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Stocks In Focus SG (Keppel Corp, Swiber Hldgs, NOL) – 26/03/15
Keppel Corp has crossed the 90 percent threshold required to delist its real estate subsidiary, Keppel Land. The move followed where Keppel Corp has agreed to acquire 90.9 percent of the total number of issued Keppel Land shares. Keppel Land’s shares will be suspended on 26 March 2015, but Keppel Corp still needs to acquire at least 95.5 percent of Keppel Land to complete the acquisition through the compulsory buying of remaining shares in which it does not own.
Swiber Holdings has clinched a series of contracts totaling US$405.6 million, strengthening its order book to US$1.8 billion. The new contracts include its latest US$333 million deal for the provision of engineering, procurement, installation and construction services in India. With ten years of experience in the India market and seven years with the same client, Swiber intends to mitigate market pressures by maximising the usage of its vessels and equipment. The new contract in India is expected to contribute positively to the group’s earnings in 2Q15.
Neptune Oriental Lines (NOL) surged in trading activity, hitting a two-year high on 25 March 2015, attributable to an international broking house, Goldman Sachs, that upgraded the stock to a ‘buy’ and potential takeover rumours. Despite posting losses for four consecutive years, NOL may return to profits from its exposure to trans-Pacific trade from Asia to the United States in 2015. Goldman Sachs mentioned that NOL has partly restored its balance sheet, hinting at a potential takeover although declining to mention if NOL is the acquirer or the acquired. Some analysts believe that NOL is looking for targets to acquire after selling APL Logistics, but others believe that NOL could be acquired for its trans-Pacific route.
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