MARKET WATCH 28th SEP 2012 - AsianBookie.Com Forums

28-Sep 2012 Friday 9:48 AM (4229 days ago)

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STI         3,059      +13     +0.42%
DOW       13,486     +72    +0.54%
S&P         1,447      +14    +0.95%
FTSE       5,779       +11    +0.19%
DAX         7,290       +13    +0.19%
GOLD       1,779        -2      -0.08%
OIL           92.21        +0.36   +0.39%
PRE-HK OPEN +115pts

CREDIT SUISSE GLOBAL RISK APPETITE (EQUITY) : -1.26 (26 Sep 2012)
CREDIT SUISSE GLOBAL RISK APPETITE               : -1.36 (26 Sep 2012)

28 Sep 2012 08:43

DJ MARKET TALK: Singapore's STI May Stay Stuck In 3046-3088 Band

0043 GMT [Dow Jones] Singapore's STI may remain mired in the 3046-3088 range it has hugged for 10 straight sessions, shrugging off Wall Street's positive cue amid mixed leads from regional markets. Wall Street's rally Thursday came as Spain's budget plan eased euro-zone debt concerns and as China moved to add banking-system liquidity. "With a piece of Spain's puzzle unveiled overnight and the surrounding speculation for Chinese stimulus, we can expect equities, commodities and risk currencies to remain bid, but should remain cautious as the troubles of Europe are never too far away," says Andrew Taylor, markets strategist at GFT Markets, in a note. He cautions, "equities have proven to be renowned 'over-shooters' and as such are usually the preferred option when the 'sell on fact' part of the equation materializes." He says China's PMI data Saturday will be closely watched. The STI ended Thursday up 0.4% at 3059.43. FN's (F99.SG) EGM to vote on Heineken's (HEIA.AE) offer to buy its APB (A46.SG) holdings will likely be a key focus, even as it's widely considered a done deal after the Thai group pledged to vote in favor of the sale, but to reject the capital-reduction plan F&N shares are halted. Ascott Residence Trust (A68U.SG) agreed to buy a 166-unit Hamburg property

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28-Sep 2012 Friday 9:49 AM (4229 days ago)

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Daily Review, 28 September 2012 Page 1 of 3

SGX-ST Member, SGX-DT (CNCM)

Daily Review

28 September 2012

LIM & TAN SECURITIES PTE LTD

20 CECIL STREET

#09-00 EQUITY PLAZA

SINGAPORE 049705

TEL: 65330595 FAX: 65332368

www.limtan.com.sg

RCB Reg No. 197301030W

F&N

S$8.89-FRNM.SI

 Charoen Sirivadhanabhakdi has made it clear

in the offer document despatched yesterday, he

wants to maintain listing status of F&N, and will

review various options in the event his stake crosses

90%.

 TCC Asset’s offer will close at 530 pm on Monday

Oct 29. (TCC is owned by Charoen and wife.)

 Note that the offeror did not say the offer is final,

which leaves room for more twists in the weeks

ahead.

 Note also that other than the usual appointment of

independent financial advisors (JP Morgan), F&N

has also appointed a financial advisor (Goldman

Sachs) to advise its board on TCC’s offer. (The

board is made up of 9 directors, all non-executive

and of which 2 are non-independent: Lee Hsien

Yang and Koyayashi, a Kirin representative.)

 F&N and AP Brew have asked for Trading Halt

pending the outcome of the EGM at 10 am this morning.

This is likely to be anti-climatic as outcome will be pretty

much as to be expected: Resolution 1 (sale of AP Brew

to Heineken) passed, Resolution 2 (capital reduction)

rejected, and as investors expect Charoen to reveal

more “information”, likely to dissuade overwhelming

acceptance..

 Bear in mind the offeror is not a listed company,

and Thai Beverage’s share price hit a high of 44 cents

recently, comfortably above the IPO price of 28 cents.

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28-Sep 2012 Friday 9:49 AM (4229 days ago)

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Daily Review, 28 September 2012 Page 2 of 3

SGX-ST Member, SGX-DT (CNCM)

MIDAS

S$0.42-MIDS.SI

 As part of Midas’ ongoing good corporate governance

initiatives, the company is proposing to change their

current auditors BDO LLP (served as their auditors

since 2005) to Mazars LLP.

 BDO has confirmed that there are no matters in

connection with its resignation that need to be

brought to the attention of shareholders and there is

no disagreement between the board and them

regarding its resignation.

 Midas said that the above would also enable the

company to benefit from fresh perspectives and views

of another professional firm and also enhance the value

of the audit process.

 The above while notable would have boosted the

market’s confidence if Midas changed to one of the big

4 audit firms. S-Chips like China Minzhong is in

the process of trying to regain market confidence by

winning over one of the big 4 audit firms from their

current auditor Horwath First Trust.

 Midas’ share price has risen about 17% (to 42 cents

currently) since our upgrade to BUY on 7 Sept ’12,

helped by positive announcements from the Chinese

government to further boost investments in the

railway industry.

 The stock is currently retesting the upped end of the

trading band established since mid-2011.

 However, to break above this key resistance level, we

believe the company has to announce new contract

wins soon.

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28-Sep 2012 Friday 9:51 AM (4229 days ago)

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|MARKET PULSE: ST Engin, SingPost, ART | |----------------------------------------------------------------------------------------------------------------------------------------------------| | 28 Sep 2012| |----------------------------------------------------------------------------------------------------------------------------------------------------| |KEY IDEA | | | |ST Engineering: Defensive play with room to climb | |A safe haven in turbulent times, STE has outperformed the STI significantly since the beginning of the year, rising 29.0% versus the 15.6% increase | |by the index. The stock reached its 52-week high of S$3.55 last Friday. The counter is trading at a historical P/E multiple of 20.1x and should | |still have room to climb. With the win of S$179m worth of contracts by ST Marine announced in 3Q12 so far, we think that STE’s order book may be | |greater than S$13b by the end of 3Q12. We note that the order book has been growing faster than annual revenues, implying increasing earnings | |visibility into the future. Rolling forward our valuation to blended 2H12/1H13 EPS and increasing our P/E multiple from 20.0x to 20.5x, we raise our| |fair value from S$3.50 to S$3.81 and maintain a BUY. (Sarah Ong) | | | | | |MORE REPORTS | | | |SingPost: Not just a "dividend" stock | |The steady climb of Singapore Post’s (SingPost) stock has continued since the start of the year when we upgraded the stock to BUY. Cautiously | |improving market sentiment and the flood of liquidity searching for safe havens with respectable yields has supported performance, along with | |greater expectations of further growth opportunities in SingPost after the issuance of perpetual capital securities in Feb. Though spectacular gains| |are unlikely to be enjoyed by investors in the stock, SingPost’s total return has been attractive since 2010 in an uncertain environment. The group | |has launched new initiatives over the years and diversified into other business areas, but the next leg of growth is heavily dependent on | |management’s astute use of the group’s cash pile. We update our valuation assumptions (lower cost of equity: 6.49%, terminal growth unchanged: | |1.5%), and our DDM-derived fair value estimate rises from S$1.14 to S$1.20. Maintain BUY. (Low Pei Han) | | | |Ascott Residence Trust: Acquires property in Hamburg, Germany | |ART has entered into the agreement for the acquisition of a 166-unit serviced residence for a consideration of EUR37.5m (~S$59.4m). The property | |(“Madison Hamburg”) is strategically located at the junction of three prime areas in the city centre of Hamburg, Germany. Madison Hamburg will | |continue to be managed under a master lease arrangement by a local operator, who has been managing the property since it opened in 1993. The | |acquisition is not expected to have any material impact on the NTA, EPU or DPU of ART for FY12. We maintain our BUYrating and S$1.30 fair value.( | |Sarah Ong) | |----------------------------------------------------------------------------------------------------------------------------------------------------| | | |For more information on the above, visitwww.ocbcresearch.comforthe detailed report. | |----------------------------------------------------------------------------------------------------------------------------------------------------| | | | | |NEWS HEADLINES | | | |- US stocks rose on Thursday after Spain revealed an austerity plan that centres on spending cuts as opposed to tax increases and | |better-than-expected US jobs market data. The Dow climbed 0.5% to 13,485.97. The S&P 500 rose 1.0% to 1,447.15. | | | |- Vicplas International posted FY12 net profit of S$6.34m, up 354%. Revenue had increased 0.5% to S$73.5m. | | | |- TTJ Holdings registered a 15% rise in FY12 net profit to S$16.6m. Revenue grew 48% to S$142.9m. | | | |- Grand Banks Yachts signed an agreement with Pen-Marine Sdn Bhd to sell Grand Banks yachts in Malaysia. The company has also signed an agreement | |with Ocean Alexander to represent each other’s brands and boats at sales offices in China and Australia. | | | |- ECS Holdings signed a US$90 million three-year term loan financing facility. | |---------------------------------------------------------------------------------------------------------------------------------------------------

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28-Sep 2012 Friday 9:51 AM (4229 days ago)

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