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PHILLIP SECURITIES CIMB

Global Logistic Properties Ltd

Management buy-out

 

 Scheme of arrangement from Nesta Investment Holdings to acquire all ordinary shares in GLP for S$3.38 apiece.

 Offer price represents a 102% premium to one-year VWAP and 30% premium to Net Asset Value (NAV) as at 31 March 2017.

 Offer price represents an 18% premium to our target price of S$2.87 and 6% premium to our RNAV estimates.

 

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Singapore Press Holdings 3QFY8/17: impairment resurfaces in headlines

■ We deem 3Q17 core PATMI of S$66.7m in line at 29% of our full-year forecast, excluding a S$37.8m impairment on the magazine business.

■ Still no end in sight for the media business weakness as 3Q17 revenue fell 15.7% yoy.

■ Maiden contribution by Orange Valley Healthcare saw 8.2% yoy growth in the others segment, offsetting lower revenue from the exhibition business in the quarter.

■ We see positives from SPH’s ongoing diversification efforts, and the possibility of more dividends from monetising its investments (M1 stake, Seletar Mall etc).

■ Our Hold rating is intact with a lower SOP-based target price of S$3.22 and 5% forecast dividend yield. Expect 4Q17F bottom line boost from 701Search stake sale.

 

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MAYBANK KIM ENG

Singapore Banks

Singapore Property and Housing Loans

Singapore property market seeing some revival

Housing loans represent 31% of the system’s domestic banking unit (DBU) loans. Following the implementation of cooling measures since 2009- 2013, mortgage growth has slowed from 16% YoY at end-2012 to 4% YoY now. Recent buoyancy in the Singapore property market augurs well for housing loans. In assessing the impact of housing loans, we conclude that loans could increase by SGD7-12b in our base case scenario of 24.5k units of private housing sales, raising housing loan growth by 4-6% YoY in 2017. This translates to an increase of 1-2% of system DBU loan growth in the same year.

 

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LionelLim8.16Check out our compilation of Target Prices




Share Prices

Counter NameLastChange
AEM Holdings3.240-0.010
Alliance Mineral0.330-0.005
AusGroup0.038-0.001
Avi-Tech Electronics0.470-0.020
Best World Int.1.280-0.020
China Sunsine0.935-0.005
CWG International0.1470.001
DISA Limited0.0130.001
Dutech Holdings0.350-
Federal Int. (2000)0.420-0.010
Food Empire0.6950.010
Geo Energy0.265-
Golden Energy0.4200.025
GSS Energy0.1670.002
Heeton Holdings0.550-0.005
ISOTeam0.3600.010
KSH Holdings0.8400.005
Lian Beng Group0.780-0.010
Miyoshi0.0780.003
Nordic Group0.5600.010
Oxley Holdings0.650-0.005
REX International0.0550.001
Riverstone1.050-
Roxy-Pacific0.5250.005
Serial System0.172-
Sing Holdings0.450-0.005
Sino Grandness0.210-
Straco Corp.0.850-0.005
Sunningdale Tech1.9500.020
Sunpower Group0.5750.035
The Trendlines0.1480.001
Tiong Seng0.375-
Trek 2000 Int.0.275-
Uni-Asia Group1.2700.010
XMH Holdings0.250-
Yangzijiang Shipbldg1.690-0.020

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