CHINA EVERBRIGHT WATER LIMITED U9E.SI China Everbright Water Limited - Trash to Treasure
- Waste water treatment (WWT) capacity expansion and the ongoing hike of water tariff are expected to improve the company performance.
- War chest funds are supportive of growth initiatives.
- Sponge City Project offers the group opportunities to gain experience in the industrial chain integration.
CHIP ENG SENG CORPORATION LTD C29.SI Chip Eng Seng Corporation Ltd - Slow but not unexpected quarter
What’s the news?
- Chip Eng Seng (CES) reported its 1Q16 results on 5 May-16 after the market closed.
Revenue from property development projects recognised previously
- The sharp drop in Chip Eng Seng Corporation’s (CES) 1Q16 revenue was stemmed from lower recognition of revenue from the property development segment. This is because a bulk proportion of revenue has already been recognised in the two development projects, Nine Residences and Junction Nine.
ZHONGMIN BAIHUI RETAIL GRP LTD 5SR.SI Zhongmin Baihui Retail Group - Weak start points to tough year ahead
- Revenue and net profit hurt by extended winter in 1Q16.
- Expects subdued sales in FY16 due to marginal growth in store space coupled with a meek macro environment.
- Net cash position supportive of consistent dividend payout. Potential dividend yield of 3.2%.
HO BEE LAND LIMITED H13.SI Ho Bee Land Limited - Attractive Valuation
- One of the most heavily discounted (Price/Book) locally-listed property developer.
- Ho Bee has gradually built up a strong portfolio with stable recurring income from offices in Singapore and London (Rental income made up 100% of income in FY14 and FY15).
- The Metropolis, the largest property in the portfolio by GAV, is 100% occupied with little lease expiries over next 2 years.
ZHONGMIN BAIHUI RETAIL GRP LTD 5SR.SI Zhongmin Baihui Retail Group (ZBR) - Best-laid plans of mice and men oft go astray
- Plans laid out but…
- Unusually unfavorable weather affected winter sales in 4Q15 and weighed on whole year earnings.
- Expansion plan hits speed bumps along the road – execution as well as regulatory challenges.
CHIP ENG SENG CORPORATION LTD C29.SI Chip Eng Seng Corporation Ltd - Challenges in operating environment to persist
- Encouraging performance at Alexandra Park Hotel despite headwinds in the hospitality sector.
- Challenging environment ahead for properties construction sector and excess supply of local unsold properties could continue lead to weak properties sales.
OSIM INTERNATIONAL LTD O23.SI OSIM International Ltd - Potentially raise the bet
- Unconditional cash offer of S$1.32 to delist and privatise OSIM International Ltd. Our last rating is Buy with TP at S$1.35.
- Recommend minority shareholder who have their investments in-the-money to accept offer, otherwise, adopt a wait-and-see approach.
CACHE LOGISTICS TRUST K2LU.SI Cache Logistics Trust - Conversions are a drag
- 2.140 Cents DPU, unchanged from previous year and preceding quarter.
- High portfolio occupancy of 95.2%, with long WALE of 4.3 years.
- Dividend yield of >8% remains attractive.
What is the news?
- Cache Logistics Trust (Cache) announced its 3Q FY15 (Y/E Dec) results on 21 October, after trading hours. Cache will trade ex-dividend on 27 October.
FIRST REAL ESTATE INV TRUST FIRST REIT AW9U.SI First REIT - First Asset Enhancement Initiative with Lippo Karawaci
- First REIT announced an asset swap deal with PT Lippo Karawaci Tbk (LPKR), First REIT’s sponsor, in relation to Siloam Hospital Surabaya yesterday morning. This deal marks the first asset enhancement initiative First REIT has conducted and aptly so, to the oldest hospital (established 1977) in its portfolio.
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