Transportation sector: Hindered movement in 2014
Despite general economic improvements, the counters within the 
transportation sector failed to perform well in 2013 due to 
industry-specific challenges and issues (e.g. sustained competitive 
pressures in the aviation sector, demand-supply imbalance for the 
shipping sector, lack of fare increases for the land transportation 
sector). With some of these issues unlikely to be resolved in 2014, we 
are downgrading the overall sector to UNDERWEIGHT and expect investor 
interest to remain tepid. Out of the counters in our coverage, our top 
pick is ComfortDelgro, rated BUY with a fair values estimate of S$2.20, 
as we favour its diversified and stable earnings stream, attractive 
overseas operations, and strong domestic leadership in the taxi and bus 
segments.
More reports:
- Bumi Armada Berhad: 3Q13 PATMI grows 27.6% YoY
News Headlines
 US stocks fell on Wed after Federal Reserve meeting minutes signaled 
the central bank was on track to slow down its bond-buying programme.
 Singapore’s domestic wholesale trade rose 5.1% in 3Q13 compared with a
 year ago, according to data released by the Department of Statistics 
Singapore.
 The Draft Master Plan 2013 has taken a more holistic approach to 
developing new activity clusters and encouraging green spaces.
 Keppel Corporation has secured a contract to build a repeat KFELS 
Super A Class harsh environment jackup rig from Ensco plc for around 
US$265m.
 CapitaLand has unveiled plans for a quick sale of about a third of its
 stake in Australand Property Group that could fetch around A$434m 
(S$507m).
 Rex International Holding has received the green light to acquire 10% 
stakes in two offshore licences in Norway from North Energy ASA.
 SIIC Environment Holdings is buying a 50% stake in Shanghai Pucheng Thermal Power Energy for 530m yuan (S$108.2m).
 Hafary Holdings is placing a big bet on Singapore's housing outlook with the opening of its new S$21.5m showroom building.
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