Author: kktan
STEng – MayBank Kim Eng
Largest Marine Win Since Apr 2012
New Marine contracts worth SGD446m. ST Engineering (STE) announced new orders worth SGD446m secured by its marine division. Awarded in 4Q13, these contracts are for logistics management, maintenance, major upgrade and conversion projects, which would be carried out at its Singapore shipyards. These contracts are in addition to the USD350m (c.SGD420m) shipbuilding contract awarded to its US shipyard, VT Halter Marine in Nov 2013. In our view, this is a significant contract win for the marine division as its value is close to its annual sales in Asia (2012: SGD492m). Furthermore, it is the largest marine contract announced since April 2012, when the SGD880m shipbuilding order for the Royal Oman Navy was awarded.
Brings total order win to SGD3.0b in 2013; await better entry point. While providing better visibility for its marine division, the latest contracts are not material to the group’s overall earnings. With the latest win, an estimated SG3.0b worth of contracts was awarded to the STE group in 2013. The stock remains unattractive at 20x FY14E P/E (marginally above its historical average of 19x). Maintain Hold.
December 2013
STI = 3167.43 (+0.35 for the Year)
|
Stock |
Period |
EPS cts |
DPS cts |
Mkt |
Yield |
PE |
Div Breakdown |
|
HL Fin |
FY12 (Dec) |
17.60 |
12.00 |
$2.750 |
4.364% |
15.63 |
Interim 4ct ; Final 8ct |
|
SingPost |
FY13 (Mar) |
6.435 |
6.25 |
$1.325 |
4.717% |
20.59 |
Q1, Q2, Q3 1.25ct ; Q4 2.5ct |
|
SPH |
FY13 (Aug) |
27 |
22.0 |
$4.120 |
5.340% |
15.26 |
Interim 7ct ; Final 8ct + Special 7ct |
Aviation Services
|
Stock |
Period |
EPS cts |
DPS cts |
Mkt |
Yield |
PE |
Div Breakdown |
|
SATS |
FY13 (Mar) |
16.60 |
15.0 |
$3.230 |
4.644% |
19.46 |
Interim 5ct ; Final 6ct + Special 4ct |
|
SIA Engg |
FY13 (Mar) |
24.51 |
22.0 |
$5.060 |
4.348% |
20.64 |
Interim 7ct ; Final 15ct |
|
ST Engg |
FY12 (Dec) |
18.76 |
16.8 |
$3.960 |
4.242% |
21.11 |
Interim 3ct ; Final 4ct + Special 9.8ct |
Note : SATS Special Div is Observed to be Non-Recurring
Transport
|
Stock |
Period |
EPS cts |
DPS cts |
Mkt |
Yield |
PE |
Div Breakdown |
|
SBSTransit |
FY12 (Dec) |
6.01 |
3.00 |
$1.315 |
2.281% |
21.88 |
Interim 1.35ct ; Final 1.65ct |
|
ComfortDelGro |
FY12 (Dec) |
11.89 |
6.40 |
$2.010 |
3.184% |
16.90 |
Interim 2.9ct ; Final 3.5ct |
|
SMRT |
FY13 (Mar) |
5.5 |
2.50 |
$1.160 |
2.155% |
21.09 |
Interim 1.5ct ; Final 1.0ct |
TELCO
|
Stock |
Period |
EPS cts |
DPS cts |
Mkt |
Yield |
PE |
Div Breakdown |
|
SingTel |
FY13 (Mar) |
22.02 |
16.8 |
$3.660 |
4.590% |
16.62 |
Interim 6.8ct ; Final 10ct |
|
M1 |
FY12 (Dec) |
16.1 |
14.6 |
$3.270 |
4.465% |
20.31 |
Interim 6.6ct ; Final 6.3ct + Special 1.7ct |
|
StarHub |
FY12 (Dec) |
20.93 |
20 |
$4.290 |
4.662% |
20.50 |
Q1 5ct ; Q2 5ct ; Q3 5ct ; Q4 5ct |
Funds / Infrastructure
|
Stock |
Period |
DPS cts |
Mkt |
Yield |
NAV |
Div Breakdown |
|
SPAus |
1H – Sep13 |
A4.18 (Gross) |
$1.410 |
6.682% |
A$0.92 |
1H14 A4.18ct ; 2H13 A4.1ct |
|
MIIF |
2H13 – Guidance |
0.80 |
$0.111 |
14.414% |
$0.250 |
1H12 2.75ct ; 2H12 2.75ct + 3ct (Special) ; Capital Return = 44.329ct + 1.04ct |
* SPAus DPU in A$. Yield is Calculated Using Latest Exchange Rate (1.1270) fm Yahoo
NOTES :
- Mkt Price is as on 31-Dec-13
- SPAus : 2H13 (Mar13) – A4.1ct = A1.367ct (Franked) + A2.649ct (Interest) + A0.084ct (Capital Returns) ; 1H14 (Sep13) – A4.18ct = A1.393ct (Franked) + A2.396ct (Interest) + A0.391ct (Capital Returns)
- SingTel : 1H14 (Sep13) – Interim 6.8ct
- StarHub : Q313 (Sep) – 5ct ; Q213 (Jun) – 5ct ; Q113 (Mar) – 5ct
- SIAEC : Q214 (Sep13) – Interim 7ct
- SATSvcs : 1H14 (Sep13) – Interim 5ct
- SMRT : Q214 (Sep13) – Interim 1ct
- SingPost : Q214 (Sep13) – 1.25ct ; Q114 (Jun13) – 1.25ct
- SPH : 2H13 (Aug) – Final 8ct + Special 7ct ; 1H13 (Feb) – Interim 7ct
- MIIF : FY13 Guidance 2H13 (Dec) –0.8ct (Final) ; CXP Return of Capital = 9.7ct
- MIIF : 1H13 (Jun) –0.7ct
- ComfortDelgro : Q213 (Jun) –3ct
- ST Engg : 1H13 (Jun) – 3ct
- SBSTransit : Q213 (Jun) – 0.9ct
- HLFin : 1H13 (Jun) – 4ct
- M1 : 1H13 (Jun) – Interim 6.8ct
- MIIF : FY13 Guidance 1H13 (Jun) –0.7ct ; 2H13 (Dec) – 1.2ct (Final) ; APTT IPO Entitlement / 1000 MIIF Shares (Estimate) = 457 APTT Shares or $443.29
- SPAus : FY14 Guidance = A8.36ct
- SingTel : Div Policy – 60% to 75% of Underlying Net Profit
- StarHub : FY13 Div Guidance – 5ct/Q
December 2013
STI = 3167.43 (+0.35 for the Year)
|
Stock |
Period |
EPS cts |
DPS cts |
Mkt |
Yield |
PE |
Div Breakdown |
|
HL Fin |
FY12 (Dec) |
17.60 |
12.00 |
$2.750 |
4.364% |
15.63 |
Interim 4ct ; Final 8ct |
|
SingPost |
FY13 (Mar) |
6.435 |
6.25 |
$1.325 |
4.717% |
20.59 |
Q1, Q2, Q3 1.25ct ; Q4 2.5ct |
|
SPH |
FY13 (Aug) |
27 |
22.0 |
$4.120 |
5.340% |
15.26 |
Interim 7ct ; Final 8ct + Special 7ct |
Aviation Services
|
Stock |
Period |
EPS cts |
DPS cts |
Mkt |
Yield |
PE |
Div Breakdown |
|
SATS |
FY13 (Mar) |
16.60 |
15.0 |
$3.230 |
4.644% |
19.46 |
Interim 5ct ; Final 6ct + Special 4ct |
|
SIA Engg |
FY13 (Mar) |
24.51 |
22.0 |
$5.060 |
4.348% |
20.64 |
Interim 7ct ; Final 15ct |
|
ST Engg |
FY12 (Dec) |
18.76 |
16.8 |
$3.960 |
4.242% |
21.11 |
Interim 3ct ; Final 4ct + Special 9.8ct |
Note : SATS Special Div is Observed to be Non-Recurring
Transport
|
Stock |
Period |
EPS cts |
DPS cts |
Mkt |
Yield |
PE |
Div Breakdown |
|
SBSTransit |
FY12 (Dec) |
6.01 |
3.00 |
$1.315 |
2.281% |
21.88 |
Interim 1.35ct ; Final 1.65ct |
|
ComfortDelGro |
FY12 (Dec) |
11.89 |
6.40 |
$2.010 |
3.184% |
16.90 |
Interim 2.9ct ; Final 3.5ct |
|
SMRT |
FY13 (Mar) |
5.5 |
2.50 |
$1.160 |
2.155% |
21.09 |
Interim 1.5ct ; Final 1.0ct |
TELCO
|
Stock |
Period |
EPS cts |
DPS cts |
Mkt |
Yield |
PE |
Div Breakdown |
|
SingTel |
FY13 (Mar) |
22.02 |
16.8 |
$3.660 |
4.590% |
16.62 |
Interim 6.8ct ; Final 10ct |
|
M1 |
FY12 (Dec) |
16.1 |
14.6 |
$3.270 |
4.465% |
20.31 |
Interim 6.6ct ; Final 6.3ct + Special 1.7ct |
|
StarHub |
FY12 (Dec) |
20.93 |
20 |
$4.290 |
4.662% |
20.50 |
Q1 5ct ; Q2 5ct ; Q3 5ct ; Q4 5ct |
Funds / Infrastructure
|
Stock |
Period |
DPS cts |
Mkt |
Yield |
NAV |
Div Breakdown |
|
SPAus |
1H – Sep13 |
A4.18 (Gross) |
$1.410 |
6.682% |
A$0.92 |
1H14 A4.18ct ; 2H13 A4.1ct |
|
MIIF |
2H13 – Guidance |
0.80 |
$0.111 |
14.414% |
$0.250 |
1H12 2.75ct ; 2H12 2.75ct + 3ct (Special) ; Capital Return = 44.329ct + 1.04ct |
* SPAus DPU in A$. Yield is Calculated Using Latest Exchange Rate (1.1270) fm Yahoo
NOTES :
- Mkt Price is as on 31-Dec-13
- SPAus : 2H13 (Mar13) – A4.1ct = A1.367ct (Franked) + A2.649ct (Interest) + A0.084ct (Capital Returns) ; 1H14 (Sep13) – A4.18ct = A1.393ct (Franked) + A2.396ct (Interest) + A0.391ct (Capital Returns)
- SingTel : 1H14 (Sep13) – Interim 6.8ct
- StarHub : Q313 (Sep) – 5ct ; Q213 (Jun) – 5ct ; Q113 (Mar) – 5ct
- SIAEC : Q214 (Sep13) – Interim 7ct
- SATSvcs : 1H14 (Sep13) – Interim 5ct
- SMRT : Q214 (Sep13) – Interim 1ct
- SingPost : Q214 (Sep13) – 1.25ct ; Q114 (Jun13) – 1.25ct
- SPH : 2H13 (Aug) – Final 8ct + Special 7ct ; 1H13 (Feb) – Interim 7ct
- MIIF : FY13 Guidance 2H13 (Dec) –0.8ct (Final) ; CXP Return of Capital = 9.7ct
- MIIF : 1H13 (Jun) –0.7ct
- ComfortDelgro : Q213 (Jun) –3ct
- ST Engg : 1H13 (Jun) – 3ct
- SBSTransit : Q213 (Jun) – 0.9ct
- HLFin : 1H13 (Jun) – 4ct
- M1 : 1H13 (Jun) – Interim 6.8ct
- MIIF : FY13 Guidance 1H13 (Jun) –0.7ct ; 2H13 (Dec) – 1.2ct (Final) ; APTT IPO Entitlement / 1000 MIIF Shares (Estimate) = 457 APTT Shares or $443.29
- SPAus : FY14 Guidance = A8.36ct
- SingTel : Div Policy – 60% to 75% of Underlying Net Profit
- StarHub : FY13 Div Guidance – 5ct/Q
November 2013
Results Announcement
- 5 Nov 13 : SATS (Q214) – EPS 4.3ct (todate 8.5ct) ; Div 5ct
- 7 Nov 13 : STEng (Q313) – EPS 4.24ct (todate 13.34ct)
- 7 Nov 13 : SIAEC (Q213) – EPS 6.39ct (todate 12.6ct) ; Div 7ct
- 7 Nov 13 : StarHub (Q313) – EPS 5.5ct (todate 16.7ct) ; Div 5ct (todate 15ct)
- 12 Nov 13 : SBSTransit (Q313) – EPS 1.15ct (todate 3.09ct)
- 13 Nov 13 (AM) : MIIF (Q313) – No DPU Payout as Semi-Annual Payout
- 13 Nov 13 : ComfortDelgro (Q313) – EPS 3.61ct (todate 9.62ct)
- 13 Nov 13 : HLFin (Q313) – Annualised EPS 18.02ct (Incl. Write-Backs)
- 14 Nov 13 (AM) : SingTel (Q214) – EPS 5.46ct (todate 11.81ct) ; Div = 6.8ct
STI = 3176.35 (-34.32 for Nov)
|
Stock |
Period |
EPS cts |
DPS cts |
Mkt |
Yield |
PE |
Div Breakdown |
|
HL Fin |
FY12 (Dec) |
17.60 |
12.00 |
$2.640 |
4.545% |
15.00 |
Interim 4ct ; Final 8ct |
|
SingPost |
FY13 (Mar) |
6.435 |
6.25 |
$1.280 |
4.883% |
19.89 |
Q1, Q2, Q3 1.25ct ; Q4 2.5ct |
|
SPH |
FY13 (Aug) |
27 |
22.0 |
$4.260 |
5.164% |
15.78 |
Interim 7ct ; Final 8ct + Special 7ct |
Aviation Services
|
Stock |
Period |
EPS cts |
DPS cts |
Mkt |
Yield |
PE |
Div Breakdown |
|
SATS |
FY13 (Mar) |
16.60 |
15.0 |
$3.210 |
4.673% |
19.34 |
Interim 5ct ; Final 6ct + Special 4ct |
|
SIA Engg |
FY13 (Mar) |
24.51 |
22.0 |
$4.870 |
4.517% |
19.87 |
Interim 7ct ; Final 15ct |
|
ST Engg |
FY12 (Dec) |
18.76 |
16.8 |
$4.040 |
4.158% |
21.54 |
Interim 3ct ; Final 4ct + Special 9.8ct |
Note : SATS Special Div is Observed to be Non-Recurring
Transport
|
Stock |
Period |
EPS cts |
DPS cts |
Mkt |
Yield |
PE |
Div Breakdown |
|
SBSTransit |
FY12 (Dec) |
6.01 |
3.00 |
$1.330 |
2.256% |
22.13 |
Interim 1.35ct ; Final 1.65ct |
|
ComfortDelGro |
FY12 (Dec) |
11.89 |
6.40 |
$1.965 |
3.257% |
16.53 |
Interim 2.9ct ; Final 3.5ct |
|
SMRT |
FY13 (Mar) |
5.5 |
2.50 |
$1.295 |
1.931% |
23.55 |
Interim 1.5ct ; Final 1.0ct |
TELCO
|
Stock |
Period |
EPS cts |
DPS cts |
Mkt |
Yield |
PE |
Div Breakdown |
|
SingTel |
FY13 (Mar) |
22.02 |
16.8 |
$3.720 |
4.516% |
16.89 |
Interim 6.8ct ; Final 10ct |
|
M1 |
FY12 (Dec) |
16.1 |
14.6 |
$3.280 |
4.451% |
20.37 |
Interim 6.6ct ; Final 6.3ct + Special 1.7ct |
|
StarHub |
FY12 (Dec) |
20.93 |
20 |
$4.250 |
4.706% |
20.31 |
Q1 5ct ; Q2 5ct ; Q3 5ct ; Q4 5ct |
Funds / Infrastructure
|
Stock |
Period |
DPS cts |
Mkt |
Yield |
NAV |
Div Breakdown |
|
SPAus |
1H – Sep13 |
A4.18 (Gross) |
$1.340 |
7.123% |
A$0.92 |
1H14 A4.18ct ; 2H13 A4.1ct |
|
MIIF |
2H13 – Guidance |
0.80 |
$0.112 |
14.286% |
$0.250 |
1H12 2.75ct ; 2H12 2.75ct + 3ct (Special) ; Capital Return = 44.329ct + 1.04ct |
* SPAus DPU in A$. Yield is Calculated Using Latest Exchange Rate (1.1417) fm Yahoo
NOTES :
- Mkt Price is as on 29-Nov-13
- SPAus : 2H13 (Mar13) – A4.1ct = A1.367ct (Franked) + A2.649ct (Interest) + A0.084ct (Capital Returns) ; 1H14 (Sep13) – A4.18ct = A1.393ct (Franked) + A2.396ct (Interest) + A0.391ct (Capital Returns)
- SingTel : 1H14 (Sep13) – Interim 6.8ct
- StarHub : Q313 (Sep) – 5ct ; Q213 (Jun) – 5ct ; Q113 (Mar) – 5ct
- SIAEC : Q214 (Sep13) – Interim 7ct
- SATSvcs : 1H14 (Sep13) – Interim 5ct
- SMRT : Q214 (Sep13) – Interim 1ct
- SingPost : Q214 (Sep13) – 1.25ct ; Q114 (Jun13) – 1.25ct
- SPH : 2H13 (Aug) – Final 8ct + Special 7ct ; 1H13 (Feb) – Interim 7ct
- MIIF : FY13 Guidance 2H13 (Dec) –0.8ct (Final) ; CXP Return of Capital = 9.7ct
- MIIF : 1H13 (Jun) –0.7ct
- ComfortDelgro : Q213 (Jun) –3ct
- ST Engg : 1H13 (Jun) – 3ct
- SBSTransit : Q213 (Jun) – 0.9ct
- HLFin : 1H13 (Jun) – 4ct
- M1 : 1H13 (Jun) – Interim 6.8ct
- MIIF : FY13 Guidance 1H13 (Jun) –0.7ct ; 2H13 (Dec) – 1.2ct (Final) ; APTT IPO Entitlement / 1000 MIIF Shares (Estimate) = 457 APTT Shares or $443.29
- SPAus : FY14 Guidance = A8.36ct
- SingTel : Div Policy – 60% to 75% of Underlying Net Profit
- StarHub : FY13 Div Guidance – 5ct/Q
November 2013
Results Announcement
- 5 Nov 13 : SATS (Q214) – EPS 4.3ct (todate 8.5ct) ; Div 5ct
- 7 Nov 13 : STEng (Q313) – EPS 4.24ct (todate 13.34ct)
- 7 Nov 13 : SIAEC (Q213) – EPS 6.39ct (todate 12.6ct) ; Div 7ct
- 7 Nov 13 : StarHub (Q313) – EPS 5.5ct (todate 16.7ct) ; Div 5ct (todate 15ct)
- 12 Nov 13 : SBSTransit (Q313) – EPS 1.15ct (todate 3.09ct)
- 13 Nov 13 (AM) : MIIF (Q313) – No DPU Payout as Semi-Annual Payout
- 13 Nov 13 : ComfortDelgro (Q313) – EPS 3.61ct (todate 9.62ct)
- 13 Nov 13 : HLFin (Q313) – Annualised EPS 18.02ct (Incl. Write-Backs)
- 14 Nov 13 (AM) : SingTel (Q214) – EPS 5.46ct (todate 11.81ct) ; Div = 6.8ct
STI = 3176.35 (-34.32 for Nov)
|
Stock |
Period |
EPS cts |
DPS cts |
Mkt |
Yield |
PE |
Div Breakdown |
|
HL Fin |
FY12 (Dec) |
17.60 |
12.00 |
$2.640 |
4.545% |
15.00 |
Interim 4ct ; Final 8ct |
|
SingPost |
FY13 (Mar) |
6.435 |
6.25 |
$1.280 |
4.883% |
19.89 |
Q1, Q2, Q3 1.25ct ; Q4 2.5ct |
|
SPH |
FY13 (Aug) |
27 |
22.0 |
$4.260 |
5.164% |
15.78 |
Interim 7ct ; Final 8ct + Special 7ct |
Aviation Services
|
Stock |
Period |
EPS cts |
DPS cts |
Mkt |
Yield |
PE |
Div Breakdown |
|
SATS |
FY13 (Mar) |
16.60 |
15.0 |
$3.210 |
4.673% |
19.34 |
Interim 5ct ; Final 6ct + Special 4ct |
|
SIA Engg |
FY13 (Mar) |
24.51 |
22.0 |
$4.870 |
4.517% |
19.87 |
Interim 7ct ; Final 15ct |
|
ST Engg |
FY12 (Dec) |
18.76 |
16.8 |
$4.040 |
4.158% |
21.54 |
Interim 3ct ; Final 4ct + Special 9.8ct |
Note : SATS Special Div is Observed to be Non-Recurring
Transport
|
Stock |
Period |
EPS cts |
DPS cts |
Mkt |
Yield |
PE |
Div Breakdown |
|
SBSTransit |
FY12 (Dec) |
6.01 |
3.00 |
$1.330 |
2.256% |
22.13 |
Interim 1.35ct ; Final 1.65ct |
|
ComfortDelGro |
FY12 (Dec) |
11.89 |
6.40 |
$1.965 |
3.257% |
16.53 |
Interim 2.9ct ; Final 3.5ct |
|
SMRT |
FY13 (Mar) |
5.5 |
2.50 |
$1.295 |
1.931% |
23.55 |
Interim 1.5ct ; Final 1.0ct |
TELCO
|
Stock |
Period |
EPS cts |
DPS cts |
Mkt |
Yield |
PE |
Div Breakdown |
|
SingTel |
FY13 (Mar) |
22.02 |
16.8 |
$3.720 |
4.516% |
16.89 |
Interim 6.8ct ; Final 10ct |
|
M1 |
FY12 (Dec) |
16.1 |
14.6 |
$3.280 |
4.451% |
20.37 |
Interim 6.6ct ; Final 6.3ct + Special 1.7ct |
|
StarHub |
FY12 (Dec) |
20.93 |
20 |
$4.250 |
4.706% |
20.31 |
Q1 5ct ; Q2 5ct ; Q3 5ct ; Q4 5ct |
Funds / Infrastructure
|
Stock |
Period |
DPS cts |
Mkt |
Yield |
NAV |
Div Breakdown |
|
SPAus |
1H – Sep13 |
A4.18 (Gross) |
$1.340 |
7.123% |
A$0.92 |
1H14 A4.18ct ; 2H13 A4.1ct |
|
MIIF |
2H13 – Guidance |
0.80 |
$0.112 |
14.286% |
$0.250 |
1H12 2.75ct ; 2H12 2.75ct + 3ct (Special) ; Capital Return = 44.329ct + 1.04ct |
* SPAus DPU in A$. Yield is Calculated Using Latest Exchange Rate (1.1417) fm Yahoo
NOTES :
- Mkt Price is as on 29-Nov-13
- SPAus : 2H13 (Mar13) – A4.1ct = A1.367ct (Franked) + A2.649ct (Interest) + A0.084ct (Capital Returns) ; 1H14 (Sep13) – A4.18ct = A1.393ct (Franked) + A2.396ct (Interest) + A0.391ct (Capital Returns)
- SingTel : 1H14 (Sep13) – Interim 6.8ct
- StarHub : Q313 (Sep) – 5ct ; Q213 (Jun) – 5ct ; Q113 (Mar) – 5ct
- SIAEC : Q214 (Sep13) – Interim 7ct
- SATSvcs : 1H14 (Sep13) – Interim 5ct
- SMRT : Q214 (Sep13) – Interim 1ct
- SingPost : Q214 (Sep13) – 1.25ct ; Q114 (Jun13) – 1.25ct
- SPH : 2H13 (Aug) – Final 8ct + Special 7ct ; 1H13 (Feb) – Interim 7ct
- MIIF : FY13 Guidance 2H13 (Dec) –0.8ct (Final) ; CXP Return of Capital = 9.7ct
- MIIF : 1H13 (Jun) –0.7ct
- ComfortDelgro : Q213 (Jun) –3ct
- ST Engg : 1H13 (Jun) – 3ct
- SBSTransit : Q213 (Jun) – 0.9ct
- HLFin : 1H13 (Jun) – 4ct
- M1 : 1H13 (Jun) – Interim 6.8ct
- MIIF : FY13 Guidance 1H13 (Jun) –0.7ct ; 2H13 (Dec) – 1.2ct (Final) ; APTT IPO Entitlement / 1000 MIIF Shares (Estimate) = 457 APTT Shares or $443.29
- SPAus : FY14 Guidance = A8.36ct
- SingTel : Div Policy – 60% to 75% of Underlying Net Profit
- StarHub : FY13 Div Guidance – 5ct/Q