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Stocks In Focus SG (SGX Raises Red Flags, First REIT, MIT) – 13/03/14
• Singapore Exchange has urged shareholders and potential investors to exercise caution when trading two companies, namely, Giken Sakata (S) and Ziwo Holdings. Giken’s share price rose 53.8 percent in the past two days while Ziwo’s shares gained 35 percent on Wednesday alone. Giken has highlighted the recent sale of its shares by Miyoshi Precision and proposed share subscription as possible causes for the increased trading activity. Ziwo said it was unaware of any possible causes for the sudden spike in its share price.
• First Real Estate Investment Trust (First REIT) has agreed to acquire Siloam Hospitals Purwakarta, comprising of a three-storey hospital building and a five-storey hospital building, for $31 million. The purchase will expand First REIT’s portfolio to 15 properties and expand its total gross floor area by 3.6 percent from 227,376 square metres (sqm) as at 31 December 2013 to 235,630 sqm. With an initial base rent of $3.4 million per year, the purchase price translates to an 11 percent rental yield, which is higher than First REIT’s other existing properties.
• Mapletree Industrial Trust to acquire a four-storey light industrial building at Changi North, on a sale-and-leaseback arrangement, for $14.1 million from Stamping Industries. The proposed purchase, expected to be completed in 2Q14, will increase Mapletree’s portfolio to 84 properties with an estimated book value of approximately $2.9 billion.
• Adventus Holdings’ substantial shareholder, Chin Bay Ching, has made a mandatory unconditional cash offer for the firm following his subscription for 875 million new ordinary shares in Adventus for $0.0165 per share. The offer, at the same price, represents an 8.3 percent discount to Adventus’ last traded price. As of 12 th March, Chin holds a 51.5 percent stake in the company.
• Libra Group secured a sub-contract for the supply, delivery, installation, testing, commissioning and maintenance of air conditioning and mechanical ventilation for a proposed development of an eight-storey teaching facilities building at Temasek Polytechnic worth $13.8 million from Koon Seng Construction. Works have commenced and are scheduled to be completed in January 2015.
• Metax Engineering clinched palm oil bio-refining and bio-energy engineering projects in Malaysia and Thailand. The projects, worth approximately $33 million, are expected to be completed by June 2015. The win lifts Metax’s order book to $60 million to date, which is expected to be realised in the next 24 months.
• Otto Marine secured charter contracts worth US$24.9 million for three offshore support vessels. Two charters, commencing in May 2014, will be deployed on a long term basis in Mexico while the last vessel is contracted for a short term towage project from Singapore to West Africa.
• Star Pharmaceutical has agreed to sell its 14-percent stake in Beijing Shijia Jiu Sheng Yuan Pharmaceutical Technology (BSJSY). Additionally, Star is proposing the sale of an 80-percent interest in Beida Shijia Technology Development and a 46-percent equity stake in BSJSY for Rmb40 million. Star is expected to record a Rmb28 million gain on the proposed disposal. Both companies are engaged in the business of the development of pharmaceutical products, with a focus on research and development of modern Chinese medicine. Star’s management is of the view that the companies no longer fit the firm’s overall strategic business and expansion plans. Moving forward, Star will focus its core strength on western medicine products.
• TTJ Holdings’ turnover for the three months ended 31 January 2014 rose 27.6 percent to $41.1 million, driven by contributions from a number of major projects including the Tuas West MRT Extension Depot. Coupled with lower administrative expenses, net profit for the quarter gained 27.5 percent to $5.3 million. For 1H14, revenue came in 2.9 percent lower at $73.3 million while bottom line climbed 35.1 percent to $9.9 million due to an overall reduction in expenses.
• Vard Holdings was awarded contracts for the construction of two offshore support vessels worth approximately NOK600 million. Delivery for the vessels is scheduled in 2H15.
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