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Stocks In Focus SG (CNA Group, Midas Hldgs, OCBC) – 07/01/14
CNA Secures Contracts Worth More Than $9m
• CNA Group has won two contracts for Singapore Changi Airport comprising a term contract for installation of a new Building Management System (BMS) and the extension of an existing contract for the operations and comprehensive maintenance of the Integrated BMS.
• The installation project, CNA’s fourth airport-related project secured in the region for 2013, involves the upgrading of the existing BMS in Terminal 2 and VIP Complex. The project comprises 12 phases and is expected to be completed by 26 March 2015.
• Additionally, CNA will continue its existing maintenance contract for the next four years ending 31 December 2017.
Significance: With the award of these two contracts, and other wins over the past three months, CNA’s orderbook of $87.5 million as of 30 September 2013 will increase to approximately $102.3 million.
Midas’ JV Wins Orders Worth Rmb1.1b
• Through its joint venture company, Nanjing SR Puzhen Rail Transport, Midas Holdings has clinched two contracts worth Rmb1.1 billion.
• The first contract, awarded by Suzhou Rail Transit, involves the supply of 17 train sets, or 85 train cars, for Suzhou Rail Transit Line 2 Extension.
• The second contract, secured from Nanjing Metro, comprises the supply of 13 additional train sets, or 78 additional train cars, to Nanjing Metro Line 1.
Significance: Scheduled for delivery between 2015 and 2016, both contracts are expected to contribute positively to Midas’ financial performance in FY15 and FY16.
OCBC In Exclusive Talk To Acquire Wing Hang
• Oversea-Chinese Banking Corporation (OCBC) has entered into an exclusive agreement with the Fung family and BNY International Financing Corporation to acquire their combined 45 percent stake in Wing Hang Bank, in a deal estimated to be worth around $5.8 billion.
• Wing Hang, one of four remaining family-owned banks in Hong Kong, has a network of more than 70 branches across Hong Kong, Macau and mainland China providing retail banking, corporate banking, hire purchase and foreign exchange and treasury services.
• If the deal is successful, it would likely involve OCBC making a general offer for all the shares of Wing Hang.
Significance: DMG & Partners Research estimates that the acquisition would double the size of OCBC’s Greater China loan book to about $40 billion and potentially improve OCBC’s position to participate in the offshore Chinese Yuan market and wealth management.
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