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Separately, Nanjing Puzhen announced that it has won
two PRC metro contracts worth a combined
RMB1.4 bn. The first contract is awarded by Wuxi Rail
Transport Development, for the supply of 23 train sets (1
train set = 6 train cars), or 138 train cars, for the Wuxi
Metro Line 2 Project. Delivery for this contract is slated to
take place from 2013 to 2014. The second contract is
awarded by Hangzhou Metro Group, for the supply of 27
train sets (1 train set = 6 train cars), or 162 train cars, for
the Hangzhou Metro Line 2 Project. Delivery for this
contract is slated to take place from 2013 to 2016.
Sembcorp Marine has secured a contract worth US$135m
to reconstruct a semi-submersible rig for Diamond
Offshore Drilling, to be delivered in the second quarter of
2014. This project could pave a new wave of demand for
reconstruction projects, as it shortens the delivery period
from 36 to 24 months and will be re-built at a significantly
lower project cost of US$370m(including equipment),
resulting in savings of 30% to 40% vs building a new rig.
Diamond Offshore has two more semi-subs and 1 jack up
under cold stack. With this project, total YTD order win for
SMM is S$8.3b, raising order book to S$11.7b. We
continue to favour SMM for strong earnings visibility of
2.4x in terms of book to bill, with projects stretching up to
2019. Maintain Buy, TP: S$ 5.85.
ST Engineering’s 2Q12 net profit of S$143m (up 10% y-oy)
was slightly ahead of our estimates; margin
improvements were seen across all segments. STE’s record
orderbook of S$12.7bn provides healthy earnings visibility.
Coupled with strong balance sheet and healthy dividend
yield of 5%, we maintain BUY call with higher TP of
S$3.60 (Prev S$ 3.40), as our PE multiple is revised
upwards to 18x to reflect mid-cycle valuations.
Operational ramp ups and revaluation gains for Global
Logistic Properties lift 1Q13 earnings. Leasing and J-Reit
catalysts still intact; maintain Buy, TP raised to S$2.61 (Prev
S$ 2.31).
2Q12 results for Sound Global were in line, 1H12 met
42% of FY12F. Orderbook remains sturdy at RMB2.5bn,
and this is expected to drive growth. Maintain Buy, no
change to forecast and TP of S$0.86. Operationally, we are
positive on Sound Global’s business outlook as the longterm
trend of the water industry in China is buoyant.
However, near term share price performance may be
affected by the outcome of the CB redemption.
1H results for Yanlord Land were above forecasts with
margins that met expectations. Contracted sales
momentum in 2Q continued in July and probably August
too. The group has managed to delay land premium
payment to maintain net debt ratio at at below 50% by
end-FY12. Maintain HOLD, TP revised up to S$1.24 (Prev
S$0.99).
Excluding a S$10m one-off gain, 2Q12 core profit of
S$11.1m for CSE Global was broadly in line. An interim
dividend of 1.5 Scts was declared (as expected). New order
win of S$115m was below our S$130m-150m estimate
due to delay in awards but the company expects major
order wins in September. Official guidance for FY12F core
profit to be similar to FY10 lends credence to our
estimates. Maintain BUY with S$0.90 TP based on 9x
FY12F PE.
STX OSV’s 2Q12 net profit of NOK 279m (+3% y-o-y) in
line with expectations. Order-win momentum is healthy.
We estimate that total order intake YTD in 2012 amounts
to about NOK7.7bn, forming close to 80% of our full-year
order-win assumption. The order backlog at the end of
2Q12 stood at NOK18.3bn, comprising 55 vessels, and
translating to a healthy book-to-bill ratio of 1.5x. A special
dividend of 13Scts for 1H12 was declared, implying
attractive interim yield of >8% at current prices; Maintain
BUY and S$2.00 TP.
US markets gave up early session gains to end on a mixed
note as technical and financial stocks eased. Stocks had
initially firmed after July retail sales climbed more than
expected (actual 0.8%, consensus 0.3%).
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MARKET WATCH 15 AUG 2012
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15-Aug 2012 Wednesday
10:44 AM (4274 days ago)
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