CitySpring Infrastructure Trust Infrastructure Trust says it has achieved cash earnings of $10.9 million and will make a distribution per unit (DPU) of 1.05 cents for the third quarter ended 31 December 2009 (3Q FY10).
Operating performance for this quarter was underpinned by contributions from all three assets – City Gas Trust, SingSpring Trust and Basslink.
DBS Vickers has cut China Animal Healthcare’s (EP4.SG) target price to 33 cents from 40 cents, based on 12x FY10 P/E, after lowering earnings forecasts by 18% for FY10, and 7% for FY11 to factor in delay in production of vaccine for hand-foot-mouth disease.
The brokerage notes that the farm animal drugs maker expects to obtain production licence for vaccine by March, and accompanying product code for sales around mid-2010, meaning it won’t be able to take part in government’s February bidding exercise to award production licence and “will only be able to take part in the August 2010 bidding season.”
CapitaCommercial Trust has announced a distributable income of $198.5 million for the financial year ended Dec 31 2009 (FY 2009).
The full year distribution per unit (DPU) of 7.06 cents is a 28.8% year-on-year increase from FY 2008 DPU of 5.48 cents.
For the financial period Oct 1 2009 to Dec 31 2009 (4Q 2009), CapitaCommercial Trust says it achieved a distributable income of $52.9 million. 4Q 2009 DPU of 1.88 cents is 38.2% above 4Q 2008 DPU of 1.36 cents. CapitaCommercial Trust’s distribution yield is 6.0% based on the closing price of $1.18 per unit on 19 January 2010.
CIMB has downgraded Tiong Woon Corp. (T06.SG) to “neutral” from “outperform”, citing the company’s struggle to land shipbuilding contracts, secure customers for its cranes.
It says the demand for cranes in key sectors like construction showing signs of weakening, while lack of sizeable projects in Singapore’s oil & gas sector has resulted in lower crane utilisation rates.
Chemoil Energy, the world’s biggest independent supplier of marine fuel, fell 8.1% to 40 US cents at the open in Singapore. The benchmark Straits Times Index was almost unchanged. Glencore International AG has agreed to pay US$233 million ($325 million) for 50.8% of Chemoil Energy to expand its trading operations and gain storage assets in Singapore.
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DBS Vickers upgrades Sim Lian Group (S05.SG) to “buy” from “hold”, raises target price to 53 cents from 49 cents, based on 35% discount to NAV estimate vs 40% discount previously.
The brokerage says the developer could benefit from expected pickup in collective sales activity in Singapore’s private residential market next year.
Pacific Healthcare Holdings says it has entered into a conditional agreement with Al-Faiz Fund I (AFF) to place out 73,012,692 new ordinary shares representing about 20.63% of the enlarged issued share capital of the company.
The issue price for the shares offered to AFF is 11 cents per share which represents a premium of about 10% to the volume weighted average trading price of the shares of 10 cents on the SGX on Dec 3.
Hafary Holdings, a local supplier of tiles with almost 30 years of history, has launched its initial public offering of 32.5 million new shares at 20 cents each, in line with its proposed listing on the Catalist today.
The IPO of 32.5 million new shares represents 20% of Hafary’s enlarged share capital of 162.5 million shares. At 20 cents per share, the placement is priced at a historical price earnings ratio of 7.4 times, based on the group’s net earnings per share of 2.7 cents for FY2009 (year ended 30 June 2009) and pre-placement share capital of 130 million shares.
Warhol and Doig do it again
This week in New York, the post-war and contemporary art market had its bi-annual check up. Christie’s went first, selling 39 of 46 lots for a total of $74.1m on November 10th. It was less than a quarter of their $325m total exactly two years ago, but still a respectable outcome given the difficulty of obtaining consignments. No one wants to sell their art during a recession unless they have to. Remarkably, few collectors seem to be in that position and, if they are, they feel safer off-loading behind the scenes than at public auction.
Sotheby’s evening sale was much more robust, selling 53 of 55 lots for a total of $134.4m. That sell-through rate—96% by lot, 98% by value—hadn’t been seen since 2004. An astounding result given the times. The estate of Mary and Louis Myers, Ohio arts patrons, provided the first 20 lots of the evening, but the chief earner was Andy Warhol. …
In a talk about the threats posed by Russian malware affiliate networks, a Sophos security researcher reveals an operation offering people 43 cents per Apple Mac they infected. Affiliate networks can generate serious profits pushing scareware online.
– New research from Sophos underscores a growing interest in the Mac among cyber-criminals.
In a presentation at Virus Bulletin’s VB Conference, in Geneva, Sophos Labs researcher Dmitry Samosseiko revealed a malware affiliate network offering 43 cents per infected Mac computer. The offer was the wo…
I just posted a tweet saying I don’t view the Gates matter through a racial lens, I view it through a Harvard lens. I want…
