Manufacturing, which accounts for about a quarter of the economy, climbed 9% in December from a year earlier after a revised 40.5% increase in November, the Economic Development Board said in a statement today. The median estimate of 12 economists surveyed by Bloomberg News was for a 16.8% gain. Production grew 29.7% in 2010.
Mapletree Industrial Trust says it has achieved a maiden Distribution Per Unit of 1.52 cents from its listing date on 21 October to 31 December 2010, exceeding forecast by 13.4%.
Distributable income and net property income at $22,282,000 and $29,593,000 was 13.6% and 8.7% higher than forecasted.
A security researcher has uncovered a critical vulnerability in a popular SCADA software used in China, as well as in a few others, which raises the possibility of another Stuxnet attack. – A critical security flaw in
supervisory-control-and-data-acquisition (SCADA) systems used in China raises
the possibility of another Stuxnet-like attack, a security researcher said.
The latest stable version of KingView, the SCADA software
developed by Beijing WellinControl Technology Developmen…
India’s industrial output fell to an 18-month low in November with production growing at a slow 2.7 percent, according to official data released Wednesday. Slowing industrial production will put the government and the Reserve Bank of India in a fix when it comes to tackling inflation as hiking key interest rates was one of the [...]
Singapore’s industrial production rose at the fastest pace in six months as electronics and pharmaceutical manufacturers increased output to meet demand.
Manufacturing, which accounts for about a quarter of the economy, climbed 39.8% in November from a year earlier, after a revised 29.8% increase in October, the Economic Development Board said in a statement today. The median estimate of 14 economists surveyed by Bloomberg News was for a 32.8% gain.
Armstrong Industrial Corporation, one of the leading foam and rubber component manufacturers specialising in noise, vibration and heat management for the car and electronics industries, says it plans to set up two new manufacturing plants in China over the next three years.
Armstrong has also raised the capital from $4.9 million to $6.5 million in its 80% owned Armstrong-Odenwald (Asia), a joint venture with German partner Odenwald-Chemie Gmbh.
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Industrial automation and control systems are being used at a new industrial unit that has been established in Scotland by Braehead (SFO Enterprises) Ltd.
1984: Poison gas leaks from a Union Carbide pesticide factory in Bhopal, India. It spreads throughout the city, killing thousands of people outright and thousands more subsequently in a disaster often described as the worst industrial accident in history.
Union Carbide chose Bhopal, a city of 900,000 people in the state of Madhya Pradesh, because of [...]
Cache Logistics Trust (K2LU.SG) most attractive among Singapore industrial REITs given highest-in-sector 9.7% yield, lease term to expiry of more than 6 years vs industry average of 5 years, says CIMB.
Rates at Outperform, target $1.30. Adds, valuations undemanding with REIT trading near book value, while potential acquisitions in near term likely to be debt-funded, hence no dilution risk.
Sabana REIT (M1GU.SG) at $1.01 vs $1.05 IPO price, with 33 million shares traded; Kim Eng notes REIT’s policy to distribute 100% income for FY11, FY12, then at least 90% thereafter; forecast FY11 yield of 8.22%, FY12’s 8.25% within 6.8%-9.3% range offered by SGX-listed industrial/logistics REITs.
Manufacturing, which accounts for about a quarter of the economy, climbed 31% in October from a year earlier, after a revised 26.8% increase in September, the Economic Development Board said in a statement today. The median estimate of 14 economists surveyed by Bloomberg News was for a 26.8% gain.
Broadway Industrial Group says it may have suffered a loss of RMB 2 million ($400,000) as the result of the fire which broke out on the morning of Nov 19 out at its rented factory premises of its subsidiary, Shenzhen Broadway Total Packaging Solution Co., in Shenzhen, China.
But Broadway says the actual loss could be lower as the facility is covered by fire insurance and expects “minimal impact” to the company’s overall consolidated financials for the year ending Dec 31 2010.
Broadway says although there were no casualties caused by the fire and no serious damage to equipment and machinery, some stocks were damaged as the fire broke out in the storage area of the facility.
The affected customers have since been informed and the company has taken measures to ensure minimal disruption to its operations.
The cause of the fire is under investigation.
The company has eight foam plastic facilities in China, which serve a diversified base of multinational customers in the consumer electronics, automotive, construction and other industries.
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Citigroup starts Mapletree Industrial Trust (ME8U.SG) at Buy with $1.21 target price.
Expects strong growth potential for Singapore-focused REIT’s properties given favorable lease expiry profile, cessation of annual 5.5% rental cap in June next year.
Tips 3-year organic earnings CAGR of 13% vs 0%-6% for other industrial REITs; “rental rates across business parks, flatted factories, and warehouses already appear to have bottomed and are beginning to show signs of improvement. With relatively low supply compared to expected demand across industrial properties, we expect occupancies and rentals for flatted factories to move towards their 2008 peak.”
Cites highly diversified tenant base of more than 1,500 multinational corporations, local companies, plus over 2,200 leases as key strengths. REIT flat at $1.10.
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Goldman Sachs starts Mapletree Industrial Trust (ME8U.SG) at Neutral with $1.12 target price. Expects Singapore-focused REIT to deliver sector-leading organic DPU CAGR of 9.5% over FY10-12, but says this already reflected in current price. Says MIT will benefit from Singapore’s stable economic growth, with 44% of its income derived from multinational companies, listed firms, 56% from SMEs, which form backbone of economy “and have shown resilience in the past as a source of rental income.” Says portfolio under-rented, at average 21% below market average, which offers ample opportunities for organic growth over FY10-12. REIT flat at $1.10.
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Guangzhao Industrial Forest Biotechnology says it has agreed to sell its forestry assets worth RMB 560 million ($108.5 million) to GreenWood Resources Inc., a US-based tree farm developer with US$410 million ($527.8 million) of forestry asset under management.
Armstrong Industrial Corporation, the specialist in noise, vibration and heat management for the automotive and electronics industries, says net profit attributable to shareholders grew 13.2% y-o-y to $4.6 million while revenue grew 18.7% y-o-y to $58.0 million for the three months ended 30 September 2010 (3Q2010).
Positive growth rates were registered in 3Q2010 vs 3Q2009 across all countries except Singapore which is largely Data Storage-dependent. In line with earlier forecasts, demand for Data Storage stabilised in 3Q2010 compared to more aggressive growth in 1H2010 vs 1H2009.
DBS Vickers Securities in an Oct 28 research report says: “Broadway reported net profit of $12.5 million (+45% y-o-y) on sales of $144.7 million (+6% y-o-y). Excluding $3.2 million of forex gain, core profit was $9.3 million, below our ($10.5 million) and consensus estimates.
