Author: kktan
STEng – BT
ST Engineering adds $350m to order book
SINGAPORE Technologies Engineering clinched $350 million of contracts in the last quarter of 2011, including a light-rail communications project in a third Taiwan city, the company said yesterday.
The contracts are not expected to have any material impact on net tangible assets per share and earnings per share for the current financial year, the diversified engineering group said.
ST Engineering’s electronics and information technology arm, ST Electronics, received a contract to design and install a communications system for the Taichung City light-rail transit Wuri-Wenxin Beitun line. Work will begin in the first quarter of 2012 with completion targeted by 2017.
ST Electronics had previously secured communications contracts for mass rapid transit systems in Taipei and Kaohsiung.
ST Electronics and ST Marine were also tapped to upgrade landing ship tanks for the Singapore Navy.
ST Marine has also been contracted to upgrade the heating, ventilation and air-conditioning system and accommodation piping system for pipe-laying vessel Castoro 8. Delivery of the vessel is expected in the second quarter of 2012.
ST Engineering reported an order book of $11 billion at the end of September 2011, and is forecasting revenue and profit before tax for 2011 comparable to 2010.
Mainboard-listed shares of ST Engineering closed at $2.84 yesterday, up one cent or 0.35 per cent.
STEng – BT
ST Engineering adds $350m to order book
SINGAPORE Technologies Engineering clinched $350 million of contracts in the last quarter of 2011, including a light-rail communications project in a third Taiwan city, the company said yesterday.
The contracts are not expected to have any material impact on net tangible assets per share and earnings per share for the current financial year, the diversified engineering group said.
ST Engineering’s electronics and information technology arm, ST Electronics, received a contract to design and install a communications system for the Taichung City light-rail transit Wuri-Wenxin Beitun line. Work will begin in the first quarter of 2012 with completion targeted by 2017.
ST Electronics had previously secured communications contracts for mass rapid transit systems in Taipei and Kaohsiung.
ST Electronics and ST Marine were also tapped to upgrade landing ship tanks for the Singapore Navy.
ST Marine has also been contracted to upgrade the heating, ventilation and air-conditioning system and accommodation piping system for pipe-laying vessel Castoro 8. Delivery of the vessel is expected in the second quarter of 2012.
ST Engineering reported an order book of $11 billion at the end of September 2011, and is forecasting revenue and profit before tax for 2011 comparable to 2010.
Mainboard-listed shares of ST Engineering closed at $2.84 yesterday, up one cent or 0.35 per cent.
SingPost – BT
SingPost to acquire Novation for US$9.8m
SINGAPORE Post Ltd yesterday announced that it is acquiring Hong Kong-based Novation Solutions Ltd for US$9.8 million (approximately S$12.7 million), through its wholly owned subsidiary, DataPost Pte Ltd.
DataPost’s purchase of Secured Financial Services Ltd’s entire 100 per cent stake in Novation will be satisfied wholly in cash upon completion, and is to be funded from SingPost’s internal resources.
The completion date of the proposed acquisition is expected to take place on or around Feb 29, upon which Novation will become a wholly owned subsidiary of SingPost.
Novation is a full-service security printing, document management, and transaction mail provider in Hong Kong. Its core services include security and commercial printing and services like variable-data print and electronic direct marketing services. Novation is also present in China.
Wolfgang Baier, SingPost’s group chief executive officer, said that the acquisition is in line with the company’s strategy to grow its digital and hybrid mail business locally and in the region.
‘In transforming SingPost, we have identified digital services as one of our five key business pillars. With this acquisition, we will leverage our combined expertise for expansion into document management and digital printing,’ said Dr Baier, adding that Novation will help to expand SingPost’s footprint in Hong Kong.
As at Dec 31, 2010, the net tangible asset value of Novation was HK$94.3 million (about S$15.7 million). SingPost said that Novation is profitable, and that the proposed acquisition will be on a debt-free basis since Novation has not incurred any debt according to its recent consolidated accounts. The acquisition will not have a material impact on SingPost’s earnings.
SingPost has been expanding its digital and hybrid mail business in the region over the years. Just last year, it acquired a 20.82 per cent stake in Efficient, a Malaysian company which has its core business in business process outsourcing.
SingPost’s shares fell 1.5 cents yesterday to close trading at 95.5 cents per share.
SingPost – BT
SingPost to acquire Novation for US$9.8m
SINGAPORE Post Ltd yesterday announced that it is acquiring Hong Kong-based Novation Solutions Ltd for US$9.8 million (approximately S$12.7 million), through its wholly owned subsidiary, DataPost Pte Ltd.
DataPost’s purchase of Secured Financial Services Ltd’s entire 100 per cent stake in Novation will be satisfied wholly in cash upon completion, and is to be funded from SingPost’s internal resources.
The completion date of the proposed acquisition is expected to take place on or around Feb 29, upon which Novation will become a wholly owned subsidiary of SingPost.
Novation is a full-service security printing, document management, and transaction mail provider in Hong Kong. Its core services include security and commercial printing and services like variable-data print and electronic direct marketing services. Novation is also present in China.
Wolfgang Baier, SingPost’s group chief executive officer, said that the acquisition is in line with the company’s strategy to grow its digital and hybrid mail business locally and in the region.
‘In transforming SingPost, we have identified digital services as one of our five key business pillars. With this acquisition, we will leverage our combined expertise for expansion into document management and digital printing,’ said Dr Baier, adding that Novation will help to expand SingPost’s footprint in Hong Kong.
As at Dec 31, 2010, the net tangible asset value of Novation was HK$94.3 million (about S$15.7 million). SingPost said that Novation is profitable, and that the proposed acquisition will be on a debt-free basis since Novation has not incurred any debt according to its recent consolidated accounts. The acquisition will not have a material impact on SingPost’s earnings.
SingPost has been expanding its digital and hybrid mail business in the region over the years. Just last year, it acquired a 20.82 per cent stake in Efficient, a Malaysian company which has its core business in business process outsourcing.
SingPost’s shares fell 1.5 cents yesterday to close trading at 95.5 cents per share.
SPH – DBSV
Commercial land at Sengkang West/Fernvale Rd receives good response
A commercial site put up for tender by HDB at Sengkang West Avenue/Fernvale Rd met with good response, attracting 12 bidders. The top price of 328m or $1,155psf ppr was submitted by a consortium made up of SPH and UE. It beat the second bidder Alpro management (JHan Chee Juan, developer of Iluma) with a $959psf ppr price tag. The 94,619sf site can house 283,856sf of GFA. Located at the Fernvale LRT station, the site is seamlessly linked to the Sengkang MRT/LRT station and Sengkang bus interchange and will cater to the lifestyle needs of the growing Sengkang residents as well as those in the north eastern regions of Hougang, Punggol and Serangoon Central.
Based on our estimates, we reckon breakeven cost of the development is $2,300-2,350psf. Based on stabilized monthly rental estimates of $12-14psf, the development can yield 4.3-5.1% return when completed and fully tenanted.
The response continues to support our view of the more resilient nature of suburban retail malls as they cater to more non-discretionary spending patterns. We reiterate our positive stance and maintain Buy call on landlord CMT.
SPH/UED’s top bid for Sengkang retail site – a long term perspective in retail malls
Additional comments on SPH’s bid for retail site at Sengkang West/ Fernvale
• SPH’s continued move in retail mall investment not surprising
• Bid seems optimistic, but likely to adopt a long term perspective given area’s potential
• Do not expect any impact on its DPS (24 Scts)
• Maintain Hold recommendation & TP