Genting Singapore - Lacks short-term catalysts;
maintain HOLD, TP S$1.64
Genting Singapore’s 3Q13 results in line, strong growth in
rolling chip cushioned weaker mass volume. Limited
clarity on potential M&A; Japan gaming liberalisation likely
delayed to 1Q14. Maintain HOLD, TP raised to S$1.64
(previous S$1.42) in line with improvement in regional
sector valuation.
Falcon Energy Group posted a 776% rise in net profit to
US$34.4m in 1H14. This was on the back of a 511%
jump in revenue to US$209.7m. Revenue rose
substantially on the back of business expansion by moving
up the value chain in oil and gas services industry. With
buoyant demand and stable oil prices conducive to rising
levels of exploration and production activities, the Group
is optimistic about the business prospects for Marine,
Drilling Services, Oilfield Projects and Oilfield Services
Divisions.
HanKore Environment is proposing to consolidate every
ten (10) existing shares into one (1) share. The proposed
share consolidation will rationalise the share capital of the
company by reducing the number of shares outstanding.
Viking Offshore & Marine has entered into an agreement
to place out 40m new shares worth S$3.2m to
Singaporean rig building veteran Mr Tan Boy Tee plus an
option of the same quantity and amount, to be exercised
any time during the next 90 days. Mr Tan was the cofounder
and controlling shareholder of Labroy Marine, a
then-SGX listed offshore and marine specialist which was
sold to Dubai Drydocks World LLC for S$2.4 bn in January
2008.
Viking Offshore & Marine also announced that it will
venture into the mainstream offshore rig-building and rig
charter market by partnering Singaporean rig building
veteran Mr Chan Kwan Bian to construct a drilling jack-up
rig at a cost of approximately US$180m. Mr Chan is a
renowned industry veteran within the offshore and
marine industry with extensive experiences in the rig and
shipbuilding space. He was also a co-founder of Labroy
Marine.
US Indices Last Close Pts Chg % Chg
Dow Jones 15,639.1 23.6 0.2
S&P 1,767.9 6.3 0.4
NASDAQ 3,936.6 14.5 0.4
Regional Indices
ST Index 3,203.9 2.7 0.1
ST Small Cap 538.0 (1.3) (0.2)
Hang Seng 23,189.6 (60.2) (0.3)
HSCEI 10,686.1 7.4 0.1
HSCCI 4,520.4 (16.1) (0.4)
KLCI 1,807.5 (2.9) (0.2)
SET 1,388.4 (40.7) (2.8)
JCI 4,423.3 (9.3) (0.2)
PCOMP 6,543.4 (42.0) (0.6)
KOSPI 2,025.2 (14.3) (0.7)
TWSE 8,354.1 (34.0) (0.4)
Nikkei 14,201.6 (126.4) (0.9)
STI Index Performance
Singapore
1,000
2,000
3,000
4,000
2006 2007 2008 2009 2010 2011 2012 2013
100-Day MA
Index
STI
Total Market cap (US$bn)
Total Daily Vol (m shrs)
12m ST Index High
12m ST Index Low
Source: Bloomberg Finance L.P.
Stock Picks – Large Cap
Rec’n Price ($)
4 Nov
Target Price
($)
ST Engineering Buy 4.180 4.80
ComfortDelgro Buy 1.905 2.19
OCBC Bank Buy 10.460 12.30
Singapore Airlines Buy 10.400 11.40
Stock Picks – Small /Mid Cap
Rec’n Price ($)
4 Nov
Target Price
($)
Ezion Holdings Buy 2.320 3.10
CSE Global Buy 0.925 1.07
Frasers Centrepoint Trust Buy 1.830 2.14
Yoma Strategic Holdings Buy 0.755 1.02
Source: Bloomberg Finance L.P., DBS Vickers
Singapore
Wired Daily
Page 2
Technics Oil and Gas announced that its 40.2% associate
company – Norr Offshore Group has been awarded its 1st
Micro LNG plant for the supply of process equipments and
accessories for Indonesia.
Swee Hong is expected to report a loss for 1Q14, attributable
to decline in revenue and significant costs increases.
Global manufacturing activity increased at its fastest pace in
over two years last month on a surge in new orders that led
factories to take on more staff. JPMorgan's Global
Manufacturing Purchasing Managers' Index rose to 52.1 from
September's 51.8, above the 50 mark that indicates growth
for the 11th month and notching up its highest reading since
May 2011.
Airline share prices in the US were up 13% last month over
September and have surged 76% year-to-date. However, in
contrast, Asia-Pacific carriers have been facing some
turbulence this year with share values reflecting the weaker
financial performance, according to a report from the
International Air Transport Association (Iata). The global
outlook remains cautiously optimistic, with rising business
confidence and export orders.
US markets continue its climb higher ahead of the slew of
economic data releases this week. Attention once again turns
to the monthly employment data releases, this time for
October. Consensus expects non-farm payrolls to come in at
120k, slightly below September’s 148k figure while the
unemployment rate is seen inching higher to 7.3% versus
September’s 7.2%. This increases the odds that the Fed will
delay QE tapering till next year that underpins stocks heading
into Friday’s data release
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