Singapore
Wired Daily
Page 2
of Thai Bev. We see this as a shrewd move, likely to force
Heineken’s hand to raise its S$50/share offer. We expect
knee-jerk positive reaction on share price. Hold call on
F&N maintained but raised TP to S$8.99 (Prev S$ 8.68),
based on 15% discount to RNAV of S$10.58, after
imputing S$55/ APB share.
Tiger Airways reported that the Managing Director of its
Tiger Singapore subsidiary, Stewart Adams will be leaving
at the end of the year to pursue personal interests. The
search for a new MD has been initiated, but Stewart will
be staying on until the end of the year to ensure a
smooth transition and handover to his successor. Overall,
we believe the impact is neutral to slightly negative, as
there will be transition in top management at the holding
level as well, with Group CEO Chin Yau Seng handing
over the reign to Koay Peng Yen within a month or so.
No change to our BUY call and S$0.92 TP.
FJ Benjamin has secured an exclusive 10-year deal with
Padini Group to distribute VNC women’s shoes and
accessories in Indonesia. Under the agreement, FJ
Benjamin and its associate PT Glang Agung Persada will
open 25 new stores within the next 5 years across
Indonesia. There is no significant impact on FJB’s
financials given that associate income contributes ~5% of
pretax profit for 9m12. FJB is due to announce FY12
results on 21 Aug 2012 and our analyst is expecting 14%
y-o-y earnings growth for FY12 to S$14.7m. No change
to HOLD call and TP of S$0.36 for now.
In a surprise twist, Oei Hong Leong is back in the race for
a controlling stake in Intraco that may also lead to a
general offer for the trading company. The approximately
29.89% stake in Intraco, which is being held by Hanwell
Holdings, has been scheduled to be sold to the family
that runs crane operator Tat Hong Holdings. Hanwell said
it has received an $18.6m offer for that stake in Intraco
from Mr Oei. That translates to a price of 63 cents per
share, and trumps the price that the Tat Hong family -
through their investment vehicle TH Investment - offered
of 62 cents by one cent, or 1.6%. Mr Oei bought a 21%
stake in Intraco in early June but sold it soon after.
Aspial Corp is proposing a bonus issue of up to 744.3m
new shares on the basis of 1 bonus share for every 2
existing shares held.
Sitra Holdings is expected to show a loss for 1H12. This is
primarily due to lower sales and gross margins across all
key markets and exchange loss.
In property news, the state tender for a 99-year-leasehold
private residential plot at Bright Hill Drive yesterday beat
expectations, fetching a top bid of $719.9 psf ppr, or
$291.5m. The top bid, which was submitted by a joint
venture company between Singapore Land and UOL
Group, was 18.1% more than the second bid and higher
than market expectations of $550-$620 psf ppr.
Share Buy-Back
Company D.O.T. Buy /Sell No.of shares S$/shr Cumulat iv e %
purchase
Overseas-Chinese Banking Corp 07-Aug-12 Share Buy-Back 100,000 9.5100 0.26
Overseas-Chinese Banking Corp 03-Aug-12 Share Buy-Back 100,000 9.4000 0.26
Second Chance Properties Ltd 03-Aug-12 Share Buy-Back 3,512,000 0.3770 0.84
Overseas-Chinese Banking Corp 02-Aug-12 Share Buy-Back 200,000 9.5100 0.26
Ho Bee Investment Limited 30-Jul-12 Share Buy-Back 400,000 1.2200 0.44
Ho Bee Investment Limited 27-Jul-12 Share Buy-Back 300,000 1.2167 0.38
Ho Bee Investment Limited 26-Jul-12 Share Buy-Back 394,000 1.2150 0.34
AEM Holdings Ltd 25-Jul-12 Share Buy-Back 2,500,000 0.0850 1.66
HG Metal Manufacturing Ltd 25-Jul-12 Share Buy-Back 20,000 0.0820 0.86
Ho Bee Investment Limited 25-Jul-12 Share Buy-Back 426,000 1.2138 0.29
Ho Bee Investment Limited 24-Jul-12 Share Buy-Back 563,000 1.2094 0.23
San Teh Limited 24-Jul-12 Share Buy-Back 242,000 0.2900 1.16
SGX Masnet