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Stocks In Focus SG (UOB, Rex Int’l Hldg, China Aviation Oil) – 18/09/13
UOB To Tap On Rising Intra-Regional Trade Flows In South-east Asia
United Overseas Bank (UOB) plans to double its cross-border business between Hong Kong and South-east Asian companies within the next three years on rising intra-regional trade flows within emerging Asia. Its Hong Kong office launched a unit to advise Hong Kong-based companies wanting to expand into South-east Asia and provide access to the bank’s full suite of corporate and personal banking products, and allow the companies to tap into its banking network in South-east Asia. Notably, Singapore-based UOB has built a presence in markets such as Indonesia, Malaysia, Thailand, Philippines and Myanmar. Asean is Hong Kong’s second largest trading partner after mainland China and Singapore’s trade with Hong Kong totalled HK$302.3 billion ($49 billion) last year, highest among the Asean countries.
Significance: From 1H12 to the same period this year, UOB’s business flows between Hong Kong and South-east Asia, including cross-border trade financing, bill payments and yuan settlements, grew 51 percent. South-east Asia’s steady economic growth and financial stability makes it an important region for Hong Kong-based companies and would be expected to see further growth.
Rex To Get Stake In 2 More Licences
Rex International Holding announced that its 65 percent indirectly owned subsidiary Lime Petroleum Norway AS, will receive 10 percent stakes in each of two new exploratory licences from North Energy ASA, as a result of the cooperation agreement between both parties. No consideration is needed to be paid for the transfer of the stakes, which is pending regulatory approval. The two licences, which are situated in the Barents Sea, had been awarded to North Energy in June 2013 and Rex was able to participate in them given its strong working relationship with the company. Notably, Rex’s technology is strongly validated by North Energy’s live test results where they had analysed 59 prospects using Rex Virtual Drilling over the past two years. Out of the 41 wells which had been drilled since, 35 predictions by Rex Virtual Drilling were spot on. This 85 percent success rate is testimony to Rex’s technology’s effectiveness.
Significance: In the last two months after listing, Rex has grown its initial portfolio from 10 to 13, including the investment of a 51.99 percent stake in a company that will hold three licences in Trinidad & Tobago, and now to 15. Rex expects more deal flows in the coming months, which will help fulfil its target to grow to 20 licences within its first year of listing.
CAO Aims To Become Global Transportation Fuels Provider
China Aviation Oil (Singapore) Corporation (CAO) plans to expand globally in the major regions in the world for the next three years. In its Corporate Access Day presentation, CAO aims to consolidate its position in the Chinese market and increase its jet fuel trading market share. Where gas oil, fuel oil and petrochemicals are concerned, CAO plans to secure supply contracts and increase its trading activities. Internationally, CAO plans to set up subsidiary in Europe and a trading arm in North America to grow its aviation business in that region. The firm is also mulling over forming strategic partnerships that will aid its pursuit of new markets or resources, such as opportunities for biofuels or liquefied natural gas. Earlier this month, CAO made progress in the international aviation fuel service space when its consortium will provide into-plane fuelling services at Hong Kong International Airport for 10 years.
Significance: CAO’s three-year plan is part of its bigger plan that stretched till 2020 to become a global leader in aviation oil supply and trading. CAO reiterated its long-term goal to double its 2012 gross profit by 2020 and to maintain a “consistent and stable dividend payout” along the way.
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