MARKET WATCH 30th Nov 2012 - AsianBookie.Com Forums

30-Nov 2012 Friday 9:36 AM (4166 days ago)

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STI           3,046      +34     +1.14%
DOW         13,022     +37     +0.28%
S&P           1,416      +6       +0.43%
FTSE          5,870      +67      +1.15%
DAX             7,401      +58     +0.78%
GOLD            1,727      -3         -0.14%
OIL              87.63        -0.44    -0.50%
PRE-HK OPEN    -7pts

CREDIT SUISSE GLOBAL RISK APPETITE (EQUITY): 1.34 (28 Nov 2012)
CREDIT SUISSE GLOBAL RISK APPETITE              :   2.14 (28 Nov 2012)

30 Nov 2012 08:48

DJ MARKET TALK: Singapore Shares Likely Sluggish; 3020 Support

0048 GMT [Dow Jones] Singapore shares could be in for sluggish start as investors hold back for the coming weekend and take stock of good showings in the last session. The STI ended up 1.1% at 3045.90 Thursday on optimism over U.S. fiscal cliff talks, but OCBC Investment Research analyst Carey Wong expects that the "odds would lean towards profit-taking given (Thursday's strong performance( and that it's a Friday." Markets may also take the chance to reassess the prospect for progress in the U.S. deficit-reduction negotiations, and leave the STI languishing in sideways trade, Wong says, tipping the index to find initial resistance at 3050, with support at 3020. Olam International (O32.SG) is likely to remain in the spotlight after its CEO offered more defense of the commodities trader's business practices, target of a critical report by Muddy Waters this week. CapitaLand (C31.SG) could also draw attention after its unit placed the top bid in a residential land tender, forking out about S$505 million.

30 Nov 2012 07:54

*DJ Mandarin Oriental: Paid EUR10 Million in Deposit, To Pay EUR280 Million More If Option Exercised

..

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30-Nov 2012 Friday 9:40 AM (4166 days ago)

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Daily Review, 30 November 2012 Page 1 of 4

SGX-ST Member, SGX-DT (CNCM)

Daily Review

30 November 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

SYNEAR FOOD

S$0.185-SYFD.SI

 Synear food’s 3Q ‘12 profit was flat from last year at

Rmb7.5mln despite lower sales of 3.4% to

Rmb407mln due to cost cutting efforts, but 1H’s

profit decline of 28% means that 9 months to Sept

’12 profit is down 24% to Rmb47mln.

 The continued weak performance is due to the bad

publicity at the end of 2011 where the company’s

products tested positive for minute traces of the

staph bacteria.

 Looking ahead, management warned that the

company will face cost pressures from rising raw

material prices and labor costs and the economic

slowdown in China means that their operating

environment will continue to remain very challenging

in the next 12 months.

 The above should not be surprising given that the

management team who currently owns 58.17% of the

company is trying to take it private, offering minority

shareholders 18.6 cents a share.

 While the exercise may not succeed given that

institutional shareholders such as Fortune Domain

and Greenwood Asset Management who together

own close to 14% of the company can block the deal

from going through we are also not sure if management

will “help” minority shareholders realize the “true

worth” of the company if their offer fails.

 This was shown in Full Apex’s example where Pope

Asset Management had blocked management from

taking the S-Chip private 2 years ago only to see the

company selling away their “crown jewel” at a distressed

price one year later on the excuse that the industry is

going into a downturn.

 While Full Apex’s share price did momentarily go above

management’s offer price of 18 cents a share in 2010,

hitting 25 cents after the offer failed at the end of 2010,

it is currently at 9.2 cents, similar to its 2009 lows.

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30-Nov 2012 Friday 9:42 AM (4166 days ago)

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SIN : MARKET PULSE: Fortune REIT, CapitaMall Trust (30 Nov 2012) : OIR

| | | MARKET PULSE: CapitaMall Trust, Fortune REIT | |----------------------------------------------------------------------------------------------------------------------------------------------------| | 30 Nov 2012| |----------------------------------------------------------------------------------------------------------------------------------------------------| | KEY IDEA | | | | Fortune REIT: Raise FV to HK$7.28 | | We believe that FY13F DPU yield for Fortune REIT (FRT) is attractive at 5.0%, especially compared to that of its closest HK peer, The LINK REIT, | | which has a consensus FY13F DPU yield of 3.7% (Bloomberg). It should be noted that HK’s 10-year government bond yield is 0.56%, versus 1.33% for | | Singapore. This means that the average FY13F DPU yield for 5.5% for local retail REITs implies a spread of 4.2%, tighter than the 4.4% spread for | | FRT. At an NAV per unit of HK$8.32, FRT is trading at a P/B of 0.80x, at a good discount to the overall local retail S-REITs' P/B of 1.15x and The | | LINK’s P/B of 1.52x. Adjusting our DDM model assumptions, which were previously conservative, we raise our fair value from HK$6.63 to HK$7.28 and | | maintain our BUY call on FRT. FRT is one of our top two picks among the retail S-REITs. (Sarah Ong) | | | | MORE REPORTS | | | | CapitaMall Trust: Loading firepower for growth | | CapitaMall Trust (CMT) had received the approval in-principle for the offering of new units in CMT pursuant to the private placement. The retail | | landlord had initially proposed to carry out a placement of 100.5m new units, but the placement was upsized to 125m units due to positive market | | demand. Issue price was fixed at S$2.00 apiece, representing a 4.8% discount to the adjusted volume weighted average price of S$2.10 on 21 Nov. | | According to management, around 90% of the net proceeds of ~S$245.8m is expected to be used to fund capex and asset enhancement initiatives of its | | properties and refinancing of existing debts, while the remainder will be used for general corporate and working capital purposes. We are positive | | on the cash call as 1) it was done at a 22% premium to its NAV; 2) there is limited dilution; and 3) the placement will provide CMT greater | | financial capacity and flexibility to pursue its growth plans. We maintain our BUYrating with a revised fair value of S$2.30 on CMT. (Kevin Tan) | |----------------------------------------------------------------------------------------------------------------------------------------------------| | | | For more information on the above, visit www.ocbcresearch.comfor the detailed report. | |----------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | NEWS HEADLINES | | | | - US stocks extended their gains on Thu on hopes that a deal to avoid the fiscal cliff would be reached soon. The Dow rose 0.3% to 13,021.82, while| | the S&P 500 Index gained 0.4% to 1,415.95 and the Nasdaq ended 0.7% higher at 3,012.03. | | | | - Casa Holdings' FY12 PATMI rose 39% to S$9.4m, supported by a 7% increase in sales to S$31m. It proposed a final dividend of 1 S cent, unchanged | | from a year ago. | | | | - Mermaid Maritime Public Co reported FY12 PATMI of THB71.5m, reversing a THB167m loss a year ago, supported by a 3% increase in revenue to | | THB5.7b. | | | | - Nam Lee Pressed Metal Industries' FY12 PATMI rose 27% to S$13.9m, despite a 7% drop in revenue to S$155m due to lower sales of aluminium | | industrial products. | | | | - Asiatravel.com Holdings' FY12 net loss widened to S$3.7m from S$1.6m a year ago, as revenue fell 12% to S$91.4m due to slower bookings, intense | | competition and weak macroeconomic conditions. | |---------------------------------------------------------------------------------------------------------------------------------------------------

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30-Nov 2012 Friday 9:49 AM (4166 days ago)

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30-Nov 2012 Friday 9:57 AM (4166 days ago)

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