Daily Morning Note – 16 March 2018


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Golden Energy and Resources Ltd – Great quarter to end a stunning year
Recommendation: BUY, Last Done Price: S$0.37
Target Price: S$0.48, Analyst: Chen Guangzhi
– Exceeding the annual target amid buoyant coal prices
– Securing total 15mn tonnes of order for FY18
– Cash cost was higher than expected in 4Q17
– The impact of the amended Domestic Market Obligation is limited


US levied sanctions against Russia’s top spy agencies and more than a dozen individuals for trying to influence the 2016 US presidential election and two separate cyberattacks.

Singapore non-oil exports shrank 5.9% YoY in Feb-18 after 6 months of growth. It missed economists’ expectation of 4.8% expansion and was much weaker than the 5% growth in Jan-18. This could be partly due to the timing of Chinese New Year.

Chip Eng Seng Corporation exits from Australian redevelopment project Tower Melbourne with A$55m (S$56mn) sale. This property was acquired by the group in September 2011 for A$25.5mn. We have not factored in contributions from Melbourne Tower previously for our RNAV owing to the uncertainties surrounding the project. Divestment gain should contribute c.S$0.05 to RNAV by our estimates.

CapitaLand Limited has established an 80%-owned subsidiary, Shi Na Real Estate Agency (Shanghai) Co., Ltd., in China for property management, real estate agency, and hotel booking service.

Y Ventures Group has incorporated a wholly owned subsidiary, Evermint, in Singapore, to provide e-commerce solutions.

Memtech International Ltd. has established a wholly owned subsidiary, Kunshan Taitech Automation Co., Ltd., in China, for research and manufacturing of automation equipment, robots, electrical and other intelligent or hi-tech equipment and parts and after sales services.

EC World REIT has incorporated Wuhan Fute Logistics Co., in China, for warehousing, property management and business management consultancy.

Singapore Technologies Engineering Ltd’s marine arm, Singapore Technologies Marine Ltd, is winding up its environmental engineering subsidiary in Brunei.

DeClout Limited’s 50.01%-owned subsidiary, vCargo Cloud Pte. Ltd., was selected to implement a pilot National Single Window e-trade project in Djibouti, Africa.

Koh Brothers Eco Engineering is partnering Ssangyong Engineering & Construction and Daewoo Engineering & Construction to build the upcoming Woodlands Health Campus, touted as Singapore’s first “smart” hospital.

Oxley Holdings Limited to raise up to S$78.1mn through primary placement of ordinary shares to investors.

Source: SGX Masnet, Phillip Securities Research

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