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| 25-Mar-2020 09:15 |
Olam Intl
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OLAM_OLAM
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Olam completes sale of remaining 50% stake in Indonesian sugar JV for US$82.5 millionTUE, MAR 24, 2020 - 7:55 PM AGRI-FOOD giant Olam International has sold its remaining 50 per cent stake in its Indonesian sugar joint venture (JV), Far East Agri for US$82.5 million - with US$2.5 million contingent on satisfaction of an arrangement provided in the sale-and-purchase agreement, said the company in a bourse filing on Tuesday. The buyer &ndash its JV partner Mitr Phol Sugar &ndash had in December 2017 invested US$100 million to take up a 50 per cent stake in Far East Agri, and had entered a sales agreement with Olam with an initial total consideration of between US$82.5 million and US$85 million. With the completion of the sale, Far East Agri will cease to be an associated company of Olam. The group had previously said that the sale is in line with Olam&rsquo s six-year strategic plan announced in 2019 with a focus on businesses with sustainable growth potential, and divesting and/or restructuring de-prioritised assets and businesses. Olam shares closed up S$0.14 or 11 per cent at S$1.41 on Tuesday. https://www.businesstimes.com.sg/companies-markets/olam-completes-sale-of-remaining-50-stake-in-indonesian-sugar-jv-for-us825-million |
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| 25-Mar-2020 09:08 |
GL
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GuocoLeisure
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GL Limited to ' progressively' close hotels as Covid-19 hits bookings TUE, MAR 24, 2020 - 7:28 PM HOSPITALITY group GL Limited announced on Tuesday that the hotels under its hospitality subsidiary GLH will &ldquo progressively be closed temporarily&rdquo amid the Covid-19 outbreak, with the exception of a few to serve the needs of some guests. The spread of the virus to Europe and the United Kingdom has caused &ldquo significant reduction in bookings and increase in cancellations&rdquo . The pending closures were also prompted by the call from the UK government to practise social distancing and to halt activities. While the extent on the group' s operations and financial performance for the full year ending June 30, 2020 cannot be determined, it noted that its financial results &ldquo will be significantly and adversely impacted&rdquo compared to the previous financial year on the back of uncertainty surrounding Covid-19 and low oil prices. Meanwhile, it has also implemented measures such as cost reduction initiatives and temporarily deferring capital projects which are not critical in order to preserve working capital and liquidity. https://www.businesstimes.com.sg/companies-markets/gl-limited-to-progressively-close-hotels-as-covid-19-hits-bookings |
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| 24-Mar-2020 09:26 |
SIA
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SIA
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SIA confirms 96% capacity cuts, grounding 138 planesMON, MAR 23, 2020 - 9:52 AM UPDATED MON, MAR 23, 2020 - 11:47 AM SINGAPORE Airlines (SIA) on Monday announced it is cutting 96 per cent of its planned capacity originally scheduled up to end April given further tightening of border controls around the world over the last week. It is also exploring ways to increase liquidity and reduce capital expenditure and operating costs amid the ongoing Covid-19 outbreak, it said in a statement. The announcement confirms an earlier Business Times report that the national carrier is studying the possibility of storing some of its planes. The fresh cuts will result in the grounding of around 138 SIA and SilkAir aircraft, out of a total fleet of 147, SIA said. Its low-cost unit, Scoot, will also suspend most of its network, grounding 47 of its fleet of 49 aircraft. SIA described the situation as &ldquo the greatest challenge that the SIA group has faced in its existence&rdquo . https://www.businesstimes.com.sg/companies-markets/sia-confirms-96-capacity-cuts-grounding-138-planes |
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| 24-Mar-2020 09:23 |
SIA
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SIA
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Bigger salary cuts for SIA' s management, compulsory no-pay leave to be rolled out for staff MON, MAR 23, 2020 - 6:03 PM With the airline industry flying into heavy turbulence, Singapore Airlines (SIA) is initiating deeper pay cuts for its management team, while introducing compulsory no pay leave (CNPL) on certain days each month for pilots, executives and associates. According to an internal message to staff seen by The Business Times, chief executive Goh Choon Phong will now be taking a salary cut of 30 per cent from April 1, up from 15 per cent previously. Executive vice-presidents and senior vice-presidents will take cuts of 25 per cent and 20 per cent respectively. Meanwhile, SIA' s board members are now taking a 30 per cent cut in fees in solidarity with senior management. And from May 1, salary cuts for divisional vice-presidents (DVPs) and VPs will go up to 12 per cent, while an earlier pay cut of five per cent for senior managers and managers is being brought forward by a month to April 1, before increasing to 10 per cent from May 1. " We have also reached agreements with our unions for a set of cost-cutting measures," Mr Goh told staff in the internal memo seen by BT. " These include voluntary no-pay leave for all staff up to DVPs, varying days of compulsory no-pay leave each month for pilots, executives and associates, as well as furlough for staff on re-employment contracts." All in, about 10,000 staff will be affected by this. The airline industry has been hit hard as countries around the world tighten their borders to arrest the spread of the Covid-19 pandemic. In Singapore, the authorities will close the border to tourists and transit traffic from 11.59pm on Monday. https://www.businesstimes.com.sg/companies-markets/bigger-salary-cuts-for-sias-management-compulsory-no-pay-leave-to-be-rolled-out |
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| 24-Mar-2020 09:20 |
Tiong Seng
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Tiong Seng
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Tiong Seng unit wins S$227.5m construction contract for residential projectMON, MAR 23, 2020 - 9:37 AMCONSTRUCTION group and property developer Tiong Seng Holdings on Monday said it will construct a private residential development on Tan Quee Lan Street for S$227.5 million. MTG Apartments and MTG Retail awarded the contract to the mainboard-listed firm' s wholly-owned subsidiary Tiong Seng Contractors. The project will include two 30-storey apartment blocks housing more than 500 units, as well as a commercial component on the first storey. It will also have retail space, an open public plaza, a car park, an underground pedestrian network and communal facilities such as a landscape deck, swimming pool and clubhouse. Site possession is expected to be in March this year, Tiong Seng said. None of Tiong Seng' s directors or controlling shareholder has any interest, direct or indirect, in the contract. Tiong Seng shares were flat at 12.4 Singapore cents as at 9.23am on Monday. https://www.businesstimes.com.sg/companies-markets/tiong-seng-unit-wins-s2275m-construction-contract-for-residential-project |
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| 24-Mar-2020 09:15 |
NetLink NBN Tr
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NetLink NBN Trust
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Will NetLink Trust keep its connection strong amid the Covid-19 outbreak?
Samantha Chiew 23/03/2020, 11:46am SINGAPORE (Mar 23): DBS Group Research is maintaining its &ldquo buy&rdquo call on Netlink NBN Trust with a lowered target price of 95 cents from $1.05 previously. Year-to-date, the stock has dropped some 11.2% to trade at 84 cents on 11.35am of Mar 23. In a Monday report, analyst Sachin Mittal says, &ldquo NetLink is trading at 5.8% yield, compared to an average yield of 6.2% offered by large-cap industrial S-REITs. We argue that Netlink should trade at 80-100 basis points (bps) lower yield than industrial S-REITs&rsquo as Netlink&rsquo s distributions are largely independent of the economic cycle due to the regulated nature of its business Netlink&rsquo s asset life is much longer as it incurs annual capex to replenish its depreciated asset base, and Netlink&rsquo s gearing is less than half of S-REITs&rsquo with ample debt headroom to fund future growth.&rdquo The analyst benchmarks Netlink&rsquo s yield against industrial S-REITs whose asset life is 40-50 years. Netlink, on the other hand, incurs an annual capex of $50-60 million to replenish its depreciated asset base, leading to a very long asset life. Currently, the trust&rsquo s net debt to EBITDA of less than 2 times, which implies ample room for raising cheap debt if needed. Regulated Asset Base (RAB) Trusts can lever up to 5 times easily, according to the analyst, implying that Netlink can easily raise up to $500 million in additional debt if required. With this, the trust can use its debt headroom to invest in Smart Nation initiatives. However, in the case of continued market dislocation due to the Covid-19 outbreak, industrial S-REITs could decline to -2SD valuation in the worst-case scenario. This would imply industrial S-REITs&rsquo average yield dropping to 7.7% from 6.2% currently, while share price is believe to shed some 20%. &ldquo Given higher earnings resilience, lower gearing and longer asset life of NLT, we project Netlink to trade at 90bps of 6.8% under our bear case scenario,&rdquo says Mittal. This translates into a bear-case price of 76 cents per share. This implies a downside risk of 10% including 5.8% yield. https://www.theedgesingapore.com/capital/brokers-calls/will-netlink-trust-keep-its-connection-strong-amid-covid-19-outbreak |
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| 23-Mar-2020 09:44 |
DBS
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DBS
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Singapore banks show voracious appetite in buying back sharesON, MAR 23, 2020 - 5:50 AMSince start of March, UOB has spent S$16.2m on share buybacks and OCBC, S$19.2m DBS leads tally with S$368m Singapore SHARE buybacks by Singapore banks surged this month amid the market turmoil, as the valuations of their shares have hit levels below their book value in recent days. DBS leads the tally across all Singapore-listed stocks in share buybacks with a whopping S$368 million... |
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| 23-Mar-2020 09:35 |
OCBC Bank
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OCBC
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Singapore banks show voracious appetite in buying back sharesON, MAR 23, 2020 - 5:50 AM Since start of March, UOB has spent S$16.2m on share buybacks and OCBC, S$19.2m DBS leads tally with S$368m Singapore SHARE buybacks by Singapore banks surged this month amid the market turmoil, as the valuations of their shares have hit levels below their book value in recent days. DBS leads the tally across all Singapore-listed stocks in share buybacks with a whopping S$368 million... https://www.businesstimes.com.sg/banking-finance/singapore-banks-show-voracious-appetite-in-buying-back-shares |
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| 23-Mar-2020 09:29 |
NetLink NBN Tr
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NetLink NBN Trust
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Homes, offices, the great outdoors - NetLink wants to hook up wherever MON, MAR 23, 2020 - 5:50 AM Singapore TOUTED as a defensive play in line-ups such as OCBC Investment Research' s Singapore model portfolio, NetLink NBN Trust is seen as poised to weather the ongoing pandemic. The sticking point, according to Tong Yew Heng, chief executive of the manager, is how the fibre... https://www.businesstimes.com.sg/companies-markets/homes-offices-the-great-outdoors-netlink-wants-to-hook-up-wherever |
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| 22-Mar-2020 01:22 |
UMS
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UMS
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UMS' Penang factory to resume operations, but group' s California plant closesFRI, MAR 20, 2020 - 6:48 PM PRECISION engineering firm UMS Holdings on Friday said its facilities in Penang can continue its operations amid Malaysia' s ongoing movement control order. This comes as semiconductors are included in the Malaysian government' s list of essential services that can continue to function till March 31, said UMS in a statement. The group has submitted an application to the Ministry of Trade and Industry for approval to continue operating during the restriction period. Its Penang facilities - currently shut to comply with the order - wil reopen when approval has been obtained. In the US, the group' s factory in California will be closed to comply with the California state' s stay-at-home order issued on March 19. The resumption of operations will be subject to further government directives, said UMS, noting that the temporary halt is not expected to have any " significant" material financial impact on the group. Its production facilities in Singapore remain operational. https://www.businesstimes.com.sg/companies-markets/ums-penang-factory-to-resume-operations-but-groups-california-plant-closes |
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| 22-Mar-2020 01:18 |
Frencken
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Frencken Group Ltd
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Mainboard-listed Frencken says global operations unaffected by Malaysia' s movement control orderFRI, MAR 20, 2020 - 6:16 PMEQUIPMENT service provider Frencken Group on Friday said Malaysia' s 14-day movement control order is not expected to have an impact on its operations outside of Malaysia. While the mainboard-listed group has temporarily closed all its factories in Malaysia till March 31 to comply with the order, its customers in other markets will continue to be served by its factories in Asia, Europe and the US, said the group in a statement. In Singapore, Frencken has arranged accommodation from March 18 to March 31 for a " small group" of Malaysian employees who work at its factory in Changi. The group therefore does not foresee that Malaysia' s latest travel restriction would affect its manufacturing operations here. The group' s five factories in China - located in Wuxi, Chuzhou, Tianjin and Zhuhai (Jinding and Nanshui) - have since resumed normal operations and are fulfilling orders from customers. It is also business-as-usual at its factories in the Netherlands, US, Switzerland, Singapore, India and Thailand, said Frencken. Frencken shares closed trading at S$0.53, up S$0.06 or 11.6 per cent. https://www.businesstimes.com.sg/companies-markets/mainboard-listed-frencken-says-global-operations-unaffected-by-malaysias-movement |
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| 22-Mar-2020 01:14 |
AEM SGD
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business turnaround ?
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AEM ' cautiously confident' about sales despite coronavirus disruption to deliveriesFRI, MAR 20, 2020 - 9:02 AMAEM Holdings, which provides advanced chip testing solutions, is " cautiously confident" that its sales for the first half of 2020 will be at an all-time high. This is despite shifts in the delivery of its sales orders resulting from the novel coronavirus situation, the mainboard-listed firm said in a regulatory update on Thursday night. It is also expecting a record quarter for the three months ending March 31, with sales to come in between S$135 million and S$145 million. AEM' s full-year sales guidance of S$360 million to S$380 million as provided on Feb 25 remains unchanged. In view of the Covid-19 outbreak, the company has activated its business continuity plan across its operations and supply chain. https://www.businesstimes.com.sg/companies-markets/aem-cautiously-confident-about-sales-despite-coronavirus-disruption-to-deliveries |
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| 22-Mar-2020 01:11 |
DBS
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DBS
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DBS downgrades SIA Engineering two notches, slashes target priceSAT, MAR 21, 2020 - 5:50 AM It cuts FY2021 revenues by 18%, net profit by 48% and expects dividends to take a beating Singapore DBS Group Research has downgraded SIA Engineering Company (SIAEC) by two notches to " fully valued" from " buy" and slashed its target price to S$1.35 from S$3.30. The research house also cut FY2021 revenues for SIAEC by 18 per cent and shaved net profit by 48 per cent. Dividends are " likely to take a beating" in FY2021, it added. Analysts Suvro Sarkar and Jason Sum said in a Friday report that SIAEC' s improved momentum on core operating profits for the first nine months of 2020 will likely come to a " screeching halt" as the Covid-19 outbreak has curbed air travel. As SIAEC generates a substantial portion of its core operating profits from its line maintenance operations at Singapore' s Changi Airport, it is vulnerable to the loss of revenue from a fall in aircraft movements at Changi. https://www.businesstimes.com.sg/companies-markets/dbs-downgrades-sia-engineering-two-notches-slashes-target-price |
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| 22-Mar-2020 01:04 |
CSE Global
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CSE Global
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CSE Global grows across the world with local teams boosts cash flow with small projectsSAT, MAR 21, 2020 - 5:50 AM CEO of SGX-listed IT systems integrator says building relationships with customers in challenging times has also paid off SYSTEMATIC and detail-oriented by nature, Lim Boon Kheng appears to have found his calling in building enterprises. " My passion has always been to take a home-grown business and develop it into a multi-national company of decent size, with diversified revenues and good cashflows - one... https://www.businesstimes.com.sg/companies-markets/cse-global-grows-across-the-world-with-local-teams-boosts-cash-flow-with-small |
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| 22-Mar-2020 00:59 |
Suntec Reit
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Suntec REIT
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Suntec Reit unit obtains A$450m green loanFRI, MAR 20, 2020 - 8:35 AMTHE trustee of Suntec Real Estate Investment Trust&rsquo s (Suntec Reit) wholly-owned Australian subsidiary has taken out a A$450 million (S$378.9 million) green loan. It will be used to refinance existing borrowings, finance or refinance acquisitions and/or investments and/or for general working capital purposes, Suntec Reit&rsquo s manager said in a bourse filing on Thursday evening. In Australia, the real estate investment trust holds the entire interest in a commercial building in Sydney, a half stake in Melbourne integrated development Southgate Complex, a half stake in a commercial building to be developed on Collins Street in Melbourne, and a 100 per cent interest in a commercial building in Adelaide. The green loan agreement includes a condition that stipulates that it will be a review event if Suntec Reit&rsquo s manager ceases to be a subsidiary of ARA Asset Management, or if it ceases to be the manager of Suntec Reit unless the replacement or substitute manager is an affiliate of ARA. If the review event occurs, the lender may require the Australian subsidiary, Suntec Reit (Australia) Trust, to prepay the outstanding amount under the green loan. About S$3.49 billion (excluding interest) of Suntec Reit&rsquo s debt facilities may be affected in this situation, including from cross defaults, and of this amount, S$3.24 billion is drawn and outstanding as at Thursday. Units of Suntec Reit tumbled S$0.13 or 10.3 per cent to close at S$1.13 on Thursday, before the announcement. https://www.businesstimes.com.sg/companies-markets/suntec-reit-unit-obtains-a450m-green-loan |
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| 20-Mar-2020 09:50 |
SGX
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SGX issues AGM guide to listed firms which factors in health advisories It encourages listcos to adopt digital tools including enabling virtual presence for directors who cannot travel AS two-thirds of listed companies in Singapore prepare for their 2020 annual general meeting (AGM), the Singapore Exchange Regulation (SGX RegCo) on Thursday unveiled a list of precautionary measures on how issuers should facilitate shareholders' meetings amid the Covid-19... https://www.businesstimes.com.sg/companies-markets/sgx-issues-agm-guide-to-listed-firms-which-factors-in-health-advisories |
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| 20-Mar-2020 09:46 |
DBS
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DBS says recession ' imminent' for Singapore, slashes GDP growth forecast THU, MAR 19, 2020 - 2:00 PM DBS Group Research has joined a growing number of economy watchers warning of a full-year recession in Singapore. It is also predicting that the Republic&rsquo s small and open economy will likely be in a technical recession by June. In a report published on Thursday, the research team described a recession as &ldquo imminent&rdquo and &ldquo inevitable&rdquo , and lowered its full-year gross domestic product (GDP) growth forecast for 2020 from a February estimate of 0.9 per cent to negative 0.5 per cent. It warned that this outlook could sink further if the novel coronavirus outbreak worsens. DBS said new and unprecedented travel bans will hit tourism-related industries such as restaurants and retail far harder than originally estimated, as the countries issuing these bans accounted for nearly 70 per cent of Singapore&rsquo s tourist arrivals last year. DBS economist Irvin Seah wrote in the report that chances of a technical recession occurring within the first half of this year were &ldquo almost a given&rdquo , with year-on-year contraction of up to two percentage points expected. A technical recession is defined as two consecutive quarters of sequential decline in GDP. Negative growth is predicted to continue into the third quarter of this year, before an improvement at the end of the year. The report' s negative growth estimate means 2020 could be the worst economic performance Singapore has had since the 2001 dotcom bust, which saw negative 1.1 per cent GDP growth. &ldquo Putting into perspective, this will be a lot deeper than Sars, and more painful than the Global Financial Crisis,&rdquo Mr Seah wrote, acknowledging that government measures had already mitigated the pandemic&rsquo s economic impact. Full-year inflation was estimated at 0.4 per cent, compared to 0.6 per cent last year. Apart from GDP, DBS predicted 24,500 full-year annual retrenchments as a result of the worsening economy - higher than the 23,430 retrenchments in the 2009 financial crisis. The report added that a second stimulus package of between S$14 billion and S$16 billion - or 2.9 per cent of GDP - was likely. Among the new measures it anticipated were an immediate one-off cash grant to micro and small enterprises, a one-month waiver of the Foreign Worker Levy for companies affected by new measures (such as Malaysia&rsquo s movement control order) and personal income tax rebates for all taxpayers. Separately, Deutsche Bank Research published a report on Wednesday predicting a severe global recession in the first half of the year, with quarterly declines in GDP growth expected to &ldquo substantially exceed anything previously recorded, going back to at least World War II&rdquo . It said early evidence of the pandemic&rsquo s negative economic impact on China was far beyond its initial projections. However, the research team cautioned investors about the uncertainty of the forecast, citing a lack of historic anchors and an unpredictable global situation. https://www.businesstimes.com.sg/government-economy/dbs-says-recession-imminent-for-singapore-slashes-gdp-growth-forecast |
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| 20-Mar-2020 09:40 |
Eagle HTrust USD
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EAGLE Hosp Reit US$ @$0.780 cents
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Eagle Hospitality Trust sinks 36% as managers mull asset sales, strategic review Stanislaus Jude Chan 19/03/2020, 11:41am SINGAPORE (Mar 19): Units in Eagle Hospitality Trust (EHT) plunged 36.3% in early morning trading on Thursday, after the manager announced in a filing at 12.25am that it is preparing to launch several initiatives to &ldquo unlock value and create liquidity&rdquo . As at 10.47am, the counter dived 7.8 US cents to yet another record low of 13.7 US cents, before the managers called for a trading halt. This comes after the REIT managers revealed it is identifying assets to dispose in a bid to bolster EHT&rsquo s cash position. The managers say this is part of its portfolio reconstitution plan. In addition, the managers are also initiating a &ldquo comprehensive strategic review&rdquo of its business. As part of this review process, the managers will hire a financial adviser to review and analyse a range of strategic and corporate options for the trust. The managers are also planning to draw down up to US$12.5 million ($18.0 million) of its US$28.7 million in security deposits from master lease agreements. The managers say Urban Commons (UC), the sponsor of EHT, has indicated that there have been delays in certain third-party property-level receivables as a result of the Covid-19 pandemic, which has caused shortfalls in payments to EHT. As affiliates of UC, the master lessees are obliged to replenish the security deposits within seven days of any drawdown. These obligations are then subject to a 20-day cure period under the master lease agreements. The master lessees are required to provide around US$15.0 million of incremental security deposits by June 8, though cash contribution or letters of credit. These will bring the total security deposits to US$43.7 million, as stipulated in EHT&rsquo s IPO prospectus. The managers say that, together with EHT&rsquo s independent directors, they have &ldquo elevated the importance of the deficiency in security deposits&rdquo to the sponsor and have &ldquo requested immediate remedial action&rdquo . Under the master lease agreements, failure to replenish any security deposit drawdowns or provide the incremental security deposits within the stipulated periods would result in defaults. &ldquo UC continues to take measures to navigate an adverse market environment. We are focused on managing operations during this trying time,&rdquo says Howard Wu, founder and principal of UC. &ldquo Drawing on the security deposits to satisfy outstanding payments could help to create liquidity at the REIT without putting further strain on operations,&rdquo he adds. Since its debut on the Singapore Exchange (SGX) in May last year, units in EHT have plummeted some 82.4% from its initial public offering (IPO) price of 78 US cents. KGI securities Research on Feb 20 downgraded its recommendation on EHT, and slashed its target price, on the back of concerns over a lack of clarity and near-term catalyst. &ldquo The lack of clarity and information is the main problem for investors. You don&rsquo t really know what&rsquo s happening,&rdquo analyst Amirah Yusoff told The Edge Singapore in an interview. The downgrade came just days after EHT on Feb 17 reported distribution per stapled security (DPS) of 1.179 US cents for 4QFY2019 ended December, falling a whopping 24.4% short of its initial public offering (IPO) forecast of 1.56 US cents. The 4Q DPS also missed KGI&rsquo s estimates by 18%. See: Lack of clarity makes Eagle Hospitality Trust a risky bet, says KGI Income available for distribution to stapled securityholders stood at US$10.3 million ($14.3 million) for the quarter, missing the IPO forecast by 24.3%, while revenue amounted to US$20.5 million, some 13.1% lower than forecast. The managers attributed the misses to less favourable US lodging market fundamentals, roof repairs at its largest asset &ndash Holiday Inn Resort Orlando Suites &ndash coupled with the impact by the ramp from the construction delays. See: Eagle Hospitality Trust misses IPO forecast by 24.4% with 4Q DPS of 1.179 US cents EHT was in the spotlight last year, following concerns that one of its key assets, The Queen Mary Long Beach, might have sunk into disrepair. According to the REIT&rsquo s latest notice of valuation, as of Dec 31, 2019, The Queen Mary &ndash a decommissioned ocean liner that has now been converted into a 347-room upscale hotel in California &ndash is valued at US$168.3 million. This makes it the second-largest asset in EHT&rsquo s portfolio &ndash just US$1.3 million shy of Holiday Inn Resort Orlando Suites. See: Eagle Hospitality Trust could get wings clipped as key asset The Queen Mary sinks into disrepair According to EHT&rsquo s notice of valuation of assets on Feb 17, the trust holds a total of 18 properties in its portfolio, with a market valuation of US$1.26 billion. https://www.theedgesingapore.com/capital/reits/eagle-hospitality-trust-sinks-36-managers-mull-asset-sales-strategic-review |
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| 20-Mar-2020 09:29 |
OCBC Bank
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OCBC
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OCBC expects Singapore Airlines to need external funding due to virus hit THU, MAR 19, 2020 - 4:31 PM OCBC Credit Research believes Singapore Airlines (SIA) will likely require external financial funding soon, with travel demand drying up amid the novel coronavirus crisis. In a credit update on Thursday, OCBC lowered SIA' s issuer profile again, this time to Neutral (5) from Neutral (4), due to the " swift deterioration in industry conditions" . Measures announced by Singapore' s government so far will deter international visitors from travelling to the city-state. Meanwhile, outbound demand from Singapore will also be significantly curtailed given the latest advisory for Singaporeans to defer all travel, and travel restrictions imposed by other countries towards visitors. The flag carrier' s internal liquidity will likely be stretched going into its first fiscal quarter ending June 30, 2020, due to marginal revenues amid fixed costs compounded by possible margin calls on SIA&rsquo s fuel hedging position, the research team wrote. SIA will likely need to raise funds from either its banking relationships or its major shareholders, OCBC said. Temasek Holdings owns a stake of about 55 per cent in the SIA group, while the remaining shareholding is dispersed. OCBC noted that although Singapore' s Finance Minister owns one special share in SIA, the research team' s issuer profile for SIA has always been on a standalone basis without factoring in state support, and remains so. The credit research team said it will look to upgrade the airline' s issuer profile only if it shores up its liquidity position and has external funding forthcoming - depending on the magnitude and terms of such funding. However, given the current market dislocation, OCBC recommends investors who are already holding SIA bonds to hold rather than sell at fire sale prices if there is no need to do so. In a separate report, DBS Group Research earlier on Thursday downgraded SIA to " hold" ,, and reduced its 12-month target price to S$6.60 from S$10.40. SIA shares were down S$0.41 or 6.3 per cent to S$6.12 as at 3.39pm on Thursday. |
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| 19-Mar-2020 10:40 |
Sakae
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Apex-Pal Expanding???
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Sakae receives letter of claim from ex-employee for S$699,724WED, MAR 18, 2020 - 10:22 AM SAKAE Holdings has received a letter of claim for S$699,724 in relation to an alleged profit-sharing agreement and alleged outstanding leave encashment of a former employee, the mainboard-listed firm said on Tuesday. The letter was received on March 13 and sent by lawyers acting on behalf of Gladys Lim Cheng Leng, who was the managing director of Nouvelle Events & Catering, a brand owned by Sakae. Ms Lim, 43, resigned on Dec 31, 2019, and the outstanding leave encashment is due to her upon her resignation, the letter claims. Sakae announced her resignation on Jan 2, but said it could not " obtain Ms Lim' s confirmation on the contents of this announcement" . She had been the managing director of Nouvelle since 2001, and had overseen the events brand and the restaurant operations of the Sakae group. Sakae has instructed its lawyers on the matter and will update shareholders in accordance with the Singapore Exchange' s listing rules, the company said. Sakae shares were unchanged at S$0.06 as at 10.02am on Wednesday. https://www.businesstimes.com.sg/companies-markets/sakae-receives-letter-of-claim-from-ex-employee-for-s699724 |
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