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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 Holdings6.730-0.260
Alliance Mineral0.3650.005
AusGroup0.0500.001
Avi-Tech Electronics0.480-0.005
Best World Int.1.580-0.010
China Sunsine1.5100.050
DISA Limited0.010-
Dutech Holdings0.2700.020
Federal Int. (2000)0.3550.005
Food Empire0.660-0.005
Geo Energy0.230-
Golden Energy0.370-0.005
GSS Energy0.159-0.001
Heeton Holdings0.570-
ISOTeam0.365-
KSH Holdings0.665-0.010
Lian Beng Group0.625-0.010
Miyoshi0.071-
Nordic Group0.550-0.015
Oxley Holdings0.485-0.010
REX International0.0520.001
Riverstone1.080-0.010
Roxy-Pacific0.535-0.005
Serial System0.171-
Sing Holdings0.440-0.005
Sino Grandness0.197-
Straco Corp.0.810-
Sunningdale Tech1.720-0.010
Sunpower Group0.480-0.005
The Trendlines0.122-0.002
Tiong Seng0.390-0.005
Trek 2000 Int.0.230-0.010
Uni-Asia Group1.4300.020
XMH Holdings0.300-
Yangzijiang Shipbldg1.210-0.030

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