
twice-yearly Macroeconomic Review released yesterday.
The number of low-cost carrier (LCC) seats in Asia jumps
28.7% y-o-y in 1H 2013, driven largely by budget carriers in
Indonesia, India, Thailand and Malaysia. The four markets
collectively account for over half of total global LCC growth.
According to the study by technology travel firm Amadeus,
Asia, the Middle East and Africa are experiencing sharp
growth in LCC capacity while more mature markets such as
Europe and the Americas are seeing flat or marginal
increases.
US stocks rallied, underpinned by corporate earnings and as
investors await the outcome of the FOMC meeting and policy
statement. A weaker-than-expected October consumer
confidence (actual 71.2, consensus 85) lifted optimism that
the FED will delay QE tapering till next year. As US and
European markets have rallied to their highest levels in more
than 3 years, valuations have also increased. According to
Bloomberg, the S&P500 trades at 16.8x reporting earnings
that is the highest since May 2010. Likewise, the Stoxx 600
that tracks European equities is currently valued at 20.9x
reported and 14.9x projected earnings, the highest since end
2009.
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