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  1. #11
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    plant in China

    17 August 2015 Japfa ties up with European dairy firm to develop US$200m plant in China AGRI-FOOD firm Japfa Ltd and Europe-based dairy and milk processing company Food Union Group have tied up to build, own and operate a US$200-million premium milk processing plant in Shandong Province, China.
    The joint venture is between Japfa's 61.87 per cent-owned subsidiary, AustAsia Investment Holdings (AIH), and Food Union, said Japfa in a statement.
    AIH will invest up to US$20 million in stages for a 10 per cent stake in the milk processing plant which will manufacture high value-added dairy products, while Food Union will hold the remaining 90 per cent stake in the joint venture.
    Food Union is the largest dairy company in Latvia and one of the biggest food producers in the Baltics with an annual combined turnover of around US$200 million in 2014.
    The plant, which processes some 300,000 metric tonnes of milk and is located five kilometres from AIH's dairy farms in Dongying city, Shandong Province, is expected to commence operations in the first quarter of 2017.
    Subject to market conditions, the plant will require 200 to 300 metric tonnes of raw milk per day in the first 12 months of operations, after which production will be ramped up progressively to full capacity in the ensuing two to three years.
    Under the arrangement, AIH will enter into a long term (five-year renewable) off-take contract to supply premium raw milk to the plant. It could potentially supply up to 900 metric tonnes of raw milk per day, when the plant's production is fully ramped up.

  2. #12
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    17 August 2015 Noble Group

    17 August 2015 Noble Group open to selling core businesses to boost confidence: CEO [SINGAPORE] Noble Group is open to selling its core businesses, its chief executive said, as Asia's biggest commodities trader pursues options to boost market confidence after a bruising accounting dispute.
    Yusuf Alireza told some 500 attendees at the Singapore-listed company's investor information day on Monday that Noble is evaluating a number of options both internally in terms of shutting down certain businesses, and externally such as working with banks and strategic investors.
    "It's our responsibility to review all of those options including potentially selling businesses that in a normal time would be considered core businesses," Mr Alireza said.
    He did not specify what businesses he was referring to as core. Noble's senior management made a 140-page presentation at the event as part of the company's attempts to improve disclosure and transparency.
    Noble, already under pressure in a weak commodities market, hit the spotlight in February when blogger Iceberg Research alleged the company was inflating its assets by billions of dollars by not fairly representing the value of its commodity contracts.
    Hong Kong-headquartered Noble has rejected the claims, and board-appointed consultant PricewaterhouseCoopers found no wrongdoing in a report published this month. But there's still some uncertainty on the company's unrealised commodity contracts, or mark-to-market.
    "The MTM review is only a small part of the issues they face. Their balance sheet has billions in investment in associates, receivables, inventories, etc, where the accounting can have a big impact on the income statement," Mak Yuen Teen, associate professor of accounting at the National University of Singapore Business School, said before Noble's investor day presentation.
    "So, they really need a more thorough MTM review and a review of other significant items." With revenues of US$86 billion last year, Noble is one of Asia's largest companies to find itself in a reputational battle over accounts.
    On Monday, its shares ended down 7 per cent, not far of seven-year lows hit last month. They are now down some 60 per cent since mid-February. Weak prospects of Noble's main commodities exposures - metals and energy - due to China's sputtering economy, are hitting investor confidence.
    "I must also say that I've listened to some pretty wild stories about Noble during the last 25 years," Richard Elman, Noble's founder and chairman, said at the event.
    "Some of the characterisation of Noble in recent times by people who have no knowledge of our industry, often have no professional qualifications to be commenting on areas they are not commentators on, has gone a little bit too far." REUTERS
    17 August 2015 Highlight Noble Group will consider all options to strengthen balance sheet: CEO
    SINGAPORE (Aug 17): Noble Group's top priority now is to strengthen its balance sheet, and the management will consider all options to achieve that, including selling businesses and stake to interested parties, local media quoted CEO Yusuf Alireza as saying on Monday.
    He made that comment at Noble's Investor Day when shareholders asked whether the embattled firm is looking for a white knight for rescue.
    "We must first and foremost strengthen our balance sheet ... It is our responsibility to look at all options, including selling what under normal circumstances we consider to be core businesses."
    He added that there are parties interested in and familiar with Noble's business that have approached the management. But he did not comment on whether such talks are indeed unfolding.
    Noble's troubles persist due partly to the criticisms by Iceberg Research, which continues to accuse Noble of accounting fraud.
    But Mr Alireza stressed that Noble's core business has generated around US$612 million ($860 million) over the past 12 months, which translated to an around 20% return on equity. He noted that the management cannot control the share prices. Instead, it will focus on delivering results.
    Noble ended another 7.1% lower at 45.5 cents on Monday.

  3. #13
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    17 August 2015 Japfa and Food Unio

    17 August 2015 Japfa and Food Union to develop a US$200 million premium milk processing plant in China SINGAPORE (Aug 17): Agri-food company Japfa and European-based dairy and milk processing company Food Union Group unveiled a joint venture between Japfa’s 61.87% owned subsidiary, AustAsia Investment Holdings (AIH), and Food Union to build, own and operate a US$200 million ($281 million) premium milk processing plant in Shandong province, China.
    AIH will invest up to US$20 million in stages for a 10% stake in the milk processing plant which will manufacture high value-added dairy products for AustAsia and Food Union, as well as for third-party international food companies.
    Food Union, the largest dairy company in Latvia and one of the biggest food producers in the Baltics with an annual combined turnover of around US$200 million in 2014, will hold the remaining 90% stake in the joint venture.
    The approximately 300,000-metric tonnes per annum milk processing plant sits on a 115 mu land, about five kilometres from AIH’s dairy farms in Dongying city, Shandong Province.
    The plant is expected to commence operations in the first quarter of 2017. Subject to market conditions, the plant is anticipated to require approximately 200 to 300 metric tonnes of raw milk per day within the first 12 months of operations. Thereafter, production is expected to ramp up progressively to full capacity in the next two to three years.
    As part of the JV, AIH will enter into a long term (five-year renewable) off-take contract to supply premium raw milk to the plant. AIH could potentially supply up to 900 metric tonnes of raw milk per day when the plant’s production is fully ramped up.
    Japfa shares closed 1.6% lower at 31.5 cents.

  4. #14
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    17 August 2015 WE Holdings

    17 August 2015 WE Holdings terminates proposed acquisition of Hua Kai Engineering Co SINGAPORE (Aug 17): WE Holdings has terminated its proposed acquisition of the entire interest of Singapore Hua Kai Engineering Co. and its affiliates due to unsatisfactory results of the due diligence it conducted on Hua Kai.
    On March 11, WE Holdings announced that it had on March 9 entered into a non-binding memorandum of understanding with Hua Kai for the proposed acquisition of the entire interest of the company and its affiliates for a consideration of $25 million.
    WE Holdings shares closed flat at 0.5 cents.

  5. #15
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    17 August 2015 PNE Micron Holdings

    17 August 2015 PNE Micron Holdings signs sale and purchase pact to lift stake in PNE Indonesia SINGAPORE (Aug 17): PNE Micron Holdings says its wholly owned subsidiary, PNE-Sino, and Liew Nyoh Wah, a director of the company, have each entered into a sale and purchase agreement with Abdul Rasid Bin Chaichok to acquire his entire 4.57% shareholding in PT.PNE Indonesia comprising 43,518 shares for a total cash consideration of IDR448.67 million.
    Following the completion of the acquisition, PNE Sino’s shareholding in PNE Indonesia will increase from the existing 95.43% to 100%, of which 0.21% will be held in trust by Liew for the group. PNE Indonesia will become a wholly owned subsidiary of PNE Sino.
    Based on the latest audited account of PNE Indonesia as at 30 September 2014, the net asset value of PNE Indonesia was US$1.02 million, of which the 4.57% stake to be acquired represents approximately US$46,691.
    The total consideration will be payable in cash and is arrived at on a willing-buyer willing-seller basis, taking into account the net asset value of PNE Indonesia. It will be funded by internal resources.
    The acquisition will enable the group to consolidate its operational control over PNE Indonesia in a more efficient manner.
    The acquisition is not expected to have any material impact of the earnings per share or the net tangible asset per share of the group for the current financial year ending Sept 30.
    PNE Micron shares closed 2.44% lower at four cents.
    17 August 2015 First oil flows at KrisEnergy field SINGAPORE (Aug 17): KrisEnergy says its Wassana oil field commenced oil production on Aug 14.
    KrisEnergy became the operator of the Wassana oil field, located in the G10/48 concession in the Gulf of Thailand, in May last year.
    Chris Gibson-Robinson, director of exploration and production at KrisEnergy, says work is under way to bring another five wells at Wassana on stream. The field is the first in a series of KrisEnergy projects in Thailand, Cambodia and Indonesia.
    Wassana production is expected to reach up to 10,000 barrels of oil a day. Up to 15 wells are planned, comprising 14 producer wells and one disposal well. The concession area covers 4,696 sq km with water depths of up to 60 metres. Kris Energy holds an 89% in the concession, while Palang Sophon Offshore holds the remainder.
    KrisEnergy closed 1.5% lower at 33.5 cents.

  6. #16
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    18 August 2015 Hot stock: Noble

    18 August 2015 Hot stock: Noble opens up 4% before easing after meeting with investors in Singapore SHARES of Noble Group opened more than 4 per cent higher on Tuesday morning, a day after meeting investors in Singapore.
    The commodities trader saw its shares opened at S$0.475 a share, up 2 Singapore cents, or 4.396 per cent. However, by 09:09am, the shares eased to S$0.465 each, up 1 cent, or 2.198 per cent, with more than 10 million shares traded.
    On Monday, Noble hosted an investor information day in Singapore as well as a separate meeting with sell side analysts. The investor session focused on explaining what Noble's different business units do and reiterating its previous explanations surrounding its marked-to-market (MTM) accounting, valuation of associates, inventory sales, liquidity and cashflows. The meeting also discussed the findings of the recent PwC report.
    Phillip Securities has imposed trading restrictions on the online buying of Noble shares to control its credit exposure. With the restriction, effective Aug 14, clients cannot buy the troubled Hong Kong-based commodities trader's shares online. However, they can still trade them through their trading representatives.

  7. #17
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    DJ

    18 Aug 2015 08:56 CST DJ Swiber Holdings Swings to Second Quarter Net Loss By Gaurav Raghuvanshi
    SINGAPORE--Swiber Holdings Ltd. Tuesday announced a net loss in the second quarter after revenue declined amid the decline in global crude oil prices.
    Its net loss in the April-to-June quarter was US$4.6 million, compared with a profit of US$7.5 million in the same period last year, Swiber said in a regulatory filing.
    Revenue declined 8.7% on-year to US$200.2 million, it said.
    18 Aug 2015 09:42 CST DJ Singapore's STI Rises, Noble Group Leads Gainers -- Market Talk 0142 GMT [Dow Jones] The FTSE Straits Times Index rises 0.5% in early trade, last at 3082.91 amid a mixed performance from large-cap stocks led by Noble Group (N21.SG). The commodities trader rises 2.2% after holding an "investor day" meeting with stakeholders during which it explained its business model and defended its accounting from recent criticism. Meanwhile, CapitaLand (C31.SG) rises 1.8% and Singapore Airlines (C6L.SG) gains 1.7%. Swiber Holdings (AK3.SG) is 1.6% higher after reporting earnings, while Ezion Holdings (5ME.SG) slumps a further 2.3% to its lowest in more than three years as investors continue to react negatively to its results report late last week.
    18 Aug 2015 08:20 CST DJ USD/SGD on Upward Trek as Traders Brace for FOMC Minutes -- Market Talk 0020 GMT [Dow Jones] USD/SGD is tip-toeing higher along the path laid by the daily Bollinger uptrend channel as traders place bets that Wednesday's FOMC minutes will affirm a hawkish stance by the U.S. Federal Reserve - which could make it more likely that U.S. interest rates will be raised at next month's meeting. The U.S. dollar is broadly supported in Asia as the U.S. rate-rise scenario returns as the dominant theme in currency markets. Last week's yuan devaluation has faded from immediate concerns as the yuan has been benchmarked largely unchanged over the last two sessions and has been treading water in the spot market as well. USD/SGD may notch a new 5-year high if it surpasses last week's peak of 1.4164. USD/SGD is now 1.4085 from its Monday close of 1.4075.
    18 Aug 2015 08:46 CST DJ Aspial Corp Plans Sale of S$75 Million of Five-Year Bonds By Gaurav Raghuvanshi

    SINGAPORE-Aspial Corp. Ltd. Tuesday said it plans to sell 75 million Singapore dollars (US$53 million) worth of five-year bonds.
    The bonds will carry a coupon rate of 5.25% per annum and mature in 2020, Aspial said in a regulatory filing.
    DBS Bank Ltd. is the manager for the sale, it said.

  8. #18
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    18 August 2015 Analysts:

    18 August 2015 Analysts: Bullish GLP to Bring Over 33 Percent Upside Despite China’s Lowered Earnings Guidance Aspire

    After the release of its latest quarter, the management of Global Logistic Properties (GLP) announced a lower earning guidance for its Chinese properties. This caused a sell down in the market with GLP losing over 20 percent in value from its year high. Despite the adjustment, analysts believe that there is still value in this counter. Let us see why!
    Stronger Earnings Expected for 1Q16

    Source: Revenue of Global Logistic Properties, Financial Times

    Revenue for GLP grew 12 percent year on year (yoy) to US$190 million from the previous US$169 million. This coupled with revaluation gains, led the earnings for the group to increase by 49 percent to US$268 million from US$179 million.

    Source: Net Income of Global Logistic Properties, Financial Times

    If this trend continues, GLP will be able to turn around from the drop in net income in FY15 to a growth in FY16.
    Dimming Performance for China
    GLP’s management lowered their development target for GLP’s properties in China. This is due to the near term uncertainty in the Chinese economy as shown in recent economic data. However, their long term outlook for China remains positive and will be looking to ramp up developments based on demand.

    Currently, GLP’s portfolio occupancy rate for its properties in China has fallen by 3 percentage points to 88 percent. GLP lowered the development start target to US$1.7 billion, a 5 percent yoy increase. Meanwhile, the development completion target has been lowered to US$1.1 billion, a 12 percent yoy growth.
    Growing Intensively in the US
    Source: Geographic Breakdown of GLP’s Portfolio By NAV, GLP
    With the slowing down of the Chinese economy, the management of GLP has been actively seeking to diversify into other markets. The US is one of the key markets as demand for logistic properties grow with the recovering economy. Likewise, there are many investors who are interested to invest in the sector.
    Earlier this year, GLP announced that it has reached an agreement to purchase a US$4.55 billion US logistic properties portfolio from Industrial Income Trust. This is GLP’s second purchase of properties in the US, and this effectively makes it the second largest owner and operator of logistic properties in the US.
    Currently, GLP is talking to third party capital partners about investing in its US portfolio. Its fully owned US portfolio is expected to pare down to 10 percent and thus frees up its capital for future investments, allowing its fund management business to grow.

  9. #19
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    Recommendations

    Recommendations

    The recent sell down seems to be an overreaction by investors towards the lowered development targets for China. Analysts from the street remain bullish towards the counter but lowered their target price to factor in the slower growth in GLP’s main market.
    Furthermore, the developments in the US may bring more upside for GLP than expected. This comes from the strengthening economy and currency which may result in the rise of property prices and a higher currency translation.
    Analysts from CIMB Research reiterated their “Buy” call for GLP but lowered the target price to $3.25 from the previous $3.34 to account for the slower Chinese growth. They cited that the uncertainty in the Chinese economy will hinder growth in the near term, but maintained a positive long term view towards the modern warehouse sector.
    18 August 2015 Soo Kee Group IPO–How Sparkly is This “Jewel”? Aspire, Thought Leaders
    Soo Kee Group is offering 112.5m shares of which 103.5m is for placement and 9m for public offer at $0.30 each for a listing on Catalist. The IPO will close on 12pm on 18 August 2015. The market cap of the company will be $168.8m
    The Company is a leading and established jeweller based in Singapore with more than 60 retail stores in Singapore and Malaysia. Its vision is to bring high quality jewellery products to customers. The milestones of the Company is listed below.

    They have different brands targeted at different customers profiles and the brands in the portfolio include:

    1. Soo Kee Jewellery
    2. SK Jewellery
    3. Love & Co.
    Financial Highlights

    The revenue has been hovering around $129-143m for the last 3 years but the Company was able to improve its net margin in 2014 due to lower rental costs. Seems like the revenue is stagnant. Based on the Earnings Per Share (EPS) of 1.9 cents per share, the Company is being priced at 15.8x. Not exactly attractive and fairly valued as its bigger local peer Aspial (see below).
    The Company intends to pay 20 percent of its net profit for FY2015 and FY2016 as dividends. Assuming EPS remains the same, the dividend will be around 1.9 x 0.2 = 0.38. That will translate into a yield of approximately 1.28 percent, which is also nothing to shout about.
    Use of Proceeds

    The Company is using the proceeds to move into a new HQ and for repayment of loan. Hopefully this can help streamline and reduce rental costs further.

    What I like about the Company
    · Highly recognizable brands in Singapore with over 20 years of history
    · Experienced management team in this industry
    · Large network of 60 retail stores strategically located in prime shopping malls
    · Increasing profits for the last 3 years

  10. #20
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    Some of my concerns

    Some of my concerns

    · Changing consumer patterns and challenges from offline stores
    · Limited and saturated growth in Singapore and Malaysia
    · Stagnating revenue – This is after all a consumption play. While disposable income in Singapore and Malaysia will likely rise over the coming years, the economies are facing uncertainties currently.
    · Share placement is huge at 103.5m. I understand the Company has done the majority of the placement themselves (except for the headcount) and i am not privy as to who they have placed the shares to.
    · Low Net Asset Value of only 7 cents per share versus the IPO price of 30 cents. This will create a big windfall for the founders. You can argue that it is “deserving” given that they have built up this business over 20 years, but i thought they should have left something on the table for investors by pricing it lower.
    · 80 percent of the company will still be held by the the Lim family of siblings (Lim Yong Guan, Lim Yong Sheng and Lim Liang Eng).
    · Depreciation of MYR against SGD will be detrimental to the financials and affects the buying power since diamonds are sourced from overseas. Having said that, it derives approximately 14 percent of the revenue from Malaysia.

    Listed Peers Valuation – Aspial
    The ratios of Aspial is listed below but looking at the first half performance of Aspial, it doesn’t seem very encouraging for the industry.

    Mr IPO’s ratings

    I will give this a 1 chilli rating just to support our local brand who dares to launch its IPO during the ghost month, hahaha, but given the bearish sentiments and valuation of Soo Kee, it may be a good idea to stay on the sidelines unless you are privy to who they placed out the shares to.
    Happy IPO glittering.
    18 August 2015 4 Quick Things Investors Should Learn About Singapore Telecommunications Limited By Hui Leong Chin

    Singapore Telecommunications Limited
    (SGX: Z74) is one of the cool companies in Singapore that shares webcasts and/or transcripts of their quarterly earnings presentations (the link for Singtel’s latest earnings transcript is here).


    As the biggest of the trio of telecommunication services providers in Singapore – with the others being M1 Ltd (SGX: B2F) and StarHub Ltd (SGX: CC3) – Singtel makes its money from its major business segments of Group Consumer, Group Enterprise, and Group Digital Life.


    You can read more about Singtel in here.


    What’s up, doc?


    Below are four useful things I learned from reading the transcript of Singtel’s fiscal first-quarter earnings conference call for the financial year ending 31 March 2016 (FY2016):

    1. Chief Executive Officer (Consumer Australia) Allen Lew felt that the strength of Optus (Singtel’s Australian subsidiary) lies in its ability to bundle video services – for example Netflix Inc – and broadband with mobile. In Lew’s view, this helps Optus compete not just on price and data allowance alone. Optus’ mobile 4G offering also covers 90% of the population in Australia.
    2. Bring your own device (BYOD) plans appear to be picking up interest in both Australia and Singapore. For the Singapore mobile space, Chief Executive Officer (Consumer Singapore) Yuen Kuan Moon commented that the mobile virtual network operator (MVNO) offering by Liberty Wireless and M1 is not new to the industry and actually addresses a different market. Singtel intends to respond to it.
    3. Yuen also talked about HOOQ, Singtel’s mobile video service that’s targeted for emerging markets where getting fixed access to homes is uncommon. Chief Executive Officer (Group Digital Life) Samba Natarajan added that HOOQ had been launched in the Philippines in April, Thailand in May, and India earlier this month. HOOQ is also bundled with the services that are provided by Singtel’s associates like Globe in the Philippines, AIS in Thailand, and Airtel in India. Natarajan added that the take-up has been “encouraging”.
    4. In contrast to HOOQ, mobile TV services in Singapore are more like a companion. To this point, Yuen highlighted the 100,000 active user base for TVGo and its growing suite of content.

 

 

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