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CIMB MAYBANK KIM ENG

Singapore Press Holdings

Potential sale of M1 stake?

■ Axiata, Keppel & SPH announced that they are jointly undertaking a strategic review of their stakes in M1.

■ At M1’s current share price of S$2.19, SPH could receive proceeds of S$0.17/share for sale of its 13.4% stake.

■ Injection of Seletar Mall into SPH REIT in the pipeline, with potential special dividend as the key re-rating catalyst, in our view.

■ Media industry still facing structural challenges and economic headwinds.

■ Upgrade to Hold with higher SOP-based target price of S$3.36. The stock currently offers FY17-19F dividend yields of 4.8-5.1%.

 

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Singapore Economics

Export Recovery Strengthens and Broadens in February

Singapore’s export momentum continues in February, as the recovery broadens to non-electronics. Electronic exports also broaden beyond Integrated Circuits (ICs), which led the earlier improvement, to disk media products and parts of PC. Export growth also broadened to positive growth across all the Top 10 markets, where previously European Union and Malaysia were still negative. This supports our view that the manufacturing and trade momentum remains strong, and will continue to lead and support growth in 2017. Non-oil domestic exports (NODX) accelerated by +21.5% in Feb-17 from a year ago to extend its growth into the 4th consecutive month, boosted by both electronics (+17.2%) and non-electronics (+23.3%). Non-oil reexports (NORX), which is a proxy for wholesale trade services, grew a robust +10% from a year ago. For Jan and Feb combined, NODX and NORX increased by +14.7% and +5.5% respectively.

 

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UOB KAYHIAN

Keppel Corp (KEP SP)

Borr Drilling Eyes Transocean’s Five Newbuilds at Keppel

Upstream reported that Borr Drilling is looking to acquire Transocean’s jack-up fleet (including its five newbuilds at Keppel) for US$1.2b. A transaction seems imminent as Borr is already raising capital of the same amount. Estimating US$708m for the newbuilds (original price tag: US$1.1b), we estimate the impact to Keppel is a loss of 8-14 S cents/share. Actual impact is subject to the final terms of the deal. Maintain HOLD. Our target price remains at S$6.45. Entry price: S$6.10.

 

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LionelLim8.16Check out our compilation of Target Prices




Share Prices

Counter NameLastChange
AEM Holdings3.3000.010
Alliance Mineral0.440-0.015
AusGroup0.0490.002
Avi-Tech Electronics0.485-
Best World Int.1.340-
China Sunsine0.9900.055
CWG International0.1950.001
DISA Limited0.014-
Dutech Holdings0.340-
Federal Int. (2000)0.400-
Food Empire0.6900.005
Geo Energy0.2700.005
Golden Energy0.4150.005
GSS Energy0.1630.003
Heeton Holdings0.5900.015
ISOTeam0.345-
KSH Holdings0.8000.005
Lian Beng Group0.755-
Miyoshi0.076-0.001
Nordic Group0.5700.005
Oxley Holdings0.6800.015
REX International0.0680.005
Riverstone1.0900.030
Roxy-Pacific0.555-
Serial System0.1650.004
Sing Holdings0.445-
Sino Grandness0.205-
Straco Corp.0.875-0.010
Sunningdale Tech1.900-
Sunpower Group0.550-
The Trendlines0.1500.003
Tiong Seng0.390-
Trek 2000 Int.0.2700.005
Uni-Asia Group1.2900.010
XMH Holdings0.2450.025
Yangzijiang Shipbldg1.6000.010

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