SGX Top Volume, Top Value, Top Gainers, Top Losers on 2015-06-25

Your daily market summary for 25-Jun-2015.
The STI Index closed at 3,349.87, down by 1.46 points or 0.04%

The Straits Times Index (STI) Intraday Chart 2015-06-25

Top 20 Volume

Code	Stock	Rem	Last	Change	Change%	Volume	Value
5EK	ARMARDA GROUP LIMITED		0.002	-0.001	-33.33%	295783000	886379
K2M	DEBAO PROPERTY DEVELOPMENT LTD		0.082	+0.002	+2.50%	71839800	5852751
N21	NOBLE GROUP LIMITED		0.735	+0.020	+2.80%	37665100	27400104
ATN	THE STRATECH GROUP LIMITED		0.044	-0.002	-4.35%	37376800	1675289
5WA	INTL HEALTHWAY CORP LIMITED		0.300	-	-	37335600	11105408
41S	MAGNUS ENERGY GROUP LTD.		0.048	-0.003	-5.88%	26924600	1344756
5DN	EZRA HOLDINGS LIMITED	CR	0.265	+0.005	+1.92%	26900000	7215034
Z74	SINGTEL	CD	4.200	-0.040	-0.94%	24369100	102576382
5GC	CNA GROUP LTD.		0.032	-0.002	-5.88%	24239000	792866
J10	JAYA HOLDINGS LTD		0.044	-0.001	-2.22%	21942400	969255
NS8U	HUTCHISON PORT HOLDINGS TRUST (USD)		0.635	-	-	19942200	12716334
G13	GENTING SINGAPORE PLC		0.910	-0.005	-0.55%	16495000	15078605
E13	ELLIPSIZ LTD		0.121	-	-	16415600	2003452
505	ASIAMEDIC LIMITED		0.115	+0.003	+2.68%	16213500	1873608
5TT	KEONG HONG HOLDINGS LIMITED		0.465	+0.010	+2.20%	14109100	6521634
5OU	CHINA ENVIRONMENT LTD.		0.173	-0.002	-1.14%	13505200	2365989
5ME	EZION HOLDINGS LIMITED		1.045	-0.020	-1.88%	12696900	13309434
F3V	SINO CONSTRUCTION LIMITED		0.036	+0.001	+2.86%	12490500	435967
545	VALLIANZ HOLDINGS LIMITED		0.055	-	-	11051600	598444
MC0	GLOBAL LOGISTIC PROP LIMITED	CD	2.590	-	-	10156300	26431727

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OCBC Investment Research 2015-06-25: BUY Ascott Residence Trust, CapitaLand Limited, HOLD Ascendas REIT, OSIM International

Ascott Residence Trust: 

Proposed acquisitions in Australia and Japan

• Ascott Residence Trust (ART) announced its proposal to acquire three serviced residences and four rental housing properties in Australia and Japan from its sponsor Ascott Limited for a total purchase consideration of S$246m. 
• This translates into an EBITDA yield of 5.1%. 
• On a pro forma basis, the acquisitions are expected to raise ART’s FY14 distribution income by S$3.9m and DPU by 2.9%. 
• ART intends to fund the acquisitions with a combination of debt financing and the issuance of perpetual securities. 
• We are positive on the acquisitions as the transactions are expected to be DPU accretive and would enhance ART’s geographical diversification and penetration into growing markets. 
• As these are interested person transactions, ART would need to obtain unitholders’ approval at an EGM. We thus maintain our BUY rating and S$1.44 fair value estimate for now.

(Wong Teck Ching Andy)

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OCBC Investment Research 2015-06-25: Retain HOLD Rating on Noble Group with TP Pumped Up to S$0.69

Noble Group Ltd: Made more share buybacks 

• Can buy back another 574.2m shares 
• CIC will continue to support Noble’s business 
• Eyeing CIC’s next move  

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UOB Kay Hian Research 2015-06-25: Ezra - Maintain HOLD with cum-rights target price of S$0.31

Ezra Holdings - Not out of the woods yet; a sale-andleaseback of the Lewek Constellation could be on the cards. 

FY15F PE (x): 18.4
FY16F PE (x): 20.3

• Ezra’s cash call has lifted its refinancing risks. 
• However, its high gearing of 1.27x amidst the current industry downturn and a high cost structure make the situation challenging. A possible sale & leaseback of the Lewek Constellation would unlock US$200m in equity to bolster internal liquidity. 
• On the flipside, the high vessel dayrate will add to cost burden. 
• Subsea outlook has deteriorated. We cut FY15/FY16 earnings estimates by 35- 47%. 
• Maintain HOLD with cum-rights target price of S$0.31. 

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