United
Envirotech - Upgrade to BUY, target price S$ 1.66 on optimism that
China's sustained interests in water would continue to support high
sector valuations.
Despite trading at above its historical average, United Envirotech
(UENV) recently announced that it has been approached by an interested
party to explore a potential share sale. We are not surprised by the
interests in UENV but we did not expect the potential buyer to be
undeterred by the stock's seemingly high valuations. To close the deal
at this level, we feel the interested party is confident of either: 1)
further rerating of UENV's membrane/technology business, or 2) potential
value-unlocking of UENV's businesses. We upgrade UENV to BUY (TP: S$
1.66 (Prev S$ 1.37)) on optimism that China's sustained interests in
water would continue to support high sector valuations.
Goodpack
has obtained majority holders' consent from five out of the six series
of outstanding notes, in relation to Scheme of Arrangement (SOA)
proposal by KKR. Company will continue engaging holders of Series 006
and explore ways to align interests. This shall not affect progress of
the SOA, though must be cleared by long stop date of 31st Oct. So far,
SGX and SIC approvals have been received. Upon receipt of court order,
Goodpack may proceed to distribute circulars to shareholders and call
for EGM, which shall be held two weeks after circular distribution.
SIA Engineering
has signed an agreement with The Boeing Company (Boeing) to form a
joint venture based in Singapore, which will provide fleet management
services to airlines in the Asia-Pacific and beyond. Under the
agreement, SIAEC will hold a 49% equity stake in the joint venture, with
the remaining 51% to be held by Boeing.
Technics Oil and Gas
has been awarded contracts worth a total of S$6.2m through its
subsidiaries. The contracts involve supply of Gas Booster Compressor for
Production Facilities and Gas Compressor Skid for FSO Vapor Recovery
Project for Vietnam.
Serial System has entered into an agreement with GSH Corporation
to acquire the entire trading and distribution business, which is
principally engaged in the business of trading and distributing
fast-moving consumer goods, IT, photographic and timepiece products.
Hiap Hoe Group
is putting up unsold condo units for bulk sale, apparently to avoid
having to pay hefty fees to extend the sales period. It seeks to sell
all 48 units in its District 10 project, Treasure on Balmoral, at a
guided price of $1,850 per square foot (psf) or $191.4m. This follows
attempts by other developers to offload their unsold units in bulk sales
- as did Great Newton Properties for its Newton Imperial condominium
project and Heeton for iLiv@Grange. With buying interest still dampened
by tough lending rules, property consultants believe more bulk sales at
reduced prices are in the offing, especially for high-end projects.
Chinese
inflation slowed to 2.3% in June from a four month high of 2.5% in May.
1H14 inflation also rose 2.3% from the same period in 2013. The result
compared with the market median forecast of a 2.4% gain, but is well
below the 3.5% annual target set by Beijing in March. Food was the main
driver of inflation in June, rising 3.7% y-o-y, with fruit prices up
19.8%. Still, food cost increases slowed from the 4.1% recorded in May.
US
stocks rebounded as optimism over corporate earnings overshadowed
central bank concerns that investors may be growing too complacent about
the economic outlook. Some Fed policy makers were concerned investors
may be growing too complacent about the economic outlook and the central
bank should be on the lookout for excessive risktaking, this according
to minutes of their June meeting. The FED plans to end its bond
purchases in October. Alcoa shares rose after it reported
better-than-forecast profit on the strength of its traditional aluminium
smelting business.
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