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MARKET PULSE: NOL, MLT, ST Eng, Marco Polo Marine (8 Jan 2013) Inbox | | | | | MARKET PULSE: NOL, MLT, ST Eng, Marco Polo Marine
8 Jan 2013
KEY IDEA
Neptune Orient Lines: Great start to the year
NOL has made a great start to the year with an approximate 6% share price appreciation, which adds on to the 5% increase seen in Dec. Aiding the
gain was a rise in Chinese PMI for Dec, which showed signs of a revival in the Chinese economy, and relative stability in spot freight rates.
Coupled with further rate hikes planned on an industry level, we believe this continuous improvement in investor sentiment is warranted. Maintain
BUY on NOL with an unchanged fair value estimate of S$1.38. (Lim Siyi)
MORE REPORTS
Mapletree Logistics Trust: Building scale through investments
Mapletree Logistics Trust (MLT) has one of the most diversified portfolios in the industrial REIT space. This allows MLT to capitalise on the robust
demand for warehouse space, as well as to maintain a sturdy financial performance. For 3QFY13, we expect the positive trend to continue, driven by
healthy rental and take-up rates and contributions from MLT’s past acquisitions. While the recent weakness in the JPY against SGD may have an impact
on its distributable income, given that ~27% of its revenue was contributed by Japan historically, we note that around 90% of amount distributable
in FY13 is hedged/ derived in SGD. Hence, we believe that any impact from a depreciating yen is likely to be limited. We also like MLT’s growth
potential, which comes mainly from its strong pipeline of assets from sponsor and initiatives to recycle capital and enhance/ redevelop its existing
assets. We maintain our BUY rating and S$1.25 fair value on MLT. (Kevin Tan)
ST Engineering: Wins S$192m of contracts
ST Electronics, the electronics arm of ST Engineering, has announced that it has secured about S$192m worth of contracts for rail electronics,
intelligent transportation, satellite communications and smart utility projects in 4Q12. One of the rail electronics contracts is for the
implementation of a Supervisory Control & Data Acquisition system for Malaysia’s Sungai Buloh-Kajang mass rapid transit line. This marks progress
for ST Electronics into the country, which is new territory for the division’s rail electronic solutions. We maintain our fair value of S$3.90 and
HOLD rating on STE. (Sarah Ong)
Marco Polo Marine: BBR shares start trading tomorrow
Marco Polo Marine (MPM) announced this morning that its erstwhile associate company, PT Pelayaran Nasional Bina Buana Raya Tbk (BBR), has
successfully concluded its IPO with listing on the Indonesian Stock Exchange slated for debut on 9 Jan 2013. With 600m new shares issued at IDR230
each, the IPO raised gross proceeds of about US$14.3m. 96% of the 600m new shares were fully placed out to institutional investors and high net
worth individuals; the rest belonged to the retail tranche which was 22x subscribed. As a separate listed entity, BBR will be able to tap on more
sources of financing for expansion plans in the high-growth Indonesian market. As its offshore vessel fleet grows, it may also be able to brand
itself as an entity for investors to gain exposure to Indonesia’s offshore sector. MPM’s share price has risen by 21% since our 28 Nov 2012 report
“Increasing its exposure to the offshore sector” highlighted the potential listing of BBR. MaintainBUY with S$0.56 fair value estimate on MPM. (Low
Pei Han)
For more information on the above, visit www.ocbcresearch.comfor the detailed report.
NEWS HEADLINES
- US stocks fell on Mon as Wall Street looked to the next day’s start of the 4Q earnings season. The Dow slid 0.4% to 13,384.29, the S&P 500 index
fell 0.3% to 1,461.89 and the Nasdaq ended 0.1% lower at 3,098.81.
- Cheung Woh Technologies' losses for its third quarter ended 30 Nov narrowed to S$289k from S$4.7m a year ago, despite a 60% YoY drop in turnover
to S$14m, as expenses fell.
- The Urban Redevelopment Authority has been directed to review and fix guidelines on private roof terraces and private enclosed space on ground
floors that allow developers to profit off bonus floor area that is given to them for free.
- Private school operator Overseas Education Limited and rubber processing firm Halcyon Agri have announced plans to list on the SGX mainboard and
Catalist board, respectively. | |
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NOL, MLT, ST Eng, Marco Polo Marine (8 Jan 2013
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