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Fw: OCBC : SG: MARKET PULSE: ART, Swiber (7 May 2013) | | | |
MARKET PULSE: ART, Swiber
7 May 2013
KEY IDEA
Ascott Residence Trust: Acquisition of assets in China and Japan
Ascott Residence Trust (ART) has entered into conditional agreements to acquire three prime serviced residences in China and a portfolio of 11
rental housing properties in Japan for S$287.4m at an EBITDA yield of 5.4% on a pro forma basis for FY12. On a pro forma basis, these accretive
acquisitions are expected to have increased FY12 distribution per unit by 2.9% from 8.76 S cents to 9.01 S cents. However, with the Japanese Yen
currently ~22% weaker in SGD-terms versus the FY12 average, any accretion post-acquisition is likely to be lower. The acquisitions will be funded
partly by the S$150m recently raised from an equity placement and the balance will be funded by debt. We maintain our FV of S$1.35 and HOLD rating
on ART. (Sarah Ong)
MORE REPORTS
Swiber Holdings: Still bidding for projects
According to Upstream, Punj Lloyd is poised to win a US$131.45m contract from India’s state-owned ONGC to lay subsea pipelines and execute topside
modification work for the B-127 field development in India. We understand that Swiber was the highest bidder for the project with a 13.3% difference
from Punj Lloyd’s price quote. Meanwhile, Swiber is still bidding for other work; management has been upbeat regarding its potential pipeline.
Despite the positive industry outlook, we would continue to monitor operating margins and cash flows of the group. Meanwhile, the stock price has
fallen by about 1.6% YTD vs the STI’s 6.9% rise. Though there is currently a more than 10% upside for the stock, we prefer to maintain our HOLD
rating and fair value estimate of S$0.70 on Swiber, pending its 1Q13 results announcement next week. (Low Pei Han)
For more information on the above, visit www.ocbcresearch.comfor the detailed report.
NEWS HEADLINES
- MTQ Corporation's 4QFY13 net profit soared 94% YoY to S$7.75m.
- CH Offshore, which charters vessels to support the offshore oil and gas industry, yesterday posted a 57% YoY fall in net profit to US$4.76m for
its fiscal 3Q ended March 31.
- Viking Offshore & Marine's 1Q13 net profit from continuing operations fell 77% YoY to $237,000 as "other income" dropped 64% to $698,000 due to
absence of a one-time divestment gain from last year.
- Asiamedic has agreed to buy 80% of Complete Healthcare International Pte Ltd for a maximum consideration of $2m in cash.
- Abalone producer Oceanus Group’s 1Q13 loss widened to CNY45.2m (S$9.0m) from CNY39.1m a year ago.
- Industrial property developer OKH Holdings begins life as a listed entity today under the name OKH Global, following a S$123.2m reverse takeover
of China-based IT solution provider Sinobest Technology.
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07-May 2013 Tuesday
10:16 AM (4010 days ago)
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