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PHILLIP SECURITIES CIMB

Global Logistic Properties Ltd

Management buy-out

 

 Scheme of arrangement from Nesta Investment Holdings to acquire all ordinary shares in GLP for S$3.38 apiece.

 Offer price represents a 102% premium to one-year VWAP and 30% premium to Net Asset Value (NAV) as at 31 March 2017.

 Offer price represents an 18% premium to our target price of S$2.87 and 6% premium to our RNAV estimates.

 

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Singapore Press Holdings 3QFY8/17: impairment resurfaces in headlines

■ We deem 3Q17 core PATMI of S$66.7m in line at 29% of our full-year forecast, excluding a S$37.8m impairment on the magazine business.

■ Still no end in sight for the media business weakness as 3Q17 revenue fell 15.7% yoy.

■ Maiden contribution by Orange Valley Healthcare saw 8.2% yoy growth in the others segment, offsetting lower revenue from the exhibition business in the quarter.

■ We see positives from SPH’s ongoing diversification efforts, and the possibility of more dividends from monetising its investments (M1 stake, Seletar Mall etc).

■ Our Hold rating is intact with a lower SOP-based target price of S$3.22 and 5% forecast dividend yield. Expect 4Q17F bottom line boost from 701Search stake sale.

 

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MAYBANK KIM ENG

Singapore Banks

Singapore Property and Housing Loans

Singapore property market seeing some revival

Housing loans represent 31% of the system’s domestic banking unit (DBU) loans. Following the implementation of cooling measures since 2009- 2013, mortgage growth has slowed from 16% YoY at end-2012 to 4% YoY now. Recent buoyancy in the Singapore property market augurs well for housing loans. In assessing the impact of housing loans, we conclude that loans could increase by SGD7-12b in our base case scenario of 24.5k units of private housing sales, raising housing loan growth by 4-6% YoY in 2017. This translates to an increase of 1-2% of system DBU loan growth in the same year.

 

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LionelLim8.16Check out our compilation of Target Prices




Share Prices

Counter NameLastChange
AEM Holdings3.3000.020
Alliance Mineral0.345-0.020
AusGroup0.0400.001
Avi-Tech Electronics0.490-
Best World Int.1.230-
China Sunsine0.925-0.015
CWG International0.151-0.002
DISA Limited0.013-
Dutech Holdings0.350-
Federal Int. (2000)0.430-
Food Empire0.680-0.020
Geo Energy0.2700.005
Golden Energy0.420-
GSS Energy0.166-0.004
Heeton Holdings0.540-0.015
ISOTeam0.3600.005
KSH Holdings0.835-
Lian Beng Group0.770-
Miyoshi0.074-0.001
Nordic Group0.540-0.015
Oxley Holdings0.660-0.010
REX International0.053-0.001
Riverstone1.050-0.010
Roxy-Pacific0.530-0.010
Serial System0.172-
Sing Holdings0.440-0.020
Sino Grandness0.210-0.010
Straco Corp.0.850-0.015
Sunningdale Tech1.940-0.020
Sunpower Group0.6000.025
The Trendlines0.146-0.006
Tiong Seng0.375-0.010
Trek 2000 Int.0.275-
Uni-Asia Group1.2700.010
XMH Holdings0.250-
Yangzijiang Shipbldg1.7000.010

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