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| Latest Stock Market Reports |
Singapore stock market and companies daily report (CCT, Stamford Tyres’, Swing Media) (March 18, 2010)
Capital Commercial Trust (CCT) is planning to raise at least $225m and up to $250m through a five-year convertible bond issue to be placed with institutional and accredited investors. The bonds are unsecured and convertible into new CCT units at a conversion price of $1.356 per new CCT unit, at an interest rate of 2.7% per annum, payable semi-annually. “The convertible bonds’ five-year maturity will help to extend the Trust’s current average debt maturity”, said Richard Hale, Chairman of the Manager of CCT. Net proceeds of the issue will be used by the office REIT, which is partly owned by CapitaLand, plans to use most of the funds (75-90%) for asset enhancement and refinancing of existing borrowings.
Indian stock market and companies daily report (March 18, 2010, Thursday)
The benchmark indices surged in early trade, tracking firm global stocks. Global stocks rose after the US Fed held benchmark rates near zero and maintained its pledge to keep them low for an extended period. However, after hitting its highest level in nearly two months in morning trade, the market trimmed gains in early afternoon trade. The Sensex and the Nifty gained 0.6% and 0.7%, respectively, while the BSE Mid-cap and Small-cap indices gained 0.2% and lost 0.1%, respectively. Among the front-liners, Hindalco, ICICI Bank, TCS, L&T and Sun Pharma were up by 2-3%, while Maruti, HUL, Tata Power and Mahindra & Mahindra were down by 1-2%. In the mid-cap segment, STC, Andrew Yule, HMT, Amtek Auto and Engineers India were up by 5-18%, while Shriram City, MVL, Bannari Amman Sugar, Coromandel Intl, and Shree Renuka were down by 4-6%.
Malaysia stock market and companies daily report (March 18, 2010)
Ananda Krishnan, Khazanah Nasional and partners have offered to buy out minority shareholders of Astro All Asia Networks in a cash deal that values the pay-television operator at RM8.5b, or RM4.30 per share. This is a 21% premium to the stock’s last traded price of RM3.56. CIMB Investment Bank, advisor to the deal, said that the company will be delisted in the middle of June should there be no hiccups. The company does not intend to keep Astro listed and, if all goes well, it will be delisted sometime in the middle of June, said CIMB Investment Bank, the adviser to Astro Holdings. Datuk Seri Nazir Razak, CEO of CIMB Group Holdings, which owns CIMB Investment commented that the private status would enable the satellite operator to expand its operations, estimated to cost RM3-5b over the next 3 years, without subjecting minority shareholders to the associated risks. Nazir said a relisting of Astro would be considered once it achieved a more stable earnings profile.
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| Stocks Recommendations |
Godrej Properties IPO review and analysis by Angel Broking, 9 December 2009
Godrej Properties Limited (GPL) intends to develop its projects through joint development agreements with land owners. Under this asset-light model, GPL will enter into revenue, profit or area-sharing agreements with land owners, instead of an outright purchase of the land. This model avoids direct land dealings for GPL and the locking-up of extensive capital in land. Around 80% of GPL's existing land bank will be executed through joint developments with partners. The Godrej brand name has been associated with quality and strong corporate governance. Both of its existing listed entities, Godrej Consumer Products and Godrej Industries have given CAGR Returns of 48% and 77%, respectively, to investors since 2001. We believe that GPL could leverage its parentage brand (with respect to access to the land at Vikhroli and a strong customer preference towards it), assuring a timely delivery of execution. More than 50% of GPL's existing land bank is exposed towards township projects and in one location (Ahmedabad), which will be executed over the next ten years. Any delay in this execution or a fall in property prices in Ahmedabad will impact our NAV estimates, as 50% of our NAV is derived from this project.
JSW Energy Ltd IPO review and analysis by Nirmal Bang, 8 December 2009
JSW Energy Ltd. (JSWEL) is a power project development company, which is developing, and will operate and maintain, power projects in India. The company has two thermal power projects under operation, with a combined installed capacity of 860 MW. JSWEL is a part of the JSW Group, a leading business group in India. JSW Group has a presence in high growth sector like Steel, Energy, Aluminium, Cement, Infrastructure and Logistics. Post IPO holding of Promoter and Promoter Group would be 78.12%
JSW Energy IPO review and analysis by Angel Broking, 7 December 2009
JSW Energy (JSWEL) currently has operational capacity of 995MW and is in the process of executing projects with capacity of 2,655MW. In addition, the company has 7,740MW power generation projects at an early stage of development. A major portion (2,145MW) of JSWEL’s upcoming capacities is expected to be operational by FY2011E thereby providing near-term visibility. Out of the plants under construction, the company expects to commission 570MW by end FY2010E, while another 1,575MW is expected to get operational in FY2011E. Thus, a robust portfolio and near-term Revenue visibility is a major positive for the company.
Surgutneftegas: Currency rates are putting away the dividends..., 26 November 2009
We have revised our model of Surgutneftegas. The reason for that was the output of the 3Q 2009 report, correction of our suppositions of the company’s future development, and also the postponing of the target time and evaluation one year forward. Particularly, in our model of Surgutneftegas we have corrected the former forecast of income for the current year towards reduction: on EBIT – by 2.2%, on the net profit – by 21.5%. Mainly that happened due to the corrections on the operating estimates, and also due to the continuing strengthening of Russian ruble, which, considering significant dollar liquidity of the company, turns into negative currency exchange. Due to the negative currency exchange precisely For the second quarter in a row Surgutneftegas shows low level of the net profit. The fourth quarter, as we see it, will not make an exception and we expect negative currency exchange similar to the ones in the third quarter.
Gazprom: Having passed the bottom, 23 November 2009
We have revised our estimation of Gazprom’s shares. The reason for up-dating the company’s model was the report by IAS for 1H 2009, the budget draft for the next year and corrections of WACC method calculation. The provided financial report of the gas monopoly totally brought no surprises. As it has been expected, the second quarter was worse than the first one and likely was the weakest within the whole year. In 1H 2009 the financial estimates were affected by the decline of the gas sale at all markets by 22.3% average, and by the reduction of the retail price of gas by 9.6% in the state of the far abroad and by 24% in Russia. As a result within the six months of the year 2009 sales slipped by 24.1 bn USD or by 32.8% and formed 49.285 bn USD, operating profit and EBITDA showed reduction by 56.7% and 52.6% respectively and formed 12.98 bn USD and 16.18 bn USD.
Cox and Kings IPO review, analysis and recommendation, 18 November 2009
Cox and Kings proposes to make its IPO in the price band of Rs316-330/share, at a face value of Rs10 each, and to issue 1.85cr shares, of which 30.5lakh shares are offered for sale by Lehman Brothers Opportunity, Deutsche Securities Mauritius and Merrill Lynch Capital Markets Espana. Therefore, the fresh issue by the company will be to the extent of 1.55cr shares. The company plans to use the proceeds for debt repayment (Rs129.6cr), acquisitions and other strategic initiatives (Rs150cr), investment in overseas subsidiaries (Rs62.5cr), and investment in corporate offices and upgrading its existing operations (Rs60cr).
| | News |
Petrolatina, Aminex, Afren Plc, Strategic Natural Resources, Gemfields Resources, African Eagle Resources, African Aura Mining news briefs, 17 March 2010
UK economics, finance and companies review and analysis, 17 March 2010
European economics, finance and companies review and analysis, 17 March 2010
US economics, finance and companies review and analysis, 17 March 2010
Economic Calendar for March 18-26, 2010, 17 March 2010
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