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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

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AEM Holdings1.0800.020
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AusGroup0.040-
Avi-Tech Electronics0.3950.005
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China Sunsine1.550-0.060
DISA Limited0.009-
Dutech Holdings0.290-
Federal Int. (2000)0.2700.020
Food Empire0.655-0.015
Geo Energy0.220-
Golden Energy0.355-
GSS Energy0.1400.002
Heeton Holdings0.560-
ISOTeam0.340-0.005
KSH Holdings0.6200.015
Lian Beng Group0.5600.010
Miyoshi0.056-
Nordic Group0.500-
Oxley Holdings0.420-
REX International0.0460.002
Riverstone1.0300.035
Roxy-Pacific0.495-
Serial System0.152-
Sing Holdings0.4300.005
Sino Grandness0.2250.015
Straco Corp.0.7550.005
Sunningdale Tech1.2900.030
Sunpower Group0.6100.010
The Trendlines0.1180.004
Tiong Seng0.390-
Trek 2000 Int.0.130-
Uni-Asia Group1.3500.010
XMH Holdings0.200-
Yangzijiang Shipbldg0.9400.020

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