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Phillip Securities Soilbuild Business Space REIT Bukit Batok Connection adds stability, but Technics Offshore remains a drag Preferential Offering was oversubscribed Acquisition of Bukit Batok Connection has been completed Acquisition adds stability to the portfolio Cutting our estimates for Technics Offshore
Downgrade to "Neutral" rating with lower DDM valuation of S$0.69 (previous: S$0.79) Our new target price is lower than the previous, due to the 10% dilution to the Unitholder base and the effect of the lower occupancy expected at Technics Offshore. |
OCBC Ezion Holdings: Terms of REPS amended Positive for both funds and Ezion Slight recovery in sentiment Ezion Holdings has entered into a supplemental agreement with the holders of its redeemable exchangeable preference shares (REPS), and its wholly owned subsidiary, Teras Investments Pte Ltd to amend the terms of the REPS: 1) the maturity of the REPS shall be extended by three years, from 10 Oct 2016 to 10 Oct 2019, and 2) no annual dividend in respect of the outstanding REPS as at the maturity date shall accrue and be payable for the period 11 Oct 2016 to the maturity date. This is a positive for Ezion, and is more positive than negative for the REPS holders. Meanwhile, with the recovery in sector valuations due to a stronger oil price, we increase our P/B valuation from 0.35 to 0.4x, such that our fair value estimate rises from S$0.30 to S$0.35. Maintain HOLD. |
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CIMB Frasers Centrepoint Ltd S$520m strategic Investment in TICON ■ TICON is listed on the SET and is a leading developer and owner of industrial properties in Thailand. ■ We view the deal positively as the industrial sector in Thailand should benefit from the roll out of mega infrastructure investment programmes. ■ Maintain Add with unchanged TP. The stock is trading at a 49% discount to RNAV.
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MayBank Kim Eng Singapore Post Ltd (SPOST SP) Mending corporate governance
Improving corporate governance allay concerns SingPost has substantially implemented all the recommendations of its corporate governance (CG) review, concluded in Jul 2016. These swift actions should further allay CG concerns and allow the incoming CEO to focus on execution. Key implementations include: i) appointment of three new independent directors; ii) establishing a new Finance and Investment Committee (FIC); and iii) changes in the composition of the existing board committees. Maintain BUY & DCF TP of SGD1.77 (WACC 8.7%; LTG 1.0%). |
