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Stocks In Focus (ISDN, Keppel Land, ST Engineering) – 19/06/13
ISDN To Explore Into Indo Hydropower Projects
ISDN Holdings (ISDN), an integrated engineering solution provider, has proposed to acquire equity stakes in two Indonesian energy-related companies. ISDN will invest for a 40.8 percent and 80 percent stake in PT Prisma Karun Energy and PT Potensia Tomini Energi respectively. PT Prisma Karun Energy has a power purchase agreement (PPA) with Indonesia’s staterun power distribution company to develop a mini hydropower plant in South Sulawesi while PT Potensia Tomini Energi is in the process of signing a similar agreement in Central Sulawesi. The projects will be financed with a combination of equity and debt financing. Commenting on the investments, ISDN’s managing director and president, Teo Cher Koon said that their foray into the energy sector began four years ago when they first explored into renewable and sustainable energy and has since developed to potentially becoming a growth catalyst for the Group.
Significance: ISDN expects the construction to commence early next year and last 18-24 months while the first income should flow in after full operations commences. Based on the PPA signed by PT Prisma Karun Energy, the hydropower projects will provide a steady annual revenue ranging between US$4 – 5 million, with a potential upside pending the signing of a similar agreement by PT Potensia Tomini Energi in Central Sulawesi.
Keppel Land China Acquires Prime Landed Residential Site In Shanghai
Keppel Land China has secured a 17.5-hectare residential site in Shanghai for Rmb1.3 billion. The newly obtained site, located in the city’s Sheshan area, is well connected by major transportation networks. Keppel Land China will develop the site, its ninth project in the fast-growing city of Shanghai, to comprise of approximately 200 landed homes ranging from 250 to 350 square metre (sqm), including amenities such as a fully-equipped clubhouse and an auxiliary retail component within the development. Chief executive officer of Keppel Land, Ang Wee Gee, said: “Given its strong attributes, we are confident that we will see positive demand from discerning and affluent homeowners who aspire to own well-designed and top quality homes in Shanghai.” The first phase of homes is expected to be launched in 2H14.
Significance: To date, Keppel Land China has over 20 projects with a total gross floor area of 7.7 million sqm, which translates to over 42,000 homes, in more than 10 cities in China.
ST Engineering Bags Series Of Contracts
Singapore Technologies Engineering’s (ST Engineering) aerospace unit, Singapore Technologies Aerospace (ST Aerospace), secured an exclusive maintenance deal worth US$28 million from Spring Airlines Japan (SAJ). The eight-year contract, commencing in 2H13, will task ST Aerospace with providing component repair management support for 22 of SAJ’s Boeing 737-800. In addition, ST Aerospace, with UTC Aerospace Systems (UTCAS), a unit of New York Stock Exchange-listed United Technologies Corporation, have signed a 20-year repair license agreement for maintenance, repair and overhaul services for UTCAS components. UTCAS is a key supplier of components used in Boeing’s 787 aircraft. Furthermore, ST Aerospace’s commercial pilot training school, ST Aerospace Academy (STAA), has been awarded a five-year Multi-crew Pilot License (MPL) training contract by Qatar Airways (QA). Cadets, assessed and recruited by STAA on behalf of QA, will undergo STAA’s MPL programme, with the goal of eventual employment with QA as Airbus A320 Type Rated First Officers.
Significance: The latest string of contracts secured by ST Aerospace is a vote of confidence of its ability to provide quality maintenance services to its clients and a strong validation of its MPL programme.
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