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Stocks In Focus SG (Cacola, Noble, Singtel) – 10/04/15
Pursuant to Cacola Furniture International’s EGM that will be held on 13 April 2015, shareholders will need to vote for the approval of resolutions, in particular, pertaining toa) proposed conversion of shares issued under a Bridge Loan Agreement by Advance Opportunities Fund of $500,000 in October 2014, andb) proposed placement of up to 1.95 billion shares to facilitate the proposed acquisition of the entire equity interest of Goyes Agri-Food Investment. The approval for all the resolutions could potentially increase the market capitalisation of the company as a result of the new shares issuance.”
Noble Group has refuted reports from Muddy Waters Research, rejecting their allegations as inaccurate, unreliable and misleading. Muddy Waters released a report on Noble, criticisng its finances and management. Noble rejects the assertions that the group exists to borrow and burn cash and the claim that it could not sustain debt levels. With its debt-to-capitalisation standing at a historic low of 38 percent coupled with US$5.2 billion of liquidity headroom as at end of FY2014, Noble believes that the claims by Muddy Waters that Noble misled investors or manipulated the accounting in the acquisition and disposal of PT Alhasanie are unfounded.
Singtel’s announcement of the acquisition of Trustwave of some US$810 million for a 98 percent equity stake. With the possibility of Trustwave turning EPS accretive from 2018 onwards, analysts are cautious about their estimations ahead of Singtel’s FY2015 results releasing in early May. Boosted by higher share prices of its listed associates, its SOTP-based fair value increased $0.15 to $4.31. However, analysts maintain a “HOLD”, noting its limited near-term upside.
Tee International‘s earnings fell 76.5 percent in the third quarter with the increase in cost of sales and rise in costs. Despite with an increased revenue of 15.5 percent to $43.1 million from ongoing engineering projects, it was outpaced by the 19.2 percent increase in cost of sales to $37.3 million. Its net profit dropped to $133,000 from $567,000 last year. Tee International remains selective and prudent in pursuing potential growth prospects in Singapore while focusing on delivering its ongoing engineering and real estate projects, tapping on its existing business networks and strong credentials to win new projects.
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