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Singapore Coal Monthly A deeply undervalued sector SINGAPORE | MINING | SECTOR UPDATE
What is the news? China
In Mar-18, the authority announced the Government Work Report for 2018, part of which directs the ongoing supply-side reform. According to the report, China will cut down steel and coal capacity by 30mn tonnes and 150mn tonnes respectively in 2018. Meanwhile, it will shut coal-fired plants with a capacity of less than 300k KW that fail to meet emission standards in 2018.
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Mapletree Greater China Commercial Trust Maiden foray into Japan
■ Buys six Japan commercial properties for a total acquisition cost of S$770.5m ■ Deal will diversify portfolio and income stream ■ Acquisition to be earnings accretive, room for more upside from rental reversions ■ To be funded via debt and new equity ■ Upgrade to Add with a higher TP of S$1.30
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Sembcorp Marine Energean FPSO contract in the bag
Energean’s EPCIC contractor TechnipFMC has awarded a newbuild FPSO contract to SMM The contract includes the construction of the hull and living quarters as well as the fabrication and integration of various topside modules DBS estimates the contract value to be approximately US$400m or ~S$500m Reiterate BUY; TP S$2.90
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