Daily Morning Note – 8 February 2018
WEEKLY MARKET OUTLOOK WEBINAR
Register HERE for MONDAY’s 11.15am webinar if you have not already done so.
In this week’s webinar, we update on our US Recession Tracker and Singapore
Strategy. We also discuss the results for Micro-Mechanics, CapitaLand Retail China
Trust and SIA Engineering Company.
Archived webinars available.
DBS Group Holdings Ltd announced FY17 results. Full-year 2017 net profit rises 4% to record SGD 4.39 billion. fourth-quarter earnings up 33% to new quarterly high of SGD 1.22 billion. Total income also reached a new high, rising 4% to SGD 11.9 billion from broad-based growth in loans and fee income, which more than offset the impact of a lower net interest margin and weaker trading performance.
ComfortDelGro Corporation Limited announced that its wholly owned subsidiary, Braddell Limited, has entered into an agreement to acquire all the shares of New Adventure Travel Limited. NAT Group is a bus and coach company operating in the South Wales region of the United Kingdom. The purchase consideration is about £13.4 million (approximately S$25.0 million), which translates into a valuation of 5.5 times EBITDA of NAT Group.
Ezion Holdings Limited announced that it has successfully secured refinancing from its six secured lenders. DBS, OCBC, UOB, MayBank, CIMB and Caterpillar Financial have signed binding term sheets with Ezion for a refinancing package of approximately US$1.5 billion, which include minimal fixed principal repayments over the next six years and decreased interest rates for these loan facilities as well as an aggregate of up to US$118 million in additional revolving credit facilities.
OKP Holdings Limited announced that Bennett WA Investment Pty Ltd, a subsidiary of the Group, has entered into a contract for sale to purchase the property at 6- 8 Bennett Street, East Perth, Western Australia from Samuel Conrad Buckeridge and Andrew Benjamin Buckeridge, as executors of the estate of Leonard Walter Buckeridge, at the price of AUD43.5 million.
Source: SGX Masnet, PSR
Clients of Phillip Securities can keep updated with Country Strategy and Singapore Sector Reports by logging into: www.poems.com.sg > STOCKS > Research
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