Singapore-listed Pan Pacific Hotels Group (PPHG.SI) said on Thursday that it has agreed to buy Hilton Melbourne Airport Hotel for a total consideration of A$108.9 million ($141.4 million). Pan Pacific said in a statement to Singapore Exchange that the acquisition of the hotel, which has 276 rooms and is located at Melbourne’s Tullamarine airport, will be financed by bank borrowings and internal resources.
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Mainboard-listed Datapulse Technology, one of the leading total solution providers of CD and DVD services in the Asia Pacific region, reported its first quarter results for the financial year 2011.
For 1Q FY2011, revenue increased by 4.6% from $20.5 million to $21.4 million. The group continued to enjoy the usual higher level of business activities from year-end orders with the increase in revenue attributed to certain higher value kitting projects undertaken during 1Q FY2011.
CIMB in a Dec 9 research report says: “PAH is acquiring a 19.76% stake in ASX-listed Tassal for A$51.7 million (around $67 million). We are positive as we believe there could be earnings accretion in the near future, and Tassal could provide the platform for PAH to expand into the global farmed salmon business.
Shares of Pacific Andes Resources Development <PACF.SI>, a Singapore-listed frozen fish supplier, rose as much as 2.9% on Thursday after it bought a 19.76% stake in Australian salmon farmer Tassal Group <TGR.AX> for A$51.7 million ($66.9 million).
At 11:31 a.m., Pacific Andes shares were up 1.5% at $0.345 on a volume of 3.9 million shares.
Stephan Ritzmann has been appointed group CEO wef Dec 1
Work experience: Over 20 years of experience in the luxury watch industry with business exposure in the Asia Pacific region; country manager, Swatch Group
Singapore shares may open a tad higher on Thursday after Wall Street edged up overnight as gains in financial and technology stocks offset declines caused by a recent surge in bond yields. Singapore’s Straits Times Index increased 0.3% to 3,202.80.
The following companies may have unusual price changes in Singapore trading today, say Thomson Reuters and Bloomberg. Stock symbols are in parentheses, and share prices are from the previous close.
Mainboard-listed Pacific Andes Resources Development (PARD), one of the leading global frozen fish suppliers with an integrated supply chain spanning industrial fishing, global sourcing and ocean transportation, says the group has signed a sale and purchase agreement today to acquire 19.76% of ASX-listed Tassal, a vertically integrated salmon grower, processor, seller and marketer, for A$51.7 million ($67 million).
Temasek, based in Singapore, sold almost US$6 billion of bonds since October last year. Temasek-controlled Mapletree Industrial Trust and Global Logistic Properties, GIC’s overseas logistics unit, raised $5.1 billion selling shares in October, accounting for 10% of the record initial public offerings in the Asia-Pacific region that month, according to data compiled by Bloomberg.
SIAS Research in a Nov 30 research report says: “PST announced the acquisition and chartering of five 57,000 DWT Supramax bulk carriers. These five vessels will be built by Tianjin Xingang Shipbuilding Industry Co Ltd for a contracted price of UD$30 million per vessel and are expected to be delivered between October 2012 and April 2013.
Temasek Holdings Pte and Government of Singapore Investment Corp. raised about US$9.9 billion ($13 billion) from international investors over the past year, selling more debt and equity than any other state investment firm.
Temasek, based in Singapore, sold almost US$6 billion of bonds since October last year. Temasek-controlled Mapletree Industrial Trust and Global Logistic Properties, GIC’s overseas logistics unit, raised $5.1 billion selling shares in October, accounting for 10% of the record initial public offerings in the Asia-Pacific region that month, according to data compiled by Bloomberg.
Standard Chartered starts Pacific Andes Resources Development (P11.SG) at Outperform with $0.47 sum-of-parts target price.
Expects steady recurrent earnings from supply chain management business, with unit China Fishery’s (B0Z.SG) strong growth momentum, margins underpinning group prospects.
DBS Vickers Securities in a Nov 26 research report says: “FY2010 earnings were below our expectations. Net profit grew by 6% y-o-y to HK$773 million on the back of HK$7.4 billion topline (-2%). The below-expectations results came from a lower-than-expected contribution from its subsidiary China Fishery Group (CFG), in turn arising from negative contribution from its South Pacific operations.
Kim Eng Research in a Nov 25 research report says: “Starhill owns 13 prime commercial properties in stable, high-growth markets in the Asia Pacific, with retail rental making up 87% of group revenue in 3Q10.
CIMB raises Pacific Andes Resources Development (P11.SG) target to $0.50 from $0.36, maintains Outperform call.
CIMB says 4Q10 core net profit of HK$110 million ($18.6 million) (down 8% on-year) was below expectations, forming 14% of FY10 estimate, FY10 core net profit of HK$771 million (+8% on-year) made up 96% of FY10 estimate.
Singapore shares may open a tad higher on Friday as global markets edged up, but trading is likely to be quiet as US markets were closed overnight for the Thanksgiving holiday. Singapore’s benchmark Straits Times Index <.FTSTI> rose 0.71% on Thursday to 3,159.23 points.
Here are some stocks and factors to watch, say Bloomberg and Thomson Reuters:
Shares of Sabana REIT (SABA.SI), which owns industrial properties, makes its Singapore market debut after raising about $491 million in an initial public offering that was 2.5 times subscribed.
Heidi Montag, who infamously underwent 10 cosmetic surgeries in one day, has blamed her late surgeon Dr Frank Ryan for her addiction to the procedures. She now claims she did not feel ”prepared enough” for the procedures. “Maybe I should have known. ”But how can you know when your doctor”s saying, ‘It”s just a little [...]
Mainboard-listed Pacific Andes Resources Development, the global frozen fish supplier with an integrated supply chain spanning industrial fishing, global sourcing and ocean transportation, says net profit attributable to equity holders grew 5.5% to HK$773.1 million ($130.5 million) for the full year ended 28 September 2010 (FY2010).
Chew Hai Chwee has been appointed independent director/audit committee member wef Nov 22
Work experience: Owner/managing partner, Surecanlah (consultancy and investment firm); independent director, Stratech Systems Ltd
DBS Vickers lifts Roxy-Pacific (E8Z.SG) target price to $0.55 vs $0.44, based on 30% discount to higher RNAV estimate of $0.79 vs $0.63 previously, to factor in higher average selling price for developer’s Spottiswoode Park Singapore residential project and contributions from 2 upcoming launches. Keeps Trading Buy call.
DBS Vickers says Roxy also expected to benefit from Singapore’s strong hospitality sector as it owns 558-room Grand Mercure Roxy Hotel, which accounted for 19.5% of group revenue for first 9 months of 2010; “contributions from the hotel segment can help to smoothen out the lumpy contributions from the property development segment.”
Shares +6.7% at $0.40.
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