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Shipyards – Singapore

Borr Needs A Faster Recovery To Pay Back On Time


Borr has been the biggest acquirer of stranded jack-ups from Singapore shipyards, owing close to US$1.2b in delivery financing to the yards. An examination of its business strategy suggests that the current jack-up recovery is slower than it requires. Current dayrates remain too low for Borr to repay the yards within five years. Deployment has also been lacklustre. Receivable risks exist for the yards, which remain as trading plays. Our preferred pick is SCI. Maintain MARKET WEIGHT.

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First REIT: Not quite out of the woods


We attended an analyst briefing hosted by FREIT yesterday. One of the key concerns pertained to the current master leases between LK and FREIT, with the initial batch of leases due in 2021. In the event that LK should divest off its entire stake in FREIT, the possibility of lease non-renewals would be hard to ignore. While Siloam Hospitals could theoretically take over those leases, negotiated terms could leave FREIT in a less-than-favourable position. FREIT is also looking to rebalance its portfolio, where up to 50% of its assets will be located outside Indonesia within the next 3-5 years. We are of the opinion that FREIT could be looking to acquire a significant portion of OUELH’s ~S$300m Japanese nursing home portfolio in 2019, with another 2-3 sizeable acquisitions thereafter. Thus, we believe that a substantial amount of funds tapped via the equity market cannot be ruled out. We maintain our HOLD rating, but cut our FV from S$1.34 to S$1.05.





LionelLim8.16Check out our compilation of Target Prices

Share Prices

Counter NameLastChange
AEM Holdings4.6200.040
Avi-Tech Electronics0.000-
China Sunsine0.465-0.005
Food Empire0.670-0.005
Fortress Minerals0.400-0.010
Geo Energy Res0.365-
Golden Energy0.300-
GSS Energy0.0660.001
ISDN Holdings0.6450.005
IX Biopharma0.191-
Jiutian Chemical0.0850.002
KSH Holdings0.3400.005
Leader Env0.065-
Medtecs Intl0.295-
Moya Asia0.063-
Nordic Group0.3900.005
Oxley Holdings0.182-0.002
REX International0.3350.005
Sinostar PEC0.290-
Southern Alliance Mining0.700-
Sri Trang Agro1.160-
Straco Corp.0.405-0.010
Sunpower Group0.435-
The Trendlines0.107-
Totm Technologies0.1770.003
UG Healthcare0.270-
Uni-Asia Group0.955-
Wilmar Intl4.2600.030
Yangzijiang Shipbldg1.290-

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