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  1. #1
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    Retail Market Monitor 21/08/15


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    Hongkong Land US$ (HKL SP, H78)


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    Trek 2000 International (TREK SP, 5AB)


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    Ezion (EZI SP, 5ME)


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    CORPORATE NEWS

    CORPORATE NEWS
    Courts Asia: Seeks answers from Mauritius on failedbid. It has been more than two weeks since Singapore-listed Courts Asia found thetables turned on its Mauritian dream after the financial sector watchdog there snubbedits bid and picked a rival suitor just as the retailer was on the verge of closing thebuyout of Courts Mauritius. Since then, Courts Asia's attempts to seek an explanation -or "some basic courtesy" as its visibly vexed chief executive Terry O'Connor put it -from the Mauritian government have drawn a blank. "It's just very frustrating. Weliterally went from preferred bidder to out," said Mr O'Connor

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    SECTOR Property:

    SECTORProperty:
    Raymond Chia is back, with new outfit in tow.Raymond Chia, who resigned as CEO of Chip Eng Seng late last year, has emerged onthe property scene again. LGB Corporation, the Singapore-incorporated outfit he set upin April this year, was in the news earlier this week for awarding the managementcontract for a 250-room hotel in Adelaide to Park Hotel Group. When contacted by TheBusiness Times on Thursday, Mr Chia let on that besides this project, which will comeup on a site in Pirie Street in Adelaide's Central Business District, LGB Corporation hasplans for other projects in Australia as well as Ho Chi Minh City and possibly Jakarta.The group is also open to opportunities in Singapore. "We may consider listing LGBCorporation on the Singapore Exchange depending on funding requirements," said MrChia

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    O&M:

    O&M: Stocks reel as oil prices hit new 6-year lows.Offshore and marine (O&M) stocks listed on the Singapore bourse were mauled onThursday after a further slide in Brent crude prices prompted yet another bout ofpessimism over their prospects, with several counters falling to multi-year lows. Thebroad sell-off hammered some large-caps, with the world's no. 2 rigbuilder SembcorpMarine diving to a six-year low while rival Keppel Corp also slipped to its lowest pointsince 2011. The biggest loser was Ezra Holdings' listed fabrication arm Triyards, whichtumbled to its lowest price since its listing three years ago.

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    Ezion Holdings

    Ezion Holdings- Far from the madding crowd, it’ssmooth sailing.

    (EZI SP/BUY/S$0.55/Target: S$1.40)FY15F PE (x): 4.2FY16F PE (x): 2.6Construction of new Ezion’s liftboats at Triyards is on track. We visited Triyards’shipyards in Vietnam. Triyards is currently building four new liftboats for Ezion. It is alsobuilding two other liftboats for a US$175m order placed by a customer referred by inJuly. All units are on track. There are no cancellations or delays. All in all, Ezion isexpected to add 6 liftboats/service rigs in 2H15, and another six units in 2016. This willincrease its total fleet to 29 vessels by end-15 and 37 by end-16 from 25 in Jun 15.Conquest 8 and Conquest 9 are in advanced stages of construction and on track fordelivery in 4Q15 (see overleaf for photos taken during yard visit).Maintain BUY; target price of S$1.40. While the whole oil services sector is awash withreported corporate losses and marginal profits for 2Q15, in our view Ezion is faringrelatively well. We tweak our target price from S$1.52 to S$1.40 which is based on2016F P/B of 1.01x (premised on Brent oil price at US$70/bbl).

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    Triyards Holdings- Triyards Yard Visit: Liftboats Sir, Thousands Of Them (ETL SP/BUY/

    Triyards Holdings- Triyards Yard Visit: Liftboats Sir,Thousands Of Them
    (ETL SP/BUY/S$0.24/Target: S$0.87)FY15F PE (x): 2.0FY16F PE (x): 1.4We visited Triyards’ facilities in Vietnam and found all projects are on track to meet theirdelivery dates. Business remains as usual. The recent stock weakness was mainly dueto poor sentiment and is largely unjustified.Projects remain on track at SSY and SOFEL yards. We visited the SSY andSOFEL yards, where we saw nine projects in mid/final stages of completion, of whichseven were liftboats. Projects remain on track for their scheduled deliveries. Projectsviewed were: a) Ezion’s four liftboat units - Teras Conquest 8 & 9, and two liftboats TBN,b) Swissco’s liftboat, c) the Libra FPSO turret, d) Falcon Global’s two liftboats, and e)Siemen NEM’s power plant component. Teras Conquest 8 and Teras Conquest 9 werein advanced stages of completion with delivery due in 4Q15. Yard utilisation was roughlyat about 90%.Orders making steady progress, selldown largely due to sentiment. Business continuesas usual at Triyards, with orders advancing on schedule. We understand that none ofthe clients from its current orderbook have requested any form of deferrals orcancellations. The stock has been indiscriminately sold down despite delivering recordcontract wins and solid results. Poor sentiments in the offshore marine sector coupledwith the Singapore dollar currency weakness have played a large part in its recent shareprice weakness.Maintain BUY, with a target price of S$0.87. We keep our target price of S$0.87unchanged, based on 0.8x 2016F P/B. Our 2016F P/B yardstick represents a 20%discount from OSV owners 1.01x 2016F P/B, assuming a Brent crude price ofUS$70/bbl. Based on an adjusted regression, OSV yards have historically traded at a20% discount to OSV owners. Triyards is currently trading at an undeserving 0.3x2015F P/B, despite yielding about 15% FY15 ROE in an environment where its peersare making losses or delivering an average of 4.3%. As such, this represents anattractive accumulation level for long-term investors willing to ride out the volatility in theoil cycle.

 

 

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