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Don't demonise China but neither be its vassal state: Ho Kwon Ping
SINGAPORE (Apr 23): The current United States and China trade tensions, businessman Ho Kwon Ping thinks, is not about a trade war but about a paradigm shift towards China becoming a major global player who does not want to play by Western rules. Ho says: “The current US-China tensions are not only not about the trade war, it is not even about geopolitical or geo-economic rivalry. It is about ...
UOB Kay Hian remains positive as SPH turns to student accommodation to arrest flagging media business
SINGAPORE (Apr 23): Despite continued weakness in its core media business, UOB Kay Hian is staying positive on Singapore Press Holdings (SPH) on the back of its foray into the student accommodation segment. SPH last week announced it has acquired a portfolio of three purpose-built student accommodation (PBSA) assets in the UK for £134 million ($237 million). See: SPH expands UK student ...
Ascott transforms digital ecosystem to support expansion
SINGAPORE (Apr 23): The Ascott Limited, CapitaLand’s wholly-owned lodging business unit, is embarking on a digital ecosystem transformation to support its expanding global lodging portfolio. The company aims to drive revenue growth, improve operational efficiency and enhance value to its customers and business partners through a comprehensive front-to-backend systems makeover. As part of ...
HNA unit's lenders seize assets as payment deadline missed
(Apr 23): Lenders to HNA Group Co.’s CWT International seized control of assets in Singapore, China and the US after the unit failed to repay amounts due on its credit facility. Assets that are being taken over include shareholdings of Singapore-based CWT, with investment properties in the US and golf courses in China, according to a statement. Lenders had threatened to take control of the ...
Billionaire Kwek keeps it in the family with luxury condo sales
SINGAPORE (Apr 23): Billionaire property developer Kwek Leng Beng’s latest luxury condo in Singapore has seen robust demand since its launch last month. It doesn’t hurt that some of his own relatives have rallied to the cause. Kwek’s wife and son Cecilia Kwek and Kingston spent $9.8 million on an apartment in Boulevard 88, according to a City Developments exchange filing late Monday. His ...
Don't underestimate the recovery potential of this education stock: UOB
SINGAPORE (April 23): UOB Kay Hian is starting coverage on Overseas Education Limited (OEL) at “buy” with a 46 cent price target, based on 10.4 times EV/EBITDA or a 15.4% discount to global peers’ 2019 average. In an initiation report on Tuesday, analyst John Cheong says he deems the stock’s valuations attractive at its current 8.3 times 2019F EV/EBITDA and an 8.2% dividend ...
Fairly valued OCBC kept at 'neutral' by RHB with $12.20 target
SINGAPORE (Apr 23): RHB Research is maintaining Oversea-Chinese Banking Corp (OCBC) at “neutral” saying the stock is fairly valued. In addition, OCBC’s 1Q19 non-interest income is expected to be “uninteresting”, given high 1Q18 base would make it challenging for 1Q19 to show growth. And although NIM is expected to widen this year, RHB expects this to be narrower than ...
Frasers Commercial Trust posts flat 2Q DPU of 2.4 cents
SINGAPORE (Apr 23): The manager of Frasers Commercial Trust (FCOT) has announced a 2Q19 DPU of at 2.40 cents, unchanged from 2Q18. The distribution also brings 1H19 DPU to 4.80 cents, unchanged from a year ago. FCOT’s portfolio as at Mar 31, 2019, consists of six properties – China Square Central and Alexandra Technopark in Singapore; 50% indirect interest in Central Park, 100% indirect ...
CapitaLand divests StorHub self-storage business for $185 mil
SINGAPORE (Apr 23): As part of its asset recycling strategy, CapitaLand is divesting its stake in the group of companies that own and manage the group’s self-storage business StorHub to an unrelated third party. The transaction is based on an agreed value of $185 million for StorHub’s portfolio of properties. StorHub is one of Singapore’s largest self-storage networks, with a presence ...
Keppel REIT breaks into Seoul market with $301 mil office tower purchase
SINGAPORE (Apr 23): Keppel REIT is acquiring a 99.38% stake in T Tower, a freehold Grade A office building in Seoul’s CBD for KRW 252.6 billion ($301.4 million). The remaining 0.62% stake will be acquired by subsidiary Keppel Capital Holdings. The seller is PGIM Real Estate, the real estate investment business of PGIM, the global investment management businesses of Prudential ...