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Stocks In Focus (STI Review, See Hup Seng, TEE Int’l) – 14/06/13
STI Component Stocks Retain Their Spots
Following a quarterly review of the FTSE ST Index Series, the 30 constituent stocks of the Straits Times Index (STI) remained unchanged with three new entrants into the FTSE ST Index Series. Mapletree Greater China Commercial Trust, the year’s largest initial public offering (IPO) to date, has joined the FTSE Mid Cap Index. Two other companies, Croesus Retail Trust and Asian Pay Television Trust, who conducted their IPOs this year have been admitted into the FTSE ST Small Cap Index. From the review, the STI reserve list, consisting of the five highest-ranking non-constituents of the STI by market capitalisation, are Keppel Land, Ascendas Real Estate Investment Trust, UOL Group, Capita Commercial Trust and Suntec Reit. Blumont was moved from the FTSE ST Small Cap Index into the FTSE ST Mid Cap Index while Sound Global as well as Mewah International went in the opposite direction. These changes will be effective from the start of trading on 24 June 2013.
Significance: From the reserve list, the firm with the highest market value will replace any STI constituent that becomes ineligible due to corporate actions before the next review. The next review is scheduled for 12 September 2013.
See Hup Seng’s Shareholders To Decide On Managing Director’s Fate
Two substantial shareholders of See Hup Seng, Terence Lim and Chew Hoe Soon, have called for an Extraordinary General Meeting (EGM) to vote on bid to remove the firm’s present managing director, Jimmy Tan. Apart from the proposed removal, the EGM will consider three other resolutions, including the appointment of Thomas Lim, founder and former executive chairman of the firm, and Ng Keng Sing, previous director of Unicorn Energy International. In addition, the EGM seeks the cancellation of the general share issue mandate approved at April 2013′s annual general meeting. The substantial shareholders strongly believe that Thomas Lim has a deep understanding of the firm’s operations and industry, thus being able to provide an enhanced long-term focus for the company.
Significance: The substantial shareholders felt that the firm has consistently stood in a robust financial position with positive cash flows and possess a healthy cash reserve, providing adequate working capital for the operations of the company, negating the need for a share issue mandate.
TEE International Boosts Order Books By $49.1m With 6 Contracts
TEE International secured six contracts for its engineering arm through its subsidiaries, Trans Equatorial Engineering and PBT Engineering. The six contracts for construction and redevelopment works amounts to $49.1 million which will bring the order book for TEE’s engineering segment to $270.1 million. Trans Equatorial Engineering was awarded the contracts by Lend Lease Singapore, Incorporated Builders and Keppel DHCS while PBT Engineering secured contracts from SMRT Trains, HSBC Institutional Trust Services and Singapore Institute of Technology. The expected completion dates of these projects will range from 3Q13 to 4Q14.
Significance: The transactions are not expected to have any material impact on the financials of TEE International for the current financial year ending 31 May 2014. However, the group’s win of projects from reputable clients in Singapore will be an affirmation of its reputation and constant delivery of works.
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