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Singapore Daily Bulletin – 03/03/11
Daily Bulletin | 03 March 2011
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CDLHT Buys Studio M Hotel For $154m
CDL Hospitality Trusts (CDLHT) announced the purchase of Studio M Hotel for $154m from London-listed Millennium & Copthorne Hotels, a fully owned unit of CDLHT’s sponsor. CDLHT will be fully funding the acquisition through debt, bringing its debt-to-assets ratio to about 26.5%. Studio M will be CDLHT’s sixth hotel in Singapore and its hotel rooms inventory will grow 15.3%, boosting its exposure to the buoyant Singapore hospitality market. With visitor arrivals to increase from 11.6m in 2010 to 17m in 2015, the hotel room demand will remain robust and beneficial to CDLHT. Standard Chartered also expects Studio M’s net property income yield to rise to 7% in 2011 and estimates this acquisition to be 3% accretive to CDLHT’s 2011 estimated distribution per unit.

Significance: Growth momentum for hotel room demand will likely be sustained with the phased opening of new attractions at the IRs as well as other upcoming attractions. CDLHT is also looking around SEA and other growth markets like Japan, India and Vietnam for potential M&A opportunities.

Dyna-Mac’s Shares Close 2.5 Cents Higher On Debut
Dyna-Mac Hldgs’ (Dyna-Mac) initial public offering was subscribed about 1.1 times at the offering’s close. It comprised of 436m shares and 30m shares under an over-allotment option. Dyna-Mac received applications amounting to 57,805m shares and monies totalling to about $20.2m. Keppel Offshore & Marine, through KS Investments, invested $87.5m and had been allocated 57.3% of the invitation shares, accounting for 27.77%-stake in Dyna-Mac. Dyna-Mac’s latest order book outstanding stands at $138m with the existing order book to be recognised as revenues in FY11. Although substantially lower than its FY10 revenues and appears expensive on historical valuation basis, it might be possible for Dyna-Mac to boost its order book on strong floating production storage and offloading demand.

Significance: Dyna-Mac’s expertise and operations will complement Keppel’s competencies and allow the latter to exert better control over the process of designing and fabricating oil and gas production modules.

C&G Makes Maiden Presence In Sludge Treatment In PRC
C&G Environmental Protection Hldgs (C&G) makes debut in sludge treatment with a new plant in Jinjiang city, PRC. Secured under a new build-operate-transfer arrangement, the superstructure of the new plant has been completed and is currently undergoing the phase of equipment installation and trial testing. The plant, applying C&G’s patented incineration method to sludge treatment, is expected to commence operations in 2Q11 with preliminary capacity of 200 tons/day and can ultimately scale up to 700 tons/day in future. C&G will also be able to generate revenue with the by-products of this incineration process.

Significance: With rising environmental concerns and land scarcity for landfills, C&G can expect higher potential revenue from such projects as more power is generated from sludge and has opportunities to replicate this in other cities where its existing plants are located.

CDL Hospitality Trusts  1.590 +0.020 +1.27%   
Business: A stapled group comprising CDL Hospitality REIT and CDL Hospitality Business Trust.

Insight: Apr-19, 1Q19 gross revenue and NPI dropped 10.6% a... Read More
Dyna-Mac Hldgs  0.103 -0.001 -0.96%   
Business: Provides engineering, procurement & construction services to the offshore oil & gas, marine construction & others. [FY17 Turnover] Module business (96.3%), ad hoc project (4.7%).

Insight: Aug-18, 1H18 revenue surged to $59.8m mainly due t... Read More
C&G Environmental Protection Hldgs  -- -- --   
Business: Co develops and operates waste to energy plants in China.

Insight: Mar-19, FY18 Co remains a cash company and no rev... Read More

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