Uncovering the opportunities in global infrastructure21 May 2013 | 6:28 am
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“Our ageing transport infrastructure costs American businesses and families about US$130bn a year. It is coming out of your pocket. It’s a drag on our overall economy.”
- U.S. President, Barack Obama
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In our view, rapid urbanisation in developing countries and a long
period of under-investment in Western countries will create significant
longer-term investment opportunities. Infrastructure assets can meet
investor demand for yield once they become operational, but their
development creates opportunities for building and maintenance
contractors and construction materials suppliers.
Soilbuild aims to raise $39.5 million from IPO21 May 2013 | 6:05 am
| Termsheet: | A1-Graded Construction Group with 36-year track record |
| IPO : | Soilbuild Construction Group Ltd (Prospectus) |
| Issue Manager : | United Overseas Bank Limited ("UOB") |
| Joint Underwriter: | Overseas-Chinese Banking Corporation Limited ("OCBC") |
| Invitation Offer: | Invitation in respect of 168,000,000 New Shares comprising:
(a) 2,000,000 Offer Shares at S$0.25 for each Offer Share by way of public offer; and (b) 166,000,000 Placement Shares at S$0.25 for each Placement Share by way of placement |
| IPO Price : | S$0.25 |
| Indicative Timetable : | Launch of Offer : 17 May 2013, Friday, 1700 hrs
Close of Offer : 22 May 2013, Wednesday, 1200 hrs Commence trading : 27 May 2013, Monday, 0900hrs |
The Soilbuild name is returning to the Singapore Exchange (SGX) after a three-year absence with the listing of the group's construction arm.
Through an initial public offering (IPO) of 168 million new shares at 25 cents apiece, Soilbuild Construction Group aims to raise $39.5 million in net proceeds. The new shares represent about 25.3 per cent of the enlarged share base after the IPO.
Global Logistic Properties - A yen for more recycling21 May 2013 | 4:14 am
The yen continues to weaken but lower yields implied by the market
should neutralise the impact on GLP’s asset valuations. We believe that
the market is now ideal for GLP to recycle more assets in Japan to
facilitate future growth or possibly a higher dividend payout.
We make a few adjustments to our
model
1) lower FY13-15 core EPS
estimates by 17-23% for a weaker ¥ vs.
US$ and earnings lost from assets
injected into GLP J-REIT,
2) a 50bp
decline in Japanese cap rates and
3)
higher AUM fee assumptions as we
expect more asset recycling in the
next 12 months.
Our target price
which is based on SOP is raised by 8%.
Maintain Outperform with catalysts
from lower cap rates and asset
recycling initiatives.
Read more »
BBR Holdings (S) Limited - Record order book!21 May 2013 | 4:00 am
Main business segments include General Construction, Specialised
Engineering, and Property Development
Strong presence in public sector’s civil engineering and construction
market
Presence in Singapore, Malaysia and Philippines
Record order book of S$1.1b as at 31 March 2013
Read more »
Singapore Strategy - We are in a safety bubble!20 May 2013 | 6:07 am
While the Singapore market scales new highs, like stockmarkets
around the world, it is the yield stocks and the stocks with earnings
predictability that have outperformed. The results season showed just
why – earnings for cyclical sectors continue to see cuts.
In contrast, earnings were upgraded
for banks, telcos and REITs. When
investors look for stocks today, they
want yield and earnings visibility. We
see no reason for this to change. Yes,
we are in a “safety” bubble and it
looks likely to inflate further. We
maintain an Undeweight on the
FSSTI, with de-rating catalyst being
full valuations for Index stocks. Our
end-CY13 bottom-up target is raised
by 2% to 3,460.
