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Sembcorp Marine

What a relief!


■ SMM is likely to re-rate on the back of:

1) sale of nine undelivered rigs and

2) improved balance sheet,.

■ Our forecast that SMM could dispose of its jack-up rigs at US$145m per rig was spot on -- refer to our report “Can SMM fetch US$145m per jack-up?” .

■ SMM announced on Friday night that it is selling nine jack-up rigs to Norwegian Borr Drilling for c.US$1.3bn, implying US$144m per rig.

■ We estimate net gearing to improve to 0.7x if most of the US$500m down payment is used to settle its debts. The remaining US$800m will be paid over the next five years.

■ Maintain Add, with a higher target price of S$2.51, now based on 2x P/BV (from 1.5x).


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First Resources (FR SP) Better 2H17 Earnings Reflected In Share Price


FR’s share price has been stagnant at S$1.85-1.93 since 23 Aug 17. We believe current share price has reflected the better earnings in 2H17. We are anticipating stronger 3Q17 results on the back of:

a) higher qoq and yoy FFB production,

b) higher contribution from biodiesel delivery, and

c) better yoy refining margins, but partly offset by weaker CPO ASP.

Maintain HOLD. Target price: S$1.95. Entry price: S$1.75.


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Singapore Property

The Tide has Turned

Prices have turned; we trim RNAV discounts


We refresh our models for recent land acquisitions. With their latest enbloc deals on the east coast, UOL and CityDev are now even stronger proxies for an impending rebound in Singapore’s residential market, in our view. While GuocoLand has not announced details of its latest Beach Road project, we believe a mixed development with office, residential and retail components is likely and update our models accordingly. The recent uptick in the URA PPI has marked a turning point in Singapore’s property market and we expect RNAV discounts for Singapore proxies to narrow. We raise TPs accordingly and reiterate UOL as our top pick, along with BUYs for CityDev and GuocoLand. Risks from a sharp fall in property prices and surprise policy tightening.


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Singapore REITs

The 10 most commonly asked questions


The S-REIT sector has returned 14.2% in the first 9 months (excluding dividends) this year despite the threat of rising interest rates. With interest rate continuing to rise, will S-REITs continue to perform? We answer some of the common questions S-REIT investors have in mind in the current environment.


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LionelLim8.16Check out our compilation of Target Prices

Share Prices

Counter NameLastChange
AEM Holdings3.0700.010
Alliance Mineral0.3500.010
Avi-Tech Electronics0.460-
Best World Int.1.340-0.020
China Sunsine0.900-0.005
CWG International0.1500.002
DISA Limited0.014-0.001
Dutech Holdings0.340-
Federal Int. (2000)0.400-0.020
Food Empire0.6550.010
Geo Energy0.2550.005
Golden Energy0.385-0.005
GSS Energy0.1680.012
Heeton Holdings0.565-
KSH Holdings0.780-0.005
Lian Beng Group0.700-0.010
Nordic Group0.5550.015
Oxley Holdings0.625-0.010
REX International0.054-0.001
Serial System0.165-0.005
Sing Holdings0.450-
Sino Grandness0.2050.005
Straco Corp.0.815-0.005
Sunningdale Tech1.8700.010
Sunpower Group0.5100.005
The Trendlines0.1480.001
Tiong Seng0.380-0.015
Trek 2000 Int.0.280-
Uni-Asia Group1.230-
XMH Holdings0.240-
Yangzijiang Shipbldg1.5200.010

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