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Headliners (Aspial, SG Banks, Hong Leong Asia, LMIR Trust)
Headliners | 07 October 2011
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By: Ong Qiuying
Articles (131) Profile

Aspial Corporation Remains Positive On Growth In 2H11
In August, Aspial Corporation (Aspial) was awarded the land parcel located at Woodlands Avenue 2/Rosewood Drive by the Urban Redevelopment Authority (URA), which it had submitted a bid for $151.5m in a joint tender exercise with Fragrance Group earlier. Kensington Land, a joint venture unit set up in a 40:60 ratio between Aspial and Fragrance Group respectively, has obtained approval to develop this land parcel into condominium housing. While overall price increase of private residential properties moderated to 2% in 2Q11 compared to 2.2% in 1Q11 according to URA, Aspial is cautiously optimistic that the current positive economic growth and low-interest environment will sustain demand for private residential property in 2H11. Aspial is expected to launch new landmark commercial-cum-residential development at Bedok Walk in 2H11. Meanwhile, SGX-ST has approved Aspial’s application for the issuance of 505.8m bonus shares, on the basis of 1 bonus share credited as fully paid for every 1 existing ordinary share.

Singapore Bank Stocks Tumble On China Lending Curb
Singapore bank stocks got a beating on 4 Oct-11, with DBS ended 6% lower at $10.87, UOB was down 5.4% at $15.91, while OCBC fell 3.9% to $7.68. Analysts noted that DBS is taking a harder hit to its share price than its rivals due to its greater exposure to Hong Kong and China, and also its bigger portion of earnings from capital market activities (DBS’ gross customer loans to Hong Kong and rest of Greater China made up 32.6% of total loans of $171.5b as at 30 Jun-11). According to Kenneth Ng, head of research at CIMB, the market this week has gotten very jittery over a potential chain of defaults by SMEs in China. Ng was referring to reports which have raised the alarm on China’s shadow banking industry which is said to charge SMEs as much as 70%.

Hong Leong Asia Eyes Growth Outside China
Hong Leong Asia (HLA) is setting its sights on growing revenue from other emerging economies. While HLA now rakes in 80% of its business from China, Francis Yuen, its new chief executive, wants to ‘grow even faster outside’ and reduce reliance on China to 65-70% in the next five years by exporting to emerging economies. He sees potential to improve the industry positioning of HLA’s four existing business lines, home appliances (Henan Xinfei Electric), diesel engines (US-listed China Yuchai International), cement (Tasek Corporation) and industrial packaging (Rex Industrial Packaging and GPac Technology), by expanding product portfolios. Meanwhile, HLA also plans to divest its industrial packaging business though the firm believes that the migration to higher-end medical packaging could make that arm worth keeping. HLA sees room to add a fifth business which may involve providing after-market technical services. The firm further added that a complementary line could help even out its cyclical earnings.

LMIR Trust To Acquire 2 Malls In Indonesia
Lippo Malls Indonesia Retail Trust (LMIR Trust) is set to acquire two retail malls in Indonesia. This plan involves Pluit Village, a five-level retail mall in Jakarta, and Plaza Medan Fair, a four-level retail mall in Medan. The trust will pay $234m for Pluit Village, which represents a 5.7% discount to the average of two independent valuations for the property. As for Plaza Medan Fair, the price tag of $154m is a 4.1% discount to an independent valuation. The two malls are in prime locations which target Indonesia’s expanding and prospering urban middle class. These malls are seen to offer attractive yields, potential capital appreciation and long-term growth. To fund the acquisitions, LMIR Trust announced a $337m one-for-one renounceable rights issue. About 1.09b new units will be issued at $0.31 each. The balance requirement will be funded by a $150m, 30-month term loan and internal cash.

Qiuying oversees the construction and real estate investment trusts sectors at Shares Investment.

Please click here for more information about this author.

Aspial Corp  -- -- --   
Business: A jewellery retailer with diversified businesses in property development & financial services. [FY17 Turnover] Financial svcs (38.2%), real estate (37.6%), jewellery (24%), others (0.2%).

Insight: Aug-18, 1H18, Co returned to the black with a net ... Read More
DBS Group Hldgs  25.050 +0.11 +0.44%   
Business: [FY18 Total Income] Institutional banking (43.7%), consumer banking/wealth management (42.9%), treasury markets and others (13.4%).

Insight: Apr-19, 1Q19 net profit rose 9% to a record $1.7b.... Read More
United Overseas Bank  26.000 +0.05 +0.19%   
Business: [FY18 Turnover] Group retail (43.3%), group wholesale (43.2%), global markets & investment management (5.1%), others (8.4%).

Insight: May-19, 1Q19 total income rose 7.8% to $2.4b due t... Read More
Oversea-Chinese Banking Corp  10.860 +0.08 +0.74%   
Business: [FY18 Turnover] Global corporate/investment banking (35%), global consumer/private banking (34.8%), OCBC Wing Hang (11.5%), insurance (11%), global treasury & mkts (7.7%).

Insight: May-19, 1Q19 total income rose 14.7% driven by str... Read More
Hong Leong Asia  0.590 -- --   
Business: Diversified industrial conglomerate in China, S'pore & M'sia. [FY18 Turnover] Diesel engines (87.2%), building materials (11.3%), industrial packaging (0.9%), air-con system (0.4%), corporate & others (0.2%).

Insight: May-19, 1Q19 revenue slid 5.6% due to lower revenu... Read More
Lippo Malls Indonesia Retail Trust  0.240 -- --   
Business: REIT that is engaged in invs in retail ppties in Indonesia.

Insight: Apr-19, 1Q19 gross rental income slid 7.1% due to ... Read More

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