Today’s Focus
OSIM - Sued over its shares in TWG Tea
OSIM International has been served a writ of summons by
The Wellness Group Pte Ltd and its chairman, Manoj Murjani,
over its shares in TWG Tea. The claim in the writ of summons
relates to the recent subscription by OSIM and Paris
Investment of the shares in TWG Tea and other disputes. The
Wellness Group and Manoj claimed that the issuance of
shares was an act of minority oppression and is in breach of
the terms of the shareholders agreement dated March 18,
2011, entered into between OSIM, Paris Investment, The
Wellness Group, and TWG Tea. OSIM first acquired a 35%
stake in TWG Tea in April 2011 for $31.36m. This was raised
to 45% last July, and 53.7% in October. Last month, OSIM
raised its stake in the luxury tea company to 70%, when
TWG Tea undertook a rights issue to raise $25m.
Singapore's Temasek Holdings is seeking to sell its US$3.1bn
stake in Thai telecom company Shin Corp, according to
Business Times, and has approached SingTel as a possible
buyer. Temasek, which owns 41.6% of Shin Corp through a
subsidiary, held talks with SingTel late last year, but those
discussions have since stalled, according to sources.
SIA’s operating results for January 2014. In January, SIA’s
systemwide passenger carriage increased 2.2% against
capacity growth of 1.3%. Consequently, passenger load
factor (PLF) increased 0.8 percentage points to 79.1%. The
number of passengers carried increased by 3.2% to 1.6 m.
PLF improved across all route regions except East Asia. PLF for
East Asia declined 0.9 percentage points as the region
continues to absorb the increase in capacity and demand to
Bangkok remains weak. The operating environment continues
to remain challenging. Efforts to stimulate demand to boost
loads will continue to place downward pressure on yields.
Cargo traffic was 0.4% lower, while cargo capacity remained
flat year-on-year. Consequently, cargo load factor was
marginally lower by 0.2 percentage points at 60.5%.
KS Energy has secured a contract for the provision of a new
300ft drilling rig in Vietnam for Vietsovpetro. The contract is
for a period of one year with an option to extend for an
US Indices Last Close Pts Chg % Chg
Dow Jones 16,154.4 126.8 0.8
S&P 1,838.6 8.8 0.5
NASDAQ 4,244.0 3.4 0.1
Regional Indices
ST Index 3,069.3 30.6 1.0
ST Small Cap 529.4 3.7 0.7
Hang Seng 22,535.9 237.5 1.1
HSCEI 10,101.2 167.5 1.7
HSCCI 4,296.7 4.4 0.1
KLCI 1,827.5 8.1 0.4
SET 1,332.4 20.5 1.6
JCI 4,555.4 47.3 1.0
PCOMP 6,167.8 54.2 0.9
KOSPI 1,950.1 3.8 0.2
TWSE 8,519.6 5.9 0.1
Nikkei 14,393.1 80.1 0.6
STI Index Performance
Singapore
1,000
2,000
3,000
4,000
2006 2007 2008 2009 2010 2011 2012 2013 2014
100-Day MA
Index
STI
Total Market cap (US$bn) 561
Total Daily Vol (m shrs) 2,892
12m ST Index High 3,454
12m ST Index Low 2,960
Source: Bloomberg Finance L.P.
Stock Picks – Large Cap
Rec’n Price (S$)
17 Feb
Target Price
(S$)
Hutchison Port Hldgs Trust (US$) Buy 0.640 0.76
Keppel Corp Buy 10.500 12.60
ST Engineering Buy 3.800 4.90
Yangzijiang Buy 1.140 1.32
Stock Picks – Small /Mid Cap
Rec’n Price (S$)
17 Feb
Target Price
($)
Ezion Holdings Buy 2.320 3.36
China Merchants Buy 0.890 1.20
Pacific Radiance Ltd Buy 0.955 1.05
Nam Cheong Buy 0.340 0.43
Source: Bloomberg Finance L.P., DBS Bank
Singapore
Wired Daily
Page 2
additional one year and is due to commence in 2Q FY14.
The total value of the contract, excluding the potential
extension, is approximately US$58m.
Armarda Group is partnering with Chinese marine
navigation and communications systems and handheld
fisheries rescue terminals, Zoeru (Fujian) Communications to
deliver marine-based mobile satellite solutions for Chinese
marine fisheries vessels and personnel. According to Zoeru’s
spokesman, currently it has approximately 30% market
share in the marine navigation and communication systems,
and approximately 70% market share in the marine rescue
handheld terminals in China. Based on National Marine
Fisheries Service’s requirements, the demand for satellite
communication terminals from registered marine fisheries
vessels and satellite mobile phones from marine fisheries
personnel are about 250,000 and 500,000 respectively.
Zoeru has placed an order of 3,000 mobile satellite
communication equipments.
Cryoviva Singapore, a joint venture company between
Cryoviva International and SGX-Catalist listed AsiaMedic, set
up in July last year to meet the rising demand for cord blood
banking services, is licensed to run Singapore’s third cord
blood bank. Cryoviva Singapore Laboratory Services has
appointed the Singapore Cord Blood Bank to contract
process and store all its cord blood units. Spurred by an
improved understanding and better treatment protocols
using stem cell therapy, cord blood banking is now one of
the fastest growing segments of the healthcare industry. It
was valued at US$12.40 bn in 2012 and is expected to
grow at a CAGR (Compound Annual Growth Rate) of 5.6%
from 2013 to 2019, to reach an estimated value of
US$15.23 bn in 2019, according to Transparency Market
Research.
Hiap Hoe announced a A$90m purchase for 130 Stirling
Street, an A-grade commercial building that sits on a quality
5,033 sq m site along the northern fringe of Perth’s CBD.
The acquisition is in line with Hiap Hoe’s strategy to build up
a geographically diversified portfolio of income-generating
assets. With the acquisition of 130 Stirling Street, Hiap
Hoe’s portfolio of investment properties in Australia now
include three quality assets in Melbourne and one in Perth.
China Haida is expected to report net loss for FY13, mainly
due to provision of outstanding debts.
Developers sold 565 private homes excluding ECs in Jan
2014, up from 259 units in Dec 2013. In January 2013, they
sold 2,028 private homes. Including ECs, which are a publicprivate
housing hybrid, developers moved 610 homes last
month, again up from 333 homes in December but much
lower than the 2,284 units they sold in January 2013.
Market watchers note that last month, developers chose to
hold back launches amid the lull leading up to Chinese New
Year festivities this year, on the back of generally weak
sentiment. As for this month, property consultants'
forecasts of developer sales range from 600 to over 1,000
units. For the whole of 2014, most property consultants
predict developers could sell around 10,000-12,000 private
homes excluding ECs. Last year's figure was 14,948 units,
down from 2012's record of 22,197 units.
Singapore notched a record 15.5m visitor arrivals last year, a
7.2% rise from 2012 that outpaced the more subdued
1.6% increase in tourism spend, which was dragged down
partly by smaller corporate budgets. Tourism spend worked
out to $23.5bn in 2013, the weakest performance since the
global financial crisis in 2009, when tourism receipts sank
19% to $12.4bn. The Singapore Tourism Board had
projected tourism receipts of between S$23.5bn and
S$24.5bn, and visitor arrivals of between 14.8m and 15.5m
for 2013. Our analyst expects tourism receipts to hit $26bn
for 2014, while visitor arrivals will climb to 16.3m
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