MARKET UPDATES :
- Ezra Holdings, a Singapore-listed oilfield service company, said on Wednesday it had put on hold a plan to list its subsea services unit in the United States, prompted by unfavourable market conditions.”Given where the markets are, we have effectively put that on hold,” Eugene Cheng, group chief financial officer of Ezra, told Reuters.Mr Cheng said comparable companies were now trading at a ratio of three to four times EBITDA (earnings before interest, tax, depreciation and amortisation), down from seven to eight times EBITDA when Ezra was considering the option.
- SINGAPORE remains the favoured Asean hub, where 80 per cent of multinational companies locate their regional head office, according to the latest findings of a Baker & McKenzie report released on Wednesday.Meanwhile, Indonesia and Myanmar were cited as the most preferred destinations for new factories over the next five years, followed by the Philippines and Vietnam. The number of factories in Indonesia is expected to rise by nearly 70 per cent over the next five years.
- SINGAPORE shares ended lower on Wednesday with the Straits Times Index slipping 14.91 points to 3,326.16.Some 1.17 billion shares, valued at S$1.13 billion were traded. Gainers numbered 145 while losers numbered 256.
- YING Li International Real Estate has signed a memorandum of understanding with Chongqing City Shangfu New Area Administrative Committee and Chongqing Hardware & Electrical Industry to develop a new mixed-development property.The property, a one-stop hardware and electrical appliances hub known as Ying Li International Hardware and Electrical Mall, will be in the Jiangnin District.The types of properties to be developed comprise high-grade retail shops, hotels, residential and a logistics distribution centre. The planned total gross floor area of the project is 1.6 million square metres and the initial investment of the project is estimated to be around 1.8 billion renminbi.
- A Singapore navy ship has located the fuselage of the AirAsia plane that crashed into the sea late last month with 162 people on board, the city-state’s defence chief said on Wednesday.Defence Minister Ng Eng Hen said in a Facebook post he had been informed that one of Singapore’s navy ships involved in the search, MV Swift Rescue, “has located the fuselage of the AirAsia plane in the Java Sea”.
- Golden Agri-Resources -Oilseed and Refining Businesses Will Take Time To Create Significant Contributions-: We are expecting moderate FFB production growth of 3-year CAGR of 4.7%. However, refining margin for its downstream remains thin due to stiff competition in Indonesia, and GGR is likely to offer competitive pricing to gain market share. Its oilseed business in China might also take a long time to turn around due to the huge overcapacity in the crushing industry.
STOCK RECOMMENDATION :
- BUY CWT LTD ABOVE 1.695 TARGET 1.735 1.805 SL 1.645