ASEAN Strategy - Growth downgrades to persist. For
Singapore, stick with OCBC and Oil & Gas - Ezion as top
picks, and adding China recovery plays – Osim, Midas.
Our regional equity strategist expects growth downgrades to
persist in ASEAN, affecting already weak sentiments. Malaysia
upgraded on defensive stance, downgrading Indonesia;
reiterate Philippines overweight. For Singapore, stick with
OCBC and Oil & Gas - Ezion as top picks, and adding China
recovery plays – Osim, Midas. For Malaysia, year-end rally is
expected while the Thai market awaits how politics will pan
out. Indonesia is downgraded on data risks amid weak
sentiments. Philippines is fast to correct on typhoon Haiyan,
reiterate overweight.
Digicel Group and YSH Finance (comprising Yoma Strategic
Holdings) and First Myanmar Investment Co., Ltd (FMI)
announced that their reorganized consortium, Digicel Asian
Holdings, has signed an agreement with Ooredoo Myanmar
to develop, construct and lease telecommunications towers in
the Republic of the Union of Myanmar as part of Ooredoo's
commitment to deploy a world-class telecommunications
network across the country. This development is in line with
Yoma's aspiration to be conglomerate and we believe it will
contribute positively to the company in the long haul
although the accretion may not be significant. We do not
expect immediate profits in its first year of operations
considering start up expenses.
Sembcorp Industries commences commercial operations of its
new S$154m multi-utilities centre located in the island’s
Banyan district. With the addition of this new facility,
Sembcorp now offers companies located in Jurong Island’s
Banyan, Tembusu and Angsana areas a comprehensive range
of energy, water and on-site logistics. These include process
steam, power, industrial wastewater treatment, industrial
waters and service corridor services.
Q& M makes further inroad on the Chinese dental market
and enters Shandong province. It has executed a
Memorandum of Understanding with two owners of dental
hospital and dental polyclinic to acquire 51% for RMB
17.85m. The entire purchase consideration will be paid in
US Indices Last Close Pts Chg % Chg
Dow Jones 16,008.8 (77.6) (0.5)
S&P 1,800.9 (4.9) (0.3)
NASDAQ 4,045.3 (14.6) (0.4)
Regional Indices
ST Index 3,188.8 12.4 0.4
ST Small Cap 535.2 (0.2) (0.0)
Hang Seng 24,038.6 157.3 0.7
HSCEI 11,548.1 106.8 0.9
HSCCI 4,703.3 19.6 0.4
KLCI 1,818.2 5.4 0.3
SET 1,374.3 3.1 0.2
JCI 4,322.0 65.5 1.5
PCOMP 6,223.4 14.6 0.2
KOSPI 2,030.8 (14.1) (0.7)
TWSE 8,414.6 7.8 0.1
Nikkei 15,655.1 (6.8) (0.0)
STI Index Performance
Singapore
Total Market cap (US$bn) 580
Total Daily Vol (m shrs) 1,731
12m ST Index High 3,454
12m ST Index Low 3,004
Source: Bloomberg Finance L.P.
Stock Picks – Large Cap
Rec’n Price (S$)
2 Dec
Target Price
(S$)
Hutchison Port Holdings Trust Buy 0.680 0.82
ComfortDelgro Buy 1.980 2.19
OCBC Buy 10.470 12.40
Singapore Airlines Buy 10.480 11.40
Stock Picks – Small /Mid Cap
Rec’n Price (S$)
2 Dec
Target Price
($)
Ezion Holdings Buy 2.180 3.30
China Merchants Buy 0.915 1.20
CSE Global Buy 0.995 1.11
Nam Cheong Buy 0.290 0.42
Source: Bloomberg Finance L.P., DBS Vickers
Singapore
Wired Daily
Page 2
Q&M shares and the shares will have a 5 year moratorium. The
owners have further given a profit guarantee for a period of
12 years amounting to RMB 36m.
Liongold Corp, together with a subsidiary of associated firm
ISR Capital and Chinese firm Suzhou Power, is partnering a
new private equity (PE) fund that invests in natural resources.
The fund, IPR LP, hopes to achieve medium to long-term
capital appreciation through direct investments in mining
projects, together with related energy and power investments.
Tritech Group has been awarded a S$7.8m instrumentation
contract by the Land Transport Authority
(LTA).
The massive construction of HDB flats will start to taper off
from next year as balance is restored between demand and
supply in the market, according to Minister for National
Development Khaw Boon Wan. It will be done in a measured
way to allow market to gradually adjust.
The government will be launching two 99-year private housing
sites in Geylang this month. Of the two, the one that is
expected to draw more developer interest is a plot next to
Aljunied MRT Station which has been triggered from the
government's reserve list. The successful applicant has agreed
to bid at least $95m, translating to $505.28 psf ppr, at tender
for the site, which is along Geylang East Avenue 1.
China’s manufacturing activity stabilised in November,
outperforming market expectations of a retraction on rising
credit costs and slower restocking of inventories by companies.
The official Purchasing Managers' Index (PMI) remained flat at
51.4. A separate survey by private investment bank HSBC put
the PMI at 50.8, higher than the preliminary 50.4 flash figure
released 10 days ago. China's economy is recovering from two
quarters of slowing growth. Third-quarter data showed retail
sales and investment rebounding strongly; the real estate
industry was also performing well, with another survey
published over the weekend pointing to prices rising by more
than 10% nationally.
US stocks fell, with indices declining in the final hour of
trading amid data that showed manufacturing unexpectedly
climbed in November and reports on holiday retail sales. The
ISM manufacturing Index rose to 57.3 (consensus 55.1) in
November from 56.4 a month earlier. U.S. retailers are coming
off the first spending decline on a Black Friday weekend since
2009. Purchases at stores and websites fell 2.9% to
US$57.4bil in the 4 days beginning with the Nov. 28
Thanksgiving holiday, this according to a survey commissioned
by the National Retail Federation
No comments:
Post a Comment