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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
AEM2.6400.030
$ Alliance Mineral0.300-
AusGroup^0.0530.001
Avi-Tech0.470-
Best World1.5000.010
China Sunsine0.8850.015
CWG Intl0.1510.001
Dutech0.4500.010
Federal Int0.400-
Food Empire0.7050.020
Geo Energy Res0.2450.005
Golden Energy0.3950.005
$ GSS Energy0.1760.002
Heeton0.4750.005
$ ISOTeam0.345-
KSH0.8300.010
Lian Beng0.620-
$ Miyoshi0.0740.002
Nordic0.405-
Oxley0.580-
$ Rex Intl0.0580.003
Riverstone1.050-
Roxy-Pacific0.5250.010
Sunningdale Tech2.0400.050
Serial System0.1810.001
Sino Grandness0.2300.010
Straco0.8500.010
Sunpower0.7150.015
Tiong Seng0.3250.005
$ Trendlines0.1470.003
Uni-Asia Grp1.3800.010
XMH0.260-
Yamada Green Res0.460-
YZJ Shipbldg SGD1.3500.020
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