Singapore
Wired Daily
Page 2
CapitaMalls Asia is acquiring two projects in Japan and
Qingdao, China. The Japan deal is immediately earnings
accretive. With the latest purchases, CMA’s gearing is
likely to move to a still very manageable 30% by year-end
from 25% in 2Q12. Our analyst has raised FY12 and
FY13 numbers to factor in these latest acquisitions as well
as 1H12 results. Maintain Buy, TP raised to $2.08 (Prev S$
2.06).
Sunpower Group has clinched a RMB55.1m deal with
Beijing Huatai Runda Energy Technology for the provision
of four sets of waste heat boiler systems. These orders
will be partially delivered this year and is expected to
boost its FY2012 performance.
1H12 loan growth still holding up but trends are clearly
moderating. Jun-12 loans grew 21% y-o-y, a steady
declining trend when compared to earlier this year (Jan-
12: 28% y-o-y). But this is within expectation. Banks have
already guided for a slower trend into 2012. Q-o-q, loan
growth is holding up at 4.6%, following an incremental
1.7% m-o-m growth in Jun-12. Business loans still led
growth, while consumer loans remain fairly stable. YTD
Jun-12 loan growth stood at 7.6%. With expectations of
a slower 2H12, our analyst believes our 12% 2012 loan
growth forecast remains intact. Deposit growth still
lagged loans at 8% y-o-y and literally flat q-o-q and m-om.
YTD deposit growth was only at 2%. Loan-to-deposit
ratio further crept up to 92%, the highest since Jul-01.
In property news, a tie-up between Fragrance Group and
World Class Land pipped CapitaLand unit Areca
Investment by 1.8% to emerge as the highest bidder for a
plum 99-year leasehold private condo site diagonally
opposite Tanah Merah MRT Station that drew a massive
13 bids. They have submitted a joint bid of S$285.2m for
the 13,998.5 sqm site. The break-even cost is about
$1,000 psf and launch price could be about $1,300-
1,400 psf on average.
China announced a jump in planned railway spending.
The Ministry of Railways, the nation's largest corporate
debt issuer, plans to spend RMB470bn (S$91.8bn) on
railroads and bridges this year, according to a bond
prospectus issued on Monday. The new target exceeds
last year's RMB461bn in spending. At the same time,
Chinese officials are signalling the slowdown isn't deep
enough to warrant a return to the RMB700bn level of
railway construction funds in 2010.
Share Buy-Back
Company D.O.T . Buy /Sell No.of shares S$/shr
Ho Bee Investment Limited 30-Jul-12 Share Buy-Back 400,000 1.2200
Ho Bee Investment Limited 27-Jul-12 Share Buy-Back 300,000 1.2167
Ho Bee Investment Limited 26-Jul-12 Share Buy-Back 394,000 1.2150
AEM Holdings Ltd 25-Jul-12 Share Buy-Back 2,500,000 0.0850
HG Metal Manufacturing Ltd 25-Jul-12 Share Buy-Back 20,000 0.0820
Ho Bee Investment Limited 25-Jul-12 Share Buy-Back 426,000 1.2138
Ho Bee Investment Limited 24-Jul-12 Share Buy-Back 563,000 1.2094
San Teh Limited 24-Jul-12 Share Buy -Back 242,000 0.2900
CNA Group Ltd 23-Jul-12 Share Buy-Back 25,000 0.1076
HG Metal Manufacturing Ltd 23-Jul-12 Share Buy-Back 1,071,000 0.0829
Ho Bee Investment Limited 23-Jul-12 Share Buy-Back 450,000 1.2094
KSH Holdings Limited 20-Jul-12 Share Buy-Back 488,000 0.2450
Viking Offshore and Marine 20-J ul-12 Share Buy-Back 40,000 0.1080
Hyflux Ltd 19-Jul-12 Share Buy-Back 240,000 1.4104
Pan-United Corporation Ltd 19-Jul-12 Share Buy-Back 105,000 0.5831
Wee Hur Holdings Ltd 19-Jul-12 Share Buy-Back 260,000 0.2800
Hyflux Ltd 18-Jul-12 Share Buy-Back 661,000 1.4137
Pan-United Corporation Ltd 18-Jul-12 Share Buy-Back 164,000 0.5792
Overseas-Chinese Banking Corp 17-J ul-12 Share Buy-Back 200,000 9.2700
Wee Hur Holdings Ltd 17-Jul-12 Share Buy-Back 625,000 0.2800
SGX Masnet