Singapore government’s measures to curb property speculation sent shares of city-state’s biggest developers down the most in 11 months today.
The Straits Times Real Estate Index fell 0.3% at the close, with three stocks falling for every two that gained. CapitaLand, Southeast Asia’s biggest developer, fell 3.4% to $3.71, while City Developments, the second largest, declined 4.6% to $12.16, both retreating by the most since Feb 22.
GUTHRIE GTS and Lee Kim Tah Holdings are two retail mall plays which are trading below their net asset values. At 50 cents, Guthrie is trading below its NAV of 66 cents, at a price-to-book ratio of 0.75 times. Lee Kim Tah’s book value is 62.7 cents, and it is trading at a price-to-book of 0.9 times. The two companies own a 50% stake each in Jurong Point I, and a 25% stake each in Jurong Point II.
In a research note on Jan 7, Kim Eng Research raises the possibility of Guthrie GTS unlocking value of Jurong Point via a REIT. Following the completion of Jurong Point II, Jurong Point I and II together is Singapore’s largest suburban mall with a nett lettable space of about 750,000 sq ft, housing 450 shop units and adjacent to Boon Lay MRT station and a bus interchange.
Kosovo Albanian PM Hashim Thaci has angered politicians in Switzerland when he compared the Marty report to the Nazi German propaganda of Joseph Goebbels.
According to Switzerland’s Le Matin daily, the comparison is violent and offensive to politicians in Switzerland.
CHINA’S RUNAWAY ECONOMIC growth has fuelled investor confidence in Asian stock markets. But it has done little for the country’s own stocks. This year, China was the only Asian stock market that delivered negative returns. The Shanghai SE Composite Index is down 11.8% this year while the Hang Seng China Enterprises Index is down 3.1%.
Call It An “Open Mouth, Insert Foot” Moment: Khloe Kardashian has gotten herself into hot water with victims’ right groups after she compared the controversial TSA airport scans and searches to being raped during an appearance on TBS late-night on Monday. “Well, they basically just are raping you in public,” Kardashian quipped on George Lopez’s [...]
The TDR listing aims to broaden and diversify the company’s shareholder base and provide it with an additional fund-raising platform for future expansion. Osim had previously mentioned that it would consider acquiring new brands in China to boost its presence in that country. The listing will also “strengthen public awareness of the Osim brand in Taiwan, which has been a key market for Osim products since 1987,” the company said in a statement on Dec 2.
The U.S. embassy in Armenia has issued a statement about an online video, RFE/RL reports. In the video, U.S. Vice President Joe Biden says Armenian President Serzh Sarkisian told him not to “force” the issue of the Armenian genocide during Turkish-Armenian reconciliation negotiations.
“It is quite possible that current conditions lead to a repeat of the commodity price-driven phony inflation scare world markets last experienced in 2007 and early 2008,” Wood writes.
Weekend Comment Jan 28: SIA disappoints
The full-service carrier reported a disappointing set of third quarter results after the market closed on Jan 28, falling short of the average profit estimates of analysts tracked by Bloomberg. For the three months ending Dec 31, SIA posted a 29% y-o-y fall in net income to $288.3 million, after it booked charges of as much as $199 million relating to antitrust cargo fines.
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