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  Bookmark this page   Saturday, 22 Nov 2014
 
Today's Headlines
Yoma Strategic Holdings: Partnership to operate Mandalay Airport

Yoma announced that it will take a 9.0% stake in a special purpose company, MC-Jalux Airport Services Co., Ltd. (MJAS), alongside JALUX Inc. (45.5%) and Mitsubishi Corporation (45.5%). MJAS has signed a 30-year concession agreement for the operation and maintenance of Mandalay International Airport, which is scheduled to commence around Mar-2015. In addition, Yoma also completed a rationalization of its Myanmar automotive businesses with First Myanmar Investment Company Limited (FMI) and will acquire FMI’s 30% and 20% stakes in Myanmar Motors and Summit SPA Motors Limited, respectively. Finally, management also announced that it has acquired an additional 20% stake in KOSPA Ltd, a JV established to distribute food produce in Myanmar using vehicles with refrigeration capacity to improve the quality of products being transported to markets. Pending more color regarding the financial impact of these businesses, in particular the airport concession, we opt to keep our fair value estimate of S$0.74 unchanged. Maintain BUY.

 
  Market Pulse
Market Pulse: Yoma, SATS (20 Nov 2014)
Market Pulse: Midas (19 Nov 2014)
Market Pulse: Libra, KS Energy, CSE, Midas (18 Nov 2014)
Market Pulse: Dyna-Mac, Wheelock, HPL, Olam, ECS, Midas, POSH, Libra, KSE (17 Nov 2014)
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Market Pulse: CapitaLand, Noble, Venture, Far East HT, MLT, SIA (10 Nov 2014)
Market Pulse: SingPost, ART, SCI, Kim Heng, Far East HT, YZJ, SIA, STE (7 Nov 2014)
  Research
Yoma Strategic Holdings: Partnership to operate Mandalay Airport
Yoma announced that it will take a 9.0% stake in a special purpose company, MC-Jalux Airport Services Co., Ltd. (MJAS), alongside JALUX Inc. (45.5 ...
Midas Holdings: Disappointing 3Q14 results amid uncertain outlook
Midas Holdings Ltd’s (Midas) 3Q14 results were way below our expectations. While revenue grew 7.7% YoY to RMB324.2m on the back of higher revenue ...
KS Energy: Wait for more visibility
KS Energy reported a 34.2% YoY rise in revenue to S$58.5m and a net loss of S$0.6m in 3Q14 vs. a PATMI of S$0.2m in 3Q13. This brings 9M14 PATMI t ...
Libra Group Ltd: Positive order book momentum
Libra recently announced that it has been awarded S$9.5m of M&E contracts, which brings its order book up to an estimated S$94.4m year-to-date. Th ...
Olam International: Upgrade to HOLD with S$2.30 FV
Olam posted a muted start to FY15. While 1QFY15 revenue eased 0.5% YoY to S$4298.6m, EBITDA fell 11.9% to S$219.4m; Olam attributed the fall to ad ...
Hotel Properties Limited: Earnings dip due to condo attaining TOP
HPL reported 3Q14 PATMI of S$15.1m, down 70.0% YOY mostly due to the absence of contributions from the Tomlinson Heights condominium, which achiev ...
 
 Strategy
Singapore Market: Position for better 1H15
Despite yesterday’s correction for the STI, equities are still up for the year. We expect equities to remain in favor, despite higher interest rat ...
Healthcare Sector: Rich valuations may cap upside potential
SGX-listed healthcare companies which we track have largely reported improved financial performance during the recent 2QCY14 results season. Under ...
Telecom Sector: Pretty dull 2QCY14
For 2QCY14, it was a pretty muted quarter for the telcos, with all of them reporting results that were within our expectations. Nevertheless, we h ...
Oil and Gas: Neutral view, but positive over the longer term
In our earlier report, we highlighted that international oil companies are reining in their capex plans, though national oil companies are still k ...
Singapore Property: Further enhancement of Singapore’s outer regions
Over the last week, the authorities highlighted their various plans to transform the Jurong Lake District into a key regional center and also anno ...
Singapore Property: Deep value in West Orchard could be unlocked
With a dearth of upcoming projects in the Orchard retail space pipeline over 2015-17, we believe there could be a greater impetus for strategic re ...
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