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Stocks In Focus SG (Singapore NODX, OCBC, The Straits Trading Company) – 17/12/14
According to International Enterprise (IE) Singapore, Singapore’s non-oil domestic exports (NODX) increased 1.6 percent in November 2014, differing from the 1.5 percent contraction in the previous month. This was due to the increase in non-electronic NODX, which outweighed the decrease in electronic NODX. Electronic exports declined by 10.2 percent in November 2014 following the 3.6 percent drop in October. But non-electronic NODX rose from a 0.5 percent dip in October to 7.5 percent in November. Non-oil re-exports increased by 3.6 percent in November after a 5.4 percent fall in in the previous month.
ISOTeam has been awarded $22.2 million worth of contracts, and expects to positively impact earnings per share. These contracts consist of repairs and redecoration works to housing blocks and food centres, as well as roofing and renovation works.
Oversea-Chinese Banking Corporation announced the signing of a sales and purchase agreement to sell its entire 49 percent interest in Symphony BCSIS, to Symphony House. The cash consideration for the sales is approximately RM4.3 million ($1.6 million). As at 31 December 2013, the net asset value of Symphony BCSIS was approximately RM7.3 million ($2.7 million).
The Straits Trading Company announced a Rmb668.4 million acquisition of Times Midtown, a retail development in Nan ‘an District of Chongqing, China. Payment will be made progressively to Chongqing BBMG Dacheng Shanshui Properties Co upon completion of certain milestones. The mall will have a total gross floor area of 82,367 square metres, with excellent access to other parts of Chongqing via a link to the subway station in its basement floor. Making its first property investment in China, Straits Trading is expected to undertake further asset enhancement initiatives that will cost Rmb100 million to extract the best value from the property.
Vard Holdings has secured a contract from Farstad Shipping to design and construct an offshore subsea construction vessel. Vard will design the vessel in close cooperation with Farstad and Technip Norge, who awarded the five-year framework agreement to Farstad for delivery of work that will be fulfilled with the newbuild vessel. Delivery is scheduled in 4Q16.
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