LIM & TAN |
LIM & TAN |
SATS Ltd (S$2.94, up 2 cents) announced that its shareholders voted to approve the proposed acquisition of Worldwide Flight Services (WFS) at an Extraordinary General Meeting (EGM) which was held in person and via electronic means on 18-Jan-23. 96.80% of the total number of votes were in favour of the resolution to approve the transaction. Voting at the EGM was conducted by poll. Sats’ acquisition of WFS is expected to cost the company S$1.8 billion. At $2.94, market cap of SATS Ltd is S$3,305mln and current P/B is 2.1x. It is currently loss-making and does not pay dividends. According to Bloomberg consensus, there are four buys, one sell and three hold recommendations on the stock while the average of the various analysts’ target price on SATS Ltd is $3.57, representing a potential upside of 21%.
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Tiong Woon (TWC) / Sin Heng: The Straits Times recently reported that construction firms can now tap a $4 million grant to outfit their lorry cranes with technology that prevents them from being overloaded or toppling. This comes after the number of crane-related dangerous incidents nearly quadrupled to 15 cases in 2022, contributing to six of the 46 workplace fatalities that year Accordingly, we think crane companies such as TWC ($0.47, down 1 cent) and Sin Heng ($0.48, unchanged) should benefit from this in 2 ways. Firstly, the listed local crane players have access to grants to improve safety and secondly, the listing status of TWC and Sin Heng should give them a further edge over other private companies when it comes to project biddings, given the latest emphasis on safety. |
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