1. No category

STI 3,353.68
7.77
SGD/USD 1.3241
SGX MSCI FUTURES 379.30
0.0021
RM/SGD 2.6340
0.20
HANG SENG 23,349.34
0.0077
15.65
SGD/AUD 1.0745
KLCI 1,764.44
0.0022
14.70 NIKKEI 17,818.96
SGD/£ 2.0595
0.0055
10.21
SHANGHAI 3,157.60
OIL US$59.45
85.07
0.79
ALLORD 5,394.54
13.61
GOLD US$ 1,195.10
21.80
M ON DAY DEC EM B ER 29, 2 0 14 | 0 5 4
w w w . t h e e d g e m a rke t s . c o m
Straits Times Index inches
up in light trading
BY FRA N KI E H O
SINGAPORE (Dec 26): The Straits Times Index ended the
final Friday of 2014 slightly higher, rising 0.2% to 3,353.68,
tracking gains in most other benchmarks in Asia.
But activity in the local market was subdued, with
only 775.4 million shares worth $394.9 million changing hands.
Gainers outnumbered decliners 189 to 184.
Among blue chips, notable gainers were ST Engineering, up 1.2% at $3.41, and Golden Agri-Resources, up
1.1% at 44.5 cents.
Rig builders led declines. Sembcorp Marine fell 1.5%
to $3.25 and Keppel Corp shed 1.4% to $8.75.
Raffles Education Corp jumped 11.7% to 33.5 cents
after the education group said it has received in-principle
Singapore’s factory output contracts for third
straight month
SINGAPORE (Dec 26): Singapore’s factory production
shrank for the third consecutive month in November,
with a rebound in output from the key electronics industry offset by declines in most other sectors.
Overall output contracted 2.8% y-o-y last month, following respective declines of 0.2% and 1% in October and
September, according to data released today by the Economic Development Board.
Excluding output from the volatile biomedical sector,
overall production shrank 3.1% in November.
Output increased in the precision engineering and
electronics sectors, but contracted in the biomedical,
transport engineering, chemicals and general manufacturing industries.
The biggest decline was seen in the general manufacturing sector, where output shrank 10.2% owing largely
to a high base eff
ffect last year, when production of steel
structural components was much higher.
Output from the el
electronics sector rebounded 1.2%
following a 6.8% contraction in October.
Compared with October, overall factory production last
month declined 1.4%.
The Ministry of Trade and Industry is slated to release
Singapore’s GDP data for 4Q2014 and the full year on Jan
2. The official forecast is for growth of 3% in 2014.
The government’s projection for next year is for growth
of between 2% and 4%. — By Frankie Ho
approval from the Stock Exchange of Hong Kong for the
proposed listing of its Oriental University City Holdings.
Sarine Technologies gained 2.2% to $2.29 after the
developer of diamond-cutting technologies said, in response to recent concerns about its business, it expects
to be profitable in the current quarter, even though conditions in the industry were challenging.
The company issued the guidance just three days after
it said on Dec 22 that the diamond industry is likely to
continue to be adversely affected by credit shortage,
increased inventories and price divergences in 4Q2014
and early next year.
Perennial Real Estate Holdings, which made its trading debut on the Mainboard today following the completion of its reverse takeover of St James Holdings,
closed at $1.04.
“While the company endeavours to lease out all floors
of the premises, there is no assurance that it would be
able to achieve full tenancy owing to market conditions
or commercial reasons,” Isetan states. Thus, the company
may continue to run its own retail operations until tenants
are found progressively.
Starhill Global Reit is the majority owner of Wisma Atria,
a landmark mall on Orchard Road, with a 74.23% stake.
Meanwhile, Isetan will continue to run its own department store operations in the Orchard Road shopping belt
via its Isetan Scotts Store in Shaw House. There are four
other outlets, at Parkway Parade, Tampines Mall, nex and
Westgate. The company says it is “committed to its long-term
purpose of running department stores and supermarkets”.
Isetan (Singapore) closed flat at $4.58 today. — By
Chan Chao Peh Peh
Singapore’s competition watchdog to have
new chairman
SINGAPORE (Dec 26): Singapore’s competition watchdog will have a new chairman from Jan 1. Aubeck Kam, Permanent Secretary of the Ministry of
Communications and Information, will be chairman of
the Competition Commission of Singapore (CCS), taking
over from Lam Chuan Leong, who has been at the helm of
the statutory board for 10 years, according to a statement
from the Ministry of Trade and Industry (MTI).
The ministry has also appointed two individuals as CCS
board directors. They are Tan Kok Kiong, CEO of the Maritime and Port Authority of Singapore, and Mavis Chionh,
chief prosecutor at the Attorney-General’s Chambers.
MTI has also announced new additions to the board of
industrial landlord JTC Corp.
Olivier Lim, a former group deputy CEO of CapitaLand;
Guy Harvey-Samuel, CEO of HSBC Singapore; and Ng Lang,
CEO of the Urban Redevelopment Authority, will become
JTC board directors from next month. — By Frankie Ho
SGX Market movers
Daily top 20 active stocks
IHC
LIFEBRANDZ
MAGNUS ENERGY
OLS
ENVIRO-HUB
WEIYE
SIIC ENVIRONMENT
APAC STRATEGIC
HEALTHWAY MED
MIRACH ENERGY
SHS
JES INTL
COSMOSTEEL
SINJIA LAND
PACIFIC ANDES
ELEKTROMOTIVE
RESOURCES PRIMA
ARMARDA
QT VASCULAR
MEMSTAR TECH
TURNOVER
(‘000)
CHANGE
(S$)
CHANGE
(%)
CLOSING
(S$)
HIGH
(S$)
LOW
(S$)
102,954
54,568
35,785
34,201
30,374
23,549
20,839
20,420
19,941
15,832
13,909
13,560
11,955
11,792
10,312
10,007
9,376
9,000
8,994
8,661
-0.005
0.001
UNCH
UNCH
0.010
UNCH
0.001
-0.001
-0.001
-0.002
0.010
0.002
-0.005
UNCH
-0.002
UNCH
0.005
UNCH
0.010
-0.001
-1.79
20.00
UNCH
UNCH
20.00
UNCH
0.72
-1.92
-2.13
-2.20
4.44
6.90
-1.25
UNCH
-3.45
UNCH
2.17
UNCH
3.33
-4.76
0.275
0.006
0.005
0.013
0.060
0.035
0.140
0.051
0.046
0.089
0.235
0.031
0.395
0.230
0.056
0.007
0.235
0.003
0.310
0.020
0.280
0.006
0.007
0.013
0.072
0.036
0.142
0.053
0.048
0.091
0.235
0.031
0.395
0.240
0.057
0.007
0.235
0.003
0.315
0.021
0.270
0.005
0.005
0.013
0.052
0.035
0.139
0.051
0.046
0.088
0.230
0.029
0.390
0.230
0.056
0.007
0.225
0.003
0.305
0.020
Top gainers and losers (ranked by S$)
UP
GLD US$
DBXT MSTHAI US$
DBXT CSI300 US$
DBXT CHINA50 US$
SPDR DJIA US$
CIMBASEAN40 US$
IS S&P500 US$
DBXT MSCHINA US$
JMH USD
DBS
JSH USD
JARDINE C&C
VICOM
UOB
IS ASIA BND US$
GREAT EASTERN
DBXT MSRUSSIA US$
CREATIVE
UOL
UOB.ES.1412
CLOSE
(S$)
CHANGE
(S$)
113.950
20.890
9.720
33.300
180.460
10.450
206.970
13.530
60.190
20.350
33.970
42.240
6.390
24.480
10.460
23.890
1.880
1.895
7.000
24.410
0.800
0.610
0.610
0.450
0.440
0.320
0.240
0.220
0.190
0.150
0.150
0.150
0.140
0.120
0.100
0.090
0.080
0.075
0.070
0.060
DBXT VIETNAM US$
DBXT DBLCI-OY US$
LYXOR MSINDIA US$
SHANGRI-LA HKD
HYFLUX 6% CPS
LYXOR CHINAH US$
IS MS INDIA US$
KEPPEL CORP
IS MS INDIA S$D
OCC 3.93% NCPS
CITYDEV
GDS GLOBAL
TCIL HK$
IS ASIA HYG US$
SEMBCORP MARINE
DBXT MSINDO US$
ZAGRO ASIA
SIA ENGINEERING
BUKIT SEMBAWANG
IHH
CLOSE
(S$)
CHANGE
(S$)
25.510
27.130
15.850
10.300
106.000
16.160
7.150
8.750
9.560
99.920
10.170
0.320
2.730
10.430
3.250
14.200
0.270
4.140
5.060
1.800
-0.550
-0.440
-0.330
-0.200
-0.200
-0.140
-0.130
-0.120
-0.100
-0.080
-0.070
-0.065
-0.060
-0.050
-0.050
-0.050
-0.035
-0.030
-0.020
0.020
-0.020
0.020
T gainers
Top
i
and
d llosers ((ranked
k by percentage)
UP
CLOSE
(S$)
LIFEBRANDZ
ENVIRO-HUB
METECH INTL
PAVILLON
SINOSTAR PEC
PLASTOFORM
RAFFLES EDU
SUNRIGHT
OCEANUS
IPS SECUREX
JES INTL
DBXT CSI300 US$
L-JACOBERG
ENVICTUS
JUBILEE IND
MEDTECS INTL
RENEWABLE ENERGY
HEETON
OSSIA INTL
SPINDEX IND
0.006
0.060
0.008
0.085
0.080
0.009
0.335
0.150
0.011
0.690
0.031
9.720
0.033
0.135
0.052
0.052
0.035
0.610
0.210
0.535
DOWN
CHANGE
(%)
by
u
o
y
o
t
t
h
g
u
o
r
b
s
i
y
p
o
c
l
a
t
This digi
Isetan to close down Wisma Atria store
SINGAPORE (Dec 26): Isetan (Singapore) Ltd, which runs
a chain of department stores, has said that “it shall likely”
stop its retail operations at its Wisma Atria outlet from
2H2015 onwards. What Isetan plans to do is lease out its
104,732 sq ft space within Wisma Atria to other retailers
and F&B business operators.
DOWN
20.00
20.00
14.29
13.33
12.68
12.50
11.67
11.11
10.00
6.98
6.90
6.70
6.45
6.30
6.12
6.12
6.06
5.17
5.00
4.90
LAFE
OUHUA ENERGY
GDS GLOBAL
JASPER INV
CEFC INTL
SUNMOONFOOD
ZAGRO ASIA
XPRESS
ASIA FASHION
WE
ALBEDO
TYE SOON
FULL APEX
JB FOODS
CHINA GAOXIAN
AP OIL
KOH ECO
INNOTEK
POLARIS
NIPPECRAFT
CLOSE
(S$)
CHANGE
(%)
0.030
0.020
0.320
0.006
0.026
0.078
0.270
0.008
0.062
0.009
0.009
0.132
0.048
0.110
0.025
0.195
0.056
0.235
0.016
0.032
-28.57
-23.08
-16.88
-14.29
-13.33
-13.33
-11.48
-11.11
-10.15
-10.00
-10.00
-8.97
-7.69
-7.56
-7.41
-7.14
-6.67
-6.00
-5.88
-5.88
Singapore’s highly regarded business & investment weekly since
ce
e2
2002
002
http://subscribe.theedgesingapore.com
h
ttp:///subscribe.theedgesingapore.com
Digital replica available on:
STI 3,353.68
7.77
SGD/USD 1.3241
SGX MSCI FUTURES 379.30
0.0021
RM/SGD 2.6340
0.20
HANG SENG 23,349.34
0.0077
15.65
SGD/AUD 1.0745
KLCI 1,764.44
0.0022
14.70 NIKKEI 17,818.96
SGD/£ 2.0595
0.0055
10.21
SHANGHAI 3,157.60
OIL US$59.45
85.07
0.79
ALLORD 5,394.54
13.61
GOLD US$ 1,195.10
21.80
M ON DAY DEC EM B ER 29, 2 0 14 | 0 5 4
w w w . t h e e d g e m a rke t s . c o m
Straits Times Index inches
up in light trading
BY FRA NKI E H O
SINGAPORE (Dec 26): The Straits Times Index ended the
final Friday of 2014 slightly higher, rising 0.2% to 3,353.68,
tracking gains in most other benchmarks in Asia.
But activity in the local market was subdued, with
only 775.4 million shares worth $394.9 million changing hands.
Gainers outnumbered decliners 189 to 184.
Among blue chips, notable gainers were ST Engineering, up 1.2% at $3.41, and Golden Agri-Resources, up
1.1% at 44.5 cents.
Rig builders led declines. Sembcorp Marine fell 1.5%
to $3.25 and Keppel Corp shed 1.4% to $8.75.
Raffles Education Corp jumped 11.7% to 33.5 cents
after the education group said it has received in-principle
Singapore’s factory output contracts for third
straight month
SINGAPORE (Dec 26): Singapore’s factory production
shrank for the third consecutive month in November,
with a rebound in output from the key electronics industry offset by declines in most other sectors.
Overall output contracted 2.8% y-o-y last month, following respective declines of 0.2% and 1% in October and
September, according to data released today by the Economic Development Board.
Excluding output from the volatile biomedical sector,
overall production shrank 3.1% in November.
Output increased in the precision engineering and
electronics sectors, but contracted in the biomedical,
transport engineering, chemicals and general manufacturing industries.
The biggest decline was seen in the general manufacturing sector, where output shrank 10.2% owing largely
to a high base effect last year, when production of steel
structural components was much higher.
Output from the electronics sector rebounded 1.2%
following a 6.8% contraction in October.
Compared with October, overall factory production last
month declined 1.4%.
The Ministry of Trade and Industry is slated to release
Singapore’s GDP data for 4Q2014 and the full year on Jan
2. The official forecast is for growth of 3% in 2014.
The government’s projection for next year is for growth
of between 2% and 4%. — By Frankie Ho
Isetan to close down Wisma Atria store
SINGAPORE (Dec 26): Isetan (Singapore) Ltd, which runs
a chain of department stores, has said that “it shall likely”
stop its retail operations at its Wisma Atria outlet from
2H2015 onwards. What Isetan plans to do is lease out its
104,732 sq ft space within Wisma Atria to other retailers
and F&B business operators.
approval from the Stock Exchange of Hong Kong for the
proposed listing of its Oriental University City Holdings.
Sarine Technologies gained 2.2% to $2.29 after the
developer of diamond-cutting technologies said, in response to recent concerns about its business, it expects
to be profitable in the current quarter, even though conditions in the industry were challenging.
The company issued the guidance just three days after
it said on Dec 22 that the diamond industry is likely to
continue to be adversely affected by credit shortage,
increased inventories and price divergences in 4Q2014
and early next year.
Perennial Real Estate Holdings, which made its trading debut on the Mainboard today following the completion of its reverse takeover of St James Holdings,
closed at $1.04.
“While the company endeavours to lease out all floors
of the premises, there is no assurance that it would be
able to achieve full tenancy owing to market conditions
or commercial reasons,” Isetan states. Thus, the company
may continue to run its own retail operations until tenants
are found progressively.
Starhill Global Reit is the majority owner of Wisma Atria,
a landmark mall on Orchard Road, with a 74.23% stake.
Meanwhile, Isetan will continue to run its own department store operations in the Orchard Road shopping belt
via its Isetan Scotts Store in Shaw House. There are four
other outlets, at Parkway Parade, Tampines Mall, nex and
Westgate. The company says it is “committed to its long-term
purpose of running department stores and supermarkets”.
Isetan (Singapore) closed flat at $4.58 today. — By
Chan Chao Peh Singapore’s competition watchdog to have
new chairman
SINGAPORE (Dec 26): Singapore’s competition watchdog will have a new chairman from Jan 1. Aubeck Kam, Permanent Secretary of the Ministry of
Communications and Information, will be chairman of
the Competition Commission of Singapore (CCS), taking
over from Lam Chuan Leong, who has been at the helm of
the statutory board for 10 years, according to a statement
from the Ministry of Trade and Industry (MTI).
The ministry has also appointed two individuals as CCS
board directors. They are Tan Kok Kiong, CEO of the Maritime and Port Authority of Singapore, and Mavis Chionh,
chief prosecutor at the Attorney-General’s Chambers.
MTI has also announced new additions to the board of
industrial landlord JTC Corp.
Olivier Lim, a former group deputy CEO of CapitaLand;
Guy Harvey-Samuel, CEO of HSBC Singapore; and Ng Lang,
CEO of the Urban Redevelopment Authority, will become
JTC board directors from next month. — By Frankie Ho
SGX Market movers
Daily top 20 active stocks
IHC
LIFEBRANDZ
MAGNUS ENERGY
OLS
ENVIRO-HUB
WEIYE
SIIC ENVIRONMENT
APAC STRATEGIC
HEALTHWAY MED
MIRACH ENERGY
SHS
JES INTL
COSMOSTEEL
SINJIA LAND
PACIFIC ANDES
ELEKTROMOTIVE
RESOURCES PRIMA
ARMARDA
QT VASCULAR
MEMSTAR TECH
TURNOVER
(‘000)
CHANGE
(S$)
CHANGE
(%)
CLOSING
(S$)
HIGH
(S$)
LOW
(S$)
102,954
54,568
35,785
34,201
30,374
23,549
20,839
20,420
19,941
15,832
13,909
13,560
11,955
11,792
10,312
10,007
9,376
9,000
8,994
8,661
-0.005
0.001
UNCH
UNCH
0.010
UNCH
0.001
-0.001
-0.001
-0.002
0.010
0.002
-0.005
UNCH
-0.002
UNCH
0.005
UNCH
0.010
-0.001
-1.79
20.00
UNCH
UNCH
20.00
UNCH
0.72
-1.92
-2.13
-2.20
4.44
6.90
-1.25
UNCH
-3.45
UNCH
2.17
UNCH
3.33
-4.76
0.275
0.006
0.005
0.013
0.060
0.035
0.140
0.051
0.046
0.089
0.235
0.031
0.395
0.230
0.056
0.007
0.235
0.003
0.310
0.020
0.280
0.006
0.007
0.013
0.072
0.036
0.142
0.053
0.048
0.091
0.235
0.031
0.395
0.240
0.057
0.007
0.235
0.003
0.315
0.021
0.270
0.005
0.005
0.013
0.052
0.035
0.139
0.051
0.046
0.088
0.230
0.029
0.390
0.230
0.056
0.007
0.225
0.003
0.305
0.020
Top gainers and losers (ranked by S$)
UP
GLD US$
DBXT MSTHAI US$
DBXT CSI300 US$
DBXT CHINA50 US$
SPDR DJIA US$
CIMBASEAN40 US$
IS S&P500 US$
DBXT MSCHINA US$
JMH USD
DBS
JSH USD
JARDINE C&C
VICOM
UOB
IS ASIA BND US$
GREAT EASTERN
DBXT MSRUSSIA US$
CREATIVE
UOL
UOB.ES.1412
CLOSE
(S$)
CHANGE
(S$)
113.950
20.890
9.720
33.300
180.460
10.450
206.970
13.530
60.190
20.350
33.970
42.240
6.390
24.480
10.460
23.890
1.880
1.895
7.000
24.410
0.800
0.610
0.610
0.450
0.440
0.320
0.240
0.220
0.190
0.150
0.150
0.150
0.140
0.120
0.100
0.090
0.080
0.075
0.070
0.060
DOWN
DBXT VIETNAM US$
DBXT DBLCI-OY US$
LYXOR MSINDIA US$
SHANGRI-LA HKD
HYFLUX 6% CPS
LYXOR CHINAH US$
IS MS INDIA US$
KEPPEL CORP
IS MS INDIA S$D
OCC 3.93% NCPS
CITYDEV
GDS GLOBAL
TCIL HK$
IS ASIA HYG US$
SEMBCORP MARINE
DBXT MSINDO US$
ZAGRO ASIA
SIA ENGINEERING
BUKIT SEMBAWANG
IHH
CLOSE
(S$)
CHANGE
(S$)
25.510
27.130
15.850
10.300
106.000
16.160
7.150
8.750
9.560
99.920
10.170
0.320
2.730
10.430
3.250
14.200
0.270
4.140
5.060
1.800
-0.550
-0.440
-0.330
-0.200
-0.200
-0.140
-0.130
-0.120
-0.100
-0.080
-0.070
-0.065
-0.060
-0.050
-0.050
-0.050
-0.035
-0.030
-0.020
-0.020
Top gainers and losers (ranked by percentage)
UP
LIFEBRANDZ
ENVIRO-HUB
METECH INTL
PAVILLON
SINOSTAR PEC
PLASTOFORM
RAFFLES EDU
SUNRIGHT
OCEANUS
IPS SECUREX
JES INTL
DBXT CSI300 US$
L-JACOBERG
ENVICTUS
JUBILEE IND
MEDTECS INTL
RENEWABLE ENERGY
HEETON
OSSIA INTL
SPINDEX IND
CLOSE
(S$)
CHANGE
(%)
0.006
0.060
0.008
0.085
0.080
0.009
0.335
0.150
0.011
0.690
0.031
9.720
0.033
0.135
0.052
0.052
0.035
0.610
0.210
0.535
20.00
20.00
14.29
13.33
12.68
12.50
11.67
11.11
10.00
6.98
6.90
6.70
6.45
6.30
6.12
6.12
6.06
5.17
5.00
4.90
DOWN
LAFE
OUHUA ENERGY
GDS GLOBAL
JASPER INV
CEFC INTL
SUNMOONFOOD
ZAGRO ASIA
XPRESS
ASIA FASHION
WE
ALBEDO
TYE SOON
FULL APEX
JB FOODS
CHINA GAOXIAN
AP OIL
KOH ECO
INNOTEK
POLARIS
NIPPECRAFT
CLOSE
(S$)
CHANGE
(%)
0.030
0.020
0.320
0.006
0.026
0.078
0.270
0.008
0.062
0.009
0.009
0.132
0.048
0.110
0.025
0.195
0.056
0.235
0.016
0.032
-28.57
-23.08
-16.88
-14.29
-13.33
-13.33
-11.48
-11.11
-10.15
-10.00
-10.00
-8.97
-7.69
-7.56
-7.41
-7.14
-6.67
-6.00
-5.88
-5.88
Singapore’s highly regarded business & investment weekly since 2002
http://subscribe.theedgesingapore.com
Digital replica available on:
B ROU GHT TO YOU BY XXX
M ON DAY DEC EM B ER 29, 2 0 14 • TH EEDGE M ORN I N G B RI EFI N G
2 ST O C KS W I T H M O M E N T U M
www.theedgemarkets.com
This column is an analysis done by The Edge Singapore on the fundamentals of stocks with momentum that were picked up using proprietary algorithm by Anticipatory
Analytics Sdn Bhd and that first appeared at www.theedgemarkets.com. Please exercise your own judgment or seek professional advice for your specific investment
needs. We are not responsible for your investment decisions. Our shareholders, directors and employees may have positions in any of the stocks mentioned.
Magnus Energy Group
(ALL FIGURES IN MIL)
In a bid to stem wild gyrations in its share
price, Magnus Energy has offered to consolidate every 50 shares into one. The Catalist-quoted oil and gas equipment distributor announced the proposed consolidation
on Dec 19, saying the move would improve
trading liquidity and discourage excessive
speculation on the stock, which had traded
between 0.8 cent and 2.3 cents in the past
six months.
But share-price volatility is probably the
least of the concerns of shareholders in the
company, which has seen a departure in recent months of several key executives and
whose current CEO has been investigated by
police for false trading and market rigging.
Lim Kuan Yew resigned as Magnus
Energy’s managing director in September.
The company said the 55-year-old, who had
been at the helm since March 2008, stepped
down to pursue personal interests. Lim is
being sued by DMG & Partners Securities for
Magnus Energy Group
$
0.035
0.028
0.021
0.014
0.007
$0.005
0.000
Dec 26, 2013
Dec 24, 2013
a $1.77-million trading debt linked to shares
of Blumont Group and Asiasons Capital. The
two counters, together with LionGold Corp,
crashed in October last year after months
of heady gains.
Lim’s exit came just three months after
Idris bin Abdullah quit as chairman. The
latter cited increasing work and family commitments in East Malaysia as reasons for
stepping down. Just a few weeks before that,
Koh Teng Kiat quit as executive director and
CEO. Koh is one of two individuals linked
to Magnus Energy who have been investigated by the Commercial Affairs Department for an offence under the Securities
and Futures Act. The other person is chief
financial officer Luke Ho, who was named
interim CEO in October.
Magnus Energy has said its business has
not been affected by the police investigations,
which started in April, but findings of which
have yet to be made known.
Valuation factor *
0.90
Fundamental factor **
1.65
Trailing 12m P/E (x)
0.00
Trailing 12m PEG (x)
0.00
P/NAV (x)
0.32
Trailing 12M Dividend yield (%)
0.00
Market capitalisation (RM mil)
10.74
Shares outstanding (ex-treasury) mil 2148.73
Beta
1.26
12-month price range
0.00 - 0.04
*Valuation factor — Composite measure of historical return & valuation
**Fundamental factor — Composite measure of balance sheet strength &
profitability
Note: A score of 3.0 is the best to have and 0.0 is the worst to have
KEY RATIOS
Pollux Properties
$
0.10
0.09
0.08
0.07
$0.07
0.06
Dec 26, 2013
Dec 24, 2013
Valuation factor *
0.90
Fundamental factor **
0.45
Trailing 12m P/E (x)
20.55
Trailing 12m PEG (x)
0.00
P/NAV (x)
0.88
Trailing 12M Dividend yield (%)
0.00
Market capitalisation (RM mil)
43.58
Shares outstanding (ex-treasury) mil
622.62
Beta
0.39
12-month price range
0.06 - 0.10
*Valuation factor — Composite measure of historical return & valuation
**Fundamental factor — Composite measure of balance sheet strength &
profitability
Note: A score of 3.0 is the best to have and 0.0 is the worst to have
FY14
6/30/2014
SGD
LATEST 1QFY15
9/30/2014
SGD
48.3
0.4
0.9
(0.5)
0.2
0.1
(0.3)
(0.7)
50.8
4.5
0.7
3.8
0.9
0.1
4.6
1.6
49.8
(9.6)
0.7
(10.3)
2.0
0.2
1.0
(7.5)
(8.1)
11.6
(0.2)
0.1
(0.3)
0.1
0.1
0.0
(0.2)
(0.3)
6.9
33.2
16.5
36.0
1.5
11.1
113.0
77.6
0.1
6.7
30.5
22.5
41.4
0.7
13.2
116.0
81.2
0.1
6.2
30.6
20.1
36.3
0.9
10.5
67.4
33.3
0.1
5.7
29.1
18.1
30.1
7.1
66.0
32.6
-
DPS (RM)
Net asset per share (RM)
ROE (%)
ROA (%)
Turnover growth (%)
Net profit growth (%)
Net margin (%)
Current ratio (x)
Gearing (%)
Interest cover (x)
FY12
6/30/2012
SGD
FY13
6/30/2013
SGD
FY14
6/30/2014
SGD
ROLLING 12-MTH
0.04
(1.00)
(0.65)
(12.67)
(1.42)
3.25
5.86
0.04
2.04
1.42
5.22
3.19
3.12
62.37
0.02
(14.23)
(8.89)
(1.94)
(16.35)
3.45
(48.53)
0.02
(18.69)
(11.89)
5.32
(21.91)
4.22
(51.89)
(ALL FIGURES IN MIL)
pany sold its building and construction arm
for $4.3 million to focus on development.
As at Sept 30, Pollux had six development
projects on hand, including the 41-unit
Park Residences Kovan, the 31-unit Metro
Loft and the 22-unit Berkeley Residences.
All three of these developments have been
fully sold.
With private home prices in Singapore
down for the fourth straight quarter in
3Q2014 amid a slew of property cooling
measures imposed by the government, Pollux
clearly needs to develop a more substantial rental income stream to drive earnings
and improve its balance sheet. Earnings for
1HFY2015 came in at $2.3 million, versus less
than $400,000 a year earlier. Its net debt was
1.3 times its equity as at Sept 30.
The thinly traded and tightly held stock
has gained about 27% so far this year. Its
CEO, Nico Purnomo Po, is the biggest shareholder, with a stake of 60%.
FY13
6/30/2013
SGD
Income Statement
Turnover
EBITDA
Depreciation and amortisation
EBIT
Associates
Interest income
Interest expense
Extraordinary gain/(loss)
Pre-tax profit/(loss)
Net profit/(loss) - owners of company
Balance sheet
Fixed assets - PPE
Biological assets
Intangibles & goodwill
Cash and equivalents
Total current assets
ST borrowings
Total current liabilities
Total assets
Shareholders’ fund
Long term borrowings
Pollux Properties
Wary of the increasingly challenging private residential market in Singapore, Pollux
Properties is seeking to bolster its fortunes
by diversifying into the serviced residence
business and eyeing investment opportunities in Southeast Asia.
The Catalist-quoted property developer gets most of its income from upmarket
residential projects in Singapore. It also
develops and invests in commercial properties here. Last month, its 96-room Louis
Kienne Serviced Residences on Havelock
Road opened for business.
Rental income from Louis Kienne will be
captured in Pollux’s financial results for the
year ending March 31, 2015 (FY2015). Rental
income from other properties, namely several retail shops on Balestier Road, accounted
for only 1% of its revenue of $17 million for
the six months ended Sept 30 (1HFY2015).
The move into the serviced residence
business comes two years after the com-
FY12
6/30/2012
SGD
SGD
FY12
6/30/2012
SGD
FY13
6/30/2013
SGD
FY14
6/30/2014
SGD
LATEST 1QFY15
9/30/2014
SGD
1.1
(3.4)
0.0
(3.4)
0.0
0.7
(2.7)
(3.8)
10.5
(1.0)
0.0
(1.1)
(0.1)
0.1
1.3
0.1
0.1
24.1
0.1
0.0
0.0
0.3
0.1
0.5
0.7
0.2
17.0
0.3
0.0
0.2
2.1
0.1
2.3
2.3
0.1
4.7
106.3
8.5
11.9
106.3
46.4
-
0.1
7.0
84.4
12.6
17.1
104.1
46.5
57.6
0.5
9.7
79.5
20.4
36.2
94.6
46.7
47.5
0.5
13.9
75.6
29.7
43.3
90.2
49.0
40.8
Income Statement
Turnover
EBITDA
Depreciation and amortisation
EBIT
Associates
Interest income
Interest expense
Extraordinary gain/(loss)
Pre-tax profit/(loss)
Net profit/(loss) - owners of company
Balance sheet
Fixed assets - PPE
Biological assets
Intangibles & goodwill
Cash and equivalents
Total current assets
ST borrowings
Total current liabilities
Total assets
Shareholders’ fund
Long term borrowings
KEY RATIOS
FY12
6/30/2012
SGD
FY13
6/30/2013
SGD
FY14
6/30/2014
SGD
ROLLING 12-MTH
DPS (RM)
Net asset per share (RM)
ROE (%)
ROA (%)
Turnover growth (%)
Net profit growth (%)
Net margin (%)
Current ratio (x)
Gearing (%)
Interest cover (x)
0.07
(9.45)
(5.42)
751.11
(333.03)
8.90
8.21
(296.66)
0.07
0.20
0.09
813.46
0.90
4.92
135.96
(10.55)
0.08
0.48
0.23
129.78
139.54
0.94
2.19
124.56
0.62
0.08
4.50
2.06
82.44
6.81
1.74
115.63
(1.92)
SGD
B RO
IN G
atory
ment
Y15
014
GD
1.6
.2)
0.1
.3)
0.1
0.1
0.0
.2)
.3)
5.7
9.1
8.1
0.1
7.1
6.0
2.6
TH
GD
02
69)
89)
32
91)
22
89)
Y15
014
GD
7.0
0.3
0.0
0.2
2.1
0.1
2.3
2.3
0.5
3.9
5.6
9.7
3.3
0.2
9.0
0.8
TH
GD
08
50
06
44
81
74
63
92)
Visit www.starcomsingapore.com or call (65) 6435 7100
M ON DAY DEC EM B ER 29, 2 0 14 • TH EEDGE M ORN I N G B RI EFI N G
HOME 4
Gaming sector kept at
‘neutral’ by RHB on
lack of re-rating catalysts
BY P C L EE
SINGAPORE (Dec 26): RHB Research is
maintaining its neutral stance on gaming
stocks in Singapore and Malaysia in view
of the implementation of the Goods and
Services Tax (GST) in Malaysia come next
April and expected tightening in consumer
spending on rising inflationary pressure.
The KL-based research house currently
covers Bursa Malaysia-listed Genting Malaysia, Magnum, BJ Toto and Genting, and Singapore Exchange-listed Genting Singapore.
In a Dec 26 report, analyst Kong Heng
Siong said 3Q2014 earnings for three of the
stocks — Genting Malaysia, Magnum and
Genting Singapore — had come in below expectations owing to the below-average luck
factor. But there is more bad news to come.
Visitor arrivals to Genting Malaysia’s
Genting Highlands continued to decline
in 3Q2014, slipping 3% y-o-y as the number
of foreign tourists fell 14% y-o-y. Kong expects the slide to persist in 2015 as its outdoor theme park will be closed until early
2016 to make way for the RM1 billion ($378.7
million) 20th Century Fox theme park.
In the Bahamas, Genting Malaysia’s
Resorts World Bimini, which was launched in
July 2013, incurred earnings before interest,
taxes, depreciation and amortisation losses of RM116 million in 9M2014, or RM62
million in 3Q2014. Kong expects Resorts
World Bimini to break even at the Ebitda
level by 2H2015.
Genting Singapore’s 3Q2014 VIP rolling
volume also shed 5% y-o-y to mark its first
decline over the past two years, as management turned more cautious on credit extension. Kong believes this could translate into
slower VIP growth going forward, given the
lack of the presence of independent junkets
in Singapore. Kong also expects China’s ongoing anti-corruption drive led by President
Xi Jinping to further affect global gaming’s
VIP volume growth.
Although Genting Singapore is currently in active discussions with South Korea’s
local authorities for the official award of an
operating licence for its recently-proposed
US$2.2 billion ($2.9 billion) Resorts World
Jeju on Jeju Island, Kong believes it could take
another six to nine months before the official
award of the casino licence can take place.
Genting Singapore also intends to establish a gaming presence in Japan, should the
country finally pass legislation to allow the
setting up of integrated resorts. And although
Prime Minister Shinzo Abe and his Liberal
Democratic Party-led ruling coalition have
retained a two-thirds majority in the recent
election, Kong believes the casino bill will
only be re-tabled for debate in parliamentary session come 2H2015.
“We have neutral recommendations on
all five counters under our coverage. Of
note, we downgraded our recommendation
on Genting Malaysia in November as we
expect its gaming segment to face further
earnings headwinds. Although numbers
from its non-gaming segment would likely
improve as we move into 2015 on a higher CPO price assumption of RM2,500 per
tonne, as well as a maiden contribution from
its oil and gas segment, these are relatively
insignificant compared with its core gaming
arm,” said Kong.
Genting Singapore closed 0.9% higher
today at $1.07, while Genting Malaysia Bhd
closed 0.5% lower at RM4.04. Genting Bhd
closed 0.9% higher at RM8.99.
Stamford Land
sells New South
Wales property
for A$51 mil
SINGAPORE (Dec 26): Stamford Land
Corp’s subsidiary SLC Campsie has agreed
to sell freehold property in New South
Wales to an Australian real estate fund
for A$51 million ($54.8 million).
The 10,132 sq m property is situated
on 6-26 Grove Street and 64 Constitution
Road, Dulwich Hill. It was acquired for
A$23.7 million less than a year ago.
As at end-November, the net book value
of the property was A$28.1 million. The
disposal is expected to result in an after-tax
gain of A$15.7 million for the financial
year ending March 2015.
“The disposal is attractive, given the
current property market conditions in
Australia. It represents an immediate
crystallisation of returns not dissimilar
to development margins without related
development risks,” said Stamford Land
in a filing with the Singapore Exchange.
Stamford Land is one of the largest
owners and operators of luxury hotels
and a developer of top-tier, landmark
residential and commercial properties
in Australasia.
Stamford Land said the purchaser has
paid a deposit of A$5.1 million, with the
remaining A$45.9 million to be paid upon
completion of the sale, which is expected
to be on or before end-February 2015.
Stamford Land Corp closed 0.9% higher
at 54 cents today. — By P C Lee
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Parkway Life REIT divests 7 Japanese lion ($24.89 million) purchase of the Dianursing homes for $88.3 mil
mant Hotel was made via a joint venture
SINGAPORE (Dec 26): Parkway Life REIT
(PLife REIT) has sold seven nursing homes
in Japan for ¥7.95 billion ($88.3 million) to
Fortress Japan Investment Holdings LLC, a
leading global investment firm.
The manager of one of Asia’s largest listed
healthcare REITs said the maiden divestment is in line with PLife REIT’s recycling
strategy to rebalance and strengthen the
overall quality and growth potential of its
Japanese portfolio.
The seven nursing homes were originally purchased by PLife REIT for ¥6.2 billion
and have a net book value (NBV) of $75.7
million as at end-December.
“Arising from the investment exuberance in the nursing home market in Japan,
there has been much compression in terms
of cap rates for nursing home properties,
as reflected in the valuation of the divestment properties as at Nov 1 of ¥7.34 billion,”
said PLife REIT’s manager in the Singapore
Exchange filing.
PLife REIT is expected to recognise an
estimated divestment gain of $12.3 million
over the NBV.
Yong Yean Chau, CEO of the manager,
said: “This maiden divestment capitalises
on an unique opportunity for PLife REIT to
realise the seven properties at a good price
as we strengthen our Japan portfolio mix.
As we remain competitive in making our
acquisitions, the divestment proceeds will
enable us to acquire other attractive assets,
which would serve to enhance the overall
value and growth potential of PLife REIT.”
PLife REIT closed flat at $2.37 today. —
By P C Lee
TEE Land buys Sydney hotel for
A$23.2 mil
SINGAPORE (Dec 26): TEE Land, via its
subsidiary TEE Hospitality, has bought
another hotel in Sydney. The A$23.2 mil-
company, Potts Point Hospitality Pty Ltd,
in which TEE Land holds a 55% stake.
TEE Land has two other partners in this
venture: Peter & Jan Clark Pty Ltd and Kenmooreland Pte Ltd, holding 10% and 35%
respectively. These two parties are also TEE’s
partners in an earlier project, Quality Hotel
CKS Sydney Airport, which was bought for
A$23.88 million on May 15, 2014.
The four-star Diamant Hotel, with 76
rooms and three meeting rooms, is on 2-14
Kings Road, close to the King Cross train
station and the city’s CBD.
This purchase is part of TEE Land’s on-going plan to build up its recurring income in
overseas markets, as residential development
in Singapore, the home market, faces a slowdown. The company sees redevelopment
potential for the hotel. The acquisition is
expected to be completed on Feb 27, 2015.
The most recent purchase made by TEE
Land in Australia and New Zealand was on
Nov 28, when it bought the Thistle Guest
House in Christchurch for NZ$780,000
($798,763). The property, with one apartment and 10 private rooms, is on 21 Main
North Road. It covers a land area of 817 sq m
and has a built-up area of 307 sq m.
TEE Land closed flat at 28 cents today.
— By Chan Chao Peh
Raffles Education gets nod to list
Oriental University City
SINGAPORE (Dec 26): Raffles Education
Corp has received in-principle approval
from the Stock Exchange of Hong Kong for
the proposed listing of its Oriental University City Holdings.
The spin-off is still subject to certain regulatory approvals, the education group said
in a regulatory filing today.
The company first unveiled the listing plan
in October. It said then that listing Oriental
University City on Hong Kong’s Growth En-
terprise Market would enable it to finance its
core business and other strategic initiatives.
Raffles Education will retain a controlling
stake in Oriental University City, which runs a
campus in Langfang in China’s Hebei province.
The campus counts Malaysian state investment agency Khazanah Nasional as a
shareholder. — By Frankie Ho IPC Corp sells two Japan hotels for
$29.6 mil
SINGAPORE (Dec 26): IPC Corp has sold
two of its hotels in Japan for a total of $29.6
million to Ichigo Group Holdings, a manager
of a Tokyo-listed REIT.
The nest Hotel sapporo odori has 117
rooms and was acquired by IPC in 2012, while
the 162-room nest Hotel sapporo ekimae
was bought last year.
The two hotels will retain the “nest” brand
and continue to be managed by IPC, which
will reinvest the sales proceeds in other
projects, the company said in a regulatory
filing today.
IPC, a real estate investor and developer
with operations in Japan, China and the US,
will book a net gain of about $10.45 million
from the divestment.
Ichigo Group, which is listed on Tokyo’s
Jasdaq market and manages the Ichigo REIT,
said the acquisition is part of plans to accelerate earnings growth.
IPC shares closed at 14.6 cents today. —
By Frankie Ho Poh Tiong Choon to redevelop
property for $128 mil
SINGAPORE (Dec 26): Poh Tiong Choon
Logistics will spend about $128 million to
redevelop its existing warehouse and office
at Pandan Road.
The new property will comprise a warehouse building and a block of office space.
Construction is expected to be completed
by February 2018.
Poh Tiong Choon will use internal funds
and banking loans of $110 million for the
project, which will have a gross floor area
of about 101,590 sq m.
Under its agreement with JTC Corp, Poh
Tiong Choon will lease the premises for
another 24 years and four months from
July 2019.
Poh Tiong Choon shares closed at 68
cents. — By Frankie Ho Wee Hur enters Australian market
with acquisition in Brisbane
SINGAPORE (Dec 26): Wee Hur Holdings
has acquired a land parcel in Brisbane for
A$51.3 million ($55.2 million), marking its
foray into property development in Australia.
The 16,946-sq m site will be turned into
a high-rise “iconic” development with predominantly residential units and some retail
and office space, according to the construction and property development firm.
Wee Hur will spend A$5.2 million on an
additional 2,194 sq m of land next to the site
as part of the intended development.
The entire acquisition will be funded by
internal resources.
As at Sept 30, Wee Hur had $262.5 million
in cash on its balance sheet.
Development will be carried out in phases,
with construction slated to begin in 3Q2015.
Wee Hur shares ended flat at 37.5 cents
on Dec 24. — By Frankie Ho Singapore to release advance GDP
data on Jan 2
SINGAPORE (Dec 26): Singapore will provide advance estimates of GDP for the fourth
quarter and 2014 at 8am (0000 GMT) on
Jan 2, the Ministry of Trade and Industry
said today. A quarterly survey by the Monetary
Authority of Singapore earlier this month
showed that economists expect GDP to expand by 2.3% on a y-o-y basis in 4Q.
Full-year growth for 2014 is expected to
be 3%. — Reuters
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M O N DAY D EC E MB E R 29 , 2014 • T HEED G E M ORNING B RIEFING
WORLD BUSINESS 5
Russia may burn reserves
in three years without cuts
Economy could contract about 4% next year, with budget deficit above 3% of output
BY OLGA TA NA S, A N DREY
B I RY U KOV & A NN A ANDR IANOVA
MOSCOW: Russia, poised to enter a recession, will burn through
its rainy-day funds in three years
if the government doesn’t change
the budget structure, according to
Finance Minister Anton Siluanov.
With oil prices at US$60
(RM210) a barrel, Russia’s economy may contract about 4% next
year and have a budget deficit of
more than 3% of output, Siluanov
told reporters in Moscow on Saturday. The ministry will use these
estimates and an exchange rate of
51 rubles per dollar to review the
2015 budget.
Russia is facing its first recession since 2009, and the contraction may last for two years, according to economists in a Bloomberg
survey. “If no decisions are made,
we’ll burn through all the reserves
in 2016-2017,” Siluanov said. “At
one-third of all budget spending,
defence has too large a share. We
need to reshuffle and restructure
spending for infrastructure, education and so on.”
Russia’s international reserves,
which include central bank’s reserves and two sovereign wealth
funds, have shrunk by about onefifth this year to US$398.9 billion
as of Dec 19 as the Bank of Russia
sought to defend the currency. Pol-
icymakers rolled out measures to
ease foreign-currency refinancing
as US$120 billion debt payment
looms next year after the United
States and European Union limited Russia’s access to international
capital markets.
The Reserve Fund held the
equivalent of US$88.9 billion as
of Dec 1, while the National Wellbeing Fund, created to cover longterm outlays for social spending,
was equal to US$80 billion.
The ministry has said it will use
at least 500 billion rubles (RM34.3
billion) from the Reserve Fund to
cover next year’s fiscal gap and
plans to invest money from the
Wellbeing Fund to boost banks’
Hong Kong new home sales to reach record
BY A L FRED L I U
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capital and to finance infrastructure projects.
Oil is heading for the biggest annual drop since 2008 amid slowing
global demand growth. Brent, the
benchmark for more than half of the
world’s crude, fell 0.3% to US$60.06
in London on Saturday, dropping
from US$115 a barrel in June.
The ruble has lost more than
39% against the dollar this year. It
has rebounded from a record low of
80.10 last week on the government’s
and central bank’s measures.
The budget deficit will reach
about 0.7% of gross domestic product in 2014 due to a one-trillion ruble plan for bank recapitalisation,
according to Siluanov. — Bloomberg
HONG KONG: Hong Kong’s new
home sales are expected to bring record proceeds this year as property
developers actively sell new residential projects to raise cash for land.
Full-year new private residential sales in the city are estimated
at HK$175 billion (RM78.87 billion), the highest since 1996, when
the data was first collected, Wong
Leung-sing, an associate research
director at Centaline Property
Agency Ltd, said in an emailed
statement on Saturday.
“Home prices are so high that the
new units are sold at HK$10 million
on average,” Wong said by phone
yesterday. His company is Hong
Kong’s largest privately held realtor.
“Developers are actively selling new
residential units to generate cash.”
Sentiment has improved and buyers have returned to the market after
the city’s Occupy protests, Wong said.
Hong Kong developers are seeking
Newly built government housing
estates, part of the Kai Tak Development
at the former Kai Tak International
Airport area in Hong Kong, seen on June
26. Full-year new private residential
sales in Hong Kong are estimated at
HK$175 billion, the highest since 1996.
Photo by Reuters
to expand their land banks as the
city’s government accelerates land
sales to boost housing supply.
Dragons Range, a new residential
project in the Sha Tin district developed by companies including Kerry
Properties Ltd and Sino Land Co, has
generated sales of HK$4.4 billion
this month through Dec 19, according to the statement. The Parkside,
a project by Wheelock Properties
Ltd, has recorded sales of more than
HK$2.7 billion in the same period,
the highest after Dragons Range.
New home sales in Hong Kong
may reach a total of 16,500 units
this year, the highest since 2007,
Wong said in the statement. A total
of 16,190 new home sales were registered this year through Dec 19, 66%
higher than the whole of 2013. They
have brought in HK$174 billion this
year through Dec 19, 89% more than
2013, according to the statement.
Separately, the number of used
home transactions may reach
42,500 with a total of HK$235 billion proceeds, according to the
statement. — Bloomberg
SINGAPORE: India’s decade-long
obsession with gross domestic
product expansion has proved
a costly misadventure. In recent
years, inflation has surged even as
growth has slowed, damaging the
balance sheets of corporate borrowers as well as state-run lenders.
Prime Minister Narendra Modi
is right, therefore, to emphasise reforms that bolster the supply side of
the economy. The policies he has
introduced since taking office in
May 2014 aren’t revolutionary. But
taken together, they promise a slow
build-up of India’s growth potential.
Modi is trying to ease shortages
of coal and gas and simplify rigid labour laws. He has courted Japanese
and Chinese investment to augment
infrastructure and has resolved to
unify a plethora of local taxes.
The reforms are small, but connected. Modi’s “Make in India”
campaign needs power, but electricity producers are sitting idle
without coal or gas.
Similarly, a new goods and services tax that will replace local levies means manufacturers only get
taxed on the value they add to final consumption. Given sufficient
competition, the tax could actually
make everything cheaper.
Add some tweaks to India’s inefficiency-ridden food supply chain, and
five years of double-digit inflation
may have come to an end. The recent drop in oil prices is also helping.
Already, Modi has decontrolled
diesel prices. Once the state stops
subsidising energy consumption
entirely, future fluctuations in the
price of crude won’t burden public finances.
Investors will need to be patient,
however. With investment picking
up, the economy will soon leave behind two years of sub-5% expansion.
But the 9%-plus rates of growth
India witnessed between 2005 and
2007 won’t return in a hurry. Glob-
China to widen
deposit base for banks
— PBoC document
BEIJING: The People’s Bank of
China (PBoC) will change rules
governing how loan-to-deposit
ratios are calculated at banks
starting from next year, according to a copy of a central bank
document seen by Reuters, in
a move that will boost liquidity
conditions. The PBoC will include savings held by banks for
non-deposit-taking financial
institutions in banks’ deposits, which will expand the base
for calculating loan-to-deposit ratios, the document said.
Sources with knowledge of the
situation told Reuters last week
that the PBoC was weighing
such a rule change. Under the
current rules, Chinese banks
are allowed to lend up to 75%
of their deposits. — Reuters
Taipei home price
index down for third
straight month
TAIPEI: Taipei’s home price index fell for the third consecutive month in September with
market analysts attributing the
decline to cautious sentiment
toward the local property market. Fears over a hike in interest rates after an end of the US
Federal Reserve’s quantitative
easing policy in October have
made many homebuyers wary of
rising mortgage rates in Taiwan,
they said. Concerns remained in
place that Taiwan’s government
will push for a reform to make
home sellers pay a tax based on
the actual selling price instead
of the government-estimated
property value, they said — CNA
Ting Hsin required to
repay NT$6.5b owing
to banks
TAIPEI: Ting Hsin International
Group is required to repay within
three days an outstanding balance of NT$6.5 billion (RM716.01
million) on a NT$7 billion syndicated loan that became due on
Saturday, Deputy Finance Minister Wu Tang-chieh said, citing
a decision made by the lenders,
which include Mega International Commercial Bank, the main
lender and three others. The loan
was made to a Ting Hsin-invested company in 2010 for a land
development project. — CNA
S Korea nuclear operator
says cyberattacks
continue, reactors safe
India’s growth spurt could be for real this time
BY A NDY MU KHERJE E
IN BRIEF
al demand is anaemic, and domestic balance sheets are far from
healthy. Indian lenders need to
raise US$200 billion (RM700 billion) in fresh capital by 2019, Fitch
Ratings estimates. A big privatisation push remains elusive.
Even so, small reforms will add up.
Modi has persuaded banks to open
millions of new accounts, which will
pave the way for the state to replace
market-distorting subsidies with direct cash payments to the poor.
All these improvements will
boost productivity. India’s growth
spurt this time around may not be
spectacular. But it will very likely
be real. — Reuters
SEOUL: South Korea’s nuclear
power operator said yesterday
that cyberattacks on non-critical operations at the company’s
headquarters are continuing
but the country’s nuclear power
plants are operating safely and
are secure from attack. Korea
Hydro & Nuclear Power Co Ltd
(KHNP) has been intensifying
its cyber security, President
and CEO Cho Seok said. KHNP,
part of state-run utility Korea
Electric Power Corp, said last
Monday that its computer systems had been hacked but only
non-critical data had been stolen and reactor operations were
not at risk. — Reuters