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Stocks In Focus SG (S’pore Inflation, COSCO Corp, Sembcorp Marine) – 24/09/14
Singapore’s consumer price inflation grew at a six-month low pace of 0.9 percent in August. However, core inflation, which removes accommodation and private road transport costs, stood at 2.1 percent. Economists, who agree that the Monetary Authority of Singapore would pay more attention to the core inflation figure, agree that the central bank will stick to its current monetary policy stance at its next review in October of allowing a gradual appreciation in the trade-weighted Singapore dollar.
COSCO Corporation (Singapore) bagged contracts valued at US$230 million for the construction of a floating accommodation unit (FAU) and module carrier. The contract for the FAU is scheduled for delivery in 1Q17 and comes with options for five additional FAUs, while the module carrier contract is scheduled for delivery in 2Q16.
Pteris Global has been awarded a contract worth Rmb227 million by Zhengzhou XinZheng International Airport for the supply and installation of Airport Passenger Boarding Bridges (PBB) as a part of the airport’s terminal two expansion project, where the contract is expected to be completed by end-2015. The latest win followed Pteris’ recent contract award from Hong Kong International Airport for the supply and installation of 20 new PBBs and modification works to 57 of the airport’s existing PBBs. Expected to be completed by January 2016, the contract is worth US$20 million.
Sembcorp Marine secured a contract worth US$190 million for the fabrication of liquefied natural gas processing modules for a resource project in Western Australia. The contract is expected to commence in Indonesia from November 2014.
SMRT Corporation via its subsidiary, Singapore Rail Engineering, has entered into a 50:50 joint venture (JV) with Toshiba Corporation. Under the JV, a JV company, Railise, will be set up and its primary business activities is to market and supply energy efficient propulsion systems to mass transit operators in the global markets except Japan. Also, Railise will provide integration services which allow new traction system to seamlessly work with other components of the train.
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