LionGold Corp Ltd - Update on Philippines and Mongolia (Update)
LionGold Corp Ltd (LIGO) announced on 24 Apr 2012 that it will be terminating its proposed investment in the Philippines, while it is re-commencing due diligence investigations in Mongolia.
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| Uploaded on 25 April 2012
by Liu Jinshu
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King Wan Corporation Ltd - Unlock Value from Asset Disposals (Update)
King Wan Corporation Limited (King Wan) announced yesterday that it is selling its entire stake in Environment Pulp and Paper Company Limited (EPPCO) and Ekarat Pattana Company Limited (EPC), for S$50.2m (approx. THB 1.22 billion) or 113% premium over its book value as at 3Q FY12, to Kaset Thai Industry Sugar Company Limited (KTIS). Under the agreement, 5% of the total consideration, or S$2.5m, will be paid in cash while the other 95% will be paid by way of shares in KTIS based on its IPO price.
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| Uploaded on 25 April 2012
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Roxy-Pacific Holdings Limited - An All-Rounder with Undervalued Assets (Initiation)
We re-initiate coverage of Roxy-Pacific Holdings Limited (Roxy). Strong recent sales suggest that Roxy’s progress billings are now in excess of S$750m, substantially confirming that the company will still be able to deliver core earnings growth from now to 2014 and has time to cherry pick new land deals. Moreover, we like the highly versatile nature of the company, which reassures us that Roxy will be able to adapt to the evolving property market and continue to roll out successful products.
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| Uploaded on 25 April 2012
by Liu Jinshu
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Technics Oil & Gas – Closed Coverage
SIAS Research has closed coverage on Technics Oil & Gas.
| Uploaded on 24 April 2012
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EMS Energy Limited – Becoming a Global Engineering Solutions Provider (Initiation)
Since its reverse takeover in 2007, EMS Energy Limited had repeatedly proven its capabilities with the completion of various O&G structures like modular workover units and offshore cranes. The company also specializes in high precision down-hole tools and is backed by the American Petroleum Institute (API) certifications. We recommend Invest.
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| Uploaded on 24 April 2012
by Kian Teck Ng
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CNMC Goldmine Holdings Limited - Value Yet To Be Unlocked (Update)
CNMC Goldmine Holdings Limited (CNMC) announced a 35% increase in estimated gold resources to 503,000oz of as at Dec 2011, versus 372,700oz as at Jun 2011 on 23 Apr 2012. We like the increase in reported resources – they not only justify the value of the company, but also raise confidence about future production volume.
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| Uploaded on 23 April 2012
by Liu Jinshu
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First REIT – Primed for Acquisition (Update)
First Real Estate Investment Trust’s (First REIT) 1Q FY12 performance was largely in line with our projections, forming 23.3% and 27.3% of our full year FY12 forecasts. We recommend Invest
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| Uploaded on 23 April 2012
by Kian Teck Ng
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AIMS AMP Capital Industrial REIT– Impressive Growth in FY12 (Update)
AIMS AMP Capital Industrial REIT (AA REIT) reported its full year FY12 results on 20 April, which is generally in line with our forecast. Gross revenue grew by 14.7% to S$84m due to (1) first full year contribution from 27 Penjuru Lane and North Tech and (2) built-in rental escalation of 2% p.a. from master leases. Borrowing costs also fell from S$18.3m in FY11 to S$11m this year, which helped boost net income (excluding revaluation gains) by 34.9% to S$40.3m. We increase our intrinsic value to S$1.30 as we raise our dividend payout forecast for FY13-15. Maintain ‘Invest’ rating.
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| Uploaded on 22 April 2012
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Oxley Holdings Limited - Replenishing Land Bank for Future Growth (Update)
Oxley announced the acquisition of four properties over the last five weeks, namely at 11 King Albert Park, 339 Joo Chiat Road, 66 East Coast Road and 2 A/B to 20 A/B Cactus Road. Other than the East Coast property which is zoned for commercial use, the other three assets are zoned for residential and commercial use purpose.
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| Uploaded on 19 April 2012
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TEE International Limited – Still Sitting on Healthy Order Book (Update)
TEE International Limited reported S$104m revenue for the 9M FY12. 3Q sales were slower due to the completion of larger projects and lower contribution from property development. As of 3Q FY12, order book remained healthy and property sales in recent months were encouraging. Maintain Increase Exposure.
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| Uploaded on 17 April 2012
by Kian Teck Ng
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LionGold Corp Ltd - Proposed Acquisition of Existing Producer (Update)
LionGold Corp Ltd (LIGO) announced today that a) it will be subscribing for 11.37% of ASX listed Castlemaine Goldfields Limited (CGT) at a cash consideration of S$5.05m for new CGT shares and that b) it will be making an off-market share-swap takeover bid for all other issued shares of CGT at a cost of up to S$65.2m. This acquisition marks LIGO's expansion into Australia. CGT has plans to raise production volume and will add significantly to LIGO's near term production when the acquisition is completed.
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| Uploaded on 15 April 2012
by Liu Jinshu
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Eratat Lifestyle Limited - Treading New Ground in Trade Show (Update)
We attended Eratat Lifestyle Limited’s (Eratat) 2012 Autumn/Winter Collection Party Show on 8 Apr 2012. This year’s Autumn/Winter collection featured some >700 designs (known as stock-keeping units, SKUs) versus >300 last year. We continue to hold the view that Eratat’s share price is severely undervalued, noting that it is currently trading at just 121% of its cash balance.
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| Uploaded on 12 April 2012
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Ryobi Kiso Holdings Ltd. - Won S$27.3m Contract in Vietnam (Update)
Ryobi Kiso Holdings Ltd (Ryobi), together with its joint venture partner, Phu Cuong Co. Ltd., has secured its largest contract to date in Vietnam. This new contract brings Ryobi’s total contracts secured year-to-date to S$66.7m. The project is expected to commence in 3Q FY12 and is scheduled to be completed in 6 months. The size of the new contract is evidence that Ryobi’s presence in Vietnam is still growing. Moreover, the contract shows that Vietnam will still remain a relevant market for Ryobi following its acquisitions in Australia. The project should contribute positively to Ryobi’s results in the next two quarters. We maintain our forecasts and valuation at the moment pending confirmation of our view in subsequent quarters’ results. Maintain Increase Exposure.
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| Uploaded on 03 April 2012
by Liu Jinshu
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Sinopipe Holdings Limited – Suspension of Coverage
Last Friday, Sinopipe announced that its newly-appointed auditors, Deloitte & Touche LLP had audit issues relating to significant discrepancies between the audited PRC GAAP financial statements of certain PRC subsidiaries filed with the local PRC authorities and audited PRC GAAP financial statements provided by management. Special auditors will be engaged to investigate and verify these issues.
In view of the circumstances, we are suspending coverage on this counter until further developments justify our attention again.
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| Uploaded on 02 April 2012
by Kian Teck Ng
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Nam Cheong Limited - Selling Fast and Furious (Update)
Early this morning, Nam Cheong Limited (Nam Cheong) announced the sale contracts for three AHTS vessels worth a total value of US$36.8m. These vessels were part of their build-to-stock series and will be sold to new Singaporean customers. As the vessels will be delivered in 2Q and 3Q FY12, the bulk of the sales (approximately 11.4% of our FY12F) will be recognized in this FY.
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| Uploaded on 28 March 2012
by Kian Teck Ng
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LionGold Corp Ltd - Offer Closes with 76.22% of Signature (Update)
LionGold Corp Ltd (LIGO) announced on 28 March 2012 that it has received valid acceptances equivalent to 76.22% of Signature Metals Limited (Signature). We updated our valuation to reflect the higher stake in Signature and arrived at a value of S$1.215 per share (with bull/base scenario valuations of S$2.12 and S$0.73 respectively for the gold mining division). Maintain Invest.
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| Uploaded on 27 March 2012
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Ying Li International Real Estate Ltd - Positive Sales Data from Recent Launches (Update)
Ying Li International Real Estate Ltd (Ying Li) announced the successful pre-sale of 86% of Phase 1 of the Ying Li International Plaza (formerly the Da Ping Project). Phase 2 of the Ying Li International Plaza was launched on 25 March 2012 and is already 59% sold. Phase 1 was launched on 27 December 2011. Average selling prices were about RMB 10,000 per sqm for Phase 1 and RMB 11,000 for Phase 2.
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| Uploaded on 27 March 2012
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LionGold Corp Ltd - Gaining Majority Ownership of Signature (Update)
We resume coverage of LionGold Corp Ltd (LIGO) following its success in achieving majority ownership of ASX listed Signature Metals Limited (Signature), thus paving the way for production growth in Ghana – pending only the formal completion of the acquisition. As at 15 Mar 2012, the company had a 59.5% interest in Signature. The offer ends on 27 Mar 2012. Our updated model values LIGO at S$1.18 per share (with a bull case scenario valuation of S$1.93 and base case scenario value of S$0.77 respectively for its gold mining division).
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| Uploaded on 19 March 2012
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Ryobi Kiso Holdings Ltd. - Setting Up Foothold In Australia (Update)
Ryobi Kiso Holdings Ltd (Ryobi) announced the acquisition of 70% stake in two Australian piling and geotechnical services companies, Compile Australia Pty Ltd (Compile Australia) and Compile-Ryobi Australia Pty Ltd (Compile-Ryobi), for a total consideration of approximately A$2.8m (S$3.68m) yesterday. These strategic acquisitions will allow Ryobi to enter the Western Australia market and help achieve its regionalization plan. For now, we see these acquisitions as footholds in a new market. We maintain our forecasts and valuation on Ryobi pending further developments from these companies. Maintain Increase Exposure.
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| Uploaded on 16 March 2012
by Liu Jinshu
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King Wan Corporation Ltd – Hidden Gem in Turbulent Market (Initiation)
King Wan Corporation Limited is a mechanical & electrical (M&E) engineering services provider in Singapore with investments in property development and manufacturing businesses across Singapore, Thailand, and China. With S$26.4m of net cash, which is about 54.4% of its current market capitalization of S$48.5m, it provides a favorable risk/reward opportunity to investors.
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| Uploaded on 11 March 2012
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