Today’s Focus
Tiger Airways - Enters into strategic alliance with Cebu
Pacific
Tigerair and Cebu Pacific, the largest budget carriers based in
Singapore and the Philippines respectively, have announced
plans to enter into a strategic alliance. Both parties will
collaborate commercially and operationally on international
and domestic air routes from the Philippines, thereby creating
the biggest network of flights to the region. The alliance will
enable both parties to leverage their respective strengths and
harness synergies to enhance their network coverage, flight
frequencies and customer service, and jointly market their
routes using interline arrangement. As part of the strategic
alliance, Tigerair will divest its 40% stake in Tigerair
Philippines to Cebu Pacific.
OUE will begin book-building for a commercial real estate
investment trust (Reit) listing on Jan 13 that may raise as
much as US$355m. This will be the first major Singapore
initial public offering (IPO) this year, which could be followed
by US$1 billion IPO of South Korea's Lotte Shopping Co Ltd's
Reit after the Chinese New Year holiday. The OUE
Commercial Reit is targeting a market capitalisation of
$700m, and sponsor OUE plans to retain a stake of around
40%.
Chasen has set up its first Facilitised Refurbishment & Testing
Centre (FRTC), which will open new opportunities to provide
one-stop service to OEMs by merging its new refurbishment
facility into its integrated logistics value chain. It has also
announced S$10.6m of new contracts including a crossborder
relocation works, worth S$7.4m, for a Korean
company to Guangzhou, PRC.
A subsidiary of TEE Land has acquired Long House Food
Centre, a popular food centre along Upper Thomson Road,
for $45.2m. Long House, a family-held asset, sits on a 1,576
square metre freehold site that has been designated for
commercial and residential use under the 2008 Master Plan.
TEE Land said that it intends to redevelop the property into a
commercial-cum-residential development.
US Indices Last Close Pts Chg % Chg
Dow Jones 16,530.9 105.8 0.6
S&P 1,837.9 11.1 0.6
NASDAQ 4,153.2 39.5 1.0
Regional Indices
ST Index 3,120.9 (2.9) (0.1)
ST Small Cap 546.6 1.3 0.2
Hang Seng 22,712.8 28.6 0.1
HSCEI 10,236.1 (54.4) (0.5)
HSCCI 4,346.5 (39.7) (0.9)
KLCI 1,825.1 (4.1) (0.2)
SET 1,262.4 31.5 2.6
JCI 4,175.8 (27.0) (0.6)
PCOMP 5,947.4 (38.4) (0.6)
KOSPI 1,959.4 6.2 0.3
TWSE 8,512.3 12.3 0.1
Nikkei 15,814.4 (94.5) (0.6)
STI Index Performance
Singapore
Total Market cap (US$bn) 568
Total Daily Vol (m shrs) 4,251
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$)
7 Jan
Target Price
(S$)
Hutchison Port Hldgs Trust (US$) Buy 0.665 0.80
Keppel Corp Buy 11.180 12.90
OCBC Buy 9.750 12.40
Yangzijiang Buy 1.170 1.32
Stock Picks – Small /Mid Cap
Rec’n Price (S$)
7 Jan
Target Price
($)
Ezion Holdings Buy 2.330 3.36
China Merchants Buy 0.920 1.20
Pacific Radiance Ltd Buy 0.950 1.05
Nam Cheong Buy 0.325 0.42
Source: Bloomberg Finance L.P., DBS Vickers
Singapore
Wired Daily
Page 2
Singapore's container throughput hit a record last year,
shrugging off another sluggish year for the industry. Advance
estimates released by the Maritime and Port Authority of
Singapore (MPA) showed that container throughput in 2013
rose 2.9% from the previous year to reach a record 32.6
million TEUs. However, Singapore still failed to steal the No 1
spot from Shanghai Port, which had displaced it from pole
position in 2010. Shanghai Port achieved a throughput of 33.6
million TEUs last year, up 3.4% y-o-y. Overall, Singapore's
growth in container volume for 2013 was in line with global
container volume growth of 3.3%.
In property news, despite last month's rule changes affecting
the executive condo market, an EC site in Jurong West has
drawn strong interest with 12 bids and a high top bid of
$381.81 psf ppr from a Koh Brothers-Heeton Homes
partnership. This was near the top end of the range predicted
by property consultants when the site was launched in late
October. And the top bid was just 0.45% from the next
highest offer of $380.08 psf ppr.
US stocks rallied ahead of the December ADP employment
change number and the FED minutes scheduled for release
later tonight. Sentiment was also underpinned by the lesserthan-
expected November trade balance of negative
USD34.3bil (consensus negative USD40bil).
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