DMG & Partners Securities in a Jan 25 research report says: “Controlling shareholder, Eight Capital Inc., is selling 75 million of its First Resources’ shares (bringing its stake down from 74% to 68.2%) and FR is selling 15 million treasury shares, at $1.48 per share (8.1% discount to 19 Jan’s close).
It says the stock looks fairly valued at the moment and has a slightly higher P/E of 16X compared with the sector average of 15.3X, looking at relative valuations.
The senior unsecured notes may be priced to yield between about 5.5% and 5.75%, the person said, asking not to be identified because the information is private.
GoGrid expands its portfolio of infrastructure-as-a-service offerings with the latest Hosted Private Cloud, which lets customers run applications in a public cloud environment that uses hardware dedicated to their use. – GoGrid introduced an enterprise-grade hosted private cloud platform
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The GoGrid Hosted Private Cloud features the same
capabilities as GoGrids public cloud offering, the company said. The hosted…
Shares of Singapore-listed palm oil firm First Resources (FRLD.SI) fell as much as 8.1% on Thursday after its main shareholder, Eight Capital, sold 75 million shares of the company at $1.48 each, raising $111 million.
At 9:02 a.m., First Resources shares were down 7.5% at $1.49 on a volume of 97.7 million shares.
The following companies may have unusual price changes in Singapore trading today. Stock symbols are in parentheses, and share prices are from the previous close. Singapore’s Straits Times Index lost 0.2% to 3,241.96.
CapitaMall Trust (CT SP): Singapore’s biggest retail property trust, said its fourth-quarter payout to shareholders fell 1.4% to $75.4 million from a year earlier. The dividend beat its own forecast of $73.9 million. The stock was unchanged at $1.90.
Straits Asia Resources says Indonesia’s Ministry of Forestry has issued a Principle Licence (Izin Prinsip) for the Northern Leases at Sebuku in South Kalimantan.
The Izin Prinsip is the precursor to the Izin Pinjam Pakai (Borrow and Use Licence) and gives the company the rights to extract coal provided certain final conditions are met.
OCBC lowers Straits Asia Resources (AJ1.SG) fair value estimate to $2.89 from $3.13; it says while SAR is a beneficiary of strengthening coal prices, “we caution against over exuberance as oil prices have also been climbing, and this could crimp the group’s profit margins given that fuel costs account for 30%-35% of its production costs.”
AmFraser in a Jan 5 research report says: “Global Palm Resources Holdings Ltd (GPR) is one of the smallest SGX-listed palm oil producers with market capitalization of $155 million as of Nov 10. We believe GPR may be trying to gain a foothold into East Kalimantan for oil palm cultivation.
VirtualBox 4.0 cleaned up the user interface and added resource controls to reign in desktop virtual machines as it enters the battle with VMware Workstation and Parallels Desktop. VirtualBox retains its low-cost position in the desktop virtualization field while trying to keep pace with the pack leaders. – Oracle VM VirtualBox 4.0 is now easier to install and has a cleaned
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“We believe GPR may be trying to gain a foothold into East Kalimantan for oil palm cultivation. If the venture inroad proves successful, it will further beef up GPR’s production capacity and more importantly provide an alternative source of plantation landbank for oil palm cultivation.”
Palm stocks edge up with Golden Agri (E5H.SG) +0.7% at $0.775 and Indofood Agri (5JS.SG) +1.4% at $2.82; though volume is fairly light as the overall market is generally lackluster and investors are likely to be more cautious on palm plays now that most are near 2.5-year highs.
DMG, which is Neutral on the sector, notes Malaysia’s palm oil inventory started to decline last month as production began on a seasonal downcycle.
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.
CIMB downgrades Indofood Agri Resources (5JS.SG) to Neutral from Trading Buy on valuation grounds.
Still, it lifts target price to $3.24 from $3.17, based on 18x forward P/E, after increasing FY11-12 earnings estimates by 3% to account for higher rubber prices for unit London Sumatra (LSIP.JK) and lower taxes.
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).
OCBC Investment Research in a Nov 30 research report says: “The group’s YTD core net profit has fallen 48% y-o-y to US$57.7 million despite a 3% growth in revenue to US$529.3 million, with lower coal prices being the key culprit for margin compression. We are forecasting a 15.6ppt drop in FY2010 gross profit margin to 24.5%, but expect this trend to reverse in FY2011 as coal prices recover.
Interra Resources says unit, Goldpetrol Joint Operating Company Inc., has completed development well YNG 3236 and started drilling for oil recently in the Yenangyaung field in central Myanmar.
